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ABBs-Block Trades

Large US fund picks up big profit from NMC block

Capital Group, one of the largest asset managers in the US, bought 13.45m shares in NMC Health on January 8, according to a disclosure on the London Stock Exchange. They were worth about £160m. That was the day after a £375m block trade by Saeed Al Qebaisi and Khaleefa Al Muhairi, two of the three controlling shareholders in the UAE health company, which faced criticism from short-seller Muddy Waters of its balance sheet and financial statements in December.

Sam Kerr, January 15, 2020
CLOs

UK’s PRA loosens tight conditions on risk transfer

The UK’s bank regulator, once one of the world’s toughest, has eased some of its conditions around the synthetic risk transfer market, allowing the UK’s biggest lenders to sell balance sheet CLOs on similar terms to their European Central Bank-regulated peers.

Owen Sanderson, January 15, 2020
ABS

NatWest provides subprime car finance facility for Provident's Moneybarn

Provident Financial Group, the UK specialist lender, has agreed a bilateral securitization facility with NatWest Markets to fund up to £100m of vehicle finance receivables from its Moneybarn subprime brand. The facility is expected to grow to £275m over the next 18 months.

Tom Brown, January 15, 2020
Regulatory Capital

Monte launches T2 at 8% to complete capital plan

Banca Monte dei Paschi di Siena was more than two times subscribed for a €400m tier two on Wednesday, as the state-backed Italian lender used strong market conditions to finally complete the last leg of its capital raising plan.

Tyler Davies, January 15, 2020
SSA

Perfect storm drives record SSA order books

A combination of factors are driving colossal demand for new issues in the public sector bond market, with Spain setting a new landmark on Tuesday with the largest ever order book in the eurozone.

Burhan Khadbai, January 15, 2020
CEE

Veon brings 2019 bond up to targeted $1bn

Emerging markets telecommunications firm Veon, formerly Vimpelcom, printed a $300m tap of its $700m 4% April 2025s on Wednesday from a book of more than $1bn and paying a new issue premium of only 5bp, according to a syndicate official on the tap.

Francesca Young, January 15, 2020
Covered Bonds

Covered bond investors putting on the risk

Covered bond investors are increasingly confident about taking on duration and credit risk as yields are set to be stable and spreads should remain well supported, an asset manager told GlobalCapital on Wednesday.

Bill Thornhill, January 15, 2020
CEE

TSKB brings first Turkish FI deal for nearly a year

Turkiye Sinai Kalkinma Bankasi (TSKB) has released price guidance on the first benchmark Turkish bank bond since March last year. Books had reached over $2.2bn by midday and the market has been told to expect a $400m deal.

Francesca Young, January 15, 2020
Regulatory Capital

Santander confirms ‘irreversible’ decision to call its controversial CoCo

Banco Santander has followed through on its commitment to call an additional tier one (AT1) bond, after extending the life of the instrument a number of times in 2019. The decision comes as favourable market conditions increased the likelihood that issuers will choose to refinance their contingent capital securities this year.

Tyler Davies, January 15, 2020
Equity

Bullish investors boost European block trades

Strong investor demand has led to a positive start for Europe’s equity capital markets with several large block trades attracting big orders, leading to attractive terms for sellers.

Sam Kerr, January 15, 2020
Corporate Bonds

Corporate primary faces test in secondary spread behaviour

European corporate bond specialists are keeping an eagle-like watch on how well new issues trade in the immediate aftermarket. Any widening could kick off a trend towards higher new issue premiums.

Jon Hay, January 15, 2020
Asia

Corrected: Taiwan’s Innolux launches $300m zero coupon CB

Taipei-listed Innolux Corp hit the market on Wednesday with a $300m convertible bond, its debut equity-linked deal.

Jonathan Breen, January 15, 2020

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