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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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Sappi, the South African pulp and paper company, decided just before lunchtime on Friday to cancel a €250m bond issue, judging the price it would have had to pay too high. The failure of this deal contrasts with the vigorous issuance by much riskier companies in the US market. -
Yapi Kredi is the latest Turkish bank to refinance existing debt, following peers like Akbank and VakifBank. But bankers said that margins on its deal do not reflect current market conditions.
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Italy has announced the details of a new BTP Italia sale, which will take place from Monday May 18, and be aimed at financing measures in response to the Covid-19 pandemic.
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Barclays opened books on a new tier two capital issue in sterling on Friday, as the financial markets looked set to end a volatile week on a positive note.
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The convertible bond market has become one of the hottest areas of the capital markets with a huge surge in issuance in response to the Covid-19 pandemic. But there is growing concern among investors about the capacity of the market to absorb all of this new paper.
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France's Financial Markets Authority (AMF) is weighing whether or not to extend a ban on short selling this week, as industry bodies warned the ban has harmed markets.
