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Executive has worked for the bank since 1998
Bank’s quest to regain its former status in Europe is making headway, after heavy investments
Hire follows senior bankers quitting
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Credit Suisse took a $294m hit from marking leveraged finance underwriting exposure to market in the first quarter, its results on Thursday showed, as March’s volatility and jump in credit spreads took their toll. -
The European Central Bank is expected to broaden its asset purchasing to include bonds from issuers that have lost their investment grade ratings as a result of the coronavirus crisis — a funding lifeline to companies now rated BBB- or with one foot already in the junk camp.
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Banks providing reserve-based lending facilities to oil exploration companies are looking to sell these loans, usually held and refinanced as ultra-secure relationship products, at bargain basement prices.
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Sidley Austin has hired Joshua Thompson, the former head of global leveraged finance at Shearman Sterling, as a partner in its global finance team in New York.
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Deutsche Bank has set up an inter-disciplinary sustainable finance team in its capital markets group, aiming to be “viewed as [a] market leader on this important subject”, as it senses that clients, including big oil and gas companies, are having increasingly to consider environmental and social issues to access the capital markets.
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Companies in the US high yield market have started adding a "corona claw" provision to bond documents, allowing a big chunk of new bond issues to be paid back early if the company gets cash from the federal government. But it’s not clear yet where any public money will fit in the capital structure of leveraged corporates — and whether bondholders could end up primed by the government.
