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  • Executing bond syndications from home has proved to be feasible, bankers said in the wake of Royal Bank of Canada’s five year covered bond issued on Tuesday. Even so, the lack of physical back-up from nearby colleagues and the seamless access to certain key functions such as trading means that working from home is very much second best in practice compared with normality.
  • Sasol, the South African chemicals company, has unveiled a $6bn package of measures designed to shore up its business, which has been damaged by the spread of the Covid-19 virus and the collapse in oil prices.
  • The Asian Infrastructure Investment Bank re-opened its headquarters in Beijing on Monday after being shut for weeks as a result of the outbreak of the coronavirus, which began in China but quickly spread across the world.
  • Some DCM bankers have started pitching bond buybacks to EM issuers after the sharp fall in bond prices, but there has been no uptake yet as despite expected slower growth, borrowers are reluctant to spend money when they have no confidence of regaining market access in the coming months.
  • Redemption requests have are hitting EM bond fund managers fast this week, making some of the opportunities created by extreme market volatility hard to seize.
  • Oman’s Bank Muscat, which is part-owned by the Sultanate of Oman, raised a $650m loan from international lenders. The loan was announced amid Moody's downgrading the bank and the Omani sovereign, the latest in a string of rating actions that have pushed the challenged Gulf nation into junk territory.