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EM LatAm

Brazilian HY duo to test appetite

After bankers said Braskem’s blow-out bond issue this week was a vote of confidence for Brazil’s economic turnaround, a small single-B rated bank and an infrastructure company that underwent a restructuring just a year ago a set out to provide a tougher test of demand.

Oliver West, October 31, 2019
EM Bond Comments

Mamoura USD1bn 2.5% Nov 24, USD1bn 2.875% Nov 29, USD1.5bn 3.7% Nov 49

Guarantor: Mamoura Diversified Global Holdings

Ross Lancaster, October 31, 2019
EM LatAm

Agencies give split default verdict on Famsa exchange

Mexican retailer Grupo Famsa is looking to gain some breathing room with an exchange to push out a looming bond maturity. Yet though Standard & Poor’s and Fitch both consider this a “distressed” deal, only Fitch is planning to cut the borrower’s rating to default.

Oliver West, October 31, 2019
Derivatives

Elizabeth warrants: SG urges US election hedge

As Elizabeth Warren’s chances of clinching the Democratic Party nomination for the 2020 US presidential election increase, so have investors' needs to hedge the volatility that a free market sceptic will bring to the country's equity markets. Société Générale believes it has a solution.

Ross Lancaster, October 31, 2019
EM Middle East

Investors search for entry point as Lebanon debt chaos peaks

The wild volatility gripping Lebanese hard currency bond markets has international investors keenly eyeing the soaring yields on offer. But with no clear path to market-friendly reforms in the country, trying to grab a bargain is still a trade for the brave, writes Ross Lancaster.

Ross Lancaster, October 31, 2019
Covered Bonds

QE restart sees rapacious ECB guzzle covered bonds

The European Central Bank’s (ECB) overarching presence in the covered bond market was conspicuous this week but, with relative value waning and yields likely to fall, it may not prevent spread widening early next year. There was evidence of its hand too in the corporate bond market. Bill Thornhill, Burhan Khadbai and Mike Turner report.

Bill Thornhill, October 31, 2019
RMBS

Pimco takes dominant position in UK mortgage market

The market for legacy UK and Irish mortgages is large and diverse, but it has one monster buyer, Pimco. The California-based bond investing giant has bought bonds backed by more than £12bn of loans from the UK government’s bad bank in the last two years, almost all of which went into its $75bn Income Fund, writes Owen Sanderson.

Owen Sanderson, October 31, 2019
FIG Bond Comments

SEB USD750m 5.125% PNC May 25 AT1

Rating: Aa2/A+/AA-

Tyler Davies, October 31, 2019
FIG Bond Comments

LBBW EUR750m 4% PNC Apr 25 AT1

Rating: Aa3/—/A-

Tyler Davies, October 31, 2019
FIG

JP hunts for ‘new low’ in pref market as dollars come alive

US and Yankee banks returned to the dollar bond market in size this week, with JP Morgan looking to break a record with its pricing of preferred shares.

David Rothnie, October 31, 2019
ABS

Diversified oil and gas ABS to kick off wave of new deals

Diversified Gas & Oil is preparing a debut gas royalties securitization, a prelude to a wave of similar transactions expected in 2020, as market participants say more traditional sources of funds are becoming more expensive for oil companies.

Jennifer Kang, October 31, 2019
People News

People moves in brief

UBS lets go of ECM bankers — Bank of America’s Coben to return after Twitter investigation — Macquarie closes cash equities business in Europe and US

Aidan Gregory, October 31, 2019

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