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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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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. -
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.
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Chinese biopharmaceutical firm InnoCare Pharma kicked off bookbuilding for its Hong Kong IPO on Wednesday, securing over half of the deal with cornerstone investors.
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Bond syndicate bankers covering Latin America were not ruling out a return of new issuance in the next two weeks as the market tone improved on Tuesday after a bleak Monday. But with fears around negative fund flows growing, it may be hard to persuade investors to put cash to work even if valuations look attractive.
