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Equity-Linked

NMC saga injects more fraud fear into equity-linked market

Equity-linked bond investors were left hurting again this week after bonds and shares in NMC Healthcare, the London-listed Emirati private healthcare business, were hit by accusations of fraud by short seller Muddy Waters. This is another painful episode for the convertible bond market after its troubles with Wirecard earlier in 2019, and an earlier scandal at Steinhoff International.

Aidan Gregory, December 18, 2019
Private debt

More than a dozen UK councils eyeing US PP market

As many as 15 to 20 UK local authorities are considering come to the US private placement market in the first half of 2020, according to three investors, after the UK Treasury decided in October to raise the cost it charges councils to borrow from the central government.

Silas Brown, December 18, 2019
Leader

Crunch time for DCM tech: let the best one win

This year GlobalCapital has reported extensively on the various debt capital markets technology platforms being developed by both the public and private sectors. But which will come out on top? We should get an answer in 2020.

Burhan Khadbai, December 18, 2019
Asia

Lenovo loses factoring facility from IBM, replaces with landmark securitization

Lenovo Group, one of the world’s largest computer and electronics makers, lost a long time financing partner when IBM decided to close its factoring operation for hardware equipment manufacturers in February, GlobalCapital can reveal. But Lenovo moved fast to replace this with one of the largest trade receivables securitizations ever signed. The $3bn deal included selling junior notes to three investors to maintain full off balance sheet treatment for the assets and debt.

Owen Sanderson, December 18, 2019
People News

People moves in brief

NN Investment Partners appoints head of alternative credit — Bothamley and McNelis take up DCM reins at HSBC — RenCap picks private clients boss

Jasper Cox, December 18, 2019
High grade and crossover bonds

Bumper January in store for high grade corporate primary market

Europe's high grade corporate bond market is gearing up for a rip-roaring January issuance window, though some investors are urging borrowers not to push too far out on maturities.

Mike Turner, December 18, 2019
Investment Grade Loans

Telefónica Deutschland brings ESG-linked loan as German reluctance ebbs

Telefónica Deutschland has signed a €750m environmental, social and governance-linked (ESG) loan, as sustainability financing continues to gain a foothold in a country that has until now been slow to take up the structure.

Mike Turner, December 18, 2019
Derivatives

Northern Trust and AcadiaSoft prep collateral product

Northern Trust and AcadiaSoft are collaborating on a collateral management service for over-the-counter derivatives trading.

GlobalCapital, December 18, 2019
Investment Grade Loans

Debt fund Sequoia increases revolver again

UK fund Sequoia Economic Infrastructure Fund, which invests in infrastructure debt, has increased its multi-currency revolver for the second time since May, enlarging it from £200m to £280m.

Mike Turner, December 18, 2019
Southpaw

Europeans look west for IB growth

Big European investment banks pivoted towards the Americas during 2019 in an attempt to boost revenues and position themselves for the next downturn, writes David Rothnie. With large M&A across the industry still off the table, banks are finding scale through joint ventures and alliances.

David Rothnie, December 18, 2019
Sovereigns

Average number of EU primary dealers falls to lowest on record

The average number of primary dealerships in the European Union has dropped to equal the lowest on record, according the Association for Financial Markets in Europe’s latest government bond data report.

Burhan Khadbai, December 18, 2019
Asia

BIS: Market health dictates bail-inable debt premium

A study from the Bank for International Settlements (BIS) has found that the premium that banks must pay to issue bail-inable debt is heavily pro-cyclical, compelling issuers to take advantage of “good times” to build up their levels of loss-absorbing capacity.

David Freitas, December 18, 2019

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