Banks

Barclays saw its common equity tier one capital ratio fall 70bp amid balance sheet growth in the first quarter, but analysts suggest the bank should be able to maintain enough capital to carry on paying additional tier one coupons this year.

Hong Kong's Wharf Real Estate Investment Company (Wharf REIC) raised $750m from a dual-tranche bond on Tuesday. The issuer was able to take more than it initially intended, while paying a small new issue premium.

The Republic of the Philippines printed one of its largest bonds on record this week at exceptionally tight levels, taking $2.35bn from a dual-tranche deal. The sovereign gave investors what they wanted: long tenors, attractive initial pricing levels and full clarity on the impact of Covid-19 on the country, writes Morgan Davis.

In contrast to what analysts had expected before its first quarter results, Deutsche Bank reckons its investment bank will outperform last year’s revenue figures in 2020. However, its fixed income and currencies sales and trading business did not match peers’ revenue growth in the first quarter.

Banco Santander wasted no time in heading to the non-preferred senior market this week, with investors responding well to the way in which European banks have been dealing with the coronavirus pandemic in their first quarter results.

The Singapore Exchange (SGX) and Citic Securities Co have signed an agreement to collaborate across multiple parts of Asia's capital markets.

Any impression that the European corporate bond market was returning to more measured levels of activity was zapped on Tuesday, when five new issues were launched that had to squeeze more than €35bn of bids into just €6.25bn of paper.

Currency markets helped revenues in HSBC’s global banking and markets division in the first quarter. But along with the rest of the group, it had to take big losses for credit exposures thanks to the coronavirus pandemic.

Supermarket Income Reit, the UK real estate investment trust focused on grocery stores, has attracted strong demand for its latest capital raising to fund new investment opportunities that may arise from the Covid-19 pandemic.

The European Investment Bank achieved its biggest ever order book in euros on Tuesday, as it sold its first seven year benchmark of the year.

Marks & Spencer, the UK retailer, has negotiated with its lenders to relax the covenant testing on its £1.1bn revolving credit facility, as it tries to mitigate the effects of a pandemic that has sent its ratings crashing into junk territory.

Crédit Mutuel Arkéa paid a 'generous' 7bp of new issue premium for a preferred senior bond on Tuesday, taking advantage of a quiet market to attract attention from investors.