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Regulatory Capital

Fed tweaks TLAC rules to help banks make distributions

The US Federal Reserve has made it easier for the country's banks to eat into their total loss-absorbing capacity (TLAC) buffers without facing restrictions on equity and debt distributions.

Tyler Davies, March 24, 2020
Private debt

Laments of ‘juniorisation’ as crisis measures resurface

Cuts made to senior staff in the debt markets are coming home to roost now that the effects of the Covid-19 pandemic are coming to bear on loans and private placements. Old hands that navigated the previous crises are in short supply as borrowers and investors look to implement deal amendments to cope with a coming recession.

Silas Brown, March 24, 2020
Covered Bonds

European bank treasurers await return of liquidity

European covered bond issuers are waiting for liquidity to normalise before printing new deals and will rely upon their access to emergency central bank liquidity lines instead, three funding officials told GlobalCapital. They are also contacting customers to better understand how their loan and deposit books are likely to change before deciding how their funding strategies should be revised.

Bill Thornhill, March 24, 2020
Equity-Linked

FCA says no to UK shorting ban despite European crackdown

The Financial Conduct Authority, the City regulator, has said it will not introduce a short selling ban, since there was no proof that short selling was responsible for the recent market falls.

Aidan Gregory, March 24, 2020
Sub-sovereigns

German states’ funding hitting €100bn not ‘unrealistic’, says global DCM head

The combined capital markets funding of German states in 2020 will substantially rise and could return to the levels seen at the height of the global financial and eurozone sovereign debt crises, according to a global head of debt origination.

Burhan Khadbai, March 24, 2020
Asia

Banks kick off RMB interest rate options trading

A group of 23 banks and 12 securities houses completed 154 renminbi interest rate option (IRO) transactions worth Rmb12.8bn ($1.81bn) on Monday. The new derivatives product is viewed as a solid step for China’s interest rate reform.

Rebecca Feng, March 24, 2020
EM LatAm

Idesa eyes exchange to avoid default

Mexican petrochemicals company Grupo Idesa is offering bondholders a collateral package and higher coupon to participate in a bond exchange that would allow it to avoid default later this year.

Oliver West, March 24, 2020
Asia

Bankers eye Indian loans amid signs of stress

Indian banks and corporations hoping to fund in the offshore loan market were already facing difficult questions, following a wide-ranging clean-up of the country’s financial system. They are now facing a worse problem: the spread of Covid-19.

Rashmi Kumar, March 24, 2020
EM LatAm

Ecuador to delay coupon payments amid health service strains

Ecuador will make a $325m bond maturity payment on Tuesday as it looks to unlock $2bn of further funding that the finance minister will be “immediately” accessible. But the sovereign will delay $245m in coupon payments later this week, and the minister did not confirm that these payments would be made when the new loans arrive.

Oliver West, March 24, 2020
Asia

Xiaomi gears up for debut private Panda offering

China’s Xiaomi Corp is planning to print a Rmb1bn ($141m) private placement Panda bond next week, in what will be the smartphone and appliances maker’s first outing in the onshore bond market.

Rebecca Feng, March 24, 2020
Asia

Shinhan Bank plans dollar bond return

South Korea's Shinhan Bank is hoping to sell a public dollar bond in April, following a virus-linked $50m private placement this month.

Morgan Davis, March 24, 2020
Asia

Chinese issuers need less comfort, more support

China’s top regulators went above and beyond expectations over the weekend in providing reassurance that the country’s markets are on solid footing. While this was helpful, more action to support companies falling through the cracks is sorely needed.

Addison Gong, March 24, 2020

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