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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 Bogotá (GEB), the electricity and gas distributor majority-owned by the District of Bogotá, Colombia, is looking to hit bond markets to raise around $400m as government-linked issuers dominate the Latin America primary markets. -
Colombian airline Avianca filed for Chapter 11 bankruptcy protection in New York on Sunday, the same day that $66m of senior unsecured bonds matured and just five months after wrapping a distressed debt exchange that some thought had brought the airline back from the brink.
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Despite a crash in dollar swap spreads as the US Treasury announced a record borrowing binge this week, SSA bankers remain bullish on supply, with KfW rumoured to be plotting a return to dollars after leaning heavily on euros for its benchmark funding this year.
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The merger of the UK’s largest mobile phone operator, O2, with cable company Virgin Media, agreed on Thursday, will generate a £6bn financing need which the parties want to complete before the deal closes, expected to be in 2021 — and later on, it could lead to an IPO, say sources close to the deal.
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The Norges Bank surprised the market with an unexpected base rate cut to a record low of zero on Thursday. Since the start of the year, coronavirus volatility and wildly gyrating oil prices have buffeted the value of the kroner.
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The Kingdom of Bahrain moved emerging markets’ bond recovery beyond top tier issuers on Thursday as it printed a $2bn dual tranche dollar trade that raked in $11bn of demand.
