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You can't separate the dollar from the US government

US president Donald Trump looks unable to lead a global response to the health and economic crisis caused by the coronavirus pandemic, but the dollar is unchallenged as the global safe haven in times of crisis. This contradiction is destabilising.

Jasper Cox, March 24, 2020
Derivatives

Prop traders plead for faster SACCR amid options stress

Proprietary trading firms, dealing with swollen options supply, are pleading for regulators to hurry along changes to counterparty credit risk calculations (SACCR) that in their present form are threatening their ability to make markets.

Ross Lancaster, March 24, 2020
Corporate Bonds

Enormous book helps Sanofi load war chest

Europe’s corporate bond market showed the same kind of energy on Tuesday that the US market did three times last week, as a clutch of blue chip issuers launched new deals on the very first day of stability the market offered. Sanofi found huge demand and only a slight slowness from the UK being in lockdown.

Jon Hay, March 24, 2020
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Closing stock markets is not the answer

Short selling bans in several European countries have led to fears that regulators may move to shut down stock markets altogether if the turbulence caused by the spread of Covid-19 worsens further, but this would be a serious mistake.

Aidan Gregory, March 24, 2020
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Republican bailout package is finance's Patriot Act

There is a plan to rescue the US economy with a $500bn corporate bailout. At the time of writing, that plan is held up in the US Senate. While the country's president Donald Trump is griping about the delay, it’s a fight worth having. The Republican Party's proposal is woefully short on oversight.

Lewis McLellan, March 24, 2020
RMBS

RMBS uncertainty builds as mortgage relief plans diverge

With the continent on lockdown, European countries are taking different approaches to granting borrowers relief from mortgage payments, putting RMBS deals across Europe in uncharted territory.

Tom Brown, March 24, 2020
Private debt

Blackstone's GSO raises huge European direct lending fund

GSO Capital Partners, the credit unit of private equity firm Blackstone, has raised roughly $4.5bn for its second European direct lending fund, according to an SEC filing. But as the coronavirus pandemic wrecks corporate balance sheets, several sources are concerned with how European companies will fare.

Silas Brown, March 24, 2020
SSA

Investors demand crazy rich NIPs as SSA market reopens

The primary public sector bond market came back to life on Tuesday as a pair of sovereigns and the European Investment Bank sold deals alongside German states. But it was far from a case of picking up where they left off as borrowers were made to pay new issue premiums of up to 20bp versus the secondary market levels on screens.

Burhan Khadbai, March 24, 2020
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Leveraged companies need help too

Extraordinary support measures from central banks across the world include an element of corporate lending, but all the schemes announced so far target SMEs, and companies rated BBB- and above. That leaves a gaping hole in the rescue net, which the authorities must fill.

Owen Sanderson, March 24, 2020
Equity

Germany lines up €100bn equity ‘bazooka’ to fight Covid-19

Germany has said it will take the unprecedented step of buying equity stakes in German businesses to protect its economy against the damage caused by the spread of the coronavirus.

Sam Kerr, March 24, 2020
Corporate Bonds

World looks to German crisis response ideas

The UK government’s offer on Friday to pay 80% of the wages of furloughed workers came in the nick of time to save thousands of jobs in manufacturing and services. But few of those affected realised they were benefiting from a German idea. The move highlights how the coronavirus crisis is causing a rapid dissemination of techniques around the world.

Jon Hay, March 24, 2020
High grade and crossover bonds

Diageo leaps in for a triple tipple

Diageo, the UK distiller and brewer, poured a triple tranche trade into Tuesday's busy primary corporate bond market, as syndicate bankers said the high grade companies on screen were the some of the best names to raise spirits.

Mike Turner, March 24, 2020

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