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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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Banks are delaying their plans to raise funding in the euro market, as credit spreads drifted wider on news about the spread of the Covid-19 coronavirus. -
The spread of the Covid-19 coronavirus outbreak is grounding equity capital markets banks attempting to win business as face-to-face meetings are cancelled. This week SIA, the Italian payments company, said that banks pitching to win the mandate for its IPO could do so over the phone or by video call rather than travel to Milan.
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Some of the most powerful organs of the Chinese government are doing their best to calm nerves in the domestic bond market. Local governments once again voiced their support for widespread bond issuance this week, while the central bank tried to convince investors not to fret over default risk. Addison Gong reports.
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The emerging markets bond business, like much of the rest of the primary markets, hit a stumbling block this week due to the spread of the Covid-19 coronavirus. But even if no deals print, delaying the marketing of deals does not make sense. Roadshows should be rolling on — as Belarus is doing — even if deal printing pauses.
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The Covid-19 coronavirus outbreak has become prevalent enough in Italy to lead to a quarantine of around 10 towns. But this still doesn't appear to be enough to derail the motoring primary corporate bond market. There is plenty of justification to think that robust market conditions will last a while longer.
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Global market volatility triggered by fears surrounding Covid-19 outbreak, finally hit Latin America bonds on Monday just as bankers said they are preparing another heavy wave of issuance.
