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Asia

Wumei raises over €1bn for Metro China buy

Chinese retailer Wumei Technology Group has raised a loan of over €1bn to support its acquisition of German company Metro’s Mainland business.

Pan Yue, April 24, 2020
Leader

In this pandemic, all bets are on

“Who remembers places?” ran a joke on social media as lockdowns swept the globe. The idea that something so fundamental could be forgotten so quickly applies to capital markets too. There, the joke might ask who remembers credit risk. But at a time when central banks seem keen to underwrite credit of almost every variety, maybe it doesn’t matter.

Ralph Sinclair, April 23, 2020
EM LatAm

Argentina starts default countdown as min fin stands firm

International capital markets are facing a reprise of one of their most eerily familiar tales in the next month: the will-they-won’t-they tension of the run-up to an Argentina default, writes Oliver West.

Oliver West, April 23, 2020
EM LatAm

Guatemala leads out EM HY, Paraguay soon follows

Paraguay continued the relative rush of Latin American issuance on Thursday with a heavily demanded $1bn 11 year bond becoming the second high yield sovereign from Latin America in two days to tap bond markets to fund Covid-19 mitigation.

Oliver West, April 23, 2020
EM LatAm

Mexico storms back despite Pemex concerns

Mexico proved its capital market prowess with a highly oversubscribed $6bn bond this week, despite facing a wave of downgrades, concerns about the contingent liability represented by Pemex, and investor fears that the government is reacting too slowly to the Covid-19 pandemic.

Oliver West, April 23, 2020
SRI

SEB forms cross-bank team to drive sustainability

SEB is creating a new sustainable finance unit to broaden its offering across the whole bank, and is building a team including country heads — the first of which is Lars Eibeholm, who will join the bank from the Nordic Investment Bank in the summer.

Jon Hay, April 23, 2020
Bank Strategy

BofA snub over Informa loan shows perils of corporate broking in coronavirus era

The coronavirus pandemic has made for a tumultuous time in corporate finance. Banks’ relationships with long-standing clients have come under strain, with lending conditions tightening just as some companies need a sudden injection of cash like never before. Bank of America’s dealings with FTSE 100 publishing and events company, Informa, provide one example of the difficult decisions facing lenders.

David Rothnie, April 23, 2020
CLOs

CLO players see two year stretch before sector normalizes

The CLO market is in the middle of the panic phase of the current crisis, and a new life cycle in the time of Covid-19 will run for two to three years before the sector normalizes, said speakers in a virtual panel held by IMN on Thursday.

Paola Aurisicchio, April 23, 2020
Corporate Bonds

US triple-B firms in bond spree to repay credit lines

April is set to be the second busiest month ever in the US corporate bond market (after March), as companies pile up funding to build up their financial resilience to Covid-19, despite continuing volatility and waves of bad news.

David Rothnie, April 23, 2020
Comment

Transparency is the best capital markets policy

Firms can spend vast amounts of time window-dressing their balance sheets to look the best they possibly can within the limits of reporting regulations. Within those limits, everything goes.

David Freitas, April 23, 2020
Investment Grade Loans

Europe's banks claim home advantage in virus lending spike

After years of not only falling loan volumes but being trounced in their own back yard, Europe's banks finally seem to have an edge against their US counterparts. With loan pricing gapping out in response to the coronavirus pandemic, but companies desperate for cash, the continent's lenders are proving first port of call for local borrowers, leaving US and Asian banks less active. Silas Brown, Mariam Meskin and Mike Turner report.

Mariam Meskin, April 23, 2020
Sovereigns

Italy and Spain romp to record books ahead of EU set-back

Any concerns over whether the eurozone periphery would have market access after Bund spreads yawned wider during the past week were put to bed by a combined €31bn of borrowing from Italy and Spain. The sovereigns paid what was needed to put impressive dents in their ballooning funding requirements, ahead of a hotly anticipated European Council meeting on Thursday. Lewis McLellan and Tyler Davies report.

Lewis McLellan, April 23, 2020

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