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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
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Swedish airline SAS needs Skr12.5bn (€1.2bn) of new funding to get through the coronavirus pandemic. The Swedish and Danish governments have pledged billions more to support it, on top of the revolving credit facility guarantees granted last month, but want “burden sharing” from financial stakeholders in SAS, including holders of its conventional and hybrid bonds. -
Cineworld has withdrawn from its proposed acquisition of Canada’s Cineplex, which had been funded by a $1.9bn term loan syndicated in February. With lenders to the transaction sitting on a paper loss of around 30 points, the collapse of the agreement will prove a boon, but break fees, swap costs and litigation could chip away at the chain’s stretched cash resources.
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Slovakia's Vseobecna uverova banka (VUB) will offer covered bond investors a rare chance to buy bonds with a considerable pick-up to core European deals, having mandated leads for a €500m five year deal rated Aa2 that is expected to be launched on Tuesday, subject to market conditions which have recently deteriorated.
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Despite a staggering drop in emerging market syndicated lending during the coronavirus pandemic, Russian borrowers are not letting wider margins put them off. With a number of deals in the pipeline, the market is uncharacteristically raring to go.
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Sentiment is deteriorating in the financial institutions bond market amid fears of a second wave of coronavirus infections. Issuers are now expected to take a back seat until credit spreads show more signs of stability.
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Europe’s corporate bond secondary market widened on Monday, amid a far sharper sell-off in equities, and bankers say a bump in cases of coronavirus in the US and China will dampen new issuance.
