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Supras and agencies

SSA secondary pricing update: Treasury spreads gap wider amid vol

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, March 16. The source for secondary trading levels is ICE Data Services.

Burhan Khadbai, March 17, 2020
Asia

AIIB re-opens Beijing headquarters following Covid-19 lockdown

The Asian Infrastructure Investment Bank re-opened its headquarters in Beijing on Monday after being shut for weeks as a result of the outbreak of the coronavirus, which began in China but quickly spread across the world.

Burhan Khadbai, March 17, 2020
Private debt

Investors pull out of Heathrow PP amid pricing volatility

Three institutional investors pulled out of a private placement for London's Heathrow airport according to market sources, amid pricing volatility due to Covid-19 and as airports take stock of how much the virus will impact their businesses.

Silas Brown, March 17, 2020
ABBs-Block Trades

Market violence to make blocks painful for forced sellers

The crash in share prices as the coronavirus pandemic has gathered pace is soon likely going to force some sellers to execute equity block trades to cover loans secured against stock, or just to access capital quickly. But these sellers are going to have to stomach heavy discounts to get the liquidity required to execute trades, as one company proved on Monday night.

Sam Kerr, March 17, 2020
Emerging Markets

DCM bankers pitch EM buy-backs but gain no traction

Some DCM bankers have started pitching bond buybacks to EM issuers after the sharp fall in bond prices, but there has been no uptake yet as despite expected slower growth, borrowers are reluctant to spend money when they have no confidence of regaining market access in the coming months.

Francesca Young, March 17, 2020
Emerging Markets

Redemptions skewer EM funds' eye for opportunity

Redemption requests have are hitting EM bond fund managers fast this week, making some of the opportunities created by extreme market volatility hard to seize.

Ross Lancaster, March 17, 2020
Investment Grade Loans

Banks prepare for mass RCF drawdowns despite borrowers' qualms

The coronavirus crisis is shaking up companies' financing arrangements in the most drastic way since the 2008-9 financial crisis, as firms strive to secure liquidity for what are likely to be many tough months. So far there have been only a few high profile cases of companies drawing down revolving credit facilities, but this is expected to grow, as long-established norms crumble and new patterns emerge.

Jon Hay, March 17, 2020
Covered Bonds

Canadian bank trio try covered bond market but others will seek ECB refuge

Royal Bank of Canada, Toronto Dominion Bank and Canadian Imperial Bank of Commerce all attempted to access the covered bond market on Tuesday with euros clearly showing more depth than sterling. The fact the three issuers were in the market simultaneously, whilst a fourth was monitoring the market, is not coincidental and contrasts with European and UK issuers that already have a central bank liquidity life line.

Bill Thornhill, March 17, 2020
Emerging Market Loans

Bank Muscat raises debt despite downgrade

Oman’s Bank Muscat, which is part-owned by the Sultanate of Oman, raised a $650m loan from international lenders. The loan was announced amid Moody's downgrading the bank and the Omani sovereign, the latest in a string of rating actions that have pushed the challenged Gulf nation into junk territory.

Mariam Meskin, March 17, 2020
EM LatAm

Lat Am bonds cheapen after reversing Friday gains

Latin America bond issuers and investors were thrown deeper into the coronavirus crisis on Monday, with Friday’s spread tightening more than cancelled out as the US Federal Reserve’s surprise 100bp rate cut on Sunday failed to arrest a fall in risk assets.

Oliver West, March 17, 2020
High grade and crossover bonds

UK help unlikely to stop freefall in corporate bond prices

The UK government will announce a rescue plan for businesses on Tuesday after the prime minister changed guidance on dealing with the Covid-19 coronavirus the day before. But corporate bond bankers and investors believe it will do little to stop corporate bond prices from languishing.

Mike Turner, March 17, 2020
SSA People and Markets

ESM's role in virus fight debated as Eurogroup unveils plans

Market participants are debating whether the EU is responding quickly and strongly enough in the coronavirus crisis, after the bloc put off the question of how to involve the European Stability Mechanism on Monday evening.

Tyler Davies, March 17, 2020

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