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CLOs

CLO issuance forecasts slashed as virus shutdown extends

Analysts are revising forecasts for new CLO issuance, predicting a steep drop from $90bn projected at the beginning of the year to about $55bn for full year 2020, according to Deutsche Bank.

Paola Aurisicchio, April 16, 2020
Emerging Markets

Pressure on banks to follow G20 debt pledge

Banks and other private creditors are under pressure to follow the lead of the Group of 20 nations and suspend debt service payments by the poorest countries, as lobby groups urged world leaders to go further and cancel outstanding loans. Phil Thornton reports.

GlobalCapital, April 16, 2020
Derivatives

Shorters' ire continues as France extends ban

European short sellers were dealt another blow on Wednesday as the Autorité des Marchés Financiers (AMF) decided to extend its ban on short selling.

Ross Lancaster, April 16, 2020
ABS

GM prices first ABS since virus crash

GM Financial priced a $790m prime auto securitization on Thursday, the first issuer to break the silence in the market since Covid-19 halted primary flows in mid March.

Jennifer Kang, April 16, 2020
Leader

Starting wide is starting right

The tussle between bond syndicate desks and investors about whether opening books well wide of the final target spread is a worthwhile endeavour or a red flag for unprofessionalism has raged for years. This time, syndicate desks have called it right to start deals so cheap.

Mike Turner, April 16, 2020
Equity

Premier League clubs weigh up funding options

English football’s highest level is at a clinch point as teams juggle a plunge in revenue, due to the suspension of the Premier League season, and the hefty overheads of player wages they must continue to pay. With clubs in need of cash, viable options are proving few and far between. Silas Brown, Sam Kerr and Mariam Meskin investigate.

Mariam Meskin, April 16, 2020
Emerging Markets

IMF looks to exploit $1tr as US blocks new capital issuance

The International Monetary Fund (IMF) is looking at redeploying assets held by advanced economies to help developing ones, its head said on Thursday. But she admitted the Fund’s shareholders had failed to agree on a deal to issue billions of new capital. Phil Thornton reports.

GlobalCapital, April 16, 2020
Derivatives

Hedge funds eye entry into market making business

More hedge funds are looking into entering the market making industry, following in the footsteps of Citadel Securities.

Ross Lancaster, April 16, 2020
Corporate Bonds

Marriott, Exxon win as bond investors overlook Covid risk and pile on orders

The record-breaking pace of issuance in the dollar bond market continued this week, as companies stricken by the coronavirus crisis were welcomed by investors with open arms.

David Rothnie, April 16, 2020
Leader

TALF just lip service for CLOs

The CLO market is still struggling to find equilibrium as the coronavirus pandemic spreads. The Federal Reserve’s expansion of its Term Asset-Backed Securities Lending Facility (TALF) to include CLO paper as eligible collateral was cheered upon announcement last week. But some puzzling limitations to the Fed’s terms will do little to help the market reboot.

Max Adams, April 16, 2020
Senior Debt

Yankees lead from the front in dollars

High quality Yankee issuers showed their spirit of adventure by printing front-end trades this week, returning to a part of the curve that has been starved of supply since the start of the coronavirus crisis.

David Rothnie, April 16, 2020
SSA Bond Comments

World Bank USD8bn 0.625% Apr 25 sustainable development bond

Rating: Aaa/AAA

Lewis McLellan, April 16, 2020

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