Leveraged/non-investment grade

  • GoodLeap preps solar, home improvement hybrid ABS

    GoodLeap preps solar, home improvement hybrid ABS

    GoodLeap is preparing an ABS backed by loans originated to install solar panels and energy efficiency home improvements. It is the firm's second deal after it expanded into home improvement lending. The outlook is rosy for the solar and home improvement sectors thanks to a home improvement boom and growing interest in the environment, said sources.

  • KopenTech expands and hires Scalisi

    KopenTech expands and hires Scalisi

    KopenTech, the online CLO trading and analytics platform, has appointed Jill Scalisi as chief engagement officer. Scalisi will be responsible for business development, launching new products, and overseeing KopenTech's platform growth.

  • PMM: Corporates keep primary market alive

    PMM: Corporates keep primary market alive

    With many issuers electing to frontload their funding this year, the summer period seems likely to be even quieter than usual. Last year, for example, the SSA market hosted three deals in the last week of July. This year, there were none.

  • Regulation will wreck ESG

    Regulation will wreck ESG

    There are growing calls to build all-encompassing regulatory structures around environmental, social and governance ratings and disclosures. This is the wrong course of action and will undermine efforts to achieve the overarching goal, which is fighting climate change.

  • Where does Greece go after PEPP

    Where does Greece go after PEPP

    The ECB, as of this week, holds over a third of Greece’s government debt with its purchases showing no signs of slowing. But the end of the Pandemic Emergency Purchase Programme, scheduled for March next year, may mean a sudden halt.

  • Banks make ‘rebound’ word of the quarter as capital markets normalise

    Banks make ‘rebound’ word of the quarter as capital markets normalise

    It has been an earnings season of rebounds. UBS, the first of the European investment banks to report its results for the second quarter of the year, used the word “rebound” three times in its earnings report, which it published on July 23. Since then, BNP Paribas has pointed to an “established rebound” in its results while HSBC has reported a “rebound” in profits in the US and Europe.

  • Aggreko stocks up on loans to fund buyout

    Aggreko stocks up on loans to fund buyout

    Aggreko, a Scottish company which offers temporary power, heating and cooling generation, has signed £2.5bn worth of loans to fund its acquisition by TDR Capital and I Squared Capital.

  • Chile funding chief heads to Itaú

    Chile funding chief heads to Itaú

    Andrés Pérez, who has led Chile through two consecutive record breaking years of international bond issuance, has left his position as head of international finance at the Latin American sovereign to become chief economist at Itaú Chile.

  • Rare Rwanda tightens pricing on bond return

    Rare Rwanda tightens pricing on bond return

    Bankers working on Rwanda’s second ever international bond on Monday said that the issuer was benefiting from its prudent approach to bond market borrowing, as analysts called the liability management exercise positive for the African sovereign’s debt management.

  • Swiss banks target dollars after results

    Swiss banks target dollars after results

    UBS was hot on the heels of Credit Suisse with a new issuance in the dollar market this week, as banks spy an opportunity to get funding done in early August.

  • Caixa Geral plots MREL return after ratings boost

    Caixa Geral plots MREL return after ratings boost

    Caixa Geral de Depósitos is expecting to issue a new senior deal for the minimum requirements for own funds and eligible liabilities (MREL) in the second half of the year, having been lifted to investment grade by Moody’s last month.

  • RBA sends hawkish signal by sticking to taper plan

    RBA sends hawkish signal by sticking to taper plan

    The Reserve Bank of Australia surprised market participants by deciding to continue with its current tapering schedule from September, despite the reimposition of lockdown measures to combat the spread of the coronavirus Delta variant in Australia.

  • Bankers Investment Trust issues euro and sterling private placements

    Bankers Investment Trust issues euro and sterling private placements

    The Bankers Investment Trust, a London-listed investment trust which traces its origins back to 1888, has sold a £74.5m-equivalent private placement. While there are slim pickings for PP investors looking to lend to financial institutions in Europe, investment trusts have provided a steady stream of opportunities.

  • Korea Midland Power keeps bond market moving

    Korea Midland Power keeps bond market moving

    Korea Midland Power Co steered its $300m bond through tough market conditions on Monday, having little option but to offer investors a premium to ensure decent secondary performance of its notes.

  • EV maker Li Auto launches secondary listing

    EV maker Li Auto launches secondary listing

    US-listed hybrid electric vehicle maker Li Auto has hit the road for its Hong Kong secondary listing. The deal could raise around HK$13.1bn ($1.68bn) based on the last close of its US stock.

