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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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Market participants have welcomed moves by the US Federal Reserve and Treasury, the Bank of England and the European Central Bank to restore order in commercial paper markets. This normally placid funding source has been under severe stress in the past week as investors and dealers shun risk amid the escalating coronavirus crisis. But market participants are still seeking further reassurance. -
Air France-KLM has taken a series of exceptional measures including drawing down on €1.765bn of bank debt and Moody's has cut ratings in the sector as the coronavirus pummels the airline industry.
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Humanwell Healthcare Group Co, a pharmaceuticals company based in the epicentre of the Covid-19 pandemic, has launched a $150m loan into general syndication.
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GlobalCapital has compiled a short list of companies known to have drawn their revolvers or arranged new loans since the coronavirus crisis engulfed markets.
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Corporate credit spreads bounced back on Thursday after the European Central Bank announced a new €750bn bond buying programme to battle the economic fallout from the coronavirus, but syndicate bankers said that there would likely need to be a longer period of stability before the primary market reopens.
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Latin American governments looking to shore up their economies in the fact of the coronavirus pandemic generally have less room for fiscal stimulus than they did before the 2008 financial crisis, warned Fitch Ratings on Wednesday as the region’s bond markets plunged even further.
