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IFR German Corporate Funding Roundtable 2020

IFR has conducted its German Corporate Funding Roundtable for around a dozen years now. The conversation that took place in early June as a closed video conference call was clearly and easily the most extraordinary, given what had happened in the previous quarter. The impacts and effects of Covid-19 as a public health issue first and a second-order economic issue need no repeating here. Yet despite the dire macroeconomic data and forecasts, the capital markets have experienced one of the best periods in their recent history. Since the severe...Read more

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IFR German Corporate Funding Roundtable 2020: Participants

Participants of the 2020 IFR German Corporate Funding Roundtable: Thomas Mann Ampega Asset Management Thomas Mann is chief investment officer and a member of the management board of Ampega Asset Management, the asset management unit of the Talanx insurance group. Before joining the Talanx group in 2009, Mann worked at Gothaer Asset Management, latterly as board spokesman. Prior to that, he spent over seven years at Provinzial Rhineland, where he had operational responsibility for the insurer’s interest rate and derivatives portfolio and was...

IFR German Corporate Funding Roundtable 2020: Part 1

Keith Mullin, KM Capital Markets (moderator): Europe has entered a sharp recession. We’re seeing rapidly rising unemployment, there are expectations of a surge in corporate defaults, downward ratings migration, and we’re expecting a much more severe non-performing loan experience at the banks, which have been co-opted by government and monetary authorities to assist in making sure that credit is extended into the real economy. There are still expectations that the recovery will be V-shaped. Many equity indices are close to where they were...

IFR German Corporate Funding Roundtable 2020: Part 2

Keith Mullin, KM Capital Markets: At the beginning of this period, did you feel the need to draw down any bank lines or raise precautionary capital just to have liquidity, even though it might be too much? Henryk Wuppermann, E.ON: We started the year with a decent liquidity buffer and the €2.25bn we raised in the bond market in January was helpful. We knew there were things coming down the road for which we would need liquidity but we also knew we had time. In terms of liquidity, we didn’t do anything on top. Essentially, a liquidity line is...

IFR German Corporate Funding Roundtable 2020: Part 3

Keith Mullin, KM Capital Markets: Ingo, on the topic of deal timing markets started to come back in early April, and accelerated through April into May and June. On the basis that we have had constantly improving markets where spreads are tightening, given all the central bank action we’ve been talking about, do you think that some issuers would’ve been better advised to have waited than pressed the button and printed early? Ingo Nolden, HSBC: We all know that Harry Hindsight is a rich man. You need to react when something like this happens. If...