The Weekly

• EM bonds start to suffer as UST volatility takes toll
• Banks grow anxious over ECB’s ESG criteria
• Investors jet to aircraft ABS to play recovery trade
• Dyal Capital sells billions of PP debt to distribute to investors

• Finance is fossilised
• Schuldscheine: die or defer

News

• Italy unveils sovereign green bond framework
• EU readies second SURE deal of 2021 amid steep rates sell-off
• Treasury sell-off may begin to sting in primary
• Starmer’s recovery bond idea deserves a chance

Bond Comments

• MuniFin EUR1bn 0% Mar 31
• KommuneKredit EUR1bn 0% Mar 31
• ADB USD2bn 1.5% Mar 31
• KfW USD5bn 0.25% Mar 24

News

• Vorarlberg in high demand as yields rise
• NN prices higher yielding 20 year inside fair value
• Yield rise raises hope of tighter covered bonds

News

• Handelsbanken Kangaroo lands at decade tight spread
• European AT1s: don’t miss the trees for the woods
• SG follows French peers with 20 year dollar T2
• Banks mark four-fold increase in ESG deals this year to date
• BNP Paribas serves up Swissie return
• NatWest broadens ESG offering with debut social housing bond

Bond Comments

• NatWest Group EUR1bn 0.78% 9NC8 social senior

Asset Backed Securities

• Nuveen acquires C-PACE provider Greenworks Lending
• First time data center issuer taps booming infrastructure market
• STS ‘starting to have effect we were hoping for,’ says Santander’s Gandy

Residential MBS

• Together mixes CRE and resi in unique securitization
• Tax jab aimed at Australia almost hits EU investors

Structured Credit

• CLOs winning repricing race with loans
• Prudential deal pushes triple-A notes tighter
• The return of CLO single-B tranches with Anchorage

News

• NTT dials in blowout transatlantic trade
• Glencore gets tepid demand as rarities line up
• EasyJet lands blowout trade but travel sector still facing turbulence
• US and Japanese names welcomed in euros
• Big guns defy sell-off as US high grade bonds hold firm

News

• SPAC fever spills into HY as Ardagh strikes can deal
• Aston taps pricey rescue deal after long rally

Investment grade or Non-leveraged loans

• NCHA latest to link loan to racial diversity
• CPI Property repays Schuldschein early
• Five miss £180m payday as GardaWorld quits G4S bid
• NREP gets loan amid real estate debt splurge
• Bureau Veritas adds ESG metrics to loan and restarts dividend
• Schuldschein agents toy with delayed draws to tempt borrowers back

Emerging market loans

• Middle East offers sliver of optimism in desolate market

News

• Saudi euro bond underwhelms despite negative yield
• US yields dampen EM local currency bond optimism
• CEE sovereign duo sell bonds in deep euro market
• TV Azteca, in bond dispute, posts strong Q4 results
• Petbra bonds recover but CEO sacking raises Brazil doubts

Bond Comments

• Saudi Arabia EUR1bn 0% March 24 EUR500m 0.625% March 30
• Serbia EUR1bn 1.65% March 33

• Demand for growth stocks stays strong despite Nasdaq fall
• América Móvil cheapens €2.2bn exchangeable
• Vantage Towers taps demand for yield with €3bn Frankfurt float
• Adyen block sinks in trading following Nasdaq jitters
• Investors bid up Auction Technology Group stock
• Lakestar boosts Europe’s nascent Spac scene

• BlackRock and Amundi: climate actions to speak louder than words
• Europe caught in a ‘trap’ of bail-in reluctance, says legal expert

News

• FSB to assess bank capital buffer ‘usability’ in July report
• HSBC GBM to double down in Asia, Middle East
• Banks and investors’ backing of fossil fuels clash with their climate pledges

• Moves in Brief: February 25, 2021

Southpaw

• How NatWest Markets pivoted in a pandemic