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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 Commission delivered its proposal for Next Generation EU on Wednesday, marking a sea change in the bloc’s relationship with the capital markets as it proposes truly shared borrowing to finance expenditure for the first time. The move could make the Commission the biggest supranational and agency borrower by some distance, Lewis McLellan reports. -
May has been another stellar month for US corporate bond issues, but issuance is expected to fall sharply as lockdown restrictions start to be lifted and international political concerns return to centre stage.
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Loans packaged into US commercial mortgage-backed securities (CMBS) delinquent by 30 days or more have quadrupled, according to remittance reports published in May, as the economic devastation of the coronavirus pandemic ripples through the financial system. Market participants fear record levels of distress if borrowers that are now in their grace periods add to the figures in the coming month, writes Max Adams.
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The Covid-19 pandemic has caused a “quantum” change in the amount of capital required to finance development, according to the head of the European Bank for Reconstruction and Development (EBRD).
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JDE Peet’s, the coffee business owned by JAB Holdings, closed the books on its IPO after an accelerated roadshow that lasted only three days. The transaction still attracted huge demand from investors eager to buy into the only sizeable IPO in the market.
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European insurance companies were busy raising capital in every major currency this week, as they showed they were not willing to let a strong issuance window pass by them amid Covid-19.