  • Don’t call it a comeback: UK MBA set to return with ESG labels

    Don’t call it a comeback: UK MBA set to return with ESG labels

    The UK’s Municipal Bonds Agency is not going anywhere. Despite a late 2020 curve ball in the form of a 100bp cut to the UK’s Public Works Loan Board lending rate, which undermined the MBA's ability to raise competitive bond market funding on behalf of local councils, the agency has a pipeline of deals coming together, some of which will carry ESG labels for the first time.

  • Juventus leads the way for capital repair in football

    Juventus leads the way for capital repair in football

    Sports teams could be among the Covid-battered industries looking to tap the capital markets later this year and next, bankers believe, as Italy’s elite Juventus Football Club prepares for a €400m rights issue to repair its finances.

  • Investors circle manufacturing sector debt

    Investors circle manufacturing sector debt

    Europe’s manufacturing sector faces a supply chain problem, with production struggling to cope with booming demand as economies reopen. Fixed income investors and analysts reckon this will likely be a temporary issue, and there is plenty of room for performance in bonds from the manufacturing sector.

  • Credit Suisse plucks fintech head from HSBC

    Credit Suisse plucks fintech head from HSBC

    Credit Suisse is adding to its fintech coverage with the appointment of Orazio Tarda as global head of the sector in London. Tarda was previously global head of fintech at HSBC.

  • PPs to dominate Swedish covered bonds

    PPs to dominate Swedish covered bonds

    Private placements are expected to make up the bulk of Swedish covered bond paper throughout the latter half of 2021 and, with the Nordic summer holiday period coming to end, issuance from the region is expected to kick off ahead of the eurozone.

  • Monte keeps capital plan intact as EU banks prove ‘resilient’ in stress test

    Monte keeps capital plan intact as EU banks prove ‘resilient’ in stress test

    Credit investors are pleased with how banks performed in the EU stress test, though the sector lost more capital on average than it did in the previous exercise in 2018. The market was even sanguine about Banca Monte dei Paschi di Siena, which will be able to stick to its ‘fallback’ plan despite losing all its capital under the adverse scenario.

  • Beijing Hyundai sets guidance for Rmb4bn revolver

    Beijing Hyundai sets guidance for Rmb4bn revolver

    Beijing Hyundai Auto Finance Co has kicked off its onshore auto loan ABS issuance for the second half of the year, returning with yet another revolving deal under the Autopia China series.

  • Luso scores $248m AT1

    Luso scores $248m AT1

    Macau's Luso International Bank sold an additional tier one bond last Friday, raising $248m.

  • Banks tread gently with second Technip Energies block

    Banks tread gently with second Technip Energies block

    TechnipFMC, the French-US energy technologies group, executed on Thursday night its second block sale of shares in Technip Energies, the engineering and construction subsidiary it span off in February. Despite the holiday season, the parent achieved a fractionally higher price than in the last trade and a significantly tighter discount.

  • GC Podcast: Starting out in investment banking

    GC Podcast: Starting out in investment banking

    Across the world’s financial centres, summer interns and graduate trainees are taking their first steps in investment banking. But has the jobs market changed? Is investment banking still the draw it was?

  • Diversity drive

    Diversity drive

    It is difficult these days, if not impossible, to find a bank that does not have an official policy or target to boost diversity and inclusion. By pushing them out of their comfort zones, could the pandemic help finally turn these aspirations into reality?

  • Tunisia: hopes for IMF agreement by year end, restructuring ‘not even on the table’

    Tunisia: hopes for IMF agreement by year end, restructuring ‘not even on the table’

    Days after the Tunisian President Kais Saied shocked the world by freezing parliament and boosting his executive power, sources say that investors have little to be concerned about as conversations with the IMF continue to progress. The political saga, which some are calling ‘much-needed’, will not impact Tunisia’s ability to service its debt.

  • Morgan Stanley taps busy Maple mart

    Morgan Stanley taps busy Maple mart

    Morgan Stanley ventured north of the 49th parallel this week to visit a Maple bond market that is on course for its busiest year for financial institutions issuance since the 2008 financial crisis.

  • Berkeley Group braves troubled sterling market

    Berkeley Group braves troubled sterling market

    The Berkeley Group, one of the UK’s biggest home builders, has mandated for a green bond, a week after high grade corporate issuers faced such a torrid time in the sterling market that some bankers called the market shut until the autumn.

  • Bank of Cyprus handed covered rating boost

    Bank of Cyprus handed covered rating boost

    The Bank of Cyprus had its covered bond rating bumped up by Moody’s this week, as the agency considered the recent upgrades to the sovereign and issuer ratings, as well as “positive developments of the Cypriot housing market”.

