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Leader

'Price now' was the right call, finally

Speak to enough sell-side capital markets bankers and a few patterns start to emerge. For all the talk of putting the client first and understanding their needs, the advice from syndicate and DCM shows a certain bias towards doing bond deals.

Owen Sanderson, March 05, 2020
Supras and agencies

RBA cuts rates to record low, mulls QE

The Reserve Bank of Australia (RBA) on Tuesday slashed rates to a new low of 0.5% in response to the financial impact of the Covid-19 coronavirus outbreak. As Aussie dollar rates move lower, the introduction of quantitative easing is on the cards.

Frank Jackman, March 05, 2020
LevFin High Yield Bonds

Amigo Holdings shares and bonds dive as founder slams management

Shares in guarantor loans company Amigo Holdings plunged more than 25% at the open on Thursday while its high yield bond, a 7.625% 2024, was marked down more than 30 points, as founder James Benamor quit the board, then published a lengthy blog post describing the company as "committing slow motion suicide". Amigo hit back quickly with a statement rejecting many of Benamor’s comments but prices failed to bounce back.

Owen Sanderson, March 05, 2020
Supras and agencies

All eyes on EFSF after week in limbo for euro SSA supply

Market participants will be keeping a close eye on how a deal from the European Financial Stability Facility (EFSF) will proceed next week, as it could well re-open the euro supranational and agency bond market after issuers shied away from doing deals this week, amid volatile market conditions and an improved cross-currency basis swap for euro funders to issue in dollars.

Burhan Khadbai, March 05, 2020
Asia

HSBC creates GBM unit to ditch RWAs

Thierry Roland has been picked to lead HSBC’s new RWA Optimisation Unit, where the bank will put assets that do not meet its return requirement.

Jasper Cox, March 05, 2020
People News

People moves in brief

Aberdeen Standard's Milligan to quit — Daiwa's Hultgren leaves over Frankfurt relocation — MUFG picks Domann

GlobalCapital, March 05, 2020
ABS

SocGen, CreditAg complete African microfinance solar securitization

NEoT Offgrid Africa (NOA) has completed a microfinance securitization of sub-Saharan African solar trade receivables with arrangers with Société Générale and Credit Agricole to help fund renewable electricity across the Ivory Coast.

Tom Brown, March 05, 2020
Follow-ons and Rights issues

Capita plummets 40% on investment warning

Capita raised £719m of equity in May 2018 via a deal that was billed as the path to securing its financial future after a difficult period for the outsourcing sector. However, the firm has now conceded that the amount raised was not enough to offset its decline in revenues.

Aidan Gregory, March 05, 2020
Derivatives

Derivatives exchanges report record volumes as volatility spikes

Demand for exchange-listed derivatives soared during February, with Cboe Global Markets, CME Group and Intercontinental Exchange hitting record average daily volumes during the month.

Ross Lancaster, March 05, 2020
High grade and crossover bonds

Investors pile in as virus forces IG corps into tight windows

Europe's high grade corporate bond issuers are being pushed into tight issuing windows by volatility caused by the Covid-19 coronavirus. But investors are prepared for this and so far deals have found strong backing.

Mike Turner, March 05, 2020
Sub-sovereigns

Lancashire scores with first MBA bond

Lancashire County Council raised £350m ($453.5m) of five year cash on Thursday through the UK Municipal Bonds Agency platform. It is the first local authority to do so since the MBA was set up.

Lewis McLellan, March 05, 2020
Supras and agencies

KBN storms ahead while EBRD underwhelms with index-linked Sofr

It was a mixed picture in the dollar public sector bond market on Thursday. A Norwegian agency was able to tighten the spread of its five year fixed rate trade on the back of a well subscribed order book. But a supranational was not able to achieve the same momentum for an intraday three year Sofr-linked floating rate note.

Burhan Khadbai, March 05, 2020

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