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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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Robert Bosch launched Schuldscheine with tenors varying between two and 20 years on Tuesday. The German car parts supplier is looking to raise at least €500m in a market all but shut since the coronavirus pandemic reached Europe. Participants hope this launch will prompt other borrowers to follow suit. -
A bevy of high grade corporate bonds hit screens on Tuesday, as Europe’s syndicate bankers said that “no one cares” about the German Constitutional Court verdict throwing into question the Bundesbank's ability to take part in the eurozone's quantitative easing.
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Pandora, the Danish jewellery manufacturer, has raised Dkr1.8bn ($176m) through an accelerated placing of 8m treasury shares on Tuesday, to give it funds to withstand the damage to its business caused by the coronavirus pandemic. The company had recently repurchased the shares used in the placing through a buy-back scheme.
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Indonesian quasi-sovereign construction firm Hutama Karya launched its first dollar bond on Monday, raising $600m from a 10 year deal despite the Covid-19 pandemic challenging the market.
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Argentine government bonds have sold off yet again as neither creditors nor the government appear willing to blink in a stalemate that is likely to lead the sovereign to default on May 22, when the grace period expires on $500m of bond payments.
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United Overseas Bank has approved S$4bn ($2.8bn) in loans to mid-sized enterprises in Singapore, taking advantage of a temporary bridging loan programme launched by the country’s government to cushion the impact of the Covid-19 pandemic on companies.
