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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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CLO managers and investors are facing a nearly unprecedented crisis in corporate credit, but sources say that while defaults loom, they are hopeful recovery rates will deliver the market from disaster. -
International banks are at risk of depleting their capital reserves as they try to keep credit flowing to companies through the coronavirus crisis. Governments and regulators have already responded, but the sector is screaming out for more work to be done to ease the burden of complying with stringent accounting and supervisory rules, reports Tyler Davies.
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IHS Markit is continuing with the Friday rolls for its popular CDX and iTraxx indices, despite the extreme volatility affecting credit markets as Covid-19 and low oil prices spread uncertainty.
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The biggest investment banks are enjoying strong trading revenues from the market moves related to the coronavirus pandemic, alleviating a freeze in M&A and underwriting activity. The banks appear well-placed to deal with corporate drawdowns, although there is some debate around wider liquidity profiles.
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The synthetic risk transfer market, where specialist hedge funds write protection on up to €100bn of notional risk per year from banks, is grappling with the impact of the coronavirus on SME and corporate credit. The illiquid bilateral transactions barely trade, but have increasingly been financed through the repo market, giving banks and funds a challenge as they fight over where the positions should be marked.
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Bankers in Paris are adjusting to a new life of lockdown following president Emmanuel Macron’s declaration of war against Covid-19 on Monday, which has led to the toughest restrictions being imposed on daily life in France since the Second World War.
