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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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Central banks attacked the coronavirus threat this week, promising swathes of new money on an unprecedented scale to help fund governments’ colossal new fiscal commitments. Bond markets reacted with relief to the swathe of multi-billion programmes aimed at fending off global financial meltdown. -
A broken bond market is incapable of providing emerging markets issuers with funding as the financial effects of the coronavirus pandemic and the oil crash run riot. Official institutions’ support is needed, after the asset class took a brutal beating this week, write Ross Lancaster and Oliver West.
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Investment grade corporate and financial institution borrowers showed their strength with more than $44bn of US bond issuance in two frenetic windows this week, after central banks took emergency action to avert a global depression.
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The European Central Bank threw the kitchen sink at the bond market this week with its Pandemic Emergency Purchase Programme (PEPP). Borrowers are assessing their funding programmes, which will rise in response to the Covid-19 pandemic. But they are in no hurry to sell new issues, with investor appetite minimal in the secondary market.
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“There are decades when nothing happens; and there are weeks when decades happen.” So said Vladimir Lenin, although the founder of Soviet Russia probably didn’t write this with the capital markets in mind.
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Wild swings in the euro/dollar basis swap, and an unreliable interest rate swap complicated bond execution in the SSA market this week. While some liquidity has returned in rates, cross currency swaps are still behaving very strangely.
