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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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Kensington has added features to the new deal in its flagship Finsbury Square RMBS programme to assuage investor concerns about Covid-related payment holidays, with two new reserve funds, a big boost to credit enhancement, and much of the deal placed before announcement. But recovering market appetite means securitization markets could soon revert to broad syndication. -
Oil major BP printed its debut hybrids this week, defending its balance sheet from the huge slump in oil prices and the ravages of global lockdown. The company lured €20bn of orders a day after writing off up to $17.5bn of assets, proving that if you’re a company with something unusual to bring to capital markets, now is the time to do it.
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The Republic of Belarus ditched euros on its return to bond markets on Wednesday, printing two dollar tranches on which it was able to ratchet pricing tighter.
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The Asian Infrastructure Investment Bank has approved loans totalling $1.2bn to India and Pakistan to help the two countries combat the Covid-19 pandemic.
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Heathrow is asking its high yield creditors to waive covenants it expects to breach this year in a return for a new commitment to a minimum cash level, a boost to coupon payments and a cancellation of any dividends, as it grapples with an 81% dive in earnings.
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Italy’s first IPO since the Covid-19 crisis, from medical filter and mask manufacturer GVS, has been priced in Milan. Now, there is hope of further listings on the exchange, despite jitters among domestic investors.
