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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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Data from DBRS Morningstar and Bank of America shows that government support measures across Europe have delayed the impact of rising unemployment on RMBS deals, though not indefinitely. The news comes as the UK government announces further support for struggling workers. -
Equity capital markets investors are likely to face a stream of companies asking them for fresh capital to get them through the second wave of the Covid-19 pandemic, as cases spike again in continental Europe and the UK, writes Sam Kerr. Some will be asking for the second time — or very late.
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Funding Circle underlined the strain felt by UK small and medium sized enterprises in its half year results on Thursday, as the marketplace lender swung into a loss caused by heavy writedowns of subordinated portions of its SBOLT securitizations. But the lender also achieved strong volumes in government-guaranteed loans, which it sells off balance sheet to Chenavari Investment Management.
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New research from analysts at Helaba points to a flight to safety in the Schuldschein market over the course of 2020. Rated issuers are making up a bigger share of deals than they have for a decade, and there have been next to no debuts. Schuldschein arrangers hope this conservative trend does not continue into 2021.
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Zambia has requested to defer payments on $3bn of its dollar Eurobonds, in what could be the first default by an African sovereign during the coronavirus crisis. Bondholders said they were resigning themselves to accepting the deferral request.
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The European IPO market is continuing to churn out deals, but a return of volatility in secondary equity markets is starting to cause discomfort among syndicate bankers, who say they must proceed with caution in the weeks ahead.
