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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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Russian borrowers are still seeking funds from international lenders, with a handful of companies in the market. However, dynamics have changed amid the spread of the coronavirus and borrowers must offer higher margins to fewer lenders. -
The UK’s Vitec Group, which provides camera and recording equipment, has renegotiated the covenants on its £165m revolving credit facility, in a growing trend that loans bankers expect to continue until the coronavirus pandemic eases.
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Greece is looking to divert the use of proceeds of its borrowing to help it tackle the coronavirus crisis, but that is not likely to result in an increase to its funding programme.
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The prospect of switching out of Pfandbriefe exposed to a high proportion of foreign commercial real estate and into higher-yielding, and more liquid, Scandinavian covered bonds exposed to domestic loan portfolios that are less affected by the coronavirus, is a tempting choice. But the protection Pfandbriefe offer investors and the scarce supply outlook means spreads on the product will remain supported, said bankers on Monday.
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France is looking at conducting a large syndication this month as it looks to finance a much bigger funding programme, according to SSA debt capital markets bankers.
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Synlab, a medical testing firm owned by Cinven, is looking to push out its debt profile, amending and exchanging bonds and loans due 2022 to a loan with a 2024 maturity. It is the first flicker of life in the European primary leveraged loan market since the coronavirus crisis hit.
