Coronavirus

In contrast to what analysts had expected before its first quarter results, Deutsche Bank reckons its investment bank will outperform last year’s revenue figures in 2020. However, its fixed income and currencies sales and trading business did not match peers’ revenue growth in the first quarter.

Norwegian Air Shuttle has revised the terms of its restructuring pitch to bondholders, cutting the size of the writedown it is asking them to take and making sure they get the benefit of the security over landing slots they were granted last year.

The corporate bond market is already moving past the coronavirus pandemic, according to syndicate bankers, despite some warning that a second wave of the disease could push technical supports to their limits.

Hiscox, the London-listed insurance and reinsurance company, is exploring the idea of raising equity to combat uncertainty surrounding the impact of the coronavirus as premiums, particularly in the US, harden.

Central American development bank Cabei is set to price its first 144A bond in nearly eight years on Wednesday after setting initial price thoughts.

With Covid-19 measures expected to add $4bn to Chile’s 2020 debt issuance, the sovereign is still to define the source of $4.5bn of funding for this year, according to the country’s head of international finance.

When Ecopetrol, which has been talking about bringing a bond for an absolute age, chose to do so last Friday after an oil price crash and in the middle of the coronavirus pandemic, it took the market aback. Fridays after all, are not typically when any self-respecting Latin American bond issuer comes to the market. But there is nothing typical about Lat Am primary markets these days.

The Financial Conduct Authority has written to UK banks warning them against pressuring clients for mandates on Covid-19 equity capital raises using their lending relationship as justification.

Crédit Mutuel Arkéa paid a 'generous' 7bp of new issue premium for a preferred senior bond on Tuesday, taking advantage of a quiet market to attract attention from investors.

The European Commission’s ideas for a “Union Recovery Programme”, based on an internal note seen by GlobalCapital, are “worrying” based on the limited size and possible conditionality attached to the measures, according to two economists.

UBS generated almost as much profit before tax from its global banking and markets operations in the first quarter as it did across all of last year, it revealed on Tuesday. This was despite taking credit losses and marking down exposures. The bank benefitted from a good turnout in FX and rates and its heavy involvement in a shrunken M&A fee pool.

Caisse Française de Financement Local (Caffil) has launched the first negative yielding covered bond since the onset of the coronavirus crisis in Europe, after linking the use of proceeds from the deal to fighting against the effects of the pandemic.