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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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The Covid-19 crisis, and particularly the equity rally since the bottom of the sell-off in March, should cause deep reflection for active fund managers at risk of underperforming if they stick to their principles. -
Austria mandated banks on Tuesday to lead its second century bond, in what will be a litmus test for investor appetite in the ultra-long end of the curve since the outbreak of the Covid-19 crisis.
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Exxon Mobil Corp, the US oil major, launched €4.5bn of bonds on Tuesday to establish a euro curve for the first time. Parts of its dollar bonds came under selling pressure as investors looked to swap into the cheaper debt.
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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.
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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.
