Banks
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Qatar may still be under a blockade set by its Gulf neighbours, but bankers are optimistic about its borrowers' prospects in the loan market just as Qatar National Bank (QNB) returns for its second deal this year, writes Mariam Meskin. -
Too little capital, too much sketchy stuff on the balance sheet, too poor a set of earnings figures; maybe Germany should look closer to home before criticising other countries’ banking systems.
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The euro leveraged loan market appears keen to counter recent criticisms against lack of financial maintenance covenants with yet more cov-lite issuance, including a buyout deal from private schools operator Inspired.
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Yapı Kredi is the latest top tier Turkish bank to refinance hard-currency debt, with a $1.1bn equivalent loan. It is the largest Turkish bank refinancing of the season, indicating that there is resilience in the market, and Garanti Bank is set to follow.
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Aryzta, the Irish/Swiss bakery, won shareholder approval for its €790m rights issue on Thursday – but only just, as its investors questioned the plan to raise capital.
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After a month of consistent spread widening in European corporate bonds, bankers are hoping for tighter pricing in November, but some investors say the new levels better reflect the value on offer in the market.
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MUFG has named Zahra Sadry as head of EMEA healthcare coverage, moving her over from the group’s strategic finance team, where she was the MD responsible for Germany, Austria and Switzerland.
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The European Banking Authority (EBA) will release results of its 2019 stress test on Friday. Investors will be looking out for the results of NordLB and the Italian banks in particular.
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Primepulse, the German investment fund focused on the technology sector, has postponed its IPO on the Frankfurt Stock Exchange as a result of poor market conditions.
