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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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Few bankers, if any, will emerge from the coronavirus unaffected. But leveraged finance bankers have reason to believe they will be able to generate new deals from the chaos — even if they lose a few old ones along the way. Pan Yue reports. -
Chinese oil and gas company MIE Holdings Corp has missed interest payment on a dollar bond during the grace period, triggering cross-defaults on its loan facilities. The firm has been hit hard by tumbling oil prices this year, putting pressure on its liquidity.
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More and more Chinese issuers are using the Covid-19 pandemic as a convenient excuse to justify missed or delayed payments of bonds. The trend needs to stop.
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China-based Kintor Pharmaceutical has kicked off bookbuilding for its Hong Kong listing, the latest in a stream of healthcare IPOs in the city. The issuer is targeting HK$1.86bn ($240.1m) in proceeds.
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Argentina’s dollar bonds climbed again on Monday after the issuer extended the deadline for a restructuring offer, as a change in tone from the government offered slight hope that an agreement can be reached.
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Santander has surged to the front rank of the EMEA syndicated loan market since the coronavirus crisis began — the bank made a deliberate strategic push.
