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FIG

Swiss Life joins the green bond party

Demand for green issuance outweighs supply in Swiss francs, said bankers after Swiss Life raised Sfr600m last week in a deal that saw all three of its tranches increased to their maximum size and priced at the tight end of the guidance range.

GlobalCapital, November 14, 2019
SRI

Gas wins concessions, but EIB makes big step away from fossil fuels

In a marathon board meeting that lasted into the evening on Thursday, EU member states have approved a new Energy Lending Policy for the European Investment Bank, ending a dispute over how fast it can cut out fossil fuel financing. Those arguing for gas still to receive financing won substantial concessions, compared with the EIB's first draft of the policy.

Jon Hay, November 14, 2019
Equity

Niel’s new way to buy big stake in Iliad startles market

Xavier Niel, the founder and controlling shareholder of Iliad, the French telecoms company, is using an innovative technique to enlarge his stake, while avoiding the usual requirement to make a public offer to buy the whole company. Some bankers think it could be a clever new option for company owners — others doubt it can be used widely. Sam Kerr and Jon Hay report.

Jon Hay, November 14, 2019
Derivatives

Chatham Financial’s JCRA purchase set to create advisory powerhouse

Chatham Financial, the derivatives and debt management advisory firm, has acquired one of its main rivals, JCRA, in a move that is set to create a dominant global player in the market.

Ross Lancaster, November 14, 2019
Africa

Egypt blow-out leaves syndicates looking at long end after 40 year success

The Arab Republic of Egypt this week proved that emerging market bond investors will still part with their cash even at this stage in the year if the deal is right, while at the same time proving that ultra-long dated bond funding is open to emerging markets issuers.

Ross Lancaster, November 14, 2019
ABS

Securitization to feed capital-starved oil and gas companies

Securitization is quickly emerging as the most attractive financing option for cash-starved oil and gas companies as other avenues of funding diminish, according to industry sources.

Jennifer Kang, November 14, 2019
Senior Debt

Rare deals ahoy as FIG investors pack up

The positive market backdrop has driven smaller and less well-known bank issuers to come forward with rare new bond issues. But they are showing up just as investors pack up for the year, meaning they must work hard to lure enough demand, writes David Freitas.

David Freitas, November 14, 2019
FIG

Goldman smashes 5% in pref market as BNPP makes triumphant return

Goldman Sachs set the lowest coupon of 2019 on a new preferred deal in the institutional bond market this week, while BNP Paribas buried the memory of its troubled dollar trade in January with a storming come-back.

David Rothnie, November 14, 2019
Islamic Finance

QIIB keeps up sweet stream of sukuk deals as market’s diversity blossoms

Flourishing conditions in the sukuk market stepped up another gear this week as Qatar International Islamic Bank priced an additional tier one bond that one of its leads claimed was the tightest ever such trade from the Gulf Cooperation Council states.

Ross Lancaster, November 14, 2019
Corporate Bonds

AbbVie wows with $30bn blockbuster

AbbVie enjoyed the undivided attention of US bond investors on Tuesday when it hit the market with a $30bn 10 tranche deal that, remarkably for such a big deal, priced with a negative new issue concession.

David Rothnie, November 14, 2019
SSA

All tenors open thanks to euro sell-off

All maturities are open for deals in the euro market, thanks to a widening in benchmark spreads over the past few weeks. SSA issuers are taking advantage of the conditions by issuing in a range of tenors.

Lewis McLellan, November 14, 2019
LevFin High Yield Bonds

Ball cuts costs but bigger bond misses Crown’s record

Ball Corporation, a US metal packaging and aerospace technology company, took advantage low rates this week to cut its financing costs with a successful €1.3bn dual-tranche issue that was increased from €900m.

Karoliina Liimatainen, November 14, 2019

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