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Follow-ons and Rights issues

Finablr faces cash shortage as Covid-19 damages UK-listed corps

Finablr, the parent company of Travelex, has issued a warning that it may struggle to access financing due to the impact of the Covid-19 coronavirus and its association with NMC Health, causing its share price to slump to a record low.

Aidan Gregory, March 12, 2020
Equity

Aston Martin rights issue under threat after share price crash

Aston Martin, the troubled UK car maker, was set to launch a rights issue process next week, but severe equity market volatility means that the company’s shares are now trading below the subscription price in the capital raise. Sources are now questioning whether a deal is viable.

Sam Kerr, March 12, 2020
Sub-sovereigns

Wallonia coming for sustainability bond; opts for calls over meetings amid pandemic

The Belgian region of Wallonia has decided to conduct the investor marketing for its euro sustainability benchmark solely over the phone rather than by attending meetings as the Covid-19 pandemic worsens.

Burhan Khadbai, March 12, 2020
Covered Bonds

Bank funding options reconsidered

With primary bond markets all but shut, thanks to the volatility caused by the spread of the coronavirus, banks are expected to rely more heavily on “cheapest to deliver” — and more reliable — sources of funding provided by central banks and the covered bond market, bankers told GlobalCapital on Thursday.

Bill Thornhill, March 12, 2020
Investment Grade Loans

Return of the MAC: could lenders demand repayment?

Loans bankers are expecting their relationship clients to start leaning more heavily on their banks, but an arcane and little used clause found in many lending contracts means that banks might be able to demand early repayment or stop further lending.

Mike Turner, March 12, 2020
LevFin High Yield Bonds

Carnage in credit as Crossover plunges further

The Markit iTraxx Crossover index, a barometer of non-investment grade credit, printed as wide as 575bp on Thursday, as credit markets weakened further, and trading desks were seen refusing to bid bonds and working orders only. Real prices were said to be two or three points below those on screens.

Owen Sanderson, March 12, 2020
Regulatory Capital

EU pandemic response gives banks ‘significant capital relief’

EU supervisors plan to ease the regulatory pressures on banks during the Covid-19 pandemic, allowing them to temporarily breach capital and liquidity buffers to carry on lending to the real economy.

Tyler Davies, March 12, 2020
Emerging Market Loans

Garanti launches ESG-linked loan amid global turmoil

Garanti BBVA has launched the first environmental, social and governance loan from Turkey's banking sector, as the syndicated loan primary market continues to be one of the few hardy spots in a financial system hit by the coronavirus and oil price panic.

Mike Turner, March 12, 2020
Emerging Markets

EM funds bemoan lack of liquidity as bids dry up

Emerging market bond funds are growing concerned about the lack of liquidity in the asset class as they try to position themselves for outflows after a torrid week of trading.

Francesca Young, March 12, 2020
Asia

Covid-19 fears push up Cinda’s funding costs

China Cinda (HK) Holdings Co priced a $2bn four-tranche transaction on Wednesday, paying a premium to reach its size target as the fast-spreading novel coronavirus, or Covid-19, continued to rattle global markets.

Addison Gong, March 12, 2020
Asia

InnoCare IPO tackles virus with virtual roadshow

Global equity capital markets suffered severe hits this week, as governments scrambled to respond to an escalation in the coronavirus pandemic. But amid the mayhem, InnoCare Pharma saw an opportunity to launch its IPO, treating Hong Kong to its largest listing in about two months. Jonathan Breen reports.

Jonathan Breen, March 12, 2020
Asia

‘Carnage’ in Asian bonds as Covid-19 fears deepen

Asian bonds showed some signs of life mid-week after markets collapsed on Monday. But that reprieve proved to be extremely short-lived, as another round of panic selling on Thursday left issuers with little choice but to put their deals on hold. Morgan Davis and Addison Gong report.

Addison Gong, March 12, 2020

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