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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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Dutch port operator Royal Boskalis Westminster has refinanced a €500m revolving credit facility, as analysts warn that the coronavirus pandemic could see world trade plunge by as much as 34%. -
The private placement market has provided a valuable source of funding in both covered bond and senior unsecured format, German issuers told GlobalCapital on Monday in the wake of a Moody’s report that highlighted the limited use of Pfandbrief for funding commercial lending.
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BNP Paribas and Crédit Agricole have become the first euro area banks to launch senior bonds for nearly two months. They joined UBS in the euro market on Tuesday, taking advantage of a recent rally in credit spreads across the sector.
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The International Monetary Fund on Monday kicked off down the long road emerging market debt relief, giving six months’ waiver to 25 of its poorest members as calls grow for private sector involvement in the exercise.
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A large positive move in stock prices in the past three weeks has buoyed many market commentators, but equities bankers and investors are concerned that equity valuations still do not reflect the severity of the economic effects of the Covid-19 pandemic. If first quarter results or a worsening of the virus are bad enough to drive markets lower still, sufficient harm could be done to investor sentiment to slam shut a vital issuance window for companies desperate to raise cash.
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The Guinness Partnership, a UK affordable housing provider, has mandated for a long dated sterling bond, as some corners of the debt capital markets try and work out why sterling corporate issuance has been so patchy compared to the roaring euro market.
