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Details on the margin for Bank Rakyat Indonesia’s (BRI) $550m borrowing have come to light. Although at this point the loan is likely to wind up as a club, some banks are keeping the possibility of further syndication open.
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The Government of Mongolia has opened books to its debut dim sum bond on the morning of June 24. The country intends to be a regular in the currency and expects to be more active in the offshore bond market once its rating is upgraded, according to the country’s minister of finance and central bank governor.
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Equity capital markets are remarkably buoyant, prompting some bankers to reflect that US investors, who buy getting on for half the paper, understand Europe a lot better than they did two years ago.
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The corporate bond market got going quickly from a standing start on Wednesday with four issuers hitting the investment grade market, emphatically ending the recent dearth of supply.
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Implenia, the Swiss construction company, showed the advantages of the convertible market for issuers wanting to issue subordinated debt, with a highly successful Sfr175m deal that shared the market with Ingenico on Tuesday.
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The sense that green shoots are appearing in Russian equity capital markets was strengthened on Tuesday evening (June 23) by the European Bank for Reconstruction and Development’s sale of part of its stake in Lenta, the hypermarket chain.
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CME Group has introduced new contracts that allow investors to trade European electricity with a lower fee structure.
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European credit spreads on Tuesday held on to the ground they had gained in Monday’s big rally, but the end of the day was notably weaker without further news on a Greek debt agreement.
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The bookbuilding phase of CBR Fashion's initial public offering started on Tuesday. The German fashion holding company hopes to raise about €200m of gross proceeds by selling new shares.
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Ingenico, the French maker of payment terminals, returned to the convertible bond market on Tuesday after a four year gap, with a highly successful deal that found strong demand and was repriced to better terms outside the original range.
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Growing optimism on Greece’s ability to reach an agreement with its creditors failed to stimulate corporate treasurers into action on Tuesday. They continued to shun the primary market.
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Santander has joined Deutsche Bank and Bank of America Merrill Lynch in the much-anticipated syndicate for International Airlines Group’s €1.4bn bridge loan to buy Aer Lingus.