Banks

Shandong Ruyi Technology Group has had an interesting month: firing its onshore ratings agency, missing an interest payment on a bond, and then promising to repay the money privately to avoid a public default. The actions have triggered worries that more cash-strapped companies will follow its example. Rebecca Feng reports.

Humanwell Healthcare Group Co, a pharmaceuticals company based in the epicentre of the Covid-19 pandemic, has launched a $150m loan into general syndication.

Siberian Coal Energy Co (Suek) is seeking financing from lenders, according to two market sources. The borrower is braving lenders' wariness about coal companies, which last year weighed on demand for a Suek loan, and the global volatility caused by the spread of the Covid-19 virus.

Germany's Covestro and the UK's 3i have both signed new revolving credit facilities with terms that were agreed before the Covid-19 pandemic sent markets plunging, but lenders said that new deals will have far higher margins.

The Single Resolution Board found this week that investors in Banco Popular would not have been any better off had they been put through an insolvency rather than a resolution. Creditors and shareholders will therefore not receive any compensation.

Eurozone government bond yields jumped higher early on Wednesday morning, unmoved by reports of a potential breakthrough for the issuance of common EU debt instruments. The European Central Bank is suspected to have stepped in to try and control the situation, with spreads to Bunds having moved to their widest points for a year or more.

UK manufacturer Dyson is looking for at least £250m of debt, according to several market sources, in a private placement set to close in the middle of the pandemic that has largely shut public markets in Europe and the US.

CapVest has cancelled the planned sale of Curium Pharma, as market conditions wrecked the investment appetite of the three final round bidders and banks cut financing commitments. It was one of the larger M&A financings slated for syndication in the second quarter, but with the Crossover index now trading over 650bp, compared with close to 200bp when first round bids were due, the three sponsors in the final round would have struggled to get a deal away.

David Binnion, co-head of equity capital markets for Asia ex-Japan at Goldman Sachs, is retiring after 15 years at the firm, according to a memo seen by GlobalCapital Asia.

HSBC’s hunt for a group chief executive has ended where it began, with the bank appointing interim boss Noel Quinn on a permanent basis.

Chinese e-commerce giant JD.com has hired Bank of America and UBS to lead a secondary listing in Hong Kong, according to multiple sources familiar with the matter.

Intesa Sanpaolo will provide Italian companies with €5bn worth of new one to 1.5 year loans, and offer an additional €10bn of debt to customers through existing credit lines, to help steer the nation's economy through the Coronavirus crisis.