Europe
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UK companies damaged by the coronavirus lockdown are rushing to the equity market to raise capital, hoping to survive the worst economic disruption most of them have ever faced. Banks are having to stretch deal structures to get the crucial financings done, but this will not work in all cases. -
Lloyds Banking Group became the first Yankee bank to access dollar funding for almost a month when it came to the market with a new senior deal on Thursday.
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Thursday’s market was heaving with SSAs printing euro deals, many of them opting for themed deals, some of which are specifically addressing the coronavirus outbreak, with bankers suggesting that these are enjoying the hottest demand.
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European banks broke a five year record for funding volumes in the first quarter, despite steering clear of markets for most of March. Their blistering start to the year will help them to sit out a while longer, as they wait for funding costs to settle during the coronavirus pandemic.
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Having dropped off in early March, Swiss franc issuance has bounced back in the last fortnight, buoyed by returning investors flocking to low investment-grade rated borrowers, like triple-B rated cement manufacturer LafargeHolcim, and piling into a record-breaking foreign covered bond.
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CPPIB Capital and L-Bank found strong demand for two year dollar deals on Thursday as central banks seek haven assets with chunky spreads to US Treasuries. For L-Bank, it also brought a sense of redemption after it had to pull a deal two weeks ago in the same currency and maturity following a lack of demand.
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The calls for a joint European fiscal response to coronavirus may, at least in part, have been answered. President of the European Commission Ursula von der Leyen announced a €100bn fund intended to protect employment and mitigate the economic effects of the coronavirus outbreak. The fund will be backed by €25bn from member states.
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Additional tier one investors breathed a sigh of relief after regulators outlawed dividend payments this week. They argued the move made it more likely they would carry on getting the coupons on their instruments.
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Citi has hired Anders Fogh Rasmussen, a former prime minister of Denmark, as a senior adviser with its EMEA investment banking business.
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Mizuho Bank said it had hired former Lloyds banker John Feeney as head of its European corporate finance department, responsible for growing European corporate banking.
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Imperial Tobacco signs new RCF, no plans for drawdown — British Airways stretches dollar revolver maturity — Fiat Chrysler bridge loan in place as HY remains shut — Shell builds cash pile again with $12bn revolver
