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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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Cavotec, the Swiss maritime engineering group, has refinanced its €95m revolving credit facility with a new bank line, a month after reporting a more than 20% hit to its revenues from the coronavirus pandemic. -
Banks are hoping that there will be more European primary capital raising in the weeks ahead as companies begin to assess what will be needed to rebuild their balance sheets and whether the time is ripe for growth. A €341m share trade in German firm CompuGroup Medical on Monday night may show a way forward for issuers.
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CNP Assurances and Helvetia Europe have added to issuance momentum in the insurance sector, giving investors the chance to put money into subordinated capital. The tier two bonds showed that ‘the market is back in shape’, said one deal arranger.
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Borrowers across EMEA are pivoting further towards bilateral lending, which is proving a source of comfort as market conditions squeeze companies out of the syndicated loan market.
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German pharmaceuticals company Boehringer Ingelheim has sold its remaining stake in UK drug maker Hikma Pharmaceuticals, after a surge in investor interest in pharma stocks during the Covid-19 global pandemic.
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Recent share price movements imply that a third of the loans under moratoria at Italian banks could end up as unlikely to pay (UTP) exposures, according to analysts at Equita, an investment bank, who expect that the true figure could be closer to 10%.
