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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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Chinese conglomerate HNA Group has missed yet another payment, this time of $750m, on a loan it raised in 2016 to acquire Ingram Micro, a US information technology and products distributor. -
Chile priced the tightest EM sovereign bond in the Covid-19 era on Tuesday, selling a dollar deal flat or inside its curve and tight to where neighbouring rival Peru had issued last month.
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Europe’s SMEs are in trouble. The coronavirus pandemic has zeroed revenues and threatens their very existence. They last faced a big threat in the 2008 crisis when bank lending dried up and a recession took hold. Back then, securitization took a lot of the blame as the cause, but this time it offers a route to rescue.
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Capital markets have not seized up when mediated through the home office. But with remote working set to be the norm for the foreseeable future, the finance industry must be alert to less perceptible problems.
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LendingClub announced that it is anticipating lending volumes to decline by 90% in the second quarter, as the online lender tightens its underwriting criteria in response to a sudden drop in investor interest and mounting unemployment numbers, the company said in an earnings call.
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The top tier of emerging market companies and sovereigns are funding themselves at near pre-coronavirus levels, but there is stark inequality in the market. The vast majority of EM corporates will have to sit out a while longer as funding costs remain prohibitively high for triple- and double-B rated issuers, writes Oliver West.
