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SRI

SG, Mariner bring new impact securitization structure

Société Générale has engaged in a $3.4bn synthetic securitization and pledged to reinvest some of the freed-up capital to increase its ‘positive impact finance’ lending. The investor, New York hedge fund Mariner Investment Group, has given it a financial incentive to go even further.

Jon Hay, October 16, 2019
Covered Bonds

Covered bond syndication at its trickiest this year

Covered bonds issued in October have had a distinctly mixed reception — as depicted by the wide dispersion of scores on GC Covered Bond Marker. Bankers say the outlook is complex as investors are more cautious and it’s not fully clear how the European Central Bank’s (ECB) deposit tiering will really play out in conjunction with its asset purchases, its Targeted Longer-Term Refinancing Operations (TLTRO) and negative interest rates.

Bill Thornhill, October 16, 2019
Equity IPOs

Investors praise Ferretti navigation as deal covered

The IPO of Ferretti, the Italian manufacturer of yachts and super yachts, is finally covered after a long and difficult book building process and investors have praised the willingness of the seller to be flexible on valuation to help the deal across the line.

Sam Kerr, October 16, 2019
Senior Debt

BPCE and Banca Farmafactoring tap into euro senior demand

BPCE and Banca Farmafactoring launched senior deals this week, with both issuers enjoying healthy receptions to their offerings. BPCE’s non-preferred mandate drew over €2.75bn of orders and the Italian issuer saw its preferred bond attract €850m at the spread level.

David Freitas, October 16, 2019
SSA

The EIB should be Europe’s development hub — for now

European politicians may be tempted to make a show by founding a new development bank. That would be a mistake. Results are what matter, not branding. To supercharge development and climate finance, the EU should choose the simplest and fastest option

Jon Hay, October 16, 2019
High yield

HY wakes up and smells the coffee while World Bank meet shuts down IG

Sub-investment grade companies have been making the most of this week's issuance window while the going is good. But the high grade corporate primary bond market is taking a breather, as a confluence of factors come together to put the breaks on new issuance.

Karoliina Liimatainen, October 16, 2019
Equity

Lack of investor conviction leads to listings bonfire

IPOs are having another rough October as declining investor sentiment in new listings has led to a number of new deals being postponed. While there are still new deals being launched, markets have become increasingly difficult.

Sam Kerr, October 16, 2019
Africa

BOAD goes long and tight

Banque Ouest Africaine de Développement (BOAD) was able to tighten pricing beyond guidance on a 12 year bond, one of its longest dated issues, this week.

Mariam Meskin, October 16, 2019
Sovereigns

Italy draft budget agreement ‘a welcome result’ for BTP investors

The Italian cabinet’s late night agreement on a draft budget for 2020 will drive investors to hold longer maturity BTPs, causing spreads to tighten ahead of a potential rating outlook upgrade next week, said analysts.

Burhan Khadbai, October 16, 2019
EM Middle East

Abu Dhabi's Aldar shaves pricing on benchmark sukuk

Aldar Investment Properties has raised a 10 year $500m sukuk, achieving a tightening of 35bp beyond initial guidance.

Mariam Meskin, October 16, 2019
Senior Debt

Argenta trade a reminder investors ‘selective’ about bank bonds

The postponement of Argenta Spaarbank’s non-preferred senior bond on Tuesday was a reminder that investors are not taking a shine to everything sent their way in the market. The large volume of trades this year has prompted investors to become “selective” about what they buy, analysts at Rabobank said.

David Freitas, October 16, 2019
CEE

Uralkali tightens and Nornickel roadshows, as Russian issuance set for strong year end

Russian potash producer Uralkali hit the market on Tuesday, tightening pricing on a $500m bond issue, the borrower's first international deal since 2013. DCM bankers are confident Russian issuance will continue to fill the market throughout the fourth quarter, as Norilsk Nickel began a roadshow.

Mariam Meskin, October 16, 2019

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