Clawback - All articles

  • ECB relieves onlookers with promises of more stimulus

    The European Central Bank president Christine Lagarde was firm enough in her promises of monetary policy support to avoid disappointing investors at the press conference on Thursday.

    • 05.00 PM
  • Groupe PSA trims Faurecia stake on torrid day for stocks

    Groupe Peugeot Société Anonyme, the French auto manufacturer, chose a tough day to launch a €308m sale of stock in car parts maker Faurecia. The sale is a key condition of the company's merger with Fiat Chrysler.

    • 04.00 PM
  • Daa and Akelius pounce on calmer markets to raise debt

    Daa, the Irish airport operator, and UK residential property company Akelius snatched the chance to raise funds on the most stable day this week. But demand has been muted as jitters about lockdowns and next week’s US presidential election kept some investors on the sides.

    • 03.30 PM
  • Lugano sells longest ever Swissie deal

    The City of Lugano sold the longest ever Swiss franc bullet coupon bond this week, locking in a coupon of 0.15% for 50 years.

    • 03.30 PM
  • Nord/LB Lux’s LCR status to be grandfathered

    Covered bonds issued by NordLB’s Luxembourg subsidiary are set to become ineligible for the liquidity coverage ratio from July 2022, according to a draft amendment published this week by the European Commission.

    • 02.45 PM
  • ECM fees triple at Credit Suisse

    Fee growth from Credit Suisse's equity capital markets business supported its newly established investment bank, its third quarter results on Thursday showed.

    • 02.45 PM
  • CLOs ditch riskiest tranche as markets widen

    The ‘normalisation’ of the CLO market has stalled, with spreads for single-B tranches now at levels where issuing makes little sense, pushing many managers to retain these notes or print lower levered deals.

    • 02.00 PM
  • Banks ready Blackstone European logistics CMBS

    Bank of America, Société Générale, and BNP Paribas are arranging a multi-jurisdiction CMBS backed by a portfolio of Blackstone-owned logistics properties.

    • 02.00 PM
  • Etihad debuts transition sukuk as it continues green pivot

    Etihad Airways, the national airline of the UAE, has issued a $600m transition sukuk, the first of its kind in the world. The bond comes less than a year after the borrower issued a loan linked to the UN’s Sustainable Development Goals.

    • 01.30 PM
  • Secondary bank spreads widen amid coronavirus concern

    Concerns over the worsening coronavirus infection rate in Europe sent bank spreads wider on Thursday, as investors avoided taking on risk in the secondary market.

    • 01.00 PM
  • Implementation of Covered Bond Directive proves to be slow progress

    Only a few countries have made headway in the implementation of the Covered Bond Directive and with only a few months left, there are growing concerns that its transposition will be delayed, said bankers attending a virtual event sponsored by the European Covered Bond Council on Wednesday.

    • 12.45 PM
  • Agora snags Estlin as adviser

    Peter Estlin, a former lord mayor of the City of London and group financial controller at Barclays, has joined Digital Debt Capital Markets, the company behind the Agora software, the start-up founded by fellow Barclays alumnus and bond market veteran, Charlie Berman.

    • 12.30 PM
  • NH Hotel loses bank trio in loan amend and extend

    NH Hotel Group, the Spanish hotel chain, has extended its revolving credit facility, but three lenders have pulled out of the deal, which has been reduced in size by €14m to €236m.

    • 12.15 PM
  • People news in brief: October 29, 2020

    JPM names new ECM, DCM heads – Deutsche hires for ESG

    • 12.00 PM
  • Samolet prices first stage of Moscow listing

    Samolet, the Russian real estate company, completed a Rb2.9bn ($36.6m) IPO in Moscow on Thursday, the first part of a two-stage process which the company hopes will culminate in a larger listing next year.

    • 12.00 PM
  • Korian completes €400m capital raise

    Korian, the French operator of nursing homes, completed its €400m rights issue on Wednesday to fund the acquisition of Inicea.

    • 11.45 AM
  • Ant makes history with $34bn listing on HK, Star exchanges

    Chinese financial technology company Ant Group has sealed the world’s largest ever IPO, raising $34.4bn from dual listings in Shanghai and Hong Kong. The company built two mammoth order books despite a turbulent week for equity markets globally — although that created serious challenges for bankers allocating the stock. Jonathan Breen reports.

