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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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Early September will set the tone for Europe's high grade corporate debt markets, said bankers this week, as only then will the full effects of the coronavirus pandemic be apparent in corporate earnings, and the direction of investment plans be clearer. -
The Australian Treasury has unveiled its funding plans for its new 2020-21 fiscal year, funding its coronavirus response via a record number of syndications and an extension of its curve out to 2051.
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Suriname took a market-friendly approach to arranging debt relief this week as bondholders agreed to delay the amortisation schedule on its 2023s. But a full restructuring remains on the cards.
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Specialist transmission manufacturer Renk sold a high yield bond this week, testing the market’s capacity for companies in cyclical sectors — though marketing for the five year issue lent heavily on the company’s stable military and servicing contracts.
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Angelo Gordon has broken the record recently set by Albacore to print new post-coronavirus tights, with Bank of America leading the senior notes to land at a discount margin (DM) of 150bp.
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KfW has slashed €10bn from its 2020 funding requirement, and will spend much of the second half of the year focusing on dollars and on green bond issuance.
