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Partner has joined Clifford Chance from the newly merged rival magic circle law firm
MAG’s tightly priced bond adds credence to claims that Thames Water’s woes are isolated
Junior notes are on negative outlook but pub revenues are rising
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Lenovo Group, one of the world’s largest computer and electronics makers, lost a long time financing partner when IBM decided to close its factoring operation for hardware equipment manufacturers in February, GlobalCapital can reveal. But Lenovo moved fast to replace this with one of the largest trade receivables securitizations ever signed. The $3bn deal included selling junior notes to three investors to maintain full off balance sheet treatment for the assets and debt. -
NN Investment Partners has hired a head of alternative credit, who is set to start in mid-January.
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HSBC has named two bankers as global co-heads of its debt capital markets team, replacing Jean-Marc Mercier. It is also planning to open two new desks.
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Liquidity in securitizations is better than in almost all other credit assets classes in Europe, with auto ABS and UK prime RMBS trading on tighter spreads than even covered bonds, analysis from Bank of America’s research team shows.
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Each year brings another retreat for European investment banks, as their seemingly invincible US competitors edge further into the European market. While the Europeans are far from capitulating, the pressure is relentless. As Jasper Cox reports, they are trying to redefine success by concentrating on the markets and segments where they are strongest
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GlobalCapital understands distressed debt buyers are seeking advice on how to target debt issued by intu Properties, especially its 2022 convertible bonds, now trading below 70, as the shopping centre company reels from the wave of restructurings and rent reductions by some of UK’s largest retailers.
