Those pleading for a shared EU-level fiscal response to the economic damage of the coronavirus outbreak were thrown a bone on Thursday when Ursula von der Leyen, president of the European Commission, promised a €100bn unemployment fund backed by €25bn from EU member states.
Debt relief, restructuring and trillions of dollars of official institution funding are all speeding down the tracks towards emerging markets, as the number of countries with desperate financing needs across the world rapidly stacks up.
India’s equity capital markets were silenced this week as a nationwide lockdown and tumbling share prices kept bankers at home and issuers at bay.
UPDATED 8 April 12.45pm GMT The news from Italy continues good, with only 3,039 new cases on Tuesday, the lowest figure since March 13.
As the initial government-imposed deadline for Argentina’s mammoth debt restructuring sailed by without a concrete offer to creditors having been put on the table, some analysts are worried that a hard default may be inevitable.
High grade companies poured into the bond market this week as participants weigh up whether this is a redux of 2009’s record year or if the unprecedented central bank spending and high bank liquidity mean that this is a unique market where borrowers raise cash even if they do not really need it.
Bond market participants in Latin America are gradually accepting that Zoom video calls will become a permanent feature of their job.
The Asian Infrastructure Investment Bank has proposed creating a $5bn crisis recovery facility in response to the Covid-19 pandemic.
This week's intense spate of corporate bond issuance in Europe continued into Friday, though at a slightly more moderate pace, and the broadening of access continued, with the first sub-benchmark deal, for Red Electrica, the Spanish power grid.
SSAs are mobilising their resources to support the fight against Covid-19.
Three European supranationals sold bonds this week with a specific focus on supporting its member countries from the coronavirus outbreak as public sector borrowers maintain their vital role in providing emergency financing to tackle the crisis.
Thursday’s market was heaving with SSAs printing euro deals, many of them opting for themed deals, some of which are specifically addressing the coronavirus outbreak, with bankers suggesting that these are enjoying the hottest demand.
The Nordic Investment Bank is planning to issue another blue bond at some point in 2020, following its debut in the format last year.
The European Investment Bank joined the ranks of supranationals issuing debt to support the fight against Covid-19 this week, using its recently updated sustainability awareness bond (SAB) framework to raise Skr3bn ($299m) to finance its response to the coronavirus pandemic.
Adani Transmission has raised a further $90m US private placement, according to market sources, after it became earlier this year the first Indian company to raise debt in the market since 2007.
The UK's Imperial Brands, formerly Imperial Tobacco, has signed a new €3.5bn three year multi-currency revolving credit facility, slightly increasing its main bank line, despite not having plans to draw down.
S&P Global Ratings said on Monday that it has placed 25 tranches from 15 CLOs with high exposure to energy sector obligors on ratings watch negative.
Many investment banks are circulating orders for bankers not fund any committed debt transactions in the aircraft sector, including ABS deals, a decision spurred by market volatility from Covid-19.
Siberian Coal Energy Co (Suek) is seeking financing from lenders, according to two market sources.
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.
Sasol, the South African chemicals company, has unveiled a $6bn package of measures designed to shore up its business, which has been damaged by the spread of the Covid-19 virus and the collapse in oil prices.
Credit Suisse has launched an environmental, social and governance (ESG) advisory group in its investment banking and capital markets division, becoming the latest firm to launch a dedicated green corporate finance coverage effort.
Bond market participants in Latin America are gradually accepting that Zoom video calls will become a permanent feature of their job.
Beijing Enterprises Clean Energy Group is back in the offshore loan market, seeking a $150m borrowing seven months after its last deal.
Spain’s Red Eléctrica Corporación has hired banks to run a series of fixed income investor calls for a debut five year senior unsecured deal, in the first European corporate roadshow since stringent social distancing measures were implemented across the continent.
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.
The loans market has been one part of the capital markets that has perhaps unsurprisingly taken to working from home easier than most.
UPDATED 8 April 12.45pm GMT The news from Italy continues good, with only 3,039 new cases on Tuesday, the lowest figure since March 13.
 talks to WHO on covid from PA 7Apr20 575x375.jpg)
The way Asian states including China have dealt with the coronavirus has put Europe and the US in the shade — now they should lead the international financial fightback.
Outrage has erupted among US progressives at efforts from the private equity industry to ensure their portfolio companies get a piece of government support for corporates.
Armies of wonks have spent the last 10 years dreaming up a panoply of bank capital tools, from additional tier one capital to MREL, to make sure “too big to fail” can never happen again.
CLOs are under acute stress as the coronavirus pandemic wreaks havoc on corporate credit, but the situation presents an opportunity for the market to prove itself to sceptics.
Rising dollar funding costs for Taiwanese banks have made them push an existing borrower back to the negotiating table so that they can demand better returns on a loan.
The European Investment Bank, the European Stability Mechanism and a new unemployment fund are set to play a part in EU finance minsters’ response to the coronavirus crisis.
Companies in sectors without government support packages in place are having to weigh moving fast for a costly private sector rescue capital against dragging their feet and hoping governments extend existing bail-out or liquidity schemes.
More than 100 charities and other organisations are urging that developing countries' debt payments be cancelled this year.
Lenders are scrambling to process an overwhelming number of applications without clear guidelines for the Paycheck Protection Program (PPP), a government-backed lending program that kicked off last Friday.
In this round-up, the Caixin manufacturing Purchasing Managers’ Index (PMI) rebounded to above 50 following a V-shaped recovery in official PMIs, and US-listed Luckin Coffee saw its share price plunge by 75% after admitting to fabricated sales.
The Pre-Emption Group, an assembly of listed companiesm investors and intermediaries that monitors pre-emption rights in the UK, has changed its guidelines to say that the impacts of the Covid-19 coronavirus means investors should support companies selling new shares worth up to 20% of their market capitalisation without giving existing shareholders first refusal.
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.
A former joint head of the IPO vetting team in the Hong Kong Stock Exchange's listings department has been charged with bribery and misconduct while in office.
UPDATED 8 April 12.45pm GMT The news from Italy continues good, with only 3,039 new cases on Tuesday, the lowest figure since March 13.
Trading in CME Group’s Sofr derivatives hit record levels during March, as the exchanges and clearing group enjoyed soaring demand for its futures and cleared swaps.
Fitch Ratings has downgraded bonds from three UK CMBS transactions, while also lowering ratings for three Italian CMBS deals, as the sector continues to suffer the effects of the virus pandemic.
A trio of agencies hit screens with dollar deals on Tuesday.
.png){kind=logo}
GC Asia