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SSA

Keeping track: SSA responses to coronavirus

Sovereign, supranational and agency borrowers have taken the lead in financing the world's response to the coronavirus pandemic. Funding targets and instruments are constantly being updated. Keep track of the public sector's response to Covid-19 here.

Burhan Khadbai, May 04, 2020
Sovereigns

Greece’s funding not set to rise due to Covid-19

Greece is looking to divert the use of proceeds of its borrowing to help it tackle the coronavirus crisis, but that is not likely to result in an increase to its funding programme.

Burhan Khadbai, May 04, 2020
Covered Bonds

Bankers back Pfandbriefe despite corona threat and Scandi spread appeal

The prospect of switching out of Pfandbriefe exposed to a high proportion of foreign commercial real estate and into higher-yielding, and more liquid, Scandinavian covered bonds exposed to domestic loan portfolios that are less affected by the coronavirus, is a tempting choice. But the protection Pfandbriefe offer investors and the scarce supply outlook means spreads on the product will remain supported, said bankers on Monday.

Bill Thornhill, May 04, 2020
Market News

Plenum looks to insurance sub debt for greater returns

Plenum Investments, a catastrophe bond fund, is broadening its portfolio to include tier one and tier two debt issued by insurance companies. It is seeking to offer investors a higher risk-return option, and the announcement of the new fund comes at a time when spreads on subordinated insurance debt have widened.

Jasper Cox, May 04, 2020
Sovereigns

France expected to join Germany and UK with syndication in May

France is looking at conducting a large syndication this month as it looks to finance a much bigger funding programme, according to SSA debt capital markets bankers.

Burhan Khadbai, May 04, 2020
Senior Debt

Danish FSA loosens MREL for banks, cuts non-pref needs in half

The Danish Financial Services Authority is softening its application of the minimum requirements for own funds and eligible liabilities (MREL) amid Covid-19, meaning the country’s largest banks could end up issuing half as much senior debt this year as might have been expected.

David Freitas, May 04, 2020
Equity IPOs

Mask maker GVS could reopen Italy IPO market

GVS, the Italian manufacturer of filters and components for among other groups, healthcare companies, is on track to list in Milan this summer, according to sources close to the deal. The company is likely to be the first major listing on the Italian exchange this year after Covid-19 froze the market.

Sam Kerr, May 04, 2020
LevFin Leveraged Loans

Synlab seeks maturity extension after 500k Covid tests

Synlab, a medical testing firm owned by Cinven, is looking to push out its debt profile, amending and exchanging bonds and loans due 2022 to a loan with a 2024 maturity. It is the first flicker of life in the European primary leveraged loan market since the coronavirus crisis hit.

Owen Sanderson, May 04, 2020
High grade and crossover bonds

GlaxoSmithKline tries flat curve test case with defensive deal tailor made for crisis

GlaxoSmithKline, the UK pharmaceutical company, launched a three tranche bond issue on Monday. Its sterling curve was trading so flat that it started with the same spread on the long eight and 15 year tranches.

Mike Turner, May 04, 2020
Regulatory Capital

QBE raises $500m of AT1 for Covid coverage

QBE sold $500m of additional tier one debt in the dollar market this week, as it sought to shield itself from the financial impact of the coronavirus pandemic.

Tyler Davies, May 04, 2020
People News

HSBC pushes on with mid-market plan through Callaghan hire

Jacques Callaghan, formerly of Macquarie Capital, has joined HSBC as head of UK mid-market M&A, concentrating on a wedge of companies that are important to the bank’s new strategy.

Jasper Cox, May 04, 2020
Asia

China launches public Reit rules after decade-long wait

The China Securities Regulatory Commission and the National Development and Reform Commission have jointly announced a long-awaited pilot programme for real estate investment trusts to promote economic growth. The trial allows the listing of Reits backed by infrastructure projects.

Rebecca Feng, May 04, 2020

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