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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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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. -
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.
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Equity bankers expect to be busy with more capital raising in the next few weeks as UK corporates prepare for a prolonged period of business interruption after the government laid out plans for a slower reopening of the economy than many had hoped for.
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European airlines are expected to turn to the equity capital markets soon for financing if they have no recourse to state aid, mirroring their peers on the other side of the Atlantic.
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With leveraged companies largely shut out of central bank bond buying and price support schemes, sponsors are mulling government-backed lending schemes in several European countries, as they seek to show other creditors that they have abundant access to liquidity. But the schemes often come with strings attached, which could do nearly as much damage to a sponsor's investment thesis as a restructuring.
