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Investors flock to first aircraft ABS since Covid outbreak
Global Jet Capital priced the first aircraft ABS deal since the pandemic, testing the waters with a unique deal backed by diversified and newer business jets linked to high net worth individuals. Although the transaction was well received by investors, it will still be some time before more conventional aircraft deals see demand rebound.
26 Oct 2020 -
Tulp mandates banks for second Dutch RMBS
Tulp Hypotheken has mandated HSBC as arranger and BNP Paribas as joint-lead manager for Tulip Mortgage Funding 2020-1, the issuer’s second ever deal following its 2019 debut.
26 Oct 2020 -
Standard Bank secures Chinese loan in shrunken market
South Africa's Standard Bank has raised a syndicated loan from a consortium of Chinese lenders. The transaction marks one of the few spots of activity in a market that has almost halved in size this year.
26 Oct 2020 -
Michelin gets blowout demand for €1.5bn trade
Compagnie Générale des Etablissements Michelin, the French tyre company, won more than €10bn of demand for its €1.5bn bond issue on Monday, as a growing number of corporate bankers expect to see European high grade spreads return to pre-Covid 19 levels.
26 Oct 2020 -
Daa and Tele2 mandate in near-empty IG corporate market
Daa, the operator of two Irish airports, and Swedish telecoms company Tele2 have mandated for bonds, as the market goes into near-hibernation during corporate earnings blackouts.
26 Oct 2020 -
EIB plans final public outing of 2020
The European Investment Bank hit screens on Monday afternoon to announce what will be its final benchmark deal of the year, with the issuer set to use every inch of its €70bn borrowing authorisation for 2020.
26 Oct 2020 -
BCS hires former Sberbank tech officer to lead IB operations
BCS Global Markets, the investment services division of Russia’s largest independent broker, has hired Vadim Kotov as the new chief operations officer for its investment banking business.
26 Oct 2020 -
MuHyp to issue rare 20 year Pfandbrief
Muenchener Hypothekenbank has mandated leads for a rare 20 year covered bond benchmark, the first from a German issuer this year and only the third from the whole market. Rates have collapsed rendering the recently popular 15 year tenor less attractive.
26 Oct 2020 -
Investors spot a silver lining in record retained covered bond issuance
Investors are sanguine about the fact that covered bonds pledged for repo with central banks hit a new record this year. Although issuers acknowledge the need to appear regularly with benchmarks in the public market, some have scaled back, but this is likely to prove temporary.
26 Oct 2020 -
A second wave for coronavirus-themed bank bonds?
As Europe moves into a second wave of coronavirus cases, banks could soon return to the market with more Covid-themed bond issuance. However, issuers that do choose to tap the market may find themselves competing with the European Union.
26 Oct 2020 -
Tax rethink will completely change Swiss bond 'side dish', says departing veteran Ronald Hinterkircher
Ronald Hinterkircher, who is retiring from the Swiss franc bond market after a 40 year career, has told GlobalCapital that digitalisation and the possible removal of the withholding tax for foreign investors could change the market over the next few years. But with the European Central Bank propping up the euro bond market, arbitrage opportunities for international companies in Swiss francs are vanishingly slim.
26 Oct 2020 -
Covid-19 equity raises could be subject of litigation
Companies raising equity in the UK this year — amid a very uncertain outlook for business prospects — may risk opening themselves up to claims related to the information they disclose or do not disclose, according to lawyers at Herbert Smith Freehills.
26 Oct 2020 -
Dealogic parent preps to strip out costly private debt as strong results cut leverage
Ion Investment Group is preparing to combine its Dealogic and Mergermarket units under a single corporate entity, ION Analytics, and refinance the group’s expensive private debt raised last year with a cheaper, broadly syndicated loan package across dollars and euros. A strong performance over the last year should encourage investors to look past the group’s previous struggles with access to the public markets.
26 Oct 2020 -
AT1 market set for second busiest year on record
Additional tier one supply has already surpassed expectations in 2020, with the asset class on course for its second busiest year of all time.
26 Oct 2020 -
Data shows only 18 loans swapped Libor for new rates as deadline looms
European syndicated loan bankers say they are confident that the market is headed towards a tipping point in its transition from Libor, despite new data that showed just 18 publicly announced deals in markets that use Libor have signed or been amended to reference risk-free rates.
26 Oct 2020 -
PrimaryBid completes $50m private raise amid retail equity surge
PrimaryBid, a company that provides retail investors with a means to take part in primary equity capital raises, has completed a $50m Series B financing round to expand its international business.
