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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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JD Health International, the healthcare arm of Chinese e-commerce firm JD.com, is set to list on Hong Kong’s stock exchange by the end of the year. -
Commodities company Mercuria has returned for its annual borrowing of $980m. This time, it is enticing banks with a 10bp Covid-19 premium on the loan margin and fees.
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Fresenius, the German healthcare company, pushed ahead with a €1bn dual tranche no-grow trade on Monday, despite an issuer in another sector pulling its deal as wider markets plummeted.
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German hospital operator Asklepios Kliniken launched a Schuldschein on Monday with an initial target of €200m. Investors have doubled down on their interest in pharmaceutical firms this year and throughout the pandemic, prompting a substantial increase in the market’s exposure to the sector.
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Rolls-Royce, the UK maker of aircraft engines, has confirmed it is considering holding a £2.5bn ($3.19bn) equity raise, but buy-side sources were struggling to make the investment case for the company given the uncertainty over its future. Its stock fell 10% on Monday on the announcement and fears that the UK will return to a lockdown to stop the dramatic rise in Covid-19 cases.
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Julius Baer was forced to postpone a new transaction amid 'worsening market conditions' on Monday, after coming close to setting a new record for the lowest ever additional tier one (AT1) coupon in dollars from a European bank.
