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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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A leading covered bond investor has reacted positively to a series of measures announced by Canada’s Office of the Superintendent of Financial Institutions’ (OSFI) which have effectively provided stable access to emergency funding, including a temporary increase in the amount of covered bonds the country's banks can issue. The move comes after a heavy spell of supply that had sparked concerns that Canadian banks were struggling for cash. -
Marketplace lenders have largely been left out of recent rescue plans brought by the government, including the Coronavirus Care and Help (CARES) Act. However, over the weekend, it has been confirmed that online lenders will be eligible to participate in the small business loan program, enabling fintechs to take part in distributing relief funds alongside banks, their direct competitors.
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S&P Global Ratings placed another 15 CLOs on rating watch with a negative outlook over the weekend, flagging deals with a growing exposure to loans facing downgrades as the coronavirus crisis drags on.
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Public bond investors in Europe received on Monday their first new issue from the car industry since the coronavirus crisis went global. The paper was not from an industrial company but Volkswagen Financial Services, its leasing division, which does not rely on VW producing new cars to repay its debt, but rather on customers who are legally obliged to keep paying their leases. The price was wide, but VWFS showed it had market access.
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The ABS secondary market had not seen an increase in purchases from the European Central Bank as of Thursday, when the central bank’s Pandemic Emergency Purchase Programme was supposed to officially start buying. ECB head Christine Lagarde invoked the spirit of her predecessor by promising to do 'whatever it takes' to save the euro from the coronavirus pandemic, but the start of the programme has left ABS traders citing miscommunication between the central bank and the securitization market.
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The dollar bond market is gradually opening up, with two high quality public sector borrowers hitting screens on Monday for short dated deals. But with volatility still gripping the cross-currency basis swap market, European borrowers are still sticking to their home currency.
