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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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Congress set aside $60bn for small businesses in the second round of funding for the Paycheck Protection Program (PPP), but excluded fintechs from participating in distributing the funds. While fintechs thought the pandemic could be a chance to solidify their standing in the lending world, legislators have been reluctant to give them the opportunity. -
The UK Debt Management Office has announced a borrowing programme that will, in the next four months alone, exceed the country’s largest ever annual total. Gilt yields have stayed steady, thanks to investors’ faith in the Bank of England’s asset purchase facility.
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Significant risk transfer (SRT) deals have temporarily dried up following the European Central Bank’s decision to lower risk requirements for banks, but market observers say deals will still go ahead in 2020.
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Fundraising by continental European companies in response to Covid-19 has lagged behind those in the UK, which have raised more than £3bn since mid-March, but it is beginning to gather steam, with several large capital raises this week, including sales of new shares and convertible bonds by Just Eat Takeaway.com, the online food ordering marketplace, and Dufry, the Swiss operator of duty free concessions.
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Belgium and Ireland announced increases to their 2020 funding requirements this week, as they look to counter the impact of the coronavirus pandemic.
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Telecom Italia and Vodafone have monetised part of their stakes in Inwit, the Italian wireless telecommunications infrastructure company, reopening the market for secondary share sales in Europe.
