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Regulatory Capital

Cattolica scraps RT1 plans after Generali rescue

Generali agreed to take a large stake in fellow Italian insurance company Cattolica this week. The deal includes plans for a €500m capital increase, which takes the pressure off Cattolica to boost its solvency position and means the firm will no longer seek to access the market for restricted tier one debt.

David Freitas, June 25, 2020
SSA

Bankers expect SSAs to keep ticking over during summer

With record borrowing programmes to complete as result of the pandemic, there will be no traditional major lull in issuance during the summer for public sector borrowers, according to bankers.

Burhan Khadbai, June 25, 2020
CMBS

Legislators urge relief for battered CMBS market

A group of lawmakers led by Texas Republican Van Taylor has sent a letter this week to secretary of the Treasury Steven Mnuchin and chairman of the Federal Reserve Jerome Powell, urging them to address the ‘looming crisis’ in the commercial real estate market, particularly for struggling borrowers saddled with CMBS debt.

Max Adams, June 25, 2020
People News

People moves in brief

Bagshaw heads to HSBC, Deutsche replaces him — Citi's Kemp retires — Karolev moves to JP Morgan

Burhan Khadbai, June 25, 2020
Equity IPOs

$3bn Ackman Spac shows European ECM way to seize post-Covid opportunities

As investors search for opportunities in the chaos of the Covid-19 crisis, a gigantic special purpose acquisition company (Spac) from celebrated investor Bill Ackman has captured attention in the US. Spacs enable fund managers to raise capital to take minority investments in private companies. In the wake of the pandemic, equity market participants in Europe are wondering whether similar deals will emerge, writes Sam Kerr.

Sam Kerr, June 25, 2020
FIG Bond Comments

OP Corporate Bank EUR1bn 0.125% Jul 24

Rating: Aa3/AA-

Tyler Davies, June 25, 2020
High grade and crossover bonds

Tough day no bar to Aéroports de Paris's return

Aéroports de Paris, rated A by S&P, cut a lonely figure in Europe’s corporate bond market on Thursday, braving difficult conditions to launch a dual tranche deal more than 100bp inside where it had printed debt at the start of the crisis.

Mike Turner, June 25, 2020
Southpaw

ESG aspirations go mainstream as IBs emerge from Covid

The Covid-19 outbreak has spurred at least one change for the better. Five banks have established dedicated ESG teams since the start of the pandemic to meet demand from clients committed to being more conscientious, writes David Rothnie.

David Rothnie, June 25, 2020
Senior Debt

OP tests lower bounds in senior

OP Corporate Bank sold a new four year deal this week that set a new low for euro senior bond spreads during the coronavirus pandemic.

Tyler Davies, June 25, 2020
Sovereigns

UK DMO chief brushes off QE slowdown

Speaking at a Treasury Committee hearing on Wednesday, Sir Robert Stheeman, chief executive of the UK’s Debt Management Office, said that he was not concerned about the Bank of England’s decision last week to slow down the pace of Gilt purchases until the end of the year.

Burhan Khadbai, June 25, 2020
High grade and crossover bonds

Private credit's struggle to regain swagger

Private debt blossomed after the last financial crisis, as European companies grew more sophisticated and sought to diversify their funding strategies away from bank loans and bond markets. But the coronavirus has highlighted its shortcomings, particularly around speed of execution. It may be hard to regain the momentum.

Silas Brown, June 25, 2020
High grade and crossover bonds

Worldline dispels Wirecard contagion fear

Worldline, the French payments company, received a warm reception from bond investors on Tuesday, setting aside any concerns that the scandal at German competitor Wirecard would sully sentiment towards the sector.

Mike Turner, June 25, 2020

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