Two years ago, Deutsche Bank decided to come clean about €60bn of legacy trades that were bleeding money for the bank. The positions, which included long-dated derivatives struck before the crisis, were losing hundreds of millions of euros a year. After a decade of silence, the time had come to be more open about problems lurking within its balance sheet.
Deutsche Bank has finally ended the cheese-grater approach to restructuring and will pioneer a new model for equity capital markets in Europe after closing its equities platform.
The Republic of India has set ambitious targets for its long-awaited debut in the US dollar bond market as it seeks to ease pressure on domestic investors.
Up to €25bn of deals are poised to hit Europe’s leveraged loan market this summer, but underwriting deals is proving difficult as arranging banks try to strike a balance between caution in a weaker market, and aggression to win deals.
Australia’s prudential regulator has scaled back a proposed capital increase for the country’s four biggest banks following criticism of its original plan.
UK entrepreneur Richard Branson outlined plans last week to transport high-net-worth clients into space next year through Virgin Galactic.
Budweiser Brewing Company APAC, the Asia-Pacific business of beer giant Anheuser-Busch InBev, cancelled its up to HK$76.6bn (US$9.8bn) IPO on Friday, a day after the books closed.
Naftogaz put a failed deal from last November behind it as the Ukrainian state-owned gas company launched a €900m-equivalent dual-currency transaction on Friday, although the US dollar bond attracted plenty of debate.
When UBS bankers entered their London offices early one Tuesday in late October 2012 it clearly wasn’t a typical morning: there was an eerie mood and far more security staff than normal. Unusually, they were wearing high-visibility jackets.
Fixed-income investors cautiously welcomed Deutsche Bank’s ambitious restructuring plan, though its scale and timeline leave little room for manoeuvre and could impact the bank’s ability to pay coupons on its riskiest debt.
A proposed dividend yield of 9.5% was not enough to tempt institutional investors into buying Swiss Re’s ReAssure IPO, with the parent company cancelling the deal on Thursday morning.