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Derivatives

First for Aussies as cross currency swap goes through SwapAgent

HSBC and MUFG have executed the first ever AUS/USD cross currency basis swap using SwapAgent, LCH’s non-cleared derivatives service.

Ross Lancaster, November 21, 2019
Private debt

UK water firms braced for double date with destiny

UK water companies have a tricky December to navigate. The UK opposition Labour Party on Thursday made an election pledge to renationalise them, while they also face regulators' desires to toughen the financial regime under which they operate. Silas Brown reports.

Silas Brown, November 21, 2019
LevFin High Yield Bonds

Teva ups dosage to $2.1bn as investors gulp down pharma bond

Teva, the Israeli-US pharmaceutical company, priced a $2.1bn bond package at the tighter end of the initial price thoughts this week. While it is yet to come to a settlement over its alleged involvement in the US opioid crisis, investors were happy to jump aboard a rare double-B issue yielding up to 7%.

Karoliina Liimatainen, November 21, 2019
Equity IPOs

Macron’s numbers come up as FDJ pops in aftermarket

The successful IPO of Française des Jeux, the French gaming company that runs the national lottery, this week gave encouragement to government plans to privatise more state assets. Sam Kerr reports.

Sam Kerr, November 21, 2019
Asia

Assaf retirement rings GBM restructuring bell

The retirement of Samir Assaf, HSBC’s long-serving head of global banking and markets (GBM), paves the way for a long overdue restructuring of that division. This will test the bank’s new-look management team.

David Rothnie, November 21, 2019
Hybrid

High yield tourists head first for hybrid

Unlike in 2016, investment grade bond buyers reaching for yield after the European Central Bank started buying eurozone corporate bonds have been heading first for longer-dated investment grade and subordinated bonds, rather than dipping down into high yield territory.

Owen Sanderson, November 21, 2019
RMBS

Goldman preps ‘RMBS 3.0’ which could slash reissue costs

Retail banking is in vogue at Goldman Sachs: its Dutch ultra-prime mortgage lending programme made around €30m in revenue for the US bank last year alone. These deals include features the bank calls “RMBS 3.0” that could slash the costs of future refinancings.

Owen Sanderson, November 21, 2019
Investment Grade Loans

Loans in brief: November 22, 2019

Mercuria scales back lenders in US revolver — EDF to sell US nuclear assets to Exelon — SNCF swaps loan tracks to sustainability-linked — Rewe seeks Schuldschein for acquisition debt — Dechra makes success of debut in PP market — AFC scores $140m Kimchi loan as Asian influence in Africa rockets

Mariam Meskin, November 21, 2019
Corp People and Markets

OECD warns of corp bond fire sale

A slump in revenue growth during an economic downturn could trigger a change in investors’ risk appetite and a “widespread” sell-off of corporate bonds, the Organisation for Economic Cooperation and Development warned on Thursday.

Phil Thornton, November 21, 2019
FIG Bond Comments

NN Bank EUR500m 0.375% Feb 25

Rating: —/A-

Tyler Davies, November 21, 2019
FIG Bond Comments

Nykredit Realkredit EUR500m 0.25% Jan 23 non-preferred

Rating: Baa1/A+/A

Tyler Davies, November 21, 2019
High yield

Double dose of sterling for UK hospital buy, despite Labour risk

Alabama-based Medical Properties Trust is marketing a dual tranche, split-rated sterling bond, to pay back loans drawn to buy nine UK private hospitals this year. The company’s marketing materials highlighted that the UK’s National Health Service had doubled its spending in the private sector since 2009, but the opposition Labour Party has committed to end this outsourcing if it returns to power in December’s election.

Owen Sanderson, November 21, 2019

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