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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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Europe’s corporate bond market showed the same kind of energy on Tuesday that the US market did three times last week, as a clutch of blue chip issuers launched new deals on the very first day of stability the market offered. Sanofi found huge demand and only a slight slowness from the UK being in lockdown. -
With the continent on lockdown, European countries are taking different approaches to granting borrowers relief from mortgage payments, putting RMBS deals across Europe in uncharted territory.
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There is a plan to rescue the US economy with a $500bn corporate bailout. At the time of writing, that plan is held up in the US Senate. While the country's president Donald Trump is griping about the delay, it’s a fight worth having. The Republican Party's proposal is woefully short on oversight.
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The primary public sector bond market came back to life on Tuesday as a pair of sovereigns and the European Investment Bank sold deals alongside German states. But it was far from a case of picking up where they left off as borrowers were made to pay new issue premiums of up to 20bp versus the secondary market levels on screens.
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Extraordinary support measures from central banks across the world include an element of corporate lending, but all the schemes announced so far target SMEs, and companies rated BBB- and above. That leaves a gaping hole in the rescue net, which the authorities must fill.
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Germany has said it will take the unprecedented step of buying equity stakes in German businesses to protect its economy against the damage caused by the spread of the coronavirus.
