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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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Ecuador will make a $325m bond maturity payment on Tuesday as it looks to unlock $2bn of further funding that the finance minister will be “immediately” accessible. But the sovereign will delay $245m in coupon payments later this week, and the minister did not confirm that these payments would be made when the new loans arrive. -
China’s top regulators went above and beyond expectations over the weekend in providing reassurance that the country’s markets are on solid footing. While this was helpful, more action to support companies falling through the cracks is sorely needed.
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ISDA chief executive Scott O’Malia on Monday stressed the importance of keeping markets open despite concerns about the spread of Covid-19.
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Warehouse terms are looking increasingly challenging for European securitization issuers as the Covid-19 shocks continue, with some less-established issuers feeling pressure to come to market while spreads are pushed wider and warehouse extensions become less economical.
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Wild volatility has again put Europe's corporate bond primary market on hold, but syndicate bankers say the roaring demand for Friday's two transactions by Engie and Unilever shows that there is still a market for issuers willing to accept wider spreads and bigger new issue premiums and nimble enough to leap through an issuance window as soon as it opens.
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Institutional investors in the US private placement market are preparing for a round of covenant waivers, as companies brace for the economic impact of the coronavirus pandemic. Bankers in turn are shelving primary issuance plans and turning their attention to winning amendment mandates.
