Credit Suisse

Lloyds Banking Group became the first Yankee bank to access dollar funding for almost a month when it came to the market with a new senior deal on Thursday.

Having dropped off in early March, Swiss franc issuance has bounced back in the last fortnight, buoyed by returning investors flocking to low investment-grade rated borrowers, like triple-B rated cement manufacturer LafargeHolcim, and piling into a record-breaking foreign covered bond.

Credit Suisse has appointed Mark Carlile as vice-chairman of investment banking and capital markets for Australia, and Angelo Scasserra as co-head of the division.

Panama acted swiftly to capture crucial funds on Thursday, jumping on an improved market to raise $2.5bn of debt and giving a glimmer of hope to emerging market countries as fears were beginning to rise of a devastating funding squeeze for the developing nations just when they most need finance.

The coronavirus crisis has made it difficult for banks to know how much wholesale funding they will need in the coming years. But when a window opened in the primary market this week, issuers showed that they are still focused on trying to build up their levels of total loss-absorbing capacity (TLAC), write Tyler Davies, David Freitas and Bill Thornhill.

Issuers and investors in the Swiss franc market are grappling with much wider spreads on domestic and foreign issuers because of the volatility around the coronavirus pandemic.

The volume of new euro senior debt sold by banks has hit €10bn this week, following deals from Barclays, Credit Suisse and NatWest Markets on Thursday. Yield and spread levels remain high, but market participants have been delighted to see investors throwing their confidence behind new transactions in the middle of the coronavirus crisis.

Riskier high grade corporate names saw more than €45bn of combined demand for new bonds on Wednesday. Danaher, Carrefour, Bertelsmann, Philips and Heineken were all in the market following a batch of deals from higher rated names a day earlier encourages borrowers to pile in.

Confectionery company Néstle, soft drink maker Coca-Cola European Partners and French pharmaceutical company Sanofi piled into Europe's bond market with new issues on Tuesday, suggesting that borrowers are increasingly eager and quick to react when the market shows any signs of stabilising.

The biggest investment banks are enjoying strong trading revenues from the market moves related to the coronavirus pandemic, alleviating a freeze in M&A and underwriting activity. The banks appear well-placed to deal with corporate drawdowns, although there is some debate around wider liquidity profiles.

A handful of Indian listings that had been expected by the end of March have been pushed back after a traumatic week for domestic and global markets.

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