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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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The Bank of England’s unscheduled decision to cut rates and encourage banks to lend to the real economy on Wednesday morning was viewed as a powerful step by some in the market, although it is very unlikely to put to bed economic uncertainty over the impact of coronavirus. -
Wild swings in equity market volatility have caused a rush to reassess derivatives positions, as the cost of hedging increases and weakness emerges in more exotic products.
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Spreads on financial institutions bonds are recovering from a brutal sell-off at the beginning of the week, as European governments and central banks weigh in to help economies deal with the Covid-19 coronavirus outbreak.
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As emerging market bond fund outflows pick up pace, the new issue market may be shut for longer than many bankers and investors were anticipating even a fortnight ago. Now, attention is turning to which countries will struggle if external markets are shut or funding becomes more expensive.
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The European Union is set to make at least €25bn of budget funding available for sectors affected by the Covid-19 coronavirus, as its institutions join forces to tackle the economic impact of the outbreak. Rules on state aid and public finance will also be loosened, giving member states more room to launch fiscal stimulus measures.
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Two new dollar transactions were launched in the Asian bond market on Wednesday, signalling a slow revival in confidence after a rough start to the week.
