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◆ The threat of US corporate issuance to European borrowers ◆ The new funding environment for Middle East banks ◆ Reviving UK equity capital markets
Holdings down 16.4% from almost a quarter after institutional bookbuild and off-market buyback deal
Deal multiple times oversubscribed as investors buy into electrification and AI story
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The corporate hybrid capital market is a fragile origami designed to please rating agencies, tax authorities, accountants and investors all at once. Standard & Poor’s disrupted it last week by stripping equity credit from 29 deals. The market will get over this. But fundamentally, it remains in denial: hybrids as they stand are not a stable, reliable product. -
The International Swaps and Derivatives Association has published a new version of its protocol addressing withholding tax on equity derivatives, in response to US tax law changes.
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Standard Chartered moved to shore up its capital ratios on Tuesday, as it launched a long-expected rights issue, totalling £3.3bn ($5.1bn). Bank of America Merrill Lynch and JP Morgan have fully underwritten the deal.
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Standard Chartered is going through its peak of disruption, according to chief executive Bill Winters, as the bank cuts senior staff. It announced a comprehensive restructuring and restoration package on Tuesday, with a third quarter loss, 15,000 job cuts, a £3.3bn rights issue, and $100bn of assets to be restructured or sold.
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Singapore-based BW Pacific has opened books for a listing on the Oslo Stock Exchange, as the tanker company looks to raise as much as Nkr2.4bn ($283m) from its IPO.
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The cancellation of the IPO of EDF Luminus, a Belgian subsidiary of Électricité de France, was caused by the Belgian shareholders’ unhappiness with the price available from a flotation.
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