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Structured Bonds

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There is no crock of equity gold at the end of the rainbow
Partner has joined Clifford Chance from the newly merged rival magic circle law firm
Innovation is rampant again in structured finance
MAG’s tightly priced bond adds credence to claims that Thames Water’s woes are isolated
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  • Bankers in Asia are expecting a pickup in loan activity, believing that corporates will realise that now is the time to tap the market for leveraged loans. While hopes are high for deals from more active markets such as Australia and China, bankers say India is worrisome owing to some recent regulatory changes.
  • European CMBS issuance is forecasted to reach €6.5bn this year — over double the €3.2bn in 2012 — but most outstanding loans are unlikely to be refinanced in the CMBS market, said Standard & Poor’s this week.
  • FIG
    Richard Tynan has been appointed head of syndicate EMEA at RBS in London. He replaces Myles Clarke, who was named COO of RBS's new markets client board in July.
  • Boutique investment bank Exotix has hired Andreas Fessler to bolster its European team as it expands beyond its emerging market roots into traditional credit markets, writes Stefanie Linhardt.
  • Finnair, the partially state-owned Finnish airline, sold the first euro-denominated corporate bond of August on Thursday. The unrated company priced a €150m five year bond at the tight end of guidance — a result that could tempt some other Finnish corporates to the market.
  • German property company Gagfah is considering using a CMBS to refinance three multi-family housing portfolios from its NILEG subgroup ahead of the loans’ April 2014 maturity date.