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CLOs

Angelo Gordon prices tightest European CLO post-covid

Angelo Gordon has broken the record recently set by Albacore to print new post-coronavirus tights, with Bank of America leading the senior notes to land at a discount margin (DM) of 150bp.

Tom Brown, July 02, 2020
Equity IPOs

Banks begin pre-sounding for autumn IPOs

Europe’s equity capital markets bankers are preparing for a busy autumn of IPOs and have been meeting with investors to secure early support for these deals. Bankers are hoping the new deals retain some of the features of successful listings in the first half of the year.

Sam Kerr, July 02, 2020
SSA

KfW cuts funding requirement by €10bn

KfW has slashed €10bn from its 2020 funding requirement, and will spend much of the second half of the year focusing on dollars and on green bond issuance.

Lewis McLellan, July 02, 2020
Supras and agencies

Debut NRW.Bank social bond sparks 15 year flurry

NRW.Bank’s inaugural social bond sparked a flurry of 15 year trades this week as a flattening French curve and the positive yields on offer helped spur on demand, with three issuers opting to follow the German agency’s successful trip to the maturity on Wednesday.

Frank Jackman, July 02, 2020
High grade and crossover bonds

Europe's busy IG corporate market struggles for stability

Europe’s high grade market finally found a solid footing on Thursday after days of scrabbling for purchase, with the biggest trades of the day landing flat or through fair value.

Mike Turner, July 02, 2020
ABS

Aegon hires fixed income CIO from Barings

Aegon Asset Management named Russell Morrison as the new global chief investment officer for its $188bn fixed income investment platform as part of its effort to form a global, unified management board.

Jennifer Kang, July 02, 2020
FIG Bond Comments

CaixaBank EUR1bn 0.75% Jul 26

Rating: Baa1/BBB+/A-

Tyler Davies, July 02, 2020
Sovereigns

Belgium prints rare 60 year PP

Belgium returned to the MTN market in euros on Tuesday with a 60 year note — its first private placement in the currency for over 18 months.

Frank Jackman, July 02, 2020
Equity-Linked

Wirecard's insolvency triggers default for convertible investors

SoftBank’s repackaged €900m Argentum bonds exchangeable into Wirecard shares are to be liquidated immediately after the German payments company filed for insolvency in June, having disclosed €1.9bn of cash was missing from its balance sheet. This will offer investors a way out or a seat at the table for the looming bankruptcy proceedings.

Aidan Gregory, July 02, 2020
LevFin Leveraged Loans

BASF Construction Chemicals next bridge to drop after TKE blowout

Banks have launched the buyout funding for Lone Star’s purchase of BASF Construction Chemicals into market, as the storming execution of ThyssenKrupp Elevator shows the discount banks must take to exit pre-Covid positions is rapidly shrinking. But underwriters had already taken risk off the table by pre-placing the larger dollar loan, with GSO likely taking a piece.

Owen Sanderson, July 02, 2020
Southpaw

Three is the magic number for BofA

Bank of America hopes that a new management team built on a culture of intensity will enable it to meet its top three goal in Europe, the Middle East and Africa, writes David Rothnie.

David Rothnie, July 02, 2020
Private debt

Covenants prove a wrinkle in PP battle with public debt

After discussions with US private placement holders, French food services company Sodexo has said it will repay roughly $1.6bn of debt early, in the largest ever early repayment of US PPs. It is a result of tensions that have flared up during the pandemic over covenant protections, which some fear will lead to a drop in corporate PP deal flow.

Silas Brown, July 02, 2020

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