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Supras and agencies

EDC boosts sterling’s record year as floaters outdo fixed rate

Export Development Canada (EDC) added to a record breaking year for non-UK SSA sterling issuance as it printed a £500m floating rate note (FRN) this week. Despite the very strong year for the currency, some trades have struggled in recent weeks — but FRNs such as EDC’s appear to be the exception. Some in the market put that down to concerns over Brexit negotiations.

Craig McGlashan, November 08, 2018
CLOs

CSAM boosts latest CLO as market hits $112bn

Credit Suisse Asset Management increased the size of its latest CLO by over $200m on Thursday, with ICG also pricing a new deal this week to bring year to date volumes in the US to $112bn.

David Bell, November 08, 2018
Private Equity

Europe’s ‘market trap’ biggest threat to leveraged covenants

A combination of high demand, asymmetric advice and aggressive borrowers is crushing protection terms for leveraged loan investors in Europe, according to fund managers, analysts and lawyers. But the level of demand means that more cov-lite deals emerged this week.

Victor Jimenez, November 08, 2018
LevFin High Yield Bonds

Confusing data picture in the euro HY market

In the high yield bond market, borrowers have returned after a couple of weeks with almost no issuance because of mounting worries over covenant quality. But investors are giving these deals such differing receptions that this week’s picture is hard to read, said market participants.

Victor Jimenez, November 08, 2018
SSA MTNs and CP

Supra taps find heavy flow in MTNs

Supranationals found heavy demand from investors for privately placed taps of outstanding dollar and euro notes over the past week, with Asian Development Bank printing particularly heavy volumes.

Craig McGlashan, November 08, 2018
Supras and agencies

Renten grabs dollar fives in US election week as basis moves in favour

After a year during which euro issuance from SSAs has far outstripped that in dollars, thanks to the vagaries of the euro/dollar basis swap, a German agency was able to nip in to a funding week shortened by US elections and central bank meetings to score a strong result with its sole dollar benchmark of the year.

Craig McGlashan, November 08, 2018
Leader

Mid-terms mean more misery for Moscow marts

Russian capital markets have had a rough time this year, but the prospect of relief from sanctions diminished this week after the Democrats regained control of the US House of Representatives.

Sam Kerr, November 08, 2018
SSA

EFSF rounds out year with solid trade but euro mart ‘tired’

The European Financial Stability Facility finished off its 2018 issuance this week with what was likely the last jumbo euro benchmark of the year. The deal was solid, but SSA bankers warned the euro market feels “tired”.

Craig McGlashan, November 08, 2018
Corporate Bonds

Daimler and Temenos return to Swiss francs

Daimler International Finance returned to the Swiss franc bond market on Wednesday, selling Sfr400m worth of four and seven year bonds.

Silas Brown, November 08, 2018
Private debt

Bafin threatens centuries of stability with SSD reclassification

Bafin, the German financial regulator, is seriously considering reclassifying Schuldscheine from loans to securities as the market pushes towards digitisation, according to a senior German debt banker. Such a move would have far-reaching consequences on demand for the product, which has allowed the market to blossom over the past two years, writes Silas Brown.

Silas Brown, November 08, 2018
Corporate Bonds

Volkswagen leads borrowing blitz in US after mid-terms

Volkswagen printed the biggest trade in its history as high-grade corporate borrowers blitzed the dollar market in response to the results of the US mid-term elections.

David Rothnie, November 08, 2018
Asia

Euro investors sticking by EM as rates rise

Two emerging market (EM) sovereigns hit the euro market this week: one debuting and the other returning after a year-long absence. Both deals met with warm receptions, giving some credibility to the notion that euro investors will be happy to stay in EM deals even as quantitative easing (QE) winds up and rates climb.

Lewis McLellan, November 08, 2018

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