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Asia

JD.com mandates for Hong Kong IPO

Chinese e-commerce giant JD.com has hired Bank of America and UBS to lead a secondary listing in Hong Kong, according to multiple sources familiar with the matter.

Jonathan Breen, March 18, 2020
CLOs

CLO market scrambles for solutions to feared wave of defaults

An expected wave of defaults in corporate credit is driving stress in the CLO space, spurring some in the market to begin internal discussions to make their pitch to the government for greater protections.

Paola Aurisicchio, March 17, 2020
Covered Bonds

Bond syndication from home: functional but not ideal

Executing bond syndications from home has proved to be feasible, bankers said in the wake of Royal Bank of Canada’s five year covered bond issued on Tuesday. Even so, the lack of physical back-up from nearby colleagues and the seamless access to certain key functions such as trading means that working from home is very much second best in practice compared with normality.

Bill Thornhill, March 17, 2020
CMBS

CMBS has big exposure to airline, oil and gas industries

The US CMBS market, with its heavy dependence on corporate tenants to keep the cash flows to bond holders coming, is being buffeted by the turmoil stemming from the crisis in recent weeks, with the market exposed across dozens of deals to two particularly ailing sectors — airlines and oil and gas firms.

Max Adams, March 17, 2020
SFA looks to soothe members' corporate market anxieties

Stress in the commercial paper market was the main point of discussion in a member-wide conference call on Monday held by the Structured Finance Association, as members tried to get a read on market dynamics that are changing on a daily basis.

Jennifer Kang, March 17, 2020
Investment Grade Loans

Intesa Sanpaolo pledges €15bn emergency loans to Italian companies

Intesa Sanpaolo will provide Italian companies with €5bn worth of new one to 1.5 year loans, and offer an additional €10bn of debt to customers through existing credit lines, to help steer the nation's economy through the Coronavirus crisis.

Silas Brown, March 17, 2020
GC View

Soon we’ll know what 'relationship banks' are really worth

Since the financial crash, the crucial part of relationship banking has been pretty straightforward: offer borrowers cheap cash and become a core lender, then pitch for ancillary business. But the disastrous effects of Covid-19 on corporate finance mean that cozy relationships will be tested, with companies under pressure and in serious need of extra cash. We’ll soon know which relationships were real and which were not.

Silas Brown, March 17, 2020
Sovereigns

Nordic funding plans respond to Covid-19

Denmark and Sweden unveiled a number of policies to combat the economic effects of the Covid-19 pandemic this week, with big changes to their funding plans. Sweden has decided to focus on the short end with an increase in treasury bill and commercial paper borrowing, while Denmark has chosen to increase its overall funding programme.

Frank Jackman, March 17, 2020
Corporate Bonds

US bond market bursts back with nine deals after S&P calamity

That nine US companies and banks should launch bonds the day after a 12% fall in the S&P 500 index, the worst since 1987, is astonishing, but probably shows that companies are anxious to bank large quantities of cash in case markets get worse. The barrage of issuance comes despite core fixed income markets such as Treasuries, swaps and commercial paper being under strain.

David Rothnie, March 17, 2020
ABS

IBL Banca retains Italian consumer loan ABS

IBL Banca will fully retain its latest consumer loan securitization, the eighth issuance from the Marzio Finance series.

Tom Brown, March 17, 2020
Sovereigns

GEMMs and investors call for 2054 Gilt syndication

During consultations with Gilt-edged Market Makers (GEMMs) and Gilt investors on Monday, there was a preference for the UK Debt Management Office to reopen its 1.875% 2054 Gilt in mid-May for the first syndication of its 2020/21 financial year.

Burhan Khadbai, March 17, 2020
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A crisis built for the SSA market

These are extraordinary and testing times for the global economy. But if there’s one thing that we have learned from past economic crises, it is that public sector institutions are crucial, both as borrowers keeping capital markets open and in their work channeling money to repair economic and human damage, and stimulate growth.

Burhan Khadbai, March 17, 2020

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