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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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BBC Commercial Holdings, a commercial subsidiary of the BBC that produces and sells content to other broadcasters across the world, has decided to delay a £170m debt refinancing in the US private placement market, according to market sources, as bankers struggle to cope with price discovery. -
Confectionery company Néstle, soft drink maker Coca-Cola European Partners and French pharmaceutical company Sanofi piled into Europe's bond market with new issues on Tuesday, suggesting that borrowers are increasingly eager and quick to react when the market shows any signs of stabilising.
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In the absence of primary issuance, the European Central Bank has ramped up its covered bond purchasing in the secondary market. But, since it has yet to speed up buying under its newly set up Pandemic Emergency Purchase Programme (PEPP), there are high hopes that liquidity will soon be restored.
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The US Federal Reserve has made it easier for the country's banks to eat into their total loss-absorbing capacity (TLAC) buffers without facing restrictions on equity and debt distributions.
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European covered bond issuers are waiting for liquidity to normalise before printing new deals and will rely upon their access to emergency central bank liquidity lines instead, three funding officials told GlobalCapital. They are also contacting customers to better understand how their loan and deposit books are likely to change before deciding how their funding strategies should be revised.
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The Financial Conduct Authority, the City regulator, has said it will not introduce a short selling ban, since there was no proof that short selling was responsible for the recent market falls.
