Health and Biotech

  • Investor relief as Zambia makes progress with IMF

    Investor relief as Zambia makes progress with IMF

    The IMF and Zambia have reached a "broad agreement" on a reform agenda for Africa’s first sovereign defaulter of the pandemic era. That will serve as a prelude to securing a new credit facility from the Fund and pleased investors, who noted that Zambia's bonds have made gains in recent weeks.

  • Gol lands on 8% yield target as investors eye aviation recovery

    Gol lands on 8% yield target as investors eye aviation recovery

    Brazilian airline Gol on Thursday sold the first public bond deal from a Latin American airline since the coronavirus pandemic began, increasing the size of a tap of its 8% 2026s as hopes grow that the vaccine rollout will accelerate in the region and enable the worst affected industries to recover.

  • Belize and bondholders fall out over IMF, GDP rebasing

    Belize and bondholders fall out over IMF, GDP rebasing

    A committee of Belize’s largest bondholders said on Wednesday that there was a “lack of transparency” in the country’s debt restructuring proposal, claiming that Belize failed to address several creditor concerns during confidential negotiations. The committee said bondholders should not bear the costs if Belize decides to reject an IMF programme.

  • TUI Cruises debuts in high yield market

    TUI Cruises debuts in high yield market

    German cruise liner Tui Cruises is marketing its first high yield bond, as it emerges from a devastating year for the company and the broader travel sector.

  • The days of swift evictions are over after Covid

    The days of swift evictions are over after Covid

    Mental health is moving to the forefront in the discussion of what action lenders should take when people are no longer able to pay back their debts. One lasting legacy of the pandemic could be that repossessing a home becomes a last resort rather than a first response and that will have consequences for investors in mortgage-backed products.

  • Genertec makes $700m loan return

    Genertec makes $700m loan return

    Chinese state-owned company Genertec Universal Medical Group has returned to the loan market to syndicate a $700m-equivalent deal.

  • IFFIm steps up to meet Covid crisis

    IFFIm steps up to meet Covid crisis

    Kenneth Lay, chair of the International Finance Facility for Immunisation (IFFIm), is no stranger to using financial innovation to help tackle some of the world's biggest problems. He spoke to GlobalCapital about the importance of IFFIm as a vehicle to finance the global vaccine rollout in the fight against the coronavirus pandemic.

  • German court steps aside to clear path for EU recovery fund

    German court steps aside to clear path for EU recovery fund

    Germany’s Federal Constitutional Court said on Wednesday that it will not block the ratification of how the EU finances its budget, meaning the bloc will likely be able to start borrowing to fund its pandemic recovery fund in July.

  • Israeli sponsor supports UK hotel CMBS as lockdown exit nears

    Israeli sponsor supports UK hotel CMBS as lockdown exit nears

    Israeli investor Amir Dayan is injecting more financing into a hotel-backed CMBS made up of 17 Holiday Inn and three Crowne Plaza hotels distributed across the UK, as the government toys with opening up the country’s tourism sector.

  • Zai Lab, Futu tap ECM for fresh funding

    Zai Lab, Futu tap ECM for fresh funding

    US-listed Zai Lab and Futu Holdings are tapping the equity market for funds through follow-on offerings, with both the Chinese companies launching their transactions after a rally in their stock price.

  • BHG preps second healthcare loan ABS

    BHG preps second healthcare loan ABS

    Bankers Healthcare Group (BHG) is returning with its second securitization backed by loans made to high-earning medical professionals. The healthcare consumer lender is expected to see its newest deal well subscribed, considering its popularity last year and its relatively high yield ranging from 2% to 5%.

  • Zhaoke eyes $270m from Hong Kong IPO

    Zhaoke eyes $270m from Hong Kong IPO

    Chinese company Zhaoke Ophthalmology has kicked off a Hong Kong IPO worth up to HK$2.1bn ($270m), becoming the latest biotechnology company to sell shares on the bourse.

  • Eyes on IMF as Suriname clinches debt delay

    More than 90% of Suriname’s bondholders this week participated in a consent solicitation that extends the sovereign’s debt standstill until the end of July. But the government has only until April 30 to sign a deal with the IMF, or the standstill will be cancelled.

  • IFFIm to head to scorching dollar market

    IFFIm to head to scorching dollar market

    The International Facility for Immunisation (IFFIm) will bring a new five year benchmark vaccine bond on Wednesday, following a slew of strong trades on Tuesday.

  • Dufry joins primary rush with comeback bond

    Dufry joins primary rush with comeback bond

    Duty-free operator Dufry has joined the throng of issuers in the high yield primary markets with its first straight offering since the coronavirus pandemic hit. The new bond comes after extensive efforts to shore up the company’s capital, including the early conversion of a crisis era convert and talks with lenders for more covenant waivers.

