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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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CLO players have been resolute that deal structures will withstand the pressure on corporate credit, and that the product has been tested by worse. But even though the market expects to weather the coming storm, industry veterans are predicting a new landscape after the virus crisis subsides, writes Paola Aurisicchio. -
Private sector insurance companies have written extensive guarantees for the purchase of new aircraft from Boeing and Airbus in the past two years, filling a gap in the market left by the retreat of US Eximbank and European export credit agencies. But with aircraft around the world grounded and airlines slashing capital expenditure, these insurance firms could be stuck with the risk.
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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.
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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.
