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Tesla Frenzy Sees Goldman Net US$100M from Equities Trading and Margin Loans SEPTEMBER 19 2020 ISSUE 2351 www.ifre.com Tesla frenzy sees Goldman net US$100m from equities trading and margin loans Mexico raises €750m as 266 accounts buy into first sovereign bond linked to UN goals €1.85bn eight-year Novartis deal adds momentum to sustainability-linked bonds EMERGING MARKETS BONDS/LOANS EQUITIES STRUCTURED EQUITY China issuers Delta pledges 3NOWmAKEûMELTSû Shopify’s US$1.8bn ignore US threats SkyMiles business up after biggest EQUITY#"ûCOMBOû as they raise to secure US$9bn US software IPO PROVESûIMPOSSIBLEû US$4.3bn debt raise ever to resist 02 06 08 09 1 IFR Cover 2351.indd 1 18/09/2020 18:56:21 US POWER DEALS ROUNDTABLE WEBCAST The PFI US Power Deals webcast takes place at 10am EST on Thursday September 24 2020. DATE SEPTEMBER 24 Moderated by Project Finance International’s Nic Stone, the 2020 webcast will bring together a panel of market professionals to TIME INXHZXXYMJTZYQTTPKTWUT\JWUWTOJHYèSFSHJNSYMJ:8NSYMJ 10:00AM EST wake of Covid-19. FORMAT Discussion topics will include: WEBCAST • 9MJXYFYJTKUQF^KTWUWTOJHYèSFSHJNSYMJYMJWRFQUT\JW renewable power, and battery sectors. • Analysis of recently closed transactions. • How the market is thinking about the impacts of Covid-19 in both the short and long term. • <MFYIJFQéT\QTTPXQNPJLTNSLNSYT6FSIGJ^TSI • What we can expect to see in pricing, terms, leverage ratios, and capital structures. • The latest on bank loan, term loan B, and bond markets. • A look at macroeconomic and political trends that could impact the sector. The webcast is free to access and you can secure your place today at https://tinyurl.com/y6hsd763. Sponsored by: PFI US Power.indd 1 03/09/2020 09:12:46 Upfront OPINION INTERNATIONAL FINANCING REVIEW And another thing All bark, no bite fter nearly a year without any deal since Enel debuted S president Donald Trump is ramping up his campaign Asustainability-linked bonds, two corporates have issued Uagainst Chinese companies ahead of the November in the format in less than a week. presidential election. So far, his bark looks worse than his First, on September 10, Brazilian pulp and paper company bite. Suzano sold a US$750m 10-year SLB issue. Then, on For all the sabre-rattling about cutting off funding, the Wednesday, Swiss pharmaceutical Novartis printed a Trump administration’s latest moves have had no impact on €1.85bn eight-year SLB offering. Chinese issuers’ ability to access capital. A third potential issuer, Hulic, a Japanese real estate 4HEû53û$EPARTMENTûOFû$EFENSEûlRSTûPUBLISHEDûAûLISTûOFû company, has unveiled plans for a 10-year bond issue with what it calls “Communist Chinese military companies” coupons tied to two sustainability targets. It would be the in June, before adding another 11 names at the end of lRSTû!SIANûCOMPANYûTOûOFFERûTHEûSTRUCTURE August. Since appearing on the list, those companies have So it certainly seems that momentum for SLBs is building, borrowed US$10.9bn in the capital markets, according to not least thanks to an industry push led by the International 2ElNITIVûDATA Capital Markets Association to create some guidelines. Most of the proceeds, naturally, have come from the IFR called on this page last week for a major and Chinese domestic market, where the US can claim no uncontroversial blue chip to enter the SLB market to give it jurisdiction. The total, however, also includes US$4.3bn of some extra impetus, and while Novartis is not without issues, bonds in US dollars and euros, some of which have been ITûLARGELYûlTSûTHEûBILL underwritten by American banks. Bank of America and Yet the sceptics haven’t disappeared. As with bonds linked to 'OLDMANû3ACHSûWEREûBOTHûONûLASTûWEEKSûlVE TRANCHEû the UN’s sustainable development goals (of which Mexico ChemChina deal (along with nine other joint bookrunners), BECAMEûTHEûlRSTûSOVEREIGNûISSUERûLASTûWEEKûVIAûAûTRANSACTIONûTHATû for example. RAISEDûõM ûTHEREûAREûSTILLûQUESTIONSûAROUNDûTHEûEFlCACYûOFû All this is business as usual. The Pentagon’s list gives these bonds in improving ESG standards, especially compared the US president the authority to use emergency powers with green bonds for which there are a clear use of proceeds. against those companies, such as sanctions, but no such measures have yet been taken in the three months since its initial publication. Restrictions against If the performance targets are too Huawei were in force long before it appeared on the June list. DIFlCULT ûANû%3'ûINVESTORûSTANDSûTOûGETû It is a similar story with the ban on WeChat, the messaging app run by Chinese tech giant Tencent Holdings. Announced THEûPARADOXICALûBENElTûOFûAûCOMPANYû with great fanfare in early August, the details that emerged failing to improve its ESG standards on Friday were far less draconian than feared. WeChat will not be carried on app stores in the US, but there are no restrictions to prevent US businesses from using it overseas And then there are more technical issues. The step-up or dealing with Tencent. coupons that are central to SLBs add a layer of technical