Deutsche Bank

Air France-KLM has taken a series of exceptional measures including drawing down on €1.765bn of bank debt, as some lenders say that the industries worst affected by the coronavirus pandemic will lean heavily on their lending banks.

Markets expressed disappointment following the European Central Bank’s monetary policy meeting this week, but some analysts said that the changes made to the terms of its bank funding schemes represented a real war chest to support lending.

Deutsche Bank has hired Alexandra Yang from Nomura to lead its China sponsor coverage team.

As the coronavirus pandemic threatens every facet of capital markets activity, trading floors and back offices have emptied in recent days, leading to questions about how efficiently business can be done from home and alternative sites, write Paola Aurisicchio, Jasper Cox, Jennifer Kang and Ross Lancaster.

Deutsche Bank said this week that it will keep its $1.25bn 6.25% additional tier one outstanding beyond its first call date, having become the second European bank to extend the life of an AT1 for economic reasons.

Bank of Montreal reopened the dollar market for Yankee banks this week, using ‘shadow books’ to quickly wrap up the sale of its floating-rate note.

Mexico’s state-owned electric company Comisión Federal de Electricidad (CFE) turned to Taiwan’s bond market this week to sell a dollar bond — its latest foray into the Formosa bond market.

Two German states rebooted the primary SSA market on Tuesday with intraday deals at the opposite ends of the euro curve. The five year deal was almost two times covered but there were no book updates for the 15 year.

Only a few issuers braved the MTN market in what was otherwise a week silenced by coronavirus volatility. With deals far and few between, bankers highlighted trades from Lufthansa and the Brussels Capital Region as market standouts.

The Arab Republic of Egypt is set to become the first Middle East or North African sovereign to sell a green bond. But there are no “obvious suspects” for a follow-on deal, according to those in the market. While green bond issuance is taking root among the region's other borrower classes, the format has yet to grasp the attention of governments for whom, some say, the challenge of being greener is proving too great, writes Mariam Meskin.

Hamburg Commercial Bank will no longer visit Milan on the roadshow for its new tier two bond, with parts of northern Italy having been locked down to contain the spread of Covid-19. But issuers and investors are still managing to get on with their business amid the mounting chaos.

Yield-hungry investors pumped in more than $4bn into China Minmetals Corp’s $1bn perpetual bond on Tuesday. The issuer started at a generous pricing level to attract buyers in a volatile market.