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Market News

Bankers, investors debate more permanent change to working practices

As European countries prepare to ease lockdown measures, those in capital markets are well aware that their day-to-day lives will not go back to how they were anytime soon. They have mixed views on working from home, but will an entirely new working culture emerge?

Aidan Gregory, April 30, 2020
Corporate Bonds

Downgraded Boeing lands $25bn as dollar bond record is smashed again

Boeing attracted a staggering $70bn of demand as it raised $25bn in the dollar bond market on Thursday, a sum that could fulfil all its funding needs this year.

David Rothnie, April 30, 2020
FIG

ECB’s new Peltro scheme sparks debate on carry trades

The European Central Bank (ECB) gave lenders even more of an incentive to use its Targeted Longer-Term Refinancing Operations (TLTRO) this week, dropping the potential rate of funding down to minus 1%. But the unveiling of a new unconditional lending scheme set tongues wagging, with market participants debating which banks might use the money and what they might put it towards, writes Tyler Davies.

Tyler Davies, April 30, 2020
Covered Bonds

Caffil shows revived route to public sector coronavirus cash

Caffil this week issued the first Covid-19 covered bond, securing vital funding for French hospitals to fight the pandemic. The deal emerged just as public sector borrowers, such as the German Laender, face mounting funding needs to cope with the pandemic, sparking debate over whether the hitherto moribund public sector Pfandbrief market could provide a vital source of cash, writes Bill Thornhill.

Bill Thornhill, April 30, 2020
SSA

Agencies under the pump in money markets

The European Central Bank’s press conference on Thursday did not provide the headline fireworks that its last meeting did. The sombre tone caused “disappointment” among investors and a slight widening of peripheral spreads. SSA issuers were also left dissatisfied with the bank’s lack of support for the money markets.

Lewis McLellan, April 30, 2020
EM LatAm

Lat Am bankers, tell me why you don’t like Fridays

When Ecopetrol, which has been talking about bringing a bond for a long time, chose to do so last Friday, after an oil price crash in the middle of the coronavirus pandemic, it took the market aback. Fridays, after all, are not when any self-respecting Latin American bond issuer comes to the market. But there is nothing typical about Latin America’s primary markets these days.

Oliver West, April 30, 2020
Derivatives

Open access faces new threat as doc shows new delay rationale

Open access, the much fought over and delayed section of the second Markets in Financial Instruments Directive (MiFID II), is facing further pushback, according to a European Council document seen by GlobalCapital.

Ross Lancaster, April 30, 2020
CLOs

European CLOs restart with caution, while US issuance picks up

The European CLO market is back in business, a few weeks on from the restart of primary issuance in the US. Both markets are moving cautiously to get back on track in the pandemic economy, tweaking deal formats, shortening reinvestment periods and looking at deal documents to see where there is room for flexibility to manoeuvre through a historic period of distress.

Owen Sanderson, April 30, 2020
ABS

Moody's slashes ratings on Hertz, Avis rental car ABS

Moody’s downgraded $10.6bn worth of rental car ABS notes from Hertz and Avis, citing weakened corporate credit profiles of both companies.

Jennifer Kang, April 30, 2020
Senior Debt

National champs start to play as second tier on sidelines

Banco Santander and Rabobank led senior bond supply in Europe this week, both issuing well-received non-preferred deals while Crédit Mutuel Arkéa went for the preferred format. National champions and other strong banks are lining up to issue while market conditions are conducive for deals, but lesser credits remain on the sidelines.

David Freitas, April 30, 2020
Supras and agencies

CAF lines up dollars after Cabei returns from wilderness

Corporación Andina de Fomento (CAF), the South American development bank, could follow fellow Lat Am multilateral Cabei into bond markets after mandating for an SEC-registered US dollar deal.

Oliver West, April 30, 2020
Derivatives

Cboe and FTSE Russell extend options agreement by 10 years

Cboe Global Markets and FTSE Russell have extended an agreement that will give the derivatives exchange exclusive rights to create options on the latter’s indices.

Ross Lancaster, April 30, 2020

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