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KKR prices $475m green securitization of Icona campus in San Francisco

Green securitizations have been prominent in CMBS this year
◆ US-Iran ceasefire lifts market sentiment ◆ Hochtief, Verbund draw strong demand in the belly of the curve ◆ SoftBank, Naver, General Mills join swelling pipeline

CEB seizes good window for social inclusion landmark

◆ Nine years, 10 social inclusion euro bonds issued ◆ Social 'leadership' demonstrated with new deal ◆ Minimal premium paid, but fair value a 'challenge'

General Mills and Engie turn up heat in corporate hybrid market

◆ General Mills debuts €1.7bn Reverse Yankee hybrids ◆ Engie raises €2.06bn-equivalent across euros and sterling ◆ Sub/senior spreads stay modest on Engie's euro tranches
◆ US-Iran ceasefire lifts market sentiment ◆ Hochtief, Verbund draw strong demand in the belly of the curve ◆ SoftBank, Naver, General Mills join swelling pipeline
Sub-sections
  • The loans market has been one part of the capital markets that has perhaps unsurprisingly taken to working from home easier than most. Some loans bankers even see a world after the pandemic where one or two days a week working out of the office becomes the norm.
  • Those working in capital markets have found aspects of working from home difficult. But many believe the new routines will not be put back in the box once offices are allowed to fill up again.
  • Chinese biotechnology company InnoCare Pharma’s shares surged over 10% on their Monday debut, following an online opening ceremony for the HK$2.2bn ($288.7m) listing in Hong Kong.
  • Banks financing KKR’s £4.2bn purchase of waste management firm Viridor from Pennon were able to demonstrate certainty and deliverability of the financing for the deal to the Pennon board, despite chaotic markets which have seen rapid plunges in the prices of leveraged loans and high yield bonds.
  • The Small Business Administration (SBA) priced a government-guaranteed small business loan securitization this week in an otherwise frozen primary market. The role of government agencies such as the SBA is expected to be crucial in mitigating Covid-19’s impact as many other issuers find themselves paralysed in the face of volatility.
  • Global equity capital markets suffered severe hits this week, as governments scrambled to respond to an escalation in the coronavirus pandemic. But amid the mayhem, InnoCare Pharma saw an opportunity to launch its IPO, treating Hong Kong to its largest listing in about two months. Jonathan Breen reports.