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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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Mondi, the paper company based in the UK and Austria, raised €750m on Friday to refinance its €500m bond maturing in September, and put some extra cash by in case of trouble, with a bond issue that it went ahead with on a down day for equities, even as some other companies opted not to issue. -
European triple-A rated CLO spreads have blown out further and faster than other securitized products, and further than may be justified by the collapse in leveraged loan prices. That may mean more of these bonds have found their way to leveraged investors than market studies assumed.
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Banks will have an extra year to comply with the latest set of bank capital rules, with the Basel Committee telling the industry on Friday to focus on responding to the coronavirus pandemic instead.
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Despite a late rally in emerging market assets this week, which even included a three times oversubscribed issue from Panama, the risk of sovereign bond defaults is still hanging over the asset class.
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US and European stocks rallied this week, recovering some of the losses suffered during the worst equity market sell-off since the 2008 financial crisis, but investors are not ready to pile back into the market yet, fearful of the spread of the Covid-19 coronavirus in the United States.
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Toronto Dominion Bank attracted a slightly larger order book for its three year dollar covered bond on Friday than Bank of Nova Scotia did for a similar deal issued on Wednesday. Both deals offered a considerable pick-up to where they would have been expected to be priced in euros, but the overall spread outlook remains a subject for hot debate. At the same time on Friday, Canadian Imperial Bank of Commerce was set to issue a ‘blow out’ three year Swiss franc deal.
