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SSA Bond Comments

World Bank USD5bn 2.75% Jul 21

Rating: Aaa/AAA

Addison Gong, July 19, 2018
LevFin High Yield Bonds

Altice fends off cov guardians to show coupon is king

Concerns from some fund managers about the terms of Altice’s new €2.5bn-equivalent bond were swamped by orders from other investors eager to bag single-B paper with a big coupon from a core high yield issuer. After a series of successful investor push-backs on deal terms, the debt laden French telecom proved this week that borrowers still can walk away with loose covenants, writes Victor Jimenez.

Victor Jimenez, July 19, 2018
SSA Bond Comments

BNG EUR750m 0.75% Jan 28 tap

Rating: Aaa/AAA/AA+

Addison Gong, July 19, 2018
FIG

BAML doubles up as banks plunder dollars

Wall Street heavyweights returned in force to the dollar market with a string of multi-billion dollar trades after posting strong second quarter earnings.

David Rothnie, July 19, 2018
FIG

H2 gloom forces banks into summer supply rethink

FIG funding project after project has had to be postponed because of higher volatility levels in 2018, leading to a build-up in supply at the beginning of the summer break. With banks growing fearful of market overload, funding teams are thinking hard about whether August could be a window of opportunity after all. Tyler Davies reports.

Tyler Davies, July 19, 2018
CLOs

Golub prints jumbo $1bn middle market CLO

US middle market CLOs sprung back to life this week with a $1bn deal from Golub Capital, the first new issue of the month.

David Bell, July 19, 2018
Derivatives

OIS electronification in play for Sonia term rates

The Bank of England this week laid out its plan to build reliable term rates from the sterling overnight interbank average rate (Sonia) that it has chosen to replace Libor, recommending that overnight index swaps on the rate be traded on venue.

Ross Lancaster, July 19, 2018
Supras and agencies

World Bank mulls euros after scorching return to dollars

The World Bank is keen to bring a euro benchmark this year, having been absent from that segment for nearly two years. The supranational this week made a triumphant return to dollars, setting a 2018 record for the tightest swap spread on a three year dollar benchmark so far.

Burhan Khadbai, July 19, 2018
Bank Capital

Unrated Fidelidade seeks small T2

Portuguese insurance firm Fidelidade is looking to raise tier two capital. It is the latest in a line of less familiar issuers in the sector.

Jasper Cox, July 19, 2018
Supras and agencies

SSA market ready and waiting despite lull

The third week of July finally saw the summer lull kick in, with SSA issuance volumes at less than half of what was sold last week. But Bank Nederlandse Gemeenten still managed to snatch up a successful tap, and SSA bankers and issuers reckoned the market still bodes well for new issues.

Addison Gong, July 19, 2018
Equity-Linked

Low volume persists in European equity-linked

Issuance in Europe’s equity-linked market is likely to remain stagnant for the rest of the year as long as there is no rapid uplift in rates and the high yield bond market holds up. The US meanwhile continues put all other markets in the shade as total volume powers to its strongest year since 2007.

Aidan Gregory, July 19, 2018
FIG

CIBC prints senior Swiss bond as arb keeps comin’

Canadian Imperial Bank of Commerce (CIBC) sold its first senior unsecured Swiss franc debt on Thursday as opportunities for arbitrage grow for well-rated credits.

Silas Brown, July 19, 2018

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