Governance

  • Yandex sells Russian tech exposure with $1.25bn CB

    Yandex sells Russian tech exposure with $1.25bn CB

    Yandex, the Russian internet company, has reopened the equity-linked bond primary market in EMEA after more than a month without any new issues, by issuing a huge $1.25bn five year convertible bond. The books are covered at the midpoint of the terms, a source close to the transaction said. It will be priced at that level.

  • Ferber lashes out at ESMA for Ophèle appointment

    Ferber lashes out at ESMA for Ophèle appointment

    MEP Markus Ferber has come out swinging at the European Securities and Markets Authority for appointing chief French regulator Robert Ophèle to temporarily chair its central counterparty (CCP) supervisory committee.

  • More Venezuela sanctions expected after Rosneft ban

    More Venezuela sanctions expected after Rosneft ban

    The US Treasury slapped sanctions on a Rosneft subsidiary on Tuesday for brokering sales of Venezuelan crude oil that supported president Nicolás Maduro’s government. Some expect this to be the first of similar actions, in the run up to the US presidential election.

  • Rosneft woes no block for $2bn Gazprom

    Rosneft woes no block for $2bn Gazprom

    Gazprom returned to the Eurobond market for the first time in a year on Tuesday, pulling in $4bn of orders at one stage in the pricing process, despite the US sanctioning a Rosneft subsidiary.

  • Staley’s Epstein links mar Barclays’ solid CIB results

    Staley’s Epstein links mar Barclays’ solid CIB results

    Barclays posted another strong set of returns from the corporate and investment bank (CIB) on Thursday, but the disclosure that UK regulators are investigating chief executive Jes Staley’s relationship with the late sex offender Jeffrey Epstein was described as a “red flag”.

  • KKR says no to NMC Health takeover bid

    KKR says no to NMC Health takeover bid

    US buyout group KKR has said it will not make a bid for the beleaguered UAE healthcare company NMC Health, dampening investor hopes of a rescue buyout and sending its shares and convertible bonds lower.

  • China’s Kangmei becomes first 2020 new defaulter

    China’s Kangmei becomes first 2020 new defaulter

    Kangmei Pharmaceutical Co, which committed a high-profile fraud last year, has become the first company to default onshore after Chinese New Year, having failed to repay a Rmb2.4bn ($342m) bond that was put back by its holders.

  • Trade bodies call for seven hour trading day in European equities

    Trade bodies call for seven hour trading day in European equities

    The Association for Financial Markets in Europe (Afme) and the Investment Association (IA) have proposed a one and a half hour reduction to the European equity market trading day, in response to a consultation launched by the London Stock Exchange in December.

  • Cross nomination as banking regulator makes MEPs cross

    Cross nomination as banking regulator makes MEPs cross

    The European Banking Authority’s proposed next executive director, Gerry Cross, was rejected by a committee of EU politicians on Thursday amid discontent over a perceived revolving door between the regulator and lobbyists.

  • MEPs rebuke banking regulator for revolving door

    MEPs rebuke banking regulator for revolving door

    Members of the European Parliament have hit out at the appointment of a top banking regulator as chief executive of the lobbyist group the Association for Financial Markets in Europe. Meanwhile, the regulator has nominated a former Afme lobbyist as his successor.

  • CFTC fines Mirae Asset Daewoo for spoofing

    CFTC fines Mirae Asset Daewoo for spoofing

    South Korea’s Mirae Asset Daewoo has been ordered to pay $700,000 after a US Commodity Futures Trading Commission investigation found one of its traders had engaged in spoofing.

  • NMC Health insiders sell £375m of stock

    NMC Health insiders sell £375m of stock

    Two major insiders offloaded £375m of stock in NMC Health, the troubled UAE-based private healthcare company to cover debts on Tuesday. The share sale, which was priced at a 19.7% discount to close, came weeks after a short selling attack on NMC Health by US activist hedge fund Muddy Waters, which caused the company to lose more than half of its market value.

  • NMC saga injects more fraud fear into equity-linked market

    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.

  • If retail investors can buy burrito notes, why not proper bonds?

    If retail investors can buy burrito notes, why not proper bonds?

    Retail investors who bought two minibond issues from Chilango, a London-based Mexican food chain, are set to lose their money, with either a 90% writedown or debt-for-equity swap heading their way. This was grimly predictable, based on a cursory glance at the deal documents, but the issue shows how messed up our investor protection rules are.

  • Nuclear and governance to be pressure points in Taxonomy trilogue

    Nuclear and governance to be pressure points in Taxonomy trilogue

    National governments of the European Union have reached agreement on the law that will implement the Taxonomy of Sustainable Economic Activities, even though Germany, Austria, Luxembourg and Greece are unhappy that nuclear power has not been specifically excluded. There could be fights over that issue when the Parliament and Commission negotiate with the Council in a 'trilogue'.