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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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Cellectis, the French gene-editing company, has launched a $100m US capital raising to help fund its research and development operations. The sector has had a record year for issuance in 2020, as the Covid-19 pandemic has concentrated minds on global healthcare innovation. -
InterContinental Hotels Group has negotiated a waiver and relaxation on its loan covenants for the second time in 2020, as its leverage threatens to plunge its rating into junk territory.
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Pirelli, the Italian tyres company, has issued its first convertible bond since its re-IPO on the Milan Stock Exchange in 2017, raising €500m.
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Costa Rica’s finance ministry said on Monday that it planned to begin discussions over a new $1.75bn IMF programme in the second week of January. But though an agreement would likely drive a rally in the sovereign’s bonds, Fitch Ratings warned it would not remove debt sustainability pressures.
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The European Banking Authority has warned the market to expect a sharp deterioration in asset quality next year, after publishing a wealth of new information on provisioning practices.
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Travel and leisure companies are expected to be active issuers in the equity capital markets in 2021, as they ride out a difficult winter next year.
