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Raiffeisen Holding NÖ-Wien sells Strabag block as Fincantieri falls

Shipbuilder's shares fall 10% after capital raise
Founder of climate investing think tank wants to apply ideas as bond investor

NextEra and TotalEnergies grind €3.25bn tight over seniors

◆ Energy pair bring three tranches ◆ Sub-100bp senior/hybrid spreads secured ◆ Single digit concessions offered

NatWest plays for duration with long-dated holding company senior

◆ Two steps to terms debated ◆ Priced flat to fair value or even with negative concession ◆ Investors split on long-dated holdco supply
Founder of climate investing think tank wants to apply ideas as bond investor
Sub-sections
  • Investors have got a fever, and the only cure is more pharma. Biotech equity issuance is surging, in line with rising stock prices in the secondary market, as stock pickers pan for the company that will cure Covid-19, among other maladies. But this is more speculating than investing and many are going to catch a cold chasing around a risky sector that is starting to look a lot like the dot-com bubble.
  • Freeline Theraputics, the UK gene therapeutics company, has filed to list in the US on the Nasdaq exchange, continuing the trend of biotech companies seeking to raise capital in the equity capital markets.
  • The Covid-19 pandemic is forcing many governments to expand their borrowing programmes. The table below details the impact of the outbreak on the funding requirements of major sovereign bond issuers.