Pre-migration untagged articles
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Investors are overwhelming Barclays with orders for its long anticipated contingent capital instrument, as they look for higher yielding assets. Leads had taken $4.5bn by the end of Wednesday’s Asia session on the back of initial guidance of mid to high 7% area.
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The Middle East’s conventional bond market has picked up, with Abu Dhabi’s International Petroleum Investment Co (Aa3/AA/AA) and Kuwait-based Gulf Investment Corp (Baa2/-/BBB) both announcing roadshows for deals this week.
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Signet, a UK-based investment manager, has launched a high income fund of funds promising high returns with added security. The Signet High Income Portfolio invests in European high yield bonds, US high income debt and Russian and Asian bonds.
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Dealers of private EMTNs: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of < 365 days
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UBS shut down its SSA business because it decided it could no longer afford to take part in such a low margin, capital intensive business. If all that comes of this is a temporary patch-up job in the form of increased fees, it will be an opportunity missed to find long-term fixes for the market’s ills. -
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The high yield market welcomed two new buyers to the asset class this week as Babson Capital Management and Prudential Investments continued the trend of launching short duration funds.
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VTB Capital has signed a strategic co-operation agreement with US advisory firm Evercore Partners as the Russian bank continues to build its business in the Americas.
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Dealers of private EMTNs: Non-syndicated deals for ≤ €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of < 365 days
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US money market fund demand for European bank paper has increased steadily in recent months. According to a leading fund manager, it is now the highest it has been since May 2011, when investors began to cut holdings in European banks over fears about their exposure to Greece.
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Super-storm Sandy’s disruption of US markets has delayed the IFC’s highly-anticipated dollar benchmark this week, leaving Finnvera’s debut as the only SSA dollar deal on the radar. London, meanwhile, has been shaken by UBS shutting down its SSA business and some other areas of fixed income.
