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  • Yes Bank has written down Rp84.15bn ($1.14bn) of its Basel III compliant additional tier one bonds, becoming the first Indian bank to have its AT1 notes bailed in. The move, together with capital injection from a group of banks led by State Bank of India, is expected to give a much-needed boost to the beleaguered firm’s capital ratio.
  • Banks have submitted their proposals to Malaysian telecommunications company Axiata Group, which is seeking $800m from the loan market for refinancing.
  • Though Latin American bonds offered some consolation to investors on Friday, the relief is likely to be short-lived as the region buckles down to fully face the effects of the coronavirus pandemic.
  • The liquidity crisis at two Chinese dollar bond defaulters, Peking University Founder Group Co and Kangde Xin Composite Material Group Co, has deepened further amid more non-payments.
  • Asian equity indices were a sea of red on Monday, wiping out the gains from last Friday following the announcements of US and European stimulus packages. Primary market deal flow is almost non-existent, but bankers continue to pitch for business.
  • Hengan International has sold a second Panda bond linked to combatting the Covid-19 pandemic, with 10% of the deal proceeds earmarked for buying raw materials used to produce face masks.