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LevFin CLOs

CLO market escapes hard stop as CSAM finds new level

Credit Suisse Asset Management priced the first deal since Monday’s market collapse through Citi on Wednesday — raising hopes that the large number of open warehouses will escape being stuck on bank balance sheets and find their capital markets exits.

Owen Sanderson, March 11, 2020
Supras and agencies

IFC brushes off vol with impressive social bond

International Finance Corporation defied volatility to achieve an impressive result in the dollar public sector bond market on Wednesday as it managed to bring in the spread by 4bp to price through the European Investment Bank.

Burhan Khadbai, March 11, 2020
Follow-ons and Rights issues

Costain Group readies £100m recap after difficult 2019

Costain Group, the UK construction and engineering firm, has unveiled a £100m capital increase to shore up its balance sheet following a disappointing set of 2019 results.

Aidan Gregory, March 11, 2020
Equity

Banks hope ‘defensive’ investors back AMS rights issue

AMS, the Austrian sensor maker, has launched a Sfr1.75bn (€1.65bn) rights issue, despite volatile equity markets but bankers hope that the attractive entry price and the steady nature of the company itself will be enough to ensure a successful deal, despite difficult equity markets.

Sam Kerr, March 11, 2020
Covered Bonds

Scotia shows covered bond leadership

Bank of Nova Scotia (BNS) became the first bank outside Europe to issue a deeply negative yielding covered bond in a good size on Wednesday. The transaction provided a beacon for other issuers and was perfectly timed to benefit from a window of market stability between Monday’s and Thursday’s shocking volatility.

Bill Thornhill, March 11, 2020
Investment Grade Loans

Banks prepared to help steer companies through volatility

Several loans bankers have said that the difference between the volatility prompted by the spread of Covid-19 and previous market shocks is that banks are better capitalised this time around, so key clients should have enough to support to help them through tricky times.

Mike Turner, March 11, 2020
Regulation

Bank of England's triple whammy offers limited reassurance

The Bank of England’s unscheduled decision to cut rates and encourage banks to lend to the real economy on Wednesday morning was viewed as a powerful step by some in the market, although it is very unlikely to put to bed economic uncertainty over the impact of coronavirus.

Jasper Cox, March 11, 2020
Derivatives

Vol shock triggers reassessment in equity derivatives

Wild swings in equity market volatility have caused a rush to reassess derivatives positions, as the cost of hedging increases and weakness emerges in more exotic products.

Ross Lancaster, March 11, 2020
Senior Debt

Bank bonds bounce as market welcomes Covid-19 stimulus

Spreads on financial institutions bonds are recovering from a brutal sell-off at the beginning of the week, as European governments and central banks weigh in to help economies deal with the Covid-19 coronavirus outbreak.

David Freitas, March 11, 2020
Corporate Bonds

Corporate bond markets revive again after latest virus spasm

Once again, corporate bond markets have staged a recovery after a shutdown of several days as asset prices plummeted in response to the growing coronavirus outbreak. Three industrial companies plus JP Morgan issued bonds in the US on Tuesday, which “all went exceptionally well” according to a head of syndicate in London. Danone launched on Wednesday the first euro corporate issue of the week, paying a high spread but small new issue premium.

Jon Hay, March 11, 2020
Securitization People and Markets

EU Parliament struggles to wrap up NPL trading directive

Members of the European Parliament have still not found the right balance between cleaning banks’ balance sheets and ensuring appropriate control of debt servicers and protection of retail borrowers, causing a delay to plans to reform non-performing loan sales.

Jean Comte, March 11, 2020
ABS

NSF agrees to £200m securitization facility with Ares

Non-Standard Finance (NSF) has announced a six-year £200m securitization facility with Ares Management Corporation providing credit funds.

Tom Brown, March 11, 2020

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