A group of European leveraged loans that were completed earlier this year are trading below their issue price and weighing on the market after a surge in supply in the early summer helped investors to secure higher primary loan pricing from deals with stronger documentation.
Goldman Sachs named David Solomon its new chief executive officer effective October 1 after accelerating the departure of long time CEO Lloyd Blankfein. Solomon will grab Blankfein’s other title, chairman of the board, on January 1, 2019.
Former Barclays boss Bob Diamond said he considered fighting the Bank of England when it said he needed to resign in 2012, but opted not to because he had become “a lightning rod” for the bank’s troubles.
European banks and their regulators are locked into a high-stakes game of “who blinks first?” when it comes to possible consolidation within the banking sector, with each waiting for the other to make the first move in what many see as a long-overdue process.
Sales of non-performing loans by banks in Europe are surging, with another mega-deal from Spain’s Sabadell arriving last week, as pressure to continue cleaning balance sheets and strong private equity buying interest encourages deals.
A strong response to the HK$3.59bn (US$457m) Hong Kong IPO of Ascletis Pharma, the city’s first under new rules accommodating early-stage biotech companies, is setting a positive tone for at least nine other such deals this year.
Singapore’s Clifford Capital last week began marketing a groundbreaking securitisation of project finance loans, which aims to free up capital for banks and give institutional investors access to a new asset class.
The shock offshore default of China Energy and Reserve Chemicals Group could force one of the country’s biggest institutional investors to be more cautious towards its investments in offshore Chinese bonds.
Some asset managers have resorted to a new trick to win concessions in Asia’s ailing US dollar bond market: holding new issues to ransom.