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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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JDE Peet’s, the European coffee conglomerate listing in Amsterdam, is shutting IPO books after just three days of book building — an extraordinarily quick execution period for what is likely to be Europe’s largest IPO this year. -
Commerzbank and Crédit Agricole this week showed that banks do not have to pay big premiums for subordinated paper, with investors regaining their appetite for risk during the coronavirus pandemic.
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Some of the largest investment banks made 12% less revenue from lending in the first quarter, despite balance sheet expansion as they supported companies, according to research from analytics firm CRISIL Coalition.
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The European Commission has published its proposal for an EU recovery fund. Next Generation EU, as it has been dubbed, has impressed onlookers with promises of €500bn of grants and a further €250bn of loans for countries affected by the coronavirus pandemic.
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Bank Nederlandse Gemeenten scored a 10 year dollar benchmark bond on Wednesday — its first at the tenor for four years. A fellow European issuer hit the short end of the dollar curve.
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The European Banking Authority warned this week that lenders could struggle with asset quality problems for years as a result of Covid-19, publishing the findings in its first sensitivity analysis of the EU banking sector.
