Latest market news

• Early GACS deal downgraded as servicers struggle to collect cash from Italian NPLs

  

  Waterfall Asset Management’s 2017 NPL securitization of Creval loans, Elrond NPL, has been downgraded as collections fell short of expectations. Scope Ratings said that cumulative collections were only 75% of those in the original business plan, with cash still stuck in challenging court processes.

  • 05:00 PM

• Indo, Chinese credit events weigh on Asian bonds

  

  Concerns around some Indonesian and Chinese credits, including Delta Merlin Dunia Textile and China Minsheng Investment Group, have put a dent in investor sentiment in Asia with bonds underperforming in the secondary market.

  • 09:00 AM

• The week in renminbi: Star opens for trading, financial regulators mull more open-up, China makes large purchase of US sorghum

  

  In this round-up, the Shanghai Star market officially opened on Monday morning, the People’s Bank of China, the China Securities Regulatory Commission and the China Banking and Insurance Regulatory Commission formally announced 11 market reform measures, and the Mainland made the largest sorghum purchase from the US since last April.

  • 04:30 AM

• China market round-up: US Treasuries holdings drop, local government bond issuance jumps, regulators encourage SOEs to list on Star

  

  In this round-up, China lowered its holdings of US Treasuries yet again in May, new issuance of local government bonds has skyrocketed and regulators are wooing state-owned enterprises (SOEs) to list on the new Shanghai Star market.

  • 19 Jul 2019

• Legal ignorance chills bondholder engagement

  

  Bondholders are still afraid to form alliances like those in the equity market to pressure issuers to improve their environmental, social and governance performance. They are paralysed by fear of market abuse and competition rules. But there is hope regulators will reassure them.

  • 18 Jul 2019

• S&P’s China entry may help private firms

  

  S&P Global’s China unit has issued its first domestic rating to ICBC Financial Leasing (ICBCFL), a unit of the Industrial and Commercial Bank of China. But bankers say that the rating agency has chosen an easy target and will need to move to lower quality names if it hopes to go further in the Mainland.

  • 18 Jul 2019

• Bulky business, bulky risk in annuity insurance

  

  The UK’s bulk annuity insurers have enjoyed exceptionally strong sales, and are now coming into the market for debt capital. But bond investors should be aware of the risks inherent in the business.

  • 16 Jul 2019

• Muzinich sets up short duration fund

  

  Muzinich & Co, the investment company focused on public and private credit, has launched a new fund for global short duration investment grade corporate bonds.

  • 16 Jul 2019

• Fund seeks to open Uzbekistan to London investors

  

  Investors in London have been considering the opportunity to invest in Uzbekistan this week, through a new closed-end fund, Oltin, the first internationally listed security giving investors exposure to the Central Asian republic.

  • 16 Jul 2019

• Carlyle garners $3.1bn for new private debt fund

  

  The Carlyle Group has raised $3.1bn of investable capital and $2.4bn of equity commitments for its new credit opportunities fund, tapping investors’ interest in private debt to surpass the firm’s target goal.

  • 15 Jul 2019

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