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People News

Darrant leaves JP Morgan to co-head Citi syndicate with Michael

Nick Darrant, JP Morgan's head of CEEMEA debt capital markets syndicate, is leaving the bank after five years to join Citigroup as co-head of EMEA syndicate.

Jon Hay, May 21, 2020
Asia

Hang Seng Index opens door to WVR stocks

Hong Kong’s benchmark Hang Seng Index made a historic change this week, allowing companies with weighted voting rights (WVRs) and secondary-listed shares on to the index.

Jonathan Breen, May 21, 2020
Covered Bonds

Crisis Talk — with Alessandro Lolli, head of group treasury and finance, Intesa Sanpaolo

Bank balance sheets are set to expand and Intesa's will be no exception. It will mean an an increased reliance on central bank funding. But apart from this, the Italian bank's mix of funding is likely to remain unchanged from February with the emphasis on regulatory capital. But as Alessandro Lolli, head of group treasury and finance told GlobalCapital, the bank has great flexibility in navigating its capital raising during the pandemic.

Bill Thornhill, May 21, 2020
Covered Bonds

Surging covered bond repo supply hits OC, lowering protection

The gush of central bank repo-eligible supply in the covered bond market has reduced collateral protection by more than 50 percentage points, in some cases. And with a precipitous drop in the pace of mortgage production likely to follow, investors will be obliged to discriminate between issuers that commit to maintaining minimum levels of overcollateralisation (OC) and those that don’t.

Bill Thornhill, May 21, 2020
Africa

Egypt pushes EM revival further with more HY issuance

Emerging market bond issuance, particularly from the Middle East, has been recovering after the brutal March shocks of Covid-19 and low oil prices. Egypt took that momentum further on Thursday as it announced a triple tranche trade.

Ross Lancaster, May 21, 2020
Asia

Chinese firms face delisting threat after US Senate bill

Chinese IPOs in the US came under renewed pressure this week after the US Senate passed legislation that could ban mainland companies from its stock exchanges and the Nasdaq said it intends to tighten the screws on regulations around listings. Jonathan Breen reports.

Jonathan Breen, May 21, 2020
Asia

Genting seeks to delay loan payments as Covid-19 bites

Cruise ship operator Genting Hong Kong has become the latest Asian company to seek a covenant waiver on a loan as the Covid-19 pandemic hits its operations. A rise in payment deferral requests is putting further pressure on retail banks that are already being forced to take a step back from lending. Pan Yue reports.

Pan Yue, May 21, 2020
Follow-ons and Rights issues

Whitbread launches £1bn cash call

Whitbread, the parent of Premier Inn and Beefeater Restaurants, has unveiled plans for a £1bn rights issue tp bolster its balance sheet following mass disruption in the hospitality industry during the Covid-19 pandemic, which has forced the closure of pubs and hotels in the UK.

Aidan Gregory, May 21, 2020
Regulatory Capital

RT1 outperforms as markets recover amid Covid-19 crisis

A strong performance in the restricted tier one (RT1) instruments has put the niche insurance bond market in the spotlight recently. Some investors have made strong returns from the asset class, as valuations have recovered during the coronavirus crisis.

David Freitas, May 21, 2020
Asia

Panda bond market set for June revival

At least four issuers are planning to sell Panda bonds in June, GlobalCapital China has learned. Rebecca Feng reports.

Rebecca Feng, May 21, 2020
Asia

Back with a bang: China’s property developers reopen bond market

Chinese property companies are slowly returning to the dollar bond market, reopening issuance from the sector after a two-month hiatus. Although debt bankers are not predicting a big pick-up in deal flow from these high yield issuers, the lack of supply is giving some borrowers an edge over pricing. Morgan Davis reports.

Morgan Davis, May 21, 2020
Regulatory Capital

ECB suggests changes to Commission’s ‘quick fix’ for bank capital rules

The European Central Bank said this week that policymakers should consider offering banks further relief on their leverage ratios during the coronavirus pandemic, building on legislative proposals put forward by the European Commission last month.

Tyler Davies, May 21, 2020

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