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Liquidity buffers play second fiddle to reg treatment

The size of a covered bond liquidity buffer that protects investors against the risk of payment disruption should be an important risk consideration, but there is no incentive to play safe as regulatory and central bank treatment of the asset class play more pivotal roles in valuations.

Bill Thornhill, February 16, 2021
GC View

Fashion needs to work harder to find green fit

H&M, the Swedish fashion company, has sold a sustainability-linked security for its debut outing in the bond markets. This is an encouraging step, but the fashion industry has a lot more work to do to clean up its look.

Mike Turner, February 16, 2021
GC View

PP market should target financial firms

US private placement agents have struggled to attract their typical stable of well rated corporates to their market this year. Public bond markets have proven too cheap for PP funding to compete and the European wing of the market has suffered as a consequence. But instead of waiting for the scales to tip back, agents should find new European borrowers from the financial institutions sector.

Silas Brown, February 16, 2021
CLOs

Eagle Point adds business development head

Eagle Point Credit Management, a specialist asset manager focused on investing in CLO securities and portfolio debt securities, has hired Seth Weinstein as director of business development, a newly created position.

Paola Aurisicchio, February 16, 2021
RMBS

JP Morgan returns to UK warehouse lending

JP Morgan is opening warehouse lines for UK mortgage origination, ending a prolonged absence from a core part of the European securitization market for the US giant — a prohibition said to have been mandated by senior figures in the bank’s management team.

Owen Sanderson, February 16, 2021
Equity IPOs

Bullish sentiment dominates as equity deals roll on

It is the year of the ox in China and for equity investors 2021 is the year of the bull. Stock buyers continue to be optimists despite the economic ravages of the Covid-19 pandemic and are convinced that the spread of vaccinations across the globe will soon kick-off a festival of consumer spending.

Sam Kerr, February 16, 2021
High grade and crossover bonds

Market looks for clues in Becton Dickinson’s 20bp tightening

Participants in Europe’s high grade bond market have been left scratching their heads about the performance of a Becton Dickinson €600m 15 year bond since it was issued last week. The spread has come hurtling in by 20bp, despite bankers away from the deal saying they would probably have valued it similarly to the leads.

Mike Turner, February 16, 2021
Sovereigns

Ratings agencies cautious on Next Gen EU impact

European investors have wholeheartedly embraced the EU’s Next Generation EU programme and piled into risky assets in anticipation of a swifter recovery. But rating agencies are less convinced, warning that only the substance and implementation of national recovery plans will determine the trajectory of European growth.

Lewis McLellan, February 16, 2021
Sovereigns

Italy latches on to Draghi effect but loses almost €45bn of orders for 10 year

Italy came to the market for its first syndication since a seismic rally in the sovereign’s bonds after Mario Draghi agreed to form a new government earlier this month. But despite the huge confidence from investors in BTPs, a compression of 4bp from initial price thoughts for a new 10 year led to a dramatic loss of over €45bn orders.

Burhan Khadbai, February 16, 2021
Asia

DBJ and CPPIB enter SSA pipeline

Two SSA borrowers hit screens on Tuesday to announce benchmark bonds. Deal flow in the SSA market has slowed after the January rush, but borrowers are still keeping investors busy with a regular flow of deals.

Lewis McLellan, February 16, 2021
Asia

HSBC picks new sustainability chief

HSBC has appointed a group chief sustainability officer, Celine Herweijer, to lead its effort to fulfil its commitment to being a net zero carbon emissions bank by 2050.

Jon Hay, February 16, 2021
CLOs

Neuberger returns to EU CLOs after 14 year absence

Neuberger Berman has re-entered the European CLO market for the first time since the financial crisis, with a deal including a new feature which measures how well its portfolio matches UN sustainable development goals.

Tom Brown, February 16, 2021

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