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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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The UK Financial Conduct Authority has proposed a three month freeze on all credit card and loan payments to help customers facing economic difficulties in the wake of the Covid-19 pandemic, measures which could drive losses on junior ABS bonds. -
The calls for a joint European fiscal response to coronavirus may, at least in part, have been answered. President of the European Commission Ursula von der Leyen announced a €100bn fund intended to protect employment and mitigate the economic effects of the coronavirus outbreak. The fund will be backed by €25bn from member states.
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Additional tier one investors breathed a sigh of relief after regulators outlawed dividend payments this week. They argued the move made it more likely they would carry on getting the coupons on their instruments.
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There was little let up in the high grade corporate bond market on Thursday, but the growing importance that investors are putting on individual borrowers' perceived exposure to corona risk over more traditional measures of creditworthiness like credit ratings was on full display.
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Mandates are rolling in for high grade corporate issuers, as syndicate bankers disagree about whether the blistering pace of the market can last.
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Investment grade syndicated loan volumes in Europe have plunged almost 45% year-on-year, as the Covid-19 coronavirus tears into demand for bank credit.