26 Oct 2020 -
Scepticism clouds Ukraine's hopes of securing IMF disbursement
Analysts believe optimism over the likelihood of the IMF's continued disbursement of funds to Ukraine is unfounded with the country struggling to fulfil the conditions the Fund has set.
26 Oct 2020 -
Italian BTPs rally after surprise upgrade with green framework and dollar bond expected soon
Italian government bonds rallied across the curve on Monday after S&P upgraded its outlook on the sovereign on Friday in response to the country’s extraordinary fiscal measures and support from the European Central Bank’s asset purchase programme and the European Union’s incoming recovery fund. The positive sentiment bodes well for the imminent publication of Italy’s green bond framework and plans to return to the dollar market in the coming weeks.
26 Oct 2020 -
Soltec Power IPO to price at top of the range
The IPO of Soltec Power, the Spanish maker of solar trackers for renewable energy generation, is due to be priced at €4.82, the top of the initial range, after attracting strong demand from investors keen to add stocks with strong ESG credentials to their portfolios during the pandemic.
26 Oct 2020 -
P&M Notebook: scorecards out for Barclays and UBS
UBS enjoyed a successful third quarter for debt capital markets, its results last week showed, as it racked up 63% more in revenue than in the third quarter of 2019, according to GlobalCapital's estimate.
26 Oct 2020 -
Mexican telco to test appetite for Lat Am debutants
Total Play Telecomunicaciones, the Mexican telecommunications company, is approaching international bond investors for the first time. With some EM investors saying they are ready for a pre-US election lull in bond issuance and mixed fortunes for recent new Latin America deals, it could provide a good test of the state of play in the region’s primary markets.
26 Oct 2020 -
Golub prices first TALF CLO but Fed program still lacks appeal, sources say
Golub Capital priced the first CLO to take advantage of the Term Asset Backed Securities Loan Facility last week, selling a $678m static transaction arranged by Société Générale backed by a pool of mostly middle market loans. The deal, expected to close on October 30, may pave the way for more middle market managers to tap TALF funds, but sources remain skeptical that the program will have much impact on the wider CLO space.
23 Oct 2020 -
Green CSPP, digital banks and negative rates, UK finance after Brexit
This week in Keeping Tabs: how the European Central Bank could decarbonise its corporate bond book, how digital banks would suffer if the Bank of England goes negative, and what UK financial services policy could look like after Brexit.
23 Oct 2020 -
Greece looking to capitalise on Pepp to complete curve
Greece hit the market this week with a €2bn tap, neatly threading a needle between the EU’s jumbo debut and a hefty 30 year from Italy. But unlike other sovereigns, the exercise was not a scramble for cash to mitigate the impact of the pandemic.
23 Oct 2020 -
MTN investors on hold ahead of election
A number of MTN investors are waiting for the result of the US election before committing themselves to the market, meaning next week is set to be a quiet one.
23 Oct 2020 -
Markets expect EBA guidance will force action on legacy bank capital
European banks could be set for a wave of calls and tenders on legacy debt instruments, after the European Banking Authority demanded a clean-up this week. Action may not be immediate, however, with markets still seeking clarity on a number of key issues.
23 Oct 2020 -
Bank supply to be muted ahead of US election
Despite a recent deal surge, investors and issuers are set to pull away from the primary market with just one full week left to go before the US presidential election.
23 Oct 2020 -
Goldman, BofA take most of mammoth mortgage bond bidlist
Cerberus Capital Management drew strong demand for its 48-line item bidlist of mezzanine mortgage bonds on Thursday, with winning bids for most of the bonds in the nearly day-long sale going to Goldman Sachs and Bank of America, sources tell GlobalCapital.
23 Oct 2020 -
Aedifica rights issue attracts 84% take-up
Aedifica, the Belgian real estate company that specialises in care homes for the elderly, has secured an 83.7% take-up for its €459m rights issue.
23 Oct 2020 -
Greencoat Renewables takes term loan in leverage strategy shift
Greencoat Renewables, the Irish renewable infrastructure company, has signed a €200m term loan, as it looks to manage its longer duration leverage.
23 Oct 2020 -
Barclays boasts of share gains in markets
Barclays enjoyed a record quarter in equities, but in its advisory and equity capital markets it lagged behind competitors, it showed in third quarter results on Friday.
23 Oct 2020 -
Funding scorecard: European sovereigns
This week's funding scorecard looks at the progress European sovereigns have made in their funding programmes towards the end of October.
