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Market News

Markets lose hope despite Fed intervention

An extraordinary demonstration of support from the US Federal Reserve over the weekend has done nothing to lift investors' spirits, with fears about the economic consequences of Covid-19 showing through in equities, credit and even the rates market on Monday morning.

Lewis McLellan, March 16, 2020
Senior Debt

FIG market confounded as volatility reigns

FIG DCM officials say it is impossible to tell when banks could return to selling unsecured debt, with markets locked in a period of extreme volatility and uncertainty.

David Freitas, March 16, 2020
Emerging Markets

EM issuers set to change funding tactics as stock runs low

Emerging markets issuers have for the most part taken enough advantage of a bond bull run to sit safe as volatility upends markets. But when the primary market reopens, they will change funding tactics as they start to need more cash.

Ross Lancaster, March 16, 2020
LevFin CLOs

Could CLOs see another ‘greatest generation’?

Static securitizations of a pre-crisis vintage were among the poorest performers of the post-crisis era, as mortgage standards slipped into the boom year of 2007. But CLOs printed in the 2006 and 2007 are among the best deals ever done in the market, giving managers locked up leverage and the flexibility to exploit a huge market dislocation. Could the 2020 crisis see the same?

Owen Sanderson, March 16, 2020
Emerging Market Loans

EM lenders open for business – but only for top credits

As the deadly Covid-19 virus continues to wreak havoc on global markets and supply chains, emerging market lenders are proceeding to discuss financing options with clients, but are only comfortable funding those of the highest quality, according to bankers. Origination processes are becoming more stringent than ever, with some lenders requesting to see borrowers detailed contingency plans.

Mariam Meskin, March 16, 2020
Investment Grade Loans

Air France-KLM draws €1.8bn of revolvers as virus threatens industry hard landing

Air France-KLM has taken a series of exceptional measures including drawing down on €1.765bn of bank debt, as some lenders say that the industries worst affected by the coronavirus pandemic will lean heavily on their lending banks.

Mike Turner, March 16, 2020
Follow-ons and Rights issues

Deal driver Stroll keeps Aston capital raise on track

Lawrence Stroll, the billionaire and Formula One racing magnate, has been instrumental in pushing ahead with UK car manufacturer Aston Martin’s capital raise, restructured on Friday, meaning the company’s turnaround plan, which includes a rights issue, is still going ahead.

Sam Kerr, March 16, 2020
Follow-ons and Rights issues

Finablr's stock suspended less than a year after IPO

Finablr’s shares have been suspended and the company has warned that it may go out of business just ten months after ts IPO.

Aidan Gregory, March 16, 2020
Asia

Press Metal raises $300m for Bintan Alumina stake buy

Malaysia’s Press Metal Aluminium has raised a $300m dual-tranche financing to support its acquisition of Bintan Alumina Indonesia (BAI).

Pan Yue, March 16, 2020
Asia

PBoC keeps MLF rate unchanged after RRR cut

The People’s Bank of China kept the one year medium lending facility (MLF) rate unchanged on Monday, contrary to market expectations.

Rebecca Feng, March 16, 2020
Asia

Yes Bank wipes out onshore AT1s to boost capital

Yes Bank has written down Rp84.15bn ($1.14bn) of its Basel III compliant additional tier one bonds, becoming the first Indian bank to have its AT1 notes bailed in. The move, together with capital injection from a group of banks led by State Bank of India, is expected to give a much-needed boost to the beleaguered firm’s capital ratio.

Addison Gong, March 16, 2020
Asia

Banks submit proposals for Axiata loan refi

Banks have submitted their proposals to Malaysian telecommunications company Axiata Group, which is seeking $800m from the loan market for refinancing.

Pan Yue, March 16, 2020

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