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US issuers and insurance companies could benefit as Moody’s relaxes parts of its approach
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Another week, another dearth of primary issuance in the European corporate bond market.
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The Asian market finally saw some signs of activity on Wednesday with China Development Bank and Vista Land & Landscapes opening taps for their respective dollar bonds.
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Zenit Sgr, the Milan-based investment fund, is working on the underwriting of a minibond by a listed Italian media company that could issue as early as February, sources have said.
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Austrian parking facilities developer Best in Parking walked into a frozen bond market on Tuesday with a €90m unrated bond, that was a tougher than expected sell to its domestic investor base.
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The Chinese property sector has once again found itself in the headlines for the wrong reasons with Future Land Development Holdings saying on Friday that its chairman was being investigated by the authorities. While there was the inevitable bout of panic selling, the short time it took for things to stabilise shows a maturing market that is fast getting used to the complexities of the industry.
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China Oriental Group has announced a consent solicitation as well as plans to buy back all or a portion of its existing bonds, following a profit warning sent to its shareholders.