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Foreign corporate issuance running at record high
Nvidia's $25bn seven-tranche offering matched Meta’s issuance in late April which are only smaller than Amazon’s $37bn print from March
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No two crises are the same, and to expect financial instruments to behave in the same way in each one would be unfair and naïve. But having proved their mettle in the 2008 crisis, the Schuldschein and USPP markets seemed well placed to thrive in 2020. Not so. Instead, it was the turn of direct lending to shine. Silas Brown reports.
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Corporate finance in 2020 was utterly without precedent. Never before had so many once-stable firms seen revenues evaporate instantly, with so little visibility on when the world might recover. Companies did whatever they could to hang on, pulling every lever available to source scarce cash. As 2021 begins, so will a new phase, where the fallout of the Covid rescue playbook becomes clear. Owen Sanderson reports.
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European high grade corporate bond investors are gearing up for an unseemly bunfight over paper in the new year, as a lack of supply combines with plunging spreads. Corporate acquisitions could be one saving grace for investors, and liability management another. But, as Michael Turner reports, even if M&A and LM come up trumps, it's still going to be a tough few months for investors.
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An extraordinary year for the US corporate bond market ended on a high this week, as Jerome Powell gave a dovish statement at the end of the Federal Open Market Committee's meeting which left participants certain the Fed had the market's back.
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Cheesemaker Groupe Bel’s landmark US private placement under French law was funded this month. The company has sampled all the major sources of investment grade private capital in the recent past, having issued euro PPs and Schuldscheine before its new US PP.
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The UK government has said it is committed to turning the country into a renewable energy powerhouse in a comprehensive overhaul of its energy infrastructure in what prime minister Boris Johnson calls a “green industrial revolution”. As the government pushes for change, the capital markets are ready to fund this endeavour.
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