23 Oct 2020 -
China policy and markets round-up: Fiscal revenue returns to growth, Sweden bans Huawei, S&P expands to exchange bond market
In this round-up, China’s fiscal revenue growth turns positive in the third quarter, Sweden becomes the latest to ban Huawei Technologies from its 5G plan, and S&P Global Ratings’ onshore unit secures a licence to rate domestic bonds in the exchange market.
23 Oct 2020 -
China issuers sneak into closing bond window
A host of Chinese issuers found one of the last windows to sell bonds on Thursday ahead of the US presidential elections at the beginning of November and a public holiday in Hong Kong early next week.
23 Oct 2020 -
Fosun-backed Gland Pharma gets Sebi nod for Rp60bn IPO
Gland Pharma, a subsidiary of Shanghai Fosun Pharmaceutical Group, has won approval for its IPO from India’s securities regulator, according to a source close to the deal.
23 Oct 2020 -
Vedanta returns loan, redeems bond after failed delisting
Metals and mining company Vedanta Resources has returned the full amount of a $1.75bn loan and redeemed a $1.4bn bond after its plan to delist its Indian subsidiary failed to get enough support.
23 Oct 2020 -
Lufax launches roadshow for $2.36bn US IPO
Lufax Holdings, a personal finance services platform, has opened books for its offering of American depositary shares (ADS). It is aiming to raise up to $2.36bn.
23 Oct 2020 -
HSBC nabs Citi veteran Keefe
HSBC has poached a senior banker from Citi to run banking in its Americas business.
23 Oct 2020 -
Suriname to miss coupon payment, engage IMF amid liquidity squeeze
Suriname’s new government said on Thursday that it would not make a coupon payment due next Monday on its $550m of 9.25% 2026s as it prepares for restructuring discussions. But with the Surinamese economy capable of generating high levels of hard currency, the focus could be on liquidity relief rather than principal haircuts.
23 Oct 2020 -
Country Garden wraps up $1.5bn loan with 16 banks
Chinese property developer Country Garden has closed a $1.5bn-equivalent dual currency loan, attracting seven participants during syndication.
23 Oct 2020 -
Millicom, BRF find bid but Lat Am lull begins
Two corporate deals on Monday and a tiny tap from a Paraguayan beef exporter on Wednesday were all investors had to choose from in Latin American primary bond markets this week as issuance remains light ahead of the US elections next month.
22 Oct 2020 -
Petrobras continues debt reduction with $2bn buy-back
Brazilian oil company Petrobras this week announced it will spend $1.95bn on repurchasing existing bonds via a tender offer, as the rapid pace of its reduction continues.
22 Oct 2020 -
Science-based targets could help banks wrestling with climate risk
UK banks and building societies are struggling with difficult aspects of incorporating climate change into their risk management, as demanded by the regulator, a PwC survey has found. The answer to some of their problems could be a non-risk initiative: science-based targets.
22 Oct 2020 -
T-Mobile calls for yet more bond cash
T-Mobile brought its bond issuance this year above $30bn this week, when it printed its second jumbo deal in a month.
22 Oct 2020 -
Neuquén creditors turn down improved restructuring offer
A group of Neuquén’s bondholders swiftly rejected an improved debt restructuring offer this week, saying any reduction in interest payments on the Argentine province’s senior secured bonds cannot be justified.
22 Oct 2020 -
Middle East issuers print rapid flurry of paper as election nears
A sudden rush of deals from Middle East issuers hit the screens this week, giving the region its busiest week since early September.
22 Oct 2020 -
UK moves early to dispel fears about bank capital buffers
Markets rejoiced this week after the Bank of England proposed policy changes that will make it harder for UK lenders to run into automatic restrictions on their additional tier one coupons and equity dividends. The move was seen as a way of addressing concern about ‘buffer usability’, which has come to the fore during the Covid-19 pandemic.
22 Oct 2020 -
A friendlier face for UK bank supervision
Prudential rules will become more supportive for UK banks after Brexit.
22 Oct 2020 -
La Banque Postale EUR500m 0.875% Jan 31 10.25NC5.25 tier two
22 Oct 2020 -
UnipolSai EUR500m 6.375% PNC10 RT1
22 Oct 2020 -
Insurer to pay $338m for stake in credit manager Crescent Capital
Canadian insurer Sun Life Financial said it has agreed to buy 51% of Crescent Capital Group for up to $338m to expand its asset management business into mezzanine debt, middle market lending, high-yield bonds and broadly syndicated loans.
