Banks

Jana Hecker, most recently at Deutsche Bank, has been appointed global head of equity capital markets at UniCredit, alongside other personnel changes in the Italian bank’s ECM business.

BNP Paribas has hired from Standard Chartered to bolster its Latin American debt capital markets team, GlobalCapital understands.

Two supranationals will take to the market on Thursday to raise money for their socially responsible investment programmes. Inter-American Investment Corporation will raise dollars for its Covid-19 response bond, while Nordic Investment Bank is coming to market for a euro environmental bond. The transactions will share the market with Bank of England’s annual dollar deal.

Spain enjoyed enormous demand for a 10 year syndicated bond on Tuesday, with an order book which was almost double the previous record for a single tranche euro public sector benchmark. Bankers away from the deal said investors were attracted by the big new issue premium on offer.

Europe’s high grade corporate bond market faced one of its biggest tests on Wednesday, with France’s Auchan, which operates in the heavily disrupted retail sector, getting a deal away with one of the larger new issue concessions seen in recent weeks.

Europe's equity capital market bankers are expecting a resurgence of secondary share sales by investors over the coming weeks as financial sponsors look to take advantage of the rebound in global equity markets since the start of the pandemic to raise cash to redeploy elsewhere.

The treasurer of Helsinki-based Nordic Investment Bank, is leaving the supranational to join an investment bank in Copenhagen.

Italian-American car company Fiat Chrysler has drawn down on its €6.25bn revolving credit facility to shore up its finances during the Covid-19 pandemic, though the company has left a new bridge loan untouched.

The Republic of Hungary has mandated a consortium of banks to lead a dual tranche bond issue in euros. The government's debt management body has increased its foreign currency issuance limits as a result of the spread of Covid-19.

Analysts have praised UniCredit for taking a conservative approach to dealing with the coronavirus pandemic, after the Italian bank said on Wednesday that it would be making higher loan losses provisions in the first quarter than had been expected by the market.

Shenzhen Zhaoheng Hydropower Group has obtained a maturity extension for a $128m loan sealed in 2017, after difficult market conditions put pressure on its refinancing abilities.

Some Asian sovereigns are at risk of being pushed out of investment grade territory as the Covid-19 pandemic takes a toll on their economies. India and Indonesia are of particular concern, with fears high that they are close to becoming fallen angels.