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FIG People and Markets

Popular bondholders will not be compensated, says SRB

The Single Resolution Board found this week that investors in Banco Popular would not have been any better off had they been put through an insolvency rather than a resolution. Creditors and shareholders will therefore not receive any compensation.

David Freitas, March 18, 2020
Emerging Markets

Swap lines debate stirs in EM amid scramble for dollars

As volatility batters markets and participants scramble to hold dollars, calls are growing for the US Federal Reserve to extend the swap lines that it used during the 2008 crisis to emerging market central banks.

Ross Lancaster, March 18, 2020
Follow-ons and Rights issues

France prepares to nationalise in coronavirus war

Governments across Europe are scrambling to support businesses as the rapid spread of the coronavirus batters their economies. In France, the state is in discussion with its advisors about preparing to step in and take equity stakes in companies showing signs of stress, according to sources speaking to GlobalCapital.

Sam Kerr, March 18, 2020
Covered Bonds

Covered bond bids evaporate as short end goes into meltdown

The dash for cash has had big repercussions on the short end of the covered bond market, where yields are now positive, even for German names.

Bill Thornhill, March 18, 2020
SSA

Gilts and Treasuries sell off on fiscal promises

The promises of economic support for economies battered by coronavirus from the UK and US governments have caused their curves to cheapen sharply, driving up borrowing costs.

Jasper Cox, March 18, 2020
Corporate Bonds

Europe’s corporate bond market looks to US, for sentiment and technique

Companies are eyeing the European corporate bond market with a view to issuing when they see a chance, but hopes that deals could restart on Wednesday after Tuesday’s heavy US issuance were dashed when markets weakened overnight. Amid the turmoil, bankers are eager to try the new “straight to launch” syndication method being used in New York.

Jon Hay, March 18, 2020
SSA People and Markets

ECB intervenes as govvies pummelled

Eurozone government bond yields jumped higher early on Wednesday morning, unmoved by reports of a potential breakthrough for the issuance of common EU debt instruments. The European Central Bank is suspected to have stepped in to try and control the situation, with spreads to Bunds having moved to their widest points for a year or more.

Lewis McLellan, March 18, 2020
ABS

Citi traders step up to push Oodle deal through tough markets

Used car lender Oodle Car Finance opted to place its second-ever securitization with Citi's trading desk, locking in a bond exit which can be dribbled out to market, rather than extend its warehouse line.

Tom Brown, March 18, 2020
SSA

CFTC slashes work from home rules but UK tinkers

The US Commodity Futures Trading Commission gave market participants adapting to working from home some relief late on Tuesday, with sweeping no-action relief on voice recording requirements. The UK’s Financial Conduct Authority hasn’t gone so far, but has offered firms some flexibility.

Ross Lancaster, March 18, 2020
Private debt

Dyson braves private markets amid Covid-19 storm

UK manufacturer Dyson is looking for at least £250m of debt, according to several market sources, in a private placement set to close in the middle of the pandemic that has largely shut public markets in Europe and the US.

Silas Brown, March 18, 2020
LevFin Leveraged Loans

CapVest cans Curium sale as carnage hits M&A

CapVest has cancelled the planned sale of Curium Pharma, as market conditions wrecked the investment appetite of the three final round bidders and banks cut financing commitments. It was one of the larger M&A financings slated for syndication in the second quarter, but with the Crossover index now trading over 650bp, compared with close to 200bp when first round bids were due, the three sponsors in the final round would have struggled to get a deal away.

Owen Sanderson, March 18, 2020
Equity-Linked

Extreme daily vol puts equity capital raising on hold

The wild daily swings in equity markets and stratospheric levels of volatility caused by the Covid-19 crisis has left equity capital markets bankers with very little to do, beyond waiting for the market to find a floor when executing transactions becomes feasible once again.

Aidan Gregory, March 18, 2020

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