Europe

Several investors have told GlobalCapital of their concern for the outlook of UK universities as borrowers. They worry that the spread of coronavirus will hit revenues, lower the demand from international students and may in the end hasten a shift towards remote learning.

Christopher Mallon has joined Lazard’s financial advisory team as a senior adviser concentrating on global restructuring, at a time when that line of business is likely to become very busy.

Danish agency KommuneKredit made one of its infrequent visits to the Swedish kronor market on Wednesday. With many issuers preferring the short end of the market due to volatility from the coronavirus pandemic, the agency instead opted to tap a pocket of demand at the long end of the curve.

Insolvency and restructuring practitioners have been catapulted into an unprecedented whirlwind of activity by the coronavirus, as even healthy companies suddenly find themselves staring over a financial precipice. In the UK, the government will change insolvency rules to ease these situations, but specialists believe there is more to be gained by using existing laws better.

Cassa Depositi e Prestiti pulled off a €1bn dual tranche Covid-19 response bond on Wednesday, capitalising on investors’ desire to deploy cash into coronavirus instruments to ride out a difficult market.

Greece did not attract the huge reception from investors that it has grown used to over the last few years, despite paying a considerable new issue premium and being eligible for the European Central Bank’s Pandemic Emergency Purchase Programme (PEPP).

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Tuesday, April 14. The source for secondary trading levels is ICE Data Services.

Royal Bank of Canada on Wednesday became the fourth Canadian bank to issue an Australian dollar covered bond in April, pricing considerably tighter than its compatriots and in the largest size yet. The success the Canadians have enjoyed in Kangaroos is in stark contrast to a sterile sterling market.

Société Générale continued the streak of French bail-in bond issuance on Wednesday but had to pay a higher new issue premium compared to its compatriots.

French president Emmanuel Macron may have extended the country’s Covid-19 lockdown until May 11 but equity bankers took hope from his address to the country this week.

The Italian Treasury has updated the guidelines for its debt management strategy for 2020 as it comes to terms with additional financing needs from Covid-19. There are plans for more syndications, bigger auctions and more products for retail investors.

Sanlam Investments has been appointed to manage three Tideway Investment Partners funds, and four credit specialists have moved over from Tideway to Sanlam.