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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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Barclays saw its common equity tier one capital ratio fall 70bp amid balance sheet growth in the first quarter, but analysts suggest the bank should be able to maintain enough capital to carry on paying additional tier one coupons this year. -
The Republic of the Philippines printed one of its largest bonds on record this week at exceptionally tight levels, taking $2.35bn from a dual-tranche deal. The sovereign gave investors what they wanted: long tenors, attractive initial pricing levels and full clarity on the impact of Covid-19 on the country, writes Morgan Davis.
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Norwegian Air Shuttle has revised the terms of its restructuring pitch to bondholders, cutting the size of the writedown it is asking them to take and making sure they get the benefit of the security over landing slots they were granted last year.
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The corporate bond market is already moving past the coronavirus pandemic, according to syndicate bankers, despite some warning that a second wave of the disease could push technical supports to their limits.
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Hiscox, the London-listed insurance and reinsurance company, is exploring the idea of raising equity to combat uncertainty surrounding the impact of the coronavirus as premiums, particularly in the US, harden.
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With Covid-19 measures expected to add $4bn to Chile’s 2020 debt issuance, the sovereign is still to define the source of $4.5bn of funding for this year, according to the country’s head of international finance.
