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Bitcoin ABS edges forward as price plunge turns collateral to cash

When loans' LTVs hit 80%, Bitcoin stakes are liquidated in seconds
London continues to benefit from metal price volatility

Congo picked the best of an unappealing bunch of options

The yield was ultra high but Congo had little room to manoeuvre

Yondr takes the stage, as Europe’s data centre ABS market comes of age

US market remains the model as template issuance takes shape
London continues to benefit from metal price volatility
Sub-sections
  • An uneven economic recovery is expected across emerging and developed markets over the next year, the IMF said this week during its spring meetings. Meanwhile, a proposed boost to special drawing rights has split market opinion.
  • The announcement this week that the IMF is on its way to issuing a further $650bn of special drawing rights, providing central banks with extra foreign currency liquidity, should not be criticised for being too little, too late. It marks a much needed return to multilateralism, something that the developing world will benefit from.
  • Organon, the spin-off from US pharma company Merck, has launched a bond leg of its financing, which will establish the unit as a separate firm with its own capital structure, while funding a $9bn dividend to its former parent. The firm was initially offering $4.5bn-equivalent across secured and unsecured bonds, with a bias to the deeper dollar market, but scaled this up during syndication to allow it to strip out bank debt.