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FIG

Euros to bulk large in flexible issuers’ 2020 funding after huge year

Euro bond issuance has soared this year, almost matching 2006's record, as financial institution, public sector and corporate issuers have taken advantage of nearly unbeatable pricing terms in the market. Bonds bankers predict that euros will shine again in 2020, though there are emerging signs that the growth in issuance may have reached its limit. Tyler Davies and Lewis McLellan report.

Lewis McLellan, December 18, 2019
Private debt

Fourth university sells US PPs this year as York takes £160m

The University of York has raised £160m ($209m) to fund student accommodation via US private placements, becoming the fourth university to enter the market this year.

Silas Brown, December 18, 2019
Asia

Formosa and FIG MTNs on course for big 2020

MTN bankers are tipping Formosa and senior non-preferred debt for big things in 2020. Both markets, along with MTNs as a whole, have had an underwhelming year as issuance failed to live up to the promise of a busy 2018.

Frank Jackman, December 18, 2019
Deutsche Bank working with Alpha on Galaxy NPL sale

Deutsche Bank has been mandated on Alpha Bank’s ‘Project Galaxy’ NPL sale, likely to be the first to use Greece’s new non-performing loan guarantee scheme known as ‘Hercules’. Like its compatriot Eurobank, the sale will include the spin-off of an NPL management division as well as the loan exposures themselves.

Owen Sanderson, December 18, 2019
Market News

IMF: news tone beats VIX as equity guide

The way that financial and economic news is reported is a better guide to variance in global equity returns than VIX, the CBOE Volatility Index, according to research by the International Monetary Fund.

Phil Thornton, December 18, 2019
Sovereigns

Hard Brexit concerns reverse Gilt losses

The shine from last week’s Conservative Party win in the UK general election has worn off in the UK Gilts market, due, in part, to fears that the country may crash out the European Union without a trade deal in place.

Lewis McLellan, December 18, 2019
Equity

ECM's 2020 hopes hang on Q2 as triple threat looms

Equity capital markets are fully firing again at the end of 2019, after a stressful year, but bankers hoping for a more fruitful 2020 are acutely conscious that most of their hopes are riding on the second quarter window, and that an ugly trinity of political risks is threatening the market. Sam Kerr reports.

Sam Kerr, December 18, 2019
Derivatives

CFTC issues no action relief on Libor as FSB ups pressure

The US Commodity Futures Trading Commission has issued no action relief for market participants’ transition from swaps referencing Libor to alternative reference rates.

GlobalCapital, December 18, 2019
LevFin

Default rate to rise in Europe next year after eerily quiet 2019

Europe will probably see an increase in rates of corporate defaults in 2020 as credit quality deteriorates. Moody’s expects the rate of defaulting junk-rated issuers to triple, pushing the figure above the long-term average after an extraordinarily quiet year.

Karoliina Liimatainen, December 18, 2019
Equity-Linked

NMC saga injects more fraud fear into equity-linked market

Equity-linked bond investors were left hurting again this week after bonds and shares in NMC Healthcare, the London-listed Emirati private healthcare business, were hit by accusations of fraud by short seller Muddy Waters. This is another painful episode for the convertible bond market after its troubles with Wirecard earlier in 2019, and an earlier scandal at Steinhoff International.

Aidan Gregory, December 18, 2019
Private debt

More than a dozen UK councils eyeing US PP market

As many as 15 to 20 UK local authorities are considering come to the US private placement market in the first half of 2020, according to three investors, after the UK Treasury decided in October to raise the cost it charges councils to borrow from the central government.

Silas Brown, December 18, 2019
Leader

Crunch time for DCM tech: let the best one win

This year GlobalCapital has reported extensively on the various debt capital markets technology platforms being developed by both the public and private sectors. But which will come out on top? We should get an answer in 2020.

Burhan Khadbai, December 18, 2019

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