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Amazon wonder-print belies global inflation jitters

High Grade

Amazon wonder-print belies global inflation jitters

E-commerce giant Amazon did the unthinkable this week and printed two year debt just 10bp wide of where investors could buy US Treasuries, the closest a company has ever got to US government debt. But with a high US inflation number sending a shockwave through markets days later, corporate and FIG credit markets are wondering whether they need to brace for a period of panic, write Tyler Davies and Mike Turner.

  • Issuers forced to adjust as CPI rockets past consensus

    SSA

    Issuers forced to adjust as CPI rockets past consensus

    When US Consumer Price Index data shot past consensus forecasts of 3.5% to hit 4.2% this week, even hardened inflation sceptics were forced to re-evaluate their positions. The data caused sharp ructions in rates markets and equity portfolios, write Sam Kerr and Lewis McLellan, as investors caught such a dose of the jitters that issuers will have to reconsider their primary capital market plans.

  • Virgin Active judgement could push CVAs into obscurity

    Leveraged Loans

    Virgin Active judgement could push CVAs into obscurity

    The UK's High Court delivered a ringing endorsement of the country's new restructuring regime this week in a landmark ruling on gym chain Virgin Active, showing that companies have a new route other than CVAs to cut their debts to landlords. Silas Brown and Owen Sanderson report.

Primary Market Monitor

  • PMM: SSA boom is back as issuers price tight

    PMM: SSA boom is back as issuers price tight

    SSA issuers are flocking back to the dollar and euro market this week after seemingly just pausing for breath over the last two weeks, when deals were thin on the ground with many of the top tier names well ahead on their funding rates. They will be hoping to match a trend from last week, where conditions approved across most markets.

  

  

People & Markets

  • New restructuring law is a step forward

    Commercial landlords in the UK are angry about gym chain Virgin Active’s restructuring plan, and with good reason. Many of them have lost out heavily, while senior secured creditors got away with little more than an amend and extend.

  

Southpaw
by David Rothnie

Securitization