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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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The European Central Bank is encouraging investment banks to keep up their market making activities during the coronavirus pandemic by offering them temporary relief on their capital requirements for market risk. -
ArcelorMittal, the steel company headquartered in Luxembourg, has signed a $3bn new loan facility with four banks.
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In this round-up, China’s economy shrinks for the first time since records started, exports and imports fall in March but rebound from recent lows, and the State Council will further develop the country’s capital markets.
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China National Travel Service Group Corp (CNT) raised $900m from a dual-tranche bond on Thursday, making it the first Chinese state-owned enterprise to come to the market in more than a month.
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Bondholders are expected to fight a formal restructuring proposal from the Argentine government that should arrive on Friday and proposes heavy haircuts, say market participants. Argentina’s government appears ready to play hard ball.
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Citi has announced a host of country-specific relief measures for some of its Asia Pacific clients impacted by the Covid-19 pandemic, including fee waivers for loan extensions and the option to restructure borrowings.
