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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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BMW Bank has released initial price thoughts for its latest car loan securitization, set to test the primary ABS market, which has been dormant for nearly two months. -
The European Central Bank said this week that it wants to be ‘pragmatic’ with its supervisory review and evaluation process (SREP) this year, keeping Pillar 2 capital requirements at stable levels for banks amid the coronavirus crisis.
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Synlab’s multi-part liability management exercise has ended up leaning more heavily on the bond market than on loans, with the new FRN leg boosted from €400m to €850m, more than compensating for limited take-up from lenders asked to switch into a longer dated loan. But it should be little surprise that the bond went better, as it paid investors an extra 75bp for a near-identical product.
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Banco BPM’s has amended its covered bond documentation to include loans affected by Italy’s mortgage moratorium in the asset coverage test (ACT), highlighting the challenge to transparency caused by discrepancies between issuer's programmes — even within the same country.
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The IPO of Exasol, the German database analytics firm, has launched on the Frankfurt exchange in the same week as Pexip, the Norwegian video conferencing firm, priced its Nkr2.14bn ($206m) listing in Oslo following a fully electronic marketing process.
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High grade corporates filled the primary bond market again on Wednesday, with issuance levels this week looking likely to hit almost €20bn on the back of record weekly European Central Bank bond buying.
