Covid-19 Crisis

  • UK ABS market mulls prospect of negative Sonia

    ABS

    UK ABS market mulls prospect of negative Sonia

    Investors and research houses are forecasting for Sonia to follow Gilts into negative yields next year, which could force issuers to cover themselves against a hedging mismatch in auto ABS deals.

  • Rip up docs to beat market pain, urge US CLO managers

    CLO/CDO

    Rip up docs to beat market pain, urge US CLO managers

    As the economic effects of the coronavirus pandemic ripple through capital markets and defaults pile up, CLO managers are scrambling to alter deal structures to cope with heightened risk and to take advantage of new opportunities. Paola Aurisicchio reports.

  • Container ABS shines as bright spot in transportation sector

    ABS

    Container ABS shines as bright spot in transportation sector

    Textainer enjoyed high demand and tighter than expected spreads when it priced the first container securitization of the year. Container ABS stands out among other transportation asset classes, according to investors, due to its strong utilization rate and the security that comes from the multi-year leasing agreements between lessors and shipping lines.

  • IPO 'wave' to test investor capacity

    IPOs

    IPO 'wave' to test investor capacity

    Europe’s equity capital markets have gone quiet in August as investors take a holiday before what is expected to be a busy September. Bankers are keen to get their deals done quickly when the market reopens to avoid running into bad news on Covid-19 and a volatile US election, meaning investors will be asked to take part in an onslaught of IPOs in a true test of market capacity.

  • Citi pre-places UK RMBS with pre-2008 assets

    RMBS

    Citi pre-places UK RMBS with pre-2008 assets

    Citibank fully pre-placed Cheshire 2020-1 on Tuesday, a £247m RMBS transaction backed by seasoned owner-occupied and buy-to-let mortgages. The loans were originated by Citi's lending arm Future Mortgages, which stopped lending in 2008.

  • OVL makes quick loan return

    Investment Grade

    OVL makes quick loan return

    ONGC Videsh (OVL), the overseas arm of India’s state-owned Oil and Natural Gas Corp, has sent out a request for proposals for an up to $750m loan, just a few months after raising $1bn.

  • Johnson: underwriters in line for bonus boost

    People News

    Johnson: underwriters in line for bonus boost

    Bankers in advisory, as well as the management at banks, are likely to receive lower bonuses this year, according to Johnson Associates, a compensation consultant for the financial sector. However, traders and bankers working in underwriting are in line to enjoy a boost.

  • Fitch revises FFELP ABS outlook to negative

    ABS

    Fitch revises FFELP ABS outlook to negative

    Fitch Ratings downgraded the rating outlook on Federal Family Education Loan Program (FFELP) student loan ABS sector from stable to negative, reflecting the ongoing deterioration of the US public finance and the absence of a credible fiscal consolidation plan, the rating agency said.

  • US hedge fund mandates BofA for UK legacy RMBS

    RMBS

    US hedge fund mandates BofA for UK legacy RMBS

    Davidson Kempner Capital Management has mandated Bank of America for Stratton Mortgage Funding 2020-1, a UK RMBS deal made up of mortgages originated between 2002 and 2008. It was priced on Thursday and its 2.95-year senior notes landed at 90bp over Sonia.

  • Piraeus seeks Hercules guarantee for €6.9bn of NPLs

    RMBS

    Piraeus seeks Hercules guarantee for €6.9bn of NPLs

    Piraeus Bank on Monday filed for a €1.9bn NPL securitization transaction under the Hercules Asset Protection Scheme (HAPS), making it the third Greek bank to apply since the scheme began. It is also looking to add another €5bn securitization later in 2020.

  • Markets primed for €2.75bn IAG rights issue

    Follow-Ons/Rights Issues

    Markets primed for €2.75bn IAG rights issue

    Equity capital markets are preparing for a wave of rights issues this autumn as companies raise capital to withstand a prolonged Covid-19 pandemic. One of the most talked about is a rights issue for IAG, the airline holding company that owns British Airways, with market participants praying that sentiment holds up throughout August enough to allow the deal to succeed in September.

  • Embattled Jain to restructure dollar debt

    Corp

    Embattled Jain to restructure dollar debt

    Indian agricultural company Jain Irrigation Systems, which has been navigating a liquidity crisis for more than a year, has put in place two restructuring plans for its onshore and offshore debt.

  • Bank of Cyprus sells €916m of NPLs to Pimco

    RMBS

    Bank of Cyprus sells €916m of NPLs to Pimco

    The Bank of Cyrus has announced the sale of a €916m non-performing loan (NPL) portfolio to Pimco, dubbed Project Helix 2 after the first Project Helix cleared €2.7bn of NPLs from the bank’s balance sheet.

  • Lower covered bond issuance increased OC levels, says Fitch

    Covered Bonds

    Lower covered bond issuance increased OC levels, says Fitch

    Overcollateralisation (OC) levels have increased on covered bond pools since last year for European issuers, Fitch Ratings said this week. But while issuers in some countries, like the UK, showed a rise above the average, borrowers that have participated in central bank funding, like those in Germany, have managed to keep OC levels down.

Covid-19 Email Updates

 

GlobalCapital brings you the very latest news, trends and thinking in international capital markets

 

Capital markets professionals the world over trust GlobalCapital to distil the most up to date, critical and incisive analysis and opinion.

Now, more than ever GlobalCapital is bringing its experience and position at the very centre of the markets to bear, giving its readers the information they need to navigate these uncertain and unprecedented times.


Sign up to our daily GlobalCapital Covid-19 newsletter.


 


 

Need assistance?

Contact support


Privacy Notice | Terms & Conditions

 

Sign up