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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
◆ Single digit premiums offered ◆ Reverse Yankees dominating euro supply ◆ Floaters proving popular with multi-tranche issuers
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Peru grabbed the bond market’s attention on Monday with a $4bn triple-tranche issue including a 100 year bond despite the country being on its third president this month. But the country’s public treasury director said it was the all-in yield, not the desire to make headlines, that drove Peru to become the fourth Latin American borrower ever to sell a century bond.
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German flag carrier Lufthansa mandated a new unsecured bond on Monday, two weeks after it stormed into the convertible market on the back of the rally sparked by positive Covid-19 vaccine trials. The airline might have lost its investment grade ratings, but it is sticking to high grade bond execution norms, prepping a Reg S-only unsecured issue from its EMTN shelf.
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The Ivory Coast has sparked life into what has been a bleak year for sub-Saharan African bond issuance. Most sovereigns have turned to the official sector to support them throughout the coronavirus crisis as a result of being priced out of the international debt capital markets, bankers said.
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In this round-up, Beijing says it has suspended $2.1bn in debt payments from two dozen nations under the G20 framework, and the top Chinese financial regulators send strong signals to the onshore market in the wake of a string of domestic bond defaults.
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Two Chinese banks have agreed to arrange a $1.1bn loan to support China Biologic Products Holdings’ delisting from the Nasdaq stock exchange.
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International investors have remained sanguine about the chances of a restructuring of Bolivia’s sovereign bonds even after the finance minister said the recently elected government was seeking payment relief on some external debt.