    • 11.15 AM
  • Our lives are in limbo because of Covid

    The lockdown has changed life for all of us in ways large and small. I miss my monthly trips to the beach in Thailand, lazing around in a plush hotel with a Mai Tai in my hand and a Tai Tai nowhere in sight. Tai Tai is my dear wife, although in this case the relevant definition of the word ‘dear’ is ‘expensive’. She tells me she misses the long dinners with the girls. Others reminisce about the hustle and bustle of business travel.

    • 11.00 AM
  • Zhongyuan Yuzi pulls deal as Chinese LGFVs face tricky funding environment

    Two Chinese local government financing vehicles (LGFVs) hit speed bumps in the dollar bond market this week amid rising volatility, as investors pushed back on the issuers’ attempts to get away with aggressive pricing. While one of the borrowers sealed its deal despite tepid demand, another was forced to scrap its transaction. Morgan Davis reports.

    • 11.00 AM
  • Chinese issuers dominate dollar bond market

    A large number of issuers from Asia, the majority Chinese, tapped bond investors on Wednesday for fresh funds.

    • 10.45 AM
  • China Merchants nabs S&P rating in RMBS first

    China Merchants Bank has sold its first mortgage-backed securitization (RMBS) with an international rating. Foreign demand helped with a smooth bookbuilding process, despite a weak market backdrop. Addison Gong reports.

    • 10.30 AM
  • Kookmin takes Covid label to bank capital

    South Korea’s Kookmin Bank used a Covid-19 sustainability bond label for its $500m bank capital deal on Wednesday.

    • 10.15 AM
  • CreditSights Covenants: European Telco CoCs

    Covid-19 has not put the brakes on deal-making in the European telecommunications, media and technology (TMT) sector and we expect M&A activity to continue. As such, we view the nuances of change of control (CoC) language in deal documents as important.

    • 10.00 AM
  • Hexaware take-private loan sealed, delisting imminent

    Indian software firm Hexaware Technologies has wrapped up a $600m loan to fund its take-private by Baring Private Equity Asia.

    • 09.00 AM
  • Hengli, Gaw look to boost old loan size by HK$1.45bn

    Property company Hengli Group and real estate-focused private equity firm Gaw Capital Partners are taking advantage of a recent regulatory change in Hong Kong to increase a loan closed last year.

    • 07.00 AM
  • US-listed New Oriental launches HK secondary offering

    New Oriental Education & Technology Group, one of China’s largest private education companies, has kicked off bookbuilding for a Hong Kong secondary listing worth around $1.4bn.

    • 04.45 AM
  • City of Córdoba launches restructuring with Moneda support

    Just one day before a likely hard default on its $150m of 7.875% 2024s, Argentina's City of Córdoba on Wednesday asked bondholders to modify the payment terms according to a plan that already has the backing of Chilean asset management firm Moneda.

    • 04.15 AM
  • Competitors eye student loan market following Wells Fargo exit

    Competitors are eagerly eyeing the exit of Wells Fargo from the student loan market, ready to go after the significant gap in market share left by the banking giant. The opportunity is particularly attractive for non-bank ABS issuers like Navient and Sallie Mae, sources say, who are looking to translate demand into new origination volumes.

    • 28 Oct 2020
  • Onex and Bain bring back pre-Covid duration in latest CLOs

    Onex Credit Partners and Bain Capital Credit each priced CLOs with five year reinvestment periods on Wednesday, the latest managers to return traditional CLO structures that were upended by the coronavirus.

    • 28 Oct 2020
  • IFFIm hits screens ahead of US election

    The International Finance Facility for Immunisation is lining up its first dollar benchmark since April 2019, selling into a market crowded with borrowers looking for short dated taps.

    • 28 Oct 2020
  • Flurry of taps in euros as ECB approaches

    Four borrowers hit the euro market on Wednesday, focusing on taps and small new lines. The issuers are seizing their opportunity to sell before this week's European Central Bank press conference and nest week's US elections.

    • 28 Oct 2020
  • Lockdowns to spur busy November in IG corporate primary

    The threat of new national level lockdowns in some of Europe’s largest economies could spark a wave of high grade corporate bond issuance, with investors happy to ignore trembling fundamentals as long as the European Central Bank keeps pumping billions into the system.

    • 28 Oct 2020
  • UCI returns to Spanish RMBS market after two year break

    Unión de Créditos Inmobiliarios (UCI) is bringing its first Spanish deal since 2018 after taking a two and a half year break from the market, announcing the STS-eligible Prado VII Spanish RMBS.

