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EM LatAm

Ecuador austerity plan fails to put floor on bonds

President Lenin Moreno’s announcement of austerity measures that could raise $2.25bn, as well as the possibility of cheaper bank loans, was not enough to stop Ecuador’s bonds plunging towards the 40 mark as oil prices fell further on Wednesday. But the sovereign is expected to make a $350m coupon payment on March 24 and some are seeing signs of encouragement in the government’s reaction.

Oliver West, March 12, 2020
CLOs

CLOs to sidestep oil chaos as exposures dwindle

The 30% drop in the price of crude oil as Saudi Arabia kicked off a price war this week is causing anxiety in the CLO market and a flashback to the oil plunge of 2016, though data shows that the sector is far less exposed than during past crises.

Paola Aurisicchio, March 11, 2020
Small business issuers should brace for disruption, sources say

Small business ABS lenders should reconsider bringing deals to market and expect to see disruption of cashflows to outstanding deals, with Covid-19 now declared a worldwide pandemic.

Jennifer Kang, March 11, 2020
Corporate Bonds

Bond liquidity holding up, though markets chaotic

Liquidity in corporate, financial and emerging market bonds has certainly been affected by the recent stress caused by the Covid-19 coronavirus pandemic. But there has not been a catastrophic collapse. Participants say markets are still functioning, and some means of trading have benefited.

Jasper Cox, March 11, 2020
Sovereigns

UK DMO to borrow most since 2012 after big Budget promises

The UK has pledged £30bn ($37.62bn) of stimulus to cushion the coronavirus pandemic’s economic impact, and now the Debt Management Office’s remit is expected to be £40bn higher than last year. But the Budget, delivered by UK chancellor Rishi Sunak on Wednesday, seemed to have little effect on Gilt yields, despite rising on the day.

Jasper Cox, March 11, 2020
LevFin CLOs

CLO market escapes hard stop as CSAM finds new level

Credit Suisse Asset Management priced the first deal since Monday’s market collapse through Citi on Wednesday — raising hopes that the large number of open warehouses will escape being stuck on bank balance sheets and find their capital markets exits.

Owen Sanderson, March 11, 2020
Supras and agencies

IFC brushes off vol with impressive social bond

International Finance Corporation defied volatility to achieve an impressive result in the dollar public sector bond market on Wednesday as it managed to bring in the spread by 4bp to price through the European Investment Bank.

Burhan Khadbai, March 11, 2020
Follow-ons and Rights issues

Costain Group readies £100m recap after difficult 2019

Costain Group, the UK construction and engineering firm, has unveiled a £100m capital increase to shore up its balance sheet following a disappointing set of 2019 results.

Aidan Gregory, March 11, 2020
Equity

Banks hope ‘defensive’ investors back AMS rights issue

AMS, the Austrian sensor maker, has launched a Sfr1.75bn (€1.65bn) rights issue, despite volatile equity markets but bankers hope that the attractive entry price and the steady nature of the company itself will be enough to ensure a successful deal, despite difficult equity markets.

Sam Kerr, March 11, 2020
Covered Bonds

Scotia shows covered bond leadership

Bank of Nova Scotia (BNS) became the first bank outside Europe to issue a deeply negative yielding covered bond in a good size on Wednesday. The transaction provided a beacon for other issuers and was perfectly timed to benefit from a window of market stability between Monday’s and Thursday’s shocking volatility.

Bill Thornhill, March 11, 2020
Investment Grade Loans

Banks prepared to help steer companies through volatility

Several loans bankers have said that the difference between the volatility prompted by the spread of Covid-19 and previous market shocks is that banks are better capitalised this time around, so key clients should have enough to support to help them through tricky times.

Mike Turner, March 11, 2020
Regulation

Bank of England's triple whammy offers limited reassurance

The Bank of England’s unscheduled decision to cut rates and encourage banks to lend to the real economy on Wednesday morning was viewed as a powerful step by some in the market, although it is very unlikely to put to bed economic uncertainty over the impact of coronavirus.

Jasper Cox, March 11, 2020

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