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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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In this round-up, China’s economy shrinks for the first time since records started, exports and imports fall in March but rebound from recent lows, and the State Council will further develop the country’s capital markets. -
China National Travel Service Group Corp (CNT) raised $900m from a dual-tranche bond on Thursday, making it the first Chinese state-owned enterprise to come to the market in more than a month.
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Bondholders are expected to fight a formal restructuring proposal from the Argentine government that should arrive on Friday and proposes heavy haircuts, say market participants. Argentina’s government appears ready to play hard ball.
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Citi has announced a host of country-specific relief measures for some of its Asia Pacific clients impacted by the Covid-19 pandemic, including fee waivers for loan extensions and the option to restructure borrowings.
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Bond markets handsomely rewarded Peru on Thursday for leading the way in Latin America on economic policy reaction to the Covid-19 crisis, notching its lowest ever dollar funding costs. As Peru’s public treasury director said the deal was to increase already substantial liquidity buffers, Lat Am bankers were left hoping the result would encourage more reluctant issuers.
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Analysts are revising forecasts for new CLO issuance, predicting a steep drop from $90bn projected at the beginning of the year to about $55bn for full year 2020, according to Deutsche Bank.
