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SSA

CDP braves widening BTPs for Covid-19 response bond

Cassa Depositi e Prestiti pulled off a €1bn dual tranche Covid-19 response bond on Wednesday, capitalising on investors’ desire to deploy cash into coronavirus instruments to ride out a difficult market.

Lewis McLellan, April 15, 2020
Sovereigns

Greece takes €2bn but lacks fireworks

Greece did not attract the huge reception from investors that it has grown used to over the last few years, despite paying a considerable new issue premium and being eligible for the European Central Bank’s Pandemic Emergency Purchase Programme (PEPP).

Burhan Khadbai, April 15, 2020
High grade and crossover bonds

IG pair hog the limelight in primary market

High grade corporate bond investors piled into new deals again on Wednesday, with American Honda paying a lower than average new issue premium and Givaudan taking almost €18bn of orders for a dual tranche trade.

Mike Turner, April 15, 2020
LevFin People and Markets

JP Morgan marks down bridge book but no rush to exit

JP Morgan has taken an $820m writedown on its book of bridge loans, nearly halving its investment banking revenues for the first quarter. However, the bank is not hurrying to exit these positions. Chief executive Jamie Dimon said “a couple” of its bridges could be syndicated this quarter if conditions are supportive.

Owen Sanderson, April 15, 2020
SSA

SSA secondary pricing update: Cyprus sharply widens

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Tuesday, April 14. The source for secondary trading levels is ICE Data Services.

Burhan Khadbai, April 15, 2020
Investment Grade Loans

Hipgnosis latest to ramp up revolver

The UK’s Hipgnosis Songs has increased the size of its sterling revolving credit facility, as bankers say that the coronavirus crisis means many more borrowers will look to increase existing credit lines where they can.

Mike Turner, April 15, 2020
Covered Bonds

RBC brings fourth Canadian Kangaroo

Royal Bank of Canada on Wednesday became the fourth Canadian bank to issue an Australian dollar covered bond in April, pricing considerably tighter than its compatriots and in the largest size yet. The success the Canadians have enjoyed in Kangaroos is in stark contrast to a sterile sterling market.

Bill Thornhill, April 15, 2020
Asia

IADB turns to rupiah for Covid-19 response

The Inter-American Development Bank (IADB) tapped the Indonesian rupiah market for its latest Covid-19 response bond this week, becoming the first SSA to print a response bond in an emerging market currency.

Frank Jackman, April 15, 2020
Senior Debt

SG pays up to issue amid French bail-in supply rush

Société Générale continued the streak of French bail-in bond issuance on Wednesday but had to pay a higher new issue premium compared to its compatriots.

David Freitas, April 15, 2020
EM People and Markets

Hopes grow for SDRs but opposition could derail IMF's plans

Speculation is building ahead of the International Monetary Fund spring meetings this weekend that the multilateral lender is poised to inject much-needed liquidity by printing billions of its own currency, Special Drawing Rights.

Phil Thornton, April 15, 2020
ABS

AMAG pulls Swiss franc ABS after boosting bank debt

AMAG Leasing, a regular issuer in the small Swiss franc ABS market, pulled its planned Swiss Car ABS 2020-1 deal on Tuesday after investors declined to support the deal at a level the company found attractive. It had recently renewed its bank facility, and is also a regular issuer in the unsecured Swiss franc bond market.

Owen Sanderson, April 15, 2020
Equity

Macron offers hope for French equity market amid virus

French president Emmanuel Macron may have extended the country’s Covid-19 lockdown until May 11 but equity bankers took hope from his address to the country this week.

Sam Kerr, April 15, 2020

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