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CLOs

CLO players see two year stretch before sector normalizes

The CLO market is in the middle of the panic phase of the current crisis, and a new life cycle in the time of Covid-19 will run for two to three years before the sector normalizes, said speakers in a virtual panel held by IMN on Thursday.

Paola Aurisicchio, April 23, 2020
Corporate Bonds

US triple-B firms in bond spree to repay credit lines

April is set to be the second busiest month ever in the US corporate bond market (after March), as companies pile up funding to build up their financial resilience to Covid-19, despite continuing volatility and waves of bad news.

David Rothnie, April 23, 2020
Comment

Transparency is the best capital markets policy

Firms can spend vast amounts of time window-dressing their balance sheets to look the best they possibly can within the limits of reporting regulations. Within those limits, everything goes.

David Freitas, April 23, 2020
Investment Grade Loans

Europe's banks claim home advantage in virus lending spike

After years of not only falling loan volumes but being trounced in their own back yard, Europe's banks finally seem to have an edge against their US counterparts. With loan pricing gapping out in response to the coronavirus pandemic, but companies desperate for cash, the continent's lenders are proving first port of call for local borrowers, leaving US and Asian banks less active. Silas Brown, Mariam Meskin and Mike Turner report.

Mariam Meskin, April 23, 2020
Sovereigns

Italy and Spain romp to record books ahead of EU set-back

Any concerns over whether the eurozone periphery would have market access after Bund spreads yawned wider during the past week were put to bed by a combined €31bn of borrowing from Italy and Spain. The sovereigns paid what was needed to put impressive dents in their ballooning funding requirements, ahead of a hotly anticipated European Council meeting on Thursday. Lewis McLellan and Tyler Davies report.

Lewis McLellan, April 23, 2020
Corporate Bonds

No panic: bond mart segregates oil losers from majors, other HY

Debt investors are distinguishing between strong and weak risks in the oil and gas sector, as huge oversupply threatens to weigh on oil prices, already at multi-decade lows — and for the time being, market participants also expect that worries about energy won't tarnish the whole high yield market.

Jon Hay, April 23, 2020
Fintech lenders sidelined in second round of PPP funding

Congress set aside $60bn for small businesses in the second round of funding for the Paycheck Protection Program (PPP), but excluded fintechs from participating in distributing the funds. While fintechs thought the pandemic could be a chance to solidify their standing in the lending world, legislators have been reluctant to give them the opportunity.

Jennifer Kang, April 23, 2020
Senior Debt

Wall Street big guns fire on all cylinders in dollars

A trio of Wall Street heavyweights tapped the dollar market in size this week, with investors pouring cash into new deals.

David Rothnie, April 23, 2020
SSA

Gilts steady despite UK's vast borrowing announcement

The UK Debt Management Office has announced a borrowing programme that will, in the next four months alone, exceed the country’s largest ever annual total. Gilt yields have stayed steady, thanks to investors’ faith in the Bank of England’s asset purchase facility.

Lewis McLellan, April 23, 2020
SSA Bond Comments

AFD USD2bn 0.75% Apr 23

Rating: —/AA/AA

Lewis McLellan, April 23, 2020
SSA Bond Comments

Spain EUR15bn 1.25% Oct 30

Rating: Baa1/A/A-

Burhan Khadbai, April 23, 2020
SSA Bond Comments

Italy EUR10bn 1.85% Jul 25, EUR6bn 2.45% Sep 50 tap

Rating: Baa3/BBB/BBB

Burhan Khadbai, April 23, 2020

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