The fate of video platform TikTok will offer further insight complexity for issuer and investor alike. into the US administration’s thinking. From a corporate treasurer’s perspective, how does one At a time when US politicians are agitating for a ban on build an SLB curve when step-ups are linked to performance Chinese companies in the US stock market, Chinese owner targets that change? And how do such deals affect issuers’ ByteDance has proposed a US IPO for its American business non-SLB curves? as part of a deal designed to satisfy its critics in the US Meanwhile, how does an investor assess the economic government. value of the step-up? If the performance targets are too easy, If Trump accepts that compromise, it would send a ITûADDSûLITTLEûVALUEû!NDûIFûTHEYûAREûTOOûDIFlCULT ûANû%3'û contradictory message that Chinese companies are in fact INVESTORûSTANDSûTOûGETûTHEûPARADOXICALûBENElTûOFûAûCOMPANYû welcome in the US equity markets after all. failing to improve its ESG standards. Betting on a detente is a big call at this point, with US 4HESEûMIGHTûSEEMûLIKEûNERDYûCORPORATEûlNANCEûMATTERSû elections only weeks away. But it is a safe bet that the capital But the sustainability of the sustainability-linked bond markets will carry on printing deals as usual, no matter how market requires good answers to such questions. much noise is out there. International Financing Review September 19 2020 1 2 IFR Upfront 2351 p1.indd 1 18/09/2020 19:30:36 Top news Mexico brings SDG first 04 SLBs get lift from Novartis 04 Delta pledges SkyMiles 06 Goldman Sachs nets US$100m from Tesla trades People & Markets US giant profits from surging options prices and lucrative margin loans BY CHRISTOPHER WHITTALL quarter in particular, sources approaching US$3bn – its best By way of comparison, shares say, when the bank reported quarter from that business in in technology stalwarts Amazon Goldman Sachs made about revenues from equity trading over a decade. and Apple have climbed about US$100m from a series of trades The trades also reveal how one 79% and 97% since their March involving Tesla in recent TESLA SHARES HAVE SURGED of the world’s most prominent lows, respectively, while the S&P months, according to sources THIS YEAR, COMFORTABLY lNANCIALûINSTITUTIONSûJOINEDû 500 is up 50%. familiar with the matter, as it OUTPERFORMING THE NASDAQ investors both big and small in All this came during a frenzied % capitalised on a steep rise in the 600 PROlTINGûFROMûTHEûDIZZYINGûCLIMBû period for stock option trading. US 428% electric carmaker’s share price OFûONEûOFûAûCLUSTERûOFûHIGH PROlLEû single-stock options volumes were this summer that helped fuel a 500 stocks that drove markets higher nearly three times higher in the broader surge in US stock this summer. second quarter compared to the markets. 400 same period last year, according Bankers in Goldman’s equities OPTIONS FEVER to strategists at Barclays, driven by 300 trading division were behind a Tesla has been one of the hottest AûSIGNIlCANTûINCREASEûINûACTIVITYû range of lucrative Tesla-focused stocks of the last six months in from retail investors. 200 transactions, including trading what has been a particularly Analysts and media coverage 29% Tesla stock options, providing 100 bumper period for equity have focused on how day traders lNANCINGûSECUREDûAGAINSTûSHARESû markets. The company’s shares on platforms such as Robinhood, in the company, and buying and 0 are up 486% since hitting a low along with institutional giants selling its convertible bonds, of about US$72 in March, when such as SoftBank, helped fuel according to the sources. -100 markets slumped amid concerns the equity rally through their Those deals helped Goldman over the impact of the voracious appetite for Jul 20 Jan 20 Sep 20 Mar 20 May 20 produce stand-out equities Tesla Nasdaq coronavirus pandemic on the derivatives providing exposure trading results in the second Source: Refinitiv global economy. to rising share prices. China issuers ignore US threats Emerging Markets Investor fatigue impacts Chinese deals more than trade war tensions BY DANIEL STANTON, CAROL CHAN companies”. This followed the The central state-owned seeds- THEûNEWûlVE YEARûPRICEDûmATûTOûORû publication of an initial list of 20 to-chemicals group priced a inside fair value, while the 30-year International investors ignored Chinese companies on June 12. 53MûlVE YEARûSENIORûBONDû was also seen to pay little the Trump administration’s While this has so far been issue at Treasuries plus 185bp, a concession. The exception was the latest shot in the US-China trade seen as little more than sabre US$1bn 10-year at Treasuries 10-year, which paid upwards of war, as three Chinese issuers on rattling, it increases the risk that plus 235bp, a US$200m 30-year 10bp premium for its larger size. a Pentagon watchlist returned to the companies will face US at par to yield 3.7%, equivalent to Orders for the Reg S offering the US dollar bond market to sanctions or restricted access to Treasuries plus 228.6bp, and a mOODEDûINûFROMûGLOBALûREAL raise a combined US$4.3bn.
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