Debt

To help increase access to longer-term, affordable mortgages and housing in Tanzania, IFC subscribed to a corporate bond issued by the Tanzania Mortgage Refinance Company (TMRC), which was listed today on the Dar es Salaam Stock Exchange.

Credit conditions for European banks are normalising and prospects for the second half of the year look bright. A return to pre-crisis operating income with higher loss absorption buffers accumulated during the crisis will facilitate management of NPLs.

After a rollercoaster 2020 for European high yield markets, 2021 looks set to be more stable. Fears of high levels of corporate defaults have proved unjustified, allowing high yield to rebound in 2020 and setting the scene for the coming year.

CNP Assurances has successfully placed €500 million worth of notes due 8 March 2028 and paying interest at 0.375%. The notes qualify as Tier 3 capital under Solvency II. Its cost is the lowest ever paid for hybrid capital by a financial institution in Europe.

Fitch downgraded Hong Kong’s rating to ‘AA-’, from ‘AA’, in April 2020 and revised the Outlook to Stable from Negative, following an earlier downgrade from ‘AA+’ in September 2019. The economic fallout from the pandemic and earlier anti-government protests played a role.