    • 28 Oct 2020
  • Covered bonds set for safety bets major investor

    The covered bond supply outlook is dismal and could worsen but that means spreads are well protected, even if competing supply in the rates market from the EU ramps up, a major investor told GlobalCapital on Wednesday.

    • 28 Oct 2020
  • Adnoc investor group Galaxy raises triple trancher

    Galaxy Pipeline Assets Bidco, a group of international investors that provided Abu Dhabi National Oil Company (Adnoc) with $8bn in a pipeline partnership deal earlier this year, has raised a $4bn triple tranche bond to refinance half of the loan that funded the team-up.

    • 28 Oct 2020
  • Denmark’s banks set for muted year-end in primary

    Denmark’s banks are set for a quiet end to the year, according to bankers, as changes made to their minimum requirements for own funds and eligible liabilities (MREL) have taken the pressure off of funding.

    • 28 Oct 2020
  • Aston Martin preps huge financing package to fund electric future

    Aston Martin, the British luxury carmaker, has arranged a new financing package to strengthen its balance sheet and cash reserves as it embarks on an ambitious new partnership with German car giant Mercedes-Benz, to start producing electric cars.

    • 28 Oct 2020
  • Fashionette prices IPO amid DAX devastation

    German e-commerce company Fashionette, which sells designer handbags and accessories online, set a price for its IPO on the Frankfurt stock exchange on Tuesday, even as the main equity index in the country took a pasting.

    • 28 Oct 2020
  • Deutsche's investment bank makes almost €1bn, again

    Deutsche Bank's fixed income and currency bankers continued a strong run in the third quarter, the firm's results on Wednesday showed. Profit before tax at the investment bank has now been enough to cover losses from the capital release unit for two consecutive quarters.

    • 28 Oct 2020
  • ADB trades on looming Aussie QE

    Asian Development Bank printed the largest SSA kangaroo benchmark of the year on Tuesday, taking advantage of a brief issuance window and capitalising on expectations of the start of quantitative easing in Australia.

    • 28 Oct 2020
  • Airbus doubles size of main euro bank line as company faces prolonged difficulties

    Airbus, the French aerospace company, has signed a €6bn sustainability-linked revolving credit facility, with the borrower doubling the size of its bank line after raising billions in emergency liquidity in the spring.

    • 28 Oct 2020
  • Guest view: The ECB can axe Alberta bonds’ repo eligibility

    GlobalCapital has argued that it is not the ECB’s job to exclude individual borrowers’ bonds from its list of repo-eligible securities on environmental grounds, in response to our call for the Province of Alberta’s debt to be removed from its list of eligible marketable assets (EMA). We maintain that the ECB has plenty of justification to exclude this borrower.

    • 28 Oct 2020
  • CMB debuts internationally rated RMBS

    China Merchants Bank has sold its first mortgage backed securitization (RMBS) transaction with an international rating. The foreign demand helped with a smooth bookbuilding process, despite a less than favourable market backdrop for the outing.

    • 28 Oct 2020
  • Formosa to mandate six banks for $2bn loan

    Formosa Plastics Corp has shortlisted six banks to arrange a multi-tranche financing for its Vietnam business.

    • 28 Oct 2020
  • Gansu LGFV sees poor investor turnout for bond

    Gansu Provincial Highway Aviation Tourism Investment Group Co found lacklustre support for its $300m bond on Tuesday after its pricing strategy deterred investors from joining the deal.

    • 28 Oct 2020
  • Korea Land ends dollar hiatus with social bond

    Korea Land & Housing Corp has broken a six-year absence from the dollar debt market to raise $300m from a social bond.

    • 28 Oct 2020
  • GDS prices $1.7bn HK secondary listing

    Chinese data centre operator GDS Holdings has pocketed HK$12.9bn ($1.67bn) from its secondary offering on Hong Kong’s stock exchange.

    • 28 Oct 2020
  • Krafton picks underwriters for Korean IPO

    Krafton, a popular South Korean video game developer, has mandated banks for its 2021 IPO.

    • 28 Oct 2020
  • JP Morgan appoints new Apac ECM head

    JP Morgan has rejigged the leadership of its Asia Pacific capital markets businesses, promoting Francesco Lavatelli to the helm of the ECM team.

    • 28 Oct 2020
  • China lays groundwork for more climate financing, investment

    China’s ecological and financial regulators have jointly published guidelines around climate change-related financing and investment.

    • 28 Oct 2020
  • Asia green loans: don’t blur the lines

    Asian loans bankers are calling for relaxed restrictions on green and sustainability-linked loans, hoping for more business opportunities from the sector. But this approach could harm the development of the market in the long-term.

