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ABS

ABS research veteran McElravey departs Wells Fargo

Consumer ABS research analyst John McElravey has left Wells Fargo after 13 years with the bank, according to a company spokesperson. McElravey most recently served as the managing director and the head of consumer ABS research.

Jennifer Kang, February 04, 2020
LevFin CLOs

Man GLG scores tighter, shorter triple-A

Man GLG Euro CLO VI on Monday printed triple-A notes at 90bp, a new senior tranche tight for 2020 — but with a shorter reinvestment period than its peers. The deal was at first slated for last year, with the original warehouse set to expire in December, but the manager pushed into 2020 and benefited from a broad market rally — and from splitting the equity tranche.

Owen Sanderson, February 04, 2020
Asia

Equity market should fear coronavirus threat to China GDP

A fall in equity markets last week reflected an automatic reaction to the possibility of a new global pandemic. But the more substantial effect of the coronavirus outbreak on equities may be reflected in economic performance, rather than the rate of contagion.

Sam Kerr, February 04, 2020
LevFin Leveraged Loans

Sector Alarm follows suit in repricing divi deal

Sector Alarm, the Norwegian-based home security company, is looking to reprice its leveraged loan debut from last year, cutting the margin on the €590m facility from 350bp at issue down to 300bp-325bp. The move follows a wave of loan repricings and refinancings from some of the largest issuers, as credit markets continue to tighten despite increased jitters around global growth and the spread of coronavirus.

Owen Sanderson, February 04, 2020
Corporate Bonds

Tuesday trio to spur reverse Yankee issuance

IBM Corporation issued a bond in euros on Tuesday, while Comcast Corporation and Dow Chemical came out with mandates in the currency. The deals come at a time when reverse Yankee issuance has been flagging compared with last year.

Jasper Cox, February 04, 2020
Sub-sovereigns

Quebec readies Canadian dollar green bond

The Province of Quebec has hired banks to lead a new Canadian dollar green bond — its first since the start of last year.

Frank Jackman, February 04, 2020
RMBS

Lloyds preps second Syon risk transfer securitization

Lloyds is working on another risk transfer deal referencing its high loan-to-value mortgage portfolio, following last year’s debut Syon Securities 2019 issue. Mortgage risk transfer deals are almost unheard of outside the US, thanks to the low risk weights usually applied to performing mortgages, making last year’s Lloyds debut a landmark in synthetic securitization.

Owen Sanderson, February 04, 2020
SSA

EIB and Quebec open the floodgates for dollar SSA market

The European Investment Bank and the Province of Quebec were well subscribed as they re-opened the dollar SSA market following the extended Lunar New Year holiday. Two more public sector borrowers will follow with dollar bonds on Wednesday, ahead of what is expected to be a busy month in the currency.

Burhan Khadbai, February 04, 2020
SSA

Finland smashes book record with positive-yielding 16 year

Finland received record demand for its first syndication of the year on Tuesday. The sovereign was joined in the long end of the curve by the State of North Rhine Westphalia as it tapped its February 2038s.

Burhan Khadbai, February 04, 2020
Asia

Agencies score with ESG paper

The Japan Finance Organisation for Municipalities printed the first deal from its budding green bond programme on Tuesday, impressing onlookers with a large book and aggressive price move. The trade shared the market with a social housing bond from Cassa Depositi e Prestiti.

Lewis McLellan, February 04, 2020
Private debt

Irish renaissance rumoured in USPP market

Private placement market participants have told GlobalCapital that a decade on from Ireland’s sovereign debt crisis more of its companies are starting to consider private placements again, as agents predict institutional investors will be appreciative of the country’s rapid recovery.

Silas Brown, February 04, 2020
Covered Bonds

Santander UK brings ‘party of firsts’

Santander UK was set to issue the first ever covered bond linked to Sofr on Tuesday, as part of a dual-tranche offering that established a number of other firsts. The deal included the first 144A dollar covered bond from a UK issuer since 2012, the first seven year covered deal linked to Sonia, and it also marked the first time that a borrower has sold dollar and sterling covered bonds simultaneously.

Bill Thornhill, February 04, 2020

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