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Senior Debt

Bawag debuts non-pref as issuers pile into senior

Bawag was looking to launch its first non-preferred senior bond on Wednesday, joining a crowd of other financial institutions targeting sales of senior products in the euro market this week.

Tyler Davies, August 28, 2019
LevFin High Yield Bonds

HY investor expects chain reaction as nuclear Finn restarts bonds

A flight to safety is underway leaving little support for the riskier bits of leveraged finance. A Finnish nuclear power company is, however, marketing a deal in the high yield bond market and one investor told GlobalCapital he expects to see others follow suit rather than tap the loan market.

Ralph Sinclair, August 28, 2019
Investment Grade Loans

Lenders unconcerned as recession portents mount

Investment grade loans bankers have shrugged off the potential effects of a major global recession on their business, as the inversion of the mid-range of the US Treasury curve deepens.

Mike Turner, August 28, 2019
Equity IPOs

TeamViewer reopens EMEA IPO market

TeamViewer was the first European issuer to test the IPO market after the summer lull on Tuesday. Sources close to the deal hope that the German software company’s high growth business model will allow it to sail through tricky markets.

Sam Kerr, August 28, 2019
Regulatory Capital

BBVA heads to dollars for AT1 after Swedbank success

BBVA was marketing an additional tier one bond on Wednesday, making use of the favourable conditions that other issuers have found for similar instruments in the dollar market, while BNP Paribas, Bank of Nova Scotia and Bawag kept euro investors busy.

David Freitas, August 28, 2019
EM LatAm

Avianca extends early-bird in bid to unlock crucial funding

Colombian airline Avianca has extended the early-bird period of a vital exchange offer after United Airlines and Kingsland Holdings said they needed a bigger take-up from bondholders in order to provide at least $250m of shareholder funding.

Oliver West, August 28, 2019
Emerging Markets

Lat Am distress keeps EM busy amid primary slump

Though many other parts of the primary bond market seem to have fired the starting gun for autumn issuance, the emerging markets are yet to join them. But there is plenty of difficulty to contend with for those invested in Latin America.

Francesca Young, August 28, 2019
LevFin High Yield Bonds

Junior Galapagos bondholders swoop to stop business sale

Unsecured creditors to German engineering firm Galapagos swooped in at the last minute on Friday to stop a sale of the business that would have wiped out their claims. One of the funds fighting this corner is the credit opportunities fund raised by former Deutsche Bank securitization boss Elad Shraga.

Owen Sanderson, August 28, 2019
Supras and agencies

KBN debuts Swedish green bond as SSAs move into niche markets

Kommunalbanken brought its green bond framework to the Swedish krona market for the first time last week to place its seventh green note, its first since August 2018. The move into the currency follows a wider trend of major SSA issuers funding in niche currencies as raising debt in core markets becomes harder, according to bankers.

Frank Jackman, August 28, 2019
Africa

Mozambique note switch begins again

The Republic of Mozambique has released a consent solicitation for its outstanding $726.5m 10.5% 2023s, which a bondholder group representing 68% of the notes has said they will accept, hoping that this will draw a line under the Ematum tuna bonds saga that has plagued the country since their issue in 2013.

Francesca Young, August 28, 2019
FIG

Negative yields no longer a ‘deal breaker’ for FIG investors

Investors in unsecured bank debt instruments are unlikely to put up much of a fight against the inevitable march into negative yielding new issuance.

Tyler Davies, August 28, 2019
Equity

Trade war and slowdown limits equity upside

Geopolitical tensions, particularly the increasingly hostile relationship between the US and China, have driven some equity investors to take a risk averse position in preparation for a choppy autumn.

Sam Kerr, August 28, 2019

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