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EM LatAm

YPF warns over default as creditor group rejects improved terms

A set of investors owning more than 45% of a YPF bond maturing next month say they will not support the Argentine oil and gas company’s attempt to swap the notes for a combination of new senior secured bonds due in 2026 and cash — even after the issuer improved the offer on Monday. However, emboldened by the public support of a separate bondholder group, YPF responded late on Tuesday that investors should participate in the deal “with a view to contributing to the preservation of their investments”.

Oliver West, February 03, 2021
Asia

JP Morgan southeast Asia ECM head exits

JP Morgan’s head of southeast Asia equity capital markets has resigned, according to a source familiar with the matter.

Jonathan Breen, February 03, 2021
Asia

Asia’s loan market: testing times ahead

Volumes in Asia’s loan market have slumped in recent years, with the pandemic only adding to the pressure. However, the biggest challenges for banks and borrowers are only just starting to emerge and they will test the industry's resilience.

Pan Yue, February 03, 2021
ABS

Affirm IPO paves way for larger securitizations

Point of sale lender Affirm is returning to the securitization market after taking the stock market by storm in early January, when it raised $1.2bn though an initial public offering. Affirm says it will bring bigger deals to market as it grows in scale.

Jennifer Kang, February 02, 2021
CLOs

Bardin Hill prices a US CLO after two years

Bardin Hill Investment Partners has returned to US CLO issuance after more than two years of absence.

Paola Aurisicchio, February 02, 2021
Covered Bonds

Perenna takes a step closer to UK covered bonds with new funding

UK mortgage lender Perenna has completed its first round of private funding and plans to return for more within the next few months, before originating fixed for life mortgages in the second half of the year. That could lead to the first Danish style covered bond issuance in the UK.

Bill Thornhill, February 02, 2021
Hybrid

Iberdrola electrifies order books as green hybrid draws crowd

Iberdrola, the Spanish utility, received booming demand for its green hybrid on Tuesday, as the combination of a higher yield and green debt helped books swell to €9.5bn.

Mike Turner, February 02, 2021
High grade and crossover bonds

Prologis goes long for negative premium

Prologis, the US logistics real estate investment trust, proved that highly rated corporates can still entice investors, with the issuer printing long maturity debt inside fair value despite tight spreads.

Mike Turner, February 02, 2021
RMBS

Kensington ‘social bond’ tightens amid investor scepticism

Specialist mortgage lender Kensington’s first ‘social’ RMBS is heading to be priced between 59bp and 62bp, clinching premium pricing for an innovative deal. But investors say the discount is mostly thanks to the scarcity of UK RMBS supply rather than the social element.

Tom Brown, February 02, 2021
CLOs

Marble Point hired ex-Seix CEO to boost its loan platform

Marble Point has hired former Seix Advisors chief executive Bob Sherman in a newly created position of global director of strategic development.

Paola Aurisicchio, February 02, 2021
GC View

Should CFOs hope for a GameStop lottery ticket?

The extraordinary price action in GameStop, AMC Entertainment and others' shares last week is surely leading nervous CFOs all over the world to get an at-the-money rights issue signed off, in case they win the attention of Reddit's WallStreetBets crowd and can raise equity at giddy multiples. But this is like hoping for a winning lottery ticket. For firms in the most Covid-addled sectors, a private approach will be their best shot at financing a turnaround.

Owen Sanderson, February 02, 2021
GC View

Institutional investors too bullish on speedy end to pandemic

Global equity markets were propelled to new all-time highs at the end of last year when various drug companies announced that they were close to releasing vaccines to combat the Covid-19 pandemic. However, with the vaccine roll-out slow, new mutant variants of the virus raging and governments striking a sombre tone, investors need to prepare for the fact that they may have bought in haste.

Sam Kerr, February 02, 2021

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