Citi
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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. -
That nine US companies and banks should launch bonds the day after a 12% fall in the S&P 500 index, the worst since 1987, is astonishing, but probably shows that companies are anxious to bank large quantities of cash in case markets get worse. The barrage of issuance comes despite core fixed income markets such as Treasuries, swaps and commercial paper being under strain.
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Citi has hired industry veteran Loretta Ko as head of Hong Kong financial institutions, within the corporate banking division, according to an internal memo seen by GlobalCapital Asia.
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India’s Tata Steel and Birla Carbon have decided not to syndicate their chunky loans, amid reluctance from the bookrunners to sell down their positions in a slowing market for deals.
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The Province of Buenos Aires said on Monday that it had hired Bank of America and Citi to advise it on its debt restructuring.
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Bank of Montreal reopened the dollar market for Yankee banks this week, using ‘shadow books’ to quickly wrap up the sale of its floating-rate note.
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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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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.
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China Hongqiao Group, China Water Affairs Group and Luxshare Precision has returned to the offshore loan market seeking a total of $800m.
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GTLK Europe, an air and sea vehicle lessor, has priced a seven year unsecured bond — its longest dated deal to date. It paid a premium to investors, but won praise for steering the transaction through a market that had recently been shuttered due to Covid-19 chaos.
