US market toughens as Covid resurges

US coronavirus sign social distancing from Adobe 26Jun20 575x375
By David Rothnie
25 Jun 2020

A spike in Covid-19 infections brought a darker mood to the US corporate bond market this week and has slammed the brakes on months of record-breaking issuance.

Borrowers found a less welcoming investor base as the week went on and French oil company Total spooked some bankers on Wednesday when it came to the market with a $1.6bn deal that garnered a $2.9bn book and ended with a double-digit new issue concession 

“There’s no question, this ...

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