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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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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.
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When mortgage payment holiday schemes start to run out at the end of the year, there looms a genuine risk of a wave of defaults. Allowing investors access to borrower-level data may be the only way banks can clean up their balance sheets and maintain lending to the real economy but it is fraught with hazard and must be deftly handled.
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India’s banking sector has long been in trouble. However, while a few banks can appeal to the equity capital markets to restore their capital levels — and their reputations — this won’t be easy or cheap.
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Fitch played down fears about the impact of payment holidays on UK covered bond pools this week, arguing that high credit quality would offer a strong line of defence against defaults.
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The China Securities Regulatory Commission has kicked off its annual rating process of domestic securities houses after updating several grading metrics and adding two bonus criteria.
