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Corporate Bonds

Swissies on fire as foreign borrowers flock to market

The Swiss franc bond market has had a roaring start to the year, which bankers suggest may be a sign Swiss investors are switching from equity to debt. This week’s standout trades came from Hyundai Capital, National Australia Bank and Chilean financial services company Tanner, while Münchener Hypothekenbank sold a first green Swiss franc bond on Thursday.

Silas Brown, January 16, 2020
ABS

Oil and gas ABS market grows despite push for ESG

Securitizations tied to oil and gas-related cash flows have emerged in recent months, despite growing support from the buy side for socially responsible investments (SRI). Though they run contrary to environmental, social and governance (ESG) principles, issuance of oil and gas royalty ABS may persist as long as the deals offer attractive yields, or until ESG investments pay a premium to brown ABS. Jennifer Kang reports.

Jennifer Kang, January 16, 2020
Asia

AIIB debuts as dim sum sees ‘greatest ever flow’

AIIB made its dim sum debut this week into a booming market. A slew of deals has been sold in recent weeks, with more paper printed in last the last 10 days than in the whole of any other year, except for 2019.

Frank Jackman, January 16, 2020
FIG Bond Comments

UBI Banca EUR400m 5.875% PNC Jun 25 AT1

Rating: Baa3/BBB/BBB-

David Freitas, January 16, 2020
FIG Bond Comments

Banco BPM EUR400m 6.125% PNC5 AT1

Rating: Ba2/—

David Freitas, January 16, 2020
LevFin Leveraged Loans

BNPP and Deutsche prep secondary buyout loan for Armacell

BNP Paribas and Deutsche Bank are marketing a €710m term loan 'B' to fund the secondary buyout of Armacell by PAI Partners, announced just before Christmas. This will be the insulation company’s fifth LBO, so it is well known to lenders, who ought to support the new deal despite a downgrade last year.

Owen Sanderson, January 16, 2020
Equity

US buyers rush Europe ECM on bargain hunt

US investors are behind the European equity capital markets’ flying start to the year. They are swarming deals, having been driven out of their home market by sky-high valuations and a volatile president fighting for political survival, reports Sam Kerr.

Sam Kerr, January 16, 2020
Covered Bonds

Covered bond issuers price flat to fair value

A lack of supply relative to 2019 and much more aggressive central bank buying ensured that Banco Sabadell, Royal Bank of Canada and OP Mortgage Bank were able to price covered bonds flat to fair value this week.

Bill Thornhill, January 16, 2020
Covered Bonds

Trio of Austrians find Pfandbrief favour

Austrian covered bond borrowers Bawag PSK, UniCredit Bank Austria and RLB Oberösterreich found a warm reception for their €500m no-grow deals this week.

Bill Thornhill, January 16, 2020
Equity IPOs

German ECM revival on the cards in 2020

German equity capital markets are off to a flying start this year, buoyed by a rally in the DAX and renewed interest in European equities among US investors. There is renewed optimism about deals to come, including several of this year’s largest European IPOs.

Aidan Gregory, January 16, 2020
Regulatory Capital

CS opens AT1 dollar market with a bang

Credit Suisse became the first issuer of additional tier one (AT1) paper market in dollars this year, seizing the high levels of appetite for this asset class to print through fair value.

David Freitas, January 16, 2020
Covered Bonds

French threesome covers up

BPCE, Credit Mutuel Home loan (CM-CIC) and Axa Bank issued French covered bonds this week with Axa issuing its first transaction under a new and lower rated Belgian ownership structure.

Bill Thornhill, January 16, 2020

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