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Specialist lenders struggle with STS guidelines

Non-bank lenders achieving the ‘simple, transparent and standardised’ (STS) designation on their securitizations since the regulatory framework came into being at the start of the year have come mainly from the car industry. They and other alternative lending institutions are having a tough time with the new rules, despite the success of recent deals, writes Tom Brown.

Tom Brown, June 27, 2019
Sovereigns

How low can you go?

As the primary European bond market begins testing new yield lows, there is no floor in sight.

Burhan Khadbai, June 27, 2019
EM Bond Comments

Sharjah Islamic Bank USD500m 5% PNC6 sukuk AT1

Rating: A3/A-/BBB+

Lewis McLellan, June 27, 2019
SSA MTNs and CP

SSAs take advantage of low Nordic yields

A trio of SSAs made the most of low yields in Danish kroner and Swedish kronor to print paper with coupons hovering around zero this week.

Frank Jackman, June 27, 2019
People News

Moves in brief — June 27, 2019

Ex-StanChart corp banker joins Greensill — Barclays loans head to leave — Wagner leaves Barclays — Rabo SSA banker rejoins UBS — SG’s Ricke changes gig

GlobalCapital, June 27, 2019
Private debt

SSD issuers cut floater spreads to compensate for floors

Schuldschein borrowers, with the help of arranging banks, are for the first time offering different pricing ranges on issues of fixed and floating rates, as the market tries to find ways of dealing with the prolonged period of negative interest rates.

Silas Brown, June 27, 2019
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

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