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Equity IPOs

Bharti Airtel names banks for Africa spin-off

Bharti Airtel, the Indian telecommunications conglomerate, has named an eight bank syndicate for the 2019 flotation of its Africa business, Airtel Africa.

Sam Kerr, November 26, 2018
ABS

TwentyFour AM signals ‘buy’ intent as euro ABS widens

TwentyFour Income Fund Limited, a closed-end fund with a market capitalisation of £475m ($606.94m), is intending to grow by raising additional equity capital in response to investor demand and favourable market conditions. The fund, which invests in euro ABS, intends to issue new shares at a 2% premium to the unaudited net asset value per share.

Asad Ali, November 26, 2018
Derivatives

Brexit turbulence opens the door to complex options

As UK prime minister Theresa May looks to sell her Brexit deal to a disgruntled parliament, banks have been suggesting different options structures to clients to net positive returns from the resulting turbulence.

Costas Mourselas, November 26, 2018
FIG People and Markets

Eurobank to use merger to tackle €7bn of NPLs

A tie-up with real estate firm Grivalia will allow Eurobank to accelerate the reduction of its non-performing exposures, the Greek lender said on Monday. The country’s banks normally face equity dilution from writing down bad loans, under a law relating to deferred tax credits (DTCs), but Eurobank has found a structural way to get around that.

Jasper Cox, November 26, 2018
Syndicated Loans

Oil and Brexit push back loan deadlines

Top rated syndicated loan borrowers are pushing fundraising plans back to 2019 after last week saw sharp market wobbles on the back of a shock plunge in oil prices and no let-up in the arguments over Brexit.

Mike Turner, November 26, 2018
FIG

ABN and RBI find clear window for preferred senior deals

Neither ABN Amro nor Raiffeisen Bank International were hanging around after a brighter start for financial markets on Monday, with the duo using the opportunity to open books on new preferred senior transactions.

Tyler Davies, November 26, 2018
Supras and agencies

AfDB, NWB on screens for SRI, CPPIB looks to 2019 for euro green

African Development Bank and Nederlandse Waterschapsbank hit screens on Monday for SRI bonds. Meanwhile, CPPIB Capital will aim to issue its first green bond in euros early next year, following the conclusion of a pan-European roadshow last month.

Burhan Khadbai, November 26, 2018
Covered Bonds

Secondary conditions ‘not far from disorderly’

The secondary market for covered bonds remains weak and, according to one trader, conditions are “not far from disorderly”. All jurisdictions and tenors are under pressure as borrowers have “no incentive to defer planned new issues”, said analysts at DZ Bank.

Bill Thornhill, November 26, 2018
Corporate Bonds

Carrefour’s second shopping trip of the year worth the wait

On Monday, French supermarkets group Carrefour made its second visit to the corporate bond market of 2018, once again in the wake of a period of volatility. However, the company’s timing proved to be good as it was able to tighten pricing 15bp from initial price thoughts.

Nigel Owen, November 26, 2018
CEE

Bonds collapse as Ukraine mulls martial law

The seizure of three Ukrainian navy ships by Russia on Sunday has sparked civil unrest in Ukraine and driven the tension between the two countries to new heights, wreaking havoc on Ukraine’s capital markets.

Lewis McLellan, November 26, 2018
LevFin High Yield Bonds

Cognita breaks HY bond leg for Jacobs’ £2bn LBO

Private school operator Cognita was the first borrower in a week to attempt an issue in the euro high yield market with a sub-benchmark size deal. It sought funding for its acquisition by Jacobs Holding, the Swiss investment and charitable firm, but pulled the bond deal after weak demand.

Victor Jimenez, November 26, 2018
Synd Loans People and Markets

PP specialist leaves BNP Paribas

The head of BNP Paribas’ EMEA unrated debt capital markets team has left the bank.

Silas Brown, November 26, 2018

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