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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
  • Rishi Sunak, the UK chancellor of the exchequer, has already thrown some cash from the air to boost the economy and prevent a more serious downturn, with job retention measures, a cut in VAT and meal vouchers. But that won’t be enough. The UK needs a full scale helicopter drop.
  • European high grade corporate credit spreads still have the potential to tighten by double digits of basis points heading towards the end of the year, according to some analysts. This is despite the expected revelations over the coming weeks of the impact of Covid-19 on second quarter earnings.
  • Carnival Corp, the largest cruise line in the world — badly stricken by the impact of coronavirus on its business — raised €425m and $775m of 5.5 year bonds on Wednesday, which will be subordinated to the $6.25bn of bank loans and senior secured bonds it issued in June and April respectively.