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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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Kommuninvest has lowered its funding target for 2020 because of a smaller than expected need for lending after the initial shock of the Covid-19 crisis. -
Thai rubber glove maker Sri Trang Gloves is set to raise Bt14.9bn ($481.4m) from its IPO, capitalising on a surge in demand for its products caused by Covid-19.
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Trinidad and Tobago tapped bond markets for the first time for four years on Monday with a deal that its finance minister claimed “achieved what our detractors said was impossible”.
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Bankers said that Uruguay could provide a stern test of risk appetite if it decides to announce a new bond issue in local currency, after the sovereign began investor calls saying it could issue in dollars and/or Uruguayan pesos.
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CLO managers are in talks with banks in hopes of opening new warehouses in the next few weeks, paving the way for post-Covid CLO issuance.
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Securitization spreads began their recovery before the Federal Reserve officially started financing holders of the bonds via its Term Asset-Backed Securities Loan Facility (TALF) this month, confirming for many in the market that the program is too narrow to be of great use. However, sources say that investors can still find attractive returns by tapping TALF funds for off the run sectors like private student loan and floorplan ABS.
