The Weekly

• Sustainability-linked silences doubters with equity debut
• Market pushes back on ‘rushed’ ESG criteria for securitization
• Size doesn’t matter: small trades take over FIG market
• EU braces for ‘game of chicken’ over recovery fund

• EU’s biggest funding test yet to come
• Sustainability-linked convertibles should be welcomed

News

• Croydon’s insolvency could be just the beginning
• Italy returns to dollars following second Futura
• EU scores with MFA tap before third SURE deal
• World Bank scoops close to $10bn in bumper week

Bond Comments

• World Bank USD3bn 0.25% Nov 23 sustainable development bond, World Bank USD5bn 0.75% Nov 27 sustainable development bond
• BNG USD1bn 0.5% Nov 25
• EU EUR395m 0.125% Jun 35 tap

News

• Rabo’s tightest 20 year is 2020’s largest
• Oma deluged with demand as Caffil extends
• Stadshypotek prints tightest covered in months
• Swiss seek new covered bond regulation

News

• Met Life hops back in to Aussie dollars
• Market awaits equity conversion for Piraeus CoCos
• Co-op enters crunch time for MREL needs
• Ageas garners demand for tier two

Bond Comments

• Mediobanca EUR250m 2.3% 10NC5 tier two
• Arion Bank EUR300m 0.625% May 24 senior

Asset Backed Securities

• Burger chain cooks up whole biz ABS
• Aircraft ABS spreads tighten but collateral stress remains
• Sunnova, Loanpal light up solar ABS sector

Residential MBS

• Dutch debut sees Citi planning multi-year RMBS shelf
• Calabria pushes pedal on GSE reform before Biden takes office

Structured Credit

• Canada-based manager gains SEC approval, buys Garrison CLOs
• European CLO managers see 2021 primary slump
• CLO investors shift as banks make way for smaller buyers
• Middle-market deals set to fire up CLO primary

News

• TenneT ticks all the boxes to print green debt flat to inside curve in busy week
• Abertis rings up €5.25bn of orders for hybrid
• Engie and National Express keep Europe’s hybrid high buzzing
• Volkswagen drives dollar primary market boom before Thanksgiving holidays

News

• Ford loads up Sfr230m in Swissie return
• Carnival makes collateral-free market return

Investment grade or Non-leveraged loans

• 'US direct lending saturated,' says Pemberton
• Hedgies targeting SSD hampered by new laws
• Gunvor grows European RCF to $1.225bn
• EasyJet extends govvie funding after first ever loss
• Gategroup serves up debt restructuring as Covid-19 continues to batter air travel
• Hogwarts owner strikes £200m deal in private market

Leveraged finance loans

• Drax and Octopus give sterling loans green sheen
• Private credit’s big moment is still to come

Emerging market loans

• QNB raises $3.5bn syndicated loan
• Sistema gains first ESG credit line from Russian lender

News

• Bond deal the next step as Turkey delivers longed for rate hike
• Russians need to move quick to get ahead of sanctions
• Aramco impresses investors with $8bn multi-tranche bond
• Tough times await defaulted Zambia
• Bondholders calm as Guatemala pledges to avoid default
• Chile debuts social framework in peso deal
• Investors drawn to trio of Lat Am debutants

Bond Comments

• Saudi Aramco USD500m 1.25% Nov 23 USD1bn 1.625% Nov 25 USD2bn 2.25% Nov 2030 USD2.25bn 3.250% Nov 2050 USD2.25bn 3.50% Nov 2070

• Adyen IPO seller takes profits in block trade
• Croda raises £608m for Iberchem purchase
• Fluidra block causes a splash with investors
• Nordnet begins bookbuilding for €1bn Stockholm IPO
• Sappi sells $120m convertible, first since 1995
• Shaftesbury shareholders pitch up for £307m recap
• Swedish dialysis firm launches IPO
• Alstom gets vaccine boost as it launches rights issue
• Green momentum continues in equity-linked with Audax convert

• FSB calls for policies to address non-bank risk
• Gold bugs boosted banks' precious metals desks
• Spanish, UK bank deal-making heats up
• UK’s green plan slammed for lack of funding
• ISS and Deutsche Börse: unlikely bedfellows?
• Deutsche Börse advances in ESG with ISS buy

• People moves in brief

Southpaw

• Rolls-Royce lands cash call after flight risk