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CLOs

Triple-A CLO paper eligible for Fed's PDCF

The Federal Reserve said this week that it would revive its Primary Dealer Credit Facility, expanding the program to include triple-A rated CLOs, as the central bank dives deeper into the crisis era playbook to stem the fallout from the coronavirus crisis.

Paola Aurisicchio, March 18, 2020
Regulation

Bridgewater unwinds European shorts, other speculators attack bans

Prominent short sellers have criticised European financial regulators’ clampdown on short selling as being counterproductive. Meanwhile, US hedge fund Bridgewater Associates has been unwinding its multibillion short positions in European stocks, after price falls across indices on the continent in recent days.

Jasper Cox, March 18, 2020
Government-guaranteed ABS prices amid market freeze

The Small Business Administration (SBA) priced a government-guaranteed small business loan securitization this week in an otherwise frozen primary market. The role of government agencies such as the SBA is expected to be crucial in mitigating Covid-19’s impact as many other issuers find themselves paralysed in the face of volatility.

Jennifer Kang, March 18, 2020
FIG People and Markets

EXCLUSIVE: European supervisors ready help for banks with IFRS 9 woes

European banking supervisors are looking into ways to help banks offset the impact that rising credit risks will have on their capital levels, with the industry heaping criticism on the IFRS 9 accounting standard for making the coronavirus crisis even worse than it should be.

Tyler Davies, March 18, 2020
LevFin High Yield Bonds

HPS primes Pizza Express bondholders with new £70m rescue pack

HPS Investment Partners is providing a super senior loan of £70m to troubled UK casual dining chain Pizza Express, paying back borrowing from owner Hony Capital and bank creditors, but pushing the bondholders' 6.625% £465m secured bonds down the recovery waterfall.

Owen Sanderson, March 18, 2020
Investment Grade Loans

Lenders honour pre-virus terms but pricing rockets

Germany's Covestro and the UK's 3i have both signed new revolving credit facilities with terms that were agreed before the Covid-19 pandemic sent markets plunging, but lenders said that new deals will have far higher margins.

Mike Turner, March 18, 2020
FIG People and Markets

Popular bondholders will not be compensated, says SRB

The Single Resolution Board found this week that investors in Banco Popular would not have been any better off had they been put through an insolvency rather than a resolution. Creditors and shareholders will therefore not receive any compensation.

David Freitas, March 18, 2020
Emerging Markets

Swap lines debate stirs in EM amid scramble for dollars

As volatility batters markets and participants scramble to hold dollars, calls are growing for the US Federal Reserve to extend the swap lines that it used during the 2008 crisis to emerging market central banks.

Ross Lancaster, March 18, 2020
Follow-ons and Rights issues

France prepares to nationalise in coronavirus war

Governments across Europe are scrambling to support businesses as the rapid spread of the coronavirus batters their economies. In France, the state is in discussion with its advisors about preparing to step in and take equity stakes in companies showing signs of stress, according to sources speaking to GlobalCapital.

Sam Kerr, March 18, 2020
Covered Bonds

Covered bond bids evaporate as short end goes into meltdown

The dash for cash has had big repercussions on the short end of the covered bond market, where yields are now positive, even for German names.

Bill Thornhill, March 18, 2020
SSA

Gilts and Treasuries sell off on fiscal promises

The promises of economic support for economies battered by coronavirus from the UK and US governments have caused their curves to cheapen sharply, driving up borrowing costs.

Jasper Cox, March 18, 2020
Corporate Bonds

Europe’s corporate bond market looks to US, for sentiment and technique

Companies are eyeing the European corporate bond market with a view to issuing when they see a chance, but hopes that deals could restart on Wednesday after Tuesday’s heavy US issuance were dashed when markets weakened overnight. Amid the turmoil, bankers are eager to try the new “straight to launch” syndication method being used in New York.

Jon Hay, March 18, 2020

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