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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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An uneven economic recovery is expected across emerging and developed markets over the next year, the IMF said this week during its spring meetings. Meanwhile, a proposed boost to special drawing rights has split market opinion. -
The announcement this week that the IMF is on its way to issuing a further $650bn of special drawing rights, providing central banks with extra foreign currency liquidity, should not be criticised for being too little, too late. It marks a much needed return to multilateralism, something that the developing world will benefit from.
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Organon, the spin-off from US pharma company Merck, has launched a bond leg of its financing, which will establish the unit as a separate firm with its own capital structure, while funding a $9bn dividend to its former parent. The firm was initially offering $4.5bn-equivalent across secured and unsecured bonds, with a bias to the deeper dollar market, but scaled this up during syndication to allow it to strip out bank debt.
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We Doctor Holdings, which operates Chinese healthcare platform WeDoctor, is seeking approval for a Hong Kong IPO.
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Synlab, the German laboratory diagnostic services company, has announced its intention to float on the Frankfurt Stock Exchange.
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Air France-KLM has revealed plans for a €4bn recapitalisation backed by the French government following approval from the European Commission.
