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CLOs

CLO pros under stress, but holding out for loan recoveries

CLO managers and investors are facing a nearly unprecedented crisis in corporate credit, but sources say that while defaults loom, they are hopeful recovery rates will deliver the market from disaster.

Paola Aurisicchio, March 19, 2020
Derivatives

CDS index rolls to go ahead, despite Covid-19 volatility

IHS Markit is continuing with the Friday rolls for its popular CDX and iTraxx indices, despite the extreme volatility affecting credit markets as Covid-19 and low oil prices spread uncertainty.

Ross Lancaster, March 19, 2020
RMBS

European securitization looks to US bank treasuries for second rescue

After the 2008 financial crisis, JP Morgan’s chief investment office restored the European securitization markets, buying billions of UK and Dutch RMBS. Now, market players are looking to JP Morgan and Citigroup’s CIO units again to scoop up senior securitization bonds and backstop the market.

Owen Sanderson, March 19, 2020
Bank Strategy

Covid-19 trading boost mitigates pressures at big investment banks

The biggest investment banks are enjoying strong trading revenues from the market moves related to the coronavirus pandemic, alleviating a freeze in M&A and underwriting activity. The banks appear well-placed to deal with corporate drawdowns, although there is some debate around wider liquidity profiles.

Jasper Cox, March 19, 2020
Derivatives

Open outcry shuttered, as CME fights against shortened trading

Exchanges around the world have closed their open outcry pits as the threat of Covid-19 has shunted trading over to electronic formats.

Ross Lancaster, March 19, 2020
Sovereigns

Reserve Bank of Australia to start quantitative easing

The Reserve Bank of Australia (RBA) is to start quantitative easing for the first time, it said on Thursday, while earlier this week the Reserve Bank of New Zealand (RBNZ) slashed rates and the New Zealand Treasury set out plans to increase its bond market borrowing.

Frank Jackman, March 19, 2020
Covered Bonds

Canadian banks head to euro covered bonds in search of liquidity

Royal Bank of Canada, Bank of Montreal and Toronto Dominion Bank all issued euro covered bonds in good size this week, finding big savings over senior unsecured issuance. One leading investor said bringing these deals in a fragile market was opportunistic and reflected The Bank of Canada's more restrictive provision of emergency liquidity than in Europe.

Bill Thornhill, March 19, 2020
ABS

JP Morgan funds £200m UK bridging finance securitization

J.P Morgan has invested in a private securitization of up to £200m, backed by bridging loans originated by Glenhawk, a UK-based challenger lender.

Tom Brown, March 19, 2020
CLOs

SRT market struggles with marks as SMEs, corps face crisis

The synthetic risk transfer market, where specialist hedge funds write protection on up to €100bn of notional risk per year from banks, is grappling with the impact of the coronavirus on SME and corporate credit. The illiquid bilateral transactions barely trade, but have increasingly been financed through the repo market, giving banks and funds a challenge as they fight over where the positions should be marked.

Owen Sanderson, March 19, 2020
People News

People moves in brief

Deloitte hires ex-Morgan Stanley banker — Roland swaps roles at LBBW

Bill Thornhill, March 19, 2020
ABBs-Block Trades

Rights issues run aground as vol crushes ECM

Equity bankers are working with corporates on potential rights issues to shore-up balance sheets given the huge economic disruption caused by the coronavirus in Europe. But with volatility sky-high, even optimistic bankers are wary of bringing deals to market, while other ECM deals like block trades, convertibles and IPOs are no-go areas for the foreseeable future.

Sam Kerr, March 19, 2020
Private Equity

Financing firm for KKR’s Viridor buy despite market chaos

Banks financing KKR’s £4.2bn purchase of waste management firm Viridor from Pennon were able to demonstrate certainty and deliverability of the financing for the deal to the Pennon board, despite chaotic markets which have seen rapid plunges in the prices of leveraged loans and high yield bonds.

Owen Sanderson, March 19, 2020

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