Financial firms undermanned amidst 2019-nCov spread

Expect more delays in the completion of equity sales and bond deals.

Temporary relocation for families and face masks were two of the top issues concerning Hong Kong finance professionals amidst the fast-spreading coronavirus as they began their first full business week following Lunar New Year holidays, said a report by Reuters.

“I’m not in town and won’t return until things become normal,” said one senior equity capital market (ECM) banker.

Financial firms in Hong Kong have variously told or allowed staff to work from home as part of broader precautions against the virus.

“The loss of staff, either to the virus itself, or the unwillingness of staff to come in, is a real issue. Plans for telework need to be implemented and tested,” said Harry Rhulen, chief executive of New York-head headquartered adviser CrisisRisk.

Initial public offerings, other equity sales and bond deals, the bread and butter of investment bankers, typically take at least a week to get going following New Year holidays but dealmakers now fear a longer pause.

Read the full report here.