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Social bonds boom but don’t forget about green

One of the silver linings of the coronavirus crisis for the capital markets has been the impressive surge in the growth of the social bond market, which has lagged far behind the development of green finance. While it makes perfect sense for the immediate focus to be on social concerns, it should not be to the detriment of the environmental crisis we also face.

Burhan Khadbai, June 02, 2020
GC View

Pandemic has forced European IPOs to become more efficient

The coronavirus pandemic is causing many unintended consequences for working practices in the capital markets. One welcome development could be a shake-up in the way European IPOs are run and managed, which is long overdue.

Aidan Gregory, June 02, 2020
LevFin Leveraged Loans

Investcorp raises Mount Row fund to scoop up bargain loans

Investcorp said on Tuesday it had raised a new €318m loan fund to acquire "high performing loans at discounted levels" from large cap issuers in the European market. The fund will be leveraged and aim for returns in the mid teens.

Owen Sanderson, June 02, 2020
SSA

Italy and EU to hit euro SSA market ahead of Pepp boost

Italy and the European Union will reboot the euro public sector bond market on Wednesday after announcing syndications of new 10 and 15 year bonds, respectively. The deals will come ahead of the European Central Bank’s meeting on Thursday, in which it is widely expected to increase the size of its Pandemic Emergency Purchase Programme (Pepp).

Burhan Khadbai, June 02, 2020
Hybrid

Repsol soars in hybrids as market ignores macro

Repsol, the Spanish oil major, had a rip-roaring time in the hybrid capital bond market on Tuesday, achieving bumper books and paying minimal new issue concessions for its dual tranche issue. But some bankers think the market is starting to look too exuberant and may be due a correction.

Mike Turner, June 02, 2020
Syndicated Loans

UniCredit appoints new head of non-IG syndicate

UniCredit has appointed a new head of non-investment grade syndicate, after Carlo Fontana was promoted to global head of syndicate in March.

Silas Brown, June 02, 2020
High grade and crossover bonds

Airbus lands aggressive 20 year bond but airlines not cleared for take-off

Airbus, the European aircraft manufacturer, flattened its curve on Tuesday with a €3.5bn three tranche bond issue that commanded €15.1bn of demand. But European syndicate bankers said it offered no read-across for whether airlines might return to the bond market soon and that their chances of doing a deal were distant.

Mike Turner, June 02, 2020
Private debt

Schuldschein mimics MTNs in offering tenors on request

Barry Callebaut, the Franco-Belgian chocolate maker now registered in Switzerland, launched a Schuldschein on Tuesday offering investors tenors "upon request" alongside two, five and eight year maturities. Robert Bosch did that too, when it reopened the market last month. This is a feature that arrangers say will increase in a post Covid world.

Silas Brown, June 02, 2020
ABBs-Block Trades

Adaptimmune secures $225m of new funding

Adaptimmune Therapeutics, the New York-listed UK biopharmaceutical company focused on cancer treatments, has raised $225m to fund further clinical trials for its immunotherapy treatments.

Aidan Gregory, June 02, 2020
SSA

Germany stimulus boost unlikely to affect NRW borrowing needs

Germany is set to announce extra fiscal stimulus next week, a portion of which will be dealt with at regional level. But one state treasury official does not believe it will affect his Land's borrowing programme.

Lewis McLellan, June 02, 2020
Investment Grade Loans

Ferrovie dello Stato financing continues shift back to ESG

Ferrovie dello Stato Italiane, the Italian state railway holding company, has signed a €600m loan package that includes an environmental element. Europe’s loan borrowers are following the bond market away from pandemic crisis funding and back towards sustainability-conscious financing.

Mike Turner, June 02, 2020
SSA

KommuneKredit announces switch and tender offer

KommuneKredit has announced that it will begin purchases of two of its outstanding dollar bonds due to mature in 2021. At the same time, investors will be offered the chance to purchase new five year bonds.

Lewis McLellan, June 02, 2020

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