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SRI

World Bank pandemic bond still weeks away from trigger

The pandemic bond issued by the World Bank still has one more hurdle to clear before triggering and releasing funds for use by countries struggling with the coronavirus. But it will still take a couple of weeks at least to reach that point.

Jasper Cox, March 24, 2020
SSA

SSA secondary pricing update: Land NRW bucks trend and performs

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, March 23. The source for secondary trading levels is ICE Data Services.

Burhan Khadbai, March 24, 2020
Covered Bonds

BPCE draws granular covered bond book

BPCE took advantage of the improvement in credit sentiment to issue a €1bn five year covered bond on Tuesday. The deal attracted a granular order book and was priced close to where it would have been expected to come in light of recent Canadian deals — 20bp above theoretical fair value.

Bill Thornhill, March 24, 2020
Equity-Linked

NMC's convertible bonds become worthless

NMC Health’s $360m convertible bonds are trading at mere cents on the dollar, suggesting virtually no recovery value after the scandal-hit UAE hospitals group said on Tuesday it had discovered even more undisclosed debt.

Aidan Gregory, March 24, 2020
Investment Grade Loans

Dunelm fully draws down RCF as UK shuts down

Dunelm, the UK homewares company, has drawn down entirely its £165m revolving credit facility, as it became the latest European firm to lean on its banking group amid the sharp economic downturn from the Covid-19 pandemic.

Mike Turner, March 24, 2020
Senior Debt

BoA breaks euro silence with expensive senior deal

Bank of America has become the first financial institution to launch a new deal in the European credit market for over a month. The US lender paid a huge premium for its €1.5bn senior bond on Tuesday, but it was able to move past its initial price thoughts on the back of a solid set of orders from investors.

David Freitas, March 24, 2020
EM Middle East

Kuwait's Equate stuns with triple-tranche pitch

Kuwait's Equate Petrochemical stuck its head above the parapet this week, holding investor calls for a triple-tranche bond issue.

Ross Lancaster, March 24, 2020
LevFin High Yield Bonds

Intrum tumbles as Muddy Waters takes aim

Intrum’s share price dropped sharply this week after short seller Muddy Waters disclosed it was betting against the firm’s stock price. The debt purchasing sector has been a popular target for short sellers for years, but the impact of coronavirus and associated measures is a further heavy blow.

Jasper Cox, March 24, 2020
Equity

Locked down firms need equity raises but big deals must wait

The UK government’s decision to lock down the country on Monday night has increased talk that companies, retailers in particular, will soon need equity capital market funding. However, with market volatility still high, recapitalisations will have to be small, or they will have to wait.

Sam Kerr, March 24, 2020
Private debt

BBC refinancing delayed as uncertainty lingers

BBC Commercial Holdings, a commercial subsidiary of the BBC that produces and sells content to other broadcasters across the world, has decided to delay a £170m debt refinancing in the US private placement market, according to market sources, as bankers struggle to cope with price discovery.

Silas Brown, March 24, 2020
High grade and crossover bonds

Companies skip into bond market as one day's stability is enough

Confectionery company Néstle, soft drink maker Coca-Cola European Partners and French pharmaceutical company Sanofi piled into Europe's bond market with new issues on Tuesday, suggesting that borrowers are increasingly eager and quick to react when the market shows any signs of stabilising.

Mike Turner, March 24, 2020
Covered Bonds

ECB steps up secondary covered bond purchases

In the absence of primary issuance, the European Central Bank has ramped up its covered bond purchasing in the secondary market. But, since it has yet to speed up buying under its newly set up Pandemic Emergency Purchase Programme (PEPP), there are high hopes that liquidity will soon be restored.

Bill Thornhill, March 24, 2020

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