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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
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Taiwan’s GaleMed Corp is tapping the loan market for a $70m-equivalent dual-currency deal for refinancing debt and dividend recapitalisation. -
Biogroup’s debut in the high yield bond market has become one of the tightest ever triple-C rated issues, validating the former loan-only company’s decision to turn to public markets to add subordination to the refinancing of its capital structure.
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Ambu, the Danish medical equipment company, has raised Dkr1.3bn ($212m) via the sale of new stock to fund a deleveraging of its balance sheet.
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GMR Hyderabad International Airport swooped into the bond market on Tuesday for $300m, adding money to its coffers ahead of an expectation of a revival in passenger growth.
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New deals are flooding into the European securitization market, especially the UK, in the last week of January, after two RMBS issues attracted unprecedented demand. Issuers are betting investors remain hungry for securitized products, despite national lockdowns.
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Direct lenders and debt funds have always pitched themselves as being more suitable partners for businesses than banks, bondholders, or other institutional lenders. When the going gets tough, they can be quicker to waive covenants and offer new money than a less concentrated creditor group. But this also puts them in pole position to take the keys from a business should things go wrong — which we may see happen this year.
