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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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Cineworld has withdrawn from its proposed acquisition of Canada’s Cineplex, which had been funded by a $1.9bn term loan syndicated in February.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.
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Stocks around the world fell on Monday after a spike in new cases of coronavirus were revealed in the US and China over the weekend, setting a stage for what is likely to be another busy but volatile week for European equity capital markets.