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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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Italy once again asserted its market access on Wednesday, raising a staggering €14bn — its biggest single tranche bond ever. The new issue was timed just ahead of Thursday’s ECB meeting, at which the governing council is expected to expand its Pandemic Emergency Purchase Programme (Pepp). -
French food company Danone led the pack in a strong day for vanilla corporate bond issuance in Europe, with an €800m deal, as some syndicate bankers say recent borrowers are looking to return to the market soon to take advantage of tightening spreads.
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EU lenders will have to give more detail about their use of loan repayment holidays and public guarantee schemes during the coronavirus pandemic, according to new reporting guidelines published by the European Banking Authority (EBA) this week.
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The coronavirus pandemic has made for a busy time for Europe’s equity capital markets with all manner of emergency capital raises and block sales being done alongside even the odd IPO. Market participants expect the pace of issuance to run on in the weeks ahead after May turned out to be one of the best months of the last few years.
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Spanish house prices fell for the first time in four years in the first quarter this year, but even so, the Cédulas market is in a much stronger position to weather further expected falls than it was when house prices dove in 2007 and 2012. And based on the recent performance, even if spreads were to widen, some investors would be likely to consider the move as an opportunity to buy.
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Renault, the French car company, has arranged an up to €5bn short-term credit facility backed by its government, as fierce complaints have followed similar guarantees in other industries.
