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◆ 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
Pair enjoyed strong execution and tight pricing as US high grade credit remained resilient in the face of a sell-off in equity markets
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AstraZeneca, the UK drug company, showed the eager demand for merger and acquisition financings this week when it achieved ultra-tight pricing on a $7bn bond issue to fund its acquisition of US biotech firm Alexion Pharmaceuticals. -
Kintor Pharmaceutical raised HK$1.17bn ($151m) on Wednesday from a top-up share placement, while a co-founder simultaneously trimmed his stake in the company.
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AstraZeneca, the UK drug maker, hit the euro market on Wednesday after printing $7bn across the Atlantic a day earlier. The borrower is building up funds to pay for its $39bn acquisition of US rival Alexion Pharmaceuticals.
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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.
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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.
