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Sea change at CFPB casts shadow over 'underbanked'

A change in the direction of the Consumer Financial Protection Bureau (CFPB) announced this month was singled out by participants on a Wednesday panel hosted by LendIt as a worrying development for consumers not served by traditional financial services.

Sasha Padbidri, January 31, 2018
United EETC securitization scheduled for take-off

United Airlines has added another deal to the aircraft ABS pipeline, bringing an Enhanced Equipment Trust Certificate (EETC) offering that will finance the acquisition of 16 aircraft.

Sasha Padbidri, January 31, 2018
Senior Debt

Swissie rate rise allows ANZ to pick medium tenor

ANZ New Zealand issued debt in the middle part of the maturity curve this week, as rising rates in the Swiss franc market made deals with this sort of tenor more attractive to issuers.

Jasper Cox, January 31, 2018
Follow-ons and Rights issues

Capita to raise £700m to cut debt as profits, cashflow tumble

Capita, the UK outsourcing services firm which runs London's congestion charge system, has laid out an ambitious turnaround plan including a £700m rights issue, but the stock plummeted as its profits projections fell short of expectations.

Sam Kerr, January 31, 2018
Emerging Market Loans

Akbank launches first refi of 2018 at tighter pricing, despite Turkish war

Akbank is taking the lead as usual in the spring round of Turkish bank refinancings. It has launched a loan to refinance the $1.2bn loan it took out in March last year. Pricing is set to compress further as lenders remain positive about Turkey, despite its recent invasion of Syria.

Bianca Boorer , January 31, 2018
Equity-Linked

Gold miner Endeavour drills CB market for $300m

Endeavour Mining, the Toronto-listed, UK-headquartered gold exploration company active in west Africa, has raised $300m to refinance debt with a debut five year convertible bond issue that was well subscribed, according to several sources close to the deal.

Aidan Gregory, January 31, 2018
RMBS

Nationwide considers RMBS over covered bonds

Nationwide Building Society has announced a US and UK roadshow for its Silverstone 2018-1 RMBS with a view to issuing dollar and sterling floating rate tranches. It may also issue a longer dated fixed-rate tranche, a format that has historically been used by covered bond issuers including Nationwide.

Bill Thornhill, January 31, 2018
Supras and agencies

CDP keeps lights on in euros

The euro market is taking a breather as a frenetic January draws to a close. But one borrower hit screens and launched a deal on Wednesday, while the European Financial Stability Facility (EFSF) sent out a request for proposals for next week.

Lewis McLellan, January 31, 2018
Investment Grade Loans

Richemont carries off backstop as it takes over Net-A-Porter

Luxury goods group Compagnie Financière Richemont has entered into a backstop loan agreement as part of its all-cash bid for the rest of internet retailer Yoox Net-A-Porter (YNAP) that it does not already own.

Michael Turner, January 31, 2018
Investment Grade Loans

El Corte Inglés wins better terms on €3.6bn loans, bond to come

El Corte Inglés, Europe’s largest department store group, has agreed a debt refinancing of up to €3.65bn and negotiated better terms, even as bankers fret about how loose lending conditions are becoming.

Michael Turner, January 31, 2018
Private debt

US PP investors trumpet flexibility to beat year of the megadeal

US private placement specialists are hoping the market will this year beat 2017’s record of 14 deals larger than $750m. They are playing up the ‘bells and whistles’ of the market – delayed draws, multiple currencies and varied tenors – to entice borrowers away from other funding sources.

Silas Brown, January 31, 2018
Supras and agencies

IFC invests using new local currency facility

The International Finance Corp (IFC) this week announced an investment in CFAFr5bn ($9m) of 12 year bonds issued by the West African Economic and Monetary Union’s Caisse Régionale de Refinancement Hypothécaire (CRRH), a regional mortgage refinancing company. The transaction took advantage of a new local currency facility, which became operational in December 2017, that allows the IFC to hedge foreign exchange risks in CFA francs. A 15 year bond is expected from CRRH later this year.

William Chambers, January 31, 2018

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