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Covered Bonds

Deutsche plans structured CPT covered bond

Deutsche Bank plans to sell a structured conditional pass-through (CPT) covered bond that is packed with commercial mortgages and has a double-A rating. The collateral-efficient funding makes perfect sense for the issuer and, in a negative yield environment, it could also potentially be interesting for certain investors.

Bill Thornhill, October 29, 2019
LevFin

Grifols seeks looser terms in $5.3bn refi launch

Spanish pharmaceutical company Grifols is planning to take advantage of balmy market conditions with a refinancing package that will replace most of its outstanding debt. The package will consist of a $3bn term loan B in dollars, a $1.6bn TLB in euros and $1.25bn of senior secured bonds issued in euros.

Karoliina Liimatainen, October 29, 2019
Derivatives

ICE launches ETF hub

Intercontinental Exchange has launched a new open architecture ETF platform, a move to to simplify the creation and redemption process for equity and fixed income ETFs.

GlobalCapital, October 29, 2019
FIG

Skibskredit and mbank to follow Spabol's 'fantastic result' in covereds

Sparebank 1 Boligkreditt (Spabol) took advantage of positive swap yields to issue a well-subscribed €1bn 10 year this week. Danmarks Skibskredit and mBank are likely to follow soon, having each mandated lead managers for covered bond roadshows.

Bill Thornhill, October 29, 2019
GC View

Will the world’s most pointless IPO finally happen?

Saudi state TV has set a date for the elusive Saudi Aramco IPO, talked up for more than three years — and it’s next week. The deal’s already threadbare rationale might dissolve at the first hint of scrutiny, but it’s too embarrassing to ditch it now.

Owen Sanderson, October 29, 2019
Equity

ECM hopes for trade optimism to continue

Equity capital markets bankers are hoping that recent market optimism, driven by hopes of a trade accord between the US and China, will provide a positive backdrop in which to do accelerated transactions before the end of the year.

Sam Kerr, October 29, 2019
Asia

Order book opacity mars SMBC covered bond

Leads on Sumitomo Mitsui Banking Corporation’s two part dollar and euro covered bond were criticised for not being transparent with the order book update, which was expressed without giving the currency of the demand, but in the final analysis, the sale of the high yielding euro portion went better than expected.

Bill Thornhill, October 29, 2019
High grade and crossover bonds

Ferde doubles Nokkie floater size from minimum target

Norway’s Ferde has launched a Nkr2bn (€194m) triple part floating rate green bond, with the toll operator cruising past its minimum amount target.

Mike Turner, October 29, 2019
RMBS

FCA opens door for ‘mortgage prisoners’, but many remain shackled

The Financial Conduct Authority (FCA) announced on Monday that it is introducing new rules to allow lenders in the UK to use a “more proportionate” affordability measure, allowing some of the 120,000 so-called ‘mortgage prisoners’ to refinance and escape high interest rates.

Tom Brown, October 29, 2019
Asia

Nomura weathers rates difficulties in EMEA

Wholesale revenue increased in Nomura for Europe, the Middle East and Africa in the most recent quarter, the bank said on Tuesday, helped by a sturdy rates business.

Jasper Cox, October 29, 2019
Investment Grade Loans

TPSH latest UK real estate name to increase financing

Triple Point Social Housing REIT has almost doubled the size of its sterling revolving credit facility, as UK housing firms continue to shore up funding during Brexit uncertainty.

Mike Turner, October 29, 2019
GC View

Why making UniCredit more German puts EU’s Banking Union in a bad light

UniCredit’s search for a more efficient corporate structure shows how an incomplete Banking Union is beginning to weigh on pan-European financial institutions.

Tyler Davies, October 29, 2019

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