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Financial instruments with a total outstanding notional value of US$370trn are estimated to be exposed to the interbank offered rates, which will have to be moved to alternatives such as Sonia or Sofr, according to international financial markets trade bodies.
Ford Motor Credit Company woke the reverse Yankee market up last Thursday, coming with a combined €1.25bn two-part deal split between five-year FRN and seven-year fixed tranches.
Name recognition and a robust primary US structured finance market helped ensure an overwhelming reception Thursday for investor darling Tesla’s debut auto-loan ABS.
Greece will face its biggest bond market test soon as it looks to syndicate its longest trade since it returned from market exile last year.
Hedge fund Solus vowed to keep up its battle against Hovnanian’s controversial debt swap and is seeking damages after a judge last week allowed the transaction to go through.
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