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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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Bond markets handsomely rewarded Peru on Thursday for leading the way in Latin America on economic policy reaction to the Covid-19 crisis, notching its lowest ever dollar funding costs. As Peru’s public treasury director said the deal was to increase already substantial liquidity buffers, Lat Am bankers were left hoping the result would encourage more reluctant issuers. -
Analysts are revising forecasts for new CLO issuance, predicting a steep drop from $90bn projected at the beginning of the year to about $55bn for full year 2020, according to Deutsche Bank.
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Governments in developed countries have rushed to introduce measures to support companies, large and small, battling with the effects of coronavirus lockdowns. But they are all doing it differently, throwing a spotlight on the relationships between public and private sectors in each country and inviting the question: which is the gold standard? Jon Hay, Silas Brown and Mariam Meskin report.
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Banks and other private creditors are under pressure to follow the lead of the Group of 20 nations and suspend debt service payments by the poorest countries, as lobby groups urged world leaders to go further and cancel outstanding loans. Phil Thornton reports.
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European short sellers were dealt another blow on Wednesday as the Autorité des Marchés Financiers (AMF) decided to extend its ban on short selling.
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GM Financial priced a $790m prime auto securitization on Thursday, the first issuer to break the silence in the market since Covid-19 halted primary flows in mid March.
