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Asia

Chinese banks have key opportunity in post Covid-19 bonds

Chinese investment banks have a clear edge over their global counterparts when it comes to winning more offshore bond mandates from the country in the post Covid-19 environment.

Rashmi Kumar, May 19, 2020
Securitization People and Markets

BoE explores further measures to expand Covid support

The Bank of England is mulling ways to support businesses left out of Covid-19 support schemes, with a focus on sub-investment grade corporates and encouraging lending into the real economy. A securitization structure is being comtemplated via the setting up of an intermediary bank.

Tom Brown, May 19, 2020
Asia

MMI looks to extend loan for five years

Singapore hard disk drive company MMI International has sent out extension requests to lenders on a $580m loan, as it struggles to make the outstanding payment on time.

Pan Yue, May 19, 2020
Asia

AIIB to launch debut Panda in early June

The Asian Infrastructure Investment Bank has started roadshows for its maiden Panda outing ahead of its planned launch in early June, GlobalCapital China has learned from sources. Part of the proceeds from the Rmb5bn ($703m) deal will be used to fund an emergency Covid-19 relief loan to China.

Rebecca Feng, May 19, 2020
EM LatAm

Argentina rally extends despite default negotiations

Analysts expect negotiations between Argentina and its foreign bondholders to continue past May 22, the date that the sovereign could enter default, with restructuring proposals from the creditors implying recovery values up to 50% higher than what the issuer initially proposed. But as both parties appear to be keen to find a solution, the bonds continued their rally on Monday.

Oliver West, May 19, 2020
Supras and agencies

CAF turns to euros for Covid response bond

Latin American development bank Corporación Andina de Fomento (CAF) began investor calls on Monday as it looks to sell a benchmark-sized euro denominated social bond to help fund its response to the Covid-19 pandemic.

Oliver West, May 19, 2020
CLOs

US CLO triple-As touch tightest levels since March

Spreads on triple-A CLO paper hit their tightest levels since the pandemic began with a deal priced last Friday, as investors report renewed confidence in the highest rated portions of the CLO capital stack.

Paola Aurisicchio, May 18, 2020
ABS

TALF benefits for ABS have mostly run out, investors say

The Federal Reserve’s Term Asset Backed Securities Loan Facility succeeded in boosting investor confidence and providing a backstop to further spread widening, but sources say that key limitations in the scope of the programme, even with the most recent expansion last week, mean that the benefits have mostly already been felt.

Jennifer Kang, May 18, 2020
RMBS

Pimco leans on pre-sounding for latest Irish RMBS offer

Levels on offer in the public securitization markets didn’t hit Pimco’s targets for class B notes in its new Irish RMBS, Fingal Securities, while placement of the class 'A' notes lent heavily on a group of pre-sounded accounts to derisk the deal's execution.

Owen Sanderson, May 18, 2020
SSA

Crisis Talk — with Unédic CFO, Jun Dumolard on handling funding needs coronavirus has tripled

Unédic, the French unemployment insurance agency, is facing an unprecedented strain on its services thanks to the coronavirus pandemic and its funding need has more than tripled as a result. CFO Jun Dumolard told GlobalCapital how the institution has been managing.

Lewis McLellan, May 18, 2020
Derivatives

AMF pulls back on shorting ban as Covid vol calms

The Autorité de Marchés Financieres (AMF) has decided not to lengthen a ban on short selling, but some market participants who opposed the action see it returning when extreme volatility next strikes the markets.

Ross Lancaster, May 18, 2020
Covered Bonds

Crisis Talk — with ANZ’s head of group funding, Mostyn Kau

Unlike many other banks, ANZ has had no need to draw on central bank emergency liquidity lines during the coronavirus pandemic. Its risk-weighted assets have grown but this has been offset by greater retail deposits. And, as head of funding Mostyn Kau revealed, what subordinated debt issuance it does have to do will be for regulatory reasons rather than to do with Covid-19 crisis funding.

Bill Thornhill, May 18, 2020

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