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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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The percentage of triple-C rated loans held in CLOs has tripled to 12% in the past three months, leading 21% of outstanding deals to fail at least one overcollateralisation test, according to Bank of America. -
The fallout from the Covid-19 crisis has touched nearly every economic and employment sector, from the largest corporations to the smallest businesses. The pain has prompted an unprecedented policy response aimed at rescuing economies and markets, and further measures are likely to come. US commercial real estate has been especially impacted, with commercial mortgage lending slowing dramatically, already struggling retailers going dark across the country and a likely rethinking of the use of space following a nationwide experiment in working from home.
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Emerging market loan volumes have declined further amid the panic and uncertainty that Covid-19 has plunged the market into. Loan bankers show little optimism and say that the second quarter will likely resemble the first.
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Both the European Commission and the European Court of Justice have put out statements dismissing the verdict of Germany's Federal Constitutional Court (BVG) on the European Central Bank’s Public Sector Purchase Programme, going some way to soothe concerns over the ECB’s future.
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Eni saw chunky demand for the first Italian corporate bond sold since the coronavirus pandemic hit markets in March, but it had to pay up over its curve compered to oil industry peers from outside Italy.
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Activity in the high grade European loan market is tailing off, as the initial rush of borrowers securing crisis funding has begun to die down, according to lenders.
