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Regulatory Capital

Green shoots boost hopes of further AT1 supply

Weaker trading conditions have done little to shake expectations for a new wave of additional tier one (AT1) supply, writes Tyler Davies, with three banks having reopened the market in emphatic fashion this week, issuing €3.1bn-equivalent of debt into more than €20bn of demand.

Tyler Davies, June 11, 2020
SSA

Dovish Fed dents dollar duration

The dollar bond market for sovereigns, supranationals and agencies was subdued this week, at least in comparison to the ebullient euro market. A gloomy outlook from the US Federal Open Markets Committee has unsettled investors and the SSA market is not expecting any deals.

Lewis McLellan, June 11, 2020
Senior Debt

Italian banks show how far the credit rally has come

UniCredit jumped into the euro market to raise senior funding at a pricing level it found much more familiar than recent elevated levels this week, while BPER Banca gave investors their first chance in several months to buy a new issue from a second tier Italian bank.

Tyler Davies, June 11, 2020
FIG Bond Comments

UniCredit EUR1.25bn 1.25% Jun 26

Rating: Baa1/BBB/BBB-

Tyler Davies, June 11, 2020
Supras and agencies

IFC shifts ESG focus onto banks with new dealer scorecards

The International Finance Corporation (IFC) has launched the first systematic process by an issuer to formally integrate environmental, social and governance (ESG) considerations into choosing its bookrunners. Senior funding officials and sustainability bankers have welcomed the initiative as an important evolution in the use of ESG in capital markets, write Burhan Khadbai and Jon Hay.

Burhan Khadbai, June 11, 2020
Senior Debt

Bank bond supply outlook positive despite weakening conditions

Conditions in the financial institutions bond market worsened this week but plenty of senior and subordinated bonds still got away. With credit spreads unpredictable, the supply outlook remains favourable, said bankers.

David Freitas, June 11, 2020
Senior Debt

Crédit Agricole comes flat to euros in Swissies

A wide gamut of deals across asset classes filtered through the Swiss franc market this week. Gyrations in swaps allowed Crédit Agricole to come flat on euros on Thursday, while also giving investors a great deal on a long end Lausanne trade.

Frank Jackman, June 11, 2020
High yield

Virgin Media clears ground for JV with quickfire deal flurry

Virgin Media has been furiously active in high yield markets this month, clearing the way for its merger with O2 by redeeming existing bonds with obstructive covenants, and pushing out maturities ahead of the £6bn in new debt it will need to raise.

Owen Sanderson, June 11, 2020
FIG MTNs and CP

NatWest sells first structured Sonia deal

NatWest Markets this week became the first issuer to sell a structured note linked to Sonia. The deal was placed with a UK-based distributor.

Frank Jackman, June 11, 2020
SSA MTNs and CP

Local currency bonds offsetting Covid FX risk for frontier borrowers

Frontier currency bonds are offering development finance institutions (DFIs) a way to offset exchange rate risks for their clients during the coronavirus crisis. With the number of disruptive events increasing, market participants feel that frontier currency bonds could provide a prudent way to decrease risk for developing country borrowers.

Frank Jackman, June 11, 2020
Equity

Equity investors look for winners as damaged economy reopens

European investors are looking beyond the coronavirus crisis to put equity capital into companies that they believe can take advantage of its aftermath. However, as economies reopen after lockdown, the damage of the pandemic is becoming clearer, and companies are working hard to convince investors that they are the right horse to back.

Sam Kerr, June 11, 2020
Investment Grade Loans

Companies cast private debt to one side during pandemic

Private debt markets in Europe have lost their sheen in the past few months. Having grown into attractive alternatives for companies looking to diversify from public and bank markets, the Schuldschein and US private placement markets were left by the wayside during the pandemic as borrowers went for quick cash instead.

Silas Brown, June 11, 2020

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