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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
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As Western societies begin to contemplate life returning to some semblance of normality, the financial industry is working out how best to balance the understandable desire to get back to how things were before the crisis with the very real threat of a new and more deadly wave of coronavirus brought on by a mass-return to offices. GlobalCapital’s Silas Brown spoke with Peter Openshaw, a specialist in immunology and virology and professor of experimental medicine at Imperial College, about the transmission of Covid-19 and how banks, investors and companies can reduce the risk of infection. -
US and European airlines and aircraft makers have had contrasting experiences in the capital markets during the Covid-19 pandemic, highlighting the two continents’ different corporate finance cultures, as well as the way central bank support is being received in the market, writes Mike Turner.
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New issue premiums evaporated in the high grade corporate bond market this week, with multiple issuers printing well through their curve as the world begins to emerge from pandemic lockdown.
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Issuance in the financial institutions bond market had a preferred senior flavour this week, with issuers finding this the most cost-effective funding compared with other asset classes. In addition, some of them can use it to fulfil regulatory requirements.
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Volkswagen Financial Services has said it will inject cash into its ABS transactions where borrowers have been granted payment holidays, aiming to top up the deals to protect investors from the decline in likely residual values.
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Hertz, Avis and Europcar are all facing the same problem. Nobody is travelling, and so nobody is renting cars. Vast airport car parks full of ready-to-go rental cars stand idle, and cash flows at all three companies have stopped almost dead. But they have fared very differently — from near-bankruptcy to leaning hard on government.
