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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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Deutsche Bank has set up an inter-disciplinary sustainable finance team in its capital markets group, aiming to be “viewed as [a] market leader on this important subject”, as it senses that clients, including big oil and gas companies, are having increasingly to consider environmental and social issues to access the capital markets.
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European capital markets have continued to function well during the coronavirus crisis, according to a report released on Monday by the Association for Financial Markets in Europe (Afme). However, in terms of primary market activity, the industry body’s data shows quite how sharply issuance has skewed towards investment grade, with riskier debt and IPO markets closed off.
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AMAG Leasing, a regular issuer in the small Swiss franc ABS market, pulled its planned Swiss Car ABS 2020-1 deal on Tuesday after investors declined to support the deal at a level the company found attractive. It had recently renewed its bank facility, and is also a regular issuer in the unsecured Swiss franc bond market.
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UBS has promoted Barry Donlon to run its debt capital markets business for Europe, the Middle East and Africa, alongside several other job changes.
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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.
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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.