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Structured Bonds

Hedge funds and US banks spy gold in distressed Schuldscheine

With the Schuldschein having grown into one of Europe’s foremost private debt markets, Asian and European banks have swarmed to it on the hunt for implied investment grade companies to lend to. But at the corners of the market, new characters are edging into the picture. According to several market sources, hedge funds and US investment banks have started to work their way into a still rare element of the centuries-old German market — distressed debt. Silas Brown investigates.

Silas Brown, March 05, 2020
Fed used "most powerful tool" too soon by cutting rates, investors say

The Federal Reserve cut interest rates two weeks before its regularly scheduled meeting in an attempt to boost confidence of markets severely impacted by Covid-19 fears. Market participants, however, tell GlobalCapital they worry that the bank is spending its ammunition too quickly to remedy a complicated issue that requires a medical solution, not a monetary one.

Jennifer Kang, March 05, 2020
Senior Debt

Anxiety taking over FIG bond market slashes supply hopes

Hopes of supply for senior and subordinated financial institution bonds have crumbled amid spread volatility, washed away by fears of the impact of Covid-19 coronavirus on bank balance sheets.

David Freitas, March 05, 2020
Corporate Bonds

Dollar borrowers battle coronavirus

The US high grade bond market sprang back to life this week, as borrowers rode out a wave of volatility, helped by cash-rich investors and nimble pricing strategies.

David Rothnie, March 05, 2020
SSA Bond Comments

World Bank USD3.5bn 0.75% Mar 25

Rating: Aaa/AAA

Lewis McLellan, March 05, 2020
CLOs

Irish CLOs not safe from Dutch-style VAT change, deal docs reveal

Recently marketed CLO documents circulated to investors have included language to suggest that the European Union could require Ireland to bring its VAT tax laws in line with the rest of the EU, raising fears that CLOs domiciled in the country could suffer a similar fate to Netherlands-based transactions.

Tom Brown, March 05, 2020
Asia

Flows to EM slow as coronavirus infects mood

The flow of money into bonds and equities in emerging markets in February slowed to its lowest level since the 'trade tantrum' last August, amid signs that the spread of the coronavirus has prompted a reassessment of country risk.

Phil Thornton, March 05, 2020
ABBs-Block Trades

Blocks and converts thrive despite coronavirus panic

The most brutal equity market sell-off since the 2008 financial crisis rocked equity capital markets last week. But the primary market remains open, with investors open to block trades and the increased volatility benefitting convertible bonds, report Sam Kerr and Aidan Gregory.

Aidan Gregory, March 05, 2020
Leader

'Price now' was the right call, finally

Speak to enough sell-side capital markets bankers and a few patterns start to emerge. For all the talk of putting the client first and understanding their needs, the advice from syndicate and DCM shows a certain bias towards doing bond deals.

Owen Sanderson, March 05, 2020
Supras and agencies

RBA cuts rates to record low, mulls QE

The Reserve Bank of Australia (RBA) on Tuesday slashed rates to a new low of 0.5% in response to the financial impact of the Covid-19 coronavirus outbreak. As Aussie dollar rates move lower, the introduction of quantitative easing is on the cards.

Frank Jackman, March 05, 2020
LevFin High Yield Bonds

Amigo Holdings shares and bonds dive as founder slams management

Shares in guarantor loans company Amigo Holdings plunged more than 25% at the open on Thursday while its high yield bond, a 7.625% 2024, was marked down more than 30 points, as founder James Benamor quit the board, then published a lengthy blog post describing the company as "committing slow motion suicide". Amigo hit back quickly with a statement rejecting many of Benamor’s comments but prices failed to bounce back.

Owen Sanderson, March 05, 2020
Supras and agencies

All eyes on EFSF after week in limbo for euro SSA supply

Market participants will be keeping a close eye on how a deal from the European Financial Stability Facility (EFSF) will proceed next week, as it could well re-open the euro supranational and agency bond market after issuers shied away from doing deals this week, amid volatile market conditions and an improved cross-currency basis swap for euro funders to issue in dollars.

Burhan Khadbai, March 05, 2020

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