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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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Emerging markets bondholders started the week in another round of pain as the price of oil fell to a 17-year low, dragging down risk sentiment and putting fiscal balances into more doubt. -
Italian-American car company Fiat Chrysler Automobiles has signed a €3.5bn bridging facility, as the company becomes the latest to secure bank funding while it waits for calmer times in the capital markets.
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British Airways, the UK flag carrier, has extended its dollar revolving credit facility, as the coronavirus-ravaged airline industry continues to reinforce its finances.
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More companies will raise equity capital without first offering existing shareholders pre-emption rights, given the "unprecedented" economic damage being caused by the spread of Covid-19.
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Market participants are debating whether the risks to additional tier one coupons have risen or fallen after the European Central Bank urged banks not to pay equity dividends for at least six months.
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Wild swings in emerging market bond prices have been painful for investors this month. It is a problem that banks’ market making capabilities have compounded.
