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L'Oréal glams up with Sfr500m debut in Swiss francs

French company diversifies funding after inaugural dollar deal last year
Several banks are reining in their appetite for warehouse lending

On DLT, regulators could bring order — or disruption

Markets are looking to the authorities to simplify blockchain issues, but they may not have the purest motives

Elevated rates dampen appetite for long-dated corporate bonds

Issuance beyond 15 years could return if rates stabilise
Several banks are reining in their appetite for warehouse lending
Sub-sections
  • An uneven economic recovery is expected across emerging and developed markets over the next year, the IMF said this week during its spring meetings. Meanwhile, a proposed boost to special drawing rights has split market opinion.
  • The announcement this week that the IMF is on its way to issuing a further $650bn of special drawing rights, providing central banks with extra foreign currency liquidity, should not be criticised for being too little, too late. It marks a much needed return to multilateralism, something that the developing world will benefit from.
  • Organon, the spin-off from US pharma company Merck, has launched a bond leg of its financing, which will establish the unit as a separate firm with its own capital structure, while funding a $9bn dividend to its former parent. The firm was initially offering $4.5bn-equivalent across secured and unsecured bonds, with a bias to the deeper dollar market, but scaled this up during syndication to allow it to strip out bank debt.