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Private debt

Bromford issues PPs as social housing offers a ray of light to investors

One of the sectors so far unscathed through the pandemic, in the eyes of institutional investors, has been UK social housing. Deals from housing associations have been priced during the crisis, as several institutions have said their resolve to invest in the sector remains undimmed.

Silas Brown, June 17, 2020
Investment Grade Loans

Lenders in fight to recreate roaring first half of year

Europe’s high grade loan bankers are expecting to hit P&L targets for the first half of the year with ease but a thunderous bond market means many are bracing for the back end of 2020 to be a bun fight for the few big loan requests floating around.

Mike Turner, June 17, 2020
Covered Bonds

Hamburg Commercial ships covered bonds in as BHH tender result out

Restructured German ship lender, Hamburg Commercial Bank, has announced a tender offer for covered bonds on Wednesday. At the same time, Berlin Hyp (BHH) announced that it had bought almost €300m Pfandbrief in a recent tender which it plans to refinance with a longer dated deal.

Bill Thornhill, June 17, 2020
Islamic Finance

Sharjah breaks EM FIG silence

Sharjah Islamic Bank’s sukuk trade on Tuesday showed that emerging market bond investors are eager to buy the right FIG paper, which has been lacking from recent new issuance.

Ross Lancaster, June 17, 2020
ABBs-Block Trades

Russian ECM hopes rise after Detsky Mir block

A Rb11bn ($157m) block trade in Detsky Mir, the Russian children’s retailer, won a big investor reception on Tuesday night. There are now hopes that there will be more Russian transactions in the weeks and months ahead.

Sam Kerr, June 17, 2020
Covered Bonds

DZ gets away with no NIP as Axa pays up in covered bonds

DZ Hyp managed to raise €1bn of eight year Pfandbrief funding flat to its curve on Wednesday. The deal contrasted with one from Axa Banque SFH, which paid a much larger premium for a €500m 15 year, possibly due to far higher French supply this year and confusion with Axa Banque Europe SCF, which has already entered the market four times this year.

Bill Thornhill, June 17, 2020
Regulatory Capital

Legal & General debuts in RT1 with bumper books

Legal & General’s order books peaked at over £4bn ($4.96bn) as it made its first sale of restricted tier one (RT1) capital this week, joining many of its UK peers in the asset class. The insurer used the popularity of its trade to tighten the pricing and leave no new issue premium behind.

David Freitas, June 17, 2020
Senior Debt

Virgin Money finally finds a window for euro holdco debut

Virgin Money secured its first foothold in the euro market on Wednesday, selling €500m of senior debt from its holding company as part of a deal that had been initially been postponed because of Covid-19 concerns.

Tyler Davies, June 17, 2020
ABBs-Block Trades

William Hill taps investors for £224m as sport resumes

William Hill, the UK bookmaker, has raised £224m to pursue growth opportunities ahead of the restarting of sporting events such as the Premier League.

Aidan Gregory, June 17, 2020
LevFin High Yield Bonds

Virgin Media swallows almost £100m of make-whole costs in refi binge

Virgin Media’s rapid-fire refinancing binge continued on Wednesday with a new high yield bond offering, the fifth so far this month, part of what the company says is a “strategy of refinancing ahead of the curve and maximising tenor across all credit silos”. But the refi binge, which has seen more than $2.5bn-equivalent issued this month, has cost the company dearly, as many of the bonds it is terming out are inside their call dates — meaning it must pay the “make-whole” cost to redeem them.

Owen Sanderson, June 17, 2020
Equity IPOs

GVS gets strong international support for €497.5m IPO

Italy’s first IPO since the Covid-19 crisis, from medical filter and mask manufacturer GVS, has been priced in Milan. Now, there is hope of further listings on the exchange, despite jitters among domestic investors.

Sam Kerr, June 17, 2020
Sovereigns

Belgium revises 2020 funding plan but keeps eye on SURE

The Belgian debt agency has made an upward revision to its funding programme for the year after a re-examination of the impact of the coronavirus pandemic. But the sovereign is closely watching the progress of the European Commission’s Support to mitigate Unemployment Risks in an Emergency (SURE) fund, which would result in lower borrowing from the market.

Burhan Khadbai, June 17, 2020

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