Coronavirus

Social distancing, wearing masks in public, bars and restaurants shutting down en masse: the coronavirus is a gift to those trying to avoid people.

Indonesian high yield property companies are continuing to come under fire, with Alam Sutera becoming the latest to be hit with a downgrade due to bond refinancing concerns.

Melco Resorts Finance tapped its 5.75% 2028 notes on Tuesday, adding another $350m to the trade.

Alibaba Health Information Technology has sealed Hong Kong’s largest primary follow-on in five years, navigating concerns over high valuations to increase the size of the deal to HK$10bn ($1.29bn).

Expectations are building that the G20 Debt Service Suspension Initiative (DSSI), introduced to alleviate the debt burden of the world’s poorest countries in the face of the coronavirus shock, will be extended this winter.

A HK$18bn ($2.3bn) term loan sealed by China Overseas Land and Investment in 2017 is doing the rounds in the secondary market, offering asset-starved banks an opportunity to take exposure to the Hong Kong-listed company.

South Korean game developer Kakao Games is set to list in September for up to W384bn ($323m), reviving the deal two years after dropping its initial IPO plans.

Freeline Therapeutics, the UK gene therapeutics company, has set a pricing range for its Nasdaq listing, becoming the latest company from the red hot biotech sector to raise equity capital.

Equity capital markets bankers are preparing for a busy autumn of rights issues as companies prepare to weather a long period of Covid-19 disruption. Because of the uncertainty over the the length and severity of the pandemic, businesses are said to be looking at larger capital raises than before.

The UK Debt Management Office has chosen the maturities and issuance windows for its two planned syndications in September. One of the syndications will be a new 15 year Gilt, which divided opinion among investors at a consultation last week.

Social and sustainability bonds have blossomed in Asia amid the Covid-19 pandemic, with debt bankers expecting more supply from the asset class for the rest of the year.

Ecuador will be able to proceed with a consent solicitation to restructure $17.4bn of bonds after a New York judge denied a motion from Contrarian Capital and GMO for a temporary restraining order (TRO) on the process.