  • Clouds hang over Monte T2s as UniCredit sets out merger ambitions

    Clouds hang over Monte T2s as UniCredit sets out merger ambitions

    Banca Monte dei Paschi di Siena’s capital instruments are at risk of being zeroed after UniCredit announced this week that it could buy the state-owned Italian lender on extremely favourable terms. Market participants are more optimistic on Monte’s senior debt, which would rally strongly if included in a merger.

  • Opec Fund bags first ever credit rating

    Opec Fund bags first ever credit rating

    The Opec Fund for International Development has received its inaugural credit rating as it prepares to launch itself into the international capital markets.

  • Acme Solar launches maiden bond

    Acme Solar launches maiden bond

    Acme Solar Holdings was one of the few borrowers in Asia to brave volatile market conditions on Thursday to sell its debut dollar bond.

  • Louis Dreyfus sows the seeds for $450m SLL

    Louis Dreyfus sows the seeds for $450m SLL

    Louis Dreyfus Co Asia has become the latest commodities company to tap the debt market, seeking a $450m sustainability-linked loan that is being widely syndicated.

  • Orcel looks to clinch MPS takeover in six weeks

    Orcel looks to clinch MPS takeover in six weeks

    Andrea Orcel is looking to clinch a deal for Unicredit to acquire parts of stricken Italian lender Banca Monte dei Paschi di Siena (MPS) in the early part of September after revealing it was negotiating with the Italian government.

  • SLB momentum in EM triggers debate over pricing innovation

    SLB momentum in EM triggers debate over pricing innovation

    As sustainability-linked bond issuance gains momentum in emerging markets, questions are being asked about the product and its potential for innovation. The next iteration could see a feature already accepted in the loan market but not yet in bonds: a margin step-down.

  • Diversity — bold action needed

    Investment bankers tend have a built-in sense of infectious optimism that helps them to convince issuers to mandate them or investors to buy securities and other financial products, and also gets them through tough times. So it is only natural that, while rightly recognising the terrible human cost of the Covid-19 pandemic, they should be searching for silver linings.

  • Delta variant spread puts reopening trade at risk

    Delta variant spread puts reopening trade at risk

    Credit spreads for corporate borrowers from sectors that will benefit the most from reopening from lockdowns are drifting wider as coronavirus infections rise thanks to the spread of the delta variant. Industries already battered by the pandemic face a rough autumn in capital markets if there is another major global wave of the virus.

  • What analysts want: how the pandemic reshaped bank recruitment

    What analysts want: how the pandemic reshaped bank recruitment

    Investment banks are broadening the search for talent and tweaking their recruitment message to attract and retain the bankers of the future, as working conditions and corporate culture emerge as hot topics after a difficult period for staff in the industry.

  • SSA market big guns face September crush as EU returns

    SSA market big guns face September crush as EU returns

    The big public sector borrowers are watching out for two obstacles as they prepare for a crowded autumn funding season: guidance from the ECB and the US Federal Reserve on tapering their bond buying programmes, and the return of the Next Generation EU debt issuance programme.

  • Taper talk sets up delicate restart for FIG supply in September

    Taper talk sets up delicate restart for FIG supply in September

    The US Federal Reserve moved one step closer this week to signalling it will start to end its quantitative easing measures. FIG borrowers now face a nervous wait for the central bank’s next communication in late August, which will define the strength of market conditions ahead of a crucial issuance window in September.

  • CVC drags triple-A CLO spreads tighter again

    CVC drags triple-A CLO spreads tighter again

    CVC Credit Partners has priced the tightest US CLO of the month selling the senior notes at 113bp over three month Libor, underscoring the robust demand for the product.

  • Valeo deal must prompt Scope 3 refocus

    Valeo deal must prompt Scope 3 refocus

    It’s time for investors to pressure borrowers to emphasise Scope 3 emissions if they want to make the difference to climate change they claim they do.

  • Market looks ahead to Jackson Hole for taper talk

    The Federal Reserve signalled that tapering is near in its Wednesday meeting, describing how the US economy has made progress and employment continues to strengthen. ABS pros are expecting the Jackson Hole Summit in August to be a natural point to begin tapering and pull back MBS purchases at a faster rate than Treasurys.

  • Prudential sounds ESG klaxon for US insurers

    Prudential sounds ESG klaxon for US insurers

    Prudential has signed a $4bn revolving credit facility, with margins linked to its sustainability performance. This is the first deal of its kind by a major US insurer and puts pressure on others to follow suit.

