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RMBS

MPS to transfer €8.14bn of NPEs to state asset manager

Banca Monte dei Paschi di Siena (MPS) is transferring its non-performing exposures (NPEs), totalling €8.14bn in gross book value, to the Italian state-owned Asset Management Company (Amco).

Tom Brown, June 30, 2020
ABS

Ares extends NSF securitzation covenant breach waiver

Ares Management Corporation has agreed to extend a covenant waiver on its securitization financing for Non-Standard Finance (NSF) after initially giving the lender until June 29 to find alternative funding.

Tom Brown, June 30, 2020
Investment Grade Loans

Weir Group refis loans but banks demand higher margin

Weir Group, the UK engineering company, has signed bank lines totalling $1.19bn, but amid coronavirus-related market volatility, banks required a higher margin than on the deal being refinanced.

Mike Turner, June 30, 2020
LevFin High Yield Bonds

Styrolution bonds dip as market mulls cost of BP acquisition

BP’s announcement that it was selling $5bn of assets to Ineos — a sale the already leveraged group will fund largely through new debt — put selling pressure on existing Ineos debt on Monday; particularly that issued by its Styrolution unit, which will be the acquirer in the BP deal.

Owen Sanderson, June 30, 2020
Regulation

Trade associations call for benchmark regs rethink

Four trade bodies have called for the EU Benchmarks Regulation (BMR) to be changed, in order to prevent what they see as the potentially disastrous consequences of third-country benchmarks ceasing to be allowed from the end of 2021.

Jasper Cox, June 30, 2020
Asia

Berlin Hyp generates green momentum in covereds

Berlin Hyp left ‘a little bit on the table’ with its new green covered bond on Tuesday. The trade was followed by deal announcements from Kookmin Bank and Sparebank Vest Boligkreditt, both looking to issue in sustainable format.

David Freitas, June 30, 2020
Regulatory Capital

Deutsche adds to Yankee bond boom with unusual T2

Deutsche Bank has joined many of its European peers in looking for savings in the dollar market, opting for an unusual maturity structure with a new tier two deal in the currency on Monday.

Tyler Davies, June 30, 2020
Equity IPOs

Biotech issuance surges as Covid-19 brings demand for innovation

Equity issuance has surged during the Covid-19 pandemic in both Europe and the US, and one of the sectors that has printed the most stock in the first half of the year is the biopharmaceuticals industry. In the rush for healthcare innovation, banks say they are busy lining up more deals for the second half.

Sam Kerr, June 30, 2020
Covered Bonds

NN Bank builds strong demand behind soft bullet debut

NN Bank used a quiet market this week to launch the first deal from its new soft bullet covered bond programme. The inaugural deal carried an ‘attractive’ spread and was more than three times subscribed at final terms.

David Freitas, June 30, 2020
Sovereigns

Green debut to be Germany's only Q3 syndication

The Finanzagentur has adjusted its issuance schedule for the third quarter of 2020, and has announced its plans for its first ever green deal.

Lewis McLellan, June 30, 2020
High grade and crossover bonds

Mercialys pricing poser shows difficulty of gauging market

Mercialys, the BBB rated French shopping centre owner, launched a sub-benchmark bond with an eye-catching yield on Tuesday, wider than a simultaneous deal by Fiat Chrysler, which is crossover-rated. Syndicate bankers said trying to be precise about pricing and sentiment this week was more difficult than it had been for months.

Mike Turner, June 30, 2020
Private debt

Sodexo pays back $1.6bn of US PPs early

After discussions with US private placement holders, French food services company Sodexo has said it will repay roughly $1.6bn of debt early. Four market sources said this was the largest corporate early repayment of US PPs of all time. Some fear a growing disconnect between institutional investors and companies over financial covenants, and attempts to amend them.

Silas Brown, June 30, 2020

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