Structured Bonds - All Articles

  • Nordea signs €5.1bn risk transfer deal

    Nordea has agreed a €5.1bn risk transfer securitization of corporate and small and medium-sized enterprise loans, to close in January. It is Nordea's second synthetic risk transfer deal and the first since it redomiciled into Europe’s Banking Union, which has given it a lead regulator more supportive of synthetic securitization than the Swedish regulator.

    • 20 Dec 2019
  • FSB warns of growing risks in leveraged loans, CLOs

    The Financial Stability Board warned on Thursday of growing vulnerabilities in the leveraged loan and CLO markets. Increased leverage, weak covenants and the rise of non-bank lenders have added risk and complexity to the market, according to the global watchdog of the financial system, and the investors don’t have enough visibility on the debt instruments they’re buying.

    • 19 Dec 2019
  • Default rate to rise in Europe next year after eerily quiet 2019

    Europe will probably see an increase in rates of corporate defaults in 2020 as credit quality deteriorates. Moody’s expects the rate of defaulting junk-rated issuers to triple, pushing the figure above the long-term average after an extraordinarily quiet year.

    • 18 Dec 2019
  • People moves in brief

    NN Investment Partners appoints head of alternative credit — Bothamley and McNelis take up DCM reins at HSBC — RenCap picks private clients boss

    • 18 Dec 2019
  • Lenovo loses factoring facility from IBM, replaces with landmark securitization

    Lenovo Group, one of the world’s largest computer and electronics makers, lost a long time financing partner when IBM decided to close its factoring operation for hardware equipment manufacturers in February, GlobalCapital can reveal. But Lenovo moved fast to replace this with one of the largest trade receivables securitizations ever signed. The $3bn deal included selling junior notes to three investors to maintain full off balance sheet treatment for the assets and debt.

    • 18 Dec 2019
  • NNIP appoints new head of alternative credit

    NN Investment Partners has hired a head of alternative credit, who is set to start in mid-January.

    • 17 Dec 2019
  • HSBC picks new DCM heads

    HSBC has named two bankers as global co-heads of its debt capital markets team, replacing Jean-Marc Mercier. It is also planning to open two new desks.

    • 17 Dec 2019
  • Securitization liquidity beats rest of European credit, says BofA

    Liquidity in securitizations is better than in almost all other credit assets classes in Europe, with auto ABS and UK prime RMBS trading on tighter spreads than even covered bonds, analysis from Bank of America’s research team shows.

    • 16 Dec 2019
  • As US banks’ shadow lengthens, Europeans plan their fight back

    Each year brings another retreat for European investment banks, as their seemingly invincible US competitors edge further into the European market. While the Europeans are far from capitulating, the pressure is relentless. As Jasper Cox reports, they are trying to redefine success by concentrating on the markets and segments where they are strongest

    • 13 Dec 2019
  • Intu the mire as distressed buyers circle UK property co

    GlobalCapital understands distressed debt buyers are seeking advice on how to target debt issued by intu Properties, especially its 2022 convertible bonds, now trading below 70, as the shopping centre company reels from the wave of restructurings and rent reductions by some of UK’s largest retailers.

    • 05 Dec 2019
  • Deutsche’s Ruane moves to Bayview

    James Ruane, who worked for Deutsche Bank looking after its own M&A activity, has moved from the bank.

    • 02 Dec 2019