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High yield

Ithaca buckles on bond terms under investor pressure

Ithaca Energy, a UK-based oil and gas operator, revised its bond terms to placate investors this week — marking a rare victory for the buy-side in a market that has offered ever weaker protection. Buyers for the bonds had been prepared to swallow Ithaca's original proposals, but demanded a double digit yield to do so, forcing the borrower to back down to hit its target price. Karoliina Liimatainen reports.

Karoliina Liimatainen, July 17, 2019
Corporate Bonds

Italgas blows out, cuts 30bp off spread

Investors pumped €2.25bn of demand into Italgas’s €600m 10 year note on Wednesday, leaving the deal nearly four times covered. That was despite a soft economic background and the more muted €1bn of demand Goodman European Partnership, the logistics Reit, had got on Monday for its €400m 10 year no-grow bond.

Alex Radford, July 17, 2019
LevFin High Yield Bonds

Domestic & General drops sterling floater

Left lead Barclays dropped the floating rate sterling tranche from the high yield bonds for Domestic & General’s fundraising to refinance old debt and pay a dividend to its old owners, replacing it with a smaller euro floater and a large fixed-rate issue.

Owen Sanderson, July 17, 2019
Derivatives

Eurex delays total return futures launch

Eurex is delaying the introduction of some equity total return futures and basket trades of equity total return futures.

GlobalCapital, July 17, 2019
Derivatives

Trading Technologies partners with ICE data arm

Trading software provider Trading Technologies International has partnered with Intercontinental Exchange’s data and analytics unit to offer execution and client connectivity services.

GlobalCapital, July 17, 2019
Supras and agencies

Supranationals head out into non-core currencies

World Bank hit the Canadian dollar market on Wednesday to begin its 2019/20 benchmark funding programme. It followed the European Investment Bank and KfW which have also been active in non-core currencies this week.

Mike Turner, July 17, 2019
Equity-Linked

Resurgent Impala Platinum offers CB investors early conversion to cut debt

Impala Platinum Holdings, the South African platinum mining company, has launched a tender offer to convert its outstanding 3.25% $250m June 2022 convertible bonds into equity, after a massive rally in its share price over the last year.

Aidan Gregory, July 17, 2019
CLOs

Barings brings euro CLO via arranger Goldman Sachs

Goldman Sachs has released initial price thoughts on a new €407.2m CLO for Barings.

Tom Brown, July 17, 2019
Leveraged Loans

Salini plans capital raise and bank lines for Astaldi buy

Italy’s Salini Impregilo is pushing ahead with plans to buy compatriot troubled construction rival Astaldi after getting the preliminary nod from financiers, with the acquiring company set to raise €600m among a raft of funding agreements.

Mike Turner, July 17, 2019
Covered Bonds

Nationwide's Sonia conversion is positive

Nationwide Building Society has restructured the swaps underlying its covered bond programme to ensure a proportionate share of the cover pool's mortgage interest will be swapped to Sonia, winning approval from Moody's this week.

Bill Thornhill, July 17, 2019
Regulation

New Commission boss pledges €1tr of sustainable finance

After her narrowly passed confirmation vote in the European Parliament on Tuesday evening, new European Commission head Ursula von der Leyen is set to establish a sustainable investment plan and to green the European Investment Bank.

Jean Comte, July 17, 2019
Covered Bonds

Lloyds increases dollar covered bond return

Lloyds Bank was able to increase the size of its second dollar covered bond issued on Wednesday — its second deal in this market in the last year. In doing so, it still managed to pay a minimal new issue concession.

Bill Thornhill, July 17, 2019

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