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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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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. -
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.
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Banks should be brave enough to take decisions that upset their additional tier one (AT1) investors.
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The UK Debt Management Office launched its first bond syndication of the new financial year on Tuesday, smashing all previous records for deal and order book size and making a healthy start on its largest ever borrowing programme in response to the coronavirus pandemic. Despite the huge size, the deal caused “barely a ripple”, thanks to the support of the Bank of England’s asset purchase facility.
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As the near term outlook for economic reopening remains uncertain, players in the market are expecting a rise in the demand for cars, as delivery services become more heavily relied upon and as a result of hesitation around public transportation that could persist long after the pandemic subsides. In the Covid economy, investors say that supportive fundamentals and well protected ABS structures are making subprime auto bonds an attractive buy.
