Europe
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Spreads on covered bonds are likely to gap a few basis points wider when the market reopens for business. There was no issuance this week amid fears about the spread of the Covid-19 coronavirus, but a German issuer could land a benchmark deal if government agencies are able to lay the groundwork in the primary market, bankers said on Friday. -
DRI Healthcare, the Canadian investment fund focused on pharmaceutical royalties, has postponed its $350m IPO on the London Stock Exchange, blaming the global equity market selloff caused by the spread of the Covid-19 virus.
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Global equity markets are suffering from their most brutal week in a decade, as fears over the spread of the Covid-19 coronavirus infected financial markets. On Friday morning, both banks and investors were struggling to come to terms with the speed and severity of the global sell-off, and casting doubt on this year’s IPO calendar.
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Workers of the world’s capital markets united this week in efforts to keep the funding flowing as the threat of the Covid-19 coronavirus advances. Roadshows, mandate pitches and even quotidian office life faced emergency changes as embattled financiers braced themselves and their businesses for virus disruption.
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Market participants should be braced for political volatility as the world comes close to experiencing a pandemic.
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Bank of America makes Vicario EU CIB head — Citi names Iberia heads — Daiwa swaps Purton for Caillebotte
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Executives working on the $411m resale of Teekay Offshore Partners bonds by Brookfield, the Canadian asset manager, have slowed their work on the deal this week as high yield market conditions worsened amid growing concern about the coronavirus outbreak.
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Shares in NMC Health, the London-listed United Arab Emirates hospitals operator, have been suspended. Its convertible bonds have fallen to around 50 cents on the dollar, after the Financial Conduct Authority (FCA) placed it under investigation and the company fired its chief executive.
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Christine Lagarde has praised Europe’s achievement in developing the climate finance market, which she said was now dominated by paper in euros.
