Credit Suisse

A revamp of the leadership of Credit Suisse’s investment bank has led many to believe that a succession plan is emerging. That’s not the case, argues David Rothnie.

Investors looking to diversify into India received their second opportunity in as many weeks when JSW Steel tapped the market with its maiden offshore bond on November 5. While the transaction did not get as much attention as Tata Motors did last month, it still resonated well with investors and ended up with a more than three times covered book.

US conglomerate 3M Co visited the euro bond market on Wednesday — the latest in a string of highly rated US firms to tap what has become a very attractive market.

Senior bank debt issuance picked up on Wednesday after Citigroup and DVB Bank had re-opened the European market on Tuesday after the European Central Bank's Asset Quality Review.

Afreximbank has unveiled plans for a non-deal roadshow in Switzerland this week.

The Indian high yield bond market is finally getting its act together following a stop-start year with JSW Steel going live with a five year dollar bond on November 5.

European companies from beleaguered industries, new to the market or under investor pressure had better think twice before they enter a high yield market willing to teach them a lesson before the year ends.

Growing expectations of a financial market friendly government by the end of next year and occasional indications that the finance ministry may negotiate with holdout creditors once the RUFO clause expires in January mean that many observers maintain a constructive view on Argentina despite another default on its restructured bonds.

French telecoms group Altice has announced an offer to buy the Portuguese assets of Portugal Telecom from Oi, the Brazilian telecoms company, for €7bn.

Combined books for Kazmunaigas’s dual tranche $1.5bn dollar bond had reached $9bn at their peak before pricing on Friday inside its own curve, despite KMG having cut the change of control clause in its bond documentation to 75% state ownership.

Intu Properties, the UK real estate investment trust, signed a £600m revolving credit facility on Friday. The five year loan carries a two year extension option.

Kazmunaigas has tightened priced guidance for its dual tranche dollar bond and books are “well over $5bn”, according to an origination official on the deal.