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Monday evening sale is latest block trade
◆ Danish biotech prints three tranches along the curve ◆ Seven year bond proves the sweet spot ◆ Proceeds to refinance €1.5bn acquisition bridge
Sfr4.9bn trade is largest European ECM deal since National Grid’s £7bn rights issue in 2024
Offer came as markets recovered and volatility fell
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Fiat Chrysler Automobiles, the Italian-American crossover-rated car company, launched €3.5bn of bonds into the market on Tuesday, days after its Italian arm had agreed €6.3bn of bailout funds guaranteed by Italy. -
Ares Management Corporation has agreed to extend a covenant waiver on its securitization financing for Non-Standard Finance (NSF) after initially giving the lender until June 29 to find alternative funding.
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Weir Group, the UK engineering company, has signed bank lines totalling $1.19bn, but amid coronavirus-related market volatility, banks required a higher margin than on the deal being refinanced.
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Equity issuance has surged during the Covid-19 pandemic in both Europe and the US, and one of the sectors that has printed the most stock in the first half of the year is the biopharmaceuticals industry. In the rush for healthcare innovation, banks say they are busy lining up more deals for the second half.
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Mercialys, the BBB rated French shopping centre owner, launched a sub-benchmark bond with an eye-catching yield on Tuesday, wider than a simultaneous deal by Fiat Chrysler, which is crossover-rated. Syndicate bankers said trying to be precise about pricing and sentiment this week was more difficult than it had been for months.
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After discussions with US private placement holders, French food services company Sodexo has said it will repay roughly $1.6bn of debt early. Four market sources said this was the largest corporate early repayment of US PPs of all time. Some fear a growing disconnect between institutional investors and companies over financial covenants, and attempts to amend them.
