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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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London-listed Russian steel firm Evraz has raised a syndicated loan with lenders honouring the pricing terms agreed before the outbreak of coronavirus that has wreaked havoc in markets. -
Italy’s borrowing is set to increase as it attempts to weather the economic impact of coronavirus. But Davide Iacovoni, director general of the Italian public debt office, told GlobalCapital that he did not expect investors to abandon the country’s debt. He also called for some form of European risk sharing.
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Equity capital markets are slowly reopening for companies at a time when there is a dire need for funding. However, the Covid-19 sell-off in global stock markets in the past month has meant that funds and asset managers have had limited inflows, meaning they have less cash to use in new deals. This is leading to a higher degree of selectivity.
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Some of the largest financial institutions in the eurozone have yet to cancel or postpone their dividend distributions for this year, despite explicit guidance from the European Central Bank urging them to restrict payouts during the coronavirus crisis.
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Central banks are turning on the money taps and slashing rates in an effort to combat the economic effects of the coronavirus pandemic. The below table details the response to the outbreak from many of the world's largest central banks.
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Whitbread, the UK hotel and restaurant company behind Premier Inn, has amended a clause in its debt documentation which could have left it liable for technical default. One source said several companies may have to go through a similar amendment process.
