Health and Biotech

  • KfW pares back funding programme thanks to new sources

    KfW pares back funding programme thanks to new sources

    While the coronavirus pandemic and its economic consequences are still a global threat, new sources of funds have enabled KfW to reduce its capital markets requirement for 2020. The German promotional bank's treasurer, Tim Armbruster, and head of capital markets Petra Wehlert discussed the matter with GlobalCapital.

  • Crunch time coming for Europe’s corporates

    Crunch time coming for Europe’s corporates

    Europe’s high grade corporate debt bankers say that early September will be an inflection point in the market. The full effects of the coronavirus pandemic will be on display in corporate earnings and the direction for their investment plans will be clearer.

  • Australia announces busy 2020-21 funding programme

    Australia announces busy 2020-21 funding programme

    The Australian Treasury has unveiled its funding plans for its new 2020-21 fiscal year, funding its coronavirus response via a record number of syndications and an extension of its curve out to 2051.

  • HY passes cyclical test with Renk takeout

    Specialist transmission manufacturer Renk sold a high yield bond this week, testing the market’s capacity for companies in cyclical sectors — though marketing for the five year issue lent heavily on the company’s stable military and servicing contracts.

  • KfW cuts funding requirement by €10bn

    KfW cuts funding requirement by €10bn

    KfW has slashed €10bn from its 2020 funding requirement, and will spend much of the second half of the year focusing on dollars and on green bond issuance.

  • Covenants prove a wrinkle in PP battle with public debt

    Covenants prove a wrinkle in PP battle with public debt

    After discussions with US private placement holders, French food services company Sodexo has said it will repay roughly $1.6bn of debt early, in the largest ever early repayment of US PPs. It is a result of tensions that have flared up during the pandemic over covenant protections, which some fear will lead to a drop in corporate PP deal flow.

  • MasMovil bookrunners derisk bond deal with boost to loan

    MasMovil bookrunners derisk bond deal with boost to loan

    Banks backing Cinven, KKR and Providence’s take-private of MasMovil have boosted the size of the euro loan tranche in the market this week by €500m, cutting down the planned bond that will fund the remainder of the deal, the first major LBO announced in Europe since the coronavirus crisis.

  • ADO Properties launches rights issue

    ADO Properties launches rights issue

    ADO Properties, the commercial and residential property developer in Germany, launched a €450m capital raising on Thursday, to pay off the debts of its peer, Consus, in which it will take a controlling stake.

  • Hong Kong IPO market defies China fears with bumper crop of deals

    Hong Kong IPO market defies China fears with bumper crop of deals

    Hong Kong’s IPO market had one of its busiest periods in years this week, with more than 10 live deals vying for investor attention. But bankers in the city are concerned by the ECM market’s dislocation with the social, political and economic backdrop. Jonathan Breen reports.

  • Suriname goes easy on 2023 holders but fiscal fright feared

    Suriname goes easy on 2023 holders but fiscal fright feared

    Suriname appeared to take a market-friendly approach to arranging debt relief on Wednesday as bondholders agreed to delay the amortisation schedule on its 2023s. But a full restructuring is still on the cards as the outgoing government appeared to wash its hands of responsibility for what is likely to be dire forthcoming economic data.

  • Trio of Italian banks shift risk with NPL SRT deal

    Trio of Italian banks shift risk with NPL SRT deal

    BPER Banca, Banco di Sardegna and Cassa di Risparmio di Bra are shifting a €343.4m non-performing loan portfolio, backed by a mix of soured secured and unsecured loans made mostly to corporate borrowers.

  • Regional lockdowns spark second wave credit crunch fears

    Regional lockdowns spark second wave credit crunch fears

    Local lockdowns in the UK in response to spikes in coronavirus cases have some loans bankers looking at their loan portfolios with rising concern that a widespread second wave could lead to a credit crunch for certain borrowers.

  • UK’s non-banks deserve a saviour too

    UK’s non-banks deserve a saviour too

    The UK government allowed the growth of the non-bank sector after the global financial crisis, but during the coronavirus pandemic, it has left it to fend for itself.

  • Fiat Chrysler continues funding drive with €3.5bn bond

    Fiat Chrysler continues funding drive with €3.5bn bond

    Fiat Chrysler Automobiles, the Italian-American crossover-rated car company, launched €3.5bn of bonds into the market on Tuesday, days after its Italian arm had agreed €6.3bn of bailout funds guaranteed by Italy.

  • Ares extends NSF securitzation covenant breach waiver

    Ares extends NSF securitzation covenant breach waiver

    Ares Management Corporation has agreed to extend a covenant waiver on its securitization financing for Non-Standard Finance (NSF) after initially giving the lender until June 29 to find alternative funding.

  • Biotech issuance surges as Covid-19 brings demand for innovation

    Biotech issuance surges as Covid-19 brings demand for innovation

    Equity issuance has surged during the Covid-19 pandemic in both Europe and the US, and one of the sectors that has printed the most stock in the first half of the year is the biopharmaceuticals industry. In the rush for healthcare innovation, banks say they are busy lining up more deals for the second half.

