Credit/equity tail risk in focus as volatility nears historic lows
Dovish measures by the Bank of England last week, such as its sterling corporate bond buying programme, have helped send short dated credit and equity implied volatility near to their post-crisis lows,...
View ArticleAvant boosts deal size, prices to strong demand
Investors poured to online subprime lender Avant's latest ABS offering this week, leading bookrunners to increase the size of the deal by $55m before pricing on Tuesday afternoon.
View ArticleCFPB update to TRID lacks clarity on RMBS
An update from the Consumer Financial Protection Bureau (CFPB) on its TILA/RESPA Integrated Disclosure (TRID) rule failed to address key concerns of RMBS market participants regarding who is left...
View ArticleOnDeck sticks to lend-and-hold strategy despite losses
Online small business lender OnDeck announced in its second quarter earnings call this week that the platform would continue to hold onto a large percentage of loans in originates, even as the strategy...
View ArticleBancoEstado taps 'women bond' for further ¥15bn
Chilean state-owned lender Banco del Estado de Chile raised ¥15bn ($147m) in 10 year bonds this week through a tap of its 'women bonds' initially issued in June.
View ArticleUK RMBS investors — brace yourselves
The UK’s RMBS market shrugged off Brexit. Whether it can survive the Bank of England’s new Term Funding Scheme (TFS) is another matter.
View ArticleChaco trades up as Argentine provinces party on
One of Argentina’s poorest provinces, Chaco, had some bankers and investors eating their words after it sold $250m of bonds on Wednesday and found enough residual demand to trade up by 50-75 cents on...
View ArticleSterling is looking more European than ever
It is a neat irony that, following the UK’s vote to leave Europe, the sterling bond market is starting to look more and more European.
View ArticleLat Am sovereigns start refi wave as Jamaica, Mexico clinch comprehensive...
Mexico and Jamaica carried out triumphant, credit positive liability management exercises this week, as Latin American bankers saw little to suggest the overwhelming demand for yield helping to drive...
View ArticleSBI makes rapid return with $300m facility
State Bank of India, which allocated its last loan in June, has launched a fresh financing into the market through five mandated lead arrangers and bookrunners.
View ArticleChina takes lead on M-SDR agenda
With the World Bank set to issue a ground-breaking bond denominated in IMF special drawing rights (SDR) in China this month, markets are starting to take a closer look at what the odds are for the SDR...
View ArticleBanks pitch for India’s Suuti, Hudco sell-downs
Four banks have been shortlisted by an arm of the Indian government to sell off its stakes in 51 listed and unlisted companies, with the presentations taking place on August 12.
View ArticleChina Lesso doubles borrowing to $600m
Home building materials maker China Lesso Group Holdings signed its syndicated loan at $600m, twice the launch size, on Thursday.
View ArticleSamsung BioLogics files for W3tr IPO approval
Samsung BioLogics has filed a draft prospectus with the Korea Exchange for an IPO it is planning later this year — the float could raise W3tr ($2.7bn), according to a source familiar with the matter.
View ArticleSuntec prints rare S$300m Reit CB
Singapore’s Suntec real estate investment trust (Reit) sold its first convertible bond in three years on Thursday, raising S$300m ($223.1m) after exercising the full greenshoe on the deal.
View ArticleEverbright Securities shines through with $1bn IPO
Everbright Securities has priced its Hong Kong IPO in the upper half of the marketing range, raising HK$8.62bn ($1.11bn).
View ArticleWorld Bank SDR bond caters to Chinese tastes
The World Bank has mandated banks for its landmark Special Drawing Rights (SDR) bond with market participants expecting a strong response from onshore Chinese investors.
View ArticleParched investors horde around Commerzbank’s Pfandbrief tap
With an unreconciled order book of almost €800m, Commerzbank’s €250m negative yielding eight year Pfandbrief tap issued on Friday neatly illustrated the desperation of investors.
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