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JP Morgan overtakes HSBC to go top for the region
Highly anticipated report did not mention future role of AT1 capital
Surprising alignment on stablecoins and strong support for tokenised assets, but details are sparse
US broker has opened office in Milan, Stockholm will be next
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The European Bank of Reconstruction and Development told GlobalCapital that alongside providing €1bn of emergency short-term funding, it is also considering debt repayment extensions for existing clients amid the coronavirus crisis. -
In this round-up, China's foreign currency reserves decreased by $46bn in March, and non-Chinese institutions continued to add onshore bonds to their books.
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US lawmakers are moving towards securing an additional $250bn for the Paycheck Protection Program (PPP) as it becomes clear that businesses will burn through the amount originally set aside for the rescue. But more funding is just one of the many fixes the programme needs, sources say.
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Some fear a sorry fate for European private debt funds, as small and medium-sized businesses across the continent struggle to stay afloat amid the devastation caused by Covid-19. Symon Drake-Brockman, founder and managing partner of Pemberton Capital Advisers, one such private debt fund, spoke to GlobalCapital’s Silas Brown about the pandemic and the prospects for private credit in its wake.
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Banks sponsoring asset-backed commercial paper conduits activated the liquidity lines backing up these vehicles in the days before Federal Reserve intervention started to stabilise commercial paper markets, as rates spiked and investors focused on only the shortest maturities.
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Singapore has imposed a month-long lockdown after a spike in coronavirus cases. Bankers say they were ready for the move — but deal flow will suffer. Rashmi Kumar reports.
