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Submarine mast maker's IPO raised €132.8m
CLO bond spreads widen and investors demand less software exposure
Software rout compounds worries about low issuance volumes
Vincorion is expected to continue defence IPOs later this week
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Many investment banks are circulating orders for bankers not fund any committed debt transactions in the aircraft sector, including ABS deals, a decision spurred by market volatility from Covid-19. On top of restrictions on in-person meetings, macro factors such as city lockdowns and travel bans are putting a damper on the new issue pipeline. -
Siberian Coal Energy Co (Suek) is seeking financing from lenders, according to two market sources. The borrower is braving lenders' wariness about coal companies, which last year weighed on demand for a Suek loan, and the global volatility caused by the spread of the Covid-19 virus.
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The US CMBS market, with its heavy dependence on corporate tenants to keep the cash flows to bond holders coming, is being buffeted by the turmoil stemming from the crisis in recent weeks, with the market exposed across dozens of deals to two particularly ailing sectors — airlines and oil and gas firms.
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Sasol, the South African chemicals company, has unveiled a $6bn package of measures designed to shore up its business, which has been damaged by the spread of the Covid-19 virus and the collapse in oil prices.
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Premier Oil’s stock surged by more than 65% on Friday after the company gave an update on its cash position following this week’s equity market slump, a positive for the banks working on its rights issue. However, the deal also hinges on a court case in Scotland.
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British American Tobacco has signed the first multicurrency revolving credit facility that uses a variety of risk-free rates as benchmarks, potentially clearing a hurdle that loan market participants have long said was hindering the transition from Libor.
