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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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The UK government has filled one of the last gaps in its offer of financial help to companies struggling with effects of the coronavirus, by removing the cap of £500m revenue, which had barred many medium-sized companies from accessing government loans — raising the possibility that high yield bond issuers could tap loans for a variety of purposes.
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Improving the transparency of debt and investment in emerging and developing countries will be even more important to improve the long-term sustainability of lending in the wake of the urgent need for countries to secure financing to fund initiatives to tackle the pandemic and deal with its economic impacts, World Bank president David Malpass said on Friday.
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Nexi, the Italian payments company, has sold a debut €500m convertible bond overnight with a simultaneous delta equity placement to circumvent the three month short-selling ban that has been imposed in Italy as a result of the Covid-19 pandemic, according to market sources.
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The European Central Bank has been buying Italian government paper well above the pace indicated by the capital key, but has still struggled to keep the beleaguered sovereign’s spread to Bunds in check.
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The European Central Bank is encouraging investment banks to keep up their market making activities during the coronavirus pandemic by offering them temporary relief on their capital requirements for market risk.
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ArcelorMittal, the steel company headquartered in Luxembourg, has signed a $3bn new loan facility with four banks.