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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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Some banks in the eurozone tightened their lending standards in the first quarter of 2020 as the coronavirus pandemic spread across the globe, even as loan demand surged, according to a European Central Bank survey that provides the first systematic evidence on the subject. -
Three out of four bondholder groups have voted in favour of Norwegian Air Shuttle’s rescue package, but the deal is stuck on the plans for the issuer's euro secured notes, which only won a 62% approval rate — below the two-thirds majority needed.
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Unédic, the French agency responsible for providing the country's unemployed with social benefits, has had to ramp up its borrowing programme for 2021, thanks to the impact of the coronavirus pandemic.
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The UK Municipal Bonds Agency has announced the two first councils that will take part in its pooled issuance scheme, although the bonds themselves may well not be issued before the summer.
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Lloyds Bank has got most of its covered bond and senior funding out of the way already this year — ideal, given the threat of the coronavirus pandemic to both bond markets and the wider economy. But the bank has also been busy optimising its capital stack, which should support its lending just when it is most needed.
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More European convertible bond issuance is expected in the weeks and months ahead as companies continue to scramble to raise liquidity or take advantage of the opportunities that the Covid-19 pandemic has unexpectedly created.
