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Soft CLO market lures investors with split tranches

Eleven CLOs were priced last week, marking the busiest week so far this year, but with wider spreads across the board and tranches in some deals split into fixed and floating components to appease some investors, sources said that the CLO market has yet to find its footing in 2019.

Alexander Saeedy, February 19, 2019
Bankruptcy beckons as mortgage lenders auction MSRs

A brief dip in mortgage rates has given some relief to lenders, but the US mortgage industry is undergoing contraction, with several mortgage originators looking to spin off their residential lending and mortgage servicing portfolios, and others filing for bankruptcy.

Alexander Saeedy, February 19, 2019
Asia

No need to panic over UK banks' China exposure

The UK banking sector has more links to China than the equivalent sectors in the US, Japan, the euro area and South Korea do combined. Analysts are warning that China's growth is slowing, and HSBC’s poor results have been linked to this. But those espousing that view are overstating the connection.

Jasper Cox, February 19, 2019
Covered Bonds

Cross-border recognition of assets is key to pan-Baltic covered bond success

Covered bonds offer a way for Baltic banks to develop a new seam of long-term standalone wholesale funding. But a successful conclusion to this project will depend on whether investors are convinced there is an effective mechanism for cross-border recognition of assets.

Bill Thornhill, February 19, 2019
Corporate Bonds

Siemens, Fortum show strength of euro IG

Siemens, the German engineering group, and Fortum, the Finnish electricity company, hit the corporate bond market on Tuesday with big, multi-tranche euro deals totalling €5.5bn. Both achieved great terms at long tenors in an otherwise quiet market.

Aidan Gregory, February 19, 2019
GC View

There’s only one way forward for Greek NPLs

As investors and service providers pour into the market for Greek non-performing loans, authorities in the country have proposed two schemes to help the country's banks meet their ambitious targets for selling off these assets and cleaning up their balance sheets. Only one of them deserves serious consideration.

Owen Sanderson, February 19, 2019
Sovereigns

Cyprus limits size for 15 year

Cyprus printed a first 15 year benchmark on Tuesday, pushing out its curve and receiving orders of over €8bn. Despite the strong demand, the borrower elected to keep the size of the deal to €1bn, despite leads announcing on Tuesday morning that the size would be up to €1.5bn.

Lewis McLellan, February 19, 2019
Sovereigns

France smashes long-end records

An SSA borrower smashed another set of records with a long dated bond on Tuesday. France’s hotly anticipated 30 year syndication did not disappoint, raising €7bn with its lowest yield ever at the maturity.

Lewis McLellan, February 19, 2019
ABBs-Block Trades

Netcompany clean-up trade priced with no discount

FSN Capital, the Northern European private equity firm, sold its remaining 6.23% stake in Danish IT services firm Netcompany, after market close with no need to offer a discount to investors.

Sam Kerr, February 19, 2019
Supras and agencies

KfW joins sovereigns in euros

KfW returned to the euro market with a one day tap, joining France and Cyprus in the market and extending the its stellar run of new issues in euros.

Lewis McLellan, February 19, 2019
Asia

Credit revenue halves at HSBC

HSBC’s global banking and markets business increased its use of reserve repo and customer deposits for funding in 2018. But it endured a tough fourth quarter, with inflows from credit in its fixed income, currency and commodities (FICC) division sinking by 49.7%.

Jasper Cox, February 19, 2019
Leveraged Loans

Sivantos calls bonds as Widex merger clears anti-trust

Sivantos, a German hearing aid company owned by EQT Parters, is calling €275m of 8% 2023 notes at 102, and drawing on its acquisition debt, issued in July last year, after the European Commission cleared its merger with Denmark’s Widex. Like other companies hit by the deteriorating market conditions last year, it ended up substituting second lien debt for bonds.

Owen Sanderson, February 19, 2019

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