  • Buyers eye UK retail assets as high street reopens

    Buyers eye UK retail assets as high street reopens

    With the UK opening up high street retail on Monday, investors are said to be eyeing retail real estate for opportunities. But the market, hit hard by the pandemic, will be slow to recover – with Newcastle’s Metrocentre becoming a prominent example of the future for shopping centres after the pandemic.

  • PolyPeptide Group targets €1.5bn valuation

    PolyPeptide Group targets €1.5bn valuation

    Swiss pharmaceutical ingredients manufacturing company PolyPeptide Group has filed for an IPO on the SIX Swiss Exchange, which is expected to value the company at around €1.5bn equivalent to €1.7bn equivalent, according to a source close to the deal.

  • Generali warns of EU recovery fund delays

    Generali warns of EU recovery fund delays

    Hopes for a rapid European economic recovery are pinned in large part on the EU’s Recovery and Resilience Facility, but Italian insurer Generali is concerned that the plan is already behind schedule.

  • Keymed gears up for Hong Kong IPO

    Keymed gears up for Hong Kong IPO

    Keymed Biosciences has started laying the groundwork for a planned Hong Kong IPO by filing its initial listing documents with the city’s exchange.

  • Suriname creditors back latest debt deferral

    Suriname creditors back latest debt deferral

    A group of institutional investors owning international bonds issued by Suriname have agreed to grant the South American sovereign a third debt payment standstill after the issuer modified the terms of a consent solicitation.

  • SDRs: better late than never

    SDRs: better late than never

    The announcement this week that the IMF is on its way to issuing a further $650bn of special drawing rights, providing central banks with extra foreign currency liquidity, should not be criticised for being too little, too late. It marks a much needed return to multilateralism, something that the developing world will benefit from.

  • Merck spin-off Organon launches $4.5bn bond financing

    Merck spin-off Organon launches $4.5bn bond financing

    Organon, the spin-off from US pharma company Merck, has launched a bond leg of its financing, which will establish the unit as a separate firm with its own capital structure, while funding a $9bn dividend to its former parent. The firm was initially offering $4.5bn-equivalent across secured and unsecured bonds, with a bias to the deeper dollar market, but scaled this up during syndication to allow it to strip out bank debt.

  • Travel crisis kicks off consolidations in aviation

    Travel crisis kicks off consolidations in aviation

    Investors are expecting the wave of consolidations in the aviation sector to continue beyond the GECAS-AerCap merger as smaller lessors look for ways to survive and bigger players seek for investment opportunities. The most recent example is Carlyle Aviation’s acquisition of Fly Leasing, another deal that highlights the monumental changes occurring within the aircraft sector in the midst of Covid-19.

  • France returns to lockdown, but OAT buyers shrug

    France returns to lockdown, but OAT buyers shrug

    French president Emmanuel Macron announced on Wednesday that stringent lockdown measures imposed in some areas will be extended nationally for a month. Though the measures will cost France €11bn, it is unlikely to provoke a serious response in France’s bond market.

  • EBA warns of ‘higher risks’ in loans still under moratoria

    EBA warns of ‘higher risks’ in loans still under moratoria

    Loans still under moratoria may be at a particularly high risk of impairment, according to fresh data from the European Banking Authority this week. The figures also revealed signs of a more general deterioration in asset quality within the EU.

  • Pandemic boosted CLO resistance to distressed fund predation

    Pandemic boosted CLO resistance to distressed fund predation

    The Covid crisis has made the CLO market stronger and more attractive to investors, but it has also taught the CLO community to defend itself from distressed debt funds, agreed panellists at the IMN and FIIN conference in the session focused on the CLO market recovery.

  • Alternative credit is here for the yield

    Alternative credit is here for the yield

    Institutional private credit is emerging as a competitive substitute for bank lending in Europe, but companies need to remember that alternative lenders define what they are looking for more narrowly than banks.

  • NPL digitization: online marketplaces to shift bad eurozone debt

    The European Central Bank has given itself the mission of creating a liquid non-performing loan (NPL) marketplace. Only this time, it’s online. Real estate managers like Prelios are attempting to remove barriers to NPL sales, but Europe’s multiple jurisdictions present legal hurdles.

  • Updated: Pakistan rides return of IMF programme to sell bonds

    Updated: Pakistan rides return of IMF programme to sell bonds

    The Islamic Republic of Pakistan marketed its first dollar bond in more than three years this week, following the return of the country’s IMF programme. The triple tranche transaction raised the south Asian country $2.5bn — and proved its resilience in the face of the pandemic. Morgan Davis reports.

  • Siemens Healthineers raises €2.3bn for M&A financing

    Siemens Healthineers raises €2.3bn for M&A financing

    Siemens Healthineers, the German healthcare tech company, has completed the second leg of equity financing to fund its acquisition of US cancer care solutions firm Varian. The involvement of a large anchor investor was revealed at the top of the book, which was quickly filled with long-only investors.