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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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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.
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Angelo Gordon has broken the record recently set by Albacore to print new post-coronavirus tights, with Bank of America leading the senior notes to land at a discount margin (DM) of 150bp. -
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.
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Europe’s high grade market finally found a solid footing on Thursday after days of scrabbling for purchase, with the biggest trades of the day landing flat or through fair value.
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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.
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Poland has become the first CEEMEA country outside the eurozone to sell a bond with a negative yield since the onset of the coronavirus pandemic.
