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Derivatives

Debt and swap negotiations turn tough for corporates

US corporates under stress from Covid-19 economic shocks, especially those in the real estate sector, have been struggling in their renegotiations of loan and swap agreements as power has flowed back to the banks, writes Ross Lancaster.

Ross Lancaster, August 12, 2020
SSA

Origin soft-launches documentation function

MTN platform Origin has released its documentation automation facility to a subset of Origin Marketplace users comprising 11 banks and 16 issuers.

Lewis McLellan, August 12, 2020
SSA

IADB lines up Canadian dollar SDB

Inter-American Development Bank will come to market for a Canadian dollar sustainable development bond on Thursday. The trade will share the market with a two year from Kommuninvest.

Lewis McLellan, August 12, 2020
Corporate Bonds

Easyjet and Ryanair spreads fly in amid hopes of Covid-19 vaccine

Airlines Easyjet and Ryanair were the two standout performers in the European secondary investment grade bond market on Tuesday with their spreads coming in by over 20bp in response to growing hopes that a Covid-19 vaccine is almost ready.

Burhan Khadbai, August 12, 2020
Asia

ABN Amro to slim down CIB

ABN Amro plans to quit corporate banking outside Europe, except for clearing, and also exit trade and commodity finance in a shake-out of its corporate and investment banking activities.

Jasper Cox, August 12, 2020
Covered Bonds

Covid curveball complicates Cédulas reform

Spanish Cédulas reform has been widely anticipated for years. However, whether Spain is ready to execute the sweeping reforms necessary to bring the regime into line with the European Union’s covered bond directive remains to be seen, as the impact of the coronavirus risks diverting attention.

Bill Thornhill, August 12, 2020
SSA MTNs and CP

€STR fault fixed, rate setting back on track

The technical issue that led to the ECB being forced to use its contingency computation method to set €STR on Tuesday has been fixed, and the benchmark is once more functioning normally.

Lewis McLellan, August 12, 2020
Equity IPOs

IPO 'wave' to test investor capacity

Europe’s equity capital markets have gone quiet in August as investors take a holiday before what is expected to be a busy September. Bankers are keen to get their deals done quickly when the market reopens to avoid running into bad news on Covid-19 and a volatile US election, meaning investors will be asked to take part in an onslaught of IPOs in a true test of market capacity.

Sam Kerr, August 12, 2020
Regulatory Capital

Prudential could roll off debt after split with US operations

Prudential plc confirmed this week that it intends to separate from its US arm, Jackson National. The move means Prudential will likely deleverage by letting bonds roll off over the next two years.

David Freitas, August 12, 2020
Regulatory Capital

ECB fears banks may be ‘overestimating’ their internal capital levels

The European Central Bank has asked financial institutions to justify why they are using additional tier one and tier two bonds as sources of internal capital, highlighting its concern that the instruments lack real economic value.

Tyler Davies, August 12, 2020
RMBS

Citi pre-places UK RMBS with pre-2008 assets

Citibank fully pre-placed Cheshire 2020-1 on Tuesday, a £247m RMBS transaction backed by seasoned owner-occupied and buy-to-let mortgages. The loans were originated by Citi's lending arm Future Mortgages, which stopped lending in 2008.

Tom Brown, August 12, 2020
Equity-Linked

KKR issues $1bn mando to fund deal for insurer Global Atlantic

KKR, the US private equity group, has sold a $1bn mandatory convertible bond to fund its acquisition of life insurer Global Atlantic Financial Group, which it announced last month.

Aidan Gregory, August 12, 2020

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