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LevFin CLOs

CLO trading beat the market, says JP Morgan

Analysis of CLO trading by JP Morgan’s fixed income research team concluded that, through the selloff in the fourth quarter last year and the rally this year, loan trading by CLO managers beat the market, with the vehicles successfully buying low and selling high compared to broader movements — and compared to waiting out the volatility entirely.

Owen Sanderson, February 25, 2019
Covered Bonds

NordLB questions weigh on Pfandbrief demand

Saddled with the problems of its parent group and in the absence of a top rating, Deutsche Hypo had to settle for what it could get in the market on Monday. The fact that it raised €625m of 10 year funding at a level close to its curve was therefore something of a minor triumph.

Bill Thornhill, February 25, 2019
Securitization People and Markets

Euribor survival more likely, eases pain for legacy debt deals

A reformed Euribor may be allowed to continue past 2020, potentially easing the problems of legacy bonds and securitizations which reference Euribor without provisions for its replacement in deal documents.

Tom Brown, February 25, 2019
LevFin High Yield Bonds

Senvion looks at debt restructuring, delays numbers

Wind turbine manufacturer Senvion revealed on Sunday night that it was exploring debt restructuring options, following a torrid week in which its bonds dropped more than 15 points. The company’s largest shareholder, private equity firm Centerbridge, pledged to "support this transformation", while the company will draw on its super-senior guarantee facility to keep operating.

Owen Sanderson, February 25, 2019
Covered Bonds

Volksbank Wien makes stellar Pfandbrief entrance

Volksbank Wien on Monday became the 12th bank in Austria to issue benchmark covered bonds, selling its debut deal on the back of the highest subscription of any benchmark from the country in over two years.

Bill Thornhill, February 25, 2019
ABS

PACE market shifts and evolves to grapple with policy headwinds

A Sunday panel on the Property Assessed Clean Energy (PACE) market agreed that 2018 was an “eventful year” for both residential and commercial PACE, and though speakers said they had observed an increased appetite for private placements as well as larger deals across the sector, some policy headwinds persist.

Jennifer Kang, February 25, 2019
RMBS

Sifma holds the final keys to UMBS launch

With the launch of the uniform MBS just months away, the merger of the markets for Fannie Mae and Freddie Mac securities – worth a combined estimated $3.7tr – is imminent, though hurdles remain before the ‘single security’ goes live and investors lose the ability to buy a specific GSE's bonds in the TBA market.

Alexander Saeedy, February 25, 2019
Vegas attendance jumps as SFIG plots course through shifting market

The number of registered attendees for this year’s SFIG Vegas conference has jumped 10% compared to last year, as the organization looks guide US securitization participants through a rapidly shifting, late cycle market landscape.

Max Adams, February 25, 2019
CLOs

Market flux drives CLO managers to test different structures

After the CLO market ground to a halt in December following a retail fund-driven loan market selloff, the primary market has at last sprung back to life, albeit with wider spreads than some issuers grew accustomed to for much of 2018 and with more varying deal structures to get investors in the door.

Alexander Saeedy, February 25, 2019
Derivatives

US and UK regulators avert no-deal derivatives split

US and UK authorities have agreed measures to avoid disruption in the derivatives markets in the event of a no-deal Brexit.

GlobalCapital, February 25, 2019
Syndicated Loans

Barrick Gold makes $18bn hostile bid for Newmont

Canada’s Barrick Gold has launched an almost $18bn hostile swoop on rival Newmont on Monday, as the wave of consolidation in the gold sector reaches new heights.

Mike Turner, February 25, 2019
Syndicated Loans

Centrica refis sterling revolvers

The UK’s Centrica has signed revolving credit facilities totalling £4.2bn, after the energy company put out mixed results last week.

Mike Turner, February 25, 2019

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