The Government of Malaysia sold the world’s first 30-year sovereign sukuk issue last Wednesday and in the process shrugged off domestic woes to establish a long-dated benchmark Islamic curve for other sovereigns to follow.
The foundations of Ukraine’s restructuring plans trembled last week after State Export-Import Bank of Ukraine failed to agree a three-month maturity extension with noteholders on a bond issue due later this month.
A sudden surge in Hong Kong’s equity market unleashed a frenzy of block trades, with US$3.4bn of such deals getting done in just over a week since the Easter break.
The Shanghai Stock Exchange has, for the first time in years, surpassed the Stock Exchange of Hong Kong and longstanding leader New York Stock Exchange to become the world’s most active bourse for initial public offerings in the first quarter of the year.
The Irish government will not sell a substantial part of its stake in Permanent TSB in the upcoming public offering, preferring instead to wait before trying to recoup taxpayers’ money invested in the bank’s 2011 bailout.
Hong Kong bellwether Hutchison Whampoa’s three-year bullet refinancing for a newly created property unit has raised a record HK$140bn (US$18.06bn), highlighting the borrower’s relationship pull and the liquidity available for the right name even at tight pricing.
Online handmade goods marketplace Etsy injected some renewed exuberance into the soft US IPO market last week, as its stock surged nearly 90% on its debut thanks partly to its “handcrafted” strategy of carefully distributing the shares to a higher than normal concentration of supportive institutional buyers, and a wide spread of small investors.
An outage at news and market data provider Bloomberg hit financial markets around the world on Friday, prompting debt sales to be postponed and exacerbating a spike in volatility in European stocks.
Pakistan attracted hordes of foreign investors to a Rs102bn (US$1bn) share sale in Habib Bank, as expectations of further economic reforms drove demand for the country’s largest ECM transaction.
The stalemate between Greece and its creditors is affecting the plans of other sovereign issuers such as Portugal, bankers said last week, despite the ECB’s progress in ring-fencing the Greek debt crisis.
G20 finance ministers and central bank governors meeting in Washington DC last week discussed the slow progress in global implementation of derivatives trade reporting, amid concern that the initiative is failing to achieve its key aim of increasing transparency in the over-the-counter derivatives market.
Two UK non-conforming RMBS transactions sponsored by Blackstone/TPG and Davidson Kempner have highlighted how investors are fighting to retain better compensation through step-up coupons if the transactions are not called.