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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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Investment banks are working with issuers preparing rights issues for balance sheet repair, as governments across Europe prepare to ease Covid-19 lockdowns. -
Italy’s credit rating is dividing analysts. Some believe that it should have been downgraded by S&P on April 24 because of the country's ballooning debt burden, while others felt that the European Central Bank can keep the refinancing risk at bay.
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The UK government unveiled proposals last week meant to protect retailers from liquidation if the coronavirus lockdown results in them being unable to pay rent. Landlords already bloodied and bruised from years of tenants negotiating debt writedowns, are next in line though if rental cashflows cease.
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Deutsche Bank’s additional tier ones surged higher in value this week, after the German lender reassured the market with positive guidance on its first quarter earnings.
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Crisis lending to emerging market sovereigns is coming ever more from multilateral development banks rather than commercial lenders, as the latter retreat to funding companies and other financial institutions.
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Debt capital markets bankers had been hoping for at least two years that Colombian oil company Ecopetrol could be persuaded to issue a bond. When the government-owned borrower finally opted to tap bond markets last week for the first time since 2016, it caught the eye by doing so with oil prices at historic lows, in the middle of the coronavirus pandemic and, unusually for a Lat Am issuer, on a Friday.
