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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 Belgian debt agency has made an upward revision to its funding programme for the year after a re-examination of the impact of the coronavirus pandemic. But the sovereign is closely watching the progress of the European Commission’s Support to mitigate Unemployment Risks in an Emergency (SURE) fund, which would result in lower borrowing from the market. -
As sovereigns and corporates from all corners of the word suffer rating downgrades at an alarming rate, Brazilian meatpacker JBS bucked the trend on Tuesday as Fitch upgraded the borrower to BB+, just one notch away from investment grade status.
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Honduras is planning to price a new 10-year bond on Wednesday after tightening guidance significantly as EM debt caught the US Federal Reserve-driven rally in fixed income markets.
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Recent events have neatly illustrated the fickle state of market sentiment and suggest that a broad spectrum of borrowers in the corporate and bank finance markets should not waste time in getting their most difficult or important deals done while the window remains open.
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Government-guaranteed loan schemes for SMEs have been rolled out across many developed economies, and now the most pressing part of the coronavirus crisis appears to be passing, policy makers are turning to the tricky question of who wears the losses. Securitization schemes could be deployed in the UK and elsewhere in Europe — but that can only tranche the risk, not make it disappear.
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Europe’s corporate bond market burst into life on Tuesday with more than 10 primary deals on screens, as the US Federal Reserve’s plans to buy individual bonds brushed aside fears of a resurgence of Covid-19.
