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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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Japanese companies have reduced their offshore bond issuance over the last few years. But could a push for overseas business bolster supply? Morgan Davis reports. -
GIC, the Singapore sovereign wealth fund, sold 115m shares in medical product and technologies company ConvaTec on Monday night following a huge rally in the stock price.
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Europe’s high grade corporate bond market pumped out deals on Tuesday, with some defensive issuers managing to print inside fair value while some of the day’s more esoteric picks had to pay up even for short maturity debt.
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Steel maker ArcelorMittal has raised over $2bn through a sale of new shares and mandatory convertible bonds after posting a $1bn loss in the first quarter because of the Covid-19 global pandemic, which has caused demand for steel to plunge.
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Luca Bertalot, secretary-general of the European Mortgage Federation-European Covered Bond Council (EMF-ECBC), speaks to GlobalCapital about the covered bond market living up to its reputation, the ECBC’s Covid-19 task force and monitoring report, transparency enhancements, the scope for a revival of the public sector market, and how green European Secured Notes (ESNs) and covered bonds secured on energy efficient mortgages could be flagships in Europe’s economic recovery.
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Kingfisher, the UK home improvement retailer, has signed short term crisis loans in sterling and euro that will sit alongside the company’s already drawn revolving credit facilities, bringing its access to liquidity up to £2bn.
