Derivatives - All Articles

  • Onex and Bain bring brank pre-Covid duration in latest CLOs

    Onex Credit Partners and Bain Capital Credit each priced CLOs with five year reinvestment periods on Wednesday, the latest managers to return traditional CLO structures that were upended by the coronavirus.

    • 28 Oct 2020
  • IFFIm hits screens ahead of US election

    The International Finance Facility for Immunisation is lining up its first dollar benchmark since April 2019, selling into a market crowded with borrowers looking for short dated taps.

    • 28 Oct 2020
  • Flurry of taps in euros as ECB approaches

    Four borrowers hit the euro market on Wednesday, focusing on taps and small new lines. The issuers are seizing their opportunity to sell before this week's European Central Bank press conference and nest week's US elections.

    • 28 Oct 2020
  • Lockdowns to spur busy November in IG corporate primary

    The threat of new national level lockdowns in some of Europe’s largest economies could spark a wave of high grade corporate bond issuance, with investors happy to ignore trembling fundamentals as long as the European Central Bank keeps pumping billions into the system.

    • 28 Oct 2020
  • UCI returns to Spanish RMBS market after two year break

    Unión de Créditos Inmobiliarios (UCI) is bringing its first Spanish deal since 2018 after taking a two and a half year break from the market, announcing the STS-eligible Prado VII Spanish RMBS.

    • 28 Oct 2020
  • Covered bonds set for safety bets major investor

    The covered bond supply outlook is dismal and could worsen but that means spreads are well protected, even if competing supply in the rates market from the EU ramps up, a major investor told GlobalCapital on Wednesday.

    • 28 Oct 2020
  • Adnoc investor group Galaxy raises triple trancher

    Galaxy Pipeline Assets Bidco, a group of international investors that provided Abu Dhabi National Oil Company (Adnoc) with $8bn in a pipeline partnership deal earlier this year, has raised a $4bn triple tranche bond to refinance half of the loan that funded the team-up.

    • 28 Oct 2020
  • Denmark’s banks set for muted year-end in primary

    Denmark’s banks are set for a quiet end to the year, according to bankers, as changes made to their minimum requirements for own funds and eligible liabilities (MREL) have taken the pressure off of funding.

    • 28 Oct 2020
  • Aston Martin preps huge financing package to fund electric future

    Aston Martin, the British luxury carmaker, has arranged a new financing package to strengthen its balance sheet and cash reserves as it embarks on an ambitious new partnership with German car giant Mercedes-Benz, to start producing electric cars.

    • 28 Oct 2020
  • Fashionette prices IPO despite DAX devastation

    German e-commerce company Fashionette, which sells designer handbags and accessories online, set a price for its IPO on the Frankfurt stock exchange on Tuesday, even as the main equity index in the country took a pasting.

    • 28 Oct 2020
  • Deutsche's investment bank makes almost €1bn, again

    Deutsche Bank's fixed income and currency bankers continued a strong run in the third quarter, the firm's results on Wednesday showed. Profit before tax at the investment bank has now been enough to cover losses from the capital release unit for two consecutive quarters.

    • 28 Oct 2020
  • ADB launches big kangaroo trade capitalising on looming QE

    Asian Development Bank printed the largest SSA kangaroo benchmark of the year on Tuesday, taking advantage of a brief issuance window and capitalising on expectations of the start of quantitative easing in Australia.

    • 28 Oct 2020
  • Airbus doubles size of main euro bank line

    Airbus, the French aerospace company, has signed a €6bn sustainability-linked revolving credit facility, with the borrower doubling the size of its bank line after raising billions in emergency liquidity in the spring.

    • 28 Oct 2020
  • Guest view: excluding Alberta’s bonds from its repo list is (and should be) well within the ECB’s remit

    GlobalCapital has argued that it is not the ECB’s job to exclude individual borrowers’ bonds from its list of repo-eligible securities on environmental grounds in response to our call for the Province of Alberta’s debt to be removed from its list of eligible marketable assets (EMA). We maintain that the ECB has plenty of justification to exclude this borrower.

    • 28 Oct 2020
  • CMB debuts internationally rated RMBS

    China Merchants Bank has sold its first mortgage backed securitization (RMBS) transaction with an international rating. The foreign demand helped with a smooth bookbuilding process, despite a less than favourable market backdrop for the outing.

    • 28 Oct 2020
  • Formosa to mandate six banks for $2bn loan

    Formosa Plastics Corp has shortlisted six banks to arrange a multi-tranche financing for its Vietnam business.

    • 28 Oct 2020
  • Gansu LGFV sees poor investor turnout for bond

    Gansu Provincial Highway Aviation Tourism Investment Group Co found lacklustre support for its $300m bond on Tuesday after its pricing strategy deterred investors from joining the deal.

    • 28 Oct 2020
  • Korea Land ends dollar hiatus with social bond

    Korea Land & Housing Corp has broken a six-year absence from the dollar debt market to raise $300m from a social bond.

    • 28 Oct 2020
  • GDS prices $1.7bn HK secondary listing

    Chinese data centre operator GDS Holdings has pocketed HK$12.9bn ($1.67bn) from its secondary offering on Hong Kong’s stock exchange.

    • 28 Oct 2020
  • Krafton picks underwriters for Korean IPO

    Krafton, a popular South Korean video game developer, has mandated banks for its 2021 IPO.

    • 28 Oct 2020