Health and Biotech

  • Spain's funding chief: 'Covid was like the proverbial alien invasion'

    Spain's funding chief: 'Covid was like the proverbial alien invasion'

    Pablo de Ramón-Laca is director general of the treasury and financial policy at Spain's Ministry of Economic Affairs and Digital Transformation. That places him in charge of the world's ninth largest sovereign debt stock, according to S&P data, for a country pummelled by the Covid-19 pandemic. Spain has the second highest number of cases in the EU and the seventh highest in the world. But even that is not the full story of the pandemic's impact.

  • JPM drops lead role on WeDoctor IPO

    JPM drops lead role on WeDoctor IPO

    JP Morgan has stepped down from its position as sponsor on healthcare platform WeDoctor’s planned Hong Kong IPO, according to a source familiar with the matter.

  • EM bonds start to suffer as UST volatility takes toll

    EM bonds start to suffer as UST volatility takes toll

    Emerging market assets took a hit after several days of US rates volatility this week as market participants braced for further gyrations and issuers avoided raising dollar bonds. Market participants are praying that further central bank stimulus will pacify markets and believe that the asset class is far better prepared for higher rates than it was for the 2013 taper tantrum. Oliver West, Lewis McLellan and Mariam Meskin report.

  • Easyjet zooms back to bond market

    Easyjet zooms back to bond market

    Easyjet, the UK budget airline, avoided any turbulence on its return to the bond market on Wednesday, managing to land a €1.2bn deal with no new issue premium that was almost five times oversubscribed.

  • SK Biopharma dives after block

    SK Biopharma dives after block

    SK Holdings pocketed W1.12tr ($1bn) from a block trade of SK Biopharmaceuticals, but the deal hit the South Korean drug company’s share price hard, sending it tumbling more than 17%.

  • Mitchells & Butlers starts recap with billionaire backing

    Mitchells & Butlers starts recap with billionaire backing

    UK pub and restaurant group Mitchells & Butlers has fixed the terms for its £350m recapitalisation, which is intended to repair its shattered balance sheet after the third UK lockdown forced further closure of its venues.

  • Joinn Labs prices IPO high in scorching market

    Joinn Labs prices IPO high in scorching market

    Joinn Laboratories has sealed its HK$6.54bn ($843.8m) listing at the top of the price range, tapping into Hong Kong’s IPO market as demand hits fever pitch, according to a source familiar with the matter.

  • Post-Covid extremes are not inevitable

    Post-Covid extremes are not inevitable

    Two factors bear outsized influence on capital markets — Covid-19 and central bank stimulus. But the temptation to see these powerful forces culminating in one of two extreme outcomes — another crash as a feeble economy flounders, or a boom like the 1920s US — must be resisted.

  • Real estate in focus as lockdown nears an end

    Real estate in focus as lockdown nears an end

    Real estate is set to continue to be a key source of equity capital markets issuance in EMEA over the coming months as companies navigate the economic reopening driven by the rollout of Covid-19 vaccines according to sources speaking to GlobalCapital.

  • IMF talks: Ukraine saga could prompt bond but Africans fare better

    IMF talks: Ukraine saga could prompt bond but Africans fare better

    Negotiations between the International Monetary Fund and some emerging market countries are yielding mixed results. While some sub-Saharan African sovereigns are making progress in their talks, Ukraine's long-running saga to unlock emergency funding has been unsuccessful so far.

  • ‘Messy’ Ethiopia debt relief effort risks Africa bond contagion

    ‘Messy’ Ethiopia debt relief effort risks Africa bond contagion

    Bond market participants fear that the G20 common framework for debt relief risks doing more harm than good. The warning came this week as confusion regarding the private sector’s role in Ethiopia’s proposed use of the framework dented government bonds across sub-Saharan Africa. The lack of clarity must be quickly rectified to avoid lasting contagion in African bond markets, market participants said. Mariam Meskin and Oliver West report.

  • Autolus prices US raise as biotech equity wave continues

    Autolus prices US raise as biotech equity wave continues

    UK biotech firms are continuing to reap the benefits from US listings. On Tuesday Autolus Therapeutics, an early stage biopharma firm backed by Syncona Investments, became the latest UK Biotech firm to raise capital on the US Nasdaq in a $100m transaction. The deal shows the continued advantages for early stage European biotech firms in having a US listing.

  • African sovs storm market as EM HY shows immunity to rates volatility

    African sovs storm market as EM HY shows immunity to rates volatility

    Egypt and the Ivory Coast sold bonds on Monday that were heavily oversubscribed and offered little to no new issue concession. The trades, sources said, were evidence that volatility in global markets has had little impact on high yielding debt — though questions linger around investment grade EM issuance.

  • Ivory Coast opens euro tap as Africa risk questioned

    Ivory Coast opens euro tap as Africa risk questioned

    The Ivory Coast sought to raise some extra euro cash by tapping bonds in euros on Monday but, with two African sovereigns requesting debt restructuring support from the G20 over the last week, some market participants have begun to question the continent's borrowers.

