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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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Grupo Energía de Bogotá (GEB), the Colombian electricity and gas distributor, tightened pricing sharply on a new 10 year deal as bankers reported huge appetite for the pick-ups being offered by the sturdiest investment grade EM companies. -
The Federal Reserve on Tuesday announced new details for its Term Asset Backed Lending Facility (TALF) and Paycheck Protection Program (PPP) and is planning monthly updates for the duration of each program to identify borrowers, amounts borrowed and interest charged for loans backed by eligible ABS assets.
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The market is split on its outlook for subprime auto ABS, but while conservative investors are staying away there is growing optimism among others who believe credit enhancements and prospects for a strong economic recovery make the asset class an attractive buy in the time of coronavirus.
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The Bank of International Settlements has indicated that regulators may need to review central counterparty clearing house margin policies after the coronavirus crisis.
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The European Stability Mechanism's (ESM) Pandemic Crisis Support programme may now be in place but what it has really shown up, especially in light of Germany's Federal Constitutional Court verdict on ECB QE last week, is that the eurozone badly needs the European Commission to pull its finger out and agree a recovery fund.
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The coronavirus pandemic, in terms of the financial markets has had its winners as well as its losers. The loan market, after years of decline as borrowers sought better terms in bond markets, has shown its worth in times of trouble by being able to offer liquidity lifelines to companies left in dire need of the stuff when other markets could not provide it.
