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RMBS

ECJ ruling a win for banks but puts RMBS at risk

Spanish banks dodged potentially billions in compensation costs after the European Court of Justice (ECJ) kicked a mortgage dispute on to local Spanish courts, allowing borrowers to switch to a more affordable rate. While the ruling is a win for banks, it is a potential credit negative for some legacy RMBS.

Tom Brown, March 04, 2020
Covered Bonds

Luminor brings debut Baltic covered bond

Luminor Bank attracted strong demand for its debut covered bond on Wednesday, the first under Estonia’s legal framework and the first from the Baltic region. Despite a negative reoffer yield, it attracted a higher subscription ratio than any other five year euro benchmark issued this year.

Bill Thornhill, March 04, 2020
Equity

Biden bump a bonus for ECM

Equity capital markets bankers were celebrating a rare piece of good macroeconomic news on Wednesday morning: the surprise surge of former US vice-president Joe Biden in his bid to win the Democratic nomination to be presidential candidate in November’s election.

Sam Kerr, March 04, 2020
FIG People and Markets

Banco BPM to reduce TLTROs, factor sub debt into Pillar 2

Banco BPM unveiled an ambitious new strategic plan this week, accounting for the potential impact of Covid-19 in northern Italy. The bank intends to reduce its reliance on the European Central Bank (ECB) for funding and take advantage of regulatory changes allowing additional tier one to be included in Pillar 2 capital requirements.

David Freitas, March 04, 2020
ABBs-Block Trades

TeamViewer shows ECM wide open for right block trade

A €704m share block in German remote software company TeamViewer showed that the equity capital markets are still open for large opportunistic block trades, despite equity market fears over the spread of the Covid-19 coronavirus.

Sam Kerr, March 04, 2020
Emerging Market Loans

Saudi's Alhokair raises $800m in local mart

Saudi Arabian fashion retailer Fawaz Abdulaziz Alhokair has raised an $800m multi-currency loan with a consortium of local lenders.

Mariam Meskin, March 04, 2020
LevFin Leveraged Loans

European levfin market opens up for medical testing firm

Coronavirus fears and plunging markets meant a flood of pulled deals in leveraged loans — but a strong backdrop for some, notably French medical diagnostics and testing business Biogroup-LCD which launched a €274.7m acquisition loan into general syndication through JP Morgan and Natixis on Tuesday.

Owen Sanderson, March 04, 2020
Regulatory Capital

Lloyds targets HBOS bond exchange to smarten up cap stack

Lloyds Banking Group is giving investors a chance to switch out of a legacy tier two and into a new instrument, without the basic terms of their securities changing.

Tyler Davies, March 04, 2020
GC View

Coronavirus: monetary policy is not enough

The US Federal Reserve’s emergency 50bp cut in interest rates on Tuesday failed to reassure markets. The US and European response to the Covid-19 coronavirus outbreak needs to incorporate targeted fiscal policy as well.

Jasper Cox, March 04, 2020
Asia

Insurance-linked securities: how to make them ESG friendly

The World Bank and Assicurazioni Generali are each giving the insurance-linked securities (ILS) they issue a sustainability label, as the market attempts to burnish its credentials for investors concerned with environmental, social and governance (ESG) criteria. Both issuers are imitating conventional green bond programmes by focusing on direct use of proceeds, but there are also debates around issues such as freed-up insurance capital and what governments do with funds released from catastrophe bonds.

Jasper Cox, March 04, 2020
CEE

GTLK braves volatile EM market, raises $600m amid Covid-19 fears

GTLK Europe, an air and sea vehicle lessor, has priced a seven year unsecured bond — its longest dated deal to date. It paid a premium to investors, but won praise for steering the transaction through a market that had recently been shuttered due to Covid-19 chaos.

Mariam Meskin, March 04, 2020
Asia

Chinese issuer avoids default — or does it?

Has Zhongrong Xinda Group Co, a Chinese bond issuer, missed a coupon payment? That was the impression given by the Shanghai Clearing House this week. But on the same day, the issuer said it had, in fact, repaid the money — privately.

Addison Gong, March 04, 2020

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