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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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Spreads on triple-A CLOs are tightening, with investors predicting a snap back to pre-pandemic levels this summer. -
The US House of Representatives passed the Paycheck Protection Program Flexibility Act last week in an attempt to loosen the terms around how small businesses can spend their loans, reducing the amount required to be spent on employee payroll. Sources say the program has made strides in the past two months since its rocky rollout, enabling a wider range of industries to benefit from the forgivable loan program.
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The Financial Conduct Authority (FCA) has ruled out granting a reprieve to the Libor benchmark, leaving the UK RMBS market to face transitioning legacy deals before the end of the year. That means that lenders will be grappling with the shift at the same time as borrowers will come to the end of Covid-19 payment moratoriums.
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With one month to go of its 2019/2020 financial year, the International Finance Corporation has revised down its funding target.
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KKR, Cinven and Providence Private Equity have launched the first post-Covid take-private LBO attempt, targeting Spanish telecommunications company MasMovil with a €3bn takeover offer at €22.50 a share, giving the company an enterprise value of around €5bn. Barclays, BNP Paribas and Morgan Stanley have underwritten the financing for the buyout.
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Emerging market corporate downgrades have accelerated since the beginning of the Covid-19 crisis, which has raised questions about debt refinancing in the asset class.
