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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
ABS

Angelo Gordon hires ex-Pimco covereds, ABS investor

Angelo, Gordon & Co has hired former Pimco portfolio manager Sunil Kothari as managing director, responsible for originating and executing on residential and consumer debt investments across Europe.

Tom Brown, June 11, 2019
Derivatives

ECB calls for end to speculative HFT competition

A new paper authored by the European Central Bank has called for an end to competition among high-frequency trading speculators.

GlobalCapital, June 11, 2019
Private debt

Schuldschein market awaits investor appetite for sustainability-linked notes

Schuldschein lenders are getting their first taste of environmental social governance (ESG) interest-linked notes next week, as Dürr takes its final orders on a transaction linked to its sustainability performance. According to several participants the trade has so far gone well, and will likely spark further Schuldschein borrowers using this new structure.

Silas Brown, June 11, 2019
LevFin High Yield Bonds

Rallying market brings clutch of HY trades

After Monday’s partial holiday across Europe, strong market conditions gave several high yield issuers confidence to press ahead with new issues on Tuesday. The new issue pipeline cuts across credit quality and use of proceeds, giving investors options from IG-style refis to single-B M&A trades.

Owen Sanderson, June 11, 2019
Supras and agencies

Kommunalbanken hires for five year dollar benchmark

Kommunalbanken has mandated for a 2024 dollar benchmark, as SSA bankers say the market remains positive for new issuance.

Mike Turner, June 11, 2019
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Honesty should benefit Traton's relaunched flotation

The spin-off of Traton, the trucks division of Volkswagen, has been relaunched after the IPO was postponed earlier this year due to volatility caused by the trade tensions between the US and China. Traton may not excite many growth investors, but it is a rock solid German industrial asset that isn’t trying to persuade investors it is anything else, unlike a string of recent flotations in the US and Europe.

Aidan Gregory, June 11, 2019

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