Health and Biotech

  • Apollo Hospitals nets $160m from hot QIP

    Apollo Hospitals nets $160m from hot QIP

    Apollo Hospitals Enterprise has raised around Rp11.7bn ($160m) from a qualified institutional placement, drawing a swell of demand that pushed pricing above the floor.

  • Eurostar's begging letter shows tunnel vision

    Eurostar's begging letter shows tunnel vision

    Eurostar, the company which runs trains through the Channel Tunnel between London and Europe, is angling for a UK government-backed bailout loan. It is a ruse that can most generously be described as cheeky. If the company really needs cash to survive, there are many more appropriate ways of raising it in the capital markets.

  • UK biotech firms eye Nasdaq listings

    UK biotech firms eye Nasdaq listings

    Immunocore, the UK biotech company, has filed for an IPO on the Nasdaq in New York following a $75m series ‘C’ funding round which concluded last week.

  • EU urged to use equity-like instruments to help smaller corporates

    EU urged to use equity-like instruments to help smaller corporates

    Many EU companies could do with capital beyond bog standard debt, according to the Association for Financial Markets in Europe (Afme). The trade body, in a report it produced alongside PwC, suggests encouraging the use of equity-adjacent products to fill balance sheet gaps from the coronavirus crisis.

  • 'Give us the airline treatment,' Eurostar begs of UK government

    'Give us the airline treatment,' Eurostar begs of UK government

    Eurostar, the majority French-owned train service between the UK and Europe, has asked the UK government for bailout loans. The request came as 28 senior businesspeople in the UK wrote an open letter warning that the rail service was fighting for its survival.

  • Bank balance sheets could be obscured, says Coen

    Bank balance sheets could be obscured, says Coen

    The impact of coronavirus on economies has led to extraordinary help being granted to banks and their customers. But this brings the risk of problems on banks' balance sheets being hidden, according to William Coen, former secretary general of the Basel Committee on Banking Supervision.

  • BlackRock backs UK life sciences firm in latest PE round

    BlackRock backs UK life sciences firm in latest PE round

    BlackRock, the US asset manager, has taken part in a $75m Series 'C' financing for Immunocore, a UK life sciences company that works in developing treatments that use the body’s T-cell receptors to fight cancer and other diseases.

  • Hansoh Pharma, Hongqiao tap Asia CB market

    Hansoh Pharma, Hongqiao tap Asia CB market

    Hong Kong-listed Hansoh Pharmaceutical Group and China Hongqiao Group have added to the burst of convertible bond activity in the first week of 2021, raising a combined $900m from the equity-linked market on Thursday.

  • Lagardère gets govvie support for fresh pandemic loan

    Lagardère gets govvie support for fresh pandemic loan

    Lagardère, the French book publisher and travel retail company, has signed a €465m short term government-backed loan and extended its revolving credit facility, as the company shuffles its loan liabilities amid a plunge in revenue.

  • Europe’s lenders primed to provide billions in emergency funding

    Europe’s lenders primed to provide billions in emergency funding

    With rising Covid-19 infection rates sparking new social restrictions, Europe’s high grade loans bankers say they are ready to once again provide the vast amounts of short term funding to corporates they did last March as lockdowns swept Europe for the first time. But many expect borrowers to lean more heavily on the bond markets this time.

  • Gracell Biotech launches $159m US IPO

    Gracell Biotech launches $159m US IPO

    Chinese clinical-stage company Gracell Biotechnologies has kicked off the roadshow for its Nasdaq listing, eyeing up to $158.9m in proceeds.

  • Stocks soar on good news but pandemic looms over ECM

    Stocks soar on good news but pandemic looms over ECM

    Equity markets opened on a high on the first day of trading in 2021 and there are hopes that positive macro headwinds will provide strong momentum for equity capital markets deals. This is despite the Covid-19 pandemic still causing concern as cases rise and governments introduce tough restrictions to fight it.

  • Trump wobbles US stimulus bill, but investors hold nerve

    Trump wobbles US stimulus bill, but investors hold nerve

    The US stimulus package seemed all but a done deal until Tuesday night. The $900bn, 5,593 page bill was passed by both houses and requires only President Donald Trump’s signature to become law. Though this seemed a foregone conclusion, Trump is threatening to withhold his signature unless the size of the relief is increased, not that bond markets seemed fazed by the late upset.

  • Border chaos gives equity capital markets a glimpse of Brexit nightmare

    Border chaos gives equity capital markets a glimpse of Brexit nightmare

    The closing of borders between mainland Europe and the UK has provided a brief glimpse into the chaos that the immediate imposition of trading restrictions between the UK and EU might caused in the event of a no-deal Brexit on December 31. Both sides need to work around the clock to finalise a deal with a generous implementation period to avoid the kind of nightmare scenario that could lead to investors fleeing the UK.

  • Equity rotation changes EM investor attitudes

    Equity rotation changes EM investor attitudes

    Equity investors have begun in recent months to allocate capital away from some of the high growth firms which dominated equity capital market supply this year to more cyclical companies that are set to benefit when economies reopen from Covid-19 lockdowns. They are also looking to buy into emerging markets, predicting rising equity valuations in places like Russia and some parts of Latin America.

