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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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German chemicals and consumer goods firm Henkel cleaned up in Swissies after a 24 year absence this week, while local company SGS ventured out further along the maturity curve. -
Italian government bonds sold off sharply this week as worries grew over the sovereign’s debt sustainability after last week’s Eurogroup meeting left any form of debt mutualisation a highly unlikely prospect in the near term. The result is that Italy will have to rely more on support from the European Central Bank as it prepares to bolt on a much bigger borrowing programme in response to the coronavirus pandemic.
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US banks this week reported stellar returns from trading and underwriting in the first quarter, even as the bottom line was hit by gigantic writedowns and reserves for credit losses, as the economic and financial disruption from the coronavirus crisis took its toll.
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Bank of Italy officials said this week that the country’s most fragile financial institutions might struggle to cope with the economic impact of the coronavirus pandemic, raising the prospect of consolidation within the banking sector.
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Informa, the UK publishing and events company, has taken the decision to suspend its dividend and raise £1bn of fresh equity after the Covid-19 pandemic caused hundreds of its conferences to be postponed.
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Several CLO issuers have been sounding out the European sector in recent days in the hope of issuing a deal, with Permira Debt Managers and Oaktree Capital both said to be marketing transactions.
