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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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The US convertible bond market is showing little sign of slowing down, after another wave of new issues this week, including a jumbo $2.3bn bond from Southwest Airlines. The boom will continue, sources said, as companies attempt to bring in capital to offset a loss in revenue because of Covid-19. -
UK pub chain JD Wetherspoon has sold £141m of fresh equity to keep itself afloat until the UK government lifts the country’s lockdown, which led to the closure of all pubs.
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The UK’s RPS Group, a professional services consultancy firm, has signed a £60m short term revolving credit facility that sits alongside its main bank revolver, as borrowers continue to build their access to liquidity in the face of the Covid-19 pandemic.
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The funding needs of Spain’s regions are expected to rise this year. The coronavirus pandemic is stretching healthcare resources, which are funded at a regional level, and will require financing, according to debt capital markets bankers.
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Coffee machine company Selecta’s high yield bonds dropped 24 points on Wednesday after it released awful numbers for the fourth quarter of last year — sending leverage shooting up well before any coronavirus impact. It was the first company in Europe to announce it had raised new super-senior debt from its sponsor, KKR Credit, which injected a €50m liquidity facility into the capital structure in March.
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Volkswagen is one of the world’s biggest car companies and, in many years, Europe’s biggest corporate bond issuer. But being an A3/BBB+ rated credit with a strong following in the market does not guarantee you can refinance a €200bn debt load when a pandemic shuts down nearly all the world’s developed economies.
