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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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Ten companies stepped back from the dollar bond market on Thursday after the US Federal Reserve's downbeat assessment of the economy's prospects had spooked investors on Wednesday. -
Online small business lender OnDeck resumed originating loans this week after spending months reducing expenses, a sign that conditions are improving, but risks remain and several ABS deals are already seeing accelerated amortization.
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A deluge of euro paper hit the SSA bond market this week as issuers flocked to the market to take advantage of the surge in confidence after the European Central Bank expanded its Pandemic Emergency Purchase Programme (PEPP) last week. But the strain is showing in the secondary market.
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Europe's corporate bond investors are clamouring for issuers to print higher risk bonds with borrowers proving happy to oblige, as money pumped into the market by the European Central Bank crushes spreads on top-rated, short and medium-dated debt ever tighter, and despite a clear display of pessimism from the US Federal Reserve on Wednesday. Mike Turner reports.
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Weaker trading conditions have done little to shake expectations for a new wave of additional tier one (AT1) supply, writes Tyler Davies, with three banks having reopened the market in emphatic fashion this week, issuing €3.1bn-equivalent of debt into more than €20bn of demand.
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The dollar bond market for sovereigns, supranationals and agencies was subdued this week, at least in comparison to the ebullient euro market. A gloomy outlook from the US Federal Open Markets Committee has unsettled investors and the SSA market is not expecting any deals.
