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MREL bonds: the time is now

Financial institutions with funding needs that are holding off in anticipation of better issuance conditions are doing it wrong. Waiting until the other side of earnings season to bring deals will likely prove a mistake.

David Freitas, April 21, 2020
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Europe's banks must relearn market funding is normal

Canadian banks should be applauded for funding themselves in public with deals bought by real investors in a range of currencies at actual market clearing levels — astonishing though that may be for the many entitled European issuers that have shamelessly become accustomed to central bank funding.

Bill Thornhill, April 21, 2020
Sovereigns

Italy obliterates doubts with €110bn book

Any concerns over Italy’s market access were vanquished on Tuesday when the sovereign received €110bn of orders for a dual tranche bond syndication, allowing it to raise €16bn as it makes inroads into its enlarged funding task in response to the coronavirus pandemic.

Lewis McLellan, April 21, 2020
Sub-sovereigns

Falling oil price hit Nokkie and Canadian markets

The prices of Western Canada Select and West Texas Intermediate dropped below zero during trading on Monday, spelling trouble for issuers in the already underperforming Norwegian krone and Canadian dollar.

Frank Jackman, April 21, 2020
High grade and crossover bonds

Firmenich and APA hit the road for euro debt

Switzerland’s Firmenich and Australia’s APA Group have mandated banks to arrange fixed income investor meetings, with both companies looking to recapture the magic of compatriot issuers in recent weeks.

Mike Turner, April 21, 2020
Private debt

Helaba sells SSD through Covid-19 storm

Helaba has been far more active than other arrangers in the Schuldschein market, launching at least three deals after the pandemic struck European capital markets in March. While others told clients to postpone deals until clarity emerged on price and investor appetite, the Frankfurt-based Landesbank has ploughed ahead.

Silas Brown, April 21, 2020
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UK leads the way when it comes to corona recaps but can still do better

With its more relaxed rules around pre-emption rights, the UK has led from the front by allowing embattled companies to raise equity to keep themselves alive during the coronavirus pandemic. The market's flexibility means there have been no damaging delays waiting for for formal rule changes. Such pragmatism is admirable, although more must be done to protect retail investors from dilution.

Aidan Gregory, April 21, 2020
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Bad banks need to be a domestic affair

A eurozone bad bank would have been difficult to institute even without the coronavirus crisis to spur it on. Now, with countries diverging on moratorium measures in response to the pandemic, it’s verging on impossible.

Tom Brown, April 21, 2020
Investment Grade Loans

Alfa Laval rolls revolvers into one

Sweden’s Alfa Laval has amended its revolving credit facilities, with the heavy industry products maker consolidating two old deals into one €900m revolver.

Mike Turner, April 21, 2020
Investment Grade Loans

Oil price collapse drags on M&A appetite for sector

London-listed Pharos Energy has withdrawn from talks to buy Egyptian assets from Royal Dutch Shell, as the historic rout in oil prices overnight took its first M&A scalp.

Mike Turner, April 21, 2020
Emerging Markets

Crude tumble adds to emerging market bond pain

WTI Crude oil’s price drop into negative territory in Monday has given a fresh kicking to emerging bonds already suffering from the coronavirus pandemic and previous oil price falls.

Ross Lancaster, April 21, 2020
Covered Bonds

Covered bond issuers fight shy of duration

Covered bonds easily deliver the most competitively priced funding for banks, but the real value for issuers lies in the long end which, for the time being, is too expensive.

Bill Thornhill, April 21, 2020

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