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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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The Nordic region’s credit markets are experiencing something of a lockdown as the spread of Covid-19 lead to dozens of fund providers halting withdrawals last week and the effective closure of the primary market due to a shortage of liquidity. -
Corporate funding markets have been thrown into turmoil faster than anyone can remember by the aggressive onslaught of the coronavirus and government measures to put society in emergency shutdown. Borrowing costs have soared for all firms, but markets are not closed. As Jon Hay, David Rothnie and Silas Brown report, the coming weeks will sort those that can still raise cash from those that need rescuing.
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Firms across Europe are clamouring for crisis funding but while debt advisory bankers have joined the frontline in finding solutions some admit they may struggle to cope with the sheer scale of the challenge, writes David Rothnie.
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The Federal Reserve said this week that it would revive its Primary Dealer Credit Facility, expanding the program to include triple-A rated CLOs, as the central bank dives deeper into the crisis era playbook to stem the fallout from the coronavirus crisis.
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Since the financial crash, the crucial part of relationship banking has been pretty straightforward: offer borrowers cheap cash and become a core lender, then pitch for ancillary business. But the disastrous effects of Covid-19 on corporate finance mean that cozy relationships will be tested, with companies under pressure and in serious need of extra cash. We’ll soon know which relationships were real and which were not.
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The coronavirus crisis is shaking up companies' financing arrangements in the most drastic way since the 2008-9 financial crisis, as firms strive to secure liquidity for what are likely to be many tough months. So far there have been only a few high profile cases of companies drawing down revolving credit facilities, but this is expected to grow, as long-established norms crumble and new patterns emerge.
