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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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Emerging market bond conditions got worse and worse this week as investors struggled to sell bonds quickly enough to keep up with outflows. Though some investors said they had lined up a shopping list of cheap purchases, it could be some time before they decide to pounce. -
Even the top-rated emerging markets corporates are mostly preferring to keep cash on hand rather than take advantage of a sharp fall in bond prices to repurchase debt cheaply, bond bankers said this week.
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Central banks attacked the coronavirus threat this week, promising swathes of new money on an unprecedented scale to help fund governments’ colossal new fiscal commitments. Bond markets reacted with relief to the swathe of multi-billion programmes aimed at fending off global financial meltdown.
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A broken bond market is incapable of providing emerging markets issuers with funding as the financial effects of the coronavirus pandemic and the oil crash run riot. Official institutions’ support is needed, after the asset class took a brutal beating this week, write Ross Lancaster and Oliver West.
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Investment grade corporate and financial institution borrowers showed their strength with more than $44bn of US bond issuance in two frenetic windows this week, after central banks took emergency action to avert a global depression.
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The European Central Bank threw the kitchen sink at the bond market this week with its Pandemic Emergency Purchase Programme (PEPP). Borrowers are assessing their funding programmes, which will rise in response to the Covid-19 pandemic. But they are in no hurry to sell new issues, with investor appetite minimal in the secondary market.