    • 28 Oct 2020
  • RemeGen launches $514m Hong Kong listing

    RemeGen, a Chinese biopharmaceutical company, has rolled out a Hong Kong IPO that could be worth up to HK$3.99bn ($514.5m).

    • 28 Oct 2020
  • Chile looking beyond green bonds for 2021 funding

    Chile, which in 2019 became the first Latin America sovereign to issue a green bond, is weighing up different thematic bonds as it makes its funding plans for 2021, according to a senior funding official.

    • 28 Oct 2020
  • Biodiversity league table: even best banks lack basic controls

    The threat to biodiversity is moving up the agenda of financial markets, but banks are woefully unprepared, a new study has found — in fact, they are actively financing what scientists believe is a mass extinction of species.

    • 28 Oct 2020
  • Managers prep flurry of new CLOs in run up to US election

    Crestline Denali Capital, LCM Asset Management, Anchorage Capital Group and HPS Investment Partners are the managers expected to price CLOs in the coming week, as the primary pipeline sees one last burst of activity before election headlines dominate.

    • 27 Oct 2020
  • Argentina’s economic struggles are a danger for provincial restructurings

    Eye-watering bond yields on Argentina’s recently restructured sovereign bonds indicate that investors have little faith in its economic plans. That will make it hard for issuers and investors to see eye-to-eye in the wave of provincial debt restructuring talks that has followed the sovereign's deal with bondholders.

    • 27 Oct 2020
  • ECB can't pick and choose, even for the environment

    An ESG think tank believes that the European Central Bank should drop Alberta’s euro bonds from its list of eligible marketable assets, as a punishment for its support for polluting industries. But while it is a laudable aim, it is not practicable.

    • 27 Oct 2020
  • Covered bond game 'too easy' but reward for risk 'very bad'

    Covered bond spreads are unlikely to widen much, say dealers, plenty of who are long inventory, especially in recently issued deals. Deals not eligible for central bank buying, however, are vulnerable.

    • 27 Oct 2020
  • Oportun returns with unsecured consumer ABS

    Unsecured consumer lender Oportun, known to primarily serve customers with less access to traditional banking services including low income and immigrant communities, is returning to the securitization market. It is the first deal from the issuer since coming under fire for filing more lawsuits than any other personal loan company in California and Texas.

    • 27 Oct 2020
  • Scandie SSA issuers plump for short dated dollars

    Supply in the SSA dollar market is clustered at the short end of the curve, as borrowers focus on defensive tenors ahead of the upcoming US election. Kommuninvest landed a sizeable benchmark on Tuesday, while Kommunalbanken will follow suit on Wednesday.

    • 27 Oct 2020
  • Credit business shines as HSBC vows to speed up change

    HSBC's credit and equities business lines were the standout performers in the global banking and markets division (GBM) in the third quarter, the bank's results showed on Tuesday. Meanwhile, group chief executive Noel Quinn said the firm was adapting its business model to chronic low interest rates.

    • 27 Oct 2020
  • Citizen Irish announces rare auto ABS

    Citizen Irish has mandated Deutsche Bank as arranger and Citi as joint-lead manager for a new Irish auto ABS, the third deal to come from the issuer after a two-year break.

    • 27 Oct 2020
  • World Bank erases memories of 2019 with strong 30 year euro return

    World Bank took size with its second ever euro 30 year benchmark on Tuesday, achieving a far more impressive outcome than its debut deal in that part of the curve last year.

    • 27 Oct 2020
  • Enagás pays 5bp premium as CSPP warps curves

    Enagás, the Spanish gas transmission and network company, came to the bond market for a rare trade on Tuesday, as European Central Bank bond buying continues to make syndicate bankers' lives difficult by taking spreads in strange directions.

    • 27 Oct 2020
  • AMS braves vol to issue new €750m convert

    Austrian semiconductor maker AMS has returned to the convertible bond market for more financing, raising €750m.

    • 27 Oct 2020
  • Citi to securitize €1.2bn Irish mortgage portfolio

    Citi announced on Tuesday that it is planning to securitize a €1.2bn portfolio acquired from Permanent TSB.

    • 27 Oct 2020
  • Glass half empty: pubcos strike covenant waivers for private placements

    UK hospitality companies have been avid users of the US private placement market in the past, but since the coronavirus pandemic began, their businesses have been up-ended, with pubs subject to curfews, social distancing and closures. Fortunately, US PP investors have largely followed bank lenders in opting for leniency, waiving covenants or switching to monitoring minimum levels of liquidity. One firm even managed to raise new debt this summer.

