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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
GC View

SEC needs to rescue Tesla investors from Musk

There is a fantastic case for owning Tesla shares, but investors cannot realistically asses its merits when the price is prone to huge daily moves, often driven by the whim of its errant leader. The Securities and Exchange Commission (SEC) needs to muzzle Musk.

Sam Kerr, March 05, 2019
Supras and agencies

L-Bank brings Reg S only Sofr trailblazer

L-Bank on Tuesday became the first SSA issuer to sell a Sofr-linked floating rate note with Reg S only documentation. The $500m no-grow deal had over $600m of orders, with $125m of those coming from the leads — which said any stock they were left with would be useful for providing paper to investors looking to test their Sofr systems in the coming weeks and months.

Craig McGlashan, March 05, 2019
Supras and agencies

World Bank's tap 'could kick start Kauri'

Following strong interest in Kauri bonds on the secondary market from Asian investors, the World Bank moved into a lagging primary market on Tuesday for a NZ$450m ($306m) increase of a January 2024 issue. Bankers feel that this could potentially jump start the quiet market.

Frank Jackman, March 05, 2019
GC View

How to value assets when you’re the whole market

As the world has cottoned on to how its dominant role in the CLO market has exploded, Japan’s Norinchukin Bank is apparently under the regulatory spotlight too. There’s nothing wrong with it buying loan exposure by the bucketload, but where it marks that lot might merit close examination.

Owen Sanderson, March 05, 2019
Derivatives

Nasdaq ratchets up offer in Oslo Børs takeover battle

Nasdaq has raised its offer price to buy Norwegian exchange group Oslo Børs (OSE), matching the revised offer tabled by rival Euronext last month.

GlobalCapital, March 05, 2019

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