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LevFin

Ford yanked to junk by Moody’s as restructuring raises concerns

Moody’s slashed Ford’s rating from Baa3 to Ba1 on Monday, placing the company in precarious crossover territory, as the other agencies have the firm on negative outlook. Other falling angels may land in the junkyard soon.

Karoliina Liimatainen, September 10, 2019
Asia

Green price ratchet bonds will soon be everywhere

The sustainability-linked bond issued by Enel on Thursday opens a new chapter in the green finance market. Anyone tempted to think this will be a freak should think again. The idea is sure to catch on.

Jon Hay, September 10, 2019
LevFin

Intrum amps up refi bond as investors devour double-B issues

Swedish credit management company Intrum this week completed a €850m issue of new senior notes, pricing at 3% and increasing the size of the offering from the initial €750m. UK-based gambling giant International Game Technology also dipped into the “most issuer-friendly market ever” with €500m bond.

Karoliina Liimatainen, September 10, 2019
GC View

The perils of investing in used cars

Moody’s has downgraded Ford Motor Credit Company from investment grade to a junk rating. It is not the only auto manufacturer to run suffer a prang, however, and as more securitization issuers move into the autos sector, UK market participants need to be wary of history repeating.

Tom Brown, September 10, 2019
GC View

Bazooka or water pistol, Draghi is guaranteed to disappoint

There is typically a degree of consensus among market participants as to what a central bank will say at its upcoming monetary policy meeting. But, days before the European Central Bank’s Governing Council gathering on Thursday — the most important of the year and perhaps ever — there are wide ranging views as to what its president Mario Draghi will announce at his swansong meeting. Someone will get burned.

Burhan Khadbai, September 10, 2019
Corporate Bonds

Corporate bond issuance eases in run-up to ECB

Corporate bond issuance in euros was busy again on Tuesday, with four deals, but they were moderately sized, so the total was nothing like Monday's haul of €6bn and £1.25bn.

Alex Radford, September 10, 2019
Derivatives

Life after CFTC: Giancarlo joins exchange board

Christopher Giancarlo is joining the board of the American Financial Exchange, an electronic exchange for direct lending and borrowing between US financial institutions.

GlobalCapital, September 10, 2019
Derivatives

Euronext suffers trip on derivatives trading

European stock exchange operator Euronext suspended trading in various equity derivatives contracts on Monday because of a technical issue.

GlobalCapital, September 10, 2019
Supras and agencies

DMO and EIB taps reopen quiet sterling market

The UK Debt Management (DMO) and European Investment Bank reopened a quiet sterling market on Tuesday with a pair of syndicated taps, which bankers feel will leave issuers and investors "confident" to follow.

Frank Jackman, September 10, 2019
Asia

AIIB partners with Amundi to launch climate bond portfolio

The Asian Infrastructure Investment Bank and Amundi announced a collaboration on Tuesday to invest in green and climate bonds in Asia. The fixed income portfolio will have an initial size of $500m, with a further $500m to come from institutional investors.

Burhan Khadbai, September 10, 2019
Supras and agencies

KfW extends green bond curve with an ‘outstanding success’

KfW won huge praise from on-looking bankers for a curve extending and rare 10 year dollar green bond on Tuesday. The Inter-American Development Bank (IADB) and Österreichische Kontrollbank (OeKB) also enjoyed success in the dollar primary market with three year trades, with the former selling its debut Sofr-linked floating rate note.

Burhan Khadbai, September 10, 2019
Private debt

Auto industry takes comfort and cash in Schuldschein market

The car industry has long been a staple of the Schuldschein market, but this year more than borrowers than usual have taken a spin round the market in search of debt. The product has attracted a wide range of manufacturers, from its native Germany and the rest of Europe.

Silas Brown, September 10, 2019

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