The Weekly

• Borrow like there’s no tomorrow

News

• Nordic funding plans respond to Covid-19
• A crisis built for the SSA market
• Reserve Bank of Australia to start quantitative easing
• SSAs ready borrowing increases but buyers duck market amid vol
• Central bank pandemic rescue packs wow global govvie markets

News

• Popular bondholders will not be compensated, says SRB
• Banks demand capital support as credit risks surge
• Bank duo call dollar AT1s in face of pandemic

• European securitization looks to US bank treasuries for second rescue

News

• Government-guaranteed ABS prices amid market freeze
• CMBS has big exposure to airline, oil and gas industries
• NewDay delay marks first post-crisis ABS non-call
• Triple-A CLO paper eligible for Fed's PDCF

Structured Credit

• SRT market struggles with marks as SMEs, corps face crisis

• CFTC slashes work from home rules but UK tinkers
• Open outcry shuttered, as CME fights against shortened trading
• CDS index rolls to go ahead, despite Covid-19 volatility
• Swaps liquidity collapse adds to SSA burden

• US bond market bursts back with nine deals after S&P calamity
• Corps and banks raise $44bn in US show of strength
• CP experts welcome aid but want reassurance
• Cash-rich firms shun bonds, poor beg for loans

News

• Corporate credit tightens sharply on new €750bn ECB programme

• HPS primes Pizza Express bondholders with new £70m rescue pack

Investment grade or Non-leveraged loans

• Dyson braves private markets amid Covid-19 storm
• Intesa Sanpaolo pledges €15bn emergency loans to Italian companies
• Private debt funds brace for SME bonfire
• Soon we’ll know what 'relationship banks' are really worth
• Lenders honour pre-virus terms but pricing rockets
• Market tries to decipher where next RCF drawdowns will be
• Investors call for 'unlimited' fiscal spending

Leveraged finance loans

• Financing firm for KKR’s Viridor buy despite market chaos
• CapVest cans Curium sale as carnage hits M&A

News

• EM issues SOS as market flounders in perfect storm
• DCM bankers seek LM opps but cash is king for EM corps
• Ecopet cuts but Lat Am state oil looks cheap
• Bonds tank with no one to catch EM falling knives

• Sasol reveals plan to raise $2bn of capital
• Rights issues run aground as vol crushes ECM

• Bond syndication from home: functional but not ideal
• Paris bankers adjust to life on the home front
• Covid-19 trading boost mitigates pressures at big investment banks

News

• Competition laws hamstring banks in Covid-19 financing hunt

• HSBC brings CEO search to a close, appoints Quinn to top job
• People moves in brief

• Debt advisers called up for liquidity battle