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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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Rating agencies have continued their policy of taking swift action on Latin American governments as Standard & Poor’s removed its positive outlook from Brazil, the region’s largest economy, citing political opposition to President Jair Bolsonaro as a key reason. -
More than 100 charities and other organisations are urging that developing countries' debt payments be cancelled this year. They have called for interest and principal payments to be withheld from public and private sector lenders.
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Lenders are scrambling to process an overwhelming number of applications without clear guidelines for the Paycheck Protection Program (PPP), a government-backed lending program that kicked off last Friday. From certifying lenders to accepting applications, sources have described the process as "a disaster", with many small businesses running out of time and cash.
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Covered bond investors have begun to return, primary market spreads have tentatively started to tighten and new issue concessions are coming down — which theoretically bodes well for a broadening of supply. But bankers, battered by the stresses of the last month, remain cautious.
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BP, the UK oil and gas company, has set up a new $10bn revolving credit facility, as oil companies look to shore up their cash positions in response to the twin maladies of Covid-19 and a drop in oil prices.
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Shares in UK newsagent chain WH Smith rose more than 4% on Monday morning after it confirmed it was preparing a capital increase to repair its balance sheet after the spread of the Covid-19 coronavirus led to a large drop in the number of shoppers at its lucrative airport stores.
