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Monday evening sale is latest block trade
◆ Danish biotech prints three tranches along the curve ◆ Seven year bond proves the sweet spot ◆ Proceeds to refinance €1.5bn acquisition bridge
Sfr4.9bn trade is largest European ECM deal since National Grid’s £7bn rights issue in 2024
Offer came as markets recovered and volatility fell
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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. -
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.
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The European Commission will put forward a legislative proposal next week that could give banks more room for flexibility when applying the IFRS 9 accounting standards.
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The coronavirus pandemic is shaking up the competitive landscape in capital markets, as some firms find it harder to commit to deals — but there are winners, too, and one of the most notable cases is BNP Paribas’s presence in the syndicated loan market.
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The Covid-19 coronavirus is complicating the Libor transition and could even damage the risk profile of CME Group and LCH, Fitch Ratings has warned.
