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Regulation

Commerz sanctioned for poor money laundering controls

The Financial Conduct Authority has fined Commerzbank £38m for anti-money laundering failures. One lawyer said the supervisor would be looking for similar culprits.

Jasper Cox, June 17, 2020
SSA

EIB and Brandenburg hit sparse euro SSA market

The European Investment Bank and the State of Brandenburg have mandated banks to bring euro deals on Thursday, in what has been an extremely thin week for supply with issuers well funded and some weakness in secondaries.

Burhan Khadbai, June 17, 2020
High yield

Heathrow asks bondholders to switch to minimum cash covenant

Heathrow is asking its high yield creditors to waive covenants it expects to breach this year in a return for a new commitment to a minimum cash level, a boost to coupon payments and a cancellation of any dividends, as it grapples with an 81% dive in earnings.

Owen Sanderson, June 17, 2020
RMBS

Majority of Italian NPL securitizations underperforming

Non-performing loan (NPL) data for Q2 so far shows 57% of Italian NPL transactions are under-performing, Scope Ratings said in a report seen by GlobalCapital.

Tom Brown, June 17, 2020
Derivatives

SG promotes Agbo-Bloua

Société Générale has promoted Kokou Agbo-Bloua to global head of economics, cross-asset and quant research.

Ross Lancaster, June 17, 2020
Hybrid

BP’s hybrid bonanza opens pipeline for other oil majors

BP’s creation of a hybrid curve in euro and sterling on Wednesday garnered more than €20bn-equivalent of demand at guidance, which a banker off the deal said will “absolutely” catch the attention of other major oil companies without hybrid debt.

Mike Turner, June 17, 2020
Private debt

Bromford issues PPs as social housing offers a ray of light to investors

One of the sectors so far unscathed through the pandemic, in the eyes of institutional investors, has been UK social housing. Deals from housing associations have been priced during the crisis, as several institutions have said their resolve to invest in the sector remains undimmed.

Silas Brown, June 17, 2020
Investment Grade Loans

Lenders in fight to recreate roaring first half of year

Europe’s high grade loan bankers are expecting to hit P&L targets for the first half of the year with ease but a thunderous bond market means many are bracing for the back end of 2020 to be a bun fight for the few big loan requests floating around.

Mike Turner, June 17, 2020
Covered Bonds

Hamburg Commercial ships covered bonds in as BHH tender result out

Restructured German ship lender, Hamburg Commercial Bank, has announced a tender offer for covered bonds on Wednesday. At the same time, Berlin Hyp (BHH) announced that it had bought almost €300m Pfandbrief in a recent tender which it plans to refinance with a longer dated deal.

Bill Thornhill, June 17, 2020
Islamic Finance

Sharjah breaks EM FIG silence

Sharjah Islamic Bank’s sukuk trade on Tuesday showed that emerging market bond investors are eager to buy the right FIG paper, which has been lacking from recent new issuance.

Ross Lancaster, June 17, 2020
ABBs-Block Trades

Russian ECM hopes rise after Detsky Mir block

A Rb11bn ($157m) block trade in Detsky Mir, the Russian children’s retailer, won a big investor reception on Tuesday night. There are now hopes that there will be more Russian transactions in the weeks and months ahead.

Sam Kerr, June 17, 2020
Covered Bonds

DZ gets away with no NIP as Axa pays up in covered bonds

DZ Hyp managed to raise €1bn of eight year Pfandbrief funding flat to its curve on Wednesday. The deal contrasted with one from Axa Banque SFH, which paid a much larger premium for a €500m 15 year, possibly due to far higher French supply this year and confusion with Axa Banque Europe SCF, which has already entered the market four times this year.

Bill Thornhill, June 17, 2020

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