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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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Wild volatility has again put Europe's corporate bond primary market on hold, but syndicate bankers say the roaring demand for Friday's two transactions by Engie and Unilever shows that there is still a market for issuers willing to accept wider spreads and bigger new issue premiums and nimble enough to leap through an issuance window as soon as it opens. -
Institutional investors in the US private placement market are preparing for a round of covenant waivers, as companies brace for the economic impact of the coronavirus pandemic. Bankers in turn are shelving primary issuance plans and turning their attention to winning amendment mandates.
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Equity market participants have welcomed the Financial Conduct Authority's call to UK companies to hold off on publishing preliminary financial statements.
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Three UK companies have already flagged their interest in the Bank of England’s emergency commercial paper funding scheme for large businesses, announced on March 20. The big three rating agencies will help fast-track unrated investment grade issuers into the scheme, but the strict eligibility limits leave leveraged and smaller companies out in the cold.
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The UK Debt Management Office will boost the size of its Gilt issuance programme for its upcoming financial year by up to an additional £45bn in response to the UK’s fiscal package to counter the economic impact of the Covid-19 pandemic, according to a head of UK rates strategy.
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A rush to dollars in recent days has caused dysfunctions in various corners of the financial markets. The US Federal Reserve has rushed to put out the flames, including with new measures on Monday.
