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  • US big beasts dominate UK broking with different styles

    US big beasts dominate UK broking with different styles

    JP Morgan and Morgan Stanley’s positions at the top of the UK corporate broking rankings have undoubtedly helped their equity capital markets businesses, but Goldman Sachs stands out for its disruptive approach, writes David Rothnie.

  • Sponsors set to plug funding gap with PIKs as valuations soar

    Payment in kind notes and preference shares will likely play an increased role in new leveraged buyout structures, as sponsors seek to bridge the gap to ever more stretched equity valuations against a backdrop of depressed earnings.

  • Iosco warns of regulatory action over DCM mandate pressure

    Iosco warns of regulatory action over DCM mandate pressure

    Banks may be using their lending relationships with companies to press them into granting bond mandates, the International Organisation of Securities Commissions has warned. This follows the UK Financial Conduct Authority's remarks about similar pressure for equity mandates in April.

  • ‘Society benefits from short sellers’ — Gabriel Grego, CIO of Quintessential Capital

    ‘Society benefits from short sellers’ — Gabriel Grego, CIO of Quintessential Capital

    Gabriel Grego, managing partner and chief investment officer at Quintessential Capital, is known among investors for his devastating critiques of fraudulent companies. A former paratrooper in the Israeli Defence Force, Grego is on what he sees as a moral crusade to sniff out corporate corruption. He is adamant, he tells GlobalCapital, that activist short selling is a force for good in financial markets — and society as a whole.

  • PFC mandates duo for $200m loan return

    PFC mandates duo for $200m loan return

    India’s Power Finance Corp has mandated two banks for a $200m loan, and bankers expect the firm's government ownership will draw a strong response in syndication.

  • New roles for Marsh, Verri at Goldman

    New roles for Marsh, Verri at Goldman

    Goldman Sachs has given new titles to leaders in its credit finance, investment grade capital markets and equity capital markets businesses.

  • Chailease seeks $100m for Thai business

    Chailease seeks $100m for Thai business

    Taiwan’s Chailease International Finance Corp has launched its fifth loan of the year to the market. It is eyeing up to $100m through its Thailand subsidiary.

  • Mercuria opens $980m loan with Covid premium

    Mercuria opens $980m loan with Covid premium

    Commodities company Mercuria has returned for its annual borrowing of $980m. This time, it is enticing banks with a 10bp Covid-19 premium on the loan margin and fees.

  • Taiwanese banks should hold their ground on loan pricing

    Taiwanese banks should hold their ground on loan pricing

    Formosa Plastics Corp is preparing to set a new pricing benchmark with its planned $2bn loan, which bankers reckon could set a record low for a borrower from Taiwan. If the company succeeds, this could set a dangerous precedent for the long-term health of Asia’s loan syndication market.

  • Pharma is ‘rising star’ in SSDs

    Pharma is ‘rising star’ in SSDs

    German hospital operator Asklepios Kliniken launched a Schuldschein on Monday with an initial target of €200m. Investors have doubled down on their interest in pharmaceutical firms this year and throughout the pandemic, prompting a substantial increase in the market’s exposure to the sector.

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