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SRI

ESG ratings belong on every term sheet

KfW’s inclusion of ESG ratings in a term sheet might seem a superficial step — just one more disclosure of another piece of publicly available data — but it is a step towards a more sensible system of socially responsible investment.

Lewis McLellan, November 07, 2019
High yield

High yield stalwarts see benefit of issuer-friendly market

Well-known issuers in high yield this week were best placed to benefit from strong market conditions, driven by central bank easing, the return of tourist money to the market, and receding worries of geopolitical crisis.

Owen Sanderson, November 07, 2019
Leader

Banking Union: one step forward, one step back

Olaf Scholz, Germany’s finance minister, was playing all of the right notes in his ode to the Banking Union this week. It is a shame they are still not in the right order.

Tyler Davies, November 07, 2019
ABS

LendingClub wrangling more regs on road to bank charter

In September, LendingClub excluded individual investors in five states from investing on its platform without an explanation. While the reason was undisclosed for nearly two months, the company revealed this week that the change in eligibility is a product of the many steps it is taking to obtain a bank charter.

Jennifer Kang, November 07, 2019
Supras and agencies

KfW hopes to ‘start a movement’ on ESG grades

KfW made a simple but potentially significant step in the evolution of bond markets this week as it became the first borrower to highlight its environmental, social and governance (ESG) ratings in term sheets for a bond issue, from the mandate announcement to the final pricing details. SSA bankers and issuers have applauded the move and other public sector borrowers are looking to follow, writes Burhan Khadbai.

Burhan Khadbai, November 07, 2019
SSA

Dollar SSAs find fertile ground at short end

A pair of public sector borrowers hit the dollar market this week, pulling off strong deals at three and five years. Both enjoyed a clear field as euro-based borrowers stuck to their home currency thanks to an unpalatable basis swap rate.

Lewis McLellan, November 07, 2019
Asia

StanChart reopens Reg S route for European bank tier twos

Standard Chartered sang the praises of the Reg S only dollar market this week, after building a chunky order book behind its first tier two in the format in seven years. The deal kick-starts a busy period of capital issuance for the UK bank.

Tyler Davies, November 07, 2019
Supras and agencies

EBRD prices tight on third Sonia FRN

The European Bank for Reconstruction and Development (EBRD) focused “on price over size” but achieved both when it brought its third Sonia-linked floating rate note (FRN) to the market this week, according to one of its leads.

Burhan Khadbai, November 07, 2019
FIG Bond Comments

ING Groep EUR1bn 1% Nov 30 tier two

Rating: Baa1/A-/A+

David Freitas, November 07, 2019
SSA

Mixed fortunes for SSAs in euros

Two SSA borrowers tapped the seven year part of the euro curve this week, but came away with different results. Luxembourg received an oversubscribed book for its deal on Wednesday, while Nederlandse Waterschapsbank (NWB Bank) had to price without fully placing its €1bn trade.

Lewis McLellan, November 07, 2019
Private debt

Lloyd’s of London debuts in US private placements

The Society of London, better known as Lloyd’s of London, is marketing a US private placement (PP). The insurance organisation's debut in PPs in its 333 year history is another sign the market is attracting a wider range of UK companies than ever before.

Silas Brown, November 07, 2019
Senior Debt

Non-pref senior ‘lost in the middle’ as investors balk at tight pricing

Investors staged a protest over pricing in the non-preferred senior bond market this week, causing one transaction to fail and putting two others at risk of falling flat. Comfortable with their returns for 2019 and happy to be able to choose from a glut of new bond offerings, funds have simply been happy to divert their attention elsewhere. Tyler Davies reports.

Tyler Davies, November 07, 2019

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