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Regulatory Capital

Nationwide looks to boost lev ratio with AT1 issue

Nationwide Building Society was able to tighten pricing by 50bp on the sale of an additional tier one bond on Wednesday, landing at a 5.75% coupon. The new issue will increase the bank’s leverage ratio, which went down last year amid a net redemption of tier one debt.

David Freitas, June 10, 2020
Regulatory Capital

MEPs agree on new tweaks to CRR ‘quick fix’

Members of the European Parliament have agreed on a series of temporary changes to the EU’s bank capital framework, including the introduction of a prudential filter for sovereign bond exposures. They stopped short of adopting amendments that would restrict the payment of additional tier one (AT1) coupons.

Tyler Davies, June 10, 2020
Senior Debt

BPER tests demand for second tier Italian bank debt

BPER Banca opened books for its inaugural sale of senior debt on Wednesday, giving investors their first chance to buy into a new issue from a second tier Italian bank during the Covid-19 pandemic.

Tyler Davies, June 10, 2020
Covered Bonds

ECBC introduces coronavirus reporting

The European Covered Bond Council has updated its harmonised transparency template to include a new tab that tracks mortgage loans that have been granted a payment holiday due to the impact of Covid-19. Credit rating agency analysts welcomed the move, but said there is still a question over how loans will perform after payment holidays end.

Bill Thornhill, June 10, 2020
CEE

Albania squeezes pricing for single-B trade

The Republic of Albania won a €3bn book for its bond market return on Tuesday, whittling down pricing to a yield of 3.625% for its seven-year deal.

Ross Lancaster, June 10, 2020
Asia

Public sector specialist Field moves to escrow business

Simon Field, who spent many years in HSBC’s global banking team looking after public sector clients, has taken up a new position as global head of escrow.

Jasper Cox, June 10, 2020
ABS

Personal bankruptcy reforms could ease NPL sales

Reforms to personal bankruptcy regimes in various countries along the lines of the US Chapter 13 code could improve non-performing loan (NPL) markets by boosting transparency and certainty, according to Charles Rusbasan, chief executive of Balbec Capital, which has just raised a new $1.2bn fund to buy NPLs where borrowers are subject to insolvency proceedings, restructuring or other forms of distress.

Owen Sanderson, June 10, 2020
Asia

Topsports parent eyes $309m from sell-down

Belle International is selling a block of shares in its sportswear subsidiary, Topsports International Holdings, according to a term sheet seen by GlobalCapital Asia.

Jonathan Breen, June 10, 2020
Follow-ons and Rights issues

Whitbread wins strong investor support for £1bn cash call

Whitbread, the parent of Premier Inn and Beefeater Restaurants, completed its £1bn rights issue on Wednesday, winning strong support from shareholders, who backed the company’s desire for expansion as the coronavirus pandemic recedes.

Sam Kerr, June 10, 2020
Hybrid

VW’s €3bn hybrid blowout supports ratings

Volkswagen, the German car company, has waited a long time before issuing any euro bonds from its industrial arm since the Covid-19 crisis began, but on Wednesday it broke its silence — and surprisingly, with a hybrid deal. VW has gone beyond refinancing an old hybrid and added ballast to its balance sheet, helping its ratings, which are on negative outlooks.

Jon Hay, June 10, 2020
People News

Natixis shuffles around regional leadership

Simon Eedle has been named senior country manager for the UK at Natixis’s corporate and investment bank. Barbara Riccardi steps into his old position as regional head for the Middle East.

Jasper Cox, June 10, 2020
Asia

HK activist investor Webb to take step back

Hong Kong’s renowned activist investor David Webb revealed this week that he has been diagnosed with cancer and will be taking a step back from his regular critiquing of governance and regulation in the city.

Jonathan Breen, June 10, 2020

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