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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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The European Covered Bond Council has updated its harmonised transparency template to include a new tab that tracks mortgage loans that have been granted a payment holiday due to the impact of Covid-19. Credit rating agency analysts welcomed the move, but said there is still a question over how loans will perform after payment holidays end. -
The Republic of Albania won a €3bn book for its bond market return on Tuesday, whittling down pricing to a yield of 3.625% for its seven-year deal.
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Whitbread, the parent of Premier Inn and Beefeater Restaurants, completed its £1bn rights issue on Wednesday, winning strong support from shareholders, who backed the company’s desire for expansion as the coronavirus pandemic recedes.
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SK Biopharmaceuticals has begun bookbuilding for its up to W959.3bn ($804.9m) IPO. It is set to be South Korea’s first listing in 2020.
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With bondholders mobilising ahead of a debt restructuring, Ecuador’s bonds have enjoyed a strong rally on the back of the borrower's perceived goodwill to the markets. But the government faces a delicate task in executing a restructuring.
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The months since the coronavirus outbreak have been a difficult period for the CLO market, as waves of loan downgrades and corporate bankruptcies create a turbulent environment for mangers to steer their deals through. Since March, the CLO space has seen various strategies employed by both managers and investors to mitigate the effects of the crisis. The pandemic has been a period of distress, but could also be a chance for players in the market to differentiate themselves and stand out, according to Allison Salas, CLO research analyst at DWS Investment Management. Salas spoke with GlobalCapital’s Max Adams on the evolution of CLO documentation, manager strategies and the implications of the Covid-19 outbreak for Libor transition.
