One year loans provide little refuge in Turkey’s storm
Turkish banks have long enjoyed cheap one year loans from international banks, and have made little effort to the tenor of their borrowing. Now that the country faces upheaval and the availability of...
View ArticleABS deal partly funds Banca IFIS acquisition of GE Capital Interbanca
Banca IFIS has completed the €160m acquisition of GE Capital Interbanca, with a securitization deal helping to repay the Italian corporate bank’s €2.3bn debt to the GE Capital parent company.
View ArticleLSE/ Deutsche Börse merger vote is only the end of the beginning
Anyone who thinks that a merger between LSE and Deutsche Börse is odds-on now they have shareholder approval should hold that thought – there is still a very long way to go, with many twists and turns...
View ArticleIon Trading and Mediq both set to close div recaps
Ion Trading, the Ireland domiciled electronic trading software firm, has replies due on Wednesday for its $200m equivalent incremental term loan dividend recapitalisation, as does Dutch pharma firm...
View ArticleLar España Real Estate takes €147m to grow portfolio
Lar España Real Estate Socimi, the Spanish real estate investment trust which specialises in shopping centres and offices, has completed its €147m rights issue on the Madrid stock exchange.
View ArticleICE touts CDS trading platform after Creditex sale
Intercontinental Exchange has launched ICE Swap, a trading platform for cleared credit default swaps, in the same week it agreed to sell its Creditex hybrid voice broker credit derivatives business to...
View ArticleISDA postpones Isolux credit event decision
The International Swaps and Derivatives Association’s EMEA Determinations Committee has delayed until Friday a decision on whether Grupo Isolux Corsán Finance has triggered a bankruptcy credit event.
View ArticleOrbit releases retained bond
UK housing association group Orbit Group nipped in ahead of the corporate bond market’s summer break to issue the retained £50m portion of a 30 year secured bond.
View ArticleBAML reveals safer euro HY index
From September 30, Bank of America Merrill Lynch's benchmark index for global corporate high yield bonds will only list issues of €250m or higher — reflecting the market's taste for larger transactions.
View ArticleUK RMBS market prepares for £2.25bn Hawksmoor feast
TPG, Blackstone and CarVal are preparing a securitization exit of their £3.4bn acquisition of the Virage UK mortgage portfolio, bought from GE in December last year.
View ArticleFannie Mae boosts size of latest CAS deal
Surging demand for US structured products, MBS in particular, has led Fannie Mae to increase the size of its latest credit risk transfer (CRT) deal to $1.2bn after originally looking to sell...
View ArticleWorld Bank and US-backed Tunisia bump up dollar flow
Public sector dollar flow picked up on Wednesday after a quiet start to the week, as World Bank brought a four year benchmark and Tunisia sold a bond backed by the US government.
View ArticleRevived Lending Club deal gets warm reception
Investors flocked to a private, unrated ABS offering from Lending Club this week, brushing aside any lingering concerns that the online lender is still reeling from the drama that took place at the...
View ArticleDoc shock for SEK amid dollar SSA price focus
Pricing rather than size was the focus for public sector borrowers in the dollar market this week, although overly aggressive pricing was not the reason for one issuer having to pull back from bringing...
View ArticleThe Rulebook: You put your bail-in in, you take your bail-in out
It’s becoming clear that the overall direction of travel, now that the Bank Recovery and Resolution Directive is in full implementation, is to allow retail investors off the hook, except, perhaps, when...
View ArticleRecycling NPLs won’t fix Italy crisis
Redistributing non-performing loan risk among Italian shareholders, pension funds, banks, retail investors and the government will make Italy’s banking sector worse, not better.
View ArticleNow the drugs really don't work
The era of monetary stimulus has become a parade of diminishing returns that cannot continue if health is to return to the global economy.
View ArticleMicrosoft leads dollar charge as corporates frontload
Microsoft kicked off a front-loaded week of corporate issuance in the dollar market weighted as borrowers emerged from earnings blackout and rushed to print ahead of non-farm payrolls on Friday.
View ArticleInvestors see value in Enap as Chilean digs for $700m
EM bond investors said they expected a strong local bid to push new bonds from Chilean government-owned oil company Empresa Nacional de Petróleo (Enap) tighter after the company raised $700m of 10 year...
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