  • Negative rates loom for UK unless Brexit Christmas miracle happens

    Negative rates loom for UK unless Brexit Christmas miracle happens

    The looming threat of a no deal Brexit, as well as the chaos ensuing from the UK’s new stricter restrictions to combat Covid-19, caused Gilt yields to plunge on Monday morning. Unless EU and UK politicians are able to come to agreement on a trade deal soon, negative rates look almost inevitable.

  • EM investors expect ‘insane’ sell-off as UK Covid worsens

    EM investors expect ‘insane’ sell-off as UK Covid worsens

    Emerging market bond trading desks were quiet on Monday, as the last business week of the year began with the world reacting to the rapid spread of a new strain of the Sars-Cov-2 virus in the UK. But market participants expect that EM assets cannot remain immune.

  • Beaten sectors in firing line again if lockdowns go global

    Beaten sectors in firing line again if lockdowns go global

    Fresh fears are rising about the future of companies already pummelled by the economic ramifications of the coronavirus pandemic. New research suggests that the worst affected industries will be the hardest hit again as Europe heads into another round of major lockdowns.

  • Grim tidings for stocks as mutant Covid strain shuts UK borders

    Grim tidings for stocks as mutant Covid strain shuts UK borders

    European stock markets fell heavily in early trading on Monday morning after European countries shut their borders to the UK over a new mutant variant of the coronavirus, which is rapidly spreading through the country. With the UK also heading rapidly towards a no-deal Brexit in January there is little Christmas cheer among equity investors.

  • Rich countries will learn to stop worrying and love the debt

    Rich countries will learn to stop worrying and love the debt

    Governments have had little choice but to load up on debt to save their economies. With the crucial support of low interest rates and vast quantitative easing programmes, there is little immediate threat to debt sustainability. But as Jasper Cox reports, nothing lasts forever.

  • IADB sets aside $1bn for vaccines as LatAm faces distribution challenge

    IADB sets aside $1bn for vaccines as LatAm faces distribution challenge

    The Inter-American Development Bank (IADB) said on Wednesday that it would mobilise $1bn of resources to support Latin American and Caribbean countries in their efforts to acquire and distribute Covid-19 vaccines, as analysts warn most of the economic benefits from vaccinations may only reach Latin America in the second half of 2021.

  • No bids for Trafford Centre as retail outlook darkens

    No bids for Trafford Centre as retail outlook darkens

    The Canada Pension Plan Investment Board (CPPIB) has taken over Manchester’s Trafford Centre after failing to find an alternative buyer. It chose to acquire the property after the collapse of shopping centre owner Intu.

  • Travelodge raises pricey private tranche

    Travelodge raises pricey private tranche

    Travelodge privately placed £65m of 9% four year bonds at 96, according to a statement from the issuer, following Lowell’s similar decision to tap into a firm market ahead of year-end. Shareholders Avenue Capital and GoldenTree are experienced distressed investors, actively seeking other companies wanting to raise cash at double-digit yields, but have opted for third-party money this time.

  • Calls build for ECB debt cancellation

    Calls build for ECB debt cancellation

    Politicians across Europe are interested in the idea of the European Central Bank writing off the government bonds it holds, but this looks tricky and potentially not so useful after all.

  • European corporate bond investors plan move down ratings

    European corporate bond investors plan move down ratings

    Europe’s corporate bond investors are starting to make bets that industries battered by the coronavirus pandemic and crossover-rated names are going to be the performers of 2021, even though speculative grade defaults reached a post-global financial crisis high in November.

  • SRT market falls short of 2020 hopes

    SRT market falls short of 2020 hopes

    The significant risk transfer market is usually at its busiest in December, as issuers hope to gain balance sheet benefits by year-end. But 2020 has seen a pullback from investors who have blamed a lack of credit data brought about by Covid-19 payment moratoria.

  • Draghi and Rajan-led group offers fixes for corporate distress

    A G30 committee led by Mario Draghi and Raghuram Rajan has outlined proposals for governments looking to deal with the surging corporate distress caused by the pandemic. The paper, published on Monday, recommends better restructuring laws, equity infusions, business interruption reinsurance and targeted credit for the most vulnerable companies.

  • Cellectis US cap raise closes historic year for biopharma

    Cellectis US cap raise closes historic year for biopharma

    Cellectis, the French gene-editing company, has launched a $100m US capital raising to help fund its research and development operations. The sector has had a record year for issuance in 2020, as the Covid-19 pandemic has concentrated minds on global healthcare innovation.

  • IMF no panacea for Costa Rica, says Fitch

    IMF no panacea for Costa Rica, says Fitch

    Costa Rica’s finance ministry said on Monday that it planned to begin discussions over a new $1.75bn IMF programme in the second week of January. But though an agreement would likely drive a rally in the sovereign’s bonds, Fitch Ratings warned it would not remove debt sustainability pressures.

  • EBA warns of deterioration in asset quality

    EBA warns of deterioration in asset quality

    The European Banking Authority has warned the market to expect a sharp deterioration in asset quality next year, after publishing a wealth of new information on provisioning practices.