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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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The UK government’s offer on Friday to pay 80% of the wages of furloughed workers came in the nick of time to save thousands of jobs in manufacturing and services. But few of those affected realised they were benefiting from a German idea. The move highlights how the coronavirus crisis is causing a rapid dissemination of techniques around the world. -
The pandemic bond issued by the World Bank still has one more hurdle to clear before triggering and releasing funds for use by countries struggling with the coronavirus. But it will still take a couple of weeks at least to reach that point.
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Dunelm, the UK homewares company, has drawn down entirely its £165m revolving credit facility, as it became the latest European firm to lean on its banking group amid the sharp economic downturn from the Covid-19 pandemic.
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Intrum’s share price dropped sharply this week after short seller Muddy Waters disclosed it was betting against the firm’s stock price. The debt purchasing sector has been a popular target for short sellers for years, but the impact of coronavirus and associated measures is a further heavy blow.
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Bank of America has become the first financial institution to launch a new deal in the European credit market for over a month. The US lender paid a huge premium for its €1.5bn senior bond on Tuesday, but it was able to move past its initial price thoughts on the back of a solid set of orders from investors.
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Kuwait's Equate Petrochemical stuck its head above the parapet this week, holding investor calls for a triple-tranche bond issue.
