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EM LatAm

Fundraising prudence stands Andean sovereigns in good stead

Chile, Peru and Colombia — previously hailed by EM investors for orthodox economic policymaking — are under pressure amid social unrest and political polarisation. But as the upheaval whirls around them, their credit in the bank with bondholders, after years of impressive debt management, is a major asset.

Oliver West, May 25, 2021
Emerging Markets

ESG hand-wringing over Belarus is too little, too late

Following the international outcry over the forced landing of a Ryanair passenger plane carrying a Belarusian dissident, some emerging markets investors are said to have had sudden doubts about the ESG characteristics of Belarusian sovereign bonds. What took them so long?

Mariam Meskin, May 25, 2021
CLOs

Palmer Square resets 2015 CLO in fifth repricing round

Palmer Square Capital Management has reset a 2015 CLO that was partially refinanced four times in six years and it added a single-B tranche to its CLO, the most junior debt liability usually issued to satisfy investor demand from hedge funds.

Paola Aurisicchio, May 25, 2021
SRI

Sustainable home improvement the next frontier for solar energy ABS firms

Solar energy providers have quickly upgraded their offerings from solar panels to batteries, bringing down the costs of both products for consumers. Solar providers say the next growth area is sustainable home improvements, ranging from resilient roofing to efficient heating ventilation and air conditioning (HVAC) systems, meaning more loans available to fund through solar ABS, panelists said at IMN’s Solar and PACE Investing conference.

Jennifer Kang, May 25, 2021
GC View

Borrowers would miss hedge fund liquidity if it left

Hedge funds have taken a lot of heat for their role in inflating order books and flexing spreads, only to flip out and take profits at the first opportunity. But despite the awkward and at times antagonistic presence of such funds, issuers are coming to learn that they are probably better off having them in the order book than not.

Bill Thornhill, May 25, 2021
Syndicated Loans

Another retailer taps Schuldschein as Louis Delhaize debuts

Belgian supermarket chain Louis Delhaize launched a Schuldschein on Tuesday afternoon, according to market sources, joining a band of retailers tapping the market this year.

Silas Brown, May 25, 2021
Securitization People and Markets

Greece overtakes Italy as biggest NPL ABS originator

Greece has overtaken Italy as the biggest source of non-performing-loan ABS issuance in Europe, with banks stepping up issuance with a slew of transactions in 2021 as Italian institutions wind down their post-financial crisis backlog of bad debt.

Tom Brown, May 25, 2021
High grade and crossover bonds

Spanish IG corps print as net issuance tipped to rise

Europe’s high grade corporate bond market had a distinctly Spanish flavour on Tuesday as Cellnex and Merlin Properties issued. Some analysts predict that the healthy earnings season might mean a 15% rise in bond issuance from the European market.

Mike Turner, May 25, 2021
SSA

Calmer euro market attracts flurry of small deals, while Land NRW bides time

Three public sector issuers hit the market with euro deals on Tuesday, but each opted to raise €500m or less. Their success could embolden Land NRW to return with its deal, but the market has yet to be tested by an issuer of its class.

Lewis McLellan, May 25, 2021
People News

CLO structurer leaves Morgan Stanley for HPS

A CLO structurer has left Morgan Stanley to join HPS Investment Partners as a vice-president.

Paola Aurisicchio, May 25, 2021
Comment

Tired of tech? Give Greek growth a go

As inflation indicators across the globe begin to point to a period of sustained growth, equity investors have fretted over where to put their money instead of tech stocks, whose valuations have reached gargantuan multiples. There is a compelling argument to be made for rotating into Greece, specifically its banks, which will have to finance a new wave of economic growth.

Sam Kerr, May 25, 2021
SRI

Deutsche lifts bonnet on sustainability engine

Deutsche Bank held a three hour “deepdive” into its sustainability actions for clients, investors, the press and NGOs last week, with its CEO Christian Sewing and all its business heads. It coincided with an array of announcements, which even earned a favourable comment from Moody’s, including that Deutsche is accelerating its €200bn sustainable financing target. But those hoping for more detail on how Deutsche will decarbonise its financing were disappointed.

Jon Hay, May 25, 2021

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