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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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Non-performing loan securitizations are expected to decrease by up to 70% this year in Italy, with little activity expected across the rest of Europe in the wake of the coronavirus lockdowns. But 2021 will see banks looking to securitize the next generation of defaulted loans, rating agencies say. -
Norwegian Air Shuttle improved the terms of an offer to bondholders for a second time this week, just hours before the deadline for its creditors to agree on a restructuring plan that it hopes will eventually unlock a state rescue.
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The European Commission’s plans for a recovery fund will not be enough to prevent Italy’s public finances suffering a severe fiscal deterioration said Fitch, after the ratings agency downgraded the sovereign on Tuesday night.
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The US convertible bond market is showing little sign of slowing down, after another wave of new issues this week, including a jumbo $2.3bn bond from Southwest Airlines. The boom will continue, sources said, as companies attempt to bring in capital to offset a loss in revenue because of Covid-19.
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UK pub chain JD Wetherspoon has sold £141m of fresh equity to keep itself afloat until the UK government lifts the country’s lockdown, which led to the closure of all pubs.
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The UK’s RPS Group, a professional services consultancy firm, has signed a £60m short term revolving credit facility that sits alongside its main bank revolver, as borrowers continue to build their access to liquidity in the face of the Covid-19 pandemic.
