News content

InnoLight Technology Corp, whose customers include high-profile names such as Google and ZTE, has applied for a $100m IPO on the Nasdaq. The plans come at a time when many Chinese companies are delisting from US exchanges in the hope of seeking greener pastures back home.

Unless Greece and its creditors come to some form of agreement — and fast — we should all be very afraid.

Bank of America Merrill Lynch has irked some investors, by planning to cut emerging market issuers out of its high yield bond indices, after some big issuers like Petrobras and Gazprom were downgraded into the indices.

The threat of contagion from Greece stumbling towards a eurozone exit has started to re-emerge as a threat to other periphery countries, as issuers this week sold paper at yields last seen nearly a year ago.

The European FIG market witnessed panic selling in peripheral paper this week, with some bankers predicting a similar haves and have-nots market to that which prevailed at the height of the sovereign debt crisis, writes Virginia Furness.

While Greece’s fraught negotiations with its creditors sent politicians, eurocrats and journalists rushing to panic stations this week, the corporate bond market is taking the situation with a healthy sangfroid, write Nathan Collins and Victor Jimenez.

Two Nordic firms priced IPOs on Wednesday, and two more on Thursday, suggesting the very busy market for listings across EMEA was not yet leading to deal cancellations.

Ufinet, the telecoms unit of Gas Natural Fenosa formerly called GNF Telecom, which was bought by Cinven last year, is seeking to cut the margin on a €295m leveraged loan it allocated last July.

The already taut relationship between Greece and its creditors came close to snapping point this week, but even as equity capital markets bankers contemplated the potential effects of a Greek default, initial public offerings kept getting done.

Greek drama has been little more than a sideshow for loan bankers until now, but there was no sense of complacency in the leveraged loan market this week as Greece grew more likely to default on its debt.

Host Europe, the German online hosting provider, has slashed margins on €406m-equivalent of leveraged loans, as an oversubscribed order book showed there was life yet in repricings.

A gloopy moussaka of foul tasting factors is putting investors off the euro market for public sector borrowers. Worse, senior bankers fret that issuers fail to appreciate just how bad the situation is. Craig McGlashan reports.