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Equity

Steinhoff sells KAP block, but investors wait for STAR action

Steinhoff International, the embattled South African retail conglomerate, sold a €251m block of shares in KAP Industrial Holdings on Tuesday, as it continues to raise money to plug holes in its balance sheet, but doubt remains about whether much is left to salvage from the business.

Sam Kerr, March 14, 2018
Supras and agencies

KfW ‘set for curve performance’ after building hefty euro fives book

KfW built a towering book in the five year part of the euro curve on Wednesday with a deal that SSA bankers away from the trade said probably attracted heavy French demand. The agency’s choice of printing just €4bn from a book of over €8bn should ensure a tightening of its curve, they added.

Craig McGlashan, March 14, 2018
ABBs-Block Trades

Qatar raises €506m from Veolia clean-up

A clean-up trade in shares of Veolia Environnement, the French environmental services company, by Qatari Diar, an arm of Qatar’s sovereign wealth fund, failed to clear on Monday night, leaving Société Générale long the stock.

Aidan Gregory, March 14, 2018
ABS

CarVal snaps up non-prime Signet credit card portfolio

Global retailer Signet Jewelers has stepped up its plans to outsource its consumer lending programme, with an agreement to sell its remaining non-prime credit card portfolio with a par value of about $600m to CarVal Investors.

David Bell, March 14, 2018
Market News

EC regulates on minimum coverage level for NPLs

The European Commission has proposed a package of measures to tackle the European conundrum of non-performing loans; it includes a mandatory level of how banks must provision against these loans and their new EC determined definition.

Jean Comte, March 14, 2018
Covered Bonds

WL, PKO and Deutsche Hypo announce covered bond mandates

The primary market was quiet on Wednesday, but activity looks set to improve as a trio of issuers from Poland and Germany mandated joint lead managers for benchmark covered bonds — to be issued in euros and sterling on Thursday.

Bill Thornhill, March 14, 2018
Corporate Bonds

Investors swallow largest corporate bond deal of 2018 for Sanofi

Sanofi, the French pharmaceutical company, priced on Wednesday the largest corporate bond deal so far in 2018, an €8bn six-tranche deal. The company regularly uses a multi-tranche approach to the market, but this was its largest deal so far in any currency.

Nigel Owen, March 14, 2018
FIG

ECBC, VDP give guarded welcome to covered bond directive

The European Covered Bond Council (ECBC) and Association of German Pfandbrief Banks (VDP) have given a guarded welcome to the European Commission’s proposed covered bond directive, but analysts have raised a number of questions.

Bill Thornhill, March 14, 2018
Senior Debt

RBS, BMO enter ‘cheap’ sterling market

Royal Bank of Scotland and Bank of Montreal were offering investors sterling debt on Wednesday, as some analysts said that credit spread widening had made bonds in the currency appear cheap.

Jasper Cox, March 14, 2018
Southpaw

Goldman loses sense of timing in succession shambles

The botched succession to the chief executive seat is un-Goldmanlike, and the firm must provide more clarity if it is to stay focused on its expansion plans and not cede the initiative to its rivals, writes David Rothnie.

David Rothnie, March 14, 2018
Asia

DBS Group to issue first unsecured Eurobond

DBS Group announced a mandate on Wednesday for a euro tier two deal. It is thought a transaction would be its first in euros outside of covered bonds, and it would be the first unsecured trade from a Singaporean financial institution in euros in more than 10 years.

Jasper Cox, March 14, 2018
FIG

Breaking point feared as banks crowd new issue market

Citigroup and Svenska Handelsbanken were both offering senior bonds in euros on Wednesday, as bankers started to question whether the primary market could continue to support large volumes of new issuance.

Tyler Davies, March 14, 2018

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