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CEB plunges into Sofr FRNs with $500m debut

New product 'ticks boxes' including more investor diversification for Paris-based supranational, which also sold its largest Kangaroo
SSA
Newfoundland prints 20 year, Crédit Agricole debuts a green covered bond

Lloyds lifts green senior euros after Yankee foray

◆ UK lender raises $4.5bn-equivalent in five senior holding company tranches this week ◆ Both deals target long dated funding ◆ Despite secondary widening, euro offering lands with hardly any premium

Crédit Agricole differentiates from competition with 'untested' 12 year SNP bullet

◆ Insurance companies anchor long dated green tranche with near-4% yield ◆ Curve extension debated ◆ Deal comes amid widening secondary spreads but lands with negligible premium
SSA
Newfoundland prints 20 year, Crédit Agricole debuts a green covered bond
Sub-sections
  • Commercial real estate has been one of the hardest hit sectors during the Covid-19 pandemic. The images of shuttered shops and empty offices are almost as emblematic of the Covid crisis as facemasks and stay-at-home warnings. Although there is hope for a recovery in issuance led by the red-hot growth in logistics sites, the outlook is uncertain given that underlying values of many properties backing existing CMBS remain unknown. Sam Kerr reports.
  • In mid-May GlobalCapital convened representatives of three RMBS issuers with different business models and approaches for a wide-ranging discussion about the state of the UK mortgage markets, funding strategies, and much more. Kensington is the most frequent issuer in European RMBS, with a track record stretching back to 1995, and more than £10bn of assets under management, including about £6bn of servicing mandates. LendInvest and Habito are fintech lenders, with LendInvest originating bridging loans and buy-to-let, funded through securitizations (LendInvest has completed two public deals so far), retail bonds, funds, and private capital, including a £500m partnership with JP Morgan. Habito mixes technology-enabled mortgage broking with its own buy-to-let originations, funded through Citi’s securitization shelf, and has recently launched the first long-term (up to 40 years) fixed rate mortgage product in the UK, funded through a partnership with CarVal Investors.
  • AstraZeneca, the UK drug company, showed the eager demand for merger and acquisition financings this week when it achieved ultra-tight pricing on a $7bn bond issue to fund its acquisition of US biotech firm Alexion Pharmaceuticals.