Banks
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Banks are going to play an outsized role in softening the economic impact of Covid-19 in the euro area. -
Green deals from Hypo Vorarlberg and Russian Railways were sold in Swiss francs this week in what were immensely tricky conditions. The market was awash with deals in January and February, but many feel the spread of coronavirus will bring a halt to the momentum moving into March.
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Thierry Roland has been picked to lead HSBC’s new RWA Optimisation Unit, where the bank will put assets that do not meet its return requirement.
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Europe's high grade corporate bond issuers are being pushed into tight issuing windows by volatility caused by the Covid-19 coronavirus. But investors are prepared for this and so far deals have found strong backing.
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Lancashire County Council raised £350m ($453.5m) of five year cash on Thursday through the UK Municipal Bonds Agency platform. It is the first local authority to do so since the MBA was set up.
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It was a mixed picture in the dollar public sector bond market on Thursday. A Norwegian agency was able to tighten the spread of its five year fixed rate trade on the back of a well subscribed order book. But a supranational was not able to achieve the same momentum for an intraday three year Sofr-linked floating rate note.
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New emerging market bond issues have been assessed on a case-by-case basis this week as the spread of the Covid-19 virus delivered sharp swings in global markets. Some borrowers wanted to forge ahead in case of a further sell-off, while others prefer to wait for a recovery.
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Optivo, the UK housing provider, has mandated banks for a long maturity sterling deal, a day after a compatriot housing association found healthy demand for a similar 23 year note in the currency.
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JP Morgan’s latest high-level reshuffle has put a crack team of dealmakers at the top of the firm, and opened room for new leaders to come up. But keeping senior bankers happy can be difficult, writes David Rothnie.
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A trio of South East Asian issuers have visited the Hong Kong dollar market in the last two weeks, as a move in the basis spurred demand. Among the issuers was Korea’s state-owned mining company Korea Resources Corporation (KORES), which made its debut in the currency and in the MTN format on Monday.
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New emerging market bond issues are being assessed on a case by case basis as a split between those issuers keen to forge ahead and those preferring to delay emerges.
