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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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Bonds of Unilever, the consumer goods firm, jumped on Thursday, despite it being a day of risk aversion in the markets, after it announced plans to merge its Dutch and UK entities. Unilever billed the move as simplifying its corporate structure to prepare for what it expects to be "the increasingly dynamic business environment that the Covid-19 pandemic will create" — as bankers predict industrial shake-ups will lead to mergers and acquisitions. -
Norwegian cruise and ferry company Hurtigruten has raised a €105m three year loan through JP Morgan and Goldman Sachs, ranking in line with its existing loans and paying 800bp. This follows an agreement on Monday to suspend the company’s leverage covenant and replace it with a cash covenant, an approach that lenders are increasingly using for companies facing sharp revenue stops.
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The Republic of Croatia benefited from a tightening euro market on Wednesday, as it printed a €2bn 1.5% June 2031 bond on the back of orders 4.5 times that amount.
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Market participants expect European banks to take a large chunk of funding through the European Central Bank’s Targeted Longer-Term Refinancing Operations (TLTRO III) programme, hitting covered bond supply levels. But issuance in other asset classes should remain unaffected as banks follow through with their funding plans.
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Banks are likely to consider unusual issuance windows this year given the disruption caused by the coronavirus crisis. They could even be hard at work during the summer months, according to deal arrangers.
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Some CLO managers in Europe are discussing new warehouse lines, paving the way for the CLO primary market to restart after pre-Covid deals are cleared. Counterparts in the US, meanwhile, are riding a wave of optimism that will likely take the market back to pre-pandemic pricing levels over the summer. Owen Sanderson and Paola Aurisicchio report.
