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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 Bank of England threatened to use its ‘supervisory powers’ on UK banks if they did not agree to suspend dividend distributions this year and stop paying cash bonuses to staff. The instructions do not apply to the equity-like CCDS instruments issued by building societies. -
WuXi Biologics Holdings has pocketed HK$4.6bn ($599m) after selling part of its stake in subsidiary WuXi Biologics (Cayman).
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Indian debt issuers are starting to feel the impact of the Covid-19 pandemic, which has forced a country-wide lockdown for three weeks. With dollar bonds slumping in the secondary market and downgrades coming fast, the outlook for borrowers is bleak.
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Emerging market bonds are trying to catch the same bid that has gripped investment grade markets, particularly in the US. Now, Latin America borrowers are scavenging once more for chances to print new issues.
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Delinquencies in the fastest growing segment of the consumer debt market are increasing at a heightened pace, with another wave of missed payments on marketplace loans expected on the first of the month. Amid the rise in delinquent loans, lenders are saying that they are seeing a jump in loan applications as more consumers seek a lifeline to stave off the effects of the pandemic.
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If regulators won’t turn off banks' additional tier one capital coupons during the coronavirus crisis, they will never find reason to.
