Coronavirus

The Guinness Partnership, a UK affordable housing provider, has mandated for a long dated sterling bond, as some corners of the debt capital markets try and work out why sterling corporate issuance has been so patchy compared to the roaring euro market.

China’s government has won plaudits for its response to the Covid-19 coronavirus. That praise should extend to its capital markets.

Though Ecuador’s curve initially sold off on the sovereign’s request to push back debt payments until August, most analysts and investors expect the cash-squeezed country’s bondholders to offer the government flexibility in its time of need — mostly in an effort to avoid something far worse.

Banco Santander Mexico is hoping to become the first Latin American company to issue internationally in six weeks on Tuesday after speaking to investors on Monday about a potential senior unsecured trade.

With emerging markets across the globe facing an overwhelming liquidity squeeze, the IMF said on Thursday that it would “look for solutions that can unlock critical financing” in countries where the unsustainability of debt prevented the fund from lending, potentially increasing funding options for the most stressed of countries.

Bank of Nova Scotia was set to price a €1.25bn three year covered bond tap 25bp wider than indicative secondary levels on Thursday, its third foray in euros this year and the 19th Canadian covered bond to be issued globally in 2020. The deals are in keeping with an exceptional volume of cheaply priced Canadian public ssector bond issuance and highlight a unique set of challenges for the country's borrowers, related to sinking oil prices, an inflexible central bank and the impact of Covid-19.

Bronte Capital’s funds posted bumper gains in March. The hedge fund founded by the famous Australian short seller John Hempton benefitted from puts and shorts purchased before other investors panicked about the spread of coronavirus.

The International Monetary Fund has doubled its emergency financial package for emerging and developing countries hit by the Covid-19 pandemic, its managing director said on Thursday, as she warned that the global economy would suffer its worst slump since the Great Depression.

The Single Resolution Board will take what it describes as a "forward looking" approach with banks that might struggle to meet their minimum requirements for own funds and eligible liabilities (MREL), though it will also be sticking to its original deadlines for these targets.

Rating agency Fitch says that the bleak economic outlook has exposed many of Germany’s banks’ weaknesses, prompting it to take action on the ratings of many of them. Deutsche Bank could become one of Europe’s banks most affected by the recession.

The Restaurant Group, the owner of numerous UK dining brands including Wagamama and Frankie & Benny's, raised £57m through an equity raise on Wednesday night to see it through what it expects to be a long period of Covid-19 lockdown with all its restaurants closed until June.

The International Private Equity and Venture Capital Valuation Guidelines (Ipev) body has warned funds to take special care over quarter-end reporting and valuation of portfolios, so that marks for sponsor-owned companies reflect as well as they can the devastation of the coronavrius pandemic, rather than the benign conditions prevailing at the start of the year.