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CLOs

BlackRock, GoldenTree find new tights for Covid CLOs

Spreads on new issue CLOs moved tighter as BlackRock and GoldenTree Asset Management priced senior bonds at 155bp over three month Libor, scoring the tightest triple-A pricing since March.

Paola Aurisicchio, July 28, 2020
ABS

Covid benefit expiration to dent ABS market recovery

Key government stimulus benefits are set to expire at the end of the month, and as Congress works out what the next coronavirus aid package will look like, the ABS market will see spreads fluctuate and delinquencies spike, with consumer assets to be hardest hit.

Jennifer Kang, July 28, 2020
EM LatAm

Argentina bondholders can expect more political pressure

In recent weeks, Argentina’s PR agency has been cramming the inboxes of financial journalists as the government goes on the attack in an apparent attempt to guilt-trip dissenting creditors into accepting its restructuring offer.

Oliver West, July 28, 2020
Covered Bonds

Deposit tiering change less harmful for covered bonds

A prospective improvement in the European Central Bank’s deposit tiering facility mitigating the punitive impact of negative rates should be bad for covered bonds, 95% of which are negative-yielding. However, the unprecedented scale of reserves held on deposit with the central bank implies that many key investors will still be looking for anything that pays more than its deposit rate of minus 0.5%.

Bill Thornhill, July 28, 2020
GC View

AT1s are becoming a thorny issue for regulators

When the European Central Bank (ECB) is suggesting the additional tier-one market could cost the euro area up to 0.25% of GDP growth in the next year and a half, it is probably time to start thinking about reforming the asset class.

Tyler Davies, July 28, 2020
SSA

Troika paranoia could hamper European recovery

The European Stability Mechanism stands ready to lend eurozone countries up to 2% of their GDP at negative rates — but in spite of the clear cost savings compared to market funding, countries have yet to take up the offer. It is time to rid ESM lending of its stigma.

Lewis McLellan, July 28, 2020
SRI

Green thinkers keen on new UK state bank

The UK government looks ever more likely to create a new public sector bank focused on green infrastructure. Policy experts welcome the prospect, but there would be many choices to make over the structure and financing of the organisation.

Burhan Khadbai, July 28, 2020
CEE

Turkey bond question rises as reserves dwindle

Despite the success of many emerging market sovereigns in issuing bonds in international markets this year, Turkey, typically a leading issuer, has been notable by its absence. And with its foreign exchange reserves running lower, the risks of it not being able to come to market at all could be mounting.

Ross Lancaster, July 28, 2020
Supras and agencies

Strong Bund performance boosts appetite for KfW

KfW tapped an October 2034 line on Tuesday, enjoying impressive demand for the €1bn trade thanks, in part, to the strong performance of the Bund curve sending investors hunting for yield.

Lewis McLellan, July 28, 2020
High grade and crossover bonds

Investors pour in to Prosus’s euro debut

Prosus made a barnstorming debut outing in the European bond market after Monday’s dollar trade, with the ecommerce and investment company that straddles investment grade and emerging market investor interest seeing €13.5bn of demand for a €1bn deal.

Mike Turner, July 28, 2020
High grade and crossover bonds

Messe Frankurt sells debt for first time in 800 years

Frankfurt Trade Fair, the events organiser and world’s largest trade fair, is looking to issue Schuldscheine, according to market sources, for the first time in its 800 year history. The events industry has suffered through the pandemic, as organisers have had to postpone or cancel conferences, or reproduce them digitally, as a result of lockdowns.

Silas Brown, July 28, 2020
Equity-Linked

STMicroelectronics prices huge $1.5bn convertible bond

STMicroelectronics, the French-Italian semiconductor maker, has raised $1.5bn through the sale of new convertible bonds, the company said on Tuesday.

Aidan Gregory, July 28, 2020

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