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ABBs-Block Trades

Sweet and sour: Hotel Chocolat raises equity as Covid-19 hits UK SMEs

Hotel Chocolat, the UK chocolatier and retailer, sold 9.77m new shares after revealing that its revenues in March have been damaged by the Covid-19 coronavirus; the company hopes the capital will give it flexibility in the weeks and months ahead. More UK SMEs will no doubt follow it to market over the next few weeks.

Sam Kerr, March 20, 2020
Asia

China policy and markets round-up: Pandemic hits Europe hard, China keeps LPR rate unchanged, Sino-US media war intensifies

In this round-up, Europe has now seen more Covid-19 infections than China and Italy more fatalities than the Mainland, the central bank has decided not to lower the loan prime rate (LPR), and Beijing has banned reporters from three US newspapers.

Addison Gong, March 20, 2020
Asia

Updated: Goldman Sachs reports Covid-19 case in Hong Kong

Goldman Sachs announced on Thursday that an employee in its investment banking division in Hong Kong had been identified as a "highly probable case" of the Covid-19 coronavirus.

Morgan Davis, March 20, 2020
Asia

Cathay Media refiles for Hong Kong IPO

China’s Cathay Media and Education Group has re-applied for approval to float in Hong Kong, submitting documents on Thursday with its latest financial figures.

Jonathan Breen, March 20, 2020
Asia

Sunac's partial bond buyback stirs up positive sentiment

Sunac China Holdings made an opportunistic buyback of some of its outstanding dollar bonds on Thursday, in a move that bankers said can add some liquidity into the debt market while instilling confidence in the real estate company’s cash reserves.

Morgan Davis, March 20, 2020
Asia

Mercedes-Benz uses rare revolver for auto ABS

Mercedes-Benz Auto Finance broke an almost year-long break from the China auto ABS market this week with a Rmb6.316bn ($892m) deal. The company added a three month revolving period to its transaction, a rarity for issuers.

Rebecca Feng, March 20, 2020
EM LatAm

Ecopet cuts but Lat Am state oil looks cheap

Colombia’s Ecopetrol became the first of Latin America’s big national oil companies to launch an action plan to combat the continued fall in oil prices as it looks to preserve cash.

Oliver West, March 19, 2020
Corporate Bonds

Cash-rich firms shun bonds, poor beg for loans

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.

David Rothnie, March 19, 2020
EM LatAm

Bonds tank with no one to catch EM falling knives

Emerging market bond conditions got worse and worse this week as investors struggled to sell bonds quickly enough to keep up with outflows. Though some investors said they had lined up a shopping list of cheap purchases, it could be some time before they decide to pounce.

Oliver West, March 19, 2020
EM LatAm

DCM bankers seek LM opps but cash is king for EM corps

Even the top-rated emerging markets corporates are mostly preferring to keep cash on hand rather than take advantage of a sharp fall in bond prices to repurchase debt cheaply, bond bankers said this week.

Oliver West, March 19, 2020
SSA

Central bank pandemic rescue packs wow global govvie markets

Central banks attacked the coronavirus threat this week, promising swathes of new money on an unprecedented scale to help fund governments’ colossal new fiscal commitments. Bond markets reacted with relief to the swathe of multi-billion programmes aimed at fending off global financial meltdown.

Burhan Khadbai, March 19, 2020
Emerging Markets

EM issues SOS as market flounders in perfect storm

A broken bond market is incapable of providing emerging markets issuers with funding as the financial effects of the coronavirus pandemic and the oil crash run riot. Official institutions’ support is needed, after the asset class took a brutal beating this week, write Ross Lancaster and Oliver West.

Oliver West, March 19, 2020

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