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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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Capital markets have not seized up when mediated through the home office. But with remote working set to be the norm for the foreseeable future, the finance industry must be alert to less perceptible problems. -
LendingClub announced that it is anticipating lending volumes to decline by 90% in the second quarter, as the online lender tightens its underwriting criteria in response to a sudden drop in investor interest and mounting unemployment numbers, the company said in an earnings call.
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The top tier of emerging market companies and sovereigns are funding themselves at near pre-coronavirus levels, but there is stark inequality in the market. The vast majority of EM corporates will have to sit out a while longer as funding costs remain prohibitively high for triple- and double-B rated issuers, writes Oliver West.
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The record-breaking pace of US corporate bond issuance shows no sign of abating as more than 20 issuers from across the ratings spectrum dashed out of earnings to issue this week, amid red-hot funding conditions.
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Germany's Federal Constitutional Court (BVG) fired a warning shot at the European Central Bank this week. The court’s threat to stop the Bundesbank from taking part in official asset purchasing could have serious consequences for ECB monetary policy and, by extension, bond markets, just when the markets seem to be relying on the central bank more than ever, write Jasper Cox and Lewis McLellan.
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A conduit CMBS deal from Goldman Sachs in the market this week is drawing strong demand from investors eager to buy the first new commercial mortgage bonds in nearly two months, while Morgan Stanley is looking to draw buyers for a Los Angeles office CMBS with some unique protections.
