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Primary needs stability, on top of any peace deal
Five months in, Alessandro Melzi is getting started on the plan, but his boss is about to change
Bonds of energy importers have sold off, but investors convinced fundamentals are still strong
Managers pause deals as spreads widen, but swift resolution is still priced in
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In this round-up, China releases a white paper detailing the country’s efforts in fighting the Covid-19 pandemic, trade surplus surges in May as imports plunge, and the Mainland’s foreign currency reserves are better than expected. -
Rating agency Scope beat many European agencies to the punch in adopting new covered bond rating methodology in 2015, which is today considered a standard approach. But the European Securities and Markets Authority (Esma) is fining the agency on the grounds that it failed to apply it consistently and with the regulator’s permission.
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Bondholders in the now infamous EA Partners notes received more bad news this week when Air Serbia, one of the lenders from the special purpose vehicles (SPVs) warned that it could default on its obligations.
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Telepizza bonds sold off by around 30 points on Monday on news that the company had appointed restructuring advisers, available liquidity was sharply lower than the market had expected, and the company needed around €100m of new money to stay in business — slightly less than the €130m dividend it paid last year after KKR took the Spanish pizza chain private.
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In this round-up, tensions between the US and China rise dramatically after China says it would impose a national security law on Hong Kong SAR, and the USD/CNH exchange rate reacts strongly to the latest developments.
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The UK’s Financial Conduct Authority has reminded issuers and bankers of rules related to inside information and wall-crossings, as it seeks to make sure standards are upheld in busy markets when participants are working from home.
