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CMBS

CMBS revival masks big industry shifts

The US CMBS industry is clawing back market share in real estate lending by targeting high end hotel and office properties with single loan deals. But lenders have had to loosen their standards to do so, and the proliferation of single loan deals will concentrate risk in a market designed to diversify it.

David Bell, January 23, 2018
Supras and agencies

KfW to test dollar 10s after SSAs clean up in threes

Public sector borrowers wrapped up a trio of short end dollar trades on Tuesday, with the tightest issuer able to grind in pricing to the lowest level from an SSA this year and the higher yielding names finding ample demand despite ending up at similar spreads. SSA bankers are confident that the strong conditions will also ring true at the long end for KfW, which has mandated for its first 10 year dollar benchmark in nearly three years.

Craig McGlashan, January 23, 2018
Supras and agencies

AFD slashes 4bp from spread as EFSF lines up dual tranche

The European Financial Stability Facility (EFSF) has announced a dual tranche for its second trip to market for the year. The trade will come on the heels of a €1.4bn Agence Française de Développement (AFD) 10 year, which managed to cut 4bp from its spread between guidance and launch.

Lewis McLellan, January 23, 2018
Equity IPOs

Italo offers unique European high speed rail play in IPO

Italo, the private Italian operator of high speed trains founded by a former chairman of Ferrari, has announced its intention to float on Borsa Italiana, offering investors a “unique” opportunity to play the high speed rail market in Europe, according to a banker involved.

Aidan Gregory, January 23, 2018
Sovereigns

Spain rocks SSA market with €10bn print

Spain’s 10 year benchmark weighed in at €10bn on Tuesday — its largest deal in four years — and drew an astonishing book of over €43bn.

Lewis McLellan, January 23, 2018
Supras and agencies

KBN hits new heights in superlative sterling mart

Kommunalbanken added to a stellar start to the year for sterling with a £350m trade — its largest ever trade in the currency. Cross currency basis swap levels meant the borrower capped the size of its deal despite building a nearly £550m book, according to leads — suggesting excess demand for other SSAs to tap this week.

Craig McGlashan, January 23, 2018
Derivatives

US regulators toughen cryptocurrency stance

The Securities and Exchange Commission and the Commodity Futures Trading Commission have hardened their stances on cryptocurrency markets, amid wider market concerns about initial coin offerings and the launch of bitcoin futures.

Costas Mourselas, January 23, 2018
Equity

Medical Park sets terms on IPO, February pricing targeted

Turkey’s largest hospital group, MLP Sağlık Hizmetleri, also known as MLP Care, set the terms of its IPO on Monday and expects to price it next month.

Sam Kerr, January 23, 2018
LevFin Leveraged Loans

Lev loans heat up, some buyers cool down

Axilone, Comexposium and Hurtigruten have begun the syndication of a combined deal volume of €1.5bn, but European leveraged loan spreads are now so tight that some investors are heading for the exit.

Victor Jimenez, January 23, 2018
Syndicated Loans

Healthcare provider Capio takes bank loan to A&E

Swedish healthcare company Capio has given its revolving credit facility a shot in the arm by amending and extending it, increasing it by 45% to €343m-equivalent and extending its maturity by 2.5 years.

Michael Turner, January 23, 2018
Private debt

Porsche halves its spread on €280m SSD return

Porsche has launched a Schuldschein, priced at about half the spreads on its previous €1.1bn offering in March 2016.

Silas Brown, January 23, 2018
Syndicated Loans

UCB extends RCF to back of debt queue

UCB, the Belgian pharmaceutical company, has amended and extended its €1bn revolving credit facility early, pushing the maturity of its only commercial bank loan to the far end of its debt profile.

Michael Turner, January 23, 2018

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