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US issuers and insurance companies could benefit as Moody’s relaxes parts of its approach
Investors attracted by relative value versus loans but are not blind to risk
Floridian manager registered the vehicle in Ireland with article 8 SFDR classification
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Hertz, Avis and Europcar are all facing the same problem. Nobody is travelling, and so nobody is renting cars. Vast airport car parks full of ready-to-go rental cars stand idle, and cash flows at all three companies have stopped almost dead. But they have fared very differently — from near-bankruptcy to leaning hard on government. -
Nokia has launched a €1bn dual-tranche issue and a tender offer for a bond maturing next year, sucking up a higher funding cost to push out its term structure. Leads started wide but cranked the bonds in, with a 60bp move from initial price thoughts (IPTs) on the back of nearly €6bn of demand. Despite the swathe of downgrades hitting crossover issuers since the coronavirus crisis broke, the Finnish tech company is still planning to regain its investment-grade status in the next years.
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Pharmaceutical company Stada announced a €200m bond on Tuesday, a "mirror" of its existing 3.5% 2024s. The new issue is rated B2 at Moody’s, making it one of the lowest rated issues to have surfaced in euro high yield since the coronavirus crisis hit, but Stada is one of the least affected issuers in the market, and said that March 2020 saw its highest ever monthly production.
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BNP Paribas blamed European authorities’ restrictions on 2019 dividend payments for losing it €184m in its equities business, when it released its first quarter results on Tuesday. However, in debt capital markets and fixed income, currencies and commodities (FICC) it was a more positive picture, as the bank took advantage of a surge in debt origination and electronic trading.
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Prospects are rising of a return to normal merger and acquisition activity, despite the continued grip of the Covid-19 pandemic. Telefónica, the Spanish telecoms group, has confirmed it is in talks about combining its UK mobile business O2 with Virgin Media, the quad play telecoms firm owned by Liberty Global.
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Jacques Callaghan, formerly of Macquarie Capital, has joined HSBC as head of UK mid-market M&A, concentrating on a wedge of companies that are important to the bank’s new strategy.
