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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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UK Chancellor Rishi Sunak did not change the lending levels for local authorities in his Spring Budget — apart from cuts to borrowing costs for social housing projects — keeping alive the prospect of capital markets providing UK councils with a cheaper financing alternative.
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The coronavirus will depress mergers and acquisitions activity, hurt advisory revenues and change the emphasis of deal-making in 2020, writes David Rothnie.
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One of the internal candidates to become the next permanent head of European M&A at RBC Capital Markets has quit to join a boutique.
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Two new dollar transactions were launched in the Asian bond market on Wednesday, signalling a slow revival in confidence after a rough start to the week.
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Companies in sectors under strain from the Covid-19 outbreak are expected to rely on bank funding if debt markets remain out of reach, using funds from as yet undrawn revolving credit facilities and signing new bridges to bond facilities or bilateral loans.
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UK corporate bond investors battered by the most volatile markets for a decade will be watching TV screens closely on Wednesday, as the UK government delivers its Budget, which some hope could bring markets a dose of calm. But there was good news from New York, where three companies have launched the first US bond issues after two closed days.