Banks

Richie Revill, formerly at Barclays, has joined the boutique Asian investment bank SC Lowy as head of markets for Europe.

London insurance underwriter Beazley plc completed a £247m growth capital raising on Tuesday to position itself for expansion once the pandemic subsides, and to shore up its balance sheet.

The slowly reopening European high yield market faced another test on Tuesday, following Sappi’s decision to pull its planned issue at the end of last week. Data centre and cable network firm Cogent was raising an B3/B- rated add-on in order to pay a dividend. The company is too leveraged already to allow a dividend under its existing bond docs but is using a "temporary deleveraging" and escrow structure to work around them.

France’s Accor, a hospitality company, has signed a €560m short term crisis revolving credit facility, as banks continue to be called upon to support the sectors hardest hit by the coronavirus pandemic.

Toyota Motor Finance (China) Co is set to price a Rmb4.5bn ($633m) auto loan ABS next week, bringing to the market only its second deal in two and a half years. The 11-member underwriting group has eight foreign banks.

Singapore-based online gaming company Sea has launched a $1bn convertible bond, following a surge in its share price after reporting strong first quarter earnings.

Chinese local government financing vehicle (LGFV) Nanjing Jiangbei New Area Industrial Investment Group closed a club-style $300m bond on Monday.

Unlike many other banks, ANZ has had no need to draw on central bank emergency liquidity lines during the coronavirus pandemic. Its risk-weighted assets have grown but this has been offset by greater retail deposits. And, as head of funding Mostyn Kau revealed, what subordinated debt issuance it does have to do will be for regulatory reasons rather than to do with Covid-19 crisis funding.

High grade corporates poured into the primary market on Monday, with sentiment noticeably higher as the first trial for a Covid-19 vaccine in the US and easing of lockdown restrictions in Europe cheered markets.

Belgium is set to issue its first dollar bond since 2017 as euro funders continue to take advantage of the attractive funding conditions in the currency, with three other public sector borrowers also in the market for dollars.

The Kingdom of Norway is set to sell its first ever syndicated tap. The sovereign hit screens on Monday with initial price thoughts for the reopening of a 10 year Norwegian krone bond.

JP Morgan, the leading SSA bookrunner over the last five years, is clinging onto pole position for 2020, despite a mighty effort from Citi, which has topped the rankings since the Covid-19 pandemic began disrupting markets in earnest. But it is a far different picture in SSA MTNs with Scandinavians surging to the top, thanks to a growth in niche currency supply.