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FIG

ASR readies market-opening euro RT1

ASR Nederland picked banks to arrange the sale of a restricted tier one (RT1) note in euros this week, becoming the first insurance firm to consider issuing the rare debt format in a core currency. Investors are hungry for more hybrid capital trades from European insurers, but market participants are unsure whether or not the first euro RT1 will pave the way for a glut of issuance. Tyler Davies reports.

Tyler Davies, October 05, 2017
Supras and agencies

EDC makes splash with sterling floater

Export Development Canada (EDC) sold a five year sterling floater on Thursday, raising £750m with its largest deal ever in the currency and, in an unusual development for the sterling market, pulled in its spread by 2bp. The borrower paid up over its dollar curve but was, according to one of the leads, happy to do so to maintain a presence in sterling.

Lewis McLellan, October 05, 2017
SSA

ECB to go ahead with taper plans in 2018

The minutes of the European Central Bank’s meeting of September 6-7 reaffirmed the central bank’s intentions to gradually scale back its quantitative easing programme in 2017, but offered little in the way of new information.

Lewis McLellan, October 05, 2017
SSA MTNs and CP

Supras widen niche horizons with MTNs

Supranationals have delivered a spurt of niche currency medium term notes, returning to old favourites like South African rand as well as making use of demand for more exotic currencies, particularly in Latin America.

Lewis McLellan, October 05, 2017
Negative headlines fail to dent latest SoFi deal

SoFi priced a student loan refinancing securitization this week, with the online lender increasing the size of the deal on the back of surging demand for the bonds, indicating that investors were unfazed by a stream of headlines around allegations of misconduct at the company.

Sasha Padbidri, October 05, 2017
LevFin High Yield Bonds

Alain Afflelou talks mid-4% for six year bond

French optician Alain Afflelou is considering a yield of about 4.5% for its first bond since suspending plans to float on the Paris bourse. Investors branded the figure “punchy”.

Michael Turner, October 05, 2017
LevFin Leveraged Loans

Corialis and Tekni-Plex chip away at margins

Leveraged borrowers turned the pricing screws on lenders on Thursday with Belgium’s Corialis looking to shave off a combined 125bp off existing loans while US firm Tekni-Plex has reversed flexed its dollar and euro facility.

Michael Turner, October 05, 2017
LevFin High Yield Bonds

Altice follows lev loan with bond

French telecoms company Altice has opened books on a €500m 10.25 year non-call five year senior bond, days after launching a leveraged loan.

Michael Turner, October 05, 2017
ABS

Euro ABS spreads show no sign of normalising as 2017 winds down

European ABS spreads continue to break through historical tights as the market approaches the year’s end, with investors not only participating at record low yields but queuing up in droves to buy paper at what are effectively negative yields.

Sam Kerr, October 05, 2017
SRI

Mann+Hummel’s green SSD swells on strong demand

German filter maker Mann+Hummel has joined the flock of borrowers issuing green Schuldscheine, raising €400m with a multitranche deal that closed on Wednesday.

Silas Brown, October 05, 2017
Equity IPOs

Deripaska’s EN+ launches $1.5bn IPO in London, Moscow

One of the most widely anticipated IPOs in the EMEA region got going on Thursday when EN+ Group, the Russian power and metals business controlled by Oleg Deripaska, said it would sell up to $1.5bn worth of global depositary receipts in London and Moscow in November.

Aidan Gregory, October 05, 2017
Corporate Bonds

Telecom Italia wows IG crowd

Ratings crossover credit Telecom Italia has set final terms on a €1.25bn 10 year trade, which bankers say appeals to high grade investors despite most of the issuer’s ratings sitting at junk levels.

Michael Turner, October 05, 2017

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