Europe
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Allianz was calling for investment in a €1bn tier two capital issue on Friday, a couple of days after disclosing a tough set of results for the first quarter. The weaker performance largely stemmed from Covid-19, which weighed heavily on the German insurer’s Solvency II capital ratio. -
There is a huge amount of information to take in at the best of times in the capital markets. During a crisis, it can be overwhelming. So, each week, Keeping Tabs brings you the very best of what we in the GlobalCapital newsroom have found most useful, interesting and informative from around the web.
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As UK mid-cap companies face the worst disruption that most of them will have experienced, many are turning to their corporate brokers for advice on how to survive the coronavirus crisis. Carlton Nelson, co-head of Investec's corporate broking business, has worked on a number of Covid-19 capital raising deals for UK companies and shared his experiences of an unprecedented crisis — its effects on the business that needs to be done and how it is executed.
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Bank of America became the first global commercial bank to print a Covid-19 response bond this week.
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It was a busy first quarter at Commerzbank’s corporate clients division, as companies rushed to secure liquidity and access Germany’s support programmes. But that division and the group as a whole made a loss in the quarter, results released on Wednesday showed, as cost of risk rose and valuations of derivative positions fell.
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The UK Debt Management Office launched its first bond syndication of the new financial year on Tuesday, smashing all previous records for deal and order book size and making a healthy start on its largest ever borrowing programme in response to the coronavirus pandemic. Despite the huge size, the deal caused “barely a ripple”, thanks to the support of the Bank of England’s asset purchase facility.
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European banks are set to follow sovereign and supranational institutions and begin issuing senior bonds dedicated to fighting Covid-19 under existing ESG frameworks.
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Emerging market borrowers are turning their noses up at the terms on offer in the loan market, which have become dearer during the coronavirus pandemic. Lenders say they are willing and ready to lend, but are not ready to concede on their terms, writes Mariam Meskin.
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