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Derivatives

WTI under renewed pressure as index jettisons June futures

Extreme selling pressure moved swiftly from the May to the June West Texas Intermediate (WTI) crude oil futures this week as index-tracking investors abandoned the front-month contracts to get ahead of oversupply concerns.

Ross Lancaster, April 28, 2020
Asia

HSBC’s $3bn expected credit loss ‘not kitchen-sinking’

Currency markets helped revenues in HSBC’s global banking and markets division in the first quarter. But along with the rest of the group, it had to take big losses for credit exposures thanks to the coronavirus pandemic.

Jasper Cox, April 28, 2020
High grade and crossover bonds

IG bond order books bulge as ECB electrifies demand

Any impression that the European corporate bond market was returning to more measured levels of activity was zapped on Tuesday, when five new issues were launched that had to squeeze more than €35bn of bids into just €6.25bn of paper.

Mike Turner, April 28, 2020
ABBs-Block Trades

Supermarket Income Reit share sale increased in size

Supermarket Income Reit, the UK real estate investment trust focused on grocery stores, has attracted strong demand for its latest capital raising to fund new investment opportunities that may arise from the Covid-19 pandemic.

Aidan Gregory, April 28, 2020
SSA

EIB grabs record euro book as SSAs hit market ahead of ECB meet

The European Investment Bank achieved its biggest ever order book in euros on Tuesday, as it sold its first seven year benchmark of the year.

Burhan Khadbai, April 28, 2020
RMBS

UK RMBS lenders diverge on investor protections

Market participants expect bank lenders to support their RMBS master trust shelves, as Santander UK said it would last week for its Holmes Master Issuer vehicle. Stand-alone deals could see more mixed outcomes, however.

Tom Brown, April 28, 2020
LevFin High Yield Bonds

Clock ticking for Codere as it defers Thursday coupon payment

Spanish gaming company Codere will miss a coupon payment due on Thursday, hoping that the 30 day grace period in its bond documents will give it time to find at least €100m of emergency financing to get it through the liquidity crunch.

Owen Sanderson, April 28, 2020
GC View

The ECB is now Europe’s foremost rating agency

From Italian government bonds to fallen angels, nothing is junk unless the European Central Bank says so.

Tyler Davies, April 28, 2020
Private debt

UK councils may turn to PPs for coronavirus funding

More UK councils are considering selling private placements, according to several sources familiar with the situation, as their funding needs escalate thanks to the coronavirus pandemic. Institutional investors, some of which are sceptical of local authorities’ suitability for the US PP market, say they are more likely to consider lending to borrowers rich in assets.

Silas Brown, April 28, 2020
RMBS

Obvion is first issuer to disclose payment moratoriums

Obvion has released investor reports for its outstanding RMBS transactions, including new tables on Covid-19 payment postponements, becoming the first ABS issuer to report payment moratoriums as a result of the outbreak.

Tom Brown, April 28, 2020
Investment Grade Loans

Fallen angel M&S wins covenant amnesty from lenders

Marks & Spencer, the UK retailer, has negotiated with its lenders to relax the covenant testing on its £1.1bn revolving credit facility, as it tries to mitigate the effects of a pandemic that has sent its ratings crashing into junk territory.

Mike Turner, April 28, 2020
Crisis Talk – with Joseph Lau of Lord Capital

The coronavirus crisis looks to be a once in a career event for many who work in capital markets in terms of just how much of the economy is being impacted. It has frozen some markets, heightened illiquidity and the shut off of a primary pipeline that, before the pandemic, was expected to produce another robust year of new issuance across securitized assets.

Max Adams, April 28, 2020

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