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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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Emerging market borrowers are turning their noses up at the terms on offer in the loan market, which have become dearer during the coronavirus pandemic. Lenders say they are willing and ready to lend, but are not ready to concede on their terms, writes Mariam Meskin. -
Argentina’s turnaround under former president Mauricio Macri turned out to be a castle built on sand. But as the country heads towards default, the slick execution of its bond market fairytale between 2016 and 2018 could show the Fernández government how to handle investors.
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Mortgage payments deferred under national payment holiday schemes, designed to help homeowners through lockdowns, are adding risk to the covered bond market. Concerns were brought into sharp relief this week when Banco BPM amended programme documentation to include such loans, writes Bill Thornhill.
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$14.6bn of secondary block paper priced in Europe and the US this week, according to Cortex data, as sellers offloaded large stakes in listed companies. They were taking advantage of a rally since the bottom of the pandemic sell-off in March. However, falling earnings estimates mean some fear that sellers may be divesting stock because they believe the market is overvalued.
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ArcelorMittal’s $2bn recapitalisation with equity and mandatorily convertible bonds has traded badly in the aftermarket, leaving investors nursing heavy losses and raising fears of wider market contagion. Aidan Gregory, Sam Kerr and Owen Sanderson report.
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While the US high yield market has delivered a deluge of secured rescue bonds to bail out airlines, cruise lines, car rental firms, hotels and other "zero revenue" virus casualties, European high yield has stayed sedate, cautious, and stuck to the safest sectors. Can the European bond market rise to rescue financing?
