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Investors maintain orders as issuers push tight, although some limits are appearing
◆ Canadian retail chain lands euro bond close to equivalent dollars ◆ Some concession needed for first new euro line in two years ◆ Minimal attrition as issuer pushes through 100bp barrier
◆ Vier Gas almost six times covered ◆ RCI Banque increases size ◆ Pair price with minimal concessions
Earnings blackouts and higher funding costs to supress April supply
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Institutional investors in the US private placement market are preparing for a round of covenant waivers, as companies brace for the economic impact of the coronavirus pandemic. Bankers in turn are shelving primary issuance plans and turning their attention to winning amendment mandates. -
The UK's FirstGroup, a transport company, has signed a £250m bridge loan to cover an April 2021 bond maturity, as more banks say they are getting requests from clients for fresh funding lines alongside existing facilities.
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A rush to dollars in recent days has caused dysfunctions in various corners of the financial markets. The US Federal Reserve has rushed to put out the flames, including with new measures on Monday.
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Airbus, the European aerospace company, has signed a new €15bn credit facility as it looks to ride out effects of the Covid-19 pandemic upon its sector. The company is ramping up liquidity on the assumption it will not have access to capital markets.
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Firms across Europe are clamouring for crisis funding but while debt advisory bankers have joined the frontline in finding solutions some admit they may struggle to cope with the sheer scale of the challenge, writes David Rothnie.
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Air France-KLM has taken a series of exceptional measures including drawing down on €1.765bn of bank debt and Moody's has cut ratings in the sector as the coronavirus pummels the airline industry.
