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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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A diverse range of companies have used the Bank of England’s programme to buy commercial paper from investment grade firms to help them through the coronavirus pandemic, data released on Thursday show. -
The Bank of England is working to ensure UK financial markets can cope with further strains in the case of a second wave of the Covid-19 pandemic, or a severe economic downturn.
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CBAM Partners is the first manager to price a debut CLO in Europe since the Covid-19 pandemic began but market participants are worried about the lack of new warehouses opening, forecasting a drought ahead after the pre-crisis deals are termed out.
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The interest cost savings may not be enough to entice some countries to accept the European Stability Mechanism’s pandemic crisis loans, with Portuguese and Cypriot officials expressing doubt.
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Travelodge has opted to restructure its debts through a CVA rather than using the UK’s new restructuring framework, shortly to become law. That means landlords are likely to be the losers, rather than bondholders.
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The coronavirus pandemic may have inadvertently solved one of the longest-running complaints about Europe’s equity capital markets: the time it takes to do an IPO. And many in the market hope this is a permanent change, write Sam Kerr and Aidan Gregory.
