Coronavirus
-
Investors and bankers said that Petrobras had achieved exceptionally tight pricing on Wednesday as the oil and gas giant became the first Brazilian issuer to tap international bond markets in times of coronavirus amid a strong rally in corporate paper from the country.
-
Citigroup’s new architecture to make its banking, capital markets and advisory (BCMA) group a fitter competitor in sustainability and ESG issues emphasises two channels of communication, according to Manuel Falcó, co-head of BCMA, through the most senior rainmakers and a cadre of younger enthusiasts.
-
Some of the largest investment banks made 12% less revenue from lending in the first quarter, despite balance sheet expansion as they supported companies, according to research from analytics firm CRISIL Coalition.
-
The European Commission has published its proposal for an EU recovery fund. Next Generation EU, as it has been dubbed, has impressed onlookers with promises of €500bn of grants and a further €250bn of loans for countries affected by the coronavirus pandemic.
-
Cboe Global Markets will reopen its open-outcry options trading floor at the beginning of June, after more than two months in which the world’s major derivatives exchanges have operated exclusively electronically.
-
France received its biggest ever order book as it came to the market for a 20 year syndication on Tuesday. SSA bankers say that investors are looking for duration after previously sticking to defensive maturities as the Covid-19 crisis eases.
-
Alantra is buffing its credit portfolio advisory team with the addition of Marcus Evans and Christos Stefanidis, who will join as managing directors in the UK and Greece. The credit portfolio advisory firm is also opening up offices in Latin America and China.
-
Equities and investment-grade bonds are overpriced in developed markets, according to Tommy Garvey, member of the asset allocation team at GMO. The US-based investment firm has just slashed its exposure to developed equity markets.
-
Kotak Mahindra Bank is set to raise Rp74.4bn ($983.7m) from an issue of fresh equity, after a strong turnout from institutional investors pushed pricing to the top of the range, according to a banker on the deal.
-
Chinese travel agency Trip.com Group has closed the senior syndication phase of a $1bn multi-tranche loan.
-
Rating agencies say that senior unsecured bondholders in Latam Airlines face bleak recovery prospects after the Covid-19 pandemic forced the largest airline in Latin America to file for Chapter 11 bankruptcy protection in the US.
-
The coronavirus crisis has reshaped urban living and working. It will also change the way financial firms operate over the longer term.