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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
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.
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Investment banking revenue in March was lower than normal as the coronavirus pandemic sapped risk appetite — but it was far from a total wipeout. -
As the initial government-imposed deadline for Argentina’s mammoth debt restructuring sailed by without a concrete offer to creditors having been put on the table, some analysts are worried that a hard default may be inevitable.
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Debt relief, restructuring and trillions of dollars of official institution funding are all speeding down the tracks towards emerging markets, as the number of countries with desperate financing needs across the world rapidly stacks up. Ross Lancaster, Burhan Khadbai, Mariam Meskin, Phil Thornton and Oliver West report.
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Armies of wonks have spent the last 10 years dreaming up a panoply of bank capital tools, from additional tier one capital to MREL, to make sure “too big to fail” can never happen again. Next time, they claimed, private investors’ capital would be burnt in an orderly process, saving taxpayers from bailing out banks.
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Moody’s has taken negative action on over 200 leveraged loan issuers held in CLOs since the beginning of March, according to a report from the rating agency this week.
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Those pleading for a shared EU-level fiscal response to the economic damage of the coronavirus outbreak were thrown a bone on Thursday when Ursula von der Leyen, president of the European Commission, promised a €100bn unemployment fund backed by €25bn from EU member states. But her silence on the prospect of further debt mutualisation spoke volumes to market participants.
