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ABS

Senate to vote on looser PPP loan criteria

The US House of Representatives passed the Paycheck Protection Program Flexibility Act last week in an attempt to loosen the terms around how small businesses can spend their loans, reducing the amount required to be spent on employee payroll. Sources say the program has made strides in the past two months since its rocky rollout, enabling a wider range of industries to benefit from the forgivable loan program.

Jennifer Kang, June 01, 2020
RMBS

UK mortgage moratoriums clash with Libor deadline

The Financial Conduct Authority (FCA) has ruled out granting a reprieve to the Libor benchmark, leaving the UK RMBS market to face transitioning legacy deals before the end of the year. That means that lenders will be grappling with the shift at the same time as borrowers will come to the end of Covid-19 payment moratoriums.

Tom Brown, June 01, 2020
Senior Debt

Foreign duo mandate Aussie dollar deals

A pair of foreign banks mandated senior unsecured Australian dollar transactions on Monday: Sumitomo Mitsui Banking Corp is out with initial price thoughts through its Sydney branch, while the Canadian Imperial Bank of Commerce is preparing a Kangaroo benchmark.

Frank Jackman, June 01, 2020
Supras and agencies

CEB opts for dollars for second Covid-19 response bond

The Council of Europe Development Bank is preparing to issue its second Covid-19 response bond which will also be its first ever trade in dollars under its social inclusion framework.

Burhan Khadbai, June 01, 2020
Supras and agencies

IFC revises funding target

With one month to go of its 2019/2020 financial year, the International Finance Corporation has revised down its funding target.

Frank Jackman, June 01, 2020
High grade and crossover bonds

Office property: experts split on future risks

The shift to home working is going to heap pressure on office property companies, with some corners of the capital market expecting their bonds to start selling off if workers stay away as lockdowns are eased.

Jon Hay, June 01, 2020
Supras and agencies

IFC takes corona funding to Kangaroo market

The International Finance Corp returned to the Australian dollar bond market to fund its response to the coronavirus pandemic on Monday, while at the end of last week BNG capped the strongest month for SSA Kangaroo deals for over nine months.

Frank Jackman, June 01, 2020
Supras and agencies

KfW doubles size of US CP programme

KfW has made the first adjustment to its 2020 borrowing needs by doubling the size of its US commercial paper programme, with the Gerrman agency set to review its overall funding target at the end of June.

Burhan Khadbai, June 01, 2020
LevFin Leveraged Loans

'Market darling' MasMovil ready to revive LBOs

KKR, Cinven and Providence Private Equity have launched the first post-Covid take-private LBO attempt, targeting Spanish telecommunications company MasMovil with a €3bn takeover offer at €22.50 a share, giving the company an enterprise value of around €5bn. Barclays, BNP Paribas and Morgan Stanley have underwritten the financing for the buyout.

Owen Sanderson, June 01, 2020
Covered Bonds

Covered bond redemptions boost supply hopes

Strong market conditions and tight spreads should encourage a few covered bond issuers to consider returning to the market in June, and though balance sheet optimisation is likely to remain the biggest driver of primary market activity, a surge in covered bond redemptions will play a critical role.

Bill Thornhill, June 01, 2020
SSA

Greeniums ‘narrower’ as investors focus on Covid-19 response

The pricing advantage offered to issuers by green bonds over conventional issuance — the ‘greenium’ — has shrunk during the coronavirus pandemic, making them less attractive for borrowers. Investors have instead dived into buying Covid-19 response bonds, meaning there is a decent premium available for issuers that can sell paper with that label.

Burhan Khadbai, June 01, 2020
Emerging Markets

Corporates on the sidelines amid wave of EM downgrades

Emerging market corporate downgrades have accelerated since the beginning of the Covid-19 crisis, which has raised questions about debt refinancing in the asset class.

Ross Lancaster, June 01, 2020

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