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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
MAG’s tightly priced bond adds credence to claims that Thames Water’s woes are isolated
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Società Iniziative Autostradali e Servizi, a company that operates 1,000km of motorways in the northwest of Italy, found very strong demand on Thursday for its second bond issue, showing that investors’ appetite for domestic Italian credit remains keen.
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Arqiva, the UK broadcasting masts business, returned to the bond market on Wednesday for a bespoke £164m issue from its whole business securitization, which found ample demand, helped by a juicy new issue premium.
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GMAC Bank got a solid response from investors this week for the first auto ABS deal of the year. Meanwhile, Volkswagen is set to keep auto ABS supply distinctly German after it mandated for a new VCL transaction.
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European CMBS loans reached their lowest rate of repayment for two years in the fourth quarter of last year, driven by the high leverage and lower quality of the under properties, according to Moody’s.
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Having the last laugh is satisfying — just ask Russia’s Siberian Coal Energy Co (Suek). The firm is on the verge of signing a hugely successful facility after almost all corners of the emerging market loan universe said that the deal would struggle because of its five year tenor — Suek’s third loan of this length since October 2011. The time has come for lenders to accept how things are, rather than grumbling about how they think they should be.
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Dealogic league tables of bond transactions, last 12 months rolling. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.