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CLOs

US and European CLOs: stormy evolution of an asset class

The months since the coronavirus outbreak have proven to be an extremely turbulent time for European and US CLOs, bringing a new crisis in corporate credit, rather than in the banking sector as in 2008. Managers in both geographies are working hard to steer their deals through uncharted waters, testing new structures and deal formats. By Tom Brown and Paola Aurisicchio.

Paola Aurisicchio, June 18, 2020
A new credit cycle ushers in fresh class of European NPLs

Just when it looked as though the European NPL tide was at last beginning to fall, 14 years on from the start of the great financial crisis, a new surge of NPLs is on the horizon. It’s time to launch the securitization lifeboats. Tom Brown reports.

Tom Brown, June 18, 2020
RMBS

European RMBS: summer brings holiday stresses

As the Covid-19 crisis seeps into the summer months, the issue of extended payment holidays among mortgage borrowers will be a continued source of tension. While investors digest data on mortgage affordability, sources say RMBS players will be looking to non-bank issuers for new deal flow as banks access cheaper central bank funds, writes Tom Brown.

Tom Brown, June 18, 2020
EM LatAm

Honduras proves lower rated can print as EM debt relief talk falters

Central American sovereign Honduras marked a new milestone for EM bond markets in the coronavirus era this week as it became the lowest-rated issuer from Latin America to issue during the crisis. Oliver West reports.

Oliver West, June 18, 2020
Leader

Outcome-based financing is here to stay

It has been a long time coming. Social impact bonds, in which the investor's return is based on the outcome of a social project, were invented 10 years ago. This week, one was issued for the first time by an organisation recognised as a full member of the mainstream European capital markets.

Frank Jackman, June 18, 2020
EM LatAm

Argentine creditors consider options as negotiations break down

The possibility of Argentina’s debt negotiations ending up in court drew closer on Wednesday night, as the positions of the largest group of bondholders and the government appeared to be irreconcilable.

Oliver West, June 18, 2020
EM Bond Comments

Sharjah Islamic Bank USD500m 2.85% Jun 25

Rating: A3/A-/BBB+

Ross Lancaster, June 18, 2020
Derivatives

EU institutions eye long-awaited CCP deal

Members of the European Parliament and representatives of member states hope to clear the last hurdles for an agreement on a draft regulation on recovery and resolution of central counterparty clearing houses (CCPs) by the end of this month.

Jean Comte, June 18, 2020
SSA

Impact bonds enter main market with Stockholm diabetes deal

Region Stockholm brought social impact bonds into the mainstream European capital markets this week, with a transaction aimed at preventing people from developing diabetes. With healthcare financing top of the agenda in capital markets because of Covid-19, the deal raises the prospect that other issuers could turn to outcome-based financing. Frank Jackman and Jon Hay report.

Frank Jackman, June 18, 2020
ABS

Scramble for PPP funds leaves door open for legal trouble

The Small Business Administration is scheduled to stop taking new applications for Paycheck Protection Program (PPP) loans in two weeks, but following the months long scramble for rescue funds, sources say legal pitfalls of the program could leave lenders on the hook for any missteps.

Jennifer Kang, June 18, 2020
Derivatives

Eurex kicks off Asian strategy, clearing first Japanese swap

Eurex Clearing has cleared its first interest rate swap for a Japanese client as the clearing house pushes its over the counter (OTC) euro swaps business into Asia.

Ross Lancaster, June 18, 2020
EM LatAm

Voto’s Nexa trades up after mining for 10 year

Nexa Resources, the mining arm of Brazilian conglomerate Votorantim, issued $500m of 10 year bonds on Monday, offering a healthy concession to its existing curve and seeing its new bond catch a broader rally on the break.

Oliver West, June 18, 2020

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