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ECB faces tough task in navigating BVG verdict

Germany's Federal Constitutional Court (BVG) touched off a legal bombshell on Tuesday morning. It left the ECB in an impossible position: it can accept the court's verdict or ignore it, but either decision will undermine its efforts to stabilise Europe's capital markets.

Lewis McLellan, May 05, 2020
CLOs

Guggenheim prices fourth Covid-era euro CLO

Guggenheim Partners has priced a €281.65m European CLO, Bilbao CLO III, the fourth manager to come to market since the Covid-19 crisis began.

Tom Brown, May 05, 2020
SSA MTNs and CP

Finland supplements benchmarks with PPs

Since the start of the Covid-19 crisis, Finland has found a novel way to meet its increased funding needs: private placements. Over the last six weeks, the sovereign has supplemented its regular auctions with €5.65bn of privately placed trades, issuing private debt off its benchmark bond programme for the first time ever.

Frank Jackman, May 05, 2020
SRI

Swisscom and CPI Property show vigour in green bonds

Two European companies presented green bonds on Tuesday, showing that interest in the product remains keen, even amid the coronavirus crisis, which has given many companies more urgent funding priorities — and diverted responsible investors’ attention to social issues.

Jon Hay, May 05, 2020
High grade and crossover bonds

Shell makes slick, quick return for €2bn after bonds tighten

Shell, the Anglo-Dutch oil major, printed €2bn of bonds with a single digit new issue premium on Tuesday, becoming the latest euro issuer to hit the market twice in quick succession to exploit tightening secondary spreads.

Mike Turner, May 05, 2020
Supras and agencies

Ico readies Covid-19 social bond

Instituto de Crédito Oficial (Ico) is holding a series of investor calls to introduce its updated social bond framework ahead of a transaction which will be specifically used to target the effects of the coronavirus pandemic.

Burhan Khadbai, May 05, 2020
LevFin Leveraged Loans

Sponsors set to turn to direct lenders to fund buyouts

Direct lending funds are likely to be the best choice for sponsors looking to fund buyouts this summer, with investment banks still sitting on substantial bridge books, and simplicity and certainty of execution being the top priorities.

Owen Sanderson, May 05, 2020
Sovereigns

Germany chooses banks to lead 15 year syndication

Germany has picked the banks that will run its first syndicated transaction since 2015 and its first 15 year bond. The sovereign will likely make its market return on Wednesday. The trade forms part of Germany's updated strategy for its colossal funding programme financing the response to the Covid-19 pandemic.

Burhan Khadbai, May 05, 2020
Asia

LMA clarifies sustainable loan guidelines following greenwashing concerns

The Loan Market Association (LMA) has set guidelines to clarify how borrowers and banks should implement green and sustainability linked loans.

Mariam Meskin, May 05, 2020
LevFin High Yield Bonds

Stada slips out €200m, trumpets lack of coronavirus impact

Pharmaceutical company Stada announced a €200m bond on Tuesday, a "mirror" of its existing 3.5% 2024s. The new issue is rated B2 at Moody’s, making it one of the lowest rated issues to have surfaced in euro high yield since the coronavirus crisis hit, but Stada is one of the least affected issuers in the market, and said that March 2020 saw its highest ever monthly production.

Owen Sanderson, May 05, 2020
Investment Grade Loans

SAS issues revolver as European states back airlines

Swedish airline SAS has signed a Sk3.3bn ($336m) revolving credit facility backed by the Swedish and Danish states, as state support for airlines gets approval across Europe.

Mike Turner, May 05, 2020
SSA

SSA secondary pricing update: Spain and Italy trade tighter after record demand

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, May 4. The source for secondary trading levels is ICE Data Services.

Burhan Khadbai, May 05, 2020

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