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Asia

New Century Hotel covers $179m Hong Kong IPO

Zhejiang New Century Hotel Management has covered the books for its Hong Kong IPO after hitting the road with a deal that will be worth as much as HK$1.4bn ($178.8m).

Jonathan Breen, February 26, 2019
Corporate Bonds

Coca-Cola Co returns to euros to print €3.5bn

The Coca-Cola Company has reopened the European corporate bond market this week with a €3.5bn four-tranche offering to refinance euro-denominated debt due later this year. The company hit screens despite a difficult earnings update last week that caused the biggest daily drop in its stock in a decade.

Aidan Gregory, February 25, 2019
Supras and agencies

SSA sterling demand holds pace, KfW taps

Sterling issuance may be slowing down after its record start to the year, but investor demand shows no signs of cooling — as KfW proved with a tap on Monday that was nearly double its original target size. Any “bank treasury friendly” borrowers should find healthy demand if they follow in the currency, said bankers.

Craig McGlashan, February 25, 2019
SSA

ESM’s ‘blink and miss it’ stormer lays ground for Spain in euros

The European Stability Mechanism on Monday took care of all its first quarter funding needs in one fell swoop, drawing a heavily oversubscribed book with high Asian demand that allowed 2bp of price tightening. On-looking SSA bankers said the deal was a good sign for — and likely gave confidence to — Spain, which is bringing its second syndicated benchmark of the year on Tuesday.

Craig McGlashan, February 25, 2019
Supras and agencies

EAA out alone in dollars

Erste Abwicklungsanstalt (EAA) looks set to have the dollar market to itself on Tuesday with its first benchmark of the year, and is foregoing the price discovery process.

Craig McGlashan, February 25, 2019
LevFin CLOs

CLO trading beat the market, says JP Morgan

Analysis of CLO trading by JP Morgan’s fixed income research team concluded that, through the selloff in the fourth quarter last year and the rally this year, loan trading by CLO managers beat the market, with the vehicles successfully buying low and selling high compared to broader movements — and compared to waiting out the volatility entirely.

Owen Sanderson, February 25, 2019
Covered Bonds

NordLB questions weigh on Pfandbrief demand

Saddled with the problems of its parent group and in the absence of a top rating, Deutsche Hypo had to settle for what it could get in the market on Monday. The fact that it raised €625m of 10 year funding at a level close to its curve was therefore something of a minor triumph.

Bill Thornhill, February 25, 2019
Securitization People and Markets

Euribor survival more likely, eases pain for legacy debt deals

A reformed Euribor may be allowed to continue past 2020, potentially easing the problems of legacy bonds and securitizations which reference Euribor without provisions for its replacement in deal documents.

Tom Brown, February 25, 2019
LevFin High Yield Bonds

Senvion looks at debt restructuring, delays numbers

Wind turbine manufacturer Senvion revealed on Sunday night that it was exploring debt restructuring options, following a torrid week in which its bonds dropped more than 15 points. The company’s largest shareholder, private equity firm Centerbridge, pledged to "support this transformation", while the company will draw on its super-senior guarantee facility to keep operating.

Owen Sanderson, February 25, 2019
Covered Bonds

Volksbank Wien makes stellar Pfandbrief entrance

Volksbank Wien on Monday became the 12th bank in Austria to issue benchmark covered bonds, selling its debut deal on the back of the highest subscription of any benchmark from the country in over two years.

Bill Thornhill, February 25, 2019
ABS

PACE market shifts and evolves to grapple with policy headwinds

A Sunday panel on the Property Assessed Clean Energy (PACE) market agreed that 2018 was an “eventful year” for both residential and commercial PACE, and though speakers said they had observed an increased appetite for private placements as well as larger deals across the sector, some policy headwinds persist.

Jennifer Kang, February 25, 2019
RMBS

Sifma holds the final keys to UMBS launch

With the launch of the uniform MBS just months away, the merger of the markets for Fannie Mae and Freddie Mac securities – worth a combined estimated $3.7tr – is imminent, though hurdles remain before the ‘single security’ goes live and investors lose the ability to buy a specific GSE's bonds in the TBA market.

Alexander Saeedy, February 25, 2019

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