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People News

Simões to join Santander as Europe head

Santander has hired António Simões from HSBC as its regional head of Europe.

Jasper Cox, May 12, 2020
GC View

Hertz to test bankruptcy remoteness of ABS in new crisis

Hertz’s flirtation with bankruptcy has sparked a debate in the asset-backed securities market over the fate of the company’s rental car ABS trusts. But if Hertz succumbs to the economic ravages of the coronavirus pandemic, various safeguards in its ABS documentation should result in minimal damage to bondholders, reiterating a key strength of securitization in times of crisis.

Jennifer Kang, May 12, 2020
SRI

Tax misers sell off worse than market in pandemic

Companies that pay little tax have suffered worse share price declines during the coronavirus pandemic than the market as a whole — a result that suggests investors may at last be taking notice of this long ignored aspect of corporate governance.

Jon Hay, May 12, 2020
ABBs-Block Trades

GIC sells shares in ConvaTec after share rally

GIC, the Singapore sovereign wealth fund, sold 115m shares in medical product and technologies company ConvaTec on Monday night following a huge rally in the stock price.

Sam Kerr, May 12, 2020
High grade and crossover bonds

European IG corporates offer investors full spectrum

Europe’s high grade corporate bond market pumped out deals on Tuesday, with some defensive issuers managing to print inside fair value while some of the day’s more esoteric picks had to pay up even for short maturity debt.

Mike Turner, May 12, 2020
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Some shareholders have always been more equal than others

The wave of accelerated capital raisings in the UK in response to the Covid-19 crisis has caused consternation in some circles because retail investors cannot access to these deals. While the principle of shareholder equality is without doubt a noble one, in reality larger shareholders have always had more access to equity capital markets deals than retail investors have.

Sam Kerr, May 12, 2020
Equity-Linked

ArcelorMittal clings onto IG rating with $2bn recap

Steel maker ArcelorMittal has raised over $2bn through a sale of new shares and mandatory convertible bonds after posting a $1bn loss in the first quarter because of the Covid-19 global pandemic, which has caused demand for steel to plunge.

Aidan Gregory, May 12, 2020
SSA

SSAs delight in dollars as pipeline builds

Public sector borrowers found plenty of demand as they hit the market with dollar deals across the curve on Tuesday. With robust demand and a favourable basis swap for euro funders, more issuers have lined up deals in the currency to follow.

Burhan Khadbai, May 12, 2020
Covered Bonds

Crisis Talk — with the EMF-ECBC's Luca Bertalot

Luca Bertalot, secretary-general of the European Mortgage Federation-European Covered Bond Council (EMF-ECBC), speaks to GlobalCapital about the covered bond market living up to its reputation, the ECBC’s Covid-19 task force and monitoring report, transparency enhancements, the scope for a revival of the public sector market, and how green European Secured Notes (ESNs) and covered bonds secured on energy efficient mortgages could be flagships in Europe’s economic recovery.

Bill Thornhill, May 12, 2020
CLOs

Fair Oaks introduces delayed draw into euro CLO

Fair Oaks Capital is bringing its second euro CLO to market via JP Morgan, only the fifth deal issued since the Covid-19-induced lockdowns, bringing with it a delayed draw double-B tranche — an option to let the equity boost deal leverage once market conditions improve.

Tom Brown, May 12, 2020
ABBs-Block Trades

€71.6m of Delivery Hero shares sold after stock options exercised

A block of 840,000 Delivery Hero shares was placed with investors on Monday night after a number of employees exercised stock options in the German food delivery company.

Sam Kerr, May 12, 2020
Investment Grade Loans

Kingfisher builds nest egg with two new loans

Kingfisher, the UK home improvement retailer, has signed short term crisis loans in sterling and euro that will sit alongside the company’s already drawn revolving credit facilities, bringing its access to liquidity up to £2bn.

Mike Turner, May 12, 2020

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