Korea Land and AIIB pick off small Swissie trades

Green securitizations have been prominent in CMBS this year

◆ Issuer attracted order book of €1bn ◆ Bid-to-cover ratio was consistent with recent precedents◆ Fair value not easy to establish

◆ New issue premium debated ◆ Rival bankers praise outcome ◆ Secondary performance mulled

◆ Nine years, 10 social inclusion euro bonds issued ◆ Social 'leadership' demonstrated with new deal ◆ Minimal premium paid, but fair value a 'challenge'

◆ General Mills debuts €1.7bn Reverse Yankee hybrids ◆ Engie raises €2.06bn-equivalent across euros and sterling ◆ Sub/senior spreads stay modest on Engie's euro tranches

Fund modelled on Romania’s Fondul has $2.4bn of assets

State of New Hampshire's innovative bond gets Ba2 rating

Shares in company, which manufactures underwater mine disposal drones, have risen by close to 50% this year

Renewables can make Europe’s capital markets less vulnerable to energy price shocks

High demand from institutional and retail investors for maker of Patriot missile components

Book to open on Monday, close on Thursday in latest express IPO

Nigeria plans a total return swap, following peers on the continent in the last 12 months

The DRC has a poor governance record but that doesn't mean things will end in tears for its investors

Demand allowed the bank to cut the yield by 35bp

The country offers huge potential and possible pitfalls for investors

A piece of very rare African senior bank issuance could also come this week

Central banks in the region have stepped in with support and lenders are thought unlikely to let sub debt extend

Even if ceasefire succeeds, investors will still want a risk premium

Country's sovereign bonds will react well to an opposition victory, but an Orban win will prompt a sell-off

Bank’s relationship with SpringCash is ‘commercial’

The coronavirus crisis has brought the role of the public sector agency into sharper focus than ever. With companies suffering devastating losses of revenues, sovereigns are doing their best to shoulder the burden and ensure companies have what they need to protect jobs. To do this, many sovereigns are leaning on their agencies as the best way to transmit economic support packages. GlobalCapital held a roundtable in mid-May to discuss the impact of the coronavirus pandemic on the agency sector and how it is managing the crisis.

The corporate sector was not at the centre of the 2008-9 financial crisis — banks were. This time, it is companies of all kinds that are first in the financial markets to feel the stress of the coronavirus pandemic. Measures to control the infection have stopped many businesses’ revenues, completely and suddenly, and put others under severe strain. In such a situation, the quality of a company’s financial planning and management are revealed. Tested just as much are the financial networks that surround a company: its banking relationships and ability to finance itself in a variety of markets.

Just as it did in and after 2008-2009, the financing burden of responding to 2020’s crisis has fallen squarely on the shoulders of governments. But there are essential differences between the crises, not least the speed and scale with which sovereign issuers have had to jump into the bond markets. In the UK, within six weeks, a full year’s public borrowing requirement of £156bn had multiplied into a four months’ requirement of £225bn. To put that into context, the UK Gilt market’s previous busiest year was 2009-2010, during which it raised £227.6bn.