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Corporate Bonds

New era for bond pricing as corporates, banks push deeply negative

Europe's bond market reopened for the autumn issuance season this week — but it is a new bond market. The summer's queasy bout of bearishness has pushed government bond yields to unprecedented lows and these are now for the first time being tested as a platform for private sector bond issuance.

Alex Radford, August 22, 2019
Continental adds volume to shrinking credit card ABS sector

General purpose credit card issuer Continental Finance Company is returning to the ABS market with a $127m deal, adding volume to a sector that has experienced a considerable drop in issuance this year.

Jennifer Kang, August 22, 2019
Regulatory Capital

UBS AT1 surprise lays open Kanga possibilities

Market participants expect more banks will now want to print Kangaroos after investors on a search for yield poured into UBS's additional tier one (AT1) deal on Tuesday. The syndication, which surprised those involved after it managed to shave 75bp off its initial pricing guidance and attract A$4bn ($2.71bn) of orders, suggested a market ripe for a deal spree.

Frank Jackman, August 22, 2019
Covered Bonds

BHH sets new boundary for negative yielding covered bonds

Berlin Hyp, the German mortgage bank, this week set a new record with the most negative yielding covered bond, a transaction that should bolster the confidence of other borrowers who can no longer put off issuing such deals.

Alex Radford, August 22, 2019
SSA Bond Comments

EBRD USD600m FRN Aug 22

Rating: Aaa/AAA/AAA

Mike Turner, August 22, 2019
SSA Bond Comments

KommuneKredit EUR500m 0% Aug 30

Guarantor: All Danish municipalities and regions

Burhan Khadbai, August 22, 2019
SSA Bond Comments

World Bank USD3.5bn 1.5% Aug 24

Rating: Aaa/AAA

Mike Turner, August 22, 2019
LevFin

European credit quality has peaked, says S&P

European companies are facing a downhill slide from the best credit quality conditions in a decade, rating agency S&P predicts. Lending conditions remain exceptionally generous but fears of a downturn and uncertainty over new monetary stimulus have kept many new issuers at bay.

Karoliina Liimatainen, August 22, 2019
Leader

The bear hiding in plain sight

At first glance, 2019 has looked a great year for equity markets — perhaps one might even call it a bull market. Almost all major indices have posted double-digit returns after a brutal sell-off at the end of last year. However, things look a lot more bearish upon closer inspection.

Sam Kerr, August 22, 2019
Corporate Bonds

Volkswagen's short sterling note twice covered

Volkswagen Financial Services printed a £300m 3.25 year bond on Thursday that was twice oversubscribed. It has not been long since the A3/BBB+ rated German carmaker came to the sterling market. Only last month it sold a £350m three year note.

Alex Radford, August 22, 2019
SSA

SSAs brace for ‘challenging environment’ in euros

Public sector borrowers will have to contend with much more difficult funding conditions in euros when they arrive en masse following the summer beak, according to SSA bankers.

Burhan Khadbai, August 22, 2019
Equity IPOs

Recession and political fears make ECM execution difficult

The return of heightened market volatility this summer has cast a shadow over final few months of 2019 for equity capital markets. Investors are weighing up whether to buy new deals in at a time of heightened geopolitical risk and deteriorating macroeconomic conditions.

Aidan Gregory, August 22, 2019

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