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Bankers say deals are still being launched and believe international rivalry can be negotiated
Banks accept some deals will bypass them — others they can intermediate
Sectors shape up as main sources of corporate syndicated lending demand amid renewed geopolitical uncertainty
New twist in Hollywood acquisition as Netflix adds $5bn revolver and $20bn of term loans
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Finnish national airline Finnair has launched a rights issue in response to the coronavirus pandemic — the first in an expected wave of large European rescue recapitalisations. -
Robert Bosch, the German engineering group, has signed a €3bn revolving credit facility, as lenders warn that smaller companies in the same industry will find it harder to get financing.
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The Schuldschein market is expected to reopen in a matter of days, but arrangers will face a changed market and will have to adapt to the new corporate lending landscape created by the coronavirus pandemic.
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In contrast to what analysts had expected before its first quarter results, Deutsche Bank reckons its investment bank will outperform last year’s revenue figures in 2020. However, its fixed income and currencies sales and trading business did not match peers’ revenue growth in the first quarter.
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More UK councils are considering selling private placements, according to several sources familiar with the situation, as their funding needs escalate thanks to the coronavirus pandemic. Institutional investors, some of which are sceptical of local authorities’ suitability for the US PP market, say they are more likely to consider lending to borrowers rich in assets.
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Marks & Spencer, the UK retailer, has negotiated with its lenders to relax the covenant testing on its £1.1bn revolving credit facility, as it tries to mitigate the effects of a pandemic that has sent its ratings crashing into junk territory.
