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Investment Grade Loans

Market tries to decipher where next RCF drawdowns will be

Companies drawing down on revolving credit facilities to make sure they have enough cash to ride out the coronavirus crisis has become a major theme in corporate finance in the past fortnight, and bankers expect it to continue. But working out which companies will do this is not easy.

Jon Hay, March 19, 2020
Southpaw

Debt advisers called up for liquidity battle

Firms across Europe are clamouring for crisis funding but while debt advisory bankers have joined the frontline in finding solutions some admit they may struggle to cope with the sheer scale of the challenge, writes David Rothnie.

David Rothnie, March 19, 2020
Sovereigns

Positive reaction to BofE record low rates QE boost

After an extraordinary Monetary Policy Committee meeting on Thursday, the Bank of England voted to drop the base rate by an additional 15bp to bring it to a new low of 0.1%. Alongside this cut, the central bank has announced it will up its holdings of government and corporate debt by £200bn. Initial signs in the bond makrets were positive.

Frank Jackman, March 19, 2020
Sub-sovereigns

Land NRW offers ‘substantial’ NIP, funding needs to rise

The State of North Rhine Westphalia (Land NRW) had to pay a large new issue premium on Thursday as it brought the first SSA deal of a volatile week.

Burhan Khadbai, March 19, 2020
Equity People and Markets

Paris bankers adjust to life on the home front

Bankers in Paris are adjusting to a new life of lockdown following president Emmanuel Macron’s declaration of war against Covid-19 on Monday, which has led to the toughest restrictions being imposed on daily life in France since the Second World War.

Aidan Gregory, March 19, 2020
Covered Bonds

AXA pays up despite huge ECB backstop

AXA Bank successfully issued the first covered bond eligible for the European Central Bank’s newly established €750m Pandemic Emergency Purchase Programme (PEPP) on Thursday. But, despite the ECB’s much increased firepower, the bonds still offered a pick up of around 30bp and the funding would barely been possible without the central bank's support.

Bill Thornhill, March 19, 2020
Corporate Bonds

CP experts welcome aid but want reassurance

Market participants have welcomed moves by the US Federal Reserve and Treasury, the Bank of England and the European Central Bank to restore order in commercial paper markets. This normally placid funding source has been under severe stress in the past week as investors and dealers shun risk amid the escalating coronavirus crisis. But market participants are still seeking further reassurance.

Frank Jackman, March 19, 2020
Equity

Collapsing markets prepared for nationalisation wave

European governments are scrambling to combat the impact of the coronavirus pandemic on their populations and their economies. Although much of the intervention has been through fiscal policy and debt markets, countries are investigating taking companies back into public ownership to prop them up.

Sam Kerr, March 19, 2020
SSA

Lagarde shows up to close spreads, but SSA primary closed

European government bond spreads have tightened in response to the European Central Bank's decision on Wednesday to beef up its bond buying. Italy’s spread to Germany contracted by more than 120bp since Wednesday morning's wide but SSA borrowers are not ready to return to the market yet.

Lewis McLellan, March 19, 2020
Africa

Dollar shortage and falling oil price turn screw further on EM

A strengthening dollar and continued volatility in the oil price on Thursday gave a further battering to emerging markets, increasing borrowers' vulnerability.

Ross Lancaster, March 19, 2020
Investment Grade Loans

Airlines draw RCFs as virus hammers sector

Air France-KLM has taken a series of exceptional measures including drawing down on €1.765bn of bank debt and Moody's has cut ratings in the sector as the coronavirus pummels the airline industry.

Mike Turner, March 19, 2020
Covered Bonds

Canadians can: BMO and TD grab euro covered bond funding while they can

In a sign of the strength of the Canadian banking sector, Bank of Montreal and Toronto Dominion Bank were able to access the euro covered bond market in good size on Thursday with deals that provided a substantial saving compared to senior unsecured issuance. The deals followed a series of measures to ease liquidity from the Bank of Canada, including widening repo' eligibility to covered bonds.

Bill Thornhill, March 19, 2020

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