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LevFin Leveraged Loans

UK lockdown puts pressure on pubco securitizations as banks stuck with Stonegate debt

The coronavirus lockdown in the UK is hurting cashflows to pub company securitizations, potentially putting firms in the firing line for bondholders, who have strong asset security rights in the highly leveraged vehicles. Meanwhile, banks are still sat on the £1.45bn acquisition debt to fund Stonegate’s takeover of Ei Group, which technically ranks behind one of the largest pubco securitizations, Unique.

Owen Sanderson, April 08, 2020
ABBs-Block Trades

Asos soars after Covid-19 recapitalisation

Shares in UK online fashion retailer Asos rose by more than 30% on Wednesday after the company completed a £247m ($339.46m) share sale to shore up its balance sheet during the Covid-19 crisis. The rise reflects investor confidence that the fashion retailer will endure disruption from the pandemic causing a sharp drop in demand for fashionable clothes.

Aidan Gregory, April 08, 2020
Asia

Luckin Coffee: out of luck

Luckin Coffee seemed too good to be true. It was.

Addison Gong, April 08, 2020
Asia

Luckin’s fraud allegation hurts market, leads

A group of banks that worked on Luckin Coffee’s IPO is facing questions after an alleged multi-billion renminbi fraud came to light last week. But some of the limelight has already been drawn away by another possible fraud case in China and a controversial short report, creating wider uncertainty around US-listed Chinese stocks. Jonathan Breen and Rebecca Feng report.

Jonathan Breen, April 08, 2020
FIG Bond Comments

Svenska Handelsbanken EUR1.25bn 1.127% Apr 25

Rating: Aa2/AA-/AA

David Freitas, April 08, 2020
Asia

Akesobio set to launch $300m Hong Kong IPO

Chinese biopharmaceuticals firm Akesobio is preparing to launch bookbuilding for its IPO next week, according to a source close to the deal.

Jonathan Breen, April 08, 2020
Investment Grade Loans

EasyJet lands $500m revolver, taps CCFF

The UK’s EasyJet is about to have $500m of funds released to it, after the budget airline sent a utilisation request to its banking group at the start of the week.

Mike Turner, April 08, 2020
Asia

Celltrion Healthcare, Studio Dragon blocks fetch $388m

The controlling shareholder of South Korean entertainment company Studio Dragon raised W166.1bn ($136.2m) this week after selling a portion of its stake.

Jonathan Breen, April 08, 2020
Covered Bonds

ECB could do more to buy covereds

The European Central Bank’s clarification of how it buys covered bonds from investors changes nothing, said a leading covered bond asset manager on Wednesday. It would be more effective if the ECB were to offer, like Sweden's Riksbank, more disclosure on the bonds it was interested in buying, he said.

Bill Thornhill, April 08, 2020
EM Middle East

Abu Dhabi stuns with $45bn of orders after Qatar blowout

The top tier of emerging markets sovereigns are cramming into this week’s issuance window, as Abu Dhabi followed Qatar’s Tuesday blowout with a triple tranche bond deal of its own.

Mariam Meskin, April 08, 2020
Asia

Singapore bankers adjust to working from home as lockdown begins

Singapore has imposed a month-long lockdown after a spike in coronavirus cases. Bankers say they were ready for the move — but deal flow will suffer. Rashmi Kumar reports.

Rashmi Kumar, April 08, 2020
Bank Results

Banks prepare for ‘infinity of questions’ over Q1 results

European banks are struggling to decide how to strike the right tone when reporting their first quarter results this year amid the extreme uncertainty surrounding the coronavirus pandemic. Despite guidance from regulators, their biggest difficulty will be in signalling their expectations for loan losses.

Tyler Davies, April 08, 2020

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