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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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The Federal Reserve revised the eligibility for the Main Street lending facility, a program aimed to help small and medium-sized businesses through low interest loans. A key change opens the program to more participants, including companies with higher leverage. -
Prospects are rising of a return to normal merger and acquisition activity, despite the continued grip of the Covid-19 pandemic. Telefónica, the Spanish telecoms group, has confirmed it is in talks about combining its UK mobile business O2 with Virgin Media, the quad play telecoms firm owned by Liberty Global.
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Russian borrowers are still seeking funds from international lenders, with a handful of companies in the market. However, dynamics have changed amid the spread of the coronavirus and borrowers must offer higher margins to fewer lenders.
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The UK’s Vitec Group, which provides camera and recording equipment, has renegotiated the covenants on its £165m revolving credit facility, in a growing trend that loans bankers expect to continue until the coronavirus pandemic eases.
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Greece is looking to divert the use of proceeds of its borrowing to help it tackle the coronavirus crisis, but that is not likely to result in an increase to its funding programme.
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The prospect of switching out of Pfandbriefe exposed to a high proportion of foreign commercial real estate and into higher-yielding, and more liquid, Scandinavian covered bonds exposed to domestic loan portfolios that are less affected by the coronavirus, is a tempting choice. But the protection Pfandbriefe offer investors and the scarce supply outlook means spreads on the product will remain supported, said bankers on Monday.
