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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 European CLO primary market is back in business, with new deals priced on Monday from Permira Debt Managers and Redding Ridge Asset Management. But the market backdrop looks very different, with new issues shorter, less levered, and much more expensive than the last pre-virus trades. -
The Financial Conduct Authority has written to UK banks warning them against pressuring clients for mandates on Covid-19 equity capital raises using their lending relationship as justification.
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The European Commission’s ideas for a “Union Recovery Programme”, based on an internal note seen by GlobalCapital, are “worrying” based on the limited size and possible conditionality attached to the measures, according to two economists.
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UBS generated almost as much profit before tax from its global banking and markets operations in the first quarter as it did across all of last year, it revealed on Tuesday. This was despite taking credit losses and marking down exposures. The bank benefitted from a good turnout in FX and rates and its heavy involvement in a shrunken M&A fee pool.
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The European Commission said on Tuesday that it would amend bank capital rules in the EU to free up more capacity for lending during the coronavirus pandemic. Its new measures include a proposal to reset the transitional period for IFRS 9, as well as several changes to leverage ratio requirements.
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Norwegian video conferencing company Pexip has been hailed by equity capital markets bankers as an ideal IPO for the times amid a surge in remote working due to the Covid-19 global pandemic.