22 Oct 2020 -
EU big fish breaches at last with historic SURE splash
After months of waiting as even the great whites of the SSA oceans kept clear of primary bond sales in anticipation, the EU — now a bond market megalodon by comparison — cruised into a bait ball a quarter of a trillion euros big this week to take a €17bn bite out of its enormous pandemic recovery borrowing programme. Lewis McLellan and Bill Thornhill report.
22 Oct 2020 -
Will the Next Gen loans be needed?
Europe’s bevy of recovery lending packages is undoubtedly a welcome gesture, but it may remain just that — a gesture. If trends continue as they are, some countries may prefer market lending to concessional loans from Europe.
22 Oct 2020 -
A2A breaks long end yield record for Italian corporates, Blackstone prices
A2A, the Italian multi-utility, pre-funded for 2021 with a €500m trade on Wednesday, getting what the lead manager said was the lowest yield for a deal of its type. The company is preparing a new business plan that will see it printing more green and sustainability-linked debt.
22 Oct 2020 -
Ico EUR500m 0% Apr 26 green bond
22 Oct 2020 -
CFTC and BoE tie up clearing agreement
The US Commodity Futures Trading Commission and the Bank of England signed a memorandum of understanding on Tuesday regarding the oversight of derivatives clearing.
22 Oct 2020 -
EU EUR10bn 0% Oct 30 social bond, EUR7bn 0.1% Oct 40 social bond
22 Oct 2020 -
ESM EUR2bn 0% Dec 24
22 Oct 2020 -
AFD EUR2bn Oct 27 sustainable bond
22 Oct 2020 -
World Bank USD6bn 0.5% Oct 20 sustainable development bond
22 Oct 2020 -
LendingPoint closes first revolving consumer loan ABS
Online consumer lender LendingPoint has closed its first ever revolving loan ABS backed by non prime loans in a move to expand its presence in the securitization market.
22 Oct 2020 -
CLOs with AMR option reach $4.4bn with latest deal from HalseyPoint
HalseyPoint Asset Management has priced its second CLO with the applicable margin reset (AMR) feature embedded, broadening the use of the alternative method of repricing CLO securities to over $4.4bn of CLOs since 2017.
22 Oct 2020 -
JP Morgan and Capula execute Sonia trade on Tradeweb
JP Morgan and Capula have executed a Sonia swap against a Gilt future on Tradeweb, in what the trading venue provider says is the first electronic execution of such a trade for institutional investors.
22 Oct 2020 -
Raiffeisen prints Swissie bail-in bond
Raiffeisen Schweiz brought a rare Swiss bail-inable bond to the market on Thursday, issuing Sfr325m ($358.3m) across two tranches to help replenish its capital structure.
22 Oct 2020 -
World Bank seizes ‘perfect’ timing for $6bn jumbo deal
The World Bank sold its second supersized bond of 2020 as it capitalised on a calm market and a lack of competing supply in dollars this week, as well as leaning on the strength of its name, which continues to attract new investors looking to make an impact investment.
22 Oct 2020 -
Two EM deals pulled in a week, but last chance market open, say investors
Two EM bond issuers beat hasty retreats from the primary market this week. But despite the challenges the pair faced, bankers and investors believe the market is open for borrowers looking to pick up a bit of funding ahead of what is expected to be a tortuous US election. Lewis McLellan reports.
22 Oct 2020 -
Upstart broker rocks up in Schuldschein to spur secondary trading
The secondary market in Schuldscheine is rudimentary, partly as the arranging banks have never wanted to encourage it. But a little known brokerage firm is quietly acting as a go-between, helped by its contacts with non-traditional investors, writes Silas Brown.
22 Oct 2020 -
Senior trio make most of opportunistic window
Three banks rode out a volatile bond market this week, printing senior deals amid positive sentiment caused by talks making it seem an agreement about a new US Covid-19 stimulus package was closer on Tuesday.
22 Oct 2020 -
IG secondaries spur records but fears grow about reckoning
High grade corporate bond spreads face a rocky few weeks after six months of consistent tightening, as coronavirus lockdowns and corporate earnings blackouts contribute to increased short term volatility.
22 Oct 2020 -
Cerberus challenges market to digest flood of mezz
Cerberus Capital Management auctioned off one of the largest ever portfolios of UK mezzanine mortgage bonds on Thursday, following a deterioration in the terms available in the ABS repo market after the Covid crisis made it uneconomic to continue to hold the deeply subordinated and risky positions.
