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Emerging Market Loans

Russian firms eye up loans as Covid-19, oil war raise pressure

Russian commodity and metals companies are rethinking financing plans and talking to bankers about loans amid the drastic change in outlook due to Covid-19 and the oil price war. But bankers say borrowers insistent on pre-coronavirus terms on their deals must lower their expectations.

Mariam Meskin, April 01, 2020
High yield

Loxam ready to lean on French loan guarantee scheme

Equipment rental firm Loxam has signalled that it plans to shore up its liquidity by tapping the French government’s loan guarantee scheme — an option off the table for leveraged companies elsewhere.

Owen Sanderson, April 01, 2020
Investment Grade Loans

El Corte Inglés grabs short-term funding

Spain’s El Corte Inglés has signed a €1.311bn short-term revolving credit facility, with the department store returning to the loan market twice in quick succession to make sure it has the cash to ride out the next year.

Mike Turner, April 01, 2020
ABBs-Block Trades

Auto Trader raises £186m in response to Covid-19

Auto Trader, the UK online vehicle marketplace, has become the latest London-listed corporate to raise equity in response to the challenges of the Covid-19 crisis.

Aidan Gregory, April 01, 2020
Covered Bonds

Créd Ag jolts covered bonds with mega-sized deal

Crédit Agricole jump-started the primary covered bond market on Wednesday with a deal that is hoped will re-establish something of a normal rhythm of issuance.

Bill Thornhill, April 01, 2020
Equity

UK body gives thumbs up to pre-emption relaxation

The Pre-Emption Group, an assembly of listed companiesm investors and intermediaries that monitors pre-emption rights in the UK, has changed its guidelines to say that the impacts of the Covid-19 coronavirus means investors should support companies selling new shares worth up to 20% of their market capitalisation without giving existing shareholders first refusal.

Sam Kerr, April 01, 2020
Investment Grade Loans

Glencore receives loans on pre-crisis terms

Glencore, the Swiss-headquartered commodity trading and mining group, has agreed $14.625bn of loans, becoming one of the last in Europe to lock in pre-crisis terms.

Mike Turner, April 01, 2020
Corporate Bonds

Top banks hog crisis IG mandates

Extraordinary times call for extraordinary capital markets activity. The North American corporate bond market funded a staggering record $194bn of investment grade issues in March while Europe has also been busy — shaking up the league tables and yielding a surprise windfall for the very largest investment banks.

Jon Hay, April 01, 2020
Regulatory Capital

Lloyds eyes favourable terms in capital clear-out

Lloyds Bank is looking to buy back one of its more costly perpetual tier one capital instruments, after its valuation collapsed in March. The move took some market participants by surprise, since it would have been approved by UK authorities, which are at the same time insisting that the country's banks conserve their capital levels during the coronavirus crisis.

David Freitas, April 01, 2020
Equity

Covid-19 sinks AMS rights issue

Underwriting banks must subscribe to 30% of AMS's Sfr1.75bn (£1.81bn) rights issue after the spread of the Covid-19 coronavirus smashed the Austrian sensor maker's share price during the offer period. Equity capital market sources said they have never seen a market which is so bad for issuance.

Sam Kerr, April 01, 2020
High grade and crossover bonds

Red Eléctrica hires for phone-only roadshow

Spain’s Red Eléctrica Corporación has hired banks to run a series of fixed income investor calls for a debut five year senior unsecured deal, in the first European corporate roadshow since stringent social distancing measures were implemented across the continent.

Mike Turner, April 01, 2020
Sovereigns

UK plans record Gilt sales in April amid big rise in funding programme

The UK Debt Management Office announced plans this week to raise the biggest volume of Gilts in a single calendar month as it prepares for a significant increase to its financing programme from government’s measures to support the economy through the coronavirus outbreak.

Burhan Khadbai, April 01, 2020

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