    • 27 Oct 2020
  • MuHyp prices rare 20 year flat to covered curve

    Muenchener Hypothekenbank (MuHyp) issued a €500m 20 year flat to fair value on Tuesday even though market conditions were volatile.

    • 27 Oct 2020
  • Lira hits record lows as Turkey watchers beg for rate raise

    The Turkish lira fell to record lows against the dollar this week, causing investors to adopt a risk off attitude. Market watchers believe now is the time for the Central Bank of Turkey to increase interest rates, which is seen as one of the only ways for the country to recover from its currency crisis.

    • 27 Oct 2020
  • UBS finds window for new euro deal after results

    UBS Group made a rare entry into the euro market on Tuesday, issuing €1.5bn of new senior paper in line with fair value.

    • 27 Oct 2020
  • Barclays lands through fair value with second green bond

    Barclays was met with strong demand for its second green senior deal in the sterling market on Tuesday, allowing the bank to shave 25bp of initial guidance and price through fair value.

    • 27 Oct 2020
  • Canadian covered bond issuers to turn on the taps

    Bankers are confident that Canadian covered bond issuance will resume after the Bank of Canada withdrew the repo eligibility of retained covered bonds, while honouring existing repo deals. But bankers are split as to whether supply will restart in early December or be deferred until next year.

    • 27 Oct 2020
  • Aeroflot lands equity raise with strong government support

    Russian airline Aeroflot completed its Rb80bn ($1.05bn) capital raise on Monday, aimed at repairing its balance sheet by repaying debt, with the Russian state increasing its stake in the carrier.

    • 27 Oct 2020
  • ECB: almost half of banks are finished with TLTRO III

    Nearly half of Europe’s banks do not intend to participate in the next rounds of the targeted longer-term refinancing operations (TLTRO III), according to the results of a new survey published by the European Central Bank this week.

    • 27 Oct 2020
  • SSA secondary pricing update: EU's SURE debut screeches tighter

    Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, October 26. The source for secondary trading levels is ICE Data Services.

    • 27 Oct 2020
  • Lenders reckon they’ll make budget but worries remain

    Loan syndicate desk heads at major European lenders are expecting to make budget this year, but the bulk of their desks’ profits will not be coming from the usual sources of loan income nor the torrent of bridge loans that hit the market in the Spring outbreak of the coronavirus pandemic.

    • 27 Oct 2020
  • CREFC expands government relations team with new hire

    The Commercial Real Estate Finance Council (CREFC) has hired Christina Perez to its government relations team, bolstering the organization’s education and advocacy initiatives.

    • 27 Oct 2020
  • Sharjah returns for sukuk tap

    The Emirate of Sharjah, which last entered markets this June with a Formosa bond, has mandated banks to arrange a tap on its dollar sukuk.

    • 27 Oct 2020
  • Investors embrace Mail.Ru block despite bad markets

    Sands Capital Management, the US investment manager, sold a 1.6% stake in Russian internet services company Mail.Ru on Monday despite a torrid evening for international stock markets.

    • 27 Oct 2020
  • Cov-lite has gone pretty well so far

    The coronavirus pandemic has subjected the European leveraged loan market, where ‘cov-lite’ documents reign supreme, to a brutal test. The early results are positive.

    • 27 Oct 2020
  • Lufax hooks investors to $2.4bn US listing

    Ping An Insurance-backed Lufax Holdings has covered its $2.36bn US listing. Global heavyweight investors flocked to the long-awaited deal.

    • 27 Oct 2020
  • Beijing Hyundai switches to revolver for auto ABS return

    Beijing Hyundai Auto Finance has adopted a revolving structure for its Rmb4bn ($597m) return to the auto loan asset-backed securities (ABS) market.

    • 27 Oct 2020
  • JW Therapeutics closes IPO early

    Chinese biotechnology firm JW (Cayman) Therapeutics is set to close the book for its Hong Kong IPO on Tuesday, a daily earlier than planned, according to a source familiar with the matter.

    • 27 Oct 2020
  • Ant covers $34bn Hong Kong-Shanghai IPO

    Chinese financial technology company Ant Group is set to raise $34.3bn from the world’s largest ever IPO, after covering the deal within minutes of launch.

    • 27 Oct 2020
  • Deutsche adds to Apac ESG team

    Deutsche Bank has grown its environmental, social and governance (ESG) team in Asia Pacific with a new hire.

