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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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There is a plan to rescue the US economy with a $500bn corporate bailout. At the time of writing, that plan is held up in the US Senate. While the country's president Donald Trump is griping about the delay, it’s a fight worth having. The Republican Party's proposal is woefully short on oversight. -
The primary public sector bond market came back to life on Tuesday as a pair of sovereigns and the European Investment Bank sold deals alongside German states. But it was far from a case of picking up where they left off as borrowers were made to pay new issue premiums of up to 20bp versus the secondary market levels on screens.
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Extraordinary support measures from central banks across the world include an element of corporate lending, but all the schemes announced so far target SMEs, and companies rated BBB- and above. That leaves a gaping hole in the rescue net, which the authorities must fill.
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Germany has said it will take the unprecedented step of buying equity stakes in German businesses to protect its economy against the damage caused by the spread of the coronavirus.
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The UK government’s offer on Friday to pay 80% of the wages of furloughed workers came in the nick of time to save thousands of jobs in manufacturing and services. But few of those affected realised they were benefiting from a German idea. The move highlights how the coronavirus crisis is causing a rapid dissemination of techniques around the world.
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The pandemic bond issued by the World Bank still has one more hurdle to clear before triggering and releasing funds for use by countries struggling with the coronavirus. But it will still take a couple of weeks at least to reach that point.
