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Lack of CLO ratings transparency damages credibility

Rating agency reviews of CLOs are not resulting in mass downgrades in Europe. That has caused some to question what is going on given the damage the coronavirus pandemic and lockdowns must surely have had on certain sectors of the economy that some CLOs are exposed to. Some transparency around ratings metrics would help soothe the angst.

Tom Brown, August 04, 2020
CLOs

Janus Henderson launches triple-A CLO ETF

Janus Henderson is planning an exchange traded fund (ETF) that will invest in the safest tranches of CLOs, according to a filing with the Securities and Exchange Commission.

Paola Aurisicchio, August 04, 2020
GC View

Is Monzo at risk of a capital crunch?

The auditor for digital bank Monzo warned that a slower than expected recovery could lead it to breach its capital requirements, even though at the end of February it had a much better capital ratio than traditional banks. So what’s going on? GlobalCapital wonders if the risk is more about investors’ appetite to continue funding an unprofitable business than the bank breaching the requirements in the next few months.

Jasper Cox, August 04, 2020
Market News

Intesa shares rally as bank heralds ‘new chapter’

Investors reacted positively to Intesa Sanpaolo’s results on Tuesday, as the bank confirmed that it had all the necessary approvals to complete a merger with UBI Banca.

Tyler Davies, August 04, 2020
GC View

Social revolvers are the feelgood hit of the summer; more firms should get involved

Canny loans bankers have devised a social revolving credit facility structure that links a portion of a borrower’s debt directly to Covid-19 era relief spending. It’s a structure that won’t take the markets by storm on what is likely the eve of global recession but ESG-minded investors should still push hard for the companies they own to consider this new type of funding.

Mike Turner, August 04, 2020
Sovereigns

Pepp data: how ECB supports eurozone periphery with bond scheme

The ECB publishes a breakdown of its purchases under the Pandemic Emergency Purchase Programme (Pepp), which was launched in late March to combat the effects of the coronavirus pandemic. Unlike the Public Sector Purchase Programme, the Pepp may deviate from the ECB's capital key in terms of how it allocates its buying between member states. This chart shows the extent of these deviations, and that its buying has proportionally favoured the eurozone perihpery: Portugal, Italy, Greece and Spain.

Lewis McLellan, August 04, 2020
Regulation

Morgan Stanley suspended from French auctions

The Agence France Trésor (AFT) has suspended Morgan Stanley’s primary dealership in French government bonds, making it the first bank to suffer such a proscription.

Lewis McLellan, August 04, 2020
Sub-sovereigns

Brandenburg prices through curve with new 20 year

The State of Brandenburg got over the line with a fully subscribed order book and a yield inside its curve on Tuesday, successfully avoiding the fate that its compatriot Berlin met at the tenor last week.

Burhan Khadbai, August 04, 2020
CLOs

European CLOs weathering downgrade risk

Rating agency reviews of CLO tranches which began in April are coming to an end, with the majority keeping their scores in early signals that the sector may avoid a mass of downgrades.

Tom Brown, August 04, 2020
Investment Grade Loans

Melrose wins covenant waiver as lenders take ‘pragmatic’ approach to leniency asks

Melrose Industries, the UK industrial conglomerate, has negotiated improved financial covenants with its lenders on around £4.1bn of debt, as loans bankers say there is still a backlog of companies looking to renegotiate covenants in the face of economic fallout from Covid-19.

Mike Turner, August 04, 2020
Covered Bonds

Renovation revolution spurs green covereds

The refurbishment of existing housing stock promises to deliver big strides in cutting global carbon emissions and will provide issuers with a large new stream of green collateral to issue green covered bonds.

Bill Thornhill, August 04, 2020
ABS

Former Morningstar MD joins blockchain securitization platform

Cadence, a blockchain based securitization platform for private credit, has added Rohit Bharill to be the firm’s first head of risk, a company executive told GlobalCapital. Bharill joins from Morningstar Credit Ratings, where he headed the ABS and CLO ratings team.

Jennifer Kang, August 04, 2020

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