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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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Europe’s corporate bond investors are starting to make bets that industries battered by the coronavirus pandemic and crossover-rated names are going to be the performers of 2021, even though speculative grade defaults reached a post-global financial crisis high in November. -
The significant risk transfer market is usually at its busiest in December, as issuers hope to gain balance sheet benefits by year-end. But 2020 has seen a pullback from investors who have blamed a lack of credit data brought about by Covid-19 payment moratoria.
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A G30 committee led by Mario Draghi and Raghuram Rajan has outlined proposals for governments looking to deal with the surging corporate distress caused by the pandemic. The paper, published on Monday, recommends better restructuring laws, equity infusions, business interruption reinsurance and targeted credit for the most vulnerable companies.
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Cellectis, the French gene-editing company, has launched a $100m US capital raising to help fund its research and development operations. The sector has had a record year for issuance in 2020, as the Covid-19 pandemic has concentrated minds on global healthcare innovation.
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InterContinental Hotels Group has negotiated a waiver and relaxation on its loan covenants for the second time in 2020, as its leverage threatens to plunge its rating into junk territory.
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Pirelli, the Italian tyres company, has issued its first convertible bond since its re-IPO on the Milan Stock Exchange in 2017, raising €500m.
