JP Morgan
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Charoen Pokphand Group has invited banks to join a $7.5bn dual-currency loan in senior syndication. The deal will support the Thai conglomerate’s acquisition of Tesco’s Asia business. -
Panama acted swiftly to capture crucial funds on Thursday, jumping on an improved market to raise $2.5bn of debt and giving a glimmer of hope to emerging market countries as fears were beginning to rise of a devastating funding squeeze for the developing nations just when they most need finance.
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Bank of America reopened the market for financial institution bonds in euros this week and was followed by a slew of other deals as investors welcomed wider spreads and new issue concessions.
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US companies have smashed the all time record for bond issuance this month, as they plundered the dollar market in a headlong dash for liquidity that continued on Thursday, even though a darker record was broken: 3.3m new unemployment claims, more than four times the previous highest.
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The Inter-American Development Bank on Thursday started marketing a five year sustainable development bond in Global format as it looks to become third SSA borrower to jump into the dollar market this week. But SSA issuers that fund in euros will unlikely be able to mirror join the party.
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A trio of UK companies drew down on their revolving credit facilities this week, as firms in the country build up their cash piles despite an unprecedented financial support package from the government.
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European issuers have got their wish thanks to deals from European Investment Bank at three years and a five year from KfW on Wednesday.
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The Republic of Austria and the African Development Bank announced new bond transactions on Wednesday which will be used to provide emergency financing in response to the coronavirus outbreak.
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JP Morgan Chase has sold £59m of shares in BT Group, the UK telecommunications company, on behalf of former holders of BT’s American Depositary Receipts.
