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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 European Central Bank is widely expected to ramp up its efforts to prop up the eurozone economy on Thursday. It could spear the effects of an oil price shock and the spread of the coronavirus outbreak with a trident of bank lending, rate cuts and QE. -
Mexican hotel operator Grupo Posadas became the first Latin American issuer to suffer a ratings action as a direct result of the Covid-19 coronavirus outbreak, with both tourism industry and capital markets conditions worsening while a bond maturity looms.
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Danish pharmaceuticals company Bavarian Nordic has announced an Nkr2.8bn (€378m) rights issue to fund its acquisition of GlaxoSmithKline’s commercial and manufacturing rights to Rabipur, a treatment for rabies, and Encepur, a vaccine against tick-borne encephalitis.
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Shares in Norwegian Air Shuttle, the Norwegian airline, fell more than 25% on Friday morning after the company scrapped its profit guidance for 2020 because of the mounting economic damage caused by the spread of the Covid-19 coronavirus.
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In this round-up, Covid-19 infections have spread across the world at an alarming speed, the Chinese central bank did not follow its US counterpart to lower interest rates, and the media row between the two countries has deepened.
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The Bank of England may soon tweak its macroprudential policies and introduce a new funding scheme for banks to mitigate the economic impact of the Covid-19 coronavirus epidemic on companies. The measures would help lenders at a time when they could face pressure from lower rates and rising impairments.
