News content
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Equity capital markets bankers are looking forward to a busy autumn season of deals in Europe, now that the Federal Open Market Committee’s much-anticipated interest rate decision is out of the way. Deals that had been kept back are now likely to be announced next week.
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Grupo Villar Mir, the family holding company of Juan-Miguel Villar Mir, went head to head with Glencore’s $2.5bn capital raising on Tuesday night, but suffered nothing from the clash, as it sold a 2.36% stake in Abertis Infraestructuras, the toll roads and telecoms infrastructure group.
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Nibulon — Cocobod — United Arab Bank — Albaraka Türk — Vakifbank — Isbank — Garanti — Russian Loans
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Pernod Ricard, the French distiller, priced an opportunistic €500m bond on Monday, paying a hefty 18bp premium in a market at risk of keeling over.
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Greece heads to the polls over the weekend for its second parliamentary election this year, but there is little concern of the plebiscite rocking markets like the earlier vote in January.
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Crédit Agricole braved jittery markets on Wednesday to price its first ever tier two transaction in Swiss francs.
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The other controversial provision is the use of deferred tax assets which in some jurisdictions, are eligible for inclusion as capital under Basel. The ECB considers DTAs as low quality capital. They are used in Italy, Spain, Portugal and Greece.
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The treatment of insurance holdings within conglomerates for the purpose of calculating the CRR capital ratios is known as the Danish Compromise.
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In an unexpected move, Dubai Islamic Bank (DIB) pulled out of Albaraka Türk’s latest $450m murabaha loan because it did not think the loan was Shariah-compliant, according to bankers on the deal.
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The stop-start progress of global mergers and acquisitions this year kangarooed forward yesterday, as news broke of AB InBev's interest in SABMiller. Details remain hidden, but hints as to the financing emerged from the rating agencies' reactions.
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Sanofi, the French pharmaceuticals company, priced a €2bn three tranche bond on Monday amid heavy supply in the European corporate bond market.
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Two state owned corporations, La Poste and Adif Alta Velocidad, this week avoided paying the wider new issue premiums that many corporate issuers have been forced to concede.