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EM LatAm

Brazil bond buyers hope for CSN comeback after steely rally

Bond investors are betting that Brazilian steel producer Companhia Siderúrgica Nacional (CSN) can complete its comeback from the brink. Its bonds have rallied strongly enough for some holders to speculate a new issue may be on the cards.

Oliver West, March 06, 2019
Asia

Futu cuts IPO, adds $70m private placement

Hong Kong-based online brokerage Futu Securities is on track to raise $160m after cutting the size of its IPO and signing up international investment fund General Atlantic for a private placement.

Jonathan Breen, March 06, 2019
SRI

EU makes banks and funds report ESG risks

Another piece of the jigsaw of greener financial markets was inserted on Tuesday last week, though hardly anyone noticed. Under the EU’s new Investment Firms Regulation, asset managers and investment banks will have to disclose their environmental, social and governance risks, including from stranded assets, and how they vote in shareholder meetings. The requirements are quite radical and amount to insisting that all firms practice ESG investing.

Jon Hay, March 06, 2019
FIG

Meet a new family: the K-factors for capital

Amid the blizzard of legislation going through Brussels in the dying days of the present Commission and Parliament’s mandate, little attention was paid last week to the new rules governing how investment managers and investment banks are supervised. But they have big implications, including bringing investment banks such as Barclays and Goldman Sachs under the European Central Bank.

Jon Hay, March 06, 2019
Driven Brands returns with whole business ABS

Driven Brands, an automotive services and repair franchise, is coming to market with a $300m whole business securitization.

Jennifer Kang, March 05, 2019
CLOs

Weakening CLO market has its merits, says PineBridge

Some buy-siders are cheering the slump in CLO issuance relative to 2018, saying underwriting and investor protections are likely to improve on the back of slower deal flow.

Alexander Saeedy, March 05, 2019
CMBS

Small balance lender starts private CMBS conduit

Sabal Capital Partners, a small balance commercial real estate lending company, has started a private CMBS conduit, with the aim of aggregating collateral and issuing a securitization by the end of this year.

Max Adams, March 05, 2019
Equity

Vodafone rides again with mando and buyback language

Vodafone brought to market on Tuesday its second mandatorily convertible bond that comes with language indicating Vodafone will buy the shares back — a second attempt to achieve the corporate financing holy grail of 100% equity credit without diluting shareholders.

Aidan Gregory, March 05, 2019
LevFin High Yield Bonds

Squeezed HY buyers forced to look to Power Solutions

Europe’s high yield bond investors have had little to buy this year, which ought to underpin a strong print for the euro bond tranche of Power Solutions, the financing package for Brookfield and CPDQ’s buyout of Johnson Controls’ battery unit.

Owen Sanderson, March 05, 2019
Equity

NIBC block attracts cornerstone

JC Flowers sold an overnight sale of Dutch commercial bank NIBC on Tuesday evening with a cornerstone investor backing the deal.

Sam Kerr, March 05, 2019
Emerging Markets

No new issues? Get a tissue: best EM banks are dominant at all levels

Banks outside the top five in the league tables, especially those operating in emerging market bonds, often sing a song that would tug at the heart strings if set against a solo violin. They claim that the league tables for CEEMEA deals often do not represent the banks that do the bulk of business in each region because the huge jumbo deals that occasionally spring up skew the results wildly in favour of the big firms. But the numbers show that claim is utter nonsense.

Francesca Young, March 05, 2019
Market News

LiFE after Brexit: BoE opens swap arrangement

The Bank of England is rebooting a crisis-era tool for its banks. Firms will be able to use its liquidity facility in euros (LiFE) from next week, as central banks seek to avert a liquidity crunch in a no-deal Brexit scenario.

Jasper Cox, March 05, 2019

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