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Offer came as markets recovered and volatility fell
Abbott Laboratories plundered $20bn as it led a trio of drug companies which printed jumbo bonds as a deluge of supply in the dollar market ensured a red-hot end to the month.
Eight banks provided loan facility to company
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Chinese government-related entities (GREs) and local government finance vehicles (LGFVs) received more rating upgrades than downgrades from Fitch Ratings in the first half of 2020, but the pricing differences between bonds from quality names and weaker credits remain stark, said DCM bankers. -
Argentina’s foreign law exchange bonds will go free to trade this week and offer early clues as to how markets are likely to value the newly restructured credit, after some promising but inconsistent signs emerged from grey market trading last week.
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Corporate debt bankers say that the comprehensive restructuring and refinancing package agreed between baggage handler Swissport and its creditors is “just the beginning”, with a growing number of companies expected to restructure their debts as the Covid-19 pandemic drags on.
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Ryanair completed a non-pre-emptive share placing on Thursday evening to strengthen its balance sheet to withstand the next phase of the Covid-19 pandemic and to take advantage of growth opportunities. Despite analysts not thinking the company needed extra capital, sources said the company's CEO Michael O'Leary made a compelling case to investors for the need to boost its balance sheet.
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Singaporean commodities company Mercuria has returned to the offshore loan market for its annual foray.
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September began with a bang for equity issuance, capped off on Wednesday by a mammoth €2.7bn share sale from Siemens Healthineers. However, the rush of deals is not just being driven by optimism. Bankers fear darker days returning.