    • 27 Oct 2020
  • Chile bonds stable on referendum result but uncertainty lingers

    Chile's sovereign dollar bonds hardly budged in Monday trading despite its electorate voting to change the country's constitution the night before. But analysts believe uncertainty along the road to a new political agreement could harm investment, and the new constitution will likely drive up government spending.

    • 27 Oct 2020
  • Investors flock to first aircraft ABS since Covid outbreak

    Global Jet Capital has priced the first aircraft ABS deal since the pandemic, testing the water with a unique deal backed by diversified and newer business jets linked to high net worth individuals. Although the transaction was well received by investors, it will still be some time before more conventional aircraft deals see demand rebound.

    • 26 Oct 2020
  • Tulp mandates banks for second Dutch RMBS

    Tulp Hypotheken has mandated HSBC as arranger and BNP Paribas as joint-lead manager for Tulip Mortgage Funding 2020-1, the issuer’s second ever deal following its 2019 debut.

    • 26 Oct 2020
  • Standard Bank secures Chinese loan in shrunken market

    South Africa's Standard Bank has raised a syndicated loan from a consortium of Chinese lenders. The transaction marks one of the few spots of activity in a market that has almost halved in size this year.

    • 26 Oct 2020
  • Michelin gets blowout demand for €1.5bn trade

    Compagnie Générale des Etablissements Michelin, the French tyre company, won more than €10bn of demand for its €1.5bn bond issue on Monday, as a growing number of corporate bankers expect to see European high grade spreads return to pre-Covid 19 levels.

    • 26 Oct 2020
  • Daa and Tele2 mandate in near-empty IG corporate market

    Daa, the operator of two Irish airports, and Swedish telecoms company Tele2 have mandated for bonds, as the market goes into near-hibernation during corporate earnings blackouts.

    • 26 Oct 2020
  • EIB plans final public outing of 2020

    The European Investment Bank hit screens on Monday afternoon to announce what will be its final benchmark deal of the year, with the issuer set to use every inch of its €70bn borrowing authorisation for 2020.

    • 26 Oct 2020
  • BCS hires former Sberbank tech officer to lead IB operations

    BCS Global Markets, the investment services division of Russia’s largest independent broker, has hired Vadim Kotov as the new chief operations officer for its investment banking business.

    • 26 Oct 2020
  • MuHyp to issue rare 20 year Pfandbrief

    Muenchener Hypothekenbank has mandated leads for a rare 20 year covered bond benchmark, the first from a German issuer this year and only the third from the whole market. Rates have collapsed rendering the recently popular 15 year tenor less attractive.

    • 26 Oct 2020
  • Investors spot a silver lining in record retained covered bond issuance

    Investors are sanguine about the fact that covered bonds pledged for repo with central banks hit a new record this year. Although issuers acknowledge the need to appear regularly with benchmarks in the public market, some have scaled back, but this is likely to prove temporary.

    • 26 Oct 2020
  • A second wave for coronavirus-themed bank bonds?

    As Europe moves into a second wave of coronavirus cases, banks could soon return to the market with more Covid-themed bond issuance. However, issuers that do choose to tap the market may find themselves competing with the European Union.

    • 26 Oct 2020
  • Tax rethink will completely change Swiss bond 'side dish', says departing veteran Ronald Hinterkircher

    Ronald Hinterkircher, who is retiring from the Swiss franc bond market after a 40 year career, has told GlobalCapital that digitalisation and the possible removal of the withholding tax for foreign investors could change the market over the next few years. But with the European Central Bank propping up the euro bond market, arbitrage opportunities for international companies in Swiss francs are vanishingly slim.

    • 26 Oct 2020
  • Covid-19 equity raises could be subject of litigation

    Companies raising equity in the UK this year — amid a very uncertain outlook for business prospects — may risk opening themselves up to claims related to the information they disclose or do not disclose, according to lawyers at Herbert Smith Freehills.

    • 26 Oct 2020
  • Dealogic parent preps to strip out costly private debt

    Ion Investment Group is preparing to combine its Dealogic and Mergermarket units under a single corporate entity, Ion Analytics, and refinance the group’s expensive private debt raised last year with a cheaper, broadly syndicated loan package across dollars and euros. A strong performance over the last year should encourage investors to look past the group’s previous struggles with access to the public markets.

    • 26 Oct 2020
  • AT1 market set for second busiest year on record

    Additional tier one supply has already surpassed expectations in 2020, with the asset class on course for its second busiest year of all time.

    • 26 Oct 2020