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EM LatAm

Kaltex restructuring getting likelier, says Fitch

Fitch Ratings slashed the rating of Mexican textiles company Kaltex by three notches to CC on Monday, warning that the issuer could soon look to restructure its $320m senior unsecured notes maturing in April 2022.

Oliver West, March 26, 2019
EM LatAm

Fed to keep Lat Am borrowers comfy, says Moody’s

Latin American borrowers can look forward to a continuation of supportive funding conditions thanks to the dovish turn of the Federal Reserve, according to a new report from Moody’s.

Oliver West, March 26, 2019
CLOs

Mutual funds sell off lev loans as market prices in Fed rate cut

Mounting expectations that the US Federal Reserve could slash interest rates in 2019 is a prompting a new wave of redemptions among leveraged loan funds, similar to the selloff in the fourth quarter of last year that pushed CLO warehouses underwater and resulted in significant volatility through year end.

Alexander Saeedy, March 25, 2019
CLOs

Oaktree, Octagon turn to CLO hybrid debt structure

Oaktree Capital Management is using a combination note carve-out structure to execute its first deal of 2019, Oaktree CLO 2019-1, which will give the noteholder equity control of the deal while holding a piece of debt rated as investment grade.

Alexander Saeedy, March 25, 2019
ABS

Federal student loan cap to drive boom in private SLABS

The White House on March 18 announced proposals to limit the amount of government student loans available to individual borrowers, a reform of the Higher Education Act meant to curb soaring student debt and which will likely result in a jump in private student loan ABS issuance.

Jennifer Kang, March 25, 2019
Non-bank Dutch mortgage model goes global

Mortgage origination backed directly by institutional investors has taken hold in the Netherlands, and is now spreading further afield, with similar models expanding in Sweden and Australia. Direct origination now accounts for around a quarter of the Dutch market, with banks having lost share.

Tom Brown, March 25, 2019
Corporate Bonds

Volkswagen takes second multi-tranche in tighter market

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.

GlobalCapital, March 25, 2019
Equity

No IPO planned for Naspers Amsterdam float

South African technology conglomerate Naspers is set to list its international assets in a new company on the Euronext Amsterdam, creating what is likely to be the largest internet consumer company in Europe. But there will not be an initial public offering as part of the transaction.

Sam Kerr, March 25, 2019
FIG People and Markets

EBA rejects capital proposition for deferred tax

The European Banking Authority was asked if a bank could boost its capital ratio by insuring against the possibility of its deferred tax assets (DTAs) not converting into tax credits. The EBA said no.

Jasper Cox, March 25, 2019
Derivatives

Six dealers sign up to collateral platform as margin pressures mount

Six major dealer banks have signed up to DTTC-Euroclear GlobalCollateral’s collateral settlement proposition as the initiative moves beyond pilot phase.

GlobalCapital, March 25, 2019
Equity IPOs

Schibsted begins classified advertising spinoff

Norwegian media group Schibsted has launched a spinoff of its classified advertising division, having announced its intention to float on the Oslo Børs.

Aidan Gregory, March 25, 2019
Derivatives

Eurex broadens Prisma scope

Eurex Clearing has expanded the capabilities of its real-time, cloud-based risk management tool Prisma.

GlobalCapital, March 25, 2019

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