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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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UniCredit is only the second Italian bank to have accessed public primary bond markets during the coronavirus pandemic, but other lenders from the periphery of the eurozone are now lining up to bring deals of their own. -
Convertible bond issuance in Europe is expected to pick up over the coming months as corporates in the region seek to exit from government lending schemes and refinance themselves via the capital markets.
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Hong Kong's Cathay Pacific Airways is planning a HK$11.7bn ($1.5bn) rights issue as part of a multi-billion dollar government-led recapitalisation.
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For yield-hungry bond buyers, Central American sovereigns El Salvador and Costa Rica have proved irresistible in recent days. But as political infighting in both countries hampers fiscal consolidation efforts, fiscal fundamentals could cause creditors concern for years to come.
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ABS spreads are moving towards pre-pandemic levels as investors grow optimistic over recovering unemployment numbers and the reopening of New York City and other major economic centers.
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The UK government’s steps to reopen its economy are proving a boon for Whitbread, the parent of Premier Inn and Beefeater Restaurants, which is set to complete a £1bn rights issue on Wednesday.
