Banks

The dollar market had looked sluggish, particularly in comparison to the volumes churned out in euros, but Tuesday's $4.5bn two year from Asian Development Bank indicates the market is back in working order.

Carnival Cruises, the world’s largest leisure travel company, is rolling the dice on a coronavirus rescue package, launching a $1.25bn underwritten rights issue, $1.75bn convertible bond, and a $3bn dual currency high yield bond.

Portugal will be hoping to mirror the success of Belgium after the latter smashed records in the public sector bond market on Tuesday with the biggest ever order book for an SSA borrower in euros. Both Portugal and Belgium have announced an anticipated increase to their 2020 funding programmes as result of the Covid-19 crisis.

The UK's Imperial Brands, formerly Imperial Tobacco, has signed a new €3.5bn three year multi-currency revolving credit facility, slightly increasing its main bank line, despite not having plans to draw down.

London-listed Russian steel firm Evraz has raised a syndicated loan with lenders honouring the pricing terms agreed before the outbreak of coronavirus that has wreaked havoc in markets.

Viva China Holdings is selling a chunk of stock in sportswear manufacturer Li Ning Co worth as much as HK$1.51bn ($194.3m).

Standard Chartered’s announcement that it was allocating $1bn to help companies deal with coronavirus, or transition towards making essential medical kit, makes a virtue of doing what most banks are up to anyway. There’s nothing wrong with a bit of good news in these troubled times, but Stan Chart’s competition might feel they’ve missed a trick.

Some of the largest financial institutions in the eurozone have yet to cancel or postpone their dividend distributions for this year, despite explicit guidance from the European Central Bank urging them to restrict payouts during the coronavirus crisis.

HSBC has promoted two bankers internally to head up its capital markets business in the Middle East, North Africa and Turkey.

Airbus, the European aircraft manufacturer, opened books for a three tranche bond issue on Tuesday, just over a week after raising €15bn from banks, on the assumption, its CFO said then, that there would be "no issuance in capital markets, such as commercial paper".

Rating: Aaa/AAA

Credit Suisse has appointed Mark Carlile as vice-chairman of investment banking and capital markets for Australia, and Angelo Scasserra as co-head of the division.