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Asia

CSRC has no objections to AssetMark spinoff

Chinese brokerage Huatai Securities has received one of two approvals needed to spin off its subsidiary AssetMark Financial Holdings in the US.

Gina Lee, June 12, 2019
More tiering needed in CRE CLOs, say panellists

There is a need for differentiation in pricing between seasoned commercial real estate CLO managers and less experienced issuers, speakers said at a CRE Finance Council conference panel on Tuesday.

Jennifer Kang, June 12, 2019
EM LatAm

Banorte pitches perp to provide Mexico appetite test

Mexico’s largest locally owned bank Banco Mercantil del Norte (Banorte) will begin meeting fixed income investors this week as it looks to test investor appetite for Mexico credit with a new subordinated bond.

Oliver West, June 12, 2019
Corporate Bonds

ABP bests sceptics, pulls off first switch from Libor to Sonia

Associated British Ports defied sceptical observers this week and succeeded in persuading holders of a £65m floating rate note to switch its coupon to one set over Sonia — a global first. ABP managed to do it without paying investors a fee, potentially setting a precedent for others to follow. ABP is certainly likely to try again.

Alex Radford, June 11, 2019
Corporate Bonds

Market overlooks Trump, wolfs varied corporate menu

Ford Motor Credit and Aéroports de Paris issued investment grade corporate bonds in Europe on Tuesday, while Spie joined them with an IG-style but high yield-rated deal.

Alex Radford, June 11, 2019
Corporate Bonds

Swedish krona issuers look to beat midsummer close

An infrequent Swedish corporate issuer, a Nordic bank, and a German car manufacturer all placed floaters larger than Skr1bn ($106m) in the last week. Swedish krona bonds have been popular with both public and private issuers in recent weeks, as both issuers and investors rush to get business done before the traditional midsummer market closure.

Frank Jackman, June 11, 2019
GC View

Why are Woodford and LCF fine for retail, but bank bonds not?

The suspension of the Woodford Equity Income Fund and the collapse of London Capital & Finance show how retail investors lack regulatory protection. This is strange, when a source of safer returns — bonds issued by large banks — is often deemed too complex and risky for the ordinary person to invest in.

Jasper Cox, June 11, 2019
ABS

Buyers clamour for esoterics but opportunities are scarce

European securitization investors are increasingly on the hunt for more esoteric cash flows, but a lack of supply means that buyers are going to need to get creative with how they source allocations, said speakers on a panel on day one of Global ABS.

Max Adams, June 11, 2019
Asia

Kazakhstan reminds investors of transition risk

Kazakhstan is one of the most interesting and exciting investment stories in the equity capital markets given its privatisation plans. But the events surrounding its election over the weekend reminded investors of the risks they face.

Sam Kerr, June 11, 2019
CLOs

CLO buyers could pay for manager’s disclosure failings

Quirks of Europe’s new Securitisation Regulation, which came into force this year and is dominating debate at this year’s IMN/Afme Global ABS conference in Barcelona, could leave CLO buyers carrying the can for failures of CLO managers to meet their regulatory obligations.

Graham Bippart, June 11, 2019
ABS

Barcelona attendance jumps on renewed reg uncertainties

With new regulatory frameworks in place for securitization in Europe comes another bout of uncertainty for the trajectory of the market. The stunted issuance pipeline in the first half of this year and the delay of the regulatory technical standards (RTS) for STS securitization have driven a jump in attendance at this year’s Global ABS conference, drawing 4,100 registrations ahead of the event.

Max Adams, June 11, 2019
ABS

Market urged to ‘raise your voice’ with European Commission

The Securitisation Regulation came into force in January but there is still room for market participants to influence the details of the rules – and the European Commission is still receptive to feedback, if only the industry will “raise its voice”, said Alexandre Linden of BNP Paribas.

Owen Sanderson, June 11, 2019

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