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Corporate Bonds

Market sunshine brings out eight corporate bond issuers

If Europe's corporate bond lead managers have been learning that it is possible to bring new issues even on a day when stock markets are falling and credit spreads widening, they still know a bullish day when they see one, and Tuesday was one.

Jon Hay, March 31, 2020
People News

Hennebry steps up to global DCM head at Santander

Conor Hennebry has been promoted from head of European debt capital markets and syndicated lending to global DCM head, following the appointment of Rafael Noya as head of global debt finance.

Owen Sanderson, March 31, 2020
Equity IPOs

Oil price war confirms what investors feared about Saudi Aramco

Saudi Aramco’s IPO last year was a historic event for the company and its owner, Saudi Arabia, but despite a record $29.4bn being raised at IPO, international investors stayed away. They had demanded that the shares offered a discount to other listed oil majors, in part because of the political risk associated with the company. The fact it is now a tool in Saudi Arabia’s oil price war with Russia will have vindicated many in their decision to sit out the deal.

Sam Kerr, March 31, 2020
Supras and agencies

ECB eligibility the difference in euros for SSAs

The euro market for SSAs has returned to life in impressive style, but borrowers outside the ECB’s asset purchase programme are meeting with a chillier reception than their European counterparts.

Lewis McLellan, March 31, 2020
Covered Bonds

Strong banks also need central bank support

Canadian banks are among the largest, most profitable and best rated in the world, but that does not grant them immunity from liquidity bottlenecks. A recent spree of deals — although in some ways a show of might — illustrated that even the most fortified of lenders can appear vulnerable.

Bill Thornhill, March 31, 2020
Supras and agencies

ADB jumbo deal shows dollar market is back

The dollar market had looked sluggish, particularly in comparison to the volumes churned out in euros, but Tuesday's $4.5bn two year from Asian Development Bank indicates the market is back in working order.

Lewis McLellan, March 31, 2020
Supras and agencies

ESM brings in new bill programme, funding windows set for second quarter

The European Stability Mechanism has added a new 12-month bill programme for the second quarter as it looks to manage its collateral requirements amid volatility in rates. ESM and the European Financial Stability Facility have also set out their issuance windows for benchmark deals in April to June.

Burhan Khadbai, March 31, 2020
Follow-ons and Rights issues

Covid-19 crushes ECM aspirations for 2020

Equity capital markets in Europe got off to a great start in the first quarter of 2020, but any optimism about more deal flow has swiftly been killed off by the onset of a global equity market sell-off sparked by the spread of the coronavirus across the globe and the shutdown of major economies.

Aidan Gregory, March 31, 2020
Asia

Cruise line launches rescue attempt with rights issue and $3bn bond

Carnival Cruises, the world’s largest leisure travel company, is rolling the dice on a coronavirus rescue package, launching a $1.25bn underwritten rights issue, $1.75bn convertible bond, and a $3bn dual currency high yield bond.

Owen Sanderson, March 31, 2020
Sovereigns

Portugal lines up as Belgium takes record €55bn book

Portugal will be hoping to mirror the success of Belgium after the latter smashed records in the public sector bond market on Tuesday with the biggest ever order book for an SSA borrower in euros. Both Portugal and Belgium have announced an anticipated increase to their 2020 funding programmes as result of the Covid-19 crisis.

Burhan Khadbai, March 31, 2020
Equity

Remote ECM bankers cannot switch off

Equity capital markets are adjusting to life in quarantine, with most bankers saying they are well set up to work remotely during Covid-19 lockdowns. Even syndicate bankers, natural sceptics to home working, are starting to have faith that business can be done at a distance.

Sam Kerr, March 31, 2020
SSA

SSA secondary pricing update: Euro deals outperform dollars

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, March 30. The source for secondary trading levels is ICE Data Services.

Burhan Khadbai, March 31, 2020

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