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Asia

Cal-Comp $350m SLL hits the market

A $350m sustainability-linked loan for Cal-Comp Electronics (Thailand) Public Co has been launched into syndication.

Pan Yue, August 06, 2021
Asia

Hangzhou adds to LGFV bond action

Chinese local government financing vehicle Hangzhou Shangcheng District Urban Construction & Comprehensive Development Co raised $200m from a three year bond on Thursday.

Morgan Davis, August 06, 2021
Leader

Central banks have no masters: they must get climate right

Central banks’ control was once limited to financial matters — they squatted in the corner, largely unseen. Now, they are stars in the drama — active, talkative stewards of the economy. Society looks to them to solve its problems; not to synch with government, but to make up for its deficiencies.

Jon Hay, August 05, 2021
Comment

Credit Suisse wounded but IBs are hard to kill

After the damning report into the Archegos Capital Management affair, Credit Suisse’s top management is likely to spend the rest of 2021 in a strategic huddle. Further upheaval at the investment bank is inevitable, but the business remains an essential part of the group’s future, writes David Rothnie.

David Rothnie, August 05, 2021
Africa

EM sovs get SDR boon but questions linger over reallocation plans

The impact of the allocation of new IMF Special Drawing Rights (SDRs) on the most stressed developing economies could depend on whether a politically sensitive proposed reallocation of the assets from wealthier nations to vulnerable ones is successful. And though the new SDRs may reduce sovereign bond issuance, particularly in sub-Saharan Africa, not all investors believe there will be a notable effect on EM debt.

Oliver West, August 05, 2021
SRI

Scenario analysis could be battleground for climate ambition

Central banks are promoting a set of climate scenarios that may encourage banks to continue financing fossil fuel expansion when they should be shutting it down, according to an NGO — highlighting the immense influence central banks could have on climate policy.

Jon Hay, August 05, 2021
Covered Bond Analysis

Banks face funding decisions as TLTRO revision looms large

The European Central Bank’s Targeted Long Term Refinancing Operation may never disappear, but the central bank will find it difficult to maintain record-breaking interest rates on its loans as the economy recovers from the pandemic. As the terms of the liquidity scheme surely begin to tighten, issuers will have a greater incentive to repay TLTROs and switch to market funding.

Bill Thornhill, August 05, 2021
FIG

Barclays bond blitz prompts summer supply revamp

Large European banks are tipped to bring their deal plans forward after they saw Barclays make the most of summer funding this week. The UK issuer proved firms will not have to wait until September to be confident of attracting big books at tight spreads.

Tyler Davies, August 05, 2021
CLOs

US CLO market sprouts quant approach to ESG

A data driven approach is emerging in a US CLO market struggling with the opaque or patchy environmental, social, and governance disclosures made in leveraged loans and the lack of standardisation. But a handful of CLO managers are developing scoring systems to add more rigour to their capabilities in a bid to meet growing investor demand for green securitizations.

Paola Aurisicchio, August 05, 2021
ABS

Timeshare ABS issuers report ‘meaningful’ progress in earnings

Timeshare ABS issuers have seen an accelerated recovery in their US business, as pent-up demand for travel translated into higher occupancy rates, according to second quarter earnings calls hosted by the companies this week. Timeshare loan performance has exceeded expectations, allowing those companies to reduce their provision for loan losses on their balance sheets.

Jennifer Kang, August 05, 2021
Sovereigns

G30 weighs in on US Treasury market resilience as debt ceiling scrap brews

US Congress is once again dragging its heels over the country’s debt ceiling. A two year suspension of the debt limit came to an end on July 31 and the Department of the Treasury is using “extraordinary measures” to keep the government afloat.

Lewis McLellan, August 05, 2021
Leader

Monte rally reveals problems with EU bank crisis rules

There are worrying signs in the way Banca Monte dei Paschi di Siena’s tier twos have traded after UniCredit signalled its interest in the bank.

Tyler Davies, August 05, 2021

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