Pre-migration untagged articles
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The market rally on Wednesday came too late for Sandvik, the Swedish engineering firm, which cancelled its bond buyback and new issue on Tuesday, faced with deteriorating market conditions. Markit’s iTraxx Europe index closed that day at 208bp, its highest this year.
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With public markets still so volatile, SSA borrowers this week said they will use more private placements to complete this year’s funding.
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November is expected to be a crucial month for clarity on bank regulation, after the Financial Stability Board approved policy recommendations for dealing with systemically important financial institutions this week.
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Barclays Capital has become a market maker on Orb, the London Stock Exchange’s Orderbook for Retail Bonds. Launched in February 2010, the platform has led to a revival in UK retail bond issuance, by offering investors liquidity and a centralised market with price quotations.
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US investment firm Blackstone has acquired Dublin-based leveraged loan manager Harbourmaster Capital. Blackstone has bought the business through its credit platform GSO Capital Partners, and the combination of the two businesses will have around €11.5bn of leveraged loan assets under management in Europe.
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The EM primary bond market is stuck in the mud as the sell-off in that sector has continued this week. A lead manager on the Namibia sovereign deal, which completed its roadshow on Monday, says that the note will not be priced this week despite investor interest in the credit, as the market is not conducive to a successful transaction and buyers have become wary of brief market windows. Barclays Capital and Standard Bank are leading the deal.