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Supras and agencies

European supras use bonds to fight Covid-19 crisis

Three European supranationals sold bonds this week with a specific focus on supporting its member countries from the coronavirus outbreak as public sector borrowers maintain their vital role in providing emergency financing to tackle the crisis.

Burhan Khadbai, April 02, 2020
High grade and crossover bonds

Corporates leap into turbocharged 2009-style IG market

High grade companies poured into the bond market this week as participants weigh up whether this is a redux of 2009’s record year or if the unprecedented central bank spending and high bank liquidity mean that this is a unique market where borrowers raise cash even if they do not really need it.

Jon Hay, April 02, 2020
Derivatives

Ex-TriO sales head joins former boss at CloudMargin

David White, formerly a sales head at CME-owned TriOptima, has joined his former boss Stuart Connolly at CloudMargin, the collateral management technology provider.

Ross Lancaster, April 02, 2020
High yield

Mission impossible? Cruise co Carnival storms into capital markets with high stakes rescue

Dollar high yield and convertible bond buyers dived straight into the riskiest possible end of the market on Wednesday, snapping up rescue issues for cruise operator Carnival Corporation, a firm at the centre of the coronavirus storm. Carnival pledged nearly all its ships to back bondholders’ investments, while convert investors spied a chance to double their money — if the cruise industry can bounce back. Aidan Gregory, Jon Hay, Sam Kerr and Owen Sanderson report.

Aidan Gregory, April 02, 2020
Asia

MTNs recovering but still behind last year

The MTN market is picking up as issuers (particularly corporates and SSAs) and investors find opportunities for attractive deals.

Frank Jackman, April 02, 2020
SSA

Gaggle of SSAs favour themed bonds

Thursday’s market was heaving with SSAs printing euro deals, many of them opting for themed deals, some of which are specifically addressing the coronavirus outbreak, with bankers suggesting that these are enjoying the hottest demand.

Lewis McLellan, April 02, 2020
SSA

Calm in cross-currency after Fed soothes dollar trauma

The US Federal Reserve’s unprecedented injections of dollar liquidity calmed conditions after a chaotic month in the cross-currency swap market’s short-end, but traders are looking at its effects on the primary bond markets as the next test.

Ross Lancaster, April 02, 2020
Senior Debt

Huge Q1 volumes help banks in wait for ‘palatable’ debt costs

European banks broke a five year record for funding volumes in the first quarter, despite steering clear of markets for most of March. Their blistering start to the year will help them to sit out a while longer, as they wait for funding costs to settle during the coronavirus pandemic.

David Freitas, April 02, 2020
Corporate Bonds

Swissies pick up as investors return to market

Having dropped off in early March, Swiss franc issuance has bounced back in the last fortnight, buoyed by returning investors flocking to low investment-grade rated borrowers, like triple-B rated cement manufacturer LafargeHolcim, and piling into a record-breaking foreign covered bond.

Frank Jackman, April 02, 2020
ABS

Esoteric investors fear new era of risk beyond pandemic

Esoteric ABS has come to a standstill, but many market participants are confident that the damage will be manageable in the short term. Investors are more concerned about what will happen after the coronavirus pandemic, which is changing consumer behaviour and reshaping fundamental credit risks in all asset classes.

Jennifer Kang, April 02, 2020
High yield

Insurers bulked up on airline risk as export credit agencies pulled out

Private sector insurance companies have written extensive guarantees for the purchase of new aircraft from Boeing and Airbus in the past two years, filling a gap in the market left by the retreat of US Eximbank and European export credit agencies. But with aircraft around the world grounded and airlines slashing capital expenditure, these insurance firms could be stuck with the risk.

Owen Sanderson, April 02, 2020
CLOs

The virus crisis is a proving ground for CLOs

CLOs are under acute stress as the coronavirus pandemic wreaks havoc on corporate credit, but the situation presents an opportunity for the market to prove itself to sceptics.

Max Adams, April 02, 2020

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