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Asia

Sunkwan Properties plans Hong Kong IPO

China-based Sunkwan Properties Group is looking to Hong Kong as a venue to go public, enlisting ABC International as the sponsor for the IPO.

Jonathan Breen, March 31, 2020
ABS

Online lenders see silver lining in small business relief plans

Marketplace lenders have largely been left out of recent rescue plans brought by the government, including the Coronavirus Care and Help (CARES) Act. However, over the weekend, it has been confirmed that online lenders will be eligible to participate in the small business loan program, enabling fintechs to take part in distributing relief funds alongside banks, their direct competitors.

Jennifer Kang, March 30, 2020
CLOs

S&P adds 15 deals to list of at-risk CLOs

S&P Global Ratings placed another 15 CLOs on rating watch with a negative outlook over the weekend, flagging deals with a growing exposure to loans facing downgrades as the coronavirus crisis drags on.

Paola Aurisicchio, March 30, 2020
Corporate Bonds

Almost closed Volkswagen raises €2.15bn for leasing arm

Public bond investors in Europe received on Monday their first new issue from the car industry since the coronavirus crisis went global. The paper was not from an industrial company but Volkswagen Financial Services, its leasing division, which does not rely on VW producing new cars to repay its debt, but rather on customers who are legally obliged to keep paying their leases. The price was wide, but VWFS showed it had market access.

Jon Hay, March 30, 2020
Derivatives

US gives sweet SA-CCR relief

US market participants’ can now use their preferred method of calculating counterparty credit risk (CCR) for derivatives, after US regulators brought the adoption of SA-CCR forward.

Ross Lancaster, March 30, 2020
ABS

ABS secondary disappointed with lost ECB appetite

The ABS secondary market had not seen an increase in purchases from the European Central Bank as of Thursday, when the central bank’s Pandemic Emergency Purchase Programme was supposed to officially start buying. ECB head Christine Lagarde invoked the spirit of her predecessor by promising to do 'whatever it takes' to save the euro from the coronavirus pandemic, but the start of the programme has left ABS traders citing miscommunication between the central bank and the securitization market.

Tom Brown, March 30, 2020
SSA

Two SSAs come for dollars, but Europeans steer clear

The dollar bond market is gradually opening up, with two high quality public sector borrowers hitting screens on Monday for short dated deals. But with volatility still gripping the cross-currency basis swap market, European borrowers are still sticking to their home currency.

Lewis McLellan, March 30, 2020
Africa

Moody’s increases South Africa’s pain with final downgrade

Moody’s downgraded South Africa on Friday, removing the battered sovereign’s final investment grade rating. Sentiment among investors and bankers was split, with some confident that borrowers will be able to lean on their relationship lenders if needed, and others worried about the economic hit which is heading the country’s way.

Mariam Meskin, March 30, 2020
People News

Jefferies CFO dies of coronavirus complications

Jefferies said on Sunday that its chief financial officer, Peregrine ‘Peg’ Broadbent, had died of coronavirus complications. Broadbent had been CFO of the group since 2007, and helped it more than double in size.

Owen Sanderson, March 30, 2020
Supras and agencies

NIB raises €1bn under new Covid-19 Response Bond Framework

The Nordic Investment Bank on Monday became the latest public sector borrower to use the capital markets to provide emergency financing in response to the coronavirus crisis. But rather than selling a conventional or socially responsible bond, the supranational has developed a new framework specially designed to tackle the pandemic.

Burhan Khadbai, March 30, 2020
SSA

CPPIB leads Canadians to tricky euro market

CPPIB Capital hit the euro market on Monday, becoming the first SSA borrower not eligible for QE to access the market since the coronavirus outbreak shuttered the market. A fellow Canadian is set to follow suit.

Burhan Khadbai, March 30, 2020
Sovereigns

Belgium out for bond, as sovereigns up funding in response to Covid-19

Belgium has picked banks for a seven year benchmark, publishing the mandate just after joining the throng of sovereigns upping their funding requirements. Norway has also raised the size of its borrowing programme.

Frank Jackman, March 30, 2020

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