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High grade and crossover bonds

Firms face up to Covid debt legacy in QE-warped market

Debt was the answer to every problem in 2020, as companies tried to survive the coronavirus pandemic. Dusty revolving credit facilities that had never been touched were fully drawn, firms begged from governments, those that could flocked to the bond market. Now, with hope of the crisis easing, there is an awful lot of debt to clear up. Mike Turner reports.

Mike Turner, December 17, 2020
High grade and crossover bonds

Covid-hit industries seek ways back from the brink

The coronavirus has smashed the usual hierarchy of companies, large and small, creating new winners — and many losers. While 2020 was about finding ways to keep their financial lifeblood flowing, in 2021, more permanent solutions will need to be found. This will include bond funding for those still shut out — and M&A. Mike Turner reports.

Mike Turner, December 17, 2020
Syndicated Loans

Private debt spotlight shifts to direct lending

No two crises are the same, and to expect financial instruments to behave in the same way in each one would be unfair and naïve. But having proved their mettle in the 2008 crisis, the Schuldschein and USPP markets seemed well placed to thrive in 2020. Not so. Instead, it was the turn of direct lending to shine. Silas Brown reports.

Silas Brown, December 17, 2020
Private Equity

Fixing Europe’s companies: the Covid rescue playbook

Corporate finance in 2020 was utterly without precedent. Never before had so many once-stable firms seen revenues evaporate instantly, with so little visibility on when the world might recover. Companies did whatever they could to hang on, pulling every lever available to source scarce cash. As 2021 begins, so will a new phase, where the fallout of the Covid rescue playbook becomes clear. Owen Sanderson reports.

Owen Sanderson, December 17, 2020
LevFin People and Markets

Restructuring revolution set to kick off in 2021

There could be more large restructurings in Europe in 2021 than ever before, as companies seek sustainable capital structures after 2020’s rash of emergency financing. But it’s also a new horizon for the laws that govern restructuring, as countries replace a patchwork of dated and difficult insolvency regimes, and the UK exits the European Union, ending automatic recognition of its court rulings. Owen Sanderson reports.

Owen Sanderson, December 17, 2020
Equity

Europe’s equity markets expect a year of rebuilding

European equity capital markets could be in for a bumper year, after the historic disruption of 2020. Sam Kerr reports.

Sam Kerr, December 17, 2020
Equity

Green equities set for red hot 2021

Having lagged behind bonds in embracing the green agenda, the primary equity capital market came into its own in 2020. With investors more engaged in sustainability and fighting climate change, there are hopes that 2021 will be even greener. Sam Kerr and Aidan Gregory report.

Aidan Gregory, December 17, 2020
Equity-Linked

Convertible market looks to kick on after coming of age

Convertible bonds have thrived during the pandemic, as companies rushed to raise capital to shore up their damaged balance sheets or to take advantage of the opportunities for growth that the crisis has unexpectedly created. Meanwhile, investors who bought in have been rewarded with strong returns. More of the same is expected in 2021. Aidan Gregory reports

Aidan Gregory, December 17, 2020
CLOs

CLO winners to dominate recovering 2021 market

The US CLO market has been to hell and back in 2020. From the depths of the March sell-off, the sector has faced huge challenges but has seen a remarkable comeback. Bullish sentiment is back on for Q4, and that defines the outlook for 2021. Not all managers will be well placed to take advantage, however, and a wave of consolidation probably looms. By Paola Aurisicchio.

Paola Aurisicchio, December 17, 2020
ABS

Biden victory points to new securitization backdrop

For many investors, the US election landed in the best possible place — a Joe Biden win with a split Congress, ensuring a strong pandemic plan, yet blocking radical change. But Biden’s leadership will reshape securitization markets through changes to critical regulatory agencies, setting the tone for the next four years in consumer credit, mortgages and green securitization. Jennifer Kang reports.

Jennifer Kang, December 17, 2020
SRI

Red states, blue states, green States?

After four years of the US government noisily refusing to protect humanity from climate change and pushing back on responsible investing, sustainable finance supporters are full of hope that Joe Biden’s presidency will shift the US — and the world — in the right direction. Jon Hay reports

Jon Hay, December 17, 2020
RMBS

Could mortgage holidays return after Covid crisis ends?

During spring and summer of 2020, mortgage borrowers in the UK took full advantage of the chance for a payment holiday, with some non-conforming mortgage portfolios seeing payments stop on up to 40% of loans. But investors in RMBS stayed largely sanguine, despite the looming rise in unemployment and the potential for holidays to turn into defaults. Could the moratorium make a comeback in the next crisis? Tom Brown reports.

Tom Brown, December 17, 2020

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