Apple raises cheap debt; DuPont hunkers down. Catch up with the latest pandemic-related financial insights on Corona Capital:
Corona Capital is a daily column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights.The iPhone maker had nearly $200 billion in its war chest at the end of March. On Monday, the company led by Tim Cook raised another $8.5 billion, issuingat some of the lowest interest rates it has paid in years, including three-year paper with a miserly 0.75% coupon. That’s thanks to the willingness of the Federal Reserve to backstop debt markets.
One brighter spot is in disposable gear for health workers – the personal protective equipment or PPE that’s in demand around the world. DuPont sold 55% more Tyvek gowns and the like in the first quarter than a year earlier, upping output by more than 9 million per month – more than double production in any previous crisis, the company said. It won’t make up for the losses elsewhere, though.
Car production is gradually restarting in Italy and the United States. Consumers are, however, unlikely to snap up expensive items such as autos when their employment prospects are grim. The imperative to cut costs, which pre-dates the pandemic, is now crucial to survival. Fiat and Peugeot have promised to deliver 3.7 billion euros in annual savings through their tie-up. The sooner these are realised, the better.
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