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Corporate Bonds

Corps and banks raise $44bn in US show of strength

Investment grade corporate and financial institution borrowers showed their strength with more than $44bn of US bond issuance in two frenetic windows this week, after central banks took emergency action to avert a global depression.

David Rothnie, March 19, 2020
Supras and agencies

SSAs ready borrowing increases but buyers duck market amid vol

The European Central Bank threw the kitchen sink at the bond market this week with its Pandemic Emergency Purchase Programme (PEPP). Borrowers are assessing their funding programmes, which will rise in response to the Covid-19 pandemic. But they are in no hurry to sell new issues, with investor appetite minimal in the secondary market.

Burhan Khadbai, March 19, 2020
Leader

Borrow like there’s no tomorrow

“There are decades when nothing happens; and there are weeks when decades happen.” So said Vladimir Lenin, although the founder of Soviet Russia probably didn’t write this with the capital markets in mind.

Jon Hay, March 19, 2020
ABS

Bankers get the orders to steer clear of aircraft ABS

Many investment banks are circulating orders for bankers not fund any committed debt transactions in the aircraft sector, including ABS deals, a decision spurred by market volatility from Covid-19. On top of restrictions on in-person meetings, macro factors such as city lockdowns and travel bans are putting a damper on the new issue pipeline.

Jennifer Kang, March 19, 2020
SSA

Swaps liquidity collapse adds to SSA burden

Wild swings in the euro/dollar basis swap, and an unreliable interest rate swap complicated bond execution in the SSA market this week. While some liquidity has returned in rates, cross currency swaps are still behaving very strangely.

Lewis McLellan, March 19, 2020
FIG People and Markets

Banks demand capital support as credit risks surge

International banks are at risk of depleting their capital reserves as they try to keep credit flowing to companies through the coronavirus crisis. Governments and regulators have already responded, but the sector is screaming out for more work to be done to ease the burden of complying with stringent accounting and supervisory rules, reports Tyler Davies.

Tyler Davies, March 19, 2020
CLOs

CLO pros under stress, but holding out for loan recoveries

CLO managers and investors are facing a nearly unprecedented crisis in corporate credit, but sources say that while defaults loom, they are hopeful recovery rates will deliver the market from disaster.

Paola Aurisicchio, March 19, 2020
Derivatives

CDS index rolls to go ahead, despite Covid-19 volatility

IHS Markit is continuing with the Friday rolls for its popular CDX and iTraxx indices, despite the extreme volatility affecting credit markets as Covid-19 and low oil prices spread uncertainty.

Ross Lancaster, March 19, 2020
RMBS

European securitization looks to US bank treasuries for second rescue

After the 2008 financial crisis, JP Morgan’s chief investment office restored the European securitization markets, buying billions of UK and Dutch RMBS. Now, market players are looking to JP Morgan and Citigroup’s CIO units again to scoop up senior securitization bonds and backstop the market.

Owen Sanderson, March 19, 2020
Bank Strategy

Covid-19 trading boost mitigates pressures at big investment banks

The biggest investment banks are enjoying strong trading revenues from the market moves related to the coronavirus pandemic, alleviating a freeze in M&A and underwriting activity. The banks appear well-placed to deal with corporate drawdowns, although there is some debate around wider liquidity profiles.

Jasper Cox, March 19, 2020
Derivatives

Open outcry shuttered, as CME fights against shortened trading

Exchanges around the world have closed their open outcry pits as the threat of Covid-19 has shunted trading over to electronic formats.

Ross Lancaster, March 19, 2020
Sovereigns

Reserve Bank of Australia to start quantitative easing

The Reserve Bank of Australia (RBA) is to start quantitative easing for the first time, it said on Thursday, while earlier this week the Reserve Bank of New Zealand (RBNZ) slashed rates and the New Zealand Treasury set out plans to increase its bond market borrowing.

Frank Jackman, March 19, 2020

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