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RMBS

Atom Bank sells almost a quarter of mortgages to single investor

UK challenger Atom Bank has sold a fully preplaced UK RMBS, Elvet Mortgages 2019-1, in a structure similar to the Pimco-sponsored securitizations of legacy UK mortgages — but not bought by the west coast investor, GlobalCapital understands. The £507m portfolio represents almost a quarter of the bank’s mortgages, based on its last published financials.

Owen Sanderson, November 28, 2019
Supras and agencies

World Bank plants green seeds in Danish kroner

Investors have had to wait 22 years for the World Bank to issue in Danish kroner, but the supranational returned at the end of last week with a long-dated green bond.

Frank Jackman, November 28, 2019
Derivatives

Basel Committee seeks feedback for CVA rework

The Basel Committee on Banking Supervision (BCBS) has published a consultation on revisions to the credit valuation adjustment (CVA) risk framework.

GlobalCapital, November 28, 2019
SRI

Enel CFO to raters: wake up to sustainability

Enel is banking on saving money on its cost of debt by using sustainable finance, as it increases its use of sustainability-linked bonds. But it sees this as a halfway house, until the rating agencies properly reflect the company’s sustainability with better credit ratings.

Jon Hay, November 28, 2019
Derivatives

Bakkt's bitcoin futures hit new record

Trading in Bakkt bitcoin futures reached a new record high this week, pointing to firming institutional demand for the physically-settled contracts.

GlobalCapital, November 28, 2019
Investment Grade Loans

LVMH readies $17bn of debt for Tiffany buy

Moody’s has warned France’s LVMH that its $16.2bn debt-fuelled acquisition of Tiffany & Co will put its debt metrics near capacity for its A1 rating, as the acquisitive firm lines up $17bn of financing to buy the US jeweller.

Mike Turner, November 28, 2019
Private debt

PIC presents case for institutional investment in UK housing associations

Pension Insurance Corporation (PIC) published a report on Thursday making the case for institutional investment into UK social housing. The sector has come under pressure from falls in government funding and the increasing costs of developing new homes. Capital from the insurance sector could provide a valve, PIC claims.

Silas Brown, November 28, 2019
Equity

Manchester City deal a milestone in PE sport foray

Private equity firm Silver Lake acquired a 10% stake in City Football Group (CFG), the holding company that owns Manchester City FC, for $500m on Wednesday. The deal has been greeted as a watershed in the way football clubs are financed and is tipped to spark copycat deals.

Sam Kerr, November 28, 2019
Investment Grade Loans

LVMH cautioned off more jumbo acquisitions by Moody’s

Moody’s has warned France’s LVMH that its $16.2bn debt fuelled acquisition of Tiffany & Co. will put its debt metrics near capacity for its A1 rating, as the acquisitive firm lines up $17bn of financing to buy the US jeweller.

Mike Turner, November 28, 2019
Covered Bonds

Nasdaq shines a light on Danish covered bond pricing

Nasdaq has developed a new method for pricing Danish covered bonds, which are typically more difficult to price than fixed-rate euro deals because of prepayment risks of mortgages in the underlying pool and negative convexity associated with callable deals.

Bill Thornhill, November 28, 2019
ABS

ECB buying helps biggest banks to delever

The resumption of European Central Bank purchases in the ABS market has helped some of the largest banks in Europe to issue dual purpose securitizations, locking in cheap funding from the senior tranche and selling down the structure to achieve risk transfer. ABS buying is now forming a greater part of the central bank’s asset purchases than during previous easing rounds.

Owen Sanderson, November 28, 2019
Supras and agencies

Post-thanksgiving SSA dollar supply to be ‘lighter than usual’

SSA bankers expect dollar issuance from public sector borrowers to be lower than in previous years once the US market returns from the Thanksgiving holiday.

Burhan Khadbai, November 28, 2019

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