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EM LatAm

Bondholders blast Córdoba debt proposal as default looms

A group of bondholders holding more than half of the Argentine province of Córdoba’s international bonds took just one day to yet again reject the issuer’s attempt to amend terms on $1.67bn of bonds. As the countdown to default begins, creditors called for discussions “rooted in the realities of the province’s financial position and outlook”.

Oliver West, December 16, 2020
Securitization People and Markets

Eisenberger promoted co-head of US CLO team at Sculptor

Sculptor Capital Management has promoted managing director Josh Eisenberger to co-head of its US CLO team, overseeing portfolio management and credit underwriting, according to people familiar with the matter. Eisenberger will work alongside Peter Polanskyj, co-head of the US CLO team with a focus on structuring and origination.

Paola Aurisicchio, December 15, 2020
GC View

MREL transparency is long overdue

If MREL is going to be an important line of defence for Europe’s banking system, market participants had better be able to see those defences. At the moment, they are hidden in mists.

Tyler Davies, December 15, 2020
CLOs

Golub Capital prices second TALF CLO

Golub Capital Partners has priced its second CLO eligible for funding under the Term Asset-backed Securities Loan Facility (TALF), a programme established by the US Federal Reserve after the Covid-19 crisis first hit. TALF expires at the end of the year, and will only have been accessed by Golub.

Paola Aurisicchio, December 15, 2020
High grade and crossover bonds

European corporate bond investors plan move down ratings

Europe’s corporate bond investors are starting to make bets that industries battered by the coronavirus pandemic and crossover-rated names are going to be the performers of 2021, even though speculative grade defaults reached a post-global financial crisis high in November.

Mike Turner, December 15, 2020
LevFin High Yield Bonds

House of HR goes on the attack with sub deal

House of HR is marketing a subordinated bond to pay for recent acquisitions and to give the Naxicap portfolio company a war chest to fund campaigns to win other bid targets. High unemployment across the human resources consultancy’s major markets has hurt it, but it claims to be in a good position for a recovery.

Owen Sanderson, December 15, 2020
RMBS

SRT market falls short of 2020 hopes

The significant risk transfer market is usually at its busiest in December, as issuers hope to gain balance sheet benefits by year-end. But 2020 has seen a pullback from investors who have blamed a lack of credit data brought about by Covid-19 payment moratoria.

Tom Brown, December 15, 2020
Bank Strategy

Credit Suisse: we are 'well positioned' for post-Covid

Credit Suisse's investment bank is well placed for where the market is heading after the coronavirus pandemic, it said on Tuesday at an investor day. Its new global trading solutions (GTS) business unit may be key to future revenue streams.

Jasper Cox, December 15, 2020
Sovereigns

Austria to introduce regular T-bill auctions in 2021

The Austrian treasury will launch a new programme for treasury bills next year, using a schedule of frequent auctions. This will allow it to issue bigger deals to a broader investor pool, as short term funding becomes more important for Austria.

Burhan Khadbai, December 15, 2020
Equity IPOs

UK should embrace LSE evolution with listing review

The UK government is in the midst of a review that is seeking to make London a more attractive listing venue for high growth international technology companies. While change is undoubtedly concerning for some who do not want the UK to lose its reputation for high standards, the UK should not ignore a chance for the London Stock Exchange to evolve.

Sam Kerr, December 15, 2020
Regulatory Capital

Finnish financial lobby urges caution over Banking Union

The Finnish financial sector wants to put the brakes on new measures aimed at completing the Banking Union, arguing that EU member states should move back into a clearly defined process of risk reduction.

Tyler Davies, December 15, 2020
Investment Grade Loans

Transdev gets funding to make Gothenburg buses green

Transdev, the French public transport operator, has signed a Skr1.2bn (€117m) credit facility to buy low carbon buses in Gothenburg, Sweden’s second largest city. One of the commercial lenders arranging the deal has used European Investment Bank money rather than its own, to provide better financing conditions.

Mike Turner, December 15, 2020

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