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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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Agence France Trésor, the French sovereign debt office, has published a second draft budget bill for 2020, which will see it issue much more debt than previously announced. -
Santander and Deutsche Bank in Spain have structured the first Cédulas deals to be issued under the Cédulas de Internacionalización legal framework designed to finance export finance loans. The deals are likely to be retained for central bank repo purposes and emerge amid a huge expansion in retained covered bond volumes after the European Central Bank recently cut repo valuation haircuts.
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Saudi Arabia followed neighbours Abu Dhabi and Qatar to the international bond markets on Wednesday, achieving a $7bn deal that was nearly eight times subscribed.
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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.
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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.
