Coronavirus

Whitbread, the parent of Premier Inn and Beefeater Restaurants, completed its £1bn rights issue on Wednesday, winning strong support from shareholders, who backed the company’s desire for expansion as the coronavirus pandemic recedes.

Unédic is preparing to issue its second social bond following its debut trade in the format less than a month ago — itself the biggest social bond ever from any issuer.

After three eurozone sovereigns hit the primary market on Tuesday, more supply will follow on Wednesday with Germany setting its sights on its second syndicated transaction after returning to the format in May, helping it deal with a much bigger funding programme in response to the coronavirus pandemic.

There were no issues of competing supply on Tuesday as three eurozone sovereigns amassed big order books, buoyed by last week’s expansion of the Pandemic Emergency Purchase Programme (Pepp).

Raiffeisen Bank International launched a tier two bond in euros on Tuesday with investors still showing strong appetite for risk. But a smaller order book for the trade suggested that market conditions might be softening compared with recent trading sessions.

The Republic of Albania returned to the euro bond markets on Tuesday after more than a year and a half away, seeking a seven year deal.

Basic-Fit, Europe’s largest operator of fitness clubs, raised €133.3m through a sale of new shares on Monday night. The capital raised gives the company a platform to take advantage of growth opportunities that may arise from the pandemic.

Italy’s ministry of economy and finance has announced a new government bond which will be reserved exclusively for retail investors, with the proceeds to fund the measures launched by the government to deal with the Covid-19 pandemic and support the recovery of the country.

French aerospace and defence company Safran has entered the US private placement market, according to market sources, looking for at least €400m.

Hong Kong’s Champion Reit sold a tightly priced $300m bond on Monday, enticing investors with its rarity in the international market.

Hong Kong's Cathay Pacific Airways is planning a HK$11.7bn ($1.5bn) rights issue as part of a multi-billion dollar government-led recapitalisation.

Chinese issuers have been slashing the coupons on their onshore puttable bonds in an attempt to save money. They are playing with fire.