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Asia

People moves in brief

JPM securitization banker leaves — Goldman Brexiter quits for politics — Balax enrols in fintech course

Alexander Saeedy, March 28, 2019
Corporate Bonds

Corps rally pauses as cash backlog evaporates

The wave of demand that has poured into the European corporate bond market since January, sweeping spreads tighter, paused this week. Deals were still priced at tight levels, but most had at least some new issue concession and the tone definitely felt more “normal”, as one banker said.

Alex Radford, March 28, 2019
Corporate Bonds

Slower market no bar to RCI’s biggest orderbook for ages

RCI Banque followed Volkswagen Financial Services’ triple tranche bond issue on Monday with its own two-part issue on Wednesday. Both car finance banks, as very regular issuers, are unlikely to command the absolute tightest pricing relative to their secondary curves, but demand has also cooled somewhat this week, compared with the avid tone of recent weeks. Nevertheless, pricing tightened a long way.

Alex Radford, March 28, 2019
Leader

AT1 calls: how about a little freedom?

There is nothing wrong with letting banks decide for themselves if refinancing an additional tier one is in their own best interests.

Tyler Davies, March 28, 2019
Corporate Bonds

VW pounces for €2.75bn after carmakers rally

Europe’s most prolific corporate bond issuer re-entered the market on Monday for its second multi-tranche deal of the year, and issued €2.75bn, slightly more than at its €2.5bn outing in January. The book for Volkswagen Financial Services’ three tranche issue was somewhat smaller this time, however.

Alex Radford, March 28, 2019
LevFin High Yield Bonds

LeasePlan prints chunky holdco FRN as IPO now off the table

LeasePlan refinanced the high yield bonds at its holding company this week, printing one of the largest holdco FRNs in the market — and confirming the sponsors’ shift in strategy since the firm’s abortive IPO attempt last October.

Owen Sanderson, March 28, 2019
FIG Bond Comments

Coventry Building Society GBP415m 6.875% PNC5.5AT1

Rating: Baa3/—/BB+

Tyler Davies, March 28, 2019
Corporate Bonds

Total pays no NIP for hybrid as funds crave yield amid rate rally

Total, the French oil company, achieved a flat new issue concession on its €1.5bn hybrid bond on Wednesday, according to bankers away from the deal, as investors swarmed into the book in search of yield.

Alex Radford, March 28, 2019
Bank Strategy

Malpass calms World Bank staff anger as approval awaits

David Malpass, Donald Trump’s nominee to take the helm at the World Bank, has cleared two hurdles in the way of the job after holding a “positive” meeting with bank staff representatives and passing his interview with shareholder countries.

Phil Thornton, March 28, 2019
Bank Strategy

Staley takes CIB hot seat as Throsby exits

Barclays’ chief executive Jes Staley has seized direct control of corporate and investment banking (CIB) again, instigating sweeping changes as he fights to boost returns at the unit and block a shareholder activist’s attack. David Rothnie reports.

David Rothnie, March 28, 2019
Weak triple-As in fourth quarter point to new normal, Wells Fargo says

Triple-A rated ABS bonds were hit harder than credit bonds in the selloff that took place in the last quarter of 2018, Wells Fargo analysts wrote in a research report on Thursday, adding that the intervening months since that time point to a potentially permanent change in the behavior of the markets.

Jennifer Kang, March 28, 2019
CEE

Pre-election Turkish FX crunch roils capital markets

It was all going so well, until it wasn’t. After a strong run for Turkish borrowers in the capital markets, news of tumbling central bank reserves sparked an investor exodus and hasty action aimed at supposed short sellers in the foreign exchange market this week. While some emerging markets old hands expect things to blow over after the country’s local elections on Sunday, any surprises there could become catalysts for a deeper crisis.

Lewis McLellan, March 28, 2019

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