EasyJet, U.S. airline optimism, UniCredit, Compass. Catch up with the latest pandemic-related financial insights from Breakingviews here
Travel isn’t likely to return in full force any time soon, though. It took nearly two years for North American flight demand to return following the 9/11 attacks. Even when people start getting out and about, travelers are likely
, according to Breakingviews analysis. After all, full body suits and masks aren’t exactly vacation-ready attire.Covid-19 sweetener. UniCredit is feeling generous. A pandemic-triggered dividend freeze would have spared Italy’s biggest bank from paying chunky coupons on hybrid securities known as CASHES. The instruments, issued in 2009 to fund a 3 billion euro capital hike, command an annual payment of 4.5% over Euribor rates. But that is compulsory only if UniCredit is profitable and distributes a payout.
The dividend suppression effectively exempted UniCredit from this year’s CASHES obligations, and could have saved the bank some 120 million euros. The Milan-based lender promised nonetheless to pay on May 26 the first quarterly installment linked to last year’s 3.4 billion euro profit. It’s a way to compensate CASHES holders from a 40% collapse in their investment’s value since the pandemic hit Italy.
The deal’s size was encouraging. It’s the largest of a new breed of equity capital raisings that allow UK companies to avoid offering investors pre-emption rights. Chief Executive Dominic Blakemore softened the 6% discount to Friday’s undisturbed share price by allowing retail investors to participate. UK recruiter Hays’ deal came at a 13% discount. It may be that investors liked seeing Blakemore paying down some of the company’s 4.9 billion pounds of debt.
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