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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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Bankers are confident that companies up and down the ratings scale can lean on their lending groups during market volatility. But borrowers in the most stretched groups are not waiting to find out, with some clients already drawing their lines, adding backup loans, and trying to negotiate waivers on debt limits. Silas Brown, Jon Hay and Owen Sanderson report. -
Lloyds is among several lenders to announce that it will join NatWest, TSB and Nationwide in allowing borrowers affected by the coronavirus to take payment holidays on their mortgages, but that has raised legal questions for RMBS deals if borrowers require deferrals beyond the three month relief period.
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The European Central Bank failed to cheer bank debt investors with a stimulus package at the end of a difficult week that saw credit spreads soar. However, some analysts think that the ECB offered more than was immediately apparent, with its moves amounting to €800bn of capital relief.
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The public sector bond market pipeline is likely to remain sparsely populated as coronavirus pandemic volatility engulfs markets. But SSAs are happy to sit on the sidelines and wait for better market conditions.
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Financial market participants were left wondering this week if what felt to many like a very vivid stress test had become a complete meltdown, as searing volatility puts all players into crisis preparation mode, write Ross Lancaster, Jon Hay, Max Adams and David Rothnie. Strains are appearing in places where they were not expected, such as the US Treasury market. But markets are continuing to function and some traders have enjoyed exceptional volume.
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EM bond fund outflows picked up speed this week, shutting down any hope of an imminent return to primary market activity as fund managers frantically tried to reposition themselves with higher cash levels to brace against more redemptions.
