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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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DCM officials have expressed surprise at the speed with which the market has adapted to working from home during the coronavirus pandemic, with issuers able to complete deals quickly and with little extra fuss. -
Banks have been building their financial sponsor coverage teams on a record period of deal making. Now they have a different fight on their hands, but bankers are playing down the threat of a 2008-style meltdown, writes David Rothnie.
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Synthetic risk transfer deals from Deutsche Bank, Santander and Standard Chartered have been seen changing hands, as certain credit funds look to free up cash by selling assets that have drastically outperformed equity and junior debt in leveraged loan CLOs. Risk transfer deals are often bilateral and privately negotiated, with little or no public reporting, and usually held to maturity by the specialist funds that buy them.
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Several investors have told GlobalCapital of their concern for the outlook of UK universities as borrowers. They worry that the spread of coronavirus will hit revenues, lower the demand from international students and may in the end hasten a shift towards remote learning.
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UK budget airline EasyJet has signed two new term loans totalling around £400m ($497.37m) and drawn down on an existing revolver as the airline industry, battered by the coronavirus pandemic, continues to slash costs and build capital in the hope of seeing landing lights after the storm passes.
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US banks ramped up reserves for credit losses, expanded credit lines and enjoyed bumper trading and debt underwriting volumes in the first quarter, according to results released on Tuesday and Wednesday.
