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Sovereigns

Ach du lieber Himmel! Germany lines up return to syndications as funding needs boom

Germany’s Finanzagentur has outlined plans to sell its first syndicated bonds since 2015, with a new 15 year in May and a reopening of an existing 30 year bond in June. It said further syndications could follow in the second half of the year as it comes to terms with a much bigger funding programme in response to the Covid-19 crisis.

Burhan Khadbai, April 07, 2020
GC View

Private equity is just another ownership structure

Outrage has erupted among US progressives at efforts from the private equity industry to ensure their portfolio companies get a piece of government support for corporates. The buyout barons don’t do much to endear themselves to the public, but sponsor funds are just another legal vehicle for owning equity — and there’s no point punishing a company for its owners.

Owen Sanderson, April 07, 2020
SSA

SSA secondary pricing update: L-Bank achieves strong performance

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, April 6. The source for secondary trading levels is ICE Data Services.

Burhan Khadbai, April 07, 2020
Investment Grade Loans

European M&A tipped to restart after the summer if crisis eases

Some M&A bankers said they plan to pull the trigger on deals after the summer if the coronavirus pandemic continues to be contained, though lenders warned that internal credit analysis has become more stringent.

Mike Turner, April 07, 2020
Corporate Bonds

Europe’s top issuers: big names still to come

Several of Europe's biggest corporate bond issuers have yet to fund in the market this year, despite the flood of deals as companies hoover up cash to see them through the coronavirus crisis. Vodafone, Electricité de France, Enel and Bayer are among firms yet to issue. However, more of the gaps are being filled up every day.

Jon Hay, April 07, 2020
CEE

Sovcombank extends Russian banking LM run

Sovcombank, one of Russia’s largest privately owned banks, has kicked off a tender offer for two tranches of its debt, continuing a run of liability management exercises from its sector.

Ross Lancaster, April 07, 2020
Senior Debt

Swedish debt office loosens MREL requirements for banks

The Swedish national debt office (Riksgälden) said on Tuesday that banks would have two extra years to raise non-preferred senior debt for their minimum requirements for own funds and eligible liabilities (MREL). The announcement came a day after Svenska Handelsbanken sold an ordinary senior deal in the euro market.

David Freitas, April 07, 2020
High grade and crossover bonds

Schuldschein market in a muddle over Covid-19 pricing levels

Schuldschein bankers are working out what pricing is fair during the Covid-19 crisis, as investors observe sharp widening in euro bond spreads.

Silas Brown, April 07, 2020
LevFin High Yield Bonds

Hard-hit firms mull market rescues as governments change support goalposts

Companies in sectors that lack government support packages are having to weigh moving quickly to secure costly private-sector rescue capital against waiting and hoping governments extend existing bailout or liquidity schemes to them. The cost of Carnival Corp’s $6.25bn package last week showed how expensive private sector cash can be, but many sectors’ prospects of receiving public money are better than the Panama-domiciled cruise company.

Owen Sanderson, April 07, 2020
Equity

Investors rush to support WH Smith Covid-19 raise

Investors stepped up on Monday night to support UK retailer WH Smith in its struggle with Covid-19 disruption in a £165.9m equity raise. Assura, the UK REIT focused on GP surgeries and NHS properties, also raised £185m of investment capital on Monday night.

Sam Kerr, April 07, 2020
Regulatory Capital

Market plays down T2 call risk as UniCredit calls bond

UniCredit has said that it will redeem €2.5bn of tier two capital next month, with regulators allowing banks to manage their debt capital stacks freely during the coronavirus crisis.

Tyler Davies, April 07, 2020
High grade and crossover bonds

Hybrid issuance next in line as IG companies pour in

The high grade corporate bond market is bursting with deals on Tuesday, with recent record flows prompting some to expect issuers to move down the capital structure and into hybrid deals from next week.

Mike Turner, April 07, 2020

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