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EM LatAm

Argentina bonds, peso hit by political risk

The risk of a Cristina Fernández de Kirchner winning the presidential election in Argentina has spooked investors, causing the currency to sell off and bond prices to slump. But the weakening economy is bolstering support for president Mauricio Macri’s rivals, causing what investors are calling a “toxic feedback loop”.

Lewis McLellan, May 02, 2019
High yield

William Hill seized Brexit window in sterling

William Hill’s £350m seven year high yield deal last week grabbed an opportunity opened up by the extension to the Brexit deadline, according to group treasurer Mark Hirst, supplying a sterling market that has seen sparse issuance so far this year. But the constrained supply in the market meant the company’s attempt to buy back its 2020s at 103 attracted limited investor interest.

Owen Sanderson, May 02, 2019
Kroll downgrades Honor Finance ABS for second time

Honor Finance, an originator of 'deep subprime' auto loans, was hit with downgrades on two subordinate tranches from its 2016-1 transaction due to an increase in cumulative net losses. It is the second time since January that Kroll Bond Rating Agency has downgraded ABS issued by the defunct lender.

Jennifer Kang, May 02, 2019
Emerging Markets

Exotic EM issuers grow on green landscape

The International Finance Corp and asset manager Amundi are expecting an explosion of emerging market green bonds in the next two years — led by bank issuers — as more debuts join repeat borrowers.

Francesca Young, May 02, 2019
LevFin High Yield Bonds

Blowout EG boosts bond size to pay down second liens

EG Group, the UK petrol station company owned by TDR Capital, has boosted the size of its dual currency high yield bond issue, adding a new senior secured euro tranche on the back of high demand. But senior bondholders are getting a rough deal from the size increase, which is being partly used to cut their safety cushion by paying off second lien debt.

Owen Sanderson, May 02, 2019
LevFin People and Markets

Investment banks can handle levloan downturn, says Moody’s

Global investment banks should be able to withstand stress in the leveraged finance market, according to a Moody’s report published on Tuesday, thanks to lower pipeline limits and smaller deal sizes than pre-crisis. This was borne out during the fourth quarter of last year, when few banks were caught offside despite a slump in loan prices.

Owen Sanderson, May 02, 2019
Equity-Linked

Sirius digs deep with $2.8bn project financing

Sirius Minerals, the London-listed miner, has won investor support for the equity leg of a $2.8bn financing project that will fund the largest polyhalite mine in the world.

Aidan Gregory, May 02, 2019
People News

Macquarie hires Porretta as securitization MD

Macquarie Bank is hiring Carolyn Porretta as a managing director in its EMEA securitization business.

Owen Sanderson, May 02, 2019
Asia

Uzbekistan the new frontier as Central Asia privatisations lure global money

Uzbekistan is now the focus of emerging and frontier markets, as international investors, buoyed by the success of Kazakhstan’s privatisation programme, clamber to be in the first wave of opportunities the country is to offer, writes Sam Kerr.

Sam Kerr, May 02, 2019
Supras and agencies

AIIB arrives at last with debut bond mandate

The Asian Infrastructure Investment Bank (AIIB) has mandated banks for its inaugural bond, a five year dollar global benchmark.

Burhan Khadbai, May 02, 2019
Senior Debt

Hamburg Commercial Bank to hunt for debut senior preferred note

Hamburg Commercial Bank is set to meet with investors from May 6 to explore the possibility of selling its first ever preferred senior bond in euros. Onlooking bankers expect a positive reception for the German lender, which used to be known as HSH Nordbank.

David Freitas, May 02, 2019
Emerging Market Loans

Market awaits SA election results, but FIs to remain 'safe'

Analysts expect the African National Congress (ANC) to win South Africa's general elections next Wednesday. Although a number of deep-rooted domestic problems have the potential to throw the country into an economic crisis, bankers expect FIs to remain "safe" in the worst of scenarios.

Mariam Meskin, May 02, 2019

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