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Calendar quirk could keep issuance going in December
◆ Praemia refis at a tighter coupon ◆ Schneider lands tight at the short end ◆ Minimal concessions needed
French biotech seeks to accelerate cancer vaccine program
◆ Single digit premiums offered ◆ Reverse Yankees dominating euro supply ◆ Floaters proving popular with multi-tranche issuers
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The Bank of International Settlements has indicated that regulators may need to review central counterparty clearing house margin policies after the coronavirus crisis. -
The European Stability Mechanism's (ESM) Pandemic Crisis Support programme may now be in place but what it has really shown up, especially in light of Germany's Federal Constitutional Court verdict on ECB QE last week, is that the eurozone badly needs the European Commission to pull its finger out and agree a recovery fund.
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The coronavirus pandemic, in terms of the financial markets has had its winners as well as its losers. The loan market, after years of decline as borrowers sought better terms in bond markets, has shown its worth in times of trouble by being able to offer liquidity lifelines to companies left in dire need of the stuff when other markets could not provide it.
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Barclays is leading the race to reopen the European RMBS market with an €807m Irish deal, Fingal Securities, a piece of the 'Project Porto' portfolio it bought from Bank of Scotland in 2018, with joint leads BNP Paribas and Bank of America joining sole arranger Barclays to help price the deal.
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Japanese issuers are among the best-regarded in the world, offering global investors a safe haven at times of heightened volatility. That is now more important than ever. Their last financial year started amid widespread trade disputes between China and the US. It ended with the global spread of Covid-19, a pandemic that threatens to fundamentally alter the capital markets. GlobalCapital talked to a group of Japan’s top issuers to find out how they have navigated the volatility — and what they’re planning next.
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Hertz’s flirtation with bankruptcy has sparked a debate in the asset-backed securities market over the fate of the company’s rental car ABS trusts. But if Hertz succumbs to the economic ravages of the coronavirus pandemic, various safeguards in its ABS documentation should result in minimal damage to bondholders, reiterating a key strength of securitization in times of crisis.
