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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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“There are decades when nothing happens; and there are weeks when decades happen.” So said Vladimir Lenin, although the founder of Soviet Russia probably didn’t write this with the capital markets in mind. -
Wild swings in the euro/dollar basis swap, and an unreliable interest rate swap complicated bond execution in the SSA market this week. While some liquidity has returned in rates, cross currency swaps are still behaving very strangely.
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CLO managers and investors are facing a nearly unprecedented crisis in corporate credit, but sources say that while defaults loom, they are hopeful recovery rates will deliver the market from disaster.
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International banks are at risk of depleting their capital reserves as they try to keep credit flowing to companies through the coronavirus crisis. Governments and regulators have already responded, but the sector is screaming out for more work to be done to ease the burden of complying with stringent accounting and supervisory rules, reports Tyler Davies.
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IHS Markit is continuing with the Friday rolls for its popular CDX and iTraxx indices, despite the extreme volatility affecting credit markets as Covid-19 and low oil prices spread uncertainty.
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The biggest investment banks are enjoying strong trading revenues from the market moves related to the coronavirus pandemic, alleviating a freeze in M&A and underwriting activity. The banks appear well-placed to deal with corporate drawdowns, although there is some debate around wider liquidity profiles.
