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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.
Eight banks provided loan facility to company
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Investors holding over a quarter of the Province of Buenos Aires’ international bonds said they would “vigorously pursue” the legal proceedings that they began on Tuesday against Argentina’s largest province, which has been in default since April 2020. But bonds rallied as some saw the move as a sign that a resolution was nearing. -
Organon, a spin-off of US pharmaceuticals company Merck, has launched the first $3bn of a $9.5bn capital raising that will give the soon-to-be independent group its own debt capital structure and fund a one-off special dividend to its parent.
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The Republic of the Maldives, which took a big hit to its tourism-reliant economy last year due to the pandemic, announced a tender and new money offer on Monday, returning to the dollar bond market after a three year hiatus.
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In a move expected to add pressure to the already suffering long dated Treasury market, the Federal Reserve confirmed on Friday that US banks will once more have to include Treasury holdings in their leverage ratios from next month.
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CLO debt investors are demanding cleaner CLO portfolios with underlying collateral less vulnerable to the impact of Covid and with high recovery prospects. With US CLO supply volumes at record levels, investors have the opportunity to pick and choose their deals, pushing managers into a fight over pricing and portfolios.
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IAG issued a dual tranche euro bond this week — its first since the pandemic struck — following an extensive round of actions to shore up its balance sheet in the face of plunging airline passenger traffic. Investors looking for a recovery story piled into the new issue, which found more than €5bn of demand.
