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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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Equity market participants have welcomed the Financial Conduct Authority's call to UK companies to hold off on publishing preliminary financial statements. -
Three UK companies have already flagged their interest in the Bank of England’s emergency commercial paper funding scheme for large businesses, announced on March 20. The big three rating agencies will help fast-track unrated investment grade issuers into the scheme, but the strict eligibility limits leave leveraged and smaller companies out in the cold.
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The UK Debt Management Office will boost the size of its Gilt issuance programme for its upcoming financial year by up to an additional £45bn in response to the UK’s fiscal package to counter the economic impact of the Covid-19 pandemic, according to a head of UK rates strategy.
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A rush to dollars in recent days has caused dysfunctions in various corners of the financial markets. The US Federal Reserve has rushed to put out the flames, including with new measures on Monday.
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European banks are steering well clear of new issue markets during the coronavirus pandemic, avoiding having to call on investors for funding by taking advantage of attractive central bank funding schemes.
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The World Bank has increased its funding allowance for its 2019-20 fiscal year by $5bn. It now plans to raise between $55bn and $65bn, up from its previous $55bn-$60bn target, according to a funding official at the supranational.
