.png){kind=logo}
GC Asia
-
A credit paradox: ratings are ignored — and feared
For many years, corporate debt investors have scratched their heads and wondered: will anything, ever, cause the returns on bonds to go back to normal again?
08 Apr 2020 -
Pigasse lands as Centerview’s new French boss
Centerview Partners has appointed ex-Lazard rainmaker Matthieu Pigasse as head of its new French operation, as the boutique advisory firm expands in continental Europe with a 15-strong team.
08 Apr 2020 -
Chinese telco warns over put repayment risk
Dr Peng Telecom & Media Group Co, a Chinese company with an international bond that falls due in two months, has told domestic investors it might not be able to redeem a Rmb1bn ($141.7m) onshore bond, after investors decided to put the deal.
08 Apr 2020 -
Europe’s top issuers: big names still to come
Several of Europe's biggest corporate bond issuers have yet to fund in the market this year, despite the flood of deals as companies hoover up cash to see them through the coronavirus crisis. Vodafone, Electricité de France, Enel and Bayer are among firms yet to issue. However, more of the gaps are being filled up every day.
07 Apr 2020 -
Hard-hit firms mull market rescues as governments change support goalposts
Companies in sectors that lack government support packages are having to weigh moving quickly to secure costly private-sector rescue capital against waiting and hoping governments extend existing bailout or liquidity schemes to them. The cost of Carnival Corp’s $6.25bn package last week showed how expensive private sector cash can be, but many sectors’ prospects of receiving public money are better than the Panama-domiciled cruise company.
07 Apr 2020 -
Banks carry on conduit lending despite coronavirus crunch
According to data from the European Securities and Markets Authority, new trade receivables securitizations are still being regularly financed by banks through their asset-backed commercial paper (ABCP) conduits, with market participants saying that lenders remain open for business — for existing clients only.
06 Apr 2020 -
Rating agencies ‘doing their jobs’ in coronavirus crisis
Investors see the rapid wave of downgrades in response to the coronavirus crisis as evidence that rating agencies are “doing their jobs”, compared to their responses during the 2008 financial crisis.
06 Apr 2020 -
Mission impossible? Cruise co Carnival storms into capital markets with high stakes rescue
Dollar high yield and convertible bond buyers dived straight into the riskiest possible end of the market on Wednesday, snapping up rescue issues for cruise operator Carnival Corporation, a firm at the centre of the coronavirus storm. Carnival pledged nearly all its ships to back bondholders’ investments, while convert investors spied a chance to double their money — if the cruise industry can bounce back. Aidan Gregory, Jon Hay, Sam Kerr and Owen Sanderson report.
02 Apr 2020 -
Insurers bulked up on airline risk as export credit agencies pulled out
Private sector insurance companies have written extensive guarantees for the purchase of new aircraft from Boeing and Airbus in the past two years, filling a gap in the market left by the retreat of US Eximbank and European export credit agencies. But with aircraft around the world grounded and airlines slashing capital expenditure, these insurance firms could be stuck with the risk.
02 Apr 2020 -
Rare bullish companies still buying own stock
As the coronavirus eats into the global economy, most companies are putting their share buy-back programmes on hold — but there are exceptions. ContourGlobal, which generates power in emerging markets, has launched a new buy-back programme, while Philips is using an unusual derivative technique to adapt its plan to crisis conditions.
02 Apr 2020
