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Asia

KoGas breaks new ground, sells 10yr sustainability notes

Korea Gas Corp (KoGas) became the first South Korean corporate to sell 10 year sustainability bonds on Tuesday, raising $500m. The country’s issuers are leading the way across Asia in selling environmental, social and governance debt.

Silas Brown, July 10, 2019
Asia

Sri Trang Agro gets going on glove unit spin-off

Thai natural rubber company Sri Trang Agro Industry approved a spin-off of its gloves production unit at a board of directors meeting this week.

Gina Lee, July 10, 2019
SRI

Industry ignores Paris, worsens climate change

Seven out of eight big companies with heavy carbon emissions are still behaving in a way that will lead to disastrous climate change, according to a report on Wednesday. The finding is not surprising, but underlines the reality that the growth of responsible investing has done far too little to make the economy sustainable.

Jon Hay, July 10, 2019
GC View

Autocrats are challenging central bank independence, perhaps rightly

Central bank independence is under threat. When politicians attempt to take control of monetary policy for their own ends, markets tend to panic, but it may be time to acknowledge that monetary policy is inherently political.

Jasper Cox, July 09, 2019
Securitization People and Markets

Greencoat Investment loses latest court battle in CMBS dispute

Greencoat Investment, a vehicle associated with Rizwan Hussain's attempts to take control of a pre-crisis CMBS, was dealt a blow this week when a court rejected its application to put the deal into administration. The move, for now, puts paid to efforts to persuade bondholders to tender their holdings.

Tom Brown, July 09, 2019
GC View

‘Net short’ language crosses a line

Leveraged loan and high yield bond documentation is starting to see a new feature creep in — anti “net short” language, which attempts to stop creditors that are short the company from getting a place at the table in a restructuring. The funds targeted by the new provisions aren’t exactly the cuddliest citizens of the capital markets, but they won’t be the only casualties.

Owen Sanderson, July 09, 2019
Benchmark ABS to outperform higher yielding sectors

The primary pipeline is building up again after eight issuers filed documents for upcoming ABS deals after the US public holiday weekend. Several sponsors are bringing retail auto or timeshare ABS deals, both of which have been flagged as bright spots in the market this week by Bank of America Merrill Lynch analysts, due to comparatively tight spreads and strong fundamentals.

Jennifer Kang, July 09, 2019
Bank Capital

NBG eyes T2 following Piraeus success

National Bank of Greece said on Tuesday that it had picked banks to arrange a tier two bond transaction as part of its plans to raise €800m in the format. The bank could become only the second Greek issuer of subordinated debt since the financial crisis, following a new tier two from Piraeus last month.

David Freitas, July 09, 2019
Hybrid

Aroundtown comes round again for euro hybrid

Aroundtown, the German property company, chose Tuesday, when the European corporate bond market was otherwise empty of new issues to sell its second hybrid capital deal in as many months.

Alex Radford, July 09, 2019
FIG

Rothesay breathes life into dormant tier three market

Rothesay Life reminded market participants of the rarely seen tier three bond format on Tuesday, raising £300m of solvency capital on the back of more than twice as much demand.

Tyler Davies, July 09, 2019
Supras and agencies

Three SSAs follow KfW through slim window for dollar threes

Last week’s tightly priced bond issue by KfW has inspired a slew of issuers to print three year dollar notes this week, a banker said. The Asian Development Bank was first off the blocks on Tuesday with a new benchmark, and Export Development Canada and Erste Abwicklungsanstalt are set to follow.

Frank Jackman, July 09, 2019
LevFin People and Markets

Middle market debt specialist taps new CIO

Middle market credit investment manager MidOcean Partners has hired a former Apollo Global Management executive as CIO.

Max Adams, July 09, 2019

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