Winner: J Sainsbury

This month's innovative deals in the debt capital markets are a CMBS offering from J Sainsbury, Comcast's $2.25 billion deal and RBC's Logan CDO II


UK supermarket group J Sainsbury's £2.07 billion issue of secured debt backed by commercial mortgages on the group's property portfolio was a shrewd move designed to overhaul the group's long-term funding strategy. The proceeds of the debt issue will be used to buy back £1.7 billion of the company's outstanding unsecured bonds and to make a £350 million cash injection into its underfunded pension scheme.

Darren Shapland, CFO at Sainsbury's, says: "These proposals provide us with cost-effective

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Credit risk & modelling – Special report 2021

This Risk special report provides an insight on the challenges facing banks in measuring and mitigating credit risk in the current environment, and the strategies they are deploying to adapt to a more stringent regulatory approach.

The wild world of credit models

The Covid-19 pandemic has induced a kind of schizophrenia in loan-loss models. When the pandemic hit, banks overprovisioned for credit losses on the assumption that the economy would head south. But when government stimulus packages put wads of cash in…

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