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Leader

• Covid-19 threatens more than the global economy

Public Sector

News

• CPPIB faces down volatility
• MTN volumes flag but non-core soars
• EIB impresses with note linked to Sofr index
• EPPF widens issuer offering, introduces third-party docs
• World Bank’s pandemic bond tranche nears coronavirus wipeout
• Primary markets shut as coronavirus wreaks havoc in rates, equities

Bond Comments

• Spain EUR5bn 1% Oct 50
• ESM EUR2bn 0.01% Mar 30
• CPPIB Capital USD1bn 1.25% Mar 25
• Unédic EUR1.25bn 0% Mar 30

Covered Bonds

• Covered bonds expected to reopen FIG, when time is right

Financial Institutions

News

• EU MREL: too complicated by half
• Market lacks confidence in European bank resolution, says S&P
• Santander UK targets capital optimisation with T2 tender offer
• Metro launches new strategy, plans to issue more MREL
• ING hit by weaker sentiment on return to AT1 market
• Hamburg Commercial to skip Milan meetings on T2 roadshow

Bond Comments

• ING Groep USD750m 4.875% PNC9.75 AT1

Securitization

News

• Destination: Dublin as Dutch VAT ‘earthquake’ sends CLO managers scurrying
• CLOs edge closer to digitalization after success of AMR
• Renovate America opens up 2020 PACE pipeline
• Consumer ABS less plain vanilla as credit cycle ages
• MUFG plans project finance, aviation CLOs
• SEC ratings watchdog floats reassessing rule 17g-5
• Eurobank applies for Hercules NPL programme
• Barclays lands tightest 2020 CLO with second CIFC deal

Derivatives

• Eurex hires from platform for buy-side clearing push
• Tradition adds dealer and client to new swaps Clob
• ICAP accelerates equity strategy with European special situations desk
• Ferber lashes out at ESMA for Ophèle appointment
• Cross-currency swaps headache looms in Ibor transition

Corporate Bonds

• Corporate bonds walloped as virus sell-off surprises
• Coronavirus claims $30bn of supply
• Paccar's €300m bond nearly three times subscribed
• Lundbeck to make bond debut after drug news

News

• Syngenta slips through only Swiss franc window

High yield

• Plucky levfin forced to yield to mounting alarm about virus

Syndicated loans and leveraged finance

Investment grade or Non-leveraged loans

• India’s Adani weighs up Schuldschein debut
• Severn Trent to sell PPs after Ofwat decision
• Ascential adds lenders during sterling refi
• Siemens Gamesa turns bilateral factoring line green
• Maersk signs sustainable loan amid rating agency virus warnings
• Lenders hope Covid-19 doesn't throw off Q2

Emerging market loans

• Norilsk Nickel snags bigger and tighter loan
• Stanbic Nigeria raises loan, African FIs remain hot

Emerging Markets

News

• Belarus roadshows in quiet market but sale may not be immediate
• The show should still be on the road
• Egypt turns green but few MENA sovs to follow
• Lat Am seeing bright side ahead of busy March
• Peruvian miner, Brazilian airline prepay bonds
• DCM bankers await Arg restructuring mandate

Equity

• Coronavirus correction keeps block trades at bay
• Italian payments firm moves ahead with IPO plans
• Aston Martin braves battered markets to launch rights issue
• Hipgnosis mulls new share sale after acquiring Cher hits
• EDP block multiple times covered despite virus sell-off
• Yandex offers CB buyers taste of Russian tech
• NMC Health converts tank after shares suspended

Market News

• Lagarde talks up Europe’s climate finance role
• World Bank’s Malpass lambasts ECB
• With Sanders gaining, wonks look to soothe market’s fears of a progressive president
• BoE ‘turbo charges’ post-Libor transition with plans for index and ramped-up haircuts
• Tech boutique offers tool to spot greenwash

News

• Stan Chart and HSBC brace for double whammy of Covid-19, HK protests

People Moves

• Corbat’s chief of staff moves to Europe
• MUFG loses co-head of DCM
• People news in brief

Columns

Southpaw

• UBS goes for ‘one firm’ approach to improve IB