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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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Air France-KLM has revealed plans for a €4bn recapitalisation backed by the French government following approval from the European Commission. -
Investors are expecting the wave of consolidations in the aviation sector to continue beyond the GECAS-AerCap merger as smaller lessors look for ways to survive and bigger players seek for investment opportunities. The most recent example is Carlyle Aviation’s acquisition of Fly Leasing, another deal that highlights the monumental changes occurring within the aircraft sector in the midst of Covid-19.
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French president Emmanuel Macron announced on Wednesday that stringent lockdown measures imposed in some areas will be extended nationally for a month. Though the measures will cost France €11bn, it is unlikely to provoke a serious response in France’s bond market.
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Loans still under moratoria may be at a particularly high risk of impairment, according to fresh data from the European Banking Authority this week. The figures also revealed signs of a more general deterioration in asset quality within the EU.
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The Covid crisis has made the CLO market stronger and more attractive to investors, but it has also taught the CLO community to defend itself from distressed debt funds, agreed panellists at the IMN and FIIN conference in the session focused on the CLO market recovery.
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Institutional private credit is emerging as a competitive substitute for bank lending in Europe, but companies need to remember that alternative lenders define what they are looking for more narrowly than banks.