22 Oct 2020 -
Indian dual recourse flies as covered bond hopes build
Dual recourse structures have become increasingly popular in India after last year’s debut from Kogta Finance. And with the sanctity of bankruptcy remoteness successfully tested in the courts, sentiment towards such structures has improved further. This could help pave the way for a national champion bank to test appetite for Indian covered bonds, which would offer the country's lenders a source of long-term diversified funding that they can't get from deposits.
22 Oct 2020 -
Italy takes €90bn book for 30 year
The strong momentum in the euro public sector bond market continued on Thursday with Italy receiving a huge reception for a new 30 year line, which was sold alongside a tender of various outstanding Italian government bonds.
22 Oct 2020 -
A2A breaks Italian long maturity yield record
A2A, the Italian multi-utility, pre-funded for 2021 with a €500m trade on Wednesday with what the lead claims is the lowest yield for a deal of its type, as the company prepares to unleash its new business plan that will see it printing more green and sustainability-linked debt.
22 Oct 2020 -
People moves in brief
Makinson Cowell joins Lazard — Vikas Seth moves into vice-chairman role at HSBC — Fernando Vicario picked as CEO of BofA's EU bank
22 Oct 2020 -
Permira splashes cash on Lowell rescue ahead of 2021 NPL splurge
Permira opted to rescue its debt purchasing portfolio company Lowell from the restructuring that many thought was imminent, with the largest slug of equity support any sponsor has injected in Europe since the coronavirus pandemic began. Covid-19 has crushed cashflows for some debt purchasers, but next year should be a bumper year for NPL buying — for those firms with cash to do so, writes Owen Sanderson.
22 Oct 2020 -
Meissner takes charge of Credit Suisse’s new ‘A-team’
Christian Meissner has an exciting new position at Credit Suisse. But how far can he improve the Swiss bank’s offering to wealth management clients while also handling its culture, asks David Rothnie.
22 Oct 2020 -
Enel doubles down on funding linked to 60% renewable target
Enel has signed a sustainability-linked loan (SLL) days after printing a bond using the structure. The Italian energy company has doubled down on its sustainability plans by pinning both trades to the same goal.
22 Oct 2020 -
Unibail cash call threatened as rebel alliance swells stake
Unibail-Rodamco-Westfield’s rights issue is under increased threat from a group of rebel shareholders that disagree with the company’s vision to reset its business. These shareholders have rapidly surpassed the 5% threshold, according to a filing with the with the Autorité des Marches Financiers, after which they have to disclose their holdings.
22 Oct 2020 -
Ulker pulls off ‘cheeky’ five year benchmark
Ülker Bisküvi Sanayi scored an impressive $650m with a five year benchmark on Wednesday, surprising some investors with an unexpected increase to the size.
22 Oct 2020 -
Window closing for euro ABS primary
Most euro ABS issuers are holding off on new deals until the results of upcoming US presidential election, according to sources, with about only a one month window of opportunity in November between the election and intensifying Brexit headline risk.
22 Oct 2020 -
Soltec Power rides ESG momentum with €150m IPO
Soltec Power Holding, the Spanish maker of solar trackers for renewable energy generation, has narrowed the price range for its IPO on the Spanish Stock Exchange, after the deal was covered shortly after the launch of bookbuilding earlier this week.
22 Oct 2020 -
DZ hits covered bond sweet spot with well-timed Pfandbrief
DZ Hyp returned to the covered bond market for the fourth time this year on Thursday to issue a €1bn eight year mortgage Pfandbrief. The deal showed that any uncertainty over the relative value of covered bonds has been firmly swept away after the European Union’s blow out debut earlier this week.
22 Oct 2020 -
Canal+ Polska launches Warsaw IPO
Emerging market IPOs have been one of the hottest themes in EMEA equity capital markets this year and issuance is set to continue as Canal+ Polska, the Polish television network owned by French TV service Canal+, launched its IPO on Thursday.
22 Oct 2020 -
Bank bond investors focus on primary as spreads widen
Bank debt investors are still piling into the primary market, even as deals struggle to perform in secondary trading.
22 Oct 2020 -
Ant comes closer to jumbo listing as investors vie for $35bn deal
China’s Ant Group kicked off marketing for its Hong Kong and Shanghai dual listing on Thursday, the last stage before launching a possible $35bn IPO, set to be the world’s largest to date. The combined offering is already more than a third covered by onshore investors, with global buyers lining up for the rest. Addison Gong and Jonathan Breen report.
