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Securitization People and Markets

Greencoat Investment loses latest court battle in CMBS dispute

Greencoat Investment, a vehicle associated with Rizwan Hussain's attempts to take control of a pre-crisis CMBS, was dealt a blow this week when a court rejected its application to put the deal into administration. The move, for now, puts paid to efforts to persuade bondholders to tender their holdings.

Tom Brown, July 09, 2019
GC View

‘Net short’ language crosses a line

Leveraged loan and high yield bond documentation is starting to see a new feature creep in — anti “net short” language, which attempts to stop creditors that are short the company from getting a place at the table in a restructuring. The funds targeted by the new provisions aren’t exactly the cuddliest citizens of the capital markets, but they won’t be the only casualties.

Owen Sanderson, July 09, 2019
Benchmark ABS to outperform higher yielding sectors

The primary pipeline is building up again after eight issuers filed documents for upcoming ABS deals after the US public holiday weekend. Several sponsors are bringing retail auto or timeshare ABS deals, both of which have been flagged as bright spots in the market this week by Bank of America Merrill Lynch analysts, due to comparatively tight spreads and strong fundamentals.

Jennifer Kang, July 09, 2019
Bank Capital

NBG eyes T2 following Piraeus success

National Bank of Greece said on Tuesday that it had picked banks to arrange a tier two bond transaction as part of its plans to raise €800m in the format. The bank could become only the second Greek issuer of subordinated debt since the financial crisis, following a new tier two from Piraeus last month.

David Freitas, July 09, 2019
Hybrid

Aroundtown comes round again for euro hybrid

Aroundtown, the German property company, chose Tuesday, when the European corporate bond market was otherwise empty of new issues to sell its second hybrid capital deal in as many months.

Alex Radford, July 09, 2019
FIG

Rothesay breathes life into dormant tier three market

Rothesay Life reminded market participants of the rarely seen tier three bond format on Tuesday, raising £300m of solvency capital on the back of more than twice as much demand.

Tyler Davies, July 09, 2019
Supras and agencies

Three SSAs follow KfW through slim window for dollar threes

Last week’s tightly priced bond issue by KfW has inspired a slew of issuers to print three year dollar notes this week, a banker said. The Asian Development Bank was first off the blocks on Tuesday with a new benchmark, and Export Development Canada and Erste Abwicklungsanstalt are set to follow.

Frank Jackman, July 09, 2019
LevFin People and Markets

Middle market debt specialist taps new CIO

Middle market credit investment manager MidOcean Partners has hired a former Apollo Global Management executive as CIO.

Max Adams, July 09, 2019
Derivatives

LCH sets new clearing records

LCH has reported record clearing volumes for the first half of the year thanks to buoyant trading conditions, new product launches and growth in customers.

GlobalCapital, July 09, 2019
Sovereigns

UK DMO celebrates 60th syndication with linker hit

The UK Debt Management Office (DMO) issued its 60th syndicated bond on Tuesday and signalled a “smooth” start to the second quarter of its 2019–20 financial year, as it printed an inflation-linked tap that was eight times oversubscribed.

Frank Jackman, July 09, 2019
LevFin People and Markets

‘Net short’ defence language could prove useless in bonds

Language to prevent ‘net short’ debt activist investors manipulating distressed corporates to benefit CDS positions could prove ineffective in bond documentation, shutting down the changes almost as soon as they have been introduced in the market.

Owen Sanderson, July 09, 2019
Sovereigns

Italy and EFSF books bulge on ‘fantastic day’

Investors piled into euro trades from Italy and the European Financial Stability Facility on Tuesday, with around €25.5bn of demand for the names as more issuers line up.

Mike Turner, July 09, 2019

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