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Asia

Yes Bank AT1 write-off: a wake up call

The decision by the Reserve Bank of India to permanently wipe out Yes Bank’s Rp84.15bn ($1.14bn) Basel III-compliant additional tier one bond left the market in awe of the central bank’s tough stance. But it could be just what investors need right now.

Addison Gong, March 19, 2020
Emerging Market Loans

Suek braves volatility to re-enter market

Siberian Coal Energy Co (Suek) is seeking financing from lenders, according to two market sources. The borrower is braving lenders' wariness about coal companies, which last year weighed on demand for a Suek loan, and the global volatility caused by the spread of the Covid-19 virus.

Mariam Meskin, March 19, 2020
Syndicated Loans

GlobalCapital's RCF drawdown and new credit line tracker

GlobalCapital has compiled a short list of companies known to have drawn their revolvers or arranged new loans since the coronavirus crisis engulfed markets.

Owen Sanderson, March 19, 2020
High grade and crossover bonds

Corporate credit tightens sharply on new €750bn ECB programme

Corporate credit spreads bounced back on Thursday after the European Central Bank announced a new €750bn bond buying programme to battle the economic fallout from the coronavirus, but syndicate bankers said that there would likely need to be a longer period of stability before the primary market reopens.

Mike Turner, March 19, 2020
Asia

In the heat of the moment

The stress of Covid-19 is getting to us all. Especially those of us whose main form of exercise is rigorous sitting.

Taipan, March 19, 2020
EM LatAm

Lat Am lacking fiscal capacity as bonds take more pain

Latin American governments looking to shore up their economies in the fact of the coronavirus pandemic generally have less room for fiscal stimulus than they did before the 2008 financial crisis, warned Fitch Ratings on Wednesday as the region’s bond markets plunged even further.

Oliver West, March 19, 2020
CLOs

Triple-A CLO paper eligible for Fed's PDCF

The Federal Reserve said this week that it would revive its Primary Dealer Credit Facility, expanding the program to include triple-A rated CLOs, as the central bank dives deeper into the crisis era playbook to stem the fallout from the coronavirus crisis.

Paola Aurisicchio, March 18, 2020
Regulation

Bridgewater unwinds European shorts, other speculators attack bans

Prominent short sellers have criticised European financial regulators’ clampdown on short selling as being counterproductive. Meanwhile, US hedge fund Bridgewater Associates has been unwinding its multibillion short positions in European stocks, after price falls across indices on the continent in recent days.

Jasper Cox, March 18, 2020
Government-guaranteed ABS prices amid market freeze

The Small Business Administration (SBA) priced a government-guaranteed small business loan securitization this week in an otherwise frozen primary market. The role of government agencies such as the SBA is expected to be crucial in mitigating Covid-19’s impact as many other issuers find themselves paralysed in the face of volatility.

Jennifer Kang, March 18, 2020
FIG People and Markets

EXCLUSIVE: European supervisors ready help for banks with IFRS 9 woes

European banking supervisors are looking into ways to help banks offset the impact that rising credit risks will have on their capital levels, with the industry heaping criticism on the IFRS 9 accounting standard for making the coronavirus crisis even worse than it should be.

Tyler Davies, March 18, 2020
LevFin High Yield Bonds

HPS primes Pizza Express bondholders with new £70m rescue pack

HPS Investment Partners is providing a super senior loan of £70m to troubled UK casual dining chain Pizza Express, paying back borrowing from owner Hony Capital and bank creditors, but pushing the bondholders' 6.625% £465m secured bonds down the recovery waterfall.

Owen Sanderson, March 18, 2020
Investment Grade Loans

Lenders honour pre-virus terms but pricing rockets

Germany's Covestro and the UK's 3i have both signed new revolving credit facilities with terms that were agreed before the Covid-19 pandemic sent markets plunging, but lenders said that new deals will have far higher margins.

Mike Turner, March 18, 2020

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