Europe
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The coronavirus crisis has focused attention on how companies can get access to cash, and for many, that is a top priority. However, there are some that feel they have enough, and are going in the opposite direction: spending it for financial gain. Many, and even some banks, are considering buying back bonds at the current cheap prices. -
Kunal Gandhi, who left Barclays last year, has joined Fenchurch Advisory Partners.
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For consistency and execution, Société Générale is GlobalCapital’s best bank for equity capital markets in France and Benelux.
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Standard Chartered is forming a new financing and securities services unit that will combine securities services, which currently operates within transaction banking, with portfolio risk management in the financial markets business.
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The EU took serious steps towards helping member states deal with the cost of the coronavirus crisis this week, with the European Central Bank removing the issuer limits from its emergency purchase programme and the Eurogroup reaching agreement on a new credit line from the European Stability Mechanism. Despite these important breakthroughs, one question still looms large: can the eurozone come together to issue joint corona bonds?
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‘Corona bonds’ have been talked up so much that the EU risks underwhelming the market by failing to act. It has become a question of political solidarity within the region, not simply one of debt management.
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Those working in capital markets have found aspects of working from home difficult. But many believe the new routines will not be put back in the box once offices are allowed to fill up again.
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Bank of America reopened the market for financial institution bonds in euros this week and was followed by a slew of other deals as investors welcomed wider spreads and new issue concessions.
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The coronavirus crisis has made it difficult for banks to know how much wholesale funding they will need in the coming years. But when a window opened in the primary market this week, issuers showed that they are still focused on trying to build up their levels of total loss-absorbing capacity (TLAC), write Tyler Davies, David Freitas and Bill Thornhill.
