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ABBs-Block Trades

Corporates urged to fund by selling equity stakes before market dives again

Equities have made a stirring recovery since the record coronavirus sell-off in March. Corporates, looking to raise cash by any means necessary to survive the crisis and lower their risk, have taken advantage of the uplift, selling non-core equity holdings. Now, more are being urged to get in on the trade while it lasts, as there are fears that stock markets will plummet again if lockdowns or infections worsen with the pandemic far from over, writes Sam Kerr.

Sam Kerr, April 30, 2020
Southpaw

Deutsche regains Germany crown in time of crisis

Deutsche Bank has regained its number one spot in its home market, but it was its traditional investment banking business that shone rather than investments made as part of the firm’s new Germany-focused strategy, writes David Rothnie.

David Rothnie, April 30, 2020
ABBs-Block Trades

Hargreaves Lansdown trades 6% below block price after co-founder sells stake

Hargreaves Lansdown fell in trading on Thursday after Stephen Lansdown, one of the co-founders of the UK retail investment platform, sold £160m of shares in the company via an accelerated bookbuild led by Barclays.

Aidan Gregory, April 30, 2020
Asia

Land NRW makes dim sum debut

The German state of North Rhine-Westphalia made its first visit to the offshore renminbi market earlier this week, continuing this year’s SSA dim sum shopping spree.

Frank Jackman, April 30, 2020
Investment Grade Loans

RPS gets £60m coronavirus revolver

The UK’s RPS Group, a professional services consultancy firm, has signed a £60m short term revolving credit facility that sits alongside its main bank revolver, as borrowers continue to build their access to liquidity in the face of the Covid-19 pandemic.

Mike Turner, April 30, 2020
Regulatory Capital

PIC launches T2 to fund pension business growth

Pension Insurance Corp was almost 12 times subscribed for a new tier two capital bond on Thursday, after following some of its UK peers into the sterling market amid a busy pipeline for new pension risk transfer deals.

David Freitas, April 30, 2020
Covered Bonds

Canadian covereds perform further despite crisis

Recently issued Canadian covered bonds have posted among the strongest performances in the covered bond market and still look cheap relative to Nordic deals, said traders on Wednesday. Based on Markit’s iBoxx covered bond indices, a range of other markets, such as Australia and the UK, also look very cheap, but offers are much harder to find.

Bill Thornhill, April 30, 2020
Sub-sovereigns

Spanish regions to pile on more debt in response to Covid-19

The funding needs of Spain’s regions are expected to rise this year. The coronavirus pandemic is stretching healthcare resources, which are funded at a regional level, and will require financing, according to debt capital markets bankers.

Burhan Khadbai, April 30, 2020
LevFin High Yield Bonds

High yield crowd boo Selecta

Coffee machine company Selecta’s high yield bonds dropped 24 points on Wednesday after it released awful numbers for the fourth quarter of last year — sending leverage shooting up well before any coronavirus impact. It was the first company in Europe to announce it had raised new super-senior debt from its sponsor, KKR Credit, which injected a €50m liquidity facility into the capital structure in March.

Owen Sanderson, April 30, 2020
FIG People and Markets

Lev ratio relief underwhelms EU banks

Market participants argued that the European Commission could have gone further this week to ease leverage ratio constraints on banks during the coronavirus crisis.

Tyler Davies, April 30, 2020
Corporate Bonds

Crisis Talk — with VW's treasurer: how to cope without revenue

Volkswagen is one of the world’s biggest car companies and, in many years, Europe’s biggest corporate bond issuer. But being an A3/BBB+ rated credit with a strong following in the market does not guarantee you can refinance a €200bn debt load when a pandemic shuts down nearly all the world’s developed economies.

Jon Hay, April 30, 2020
Asia

Puma Energy refis revolver from international lenders

Singapore-based integrated energy company Puma Energy has raised a $310.5m revolving credit facility from a consortium of international lenders.

Mariam Meskin, April 30, 2020

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