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NMC Health’s $360m convertible bonds are trading at mere cents on the dollar, suggesting virtually no recovery value after the scandal-hit UAE hospitals group said on Tuesday it had discovered even more undisclosed debt. -
The Financial Conduct Authority, the City regulator, has said it will not introduce a short selling ban, since there was no proof that short selling was responsible for the recent market falls.
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The wild daily swings in equity markets and stratospheric levels of volatility caused by the Covid-19 crisis has left equity capital markets bankers with very little to do, beyond waiting for the market to find a floor when executing transactions becomes feasible once again.
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NMC Health, the scandal-hit UAE-based hospitals operator, has $2.7bn in undisclosed debt, taking its total gross debt to around $5bn, and an investigation into its finances has found evidence of serious fraud.
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Europe’s convertible bond market is positioned to benefit from spiking volatility in equity markets due to the convexity of the asset class, which could lead to an increase in primary issuance in the future.
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European equities plunged into bear market territory on Monday morning after the price of oil collapsed by 30% following the decision by Saudi Arabia to launch a price war after OPEC and Russia failed to reach a deal on production cuts at the weekend.