  • Zambia joins Ethiopia to request use of G20 debt framework

    Zambia joins Ethiopia to request use of G20 debt framework

    Zambia, which months ago became Africa’s first sovereign default since the pandemic started, has requested debt treatment under the G20’s Common Framework. That makes it the third African sovereign to request restructuring support under the guidelines, which were first announced in November.

  • UK biotech firms extend rush to US stock market

    UK biotech firms extend rush to US stock market

    Huge demand for exposure to biotech companies among US equity investors is continuing to drive UK firms to list on the other side of the Atlantic through an IPO on the Nasdaq. On Thursday, Immunocore, a late-stage biotech firm focused on T-cell technology, priced an enlarged offering on the exchange and, on Friday, UK healthcare investor Syncona announced it was exploring a US IPO for one of its portfolio companies.

  • New Horizon covers IPO books

    New Horizon covers IPO books

    Medical device manufacturer New Horizon Health has pulled in early demand to cover its Hong Kong IPO multiple times over, according to a source familiar with the matter.

  • Institutional investors too bullish on speedy end to pandemic

    Institutional investors too bullish on speedy end to pandemic

    Global equity markets were propelled to new all-time highs at the end of last year when various drug companies announced that they were close to releasing vaccines to combat the Covid-19 pandemic. However, with the vaccine roll-out slow, new mutant variants of the virus raging and governments striking a sombre tone, investors need to prepare for the fact that they may have bought in haste.

  • PE-backed GaleMed turns to loan market

    PE-backed GaleMed turns to loan market

    Taiwan’s GaleMed Corp is tapping the loan market for a $70m-equivalent dual-currency deal for refinancing debt and dividend recapitalisation.

  • Biogroup bond debut shines in unsecured

    Biogroup bond debut shines in unsecured

    Biogroup’s debut in the high yield bond market has become one of the tightest ever triple-C rated issues, validating the former loan-only company’s decision to turn to public markets to add subordination to the refinancing of its capital structure.

  • Ambu raises equity after stock surges

    Ambu raises equity after stock surges

    Ambu, the Danish medical equipment company, has raised Dkr1.3bn ($212m) via the sale of new stock to fund a deleveraging of its balance sheet.

  • Hyderabad airport soars in bond comeback

    Hyderabad airport soars in bond comeback

    GMR Hyderabad International Airport swooped into the bond market on Tuesday for $300m, adding money to its coffers ahead of an expectation of a revival in passenger growth.

  • ABS issuers bet investors will keep binging

    ABS issuers bet investors will keep binging

    New deals are flooding into the European securitization market, especially the UK, in the last week of January, after two RMBS issues attracted unprecedented demand. Issuers are betting investors remain hungry for securitized products, despite national lockdowns.

  • Will direct lenders prove to be wolves in sheep’s clothing?

    Will direct lenders prove to be wolves in sheep’s clothing?

    Direct lenders and debt funds have always pitched themselves as being more suitable partners for businesses than banks, bondholders, or other institutional lenders. When the going gets tough, they can be quicker to waive covenants and offer new money than a less concentrated creditor group. But this also puts them in pole position to take the keys from a business should things go wrong — which we may see happen this year.

  • JD Sports exploring equity raise

    JD Sports exploring equity raise

    JD Sports, the UK sporting equipment retailer, is looking at the possibility of raising equity capital to help it through the next few months of Covid-19 lockdowns and to take advantage of investment opportunities in the future.

  • Fitch stabilizes CLO ratings on new Covid scenario

    Fitch stabilizes CLO ratings on new Covid scenario

    Fitch Ratings is poised to revise most of its CLO tranches outlooks from negative to stable, following a revision of its CLO coronavirus stress scenario, which is considered no longer representative of the near-term risks for CLOs.

  • Orient Overseas, healthcare duo tap Hong Kong ECM

    Orient Overseas, healthcare duo tap Hong Kong ECM

    Orient Overseas (International) has scooped up HK$932.5m ($120.3m) from a top-up placement, increasing the deal on strong anchor investor demand. Two other Hong Kong-listed companies, both from the healthcare sector, also turned to investors on Thursday.

  • ‘Spoons returns to equity market as lockdown bites

    ‘Spoons returns to equity market as lockdown bites

    JD Wetherspoon, the UK pub chain, tapped equity investors for £93.7m ($128m) on Tuesday to help see it through the country’s third Covid-19 lockdown. The company is likely to be the first of a number of issuers that seek to raise primary equity capital in the next few months in order to manage the disruption, according to senior equity market sources.

  • Biogroup plans full refi after acquisition spree

    Biogroup plans full refi after acquisition spree

    Biogroup LCD is planning to refinance its full capital structure and tap the bond market for the first time after a string of recent debt-funded acquisitions. The French lab testing company was a notable casualty of the first wave of Covid-induced market chaos, forced to postpone its plans for a loan in March and then having to pay up when it returned for the financing in June.

  • Apollo Hospitals nets $160m from hot QIP

    Apollo Hospitals nets $160m from hot QIP

    Apollo Hospitals Enterprise has raised around Rp11.7bn ($160m) from a qualified institutional placement, drawing a swell of demand that pushed pricing above the floor.