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Innovation and ambition have been hallmarks of mergers and acquisitions activity this year, but there are some signs of weakness in private equity
Bank’s relationship with SpringCash is ‘commercial’
Bank M&A is back on the agenda, but talk of SMBC buying Jefferies is premature. The two firms are prioritising their multi-stranded alliance and a takeover now would jeopardise it
World first deals could break new ground in sport risk management
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Hedge funds have been accused of backing UK prime minister Boris Johnson in order to profit from a no-deal Brexit through short positions. But the shorts that Crispin Odey’s fund has outstanding in UK companies look to have failed to deliver over the past month, with share prices of companies rising. -
Crisis-hit countries that go through a painful debt restructuring programme as part of a bailout enjoy much steeper cuts in their medium-term debt, according to an independent analysis of International Monetary Fund rescue programmes.
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The European Investment Bank won a huge reception from investors for its debut €STR-linked floating rate note (FRN) this week, ignoring concerns about a lack of demand amid negative rates in the euro market. While there is a lack of clarity about calculating €STR bonds’ fair value and on Euribor’s future, public sector borrowers are expected to embrace the risk-free euro rate.
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The loan market has finally amended an existing facility to reference Sonia as its pricing benchmark, though the Bank of England has warned that the loan market still needs to do “much more work” to move away from Libor.
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For Canadian pension fund CDPQ, direct investments in private equity have become a crucial part of portfolio management. As the political debate around PE firms heats up globally, the Quebec pensioners are enjoying the fruits of CDPQ’s foray into the risky, demanding asset class that is off-limits for many smaller pension funds.
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The loan market still needs “much more work” in shifting away from Libor, as do its derivatives, the Bank of England warned on Monday.
