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Monday evening sale is latest block trade
◆ Danish biotech prints three tranches along the curve ◆ Seven year bond proves the sweet spot ◆ Proceeds to refinance €1.5bn acquisition bridge
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
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Asian bonds showed some signs of life mid-week after markets collapsed on Monday. But that reprieve proved to be extremely short-lived, as another round of panic selling on Thursday left issuers with little choice but to put their deals on hold. Morgan Davis and Addison Gong report. -
Spreads on bank bonds were sent shooting wider again on Thursday, caught up in further negative news around the Covid-19. But market participants are still unsure about how much of impact the pandemic will have on bank credit quality, with the sector already facing pressures over profitability.
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Members of the European Banking Federation have called on supervisory authorities for help through the ‘temporary struggle’ of the Covid-19 pandemic, asking them for looser capital and liquidity requirements and special treatment of lending impacted by the virus.
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As the coronavirus advances deeper into the US and northern Europe, capital markets have had one of their most shocking and arduous weeks for many years.
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The coronavirus will depress mergers and acquisitions activity, hurt advisory revenues and change the emphasis of deal-making in 2020, writes David Rothnie.
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The UK has pledged £30bn ($37.62bn) of stimulus to cushion the coronavirus pandemic’s economic impact, and now the Debt Management Office’s remit is expected to be £40bn higher than last year. But the Budget, delivered by UK chancellor Rishi Sunak on Wednesday, seemed to have little effect on Gilt yields, despite rising on the day.
