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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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Société Générale’s equities division posted a 99% year-on-year drop in revenues for the first quarter on Thursday, contributing to an overall loss in both the wholesale division and for the bank overall. -
Chilean government-owned copper miner Codelco said on Wednesday that it had sought to increase its cash position in the face of market uncertainty after wrapping a well oversubscribed return to bond markets.
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CLO managers are moving to bake additional flexibility into deal documents, looking to bolster structures against any potential wave of bankruptcies among leveraged loan borrowers.
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The Federal Reserve reassured jittery markets on Wednesday that it is committed to using the full range of policy responses available to it in order to blunt the impact of the Covid-19 crisis, though some in the market fear that the central bank’s aggressive response will do longer term damage to market efficiency once the pandemic subsides.
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Italy was able to raise almost €6bn in auctions with ease on Wednesday following Tuesday night’s unexpected downgrade by Fitch, which leaves it just one notch above junk.
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Many feared that the drive to modernise systems within banks would take a back seat as those in bond markets raced to adapt to remote working during the coronavirus pandemic. In fact, banks appear to be galvanising their efforts to get up to date.
