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Derivatives

Vol shock triggers reassessment in equity derivatives

Wild swings in equity market volatility have caused a rush to reassess derivatives positions, as the cost of hedging increases and weakness emerges in more exotic products.

Ross Lancaster, March 11, 2020
Senior Debt

Bank bonds bounce as market welcomes Covid-19 stimulus

Spreads on financial institutions bonds are recovering from a brutal sell-off at the beginning of the week, as European governments and central banks weigh in to help economies deal with the Covid-19 coronavirus outbreak.

David Freitas, March 11, 2020
Corporate Bonds

Corporate bond markets revive again after latest virus spasm

Once again, corporate bond markets have staged a recovery after a shutdown of several days as asset prices plummeted in response to the growing coronavirus outbreak. Three industrial companies plus JP Morgan issued bonds in the US on Tuesday, which “all went exceptionally well” according to a head of syndicate in London. Danone launched on Wednesday the first euro corporate issue of the week, paying a high spread but small new issue premium.

Jon Hay, March 11, 2020
Securitization People and Markets

EU Parliament struggles to wrap up NPL trading directive

Members of the European Parliament have still not found the right balance between cleaning banks’ balance sheets and ensuring appropriate control of debt servicers and protection of retail borrowers, causing a delay to plans to reform non-performing loan sales.

Jean Comte, March 11, 2020
ABS

NSF agrees to £200m securitization facility with Ares

Non-Standard Finance (NSF) has announced a six-year £200m securitization facility with Ares Management Corporation providing credit funds.

Tom Brown, March 11, 2020
Emerging Markets

EM weaknesses scrutinised as primary shuts

As emerging market bond fund outflows pick up pace, the new issue market may be shut for longer than many bankers and investors were anticipating even a fortnight ago. Now, attention is turning to which countries will struggle if external markets are shut or funding becomes more expensive.

Francesca Young, March 11, 2020
Asia

Fiscal splurge to underwrite EU's ‘coordinated’ Covid-19 response

The European Union is set to make at least €25bn of budget funding available for sectors affected by the Covid-19 coronavirus, as its institutions join forces to tackle the economic impact of the outbreak. Rules on state aid and public finance will also be loosened, giving member states more room to launch fiscal stimulus measures.

Tyler Davies, March 11, 2020
RMBS

CIFD braves European market with lone RMBS

Credit Immobilier de France Development (CIFD) is only consumer issuer out in the European securitization primary market, facing volatile market conditions in a week beset by equities swings and talks of a virus-led global recession.

Tom Brown, March 11, 2020
People News

Congleton quits RBC

One of the internal candidates to become the next permanent head of European M&A at RBC Capital Markets has quit to join a boutique.

David Rothnie, March 11, 2020
Regulatory Capital

Deutsche becomes second bank to extend an AT1

Deutsche Bank said this week that it will keep its $1.25bn 6.25% additional tier one outstanding beyond its first call date, having become the second European bank to extend the life of an AT1 for economic reasons.

David Freitas, March 11, 2020
SSA MTNs and CP

Oil crash to affect niche MTN issuance

The recent fall in the price of oil is having a knock-on effect on non-core currency issuance. While oil dependent markets could take a hit as their currencies weaken, some net importers could benefit from a stronger currency and safe haven flows.

Frank Jackman, March 11, 2020
Equity

Bridgewater placed a €10.5bn European short on Monday

On Monday, a day when European stock indices plummeted, hedge fund giant Bridgewater Associates was executing short positions against 37 of the continent's companies, particularly in France, Germany, Spain and the Netherlands.

Jasper Cox, March 11, 2020

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