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DocMorris announces Sfr200m rights issue expected in May
Stock drops 17% in highly volatile market
Deal follows steep share price fall
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UnitedHealth Group finally sealed its $7bn merger and acquisition-related bond deal after a week-long delay, but it was stung by secondary market volatility as inflation fears remained top of investor minds. -
Official and multilateral lenders are taking a lenient stance on perennial defaulter Argentina but bond investors are increasingly sceptical whether the IMF programme that the sovereign says it wants will turn its fiscal position around. Markets are pricing in another default within a few years, despite a rebound in bonds this week, while eccentric policy decisions continue to frustrate bondholders.
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Ryanair, the Irish budget airline, landed a far more solid bond issue this week than shopping centre operator Unibail-Rodamco-Westfield (URW) had a day earlier, in an early indication of what the bond market might look like as the worst-hit sectors recover from the coronavirus pandemic.
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French care homes company Orpea launched a Schuldschein deal on Thursday as the market begins to regain its international allure. A return to the heady heights of pre-Covid deal flow will be a struggle, but Schuldschein market players are optimistic that the next few months will be strong for issuance.
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Deutsche Lufthansa deferred the coupon on its hybrid debt, surprising the market and sending the bonds spiralling down almost nine points. The company said the decision came as the coupon payment would have violated state aid rules in relation to Lufthansa’s bail-out from the German government.
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French hotel landlord Convivio Hotels has launched a €250m rights issue ahead of the reopening of EU countries to foreign tourists this summer.
