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Sovereigns

'Frugal Four' face down Macron-Merkel recovery plan

France and Germany presented a joint plan for a €500bn grant-based EU recovery fund earlier this week. Eurozone periphery investors reacted with delight, but other member states resisted. Despite the opposition, most believe that Germany’s support of the plan marks a sea change in European politics and offers a chance for Europe to catch up with the Covid-19 spending of other developed economies, writes Lewis McLellan.

Lewis McLellan, May 21, 2020
Leader

Argentina’s awkward anecdote

Only in Argentina could a finance minister claim that default on billions of dollars of bonds constitutes merely an “anecdotal date”.

Oliver West, May 21, 2020
EM People and Markets

Fiscal bill for Covid-19 measures hits $9tr, says IMF

The amount of money that governments around the world have pumped into their economies to help businesses and households hit by the coronavirus pandemic has soared by more than $1tr in the last month alone, writes Phil Thornton.

Phil Thornton, May 21, 2020
CLOs

Bankruptcies compound stress for embattled US CLO market

A gathering storm of bankruptcies among US retailers rolling in behind a swelling wave of loan defaults is bringing distress to the US CLO market, forcing both managers and investors to adjust their approach, writes Paola Aurisicchio.

Paola Aurisicchio, May 21, 2020
High grade and crossover bonds

Vaccines and lockdown easing pushes IG corporate market into new phase

Governments around the world have begun easing coronavirus lockdowns and progress is being made on vaccines, but Europe’s high grade corporate bankers are still unsure about the future of the market.

Mike Turner, May 21, 2020
People News

People moves in brief

Citi picks Nick Darrant as syndicate head — And it sets up new sustainability and science units — JP Morgan reveals next layer of DCM, ECM and M&A bosses

GlobalCapital, May 21, 2020
Leader

A 'courageous' IPO

In the classic UK sitcom Yes, Minister, cunning civil servant Sir Humphrey Appleby would try to deter government minister Jim Hacker from making a particular decision by calling it "courageous" — meaning it was risky. He might have given similar advice to bankers on the IPO of coffee company JDE Peet’s this week.

Sam Kerr, May 21, 2020
SSA MTNs and CP

Negative rates loom for UK but market participants unconcerned

The Bank of England this week signaled that it is changing its stance and considering bringing its base rate into negative territory. But with the UK Debt Management Office (DMO) issuing three year paper with a negative yield for the first time, as well as printing £7bn ($8.56bn) of 41 year bonds, there are few worries for the SSA market.

Frank Jackman, May 21, 2020
ABS

Lenders old and new scramble for 'digital first' in era of Covid-19

The capital markets have been working to transition operations to a digital format for years, but bank incumbents have been reluctant to make a wholesale shift, largely because there was no urgent need to do so. Coronavirus has changed that, and banks are accelerating plans to update legacy systems, muscling in on territory once held firmly by fintechs.

Jennifer Kang, May 21, 2020
Equity IPOs

Europe’s star candidate tests pandemic IPO demand

The IPO of JDE Peet’s, the coffee business owned by JAB Holdings, is the first true test of investor appetite for European IPOs since the Covid-19 crisis began. There have been small listings already but nothing on this scale, yet the company is confident that it will succeed, write Sam Kerr and Aidan Gregory.

Aidan Gregory, May 21, 2020
Supras and agencies

Rare duo makes Swissie return

A supranational and a Nordic bank paid rare visits to the Swiss franc market this week. The North American Development Bank (NADB) printed its first deal in two years — its second green bond — while Nordea returned after a five year absence.

Frank Jackman, May 21, 2020
SSA

Dollars keeps centre stage in SSA primary

Dollars was the favoured currency for public sector borrowers for the second week running this week, giving attractive funding conditions for euro borrowers amid strong investor demand, particularly in the 10 year part of the curve.

Burhan Khadbai, May 21, 2020

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