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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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The combined capital markets funding of German states in 2020 will substantially rise and could return to the levels seen at the height of the global financial and eurozone sovereign debt crises, according to a global head of debt origination. -
Indian banks and corporations hoping to fund in the offshore loan market were already facing difficult questions, following a wide-ranging clean-up of the country’s financial system. They are now facing a worse problem: the spread of Covid-19.
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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.
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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.
