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Bank Capital

Bundesbank reveals existential fears about CoCos

The Bundesbank has expressed profound concern about whether the contingent convertible capital securities (CoCos) issued by banks can absorb losses effectively and fulfil their intended purpose.

Tyler Davies, March 28, 2018
SSA MTNs and CP

Supras turn to niche MTNs for green funds

Two supranational borrowers used niche currency private placements this week to raise cash for their green projects.

Lewis McLellan, March 28, 2018
Equity IPOs

IPO mart loses oomph as volatility spikes

Two pulled deals the week before Easter sounded a bum note in what had been a harmonious period for European IPOs. A hefty pipeline will collide with increased market volatility to make bookbuilding difficult after Easter, writes Sam Kerr.

Sam Kerr, March 28, 2018
LevFin Leveraged Loans

Investors welcome Elysium’s refi deal

This week, Elysium Healthcare successfully refinanced the loan that backed its leveraged buyout by BC Partners, getting a bigger size and better pricing three months after the original deal was met with a lukewarm reception from investors.

Victor Jimenez, March 28, 2018
Corporate Bonds

IG bond bankers hope for drizzle, not rain

High grade corporate issuers called time on the market heading into Easter, but bond bankers were eyeing the pipeline after the holiday with trepidation in case it ends up being so busy that it shuts the market down.

Mike Turner, March 28, 2018
Private debt

FirstGroup issues in busy US PP market, as asset-heavy firms in vogue

UK transport operator FirstGroup has raised dollar funding in the US private placement market in a bid to refinance sterling bonds expiring in September. According to one agent, the transaction was twice subscribed despite 15 other borrowers also being in the market.

Silas Brown, March 28, 2018
Follow-ons and Rights issues

Sanlam raises R5.7bn of equity as it expands across Africa

Sanlam, the South African insurer and wealth manager, has raised R5.7bn ($489m) to finance its takeover of Saham Finances, the Middle East and Africa-focused insurance company.

Aidan Gregory, March 28, 2018
Investment Grade Loans

Fiat completes A&E journey but volumes stricken

Carmaker Fiat Chrysler Automobiles has amended its existing €6.25bn revolving credit facility to stretch out the maturity to 2023, but loans bankers are concerned about the low volumes of business to look forward to.

Mike Turner, March 28, 2018
Covered Bonds

Higher recovery favours CPT covered bonds

Covered bond investors would be better off ensuring a full recovery and maturity extension than accepting a partial recovery and claiming the remainder from the insolvency estate of the issuer, according to delegates who voted at the IMN conference in London on Tuesday.

Bill Thornhill, March 28, 2018
CEE

Turkcell calls round for 10 year

Turkcell İletişim Hizmetleri, the largest mobile operator in Turkey, has mandated three banks to arrange a 10 year dollar bond.

Francesca Young, March 28, 2018
Investment Grade Loans

ED&F Man gets triple revolvers

Agricultural commodities trader ED&F Man has signed three revolving credit facilities totaling $1.128bn, bringing the UK company’s committed funds to more than $2.4bn at a time when the company’s sugar and grains businesses have taken a hammering.

Mike Turner, March 28, 2018
Investment Grade Loans

GSK’s ratings under pressure with Novartis purchase

UK drug maker GlaxoSmithKline agreed to buy Novartis’ 36.5% stake in the pair's consumer healthcare joint venture just days after backing out of an acquisition for a similar Pfizer unit. But analysts disagree whether GSK’s ratings are being stretched to breaking point despite the new trade being far smaller.

Mike Turner, March 28, 2018

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