The big five US banks grabbed an extra US$4.5bn of revenue from equities trading last year - much of it at the expense of European rivals due to new European Union trading rules.
Egypt’s decision to issue in US dollars ahead of a euro offering was vindicated after the sovereign sold a US$4bn triple-tranche transaction on Tuesday that was more than five times subscribed, enabling leads to wipe out a new issue concession at final pricing.
Cash-rich private equity firms and Japanese banks flush with liquidity are pushing the boundaries of leveraged finance in Asia, with an unusually high leverage multiple expected on the buyout of Godiva Chocolatier’s businesses in parts of the region.
A US judge ruled on February 15 in favour of an activist hedge fund that alleged telecoms company Windstream defaulted on its junk bonds in 2015, a decision that surprised the market and puts the company at increased risk of bankruptcy.
Ride-sharing unicorn Lyft is poised to lead a packed schedule of US IPOs next month with a US$2bn-plus offering that could set the stage for larger arch-rival Uber’s eagerly awited debut as early as the following month.
There are early signs that the downturn in Australia’s housing market is raising the cost of funds for the country’s specialist mortgage lenders, with RMBS investors demanding a hefty premium for the latest non-bank offering.
A €1bn five-year senior unsecured bond from Santander Consumer Finance last Tuesday showed no signs of investor ill will towards the Santander name following the bank’s decision not to call an Additional Tier 1 transaction the previous week, with the deal attracting some €4bn of demand.
It may be eerily quiet in Europe’s ECM market, but things are bubbling away in the background in Italy. Payment services company Nexi took a step further towards its planned €2.2bn-€2.5bn listing last Friday, filing a registration document to seek approval from the relevant Italian authorities, a banker on the deal confirmed.
Japanese real estate investment trusts are rushing to raise equity financing to acquire assets in the hope that property prices will shoot up ahead of the Tokyo 2020 Olympics.
Fortive, like former parent Danaher before it, proved an opportunistic user of the capital markets by landing US$1.25bn at a sub-1% coupon from the sale of a three-year convertible bond on Tuesday.