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Covid-19 Crisis

Soechi wades out for refinancing loan

Leveraged/non-investment grade

Soechi wades out for refinancing loan

Indonesian tanker company Soechi Lines, which is facing a big hit to its shipyard operation, is in discussions with banks for a refinancing loan.

14 Aug 2020

SSA

Thailand debuts sustainable bond with innovative structure

The Kingdom of Thailand pulled off a novel sustainability bond in the domestic debt market on Thursday, hitting the upper end of its Bt30bn ($965m) size target and getting away with tight pricing.

14 Aug 2020
Corp

Singapore fintech kicks off blockchain-based bond exchange

Singapore fintech BondEvalue launched BondbloX Bond Exchange this week, which claims to be the first blockchain-based exchange in the world, with the maiden trade executed on a bond from commodities giant Olam.

14 Aug 2020
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.

13 Aug 2020
People & Markets

FIG bankers predict homeworking will facilitate post-summer supply

FIG market participants expect a smooth return to euro bond issuance from next week, with bankers and investors now set up to facilitate deals where ever they may be.

13 Aug 2020
RMBS

Real mortgage holiday picture in UK better than data suggests, say investors

UK mortgage moratorium numbers are being inflated by the timing of the government’s job retention scheme, with data from lenders suggesting payment holiday levels were more in line with continental Europe than they at first appeared, according to investors.

13 Aug 2020
Comment

Of mice and men: returning to the office

After months of lockdown in countries across the world, a few of my banker friends are now slowly heading back to their offices. It is not easy.

13 Aug 2020
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.

13 Aug 2020
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.

12 Aug 2020
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.

12 Aug 2020
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.

12 Aug 2020
Corp

Li & Fung uses coupon step-up to tackle downgrade risks

Hong Kong-based Li & Fung used a coupon step-up in case of a rating downgrade to attract investors to its $300m bond on Tuesday, as it gears up for a big hit to its business this year as a result of Covid-19.

12 Aug 2020
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.

12 Aug 2020
The View

Rep risk of sov restructuring is worth it for real money investors

Real money investors have historically avoided the reputational risk involved in participating in sovereign debt restructurings. But a truly socially responsible investor should embrace these situations — for the sake of both their clients and troubled emerging nations.

11 Aug 2020
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.

11 Aug 2020
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.

11 Aug 2020
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.

11 Aug 2020
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.

11 Aug 2020
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.

11 Aug 2020
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.

11 Aug 2020
Regulatory Capital

European banks get ready for euro trades

FIG deal arrangers say the euro market could reopen for business as early as next week, with more investors set to return from their holidays.

10 Aug 2020
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.

07 Aug 2020
Comment

Dollar drop, Beirut shock, credit top

This week in Keeping Tabs: confronting dollar bears, Lebanon’s crisis, the power of debt in Ireland, and funding equity research.

07 Aug 2020
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.

07 Aug 2020
Equity

Shanghai Henlius gets CSRC nod for equity issue

Hong Kong-listed Shanghai Henlius Biotech has won approval from the Mainland securities regulator to sell a chunk of new shares.

07 Aug 2020

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