Banks

Danish logistics company Maersk opted to please all of its investors who tendered bonds as part of the company’s recent liability management exercise when it announced on Tuesday that it had increased the total amount it would buy back.

Malaysia's securities regulator has upheld its decision to penalise those involved in the listing scandal of Lotte Chemical Titan after dismissing the review applications.

The Middle East has been fuelling business in the CEEMEA bond and loan markets for the last 12 months. That looks set to persist in 2019, when the region’s big hitters are expected to come with multi-billion dollar financing needs to both markets. Michael Turner and Francesca Young report.

Battling a host of problems — local and global — Latin American bond markets suffered a torrid 2018. Many issuers stayed away, high yielders struggled to find financing and investors booked losses. With more volatility expected, political developments in LatAm’s three largest economies could make or break the region’s bond markets in 2019. Oliver West reports.

The volume of euro bond issuance from US companies fell sharply in 2018 compared to recent years. The finger of blame was quickly pointed at Trump’s tax changes, but there were other forces at play. Can the barriers be lifted in time for a better 2019? Nigel Owen reports.

Conditions have rarely been sweeter for European borrowers seeking to diversify their funding sources. Europe’s dominant private debt markets for investment grade issuers, the US private placement market and the Schuldschein, are thriving, and agents in both are on the hunt for new borrowers. Their search will better if, as expected, public bond markets have a tough 2019. Silas Brown reports.

Mergers and acquisitions in Europe are back. But what loans bankers have long hoped would be great news for their businesses is in most cases turning out to be a far less lucrative development, as companies increasingly turn to smaller banking groups to finance their acquisition plans. By Michael Turner.

Rising interest rates in the US have created a roaring market for convertible bonds. Europe’s barren market has been put to shame — it risks being the driest year for two decades. Going into 2019, Europe is likely to remain in the shade of the US, but there are hopes of an issuance rebound — that is if interest rates ever start to rise. Aidan Gregory reports.

Grainger plc, the UK residential property manager, has completed its £346m rights issue to finance its full takeover of Grip Reit, having received a high take-up from its shareholders.

The UK’s CityFibre has signed a £1.12bn debt package from seven banks, as the Goldman Sachs-linked fibre broadband infrastructure provider rolls out its nationwide competition against incumbent firms BT and Virgin Media.

The European high yield bond market is storing December’s pipeline for January, but several investors warned that demand may still be thin in the new year and that borrowers should pace their plans for issuance.

Capital instruments issued by financial institutions under previous regulatory regimes was a topic of contention in several instances this year. With regulators set to lay down further positions, legacy capital will remain on the agenda in 2019.