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EM LatAm

Metro plots deal as Lat Am opens for IG corps

Empresa de Transporte de Pasajeros Metro (Metro) could become the second Chilean government-linked issuer to offer bonds in the international market in less than a week, as investors say that the corporate market is likely to remain the preserve of the best-rated issuers.

Oliver West, April 30, 2020
EM LatAm

Chile yet to decide on $4.5bn of 2020 funding

With Covid-19 measures expected to add $4bn to Chile’s debt issuance this year, the sovereign is still to define the source of another $4.5bn of funding, according to the country’s head of international finance.

Oliver West, April 30, 2020
Leader

Opportunity knocks for public sector covered bonds

Caffil’s debut Covid-19 bond issued this week has shown that the moribund public sector covered bond market can play a crucial role in financing the response to the coronavirus crisis. The deal implies that the hitherto dormant public sector programmes many issuers have set up across Europe have scope to be reactivated to provide stable long-term financing for debt-ridden regional borrowers.

Bill Thornhill, April 30, 2020
Emerging Markets

Private sector debt relief pressure builds as virus worsens EM burden

While emerging market bond investors are spending their days in the Covid-19 crisis battling with poor liquidity, cash calls from end investors, and even the odd new issue, debt relief has remained a threat, albeit only a vague one. But at policy level the topic is of growing importance, and what began as a matter for official institution creditors took a step closer to embroiling the private sector this week. Ross Lancaster, Phil Thornton and Oliver West report.

Oliver West, April 30, 2020
EM Bond Comments

Lukoil USD1.5bn, 3.875%, May 2030

Ratings: Baa2/BBB/BBB+

Ross Lancaster, April 30, 2020
Leader

Pandemic? What crisis?

The coronavirus has made fantastical numbers commonplace in the corporate bond market. Everywhere one looks, results are being published that in any other time would herald the sudden collapse of companies. But you wouldn’t guess that from looking at the corporate bond market.

Mike Turner, April 30, 2020
Market News

Bankers, investors debate more permanent change to working practices

As European countries prepare to ease lockdown measures, those in capital markets are well aware that their day-to-day lives will not go back to how they were anytime soon. They have mixed views on working from home, but will an entirely new working culture emerge?

Aidan Gregory, April 30, 2020
Corporate Bonds

Downgraded Boeing lands $25bn as dollar bond record is smashed again

Boeing attracted a staggering $70bn of demand as it raised $25bn in the dollar bond market on Thursday, a sum that could fulfil all its funding needs this year.

David Rothnie, April 30, 2020
FIG

ECB’s new Peltro scheme sparks debate on carry trades

The European Central Bank (ECB) gave lenders even more of an incentive to use its Targeted Longer-Term Refinancing Operations (TLTRO) this week, dropping the potential rate of funding down to minus 1%. But the unveiling of a new unconditional lending scheme set tongues wagging, with market participants debating which banks might use the money and what they might put it towards, writes Tyler Davies.

Tyler Davies, April 30, 2020
Covered Bonds

Caffil shows revived route to public sector coronavirus cash

Caffil this week issued the first Covid-19 covered bond, securing vital funding for French hospitals to fight the pandemic. The deal emerged just as public sector borrowers, such as the German Laender, face mounting funding needs to cope with the pandemic, sparking debate over whether the hitherto moribund public sector Pfandbrief market could provide a vital source of cash, writes Bill Thornhill.

Bill Thornhill, April 30, 2020
SSA

Agencies under the pump in money markets

The European Central Bank’s press conference on Thursday did not provide the headline fireworks that its last meeting did. The sombre tone caused “disappointment” among investors and a slight widening of peripheral spreads. SSA issuers were also left dissatisfied with the bank’s lack of support for the money markets.

Lewis McLellan, April 30, 2020
EM LatAm

Lat Am bankers, tell me why you don’t like Fridays

When Ecopetrol, which has been talking about bringing a bond for a long time, chose to do so last Friday, after an oil price crash in the middle of the coronavirus pandemic, it took the market aback. Fridays, after all, are not when any self-respecting Latin American bond issuer comes to the market. But there is nothing typical about Latin America’s primary markets these days.

Oliver West, April 30, 2020

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