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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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Emerging market bond issuance has been strong this week, with investors throwing huge order books at deals. But with the Covid-19 crisis still hanging over the market, few believe that the purple patch will last. -
US bond bankers want the US Federal Reserve to clarify its timetable to start buying investment grade corporate bonds, as investors are starting to show signs of fatigue after a torrent of high grade issuance.
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Private creditors are working on ways to take part in the agreement to offer debt relief to the world’s 73 poorest countries granted under a deal negotiated by the Group of 20 countries.
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Some of Europe’s largest banks have taken large chunks of syndicated loan market share in EMEA this year, as the pandemic has prompted some institutions to flex their muscles and others to retreat.
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It was a busy first quarter at Commerzbank’s corporate clients division, as companies rushed to secure liquidity and access Germany’s support programmes. But that division and the group as a whole made a loss in the quarter, results released on Wednesday showed, as cost of risk rose and valuations of derivative positions fell.
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Europe’s high-grade corporate bond market this week proved that even the sectors hit the hardest by the pandemic can access funding. But investors are demanding compensation for the extra risk, and that premium is only expected to grow as motorcycle firm Harley-Davidson discovered when it tested the new wides, writes Mike Turner.
