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Derivatives

Hermes EOS targets Deutsche Börse chair

The advisory arm of Hermes Investment Management fired both barrels at Deutsche Börse chairman Joachim Faber on Tuesday, partially blaming him for the implosion of the proposed merger with the London Stock Exchange Group in 2016

Costas Mourselas, May 15, 2018
Sovereigns

UK scores ‘great result’ with curve extender

The UK Debt Management Office on Tuesday extended the conventional Gilt curve while breaking two of its syndication records. Bankers off the deal hailed the “great result”, while leads highlighted that the deal was already performing in secondary just a few hours after pricing.

Craig McGlashan, May 15, 2018
Supras and agencies

AfDB offers ‘fair price’ with social bond

The African Development Bank is sounding investors for its second ever social bond with an initial price thoughts level that bankers away from the deal felt was “fair”.

Craig McGlashan, May 15, 2018
Equity-Linked

Sika cheers equity-linked with Sfr1.65bn CB

Swiss speciality chemicals firm Sika turned to the equity-linked market this week to raise Sfr1.65bn. The trade was just what investors in the asset class have been crying out for in Europe, but it also served as a nifty corporate financing solution — funding the settlement of a four year long hostile takeover battle with French rival Saint-Gobain.

Aidan Gregory, May 15, 2018
Private debt

Moody’s throws shade on Schuldschein market

Schuldschein issuance this year will be much lower than in 2017, Moody’s analysts have predicted. Their view echoes those of two German Landesbanks. But although there is a creeping consensus in the market of an impending fall, participants are no closer to agreeing why.

Silas Brown, May 15, 2018
Supras and agencies

SEK impresses in ‘tricky’ market as Kommuninvest lines up

Climbing US Treasury yields and tightening swap spreads are pushing out levels in dollars, but Swedish Export Credit Corporation (SEK) managed a successful three year trade — a good omen for an upcoming deal from Kommuninvest on Wednesday.

Lewis McLellan, May 15, 2018
Supras and agencies

ADB and ESM hoist euro barbell

A pair of supranationals hit opposite ends of the euro curve on Tuesday, keeping down their size ambitions in favour of tightening pricing.

Lewis McLellan, May 15, 2018
Hybrid

Enel refinances €1.25bn of hybrids inside CFO’s target

On Tuesday, Italian energy company Enel sold €1.25bn of new hybrid bonds to help fund the repurchase of its hybrids with 2019 and 2020 call dates. The buyback was announced after the firm’s chief financial officer announced that the company would refinance up to €3.5bn of hybrids at a cost of about 3.5%.

Nigel Owen, May 15, 2018
ABS

Solar ABS issuer Sunnova hires head of finance

Sunnova, one of the handful of residential solar finance companies to have issued asset-backed securitizations, has hired a new head of finance from a sustainability-focused investor.

Richard Metcalf, May 15, 2018
Investment Grade Loans

Vodafone boss hands over reins to "safe pair of hands" as Moody's warns

Analysts have reacted with surprise but not frustration after Vodafone’s chief executive officer Vittorio Colao announced he was stepping down on Tuesday. New boss Nick Read looks likely to have a tricky task ahead of him to retain the company’s credit rating amid its €18.4bn debt-financed acquisition.

Michael Turner, May 15, 2018
Equity

Italian equity bankers cautious on new government

The resilience of Italy’s benchmark FTSE MIB index to the growing political risk in the country suggests investor sentiment towards Italy is still favourable. But Italian equity capital markets bankers are understandably nervous that the expected coalition government of the Five Star Movement and Northern League could change investors’ minds.

Sam Kerr, May 15, 2018
Corporate Bonds

BASF finds strong demand for Bayer top-up

German chemicals company BASF found substantial demand for its second visit to the corporate bond market to fund its acquisition of Bayer’s seed business.

Nigel Owen, May 15, 2018

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