GC Asia
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Markets must face up to new deadlines for Libor transition
Banks should stop issuing loans and bonds linked to Libor by October, according to the Bank of England’s Working Group on Sterling Risk-Free Reference Rates. But the scale of the challenge facing firms, particularly in the loan market, is causing concern.
16 Jan 2020 -
People moves in brief
Ex-Goldman's Weber joins Middle East boutique — Giancarlo turns up at Federal Housing Finance Agency — Ferdane takes over coverage job at BNP Paribas
16 Jan 2020 -
Sterling RMBS blowout as non-UK investors return to market
Issuers priced two sterling residential mortgage-backed securities (RMBS) deals this week, with Precise Mortgage Funding 2020–1B showing an unprecedented five times coverage on senior notes and up to 12 times on the mezzanine tranches, as overseas investors return to the sterling market.
16 Jan 2020 -
Nouryon, Fluidra continue repricing trend in leveraged loans
Dutch chemicals giant Nouryon is attempting an elephantine repricing of a €5.6bn loan. Nouryon is following Spanish Fluidra, a pool manufacturer, which announced a €300m repricing on Tuesday, and UK-based data company Refinitiv, which set a more favourable price for its €2.33bn loan last week.
15 Jan 2020 -
NatWest provides subprime car finance facility for Provident's Moneybarn
Provident Financial Group, the UK specialist lender, has agreed a bilateral securitization facility with NatWest Markets to fund up to £100m of vehicle finance receivables from its Moneybarn subprime brand. The facility is expected to grow to £275m over the next 18 months.
15 Jan 2020 -
Corporate primary faces test in secondary spread behaviour
European corporate bond specialists are keeping an eagle-like watch on how well new issues trade in the immediate aftermarket. Any widening could kick off a trend towards higher new issue premiums.
15 Jan 2020 -
Röhm buyout loan returns to syndication
Advent’s buyout of German chemicals company’s Evonik’s acrylic unit last year is still haunting the leveraged loan market. The banks are relaunching syndication of €977m and $612m of term loan Bs, hoping that investors will find the credit more attractive this time around than when it was first syndicated.
14 Jan 2020 -
Clydesdale puts Citi back in arranger seat for new Lanark RMBS
Clydesdale Bank has mandated a consortium of banks led by Citi for its prime UK, owner-occupied RMBS Lanark 2020-1, putting Citi back in the role of arranger after two years of Bank of America leading the programme.
14 Jan 2020 -
Goldman brings first green CMBS deal to Europe
Goldman Sachs is bringing River Green Finance 2020, the first European commercial mortgage-backed security (CMBS) of the year and the first in Europe to be marketed as green.
13 Jan 2020 -
CrossLend to play into Capital Markets Union drive
CrossLend’s securitization platform is designed to allow smaller firms to buy and sell debt portfolios more easily. It has been backed by Santander’s venture capital fund, which sees it as tapping into various trends in European capital markets.
13 Jan 2020
