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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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CLO managers and investors are predicting a raft of consolidation in the industry as the virus crash leads to further tiering among managers. -
The Federal Reserve continued its roll-out of initiatives to support the economy through the Covid-19 crisis this week, including the revival of the term asset-backed loan facility (TALF). However, market participants say the program is incomplete as long as it omits certain asset classes, specifically private label CMBS, and worry that some sectors will buckle without the support of the central bank.
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Around £1bn worth of CMBS deals could be subject to cash traps, withholding payments to certain parties in the transaction, in coming months with the UK in lockdown to stop the spread of coronavirus.
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US president Donald Trump looks unable to lead a global response to the health and economic crisis caused by the coronavirus pandemic, but the dollar is unchallenged as the global safe haven in times of crisis. This contradiction is destabilising.
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Europe’s corporate bond market showed the same kind of energy on Tuesday that the US market did three times last week, as a clutch of blue chip issuers launched new deals on the very first day of stability the market offered. Sanofi found huge demand and only a slight slowness from the UK being in lockdown.
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With the continent on lockdown, European countries are taking different approaches to granting borrowers relief from mortgage payments, putting RMBS deals across Europe in uncharted territory.
