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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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Pacific Gas and Electric Co, the Californian utility firm, is using a catastrophe bond to adapt to what it calls the "new normal" of increased wildfire risk. After its equipment was blamed for many of the state’s fires over the past year, PG&E is at the heart of a debate over who should shoulder the costs of rising natural catastrophe damage.
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Volkswagen (VW) took advantage of the positive tone in a quiet corporate bond market to build huge order books for both euro and sterling transactions on consecutive days. The strength of the bid from UK investors was behind the overall success of those transactions, while the borrower also found a pool of demand in Russian roubles.
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Across the credit spectrum, US corporate borrower inactivity made for a July that was exceptionally quiet, compared to typical summer volumes.
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Brexit has been a slow-burning problem for the City of London, but burning it is. Financial markets are regulated. With worse access to Europe, the UK must make itself attractive to financial firms in other ways.
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BNP Paribas is combining its primary and secondary activities in US credit markets under a new Global Credit Markets Americas division, with a new head of leveraged finance joining from Deutsche Bank to bolster the firm’s offering.
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Investment firm EDIFY, headquartered in Luxembourg, has issued its first Euro PP notes.