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EM LatAm

Ecopet cuts but Lat Am state oil looks cheap

Colombia’s Ecopetrol became the first of Latin America’s big national oil companies to launch an action plan to combat the continued fall in oil prices as it looks to preserve cash.

Oliver West, March 19, 2020
Corporate Bonds

Cash-rich firms shun bonds, poor beg for loans

Corporate funding markets have been thrown into turmoil faster than anyone can remember by the aggressive onslaught of the coronavirus and government measures to put society in emergency shutdown. Borrowing costs have soared for all firms, but markets are not closed. As Jon Hay, David Rothnie and Silas Brown report, the coming weeks will sort those that can still raise cash from those that need rescuing.

David Rothnie, March 19, 2020
EM LatAm

Bonds tank with no one to catch EM falling knives

Emerging market bond conditions got worse and worse this week as investors struggled to sell bonds quickly enough to keep up with outflows. Though some investors said they had lined up a shopping list of cheap purchases, it could be some time before they decide to pounce.

Oliver West, March 19, 2020
EM LatAm

DCM bankers seek LM opps but cash is king for EM corps

Even the top-rated emerging markets corporates are mostly preferring to keep cash on hand rather than take advantage of a sharp fall in bond prices to repurchase debt cheaply, bond bankers said this week.

Oliver West, March 19, 2020
SSA

Central bank pandemic rescue packs wow global govvie markets

Central banks attacked the coronavirus threat this week, promising swathes of new money on an unprecedented scale to help fund governments’ colossal new fiscal commitments. Bond markets reacted with relief to the swathe of multi-billion programmes aimed at fending off global financial meltdown.

Burhan Khadbai, March 19, 2020
Emerging Markets

EM issues SOS as market flounders in perfect storm

A broken bond market is incapable of providing emerging markets issuers with funding as the financial effects of the coronavirus pandemic and the oil crash run riot. Official institutions’ support is needed, after the asset class took a brutal beating this week, write Ross Lancaster and Oliver West.

Oliver West, March 19, 2020
Corporate Bonds

Corps and banks raise $44bn in US show of strength

Investment grade corporate and financial institution borrowers showed their strength with more than $44bn of US bond issuance in two frenetic windows this week, after central banks took emergency action to avert a global depression.

David Rothnie, March 19, 2020
Supras and agencies

SSAs ready borrowing increases but buyers duck market amid vol

The European Central Bank threw the kitchen sink at the bond market this week with its Pandemic Emergency Purchase Programme (PEPP). Borrowers are assessing their funding programmes, which will rise in response to the Covid-19 pandemic. But they are in no hurry to sell new issues, with investor appetite minimal in the secondary market.

Burhan Khadbai, March 19, 2020
Leader

Borrow like there’s no tomorrow

“There are decades when nothing happens; and there are weeks when decades happen.” So said Vladimir Lenin, although the founder of Soviet Russia probably didn’t write this with the capital markets in mind.

Jon Hay, March 19, 2020
ABS

Bankers get the orders to steer clear of aircraft ABS

Many investment banks are circulating orders for bankers not fund any committed debt transactions in the aircraft sector, including ABS deals, a decision spurred by market volatility from Covid-19. On top of restrictions on in-person meetings, macro factors such as city lockdowns and travel bans are putting a damper on the new issue pipeline.

Jennifer Kang, March 19, 2020
SSA

Swaps liquidity collapse adds to SSA burden

Wild swings in the euro/dollar basis swap, and an unreliable interest rate swap complicated bond execution in the SSA market this week. While some liquidity has returned in rates, cross currency swaps are still behaving very strangely.

Lewis McLellan, March 19, 2020
FIG People and Markets

Banks demand capital support as credit risks surge

International banks are at risk of depleting their capital reserves as they try to keep credit flowing to companies through the coronavirus crisis. Governments and regulators have already responded, but the sector is screaming out for more work to be done to ease the burden of complying with stringent accounting and supervisory rules, reports Tyler Davies.

Tyler Davies, March 19, 2020

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