Saipem’s €3.5bn rights issue to be 22-for-one
Shares in Saipem, the Italian oil and gas engineering company, fell to a new 14 year low today, after it released the pricing details of its €3.5bn rights issue at midnight on Thursday.
View ArticleFunding scorecard: European sovereigns
Read on to discover how far advanced selected European sovereigns are in their funding programmes after the first three weeks of the year.
View ArticleLiquidity in European high yield is hostage to the US
European high yield trading depends closely on the US secondary market, where liquidity has declined as risk-aversion has deepened in recent months.
View ArticleUS CLO 1.0 defaults increase
The median default holdings among US CLO 1.0 defaults grew by 19bp from September to October 2015 to 1.75%, according to CLO research from Moody's Investors Service.
View ArticleSolarCity prices loan backed ABS deal
SolarCity, the largest residential solar developer in the US, has priced a $185m securitization, the first backed entirely by loans made to homeowners for the financing of solar panel installation.
View ArticleSagess plays it safe as agencies hit screens amid improving conditions
Sagess opted to sit out another turbulent day on Tuesday despite having a deal mandate out, but conditions were not sufficiently bad to dent a dual tranche deal from a supranational nor stop a pair of...
View ArticleMonte dei Paschi’s patriotic mystery
As Monte dei Paschi di Siena’s shares gyrated last week, losing up to 34% of their value, the bank received a high honour, for a second year running — top primary dealer for Italian sovereign bonds.
View ArticleZenit may bring Italian media corporate minibond in February
Zenit Sgr, the Milan-based investment fund, is working on the underwriting of a minibond by a listed Italian media company that could issue as early as February, sources have said.
View ArticleTechnicals are keeping derivatives docile
Markets are underpricing volatility, in stark contrast to 2015. As the underlying stock and bond markets gyrate, options markets show a strange tranquility. The market is better hedged than last year,...
View ArticleUBS places oversight of index business with Markit
UBS has asked Markit to administer and calculate its investible indices, as the bank looks to meet Europe’s regulatory push to improve transparency and oversight of industry benchmarks.
View ArticleICE makes changes at the top as it looks to expand
Intercontinental Exchange (ICE), looking to make acquisitions, has made senior management changes that include promoting its ICE Futures US chief operating officer to a newly created job.
View ArticleCMC Markets takes next step in London IPO with price range
CMC Markets, the financial spread betting firm, set on Tuesday the price range of its London IPO at a level that will value the firm at up to £794m.
View ArticleNo more covered bond snobbery about pass throughs
Established covered bond investors are often sceptical about conditional pass through deals. The structure allows the maturity of their investments to be extended, perhaps by decades. But they could be...
View ArticlePost crisis RMBS called without loss
Three post-crisis US prime jumbo RMBS transactions have been called without incurring any loss, according to Fitch Ratings.
View ArticleNEF markets third equipment ABS
National Equipment Finance (NEF) re-enters the ABS market with its third equipment lease and loan ABS, almost two years after it brought a prior transaction in October 2014.
View ArticleGilt market makers bemoan regulation costs
The UK Debt Management Office's dealers have told it their fears over the impact that increased regulation is having on their ability to make markets, adding to a crescendo of concern about liquidity...
View ArticleCorporate MTNs proving resilient
Medium term note volumes are down year on year but the product is proving popular with corporates, which have found comfort in its privacy.
View ArticleEarnings blackouts add to corporate bond malaise
The last week of January has so far been much the same as the rest of the month for European corporate bonds: an erratic backdrop and minimal issuance. This week, earnings blackouts are adding to the...
View ArticleItaly tackles loan problem with securitization guarantees
The Italian Ministry of Finance has struck a deal with the European Commission to expedite the resolution of the Italian banking sector’s non-performing loan problem by allowing investors to buy state...
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