Coronavirus

Italy mandated banks for a new five year to be sold alongside a tap of a September 2050 bond on Monday as it prepares to bolt on a bigger funding programme in order to fund its effort against the coronavirus pandemic. The sovereign will be joined by Luxembourg in the euro public sector bond market on Tuesday.

A recent European Central Bank working paper may have underestimated the part a sovereign’s credit plays in the covered bond’s credit risk. But this relationship plays a very important role, a Moody’s analyst said on Monday, referring to a report by the agency assessing how the pandemic will affect covered bond credit quality.

BPCE seized an opportunity to launch €1.5bn of preferred senior funding this week — an asset class that has outperformed all other bank funding products in the market in recent trading sessions.

The Belgian Debt Agency has announced an increase to its financing requirements for 2020 in response to the coronavirus pandemic, which will see it borrow an extra €20.41bn.

Akesobio has bagged HK$2.58bn ($332.9m) from its IPO after sealing the trade at the top of the marketed price range, according to a banker on the deal.

Over 90% of Ecuador’s external bondholders agreed to a consent solicitation that expired at 5pm New York time on Friday, more than enough to allow the government to delay all coupon payments until August. A more comprehensive debt reprofiling will follow.

After making investors wait until the end of Friday's trading session that saw a strong bid for its bonds, Argentina finally proposed terms on its mammoth external debt restructuring. With early recovery rate estimates in the 30%-35% range, investors did not even wait until the weekend was over to express their discontent.

Swedish biotech company Getinge raised Skr1bn ($100m) of commercial paper off a new Covid-19 Financing Framework on Friday to it help meet increased demand for ventilators as a result of the coronavirus pandemic.

The Inter-American Development Bank brought the second jumbo supranational deal this week as the improvement in market conditions brings confidence back to investors .

The European Central Bank is encouraging investment banks to keep up their market making activities during the coronavirus pandemic by offering them temporary relief on their capital requirements for market risk.

ArcelorMittal, the steel company headquartered in Luxembourg, has signed a $3bn new loan facility with four banks.

China National Travel Service Group Corp (CNT) raised $900m from a dual-tranche bond on Thursday, making it the first Chinese state-owned enterprise to come to the market in more than a month.