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Calendar quirk could keep issuance going in December
◆ Praemia refis at a tighter coupon ◆ Schneider lands tight at the short end ◆ Minimal concessions needed
French biotech seeks to accelerate cancer vaccine program
◆ Single digit premiums offered ◆ Reverse Yankees dominating euro supply ◆ Floaters proving popular with multi-tranche issuers
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Standard & Poor’s expects the European default rate to climb to the highest level seen since the fallout from the last financial crisis. -
The sharp rise in corporate fallen angels this year has not led to sharp yield rises for the effected companies, leaving people on the front lines of European corporate capital markets scratching their heads to try and work out why.
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A surge in repo-eligible issuance and deteriorating credit outlook for the retail and hotel commercial mortgage segments that secure some cover pools has pummelled the Pfandbrief market. This has been compounded by a lack of transparency leading to "an uneasy feeling" and ‘some uncertainty’ said bankers.
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Analysts at Société Générale say that bank credit spreads have plenty of room left to tighten in 2020, especially as supply volumes fall in the second half of the year.
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National champions have outpaced their smaller peers in the rally in bank bond spreads over recent months. Investors say individual valuations in the middle tier of the sector could pick up, but that the chances of consolidation may first have to improve.
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Icelandair, Iceland’s flag carrier airline, has been approved for a state-backed loan guarantee that is contingent on it raising $147m-equivalent through a “vital” share sale, as a major airline industry body calls for more government assistance to the sector.
