Search results for

Public sector agencies from the Nordic region are adapting to S&P Global Ratings’ overhaul of its rating methodology. So far, only KommuneKredit has been downgraded under the new rating criteria, but others could suffer similar fates.

Public sector borrowers are confident going into the euro bond market next year, with reinvestments from maturing bonds held by the European Central Bank likely to cap any spread widening from the end of quantitative easing. But political threats — from populists polling well ahead of European Parliament elections in May, Brexit probably in March and the Italian government’s stand-off with the European Commission over its budget plans — are likely to bring volatility, meaning timing will perhaps be more important than in 2018. GlobalCapital brought together European SSAs, investors and investment bankers to discuss what 2019 holds for the euro market — as well as the SRI sector and new technology.

The Bank for International Settlements has publish a research paper exploring the risks that spring from the close linkage between banks and clearing houses (CCPs) through OTC derivatives.

Overall issuance volume in EMEA’s equity-linked market is finishing 2018 down 50% from 2017, with bankers saying it is the worst year in memory.

The Netherlands will look to issue around €4bn-€6bn with a maturity of at least 15 years in its debut green bond, which will be sold through a Dutch Direct Auction in the second quarter of 2019.

The European Central Bank fears that proposed changes allowing banks to use additional tier one debt to meet Pillar 2 capital requirements would weaken their resilience to stress and put smaller institutions at a disadvantage.

Following its debut £750m Sonia-linked covered bond issue in September, Lloyds has printed the first securitization linked to Sterling Overnight Index Average (Sonia) – Elland RMBS. The deal more than doubles the outstanding issuance in the format.

Telecoms firm Lebara is seeking further changes in its bond terms, including waivers on leverage covenants and a shorter maturity date, after it finally released group financial results which have been delayed since February.

Banca Monte dei Paschi di Siena is planning to wait until next year to meet a European Commission requirement to issue a tier two bond, beyond the original deadline.

Ireland and Denmark have outlined their funding needs for next year, with both sovereigns looking to raise similar amounts to 2018.

Chemical and consumer goods firm Henkel has signed a €1.5bn sustainability-linked revolving credit facility, with leads claiming the deal is the first of its kind in Germany.

Experian, the Irish-incorporated, FTSE 100-listed credit checking agency, has signed a $1.95bn revolving credit facility, which it self-arranged.