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CLOs

First Eagle prices CLO with pre-Covid reinvestment period

First Eagle Alternative Credit priced the first CLO with a five year reinvestment period since the pandemic, breaking a streak of managers opting for deals with reinvestment windows of one to three years.

Paola Aurisicchio, September 16, 2020
ABS

Autos still in ‘eye of the storm’ as support wanes

Auto ABS players are looking cautiously at the recent recovery in liquidity, spreads and used car values, particularly as various government support schemes roll off in Europe and the US, said panellists speaking during day two of Global ABS 2020.

Jennifer Kang, September 16, 2020
RMBS

Payments climb back but new Italian NPL wave looms

Debtors are paying off their mortgages in Italy at the same rate as they were before the pandemic, according to Banca IFIS, after the country suffered one of the worst declines in collections following the coronavirus lockdowns.

Tom Brown, September 16, 2020
Covered Bonds

ECBC takes ESG covered bond transparency to a new height

The burgeoning €30bn market for sustainable covered bond financing received another boost last week after the European Covered Bond Council formally adopted environmental, social and governance (ESG) transparency enhancements to its Harmonised Transparency Template (HTT) that go well beyond what issuers currently disclose and should improve investors’ ability to compare deals.

Bill Thornhill, September 16, 2020
Derivatives

Eurex vindicated in passive liquidity protection, so far

High-frequency traders have fiercely resisted efforts by derivatives exchanges to bring in delaying measures, such as speed bumps, to their venues. But at Eurex, one such passive liquidity programme (PLP) is proving its critics wrong.

Ross Lancaster, September 16, 2020
GC View

Goodwill towards bank M&A has misrepresented badwill

An accounting practice called badwill is central to debates about European bank M&A — but it probably should not be, as it leads to some confusing rhetoric.

Jasper Cox, September 16, 2020
Sovereigns

Slovakia rules out sovereign green bond

Sovereign green bonds are becoming almost commonplace in Europe, but not all are convinced. Slovakia has no intention to enter the market, saying it is a costly exercise that “would not help anyone”.

Lewis McLellan, September 16, 2020
CLOs

Investcorp taps Moffitt as co-head of US credit

Investcorp has hired David Moffitt, former head of CLOs at hedge fund LibreMax, as co-head of its US credit management business.

Paola Aurisicchio, September 16, 2020
High grade and crossover bonds

VW leaves emissions scandal behind it with negative green print

Volkswagen, the German car company, became the latest to get the bond market’s motor going on Wednesday, when it brought a dual tranche green trade that was priced well inside fair value.

Mike Turner, September 16, 2020
Equity IPOs

Investors launch first London Spac of 2020 amid US craze

Sir Martin Franklin, one of the founders of Jarden Corp, is seeking to list a new special purpose acquisition company on the London Stock Exchange, with a target deal size of $750m.

Aidan Gregory, September 16, 2020
SRI

Has IFFIm blazed a trail for others?

Cyrus Ardalan, chair of the board of directors at the International Finance Facility for Immunisation (IFFIm), discussed whether others could follow his organisation's model to finance solutions to social challenges at the GlobalCapital Sustainable and Responsible Capital Markets Virtual Forum 2020 on Wednesday.

Jasper Cox, September 16, 2020
Sovereigns

New Zealand cuts borrowing programme by NZ$10bn

The New Zealand Treasury reduced its 2020/21 funding programme by NZ$10bn ($6.75bn) to NZ$50bn on Wednesday as its economy shows signs of a quicker recovery than seemed likely after the coronavirus lockdown earlier this year.

Frank Jackman, September 16, 2020

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