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People News

Middle market specialist hires Oaktree executve

Owl Rock Capital, an alternative asset manager focused on middle market credit, has hired Jesse Huff from Oaktree Capital Management.

Paola Aurisicchio, May 28, 2020
Equity-Linked

Green convertibles arrive with Neoen blowout

Neoen, the French solar and wind energy producer, has issued the first green convertible bond in Europe — and investors’ eager reception of the deal suggests these instruments could be as popular in the equity-linked market as they have become in the straight bond market.

Aidan Gregory, May 28, 2020
ABS

ABS investors weigh options in Hertz bankruptcy

ABS investors watched nervously last week as car rental company Hertz filed for bankruptcy, with few good options to keep cash flowing in the face of a crisis that has curtailed travel and depressed used car values. However, sources say that there are a number of reasons investors should be pinning their hopes on a reorganization rather than a liquidation.

Jennifer Kang, May 28, 2020
Senior Debt

BBVA brings Covid-19 bonds to European credit markets, others to follow

BBVA surprised market participants by becoming the first bank to issue a Covid-19 response bond in Europe this week. There will be follow-on deals as the format catches on in credit markets — high grade corporates are looking to do deals too — but it is unlikely to be exploited as widely as it has been in the SSA market. David Freitas and Mike Turner report.

David Freitas, May 28, 2020
Emerging Markets

Private sector makes step on rocky road to EM debt relief

Private sector involvement in suspending debt servicing for the world's poorest countries to alleviate the impact of the coronavirus pandemic progressed this week, with the Institute of International Finance (IIF) publishing guidelines for such an initiative. But countries face a long and tortuous path to reach tangible relief, write Ross Lancaster and Oliver West.

Oliver West, May 28, 2020
SSA

Commission proposal boosts periphery but long way to go

The European Commission delivered its proposal for Next Generation EU on Wednesday, marking a sea change in the bloc’s relationship with the capital markets as it proposes truly shared borrowing to finance expenditure for the first time. The move could make the Commission the biggest supranational and agency borrower by some distance, Lewis McLellan reports.

Lewis McLellan, May 28, 2020
People News

People news in brief

New chair at MUFG's EMEA arm — Jim Cowles turns up at ambitious fintech firm — Citi picks Sansen for trading team

Burhan Khadbai, May 28, 2020
Corporate Bonds

US corp bond sales slow but Fed keeps spirits up

May has been another stellar month for US corporate bond issues, but issuance is expected to fall sharply as lockdown restrictions start to be lifted and international political concerns return to centre stage.

David Rothnie, May 28, 2020
Regulation

FCA warns on conduct risk for housebound capital markets

The UK’s Financial Conduct Authority has reminded issuers and bankers of rules related to inside information and wall-crossings, as it seeks to make sure standards are upheld in busy markets when participants are working from home.

Jasper Cox, May 28, 2020
Senior Debt

MREL tenders ‘logical next step’ for banks

HSBC Holdings is the latest European financial institution to have looked at launching a new deal for the minimum requirements for own funds and eligible liabilities (MREL) while simultaneously announcing tender offers on existing bonds.

Tyler Davies, May 28, 2020
CMBS

Soaring CMBS delinquencies a preview of pain ahead

Loans packaged into US commercial mortgage-backed securities (CMBS) delinquent by 30 days or more have quadrupled, according to remittance reports published in May, as the economic devastation of the coronavirus pandemic ripples through the financial system. Market participants fear record levels of distress if borrowers that are now in their grace periods add to the figures in the coming month, writes Max Adams.

Max Adams, May 28, 2020
SRI

Denmark reveals three banks helping on strippable green bonds

Denmark has made public the mandate it had given earlier this year to three banks to help it prepare to issue the world’s most unusual green bond, as the work is getting to a more advanced stage. A political decision to issue might come towards the end of this year.

Jon Hay, May 28, 2020

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