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Fluvius, Kojamo and Affinity Water hold investor calls
Sandwich chain joins host of ABS issuers
There is no crock of equity gold at the end of the rainbow
Partner has joined Clifford Chance from the newly merged rival magic circle law firm
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As a crucial middleman in the oil business, Trafigura has had to cope with concerns about the creditworthiness of some of its counterparts, and unprecedented volatility in the oil price that saw the West Texas Intermediate (WTI) contract turn negative at the end of April. Christophe Salmon, the company’s chief financial officer, explained how the company has coped with the crisis, and how its funding approach, based on deep banking relationships and a secured financing structure, proved resilient to the chaos around it.
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The coronavirus crisis has severely disrupted the move away from Libor to the new recommended risk-free rates. But market participants will have to press on to meet the original deadline, with no extension on the horizon, according to a senior capital markets lawyer. -
As Western societies begin to contemplate life returning to some semblance of normality, the financial industry is working out how best to balance the understandable desire to get back to how things were before the crisis with the very real threat of a new and more deadly wave of coronavirus brought on by a mass-return to offices. GlobalCapital’s Silas Brown spoke with Peter Openshaw, a specialist in immunology and virology and professor of experimental medicine at Imperial College, about the transmission of Covid-19 and how banks, investors and companies can reduce the risk of infection.
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Norwegian Air Shuttle is close to receiving vital loan guarantees from Norway, as shareholders voted through a near $1bn-equivalent debt to equity swap from bondholders and aircraft lessors.
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Volkswagen is one of the world’s biggest car companies and, in many years, Europe’s biggest corporate bond issuer. But being an A3/BBB+ rated credit with a strong following in the market does not guarantee you can refinance a €200bn debt load when a pandemic shuts down nearly all the world’s developed economies.
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Spanish gaming company Codere will miss a coupon payment due on Thursday, hoping that the 30 day grace period in its bond documents will give it time to find at least €100m of emergency financing to get it through the liquidity crunch.
