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Supras and agencies

EFSF ‘has to go long’ with first outing in Q3

SSA bankers expect the European Financial Stability Facility (EFSF) to take advantage of a compression in yields to lock in cheap funding at the long end of the curve with its first benchmark of the third quarter.

Burhan Khadbai, July 04, 2019
Senior Debt

Less risk equals higher premium, say FIG bankers

With primary markets firing on all cylinders at the beginning of July, bankers working in the financial institutions bond market note that riskier deals are often easier to execute than their lower yielding counterparts.

Tyler Davies, July 04, 2019
Supras and agencies

Sterling SSA market reopens to meet Brexit-fuelled demand

The European Investment Bank (EIB) and KfW reopened the sterling SSA bond market this week with the first public trades since early June. Demand for the currency has been strong all year round, but supply has wavered as a result of a less attractive cross currency basis swap.

Burhan Khadbai, July 04, 2019
LevFin High Yield Bonds

Blackstone to model Merlin bond on notorious Refinitiv deal

Refinitiv’s 2018 high yield bond was slammed for having the weakest ever investor protections. Now another Blackstone consortium is about to use that deal as a template in the £5.9bn public-to-private buyout of theme park giant Merlin. The financing package also features protection against short-selling debt activists — an activity associated with Blackstone unit GSO Capital. Karoliina Liimatainen reports.

Karoliina Liimatainen, July 04, 2019
Senior Debt

Lloyds lays down pricing marker with first public deal from NRF bank

Lloyds made its first public sale of debt from its non-ringfenced bank on Thursday, pricing the senior bonds about 16bp tighter than similar instruments from the group’s holding company.

Tyler Davies, July 04, 2019
People News

Jones at risk at HSBC

Chris Jones, head of local currency syndicate at HSBC, has been put at risk of redundancy by the bank.

Francesca Young, July 04, 2019
Market News

Relief as hawk Weidmann kept off ECB throne

The European Central Bank’s quantitative easing programme looks set to remain in place, should Christine Lagarde become its new president, according to economists.

GlobalCapital, July 04, 2019
SSA MTNs and CP

BNG goes long and low

Bank Nederlandse Gemeenten printed ultra long paper this week, locking in low yields for the issuer but leaving buyers exposed to big price moves on any rate rise.

Frank Jackman, July 04, 2019
LevFin Leveraged Loans

Skin Health LBO sees second lien success

The largest second lien tranche since the financial crisis, a Sfr1.3bn-equivalent deal, was placed to just five accounts, GlobalCapital understands, supporting EQT, Luxina and PSP’s $10bn buyout of Nestlé Skin Health. The big second lien tickets illustrate the depth of demand for the product, which has been buoyed by the cash raised for direct lending opportunities — and supports the deal through senior syndication.

Owen Sanderson, July 04, 2019
Bank Capital

Pru wins huge demand for unusual tier two transaction

Prudential's deal was nearly 18 times subscribed on Thursday for an attractively priced tier two, which had an unusual 30 year non-call five maturity structure.

Tyler Davies, July 04, 2019
Corporate Bonds

FS Italiane shunts green bond into empty market

Ferrovie dello Stato Italiane, Italy's state railway company, launched a €700m seven year green bond into an otherwise empty corporate bond market on Thursday. The Independence Day holiday in the US kept markets quiet this week, and eager investors may be frustrated next week too.

Alex Radford, July 04, 2019
CLOs

CLO managers get triple-As away without Japanese help

CVC Credit Partners and BNP Paribas Asset Management are two CLO managers preparing to price their latest CLOs, bringing broadly syndicated deals to the market without help from Japanese anchor investment. Both well-established managers are having little trouble finding interest in their latest deals, as European and US investors rush in to fill the gap.

Tom Brown, July 04, 2019

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