The CDS market is up in arms over a controversial debt swap for US homebuilder Hovnanian Enterprises that has already led to a lawsuit against investment giant Blackstone for fraud.
At the same time that Goldman Sachs was turning in its worst performance in fixed income trading since the 2008 financial crisis, it also enjoyed its best ever quarter in debt underwriting – reflecting a shift in its focus.
Global equity capital markets bankers are circling one of the biggest Japanese listings on record after conglomerate SoftBank Group said it was considering listing its local telecoms business.
Five UK banks are facing heavy losses on loans to Carillion, after the British government’s refusal to support the company pushed the UK construction and services group into liquidation on Monday.
This is shaping up as a banner year for equity capital markets in Argentina, where five companies going public in the first quarter are looking to raise a combined US$2.2bn.
Apollo Global Management has a reputation for squeezing out top dollar from the listing of its portfolio companies, but investors proved unwilling to pay up for its latest effort, the US$1.47bn NYSE IPO of home security provider ADT. The IPO was priced well below range and slumped on its debut.
China Merchants Bank has become the first Chinese bank to lead the financing of a leveraged buyout in Australia, marking another step in the aggressive overseas expansion of mainland lenders.
Highly indebted sovereigns with China as a significant creditor have little idea how to approach the Asian superpower about restructuring those debts.
China achieved a rare feat last week as one of its US dollar-denominated sovereign bonds was quoted inside US Treasuries, thanks mainly to a rise in US rates after December’s tax reform legislation.
A rally in the sterling to US dollar exchange rate, allied with very attractive borrowing conditions, has raised expectations of an M&A loan boom in the EMEA region and in the UK in particular in 2018 as companies strategically position themselves for life after Brexit.