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Follow-ons and Rights issues

Capita plummets 40% on investment warning

Capita raised £719m of equity in May 2018 via a deal that was billed as the path to securing its financial future after a difficult period for the outsourcing sector. However, the firm has now conceded that the amount raised was not enough to offset its decline in revenues.

Aidan Gregory, March 05, 2020
Derivatives

Derivatives exchanges report record volumes as volatility spikes

Demand for exchange-listed derivatives soared during February, with Cboe Global Markets, CME Group and Intercontinental Exchange hitting record average daily volumes during the month.

Ross Lancaster, March 05, 2020
High grade and crossover bonds

Investors pile in as virus forces IG corps into tight windows

Europe's high grade corporate bond issuers are being pushed into tight issuing windows by volatility caused by the Covid-19 coronavirus. But investors are prepared for this and so far deals have found strong backing.

Mike Turner, March 05, 2020
Sub-sovereigns

Lancashire scores with first MBA bond

Lancashire County Council raised £350m ($453.5m) of five year cash on Thursday through the UK Municipal Bonds Agency platform. It is the first local authority to do so since the MBA was set up.

Lewis McLellan, March 05, 2020
Supras and agencies

KBN storms ahead while EBRD underwhelms with index-linked Sofr

It was a mixed picture in the dollar public sector bond market on Thursday. A Norwegian agency was able to tighten the spread of its five year fixed rate trade on the back of a well subscribed order book. But a supranational was not able to achieve the same momentum for an intraday three year Sofr-linked floating rate note.

Burhan Khadbai, March 05, 2020
Emerging Markets

EM issuers divided over whether to go for it

New emerging market bond issues have been assessed on a case-by-case basis this week as the spread of the Covid-19 virus delivered sharp swings in global markets. Some borrowers wanted to forge ahead in case of a further sell-off, while others prefer to wait for a recovery.

Francesca Young, March 05, 2020
LevFin Leveraged Loans

Levfin lurches wider but powers on

The leveraged loan market has taken a leg wider as coronavirus fears sweep the capital markets. But the primary markets are sucking up the larger discounts and fatter margins and forging ahead, with Polynt-Reichold, Genesis Care, and Inspired Education pressing on and printing deals this week.

Owen Sanderson, March 05, 2020
High grade and crossover bonds

Optivo follows Longhurst into long end sterling

Optivo, the UK housing provider, has mandated banks for a long maturity sterling deal, a day after a compatriot housing association found healthy demand for a similar 23 year note in the currency.

Mike Turner, March 05, 2020
Covered Bonds

Eika Boligkreditt improves covered bond price discovery

Eika Boligkreditt this week placed the most deeply negative yielding non-German covered bond since credit market volatility spiked two weeks ago. The deal, issued on Thursday, will help participants gauge just how far spreads have moved, setting the market up for more active issuance in March when demand is expected to materialise on the back of a considerable widening in the Bund/swap spread.

Bill Thornhill, March 05, 2020
Southpaw

JP Morgan seeks solution for deal-making big dogs

JP Morgan’s latest high-level reshuffle has put a crack team of dealmakers at the top of the firm, and opened room for new leaders to come up. But keeping senior bankers happy can be difficult, writes David Rothnie.

David Rothnie, March 05, 2020
Investment Grade Loans

Worried borrowers start postponing loans

Some European high grade borrowers are postponing their loan plans, as the Covid-19 coronavirus continues to wreak havoc on financial markets.

Mike Turner, March 05, 2020
Pollen Street and investment trust board go to war over planned sale

Pollen Street Capital and the board of an investment trust it advises are locked in a fight over the potential sale of the investment trust to Waterfall Asset Management, with the board describing Pollen Street’s data room as “of no meaningful use whatsoever and a complete waste of time”.

Owen Sanderson, March 05, 2020

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