Banks

Fives, the French industrial equipment group, has signed a €200m loan backed by the state, as government-backed facilities continue to prove essential to tackling the economic fallout from the coronavirus pandemic.

Mexican real estate investment trust Fibra Uno returned to the bond markets on Wednesday to price a postponed tap of its 2030 and 2050 notes.

Chinese food and beverage company Bright Food sold a euro-denominated bond via its Singapore arm on Wednesday, raising €800m. It leaned on Chinese bank support to price the deal at a tighter level than where European investors were willing to buy.

Banks are leading a revival in ECM business in India, with Yes Bank gunning for $2bn this week. There are also signs of activity in the country’s moribund IPO market, writes Jonathan Breen.

Huge capital markets revenues helped US banks stack up more provisions against loan losses in the second quarter, as they prepare to weather the economic impact of the coronavirus pandemic. But analysts warn that firms will not be able to repeat this trick in the second half of 2020, with trading and underwriting returns likely to climb down from their peaks.

Jiumaojiu International Holdings bagged HK$839.3m ($108.3m) from a top-up share placement on Wednesday, with a group of employees also pulling off a concurrent block trade.

Financial institutions are set to spend the summer months monitoring conditions for issuance in order to continue funding this year or to frontload funding needs for next year, according to deal arrangers.

Krylyo Shevchenko, the chairman of state-run Ukrgasbank, has been selected as the new governor of the National Bank of Ukraine (NBU) after weeks of deliberation. The choice has elicited a mixed reaction from market spectators, some of whom hope that Ukraine can salvage its international debt market access and IMF funding. Mariam Meskin and Ross Lancaster report.

The European Commission’s best practice guidelines for the financial sector in handling the coronavirus crisis may challenge the safety mechanisms embedded in covered bonds, which have become fundamentally overvalued — especially in countries like Italy where payment holidays have been widely taken up — thereby instigating a sell recommendation from analysts at Barclays.

Samson Paper Co has breached two covenants on a HK$780m ($100m) loan from 2017, with lenders still waiting for more information from the company.

Sir Martin Sorrell’s S4 Capital has completed a £116m growth capital raising to fund further M&A opportunities.

Greenland Holding Group Co met its $650m size target for a bond on Wednesday, pairing the dual-tranche outing with a tender offer for its maturing notes.