22 Oct 2020 -
Updated: HK regulator fines Goldman $350m for 1MDB failures
Hong Kong’s securities watchdog has fined Goldman Sachs $350m for regulatory failures in its work on bonds issued by the scandal-hit Malaysian state investment fund 1MDB, part of a multi-billion-dollar settlement with global regulators.
22 Oct 2020 -
When a rose by any other name is asked to leave
The theory of nominative determinism states that people tend to take jobs that fit their names: John Baker becomes a baker, Ted Milk becomes a dairy farmer, Fakey McBlowhard becomes a politician. But there are also names that are valuable, not so much because they affect your career choices but because there’s a good chance you might get confused for someone else.
22 Oct 2020 -
Rabo finds a way to reward its Certificate holders
Rabobank intends to make an exceptional distribution on its equity-like Certificates and will avoid breaching the European Central Bank’s dividend ban by paying its investors in more Certificates rather than in cash.
22 Oct 2020 -
eBay Classifieds underlines strength of final market window
The €2.6bn financing for Adevinta’s purchase of eBay Classifieds looks set to be a blowout success, with sharp tightening across all tranches underlining the bid for quality credits enduring limited pandemic impact. The deal’s double-B rating helps attract rating-sensitive investors who have seen their portfolios pummelled this year by Covid-related downgrades.
22 Oct 2020 -
Advisory shop moves over from KPMG to Lazard
Makinson Cowell, a company that advises on equity capital markets and investor relations, has joined Lazard, in a move that the investment bank says strengthens its UK financial advisory business.
22 Oct 2020 -
Dim sum market surprises as ADBC sees hot demand for rare 10 year
Agricultural Development Bank of China returned to the offshore renminbi market this week with a Rmb5.7bn ($854m) triple-tranche transaction. The deal featured a rare 10 year tenor in the dim sum market, showing the potential for more long-dated CNH funding. Addison Gong reports.
22 Oct 2020 -
Euronav gets $713m in loans as tanker outlook turns sour
Euronav, the Belgium based crude oil tanker company, has signed a $713m loan package, as the sector outlook turns bleak after a strong start to the year because of an overproduction of oil.
22 Oct 2020 -
Meituan makes ‘stunning’ debut with $2bn bond
Meituan, a Chinese e-commerce platform and food delivery company, sold its first dollar bond on Wednesday, netting $2bn on the back of an order book that reached $16bn at its peak.
22 Oct 2020 -
Asian bond issuers set frenetic pace
Asia’s dollar bond market has seen a big bump up in volumes this month, as issuers rush to get ahead of the US presidential elections and take advantage of still supportive markets. DCM bankers are expecting a much quieter year end — but they admit anything can happen. Morgan Davis reports.
22 Oct 2020 -
Levfin bankers optimistic as liquidity returns
Leveraged finance bankers coping with a slump in deal flow in Asia this year are gearing up for a bumper start to 2021, as a return of liquidity and growing interest from institutional investors for loans set the stage for a market revival. Pan Yue reports.
22 Oct 2020 -
Ukraine central bank strips reprimanded deputy of supervisory role
The National Bank of Ukraine has stripped deputy governor Kateryna Rozhkova of her responsibility for banking supervision. The move follows the NBU’s official reprimand of Rozhkova and a colleague over a media interview.
22 Oct 2020 -
London landlord Shaftesbury taps investors for £300m
Shaftesbury, the UK real estate investment trust that owns swathes of London’s West End, is tapping its shareholders for almost £300m ($392m) amid a severe downturn in the theatre district because of the Covid-19 pandemic.
22 Oct 2020 -
JW Therapeutics opens $300m Hong Kong IPO
JW (Cayman) Therapeutics set its IPO in motion on Thursday, opening the order book for the up to HK$2.3bn ($300m) deal.
22 Oct 2020 -
ESM’s pandemic credit lines ‘will be used’ says CFO
The European Stability Mechanism’s Pandemic Crisis Support credit lines will eventually be drawn on by euro area member states, according to the institution’s chief financial officer, Kalin Anev Janse.
22 Oct 2020 -
UOB goes tight in Aussie dollars
United Overseas Bank achieved the tightest spread for a five year floating rate bank issue in Australian dollars in over 10 years this week, issuing A$750m ($532.0m) to prove that there is still demand at decade-low levels.
22 Oct 2020
