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EM Middle East

Kuwait's Equate stuns with triple-tranche pitch

Kuwait's Equate Petrochemical stuck its head above the parapet this week, holding investor calls for a triple-tranche bond issue.

Ross Lancaster, March 24, 2020
LevFin High Yield Bonds

Intrum tumbles as Muddy Waters takes aim

Intrum’s share price dropped sharply this week after short seller Muddy Waters disclosed it was betting against the firm’s stock price. The debt purchasing sector has been a popular target for short sellers for years, but the impact of coronavirus and associated measures is a further heavy blow.

Jasper Cox, March 24, 2020
Equity

Locked down firms need equity raises but big deals must wait

The UK government’s decision to lock down the country on Monday night has increased talk that companies, retailers in particular, will soon need equity capital market funding. However, with market volatility still high, recapitalisations will have to be small, or they will have to wait.

Sam Kerr, March 24, 2020
Private debt

BBC refinancing delayed as uncertainty lingers

BBC Commercial Holdings, a commercial subsidiary of the BBC that produces and sells content to other broadcasters across the world, has decided to delay a £170m debt refinancing in the US private placement market, according to market sources, as bankers struggle to cope with price discovery.

Silas Brown, March 24, 2020
High grade and crossover bonds

Companies skip into bond market as one day's stability is enough

Confectionery company Néstle, soft drink maker Coca-Cola European Partners and French pharmaceutical company Sanofi piled into Europe's bond market with new issues on Tuesday, suggesting that borrowers are increasingly eager and quick to react when the market shows any signs of stabilising.

Mike Turner, March 24, 2020
Covered Bonds

ECB steps up secondary covered bond purchases

In the absence of primary issuance, the European Central Bank has ramped up its covered bond purchasing in the secondary market. But, since it has yet to speed up buying under its newly set up Pandemic Emergency Purchase Programme (PEPP), there are high hopes that liquidity will soon be restored.

Bill Thornhill, March 24, 2020
Regulatory Capital

Fed tweaks TLAC rules to help banks make distributions

The US Federal Reserve has made it easier for the country's banks to eat into their total loss-absorbing capacity (TLAC) buffers without facing restrictions on equity and debt distributions.

Tyler Davies, March 24, 2020
Private debt

Laments of ‘juniorisation’ as crisis measures resurface

Cuts made to senior staff in the debt markets are coming home to roost now that the effects of the Covid-19 pandemic are coming to bear on loans and private placements. Old hands that navigated the previous crises are in short supply as borrowers and investors look to implement deal amendments to cope with a coming recession.

Silas Brown, March 24, 2020
Covered Bonds

European bank treasurers await return of liquidity

European covered bond issuers are waiting for liquidity to normalise before printing new deals and will rely upon their access to emergency central bank liquidity lines instead, three funding officials told GlobalCapital. They are also contacting customers to better understand how their loan and deposit books are likely to change before deciding how their funding strategies should be revised.

Bill Thornhill, March 24, 2020
Equity-Linked

FCA says no to UK shorting ban despite European crackdown

The Financial Conduct Authority, the City regulator, has said it will not introduce a short selling ban, since there was no proof that short selling was responsible for the recent market falls.

Aidan Gregory, March 24, 2020
Sub-sovereigns

German states’ funding hitting €100bn not ‘unrealistic’, says global DCM head

The combined capital markets funding of German states in 2020 will substantially rise and could return to the levels seen at the height of the global financial and eurozone sovereign debt crises, according to a global head of debt origination.

Burhan Khadbai, March 24, 2020
Asia

Banks kick off RMB interest rate options trading

A group of 23 banks and 12 securities houses completed 154 renminbi interest rate option (IRO) transactions worth Rmb12.8bn ($1.81bn) on Monday. The new derivatives product is viewed as a solid step for China’s interest rate reform.

Rebecca Feng, March 24, 2020

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