Health and Biotech

  • LatAm rests on high but viral risks linger

    LatAm rests on high but viral risks linger

    The final Latin American corporate deal before a hiatus for the earnings blackout period showed that borrowers were benefiting from volatility related to Covid-19, the official name of the coronavirus outbreak. However, a prolonged scare could bring negative consequences.

  • Asian IPO markets hamstrung by coronavirus spread

    Asian IPO markets hamstrung by coronavirus spread

    Asian IPOs are suffering as the spread of Covid-19 (the coronavirus) accelerates, with the flow of Chinese listings in Hong Kong having slowed to a standstill. Bankers are looking into any solutions, but the curb of face-to-face contact is hanging over the world’s busiest stock exchange. Jonathan Breen reports.

  • ADBC heads to dim sum market to combat coronavirus

    ADBC heads to dim sum market to combat coronavirus

    Agricultural Development Bank of China has sold Rmb14.5bn ($2.1bn) of bonds to combat the Covid-19 (coronavirus) outbreak, including a deal in the dim sum bond market this week. Rebecca Feng reports.

  • Monetary policy outweighs virus fears

    Monetary policy outweighs virus fears

    Investors in the SSA market are piling into long dated bonds, leaving aside any coronavirus-driven fears and swelling the order books on 30 year and 50 year paper to record breaking levels, in what bankers are calling a 'one way market'.

  • Pandemic bond slips as coronavirus spreads

    Pandemic bond slips as coronavirus spreads

    The value of the riskier tranche of the World Bank’s pandemic bond has been discounted — but not by very much — as the coronavirus outbreak infects more people outside of China and therefore comes closer to triggering a payout from the notes.

  • ECM investors buck coronavirus fears to binge on blocks

    ECM investors buck coronavirus fears to binge on blocks

    EMEA equity capital markets roared back into life this week, as fears over a potential coronavirus pandemic abated to allow the blocks market to reopen in size. A huge slug of supply on Monday evening that traded up left investors hungry for more, report Sam Kerr and Aidan Gregory.

  • Aircraft ABS investors demand more spread as virus fears grow

    Aircraft ABS investors demand more spread as virus fears grow

    Investors are looking for more yield on aircraft ABS paper as fear over the coronavirus intensifies globally. With Asia taking up a bigger share of global air travel than during the SARS outbreak in 2003, investors expect the coronavirus to have a bigger impact on the market.

  • LVMH and Comcast laugh at virus fears with huge bonds and orderbooks

    LVMH and Comcast laugh at virus fears with huge bonds and orderbooks

    LVMH Moet Hennessy Louis Vuitton, the French luxury goods group, and Comcast, the US telecommunications company, brought the European corporate bond market's two biggest multi-tranche issues of the year on Wednesday, each hitting sterling and euros, and blasting aside fears among some players of the economic impact of the coronavirus outbreak. LVMH raised a whopping €9.33bn, Comcast €4.6bn.

  • Chinese issuers prep coronavirus bonds to combat disease

    Chinese issuers prep coronavirus bonds to combat disease

    Chinese policy banks and corporations are planning to sell renminbi bonds onshore to battle the coronavirus outbreak, using the capital markets as a source of key funding during a challenging time for the financial industry.

  • Asian bond market reopens amid virus outbreak

    Asian bond market reopens amid virus outbreak

    Asia's dollar bond market reopened on Wednesday amid volatility around the rapid spread of the novel coronavirus. But debt bankers in the region are cautiously optimistic about the state of the market.

  • Equity market should fear coronavirus threat to China GDP

    Equity market should fear coronavirus threat to China GDP

    A fall in equity markets last week reflected an automatic reaction to the possibility of a new global pandemic. But the more substantial effect of the coronavirus outbreak on equities may be reflected in economic performance, rather than the rate of contagion.

  • Coronavirus will not undermine Asian markets

    Coronavirus will not undermine Asian markets

    The outbreak of the novel coronavirus in China is taking its toll on Asia's capital markets. Many countries have acted quickly to contain the disease as much as possible, leaving investors, bankers and companies with capital market ambitions in limbo, with many forced to cancel travel plans and work from home. The outbreak shows no signs of abating — but it may not mar the capital markets for long.

  • Akeso refiles for HK IPO after rejection

    Akeso refiles for HK IPO after rejection

    Chinese biotechnology firm Akesobio has resubmitted its IPO documents with the Hong Kong Stock Exchange, two months after the bourse rejected its original listing application.

  • Hong Kong bourse rejects Akeso IPO filing

    Hong Kong bourse rejects Akeso IPO filing

    Hong Kong’s stock exchange has returned Chinese biotechnology firm Akeso’s listing application, a deal being sponsored by JP Morgan and Morgan Stanley.

  • Virus fears keep Asian bonds at bay

    Virus fears keep Asian bonds at bay

    Asian debt bankers had expected a peaceful week amid the Chinese New Year holidays, but rising concerns about the spread of the coronavirus this week led to a rush of emergency calls. Several borrowers have decided to skip or delay planned roadshow meetings in Hong Kong.

  • Coronavirus outbreak shutters ECM after Asia market battering

    Coronavirus outbreak shutters ECM after Asia market battering

    European equity capital markets’ buoyant start to the year ground to a halt this week as banks held back from doing deals over concerns about the outbreak of a deadly strain of coronavirus in China and how it may damage investor risk appetite. Losses in Asian markets, which are reopening following the Lunar New Year holiday, have compounded fears that global risk sentiment may be turning.

  • Virus rally fails to deter SSA buyers

    Virus rally fails to deter SSA buyers

    The coronavirus outbreak has driven a rush to safe haven assets. While the demand for SSA paper is hotter than ever, some feared that sharply falling yields would make the primary market less attractive. However, borrowers have proved those worries unfounded by building big order books for new bonds this week.

  • ECM bankers fear Asia losses will hinder EMEA deals

    ECM bankers fear Asia losses will hinder EMEA deals

    Equity capital markets bankers are on tenterhooks following the volatility in markets caused by the outbreak of the coronavirus in China. Although a prolonged downturn is not expected, bankers are waiting to see how investors respond to losses suffered in Asian markets before advancing new deals.

  • Essity's sub-benchmark bond gets plenty of traction

    Essity's sub-benchmark bond gets plenty of traction

    Essity, the hygiene and health products company spun off by Sweden's SCA in 2017, slipped into the bond market with a €300m no-grow 10 year issue on Tuesday. The issuer was estimated to have paid a low single digit new issue premium.

  • Chinese pharma names flock to ECM market

    Chinese pharma names flock to ECM market

    There was a burst of activity from Chinese pharmaceutical and biotechnology companies in the equity capital markets this week, as the sector took centre stage following the spread of a flu-like virus that has already claimed lives on the mainland. Jonathan Breen reports.

  • Sino Biopharm nets €750m from debut CB

    Sino Biopharm nets €750m from debut CB

    Sino Biopharmaceutical issued a zero coupon convertible bond on Wednesday, boosting the size to €750m as demand poured in from across Asia, Europe and the US, according to multiple sources close to the deal.

  • Pharming Group reopens EMEA’s CB market

    Pharming Group reopens EMEA’s CB market

    Europe’s primary equity-linked market has reopened, with a new €125m convertible bond from Pharming Group, the Dutch speciality pharmaceuticals company.