  • Redefine Properties restructures as pandemic hits landlords

    Redefine Properties restructures as pandemic hits landlords

    Redefine Properties, the South African real estate company focused on commercial properties, has completed a buy-back of its outstanding €117.2m 1.5% exchangeable bonds due 2021, as part of a wider restructuring of the firm.

  • Sodexo pays back $1.6bn of US PPs early

    Sodexo pays back $1.6bn of US PPs early

    After discussions with US private placement holders, French food services company Sodexo has said it will repay roughly $1.6bn of debt early. Four market sources said this was the largest corporate early repayment of US PPs of all time. Some fear a growing disconnect between institutional investors and companies over financial covenants, and attempts to amend them.

  • Mercialys pricing poser shows difficulty of gauging market

    Mercialys pricing poser shows difficulty of gauging market

    Mercialys, the BBB rated French shopping centre owner, launched a sub-benchmark bond with an eye-catching yield on Tuesday, wider than a simultaneous deal by Fiat Chrysler, which is crossover-rated. Syndicate bankers said trying to be precise about pricing and sentiment this week was more difficult than it had been for months.

  • Akbank out for dollars in 'opportunistic' trade

    Akbank out for dollars in 'opportunistic' trade

    Akbank, the top tier Turkish bank, approached investors for a dollar benchmark bond on Tuesday. The deal comes amid expectations that emerging market investors have finally opened up for corporate and financial institution issuance.

  • CEE bonanza as Poland and Ukraine swoop for bonds

    CEE bonanza as Poland and Ukraine swoop for bonds

    The Republic of Poland on Tuesday launched a three year euro bond, while Ukraine mandated banks for a 12 year dollar benchmark. Though bankers say the window is finally open for emerging market corporate issuance, there remains robust appetite for govvie debt.

  • Covid-19: sovereign borrowing response

    Covid-19: sovereign borrowing response

    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.

  • Funo to keep eye on markets after pulling Reg S deal

    Funo to keep eye on markets after pulling Reg S deal

    Mexican real estate investment trust (Reit) Fibra Uno will monitor markets as it continues to look for liability management opportunities after pulling a proposed Reg S-only trade last week, the company’s capital markets vice-president has told GlobalCapital.

  • No clear market direction as IG corporates line up deals

    No clear market direction as IG corporates line up deals

    Europe’s high grade bond market provided some mixed indications of sentiment on Monday with the deals for Takeda and SEE seeing notable differences in demand, leaving syndicate bankers trying to work out what this means for what is expected to be a busy week of issuance.

  • Turk Eximbank secures World Bank-guaranteed loan

    Turk Eximbank secures World Bank-guaranteed loan

    Turkey Export-Import Bank has raised a €380m loan with a partial guarantee from the World Bank. The deal complements a successful first half of the year for Turkish lenders in capital markets, in which almost all the top tier banks have raised loans.

  • ECM bucks second wave fears but discounts could grow

    ECM bucks second wave fears but discounts could grow

    The European equity capital markets are bucking wider equity market fears over a second wave of coronavirus infections in the US and bankers hope sentiment will hold even if global equity indices become more volatile.

  • HY gears up for cyclical test with Renk takeout

    HY gears up for cyclical test with Renk takeout

    Specialist transmission manufacturer Renk is marketing a high yield bond offering this week, testing the market’s capacity for companies in cyclical sectors — though marketing for the five year issue leans heavily on the company’s stable military and servicing contracts.

  • AB InBev buys back debt but leverage still major concern

    AB InBev buys back debt but leverage still major concern

    Anheuser-Busch InBev, the world’s largest brewer, received far below the €5.3bn-equivalent it had offered to buy back through a tender offer, as analysts still expect its leverage to remain at nosebleed levels for a company with a BBB+ rating.

  • OcuMension, Immunotech Bio launch IPOs

    OcuMension, Immunotech Bio launch IPOs

    OcuMension Therapeutics hit the market on Monday with its HK$1.55bn ($200m) IPO, the latest in a stream of healthcare sector listings on the city’s stock exchange.

  • Carnival shores up rescue loan at last

    Carnival shores up rescue loan at last

    Carnival Corporation, the world's largest cruise line, finally secured a dual currency leveraged loan on Friday, following its bond sale in April. The deal is expected to provide a financial lifeline for the company, which has been hard hit by the economic effects of the coronavirus pandemic.

  • Fed falls short of dividend ban after pandemic stress test

    Fed falls short of dividend ban after pandemic stress test

    The Federal Reserve has come under fire for failing to oblige banks to stop paying dividends at a time of extreme economic uncertainty. The results of its latest stress test showed this week that a quarter of US banks could approach their minimum capital ratios if the coronavirus pandemic leads to a double-dip recession.

  • Intu to enter administration as lender talks collapse

    Intu to enter administration as lender talks collapse

    Intu Properties, the UK shopping centre owner, is set for collapse as it looks to call in administrators following failed discussions with lenders around debt standstills. Some fear the effects could ripple across the struggling retail sector.