News content

Holders of credit default swaps referencing Abengoa have asked the International Swaps and Derivatives Association for the second time in a week whether the Spanish renewable energy company has triggered a bankruptcy credit event – and this time the ISDA has accepted the question for consideration.

The French government is this evening selling 2.64% of Safran, the French aerospace and defence group, in a competitive block trade.

LME Clear, the clearing house for the London Metal Exchange, has launched a trade compression service and given members the ability to post metals warrants as collateral for the first time.

Intercontinental Exchange will introduce 81 energy futures and options contracts in December through its US and European exchanges.

Shares in Delta Lloyd, the Dutch insurance company, fell 10% on Monday after it announced a €1bn rights issue to strengthen its solvency as it plans for new EU insurance regulation. By Thursday, they were 29% down.

ABN Amro targeted sterling for a £300m six year senior bond on Monday, pricing more tightly than could have done in euros, according to rival bankers.

Austrian oil and gas company OMV emerged on Monday with a dual tranche hybrid bond that had been promised since August, but a broader revival for the product may have to wait until next year.

ISS Global, the Danish cleaning and facility services company, has raised a €500m no-grow bond, its second since winning investment grade status last year.

Luxembourg-based airport services provider, Swissport, sold €690m of high yield bonds on Thursday to fund its acquisition by Chinese private equity group HNA.

Körber, the German technology company, recently closed books on a €300m Schuldschein, but a banker involved said that the final size is much larger.

Ferrari, the Italian carmaker, has signed a bridge loan and a term loan of €2bn in total, and a revolver of €500m. The company has not disclosed the structure or pricing on the facilities, however it said the term loan comprises “the majority of the total facility.”

Anticipation that the European Central Bank will extend its public sector purchase programme on Thursday resulted in what one banker called an “abnormally successful deal” from Erste Abwicklungsanstalt on Monday.