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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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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. -
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.
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Costain Group, the London-listed construction and engineering firm, has completed the first leg of a heavily discounted £100m capital increase that it originally announced in March following poor 2019 results.
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Banks in the UK have built up large enough capital buffers to withstand the volume of credit losses expected to be triggered as a result of the economic shock of the Covid-19 pandemic, the Bank of England said.
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The International Monetary Fund should be given a green light to create almost $1.4tr of new liquidity by issuing more of its own currency to help emerging economies hit by Covid-19, according to a former IMF executive who now runs an influential think tank.
