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Investment Grade Loans

Loans in brief: June 28, 2019

Korian cuts into loan margin with A&E — SES beams into receptive loan market — Ameropa grows bigger revolver — Acquisition hungry Better Collective ups bank line — Forth Ports docks into USPP market — CEE’s CTP consolidates debt in jumbo real estate financing

Mariam Meskin, June 27, 2019
Private debt

City of London launches US private placements

The City of London Corporation, via its endowment fund The City’s Cash, has launched first US private placements (PP), roadshowing the prospective notes this week and next. The funds will be partly used to finance the consolidation of the Billingsgate, Smithfield and Spitalfields wholesale food markets at a new site in Dagenham, Essex.

Silas Brown, June 27, 2019
Equity

European investors on hunt for green unicorns

Voltalia, the French renewable power producer, launched a €376m rights issue on Monday to finance an increase in capacity, and won a new investor — the European Bank for Reconstruction and Development. This is believed to be the first time the EBRD has bought a public equity in western Europe.

Sam Kerr, June 27, 2019
High yield

Rallye CDS holders get 87.5% after bonds slide into auction

The auction to determine the credit default swap payouts over the safeguard proceedings of Rallye was held on Thursday, and gave protection buyers an 87.5% payout. The supermarket holding company’s bonds had slid roughly five points in the week before, to trade at around 15 ahead of the auction, but settlement interest was all on one side, pushing the final price to 12.5.

Owen Sanderson, June 27, 2019
EM Middle East

Dovish central banks drive EM AT1 demand

Rates are low and keep getting lower, so investors are having to turn to higher yielding forms of debt to put their money to work and get a respectable return. Issuers, particularly in the Middle East, are happy to oblige as far as their regulatory capital needs will allow.

Lewis McLellan, June 27, 2019
Southpaw

Winter’s coming boosts MUFG integration plan

The arrival of a new chief executive marks big progress in Mitsubishi UFJ Financial Group’s aim to provide integrated corporate and investment banking to clients, at a time when it needs to boost returns. By David Rothnie.

David Rothnie, June 27, 2019
Securitization People and Markets

PCS authorised as third party STS verification agent in France

Prime Collateralised Securities (PCS) has been officially authorised by Autorité des Marchés Financiers (AMF) as a third-party verification agent in France for the ‘simple, transparent and standardised’ (STS) regulatory framework.

Tom Brown, June 27, 2019
Supras and agencies

EU kicks off 2019 with small and steady trade

The European Union (EU) began its funding for the year on Wednesday, later than other public sector borrowers. With a €250m syndication to finance disbursements to Tunisia and Jordan as it adapts to a smaller borrowing programme.

Burhan Khadbai, June 27, 2019
Corporate Bonds

Gatwick and Engie print as corps pace eases after deal glut

Gatwick, London's second airport, offered a £300m no-grow 30 year bond into a quieter corporate bond market on Thursday, while Engie, the French power and gas group, issued a €500m non-call 5.75 year hybrid. This slowing of issuance from the frenetic pace earlier in the week was welcomed by bankers concerned investors might have been overtaxed.

Alex Radford, June 27, 2019
Supras and agencies

AFD’s funding needs to reach €10bn by 2022

Agence Française de Développement (AFD)’s annual borrowing programme is expected to rise sharply in the coming years as a result of increased lending to developing countries.

Burhan Khadbai, June 27, 2019
Equity-Linked

ECB dashes hopes of equity-linked recovery

Equity-linked bankers said this week that European Central Bank president Mario Draghi has ended their slim hopes of a meaningful revival in convertible bond issuance this year, after he said he could cut interest rates and resume buying bonds if eurozone growth fails to pick up.

Aidan Gregory, June 27, 2019
Derivatives

SGX restructures, merging equity cash and derivatives

Singapore Exchange has unveiled a sweeping restructuring of its business as it seeks to grow across asset classes.

GlobalCapital, June 27, 2019

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