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Monday evening sale is latest block trade
◆ Danish biotech prints three tranches along the curve ◆ Seven year bond proves the sweet spot ◆ Proceeds to refinance €1.5bn acquisition bridge
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
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Emerging markets face at least $2.5tr of financing needs and do not possess the resources to fund themselves, said the IMF on Friday. But with bond markets continuing to improve and multilateral development banks increasing their firepower, prospects for EM funding are at least looking more promising than a week ago. -
Standard Chartered will commit at least $1bn of financing for companies that provide goods and services that can be used to fight against the Covid-19 pandemic.
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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.
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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.
