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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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Guggenheim Partners has priced a €281.65m European CLO, Bilbao CLO III, the fourth manager to come to market since the Covid-19 crisis began. -
Since the start of the Covid-19 crisis, Finland has found a novel way to meet its increased funding needs: private placements. Over the last six weeks, the sovereign has supplemented its regular auctions with €5.65bn of privately placed trades, issuing private debt off its benchmark bond programme for the first time ever.
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Direct lending funds are likely to be the best choice for sponsors looking to fund buyouts this summer, with investment banks still sitting on substantial bridge books, and simplicity and certainty of execution being the top priorities.
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Germany has picked the banks that will run its first syndicated transaction since 2015 and its first 15 year bond. The sovereign will likely make its market return on Wednesday. The trade forms part of Germany's updated strategy for its colossal funding programme financing the response to the Covid-19 pandemic.
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Pharmaceutical company Stada announced a €200m bond on Tuesday, a "mirror" of its existing 3.5% 2024s. The new issue is rated B2 at Moody’s, making it one of the lowest rated issues to have surfaced in euro high yield since the coronavirus crisis hit, but Stada is one of the least affected issuers in the market, and said that March 2020 saw its highest ever monthly production.
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Swedish airline SAS has signed a Sk3.3bn ($336m) revolving credit facility backed by the Swedish and Danish states, as state support for airlines gets approval across Europe.
