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EM LatAm

Argentine leaders need IR tips from predecessors

Argentina’s turnaround under former president Mauricio Macri turned out to be a castle built on sand. But as the country heads towards default, the slick execution of its bond market fairytale between 2016 and 2018 could show the Fernández government how to handle investors.

Oliver West, May 14, 2020
SSA

World Bank unveils inaugural sustainable bond impact report

The World Bank has published what it describes as its first impact report covering all of the bonds it has issued and its entire development portfolio.

Phil Thornton, May 14, 2020
FIG MTNs and CP

CFF prints longest ever covered bond

French covered bond issuer Compagnie de Financement Foncier (CFF) ventured into unexplored territory at the end of last week to print the longest ever covered bond.

Frank Jackman, May 14, 2020
Covered Bonds

Pandemic mortgage muddle hits covered bond valuation

Mortgage payments deferred under national payment holiday schemes, designed to help homeowners through lockdowns, are adding risk to the covered bond market. Concerns were brought into sharp relief this week when Banco BPM amended programme documentation to include such loans, writes Bill Thornhill.

Bill Thornhill, May 14, 2020
LevFin High Yield Bonds

First HY debut since virus crisis buoyed by oil storage boom

Rubis Terminal made the first European high yield debut since the start of the coronavirus crisis, issuing a new €410m bond to fund a minority investment buyout by infrastructure specialist I Squared Capital. Business has boomed at the company, which operates bulk liquid storage, thanks to the collapsing oil price.

Owen Sanderson, May 14, 2020
ABBs-Block Trades

Sellers rush to blocks market but investors worry about sky high valuations

$14.6bn of secondary block paper priced in Europe and the US this week, according to Cortex data, as sellers offloaded large stakes in listed companies. They were taking advantage of a rally since the bottom of the pandemic sell-off in March. However, falling earnings estimates mean some fear that sellers may be divesting stock because they believe the market is overvalued.

Sam Kerr, May 14, 2020
Investment Grade Loans

The pandemic payback

The coronavirus pandemic will test the complex relationship between bank loans and the fabled ancillary business supposed to make it all worthwhile. Some banks have provided heaps of extra cash for European clients to keep them alive and it has changed the shape of the loan market, with some banks ramping up market share. But will companies return the love when the time comes?

Silas Brown, May 14, 2020
Equity-Linked

Investors fear contagion after $2bn ArcelorMittal recap tanks

ArcelorMittal’s $2bn recapitalisation with equity and mandatorily convertible bonds has traded badly in the aftermarket, leaving investors nursing heavy losses and raising fears of wider market contagion. Aidan Gregory, Sam Kerr and Owen Sanderson report.

Aidan Gregory, May 14, 2020
ABS

BMW clears euro primary pipeline as Mercedes roars in

The European auto ABS market raced back to life on Thursday with BMW pricing the senior notes of its Bavarian Sky 10 deal on the same day as Mercedes-Benz announced its return to the market with Silver Arrow 11.

Tom Brown, May 14, 2020
High grade and crossover bonds

Investment grade primary market delivers mixed bag of deals

Europe’s high grade corporate bond market offered investors an assortment of trades this week, with some defensive issuers managing to print inside fair value, while some of the more esoteric picks had to pay up.

Mike Turner, May 14, 2020
LevFin High Yield Bonds

Euro high yield market not ready to step up for rescue finance

While the US high yield market has delivered a deluge of secured rescue bonds to bail out airlines, cruise lines, car rental firms, hotels and other "zero revenue" virus casualties, European high yield has stayed sedate, cautious, and stuck to the safest sectors. Can the European bond market rise to rescue financing?

Owen Sanderson, May 14, 2020
Derivatives

CFTC warns market to be ready for negative oil return

As the June West Texas Intermediate crude oil futures contract’s expiry nears, the US Commodity and Futures Trading Commission has warned trading venues, clearinghouses and futures commission merchants that negative commodities futures prices could return.

Ross Lancaster, May 14, 2020

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