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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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Relx, the UK specialist publisher, reopened the European corporate bond market on Tuesday after more than a week without any benchmark issuance. It was a convincing €2bn issue, but Relx had to pay double digit new issue premiums. -
GTLK Europe, an aircraft and ship lessor, was offering a healthy new issue premium for a benchmark seven year bond in dollars on Tuesday, with the Covid-19 outbreak still casting a shadow over global financial markets.
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China’s importance in global pulp and zinc markets puts pulp producers Suzano and Arauco — alongside Peruvian miner Volcán — among the Latin American corporates most vulnerable to the coronavirus (Covid-19) outbreak, according to Fitch Ratings.
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Spreads on mezzanine tranches of US CLOs widened over the past week, as the Covid-19 outbreak drove a sell-off in broader markets.
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Public sector borrowers are opting to sit on the sidelines as the Covid-19 virus outbreak intensifies, causing sharp moves in rates and swap spreads.
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The negative impact of the new coronavirus on Italian covered bonds and CMBS is limited so far, said Moody’s and DBRS in reports published on Friday and Monday. But if the outbreak spreads, the ability to repay covered bonds would be impeded with serious consequences.
