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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 International Monetary Fund on Monday kicked off down the long road emerging market debt relief, giving six months’ waiver to 25 of its poorest members as calls grow for private sector involvement in the exercise. -
A large positive move in stock prices in the past three weeks has buoyed many market commentators, but equities bankers and investors are concerned that equity valuations still do not reflect the severity of the economic effects of the Covid-19 pandemic. If first quarter results or a worsening of the virus are bad enough to drive markets lower still, sufficient harm could be done to investor sentiment to slam shut a vital issuance window for companies desperate to raise cash.
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The Guinness Partnership, a UK affordable housing provider, has mandated for a long dated sterling bond, as some corners of the debt capital markets try and work out why sterling corporate issuance has been so patchy compared to the roaring euro market.
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China’s government has won plaudits for its response to the Covid-19 coronavirus. That praise should extend to its capital markets.
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Though Ecuador’s curve initially sold off on the sovereign’s request to push back debt payments until August, most analysts and investors expect the cash-squeezed country’s bondholders to offer the government flexibility in its time of need — mostly in an effort to avoid something far worse.
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The ABS market is expected to reopen in the next week, as indicated by a burst of pre-sale reports and ABS-15G filings. While markets have been soothed by spread tightening for the second week in a row, the full effect of central bank measures such as TALF 2.0 needs to be seen before issuers flock back to market, sources say.
