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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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CPPIB Capital, which mandated banks for a five year benchmark on Friday, has postponed the deal in the face of a hostile market rocked by volatility engendered by the Covid-19 coronavirus outbreak. -
The rise of the Covid-19 coronavirus in Italy has tapped the brakes on the zooming high grade corporate bond primary market. Concerns over the spread of the illness have sent corporate spreads wider and rates tighter.
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Covered bonds were steady on Monday, with spreads reacting stoically in the face of mounting volatility in the credit and equity markets, which were hit by fears over the spread of the Covid-19 coronavirus. But with key covered bond investors only expected to return to their desks on Wednesday, following Germany’s carnival season, market participants remain braced for a delayed reaction in the asset class.
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Loans bankers are trying to work out how much the Covid-19 coronavirus will affect their business, as the illness shuts down parts of Italy amid five reported deaths.
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Emerging market bond bankers were not joining the panic on Monday, as equity investors and traders jettisoned their sanguine attitude to the Covid-19 coronavirus outbreak, driving stock indices lower.
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Heavy losses on European stock markets on Monday monring, in reaction to the spread of the Covid-19 coronavirus, have cast a cloud over what had been expected to be a busy week for new transactions in the equity capital markets.