  • EDC returns to Chilean pesos

    EDC returns to Chilean pesos

    Export Development Canada (EDC) sold the first offshore Chilean peso bond of the year as it dropped into the currency in search of short dated borrowing earlier this week.

  • Pool diversification to insulate covered bonds from flood risk

    Pool diversification to insulate covered bonds from flood risk

    The recent floods in western and central Europe could have an impact on covered bond pools. However, despite uninsured losses expected to total in the billions, covered borrowers are likely to remain insulated thanks to the diversification of their pools.

  • Markets steady as Fed inches closer to tapering

    Markets steady as Fed inches closer to tapering

    The US Federal Reserve signalled on Wednesday that a tapering of its support the economy may not be too far away. Market participants across both emerging and developed markets, however, appeared unruffled by the announcement.

  • Novo Banco buys back more than expected in legacy tender

    Novo Banco buys back more than expected in legacy tender

    Novo Banco has repurchased about €260m more debt than it set out for with a tender offer this month, as it looks to reshape its funding structure towards the minimum requirements for own funds and eligible liabilities (MREL).

  • Íslandsbanki sets sights on debut AT1

    Íslandsbanki sets sights on debut AT1

    Íslandsbanki plans to issue its inaugural additional tier one (AT1) note in the near future, becoming the second Icelandic bank to debut in the format since the collapse of the nation's banking system 13 years ago.

  • Chinese stock rout derails IPO pipeline as regulators flex their muscles

    Chinese stock rout derails IPO pipeline as regulators flex their muscles

    Chinese stocks were in freefall this week after Beijing tightened rules for the for-profit education sector, sparking a fresh — and severe — bout of volatility in the equities market. While the timing for new IPOs is far from ideal, there is hope yet for companies, say ECM bankers. Jonathan Breen reports.

  • European IBs look to loosen purse strings

    European IBs look to loosen purse strings

    After several quarters of strong performance among European investment banking businesses, there are signs that firms are satisfied with cost cutting measures and are prepared to resume investment instead.

  • Jefferies eyes IB big league with SMBC alliance

    Jefferies eyes IB big league with SMBC alliance

    Aligning with a global commercial bank has been on Jefferies’ agenda for several years, but its alliance with SMBC signals an intent to join the investment banking big league. By David Rothnie.

  • Chexim leads policy bank peers in onshore perp market

    Chexim leads policy bank peers in onshore perp market

    The Export-Import Bank of China (Chexim) has sold a renminbi-denominated perpetual bond, becoming the first of the country’s three policy lenders to tap the onshore debt market for additional tier one capital. Addison Gong reports.

  • Affirm taps ABS demand with non-revolver

    Affirm taps ABS demand with non-revolver

    Affirm priced its buy now pay later ABS on Tuesday afternoon. The revolving transaction is designed to provide Affirm with the flexibility to fund shorter term instalment loans.

  • Lloyds to reshape DCM as top bankers leave

    Lloyds to reshape DCM as top bankers leave

    Lloyds Bank has formulated a succession plan to prepare for the departure of Allen Appen, its head of bond financing, as another senior figure prepares to leave its debt capital markets group.

  • Trade body pair reinforce importance of KPIs for SLLs in leveraged market

    Trade body pair reinforce importance of KPIs for SLLs in leveraged market

    The Loan Market Association (LMA) and the European Leveraged Finance Association (ELFA) jointly released a best practice guide for sustainability-linked loans on Wednesday. The guidance is aimed specifically at the leveraged loan market and stresses the importance of agreeing on clearly defined key performance indicators ahead of announcing a SLL.

  • Taper talk dominates ahead of Fed meet

    Taper talk dominates ahead of Fed meet

    Market participants expect the Federal Reserve could address the topic of tapering at its meeting later today; however, the spread of the Delta variant may cause the central bank to put any talk on hold until its Jackson Hole Symposium next month.

  • Blackstone UK logistics CMBS sees high demand lower down cap stack

    Blackstone UK logistics CMBS sees high demand lower down cap stack

    Sole arranger Bank of America has added £104.5m to Taurus 2021-4, a UK logistics CMBS sponsored by Blackstone, ahead of pricing on Thursday. The deal had trouble matching subscription levels seen for logistics CMBS at the beginning of the year, but demand came in strong lower down in the capital stack, reflecting a shift in investor preferences as the UK economy reopens.

  • Metro warns it could again fall below MREL requirements

    Metro warns it could again fall below MREL requirements

    Metro Bank said as part of its results on Wednesday that it was in danger of falling below its minimum requirements for own funds and eligible liabilities (MREL), following a big drop in its common equity tier one (CET1) ratio.

more leveraged/non-investment grade