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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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European banking supervisors are looking into ways to help banks offset the impact that rising credit risks will have on their capital levels, with the industry heaping criticism on the IFRS 9 accounting standard for making the coronavirus crisis even worse than it should be. -
As volatility batters markets and participants scramble to hold dollars, calls are growing for the US Federal Reserve to extend the swap lines that it used during the 2008 crisis to emerging market central banks.
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Governments across Europe are scrambling to support businesses as the rapid spread of the coronavirus batters their economies. In France, the state is in discussion with its advisors about preparing to step in and take equity stakes in companies showing signs of stress, according to sources speaking to GlobalCapital.
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The promises of economic support for economies battered by coronavirus from the UK and US governments have caused their curves to cheapen sharply, driving up borrowing costs.
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Companies are eyeing the European corporate bond market with a view to issuing when they see a chance, but hopes that deals could restart on Wednesday after Tuesday’s heavy US issuance were dashed when markets weakened overnight. Amid the turmoil, bankers are eager to try the new “straight to launch” syndication method being used in New York.
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UK manufacturer Dyson is looking for at least £250m of debt, according to several market sources, in a private placement set to close in the middle of the pandemic that has largely shut public markets in Europe and the US.
