Monday, 30 November 2015




IFR 2111 28 November to 4 December 2015

In November 2014, IFR reported that Abengoa had reclassified a corporate bond as non-recourse debt. A year later, the Spanish energy has filed for pre-insolvency proceedings in an attempt to thrash out a restructuring deal with creditors.

Top News


Abengoa bonds sink as saviour pulls out

IFR 2111 28 November to 4 December 2015 By Robert Smith

On Wednesday, Abengoa’s bonds dropped like a stone after the troubled Spanish energy company announced that it had started talks with creditors on insolvency proceedings, raising the prospect of a messy restructuring ahead.


Abengoa chaos leaves yieldco struggling

IFR 2111 28 November to 4 December 2015 By Robert Smith

Abengoa’s decision to seek creditor protection has raised concerns around how insulated its US-listed yieldco is from the unravelling finances of its Spanish parent.

Vodafone branding is seen outside a retail store in London

Investors hang up on Vodafone

IFR 2111 28 November to 4 December 2015 By

Vodafone’s botched US dollar bond issue last week could have big ramifications for the telecoms giant and others – especially those exposed to M&A risk from lower-rated companies.

A woman is reflected on a wall with a company logo of Baosteel Group at an office in Shanghai.

Baosteel EB lifts equity-linked market

IFR 2111 28 November to 4 December 2015 By

Chinese steelmaker Baosteel gave the sleepy Asian equity-linked market a year-end jolt last week with a US$500m issue of three-year bonds exchangeable into China Construction Bank H-shares.

EU, Commission

Sovereign bond cap could hit SSA

IFR 2111 28 November to 4 December 2015 By

European Union proposals to restrict the sovereign bond holdings of banks could jeopardise the system by which European governments and public sector entities borrow money, market participants have warned.  

A Wall Street sign is pictured outside the New York Stock Exchange

Big banks accused of rate swap collusion

IFR 2111 28 November to 4 December 2015 By Mike Kentz

A class action lawsuit, filed last Wednesday, accuses 10 of the world’s biggest banks and two trading platforms of conspiring to limit competition in the US$320trn market for interest-rate swaps.

Temasek Holdings logo

SWFs step up on liquidity

IFR 2111 28 November to 4 December 2015 By

Sovereign wealth funds are stepping into the shoes of dealers to act as liquidity providers in corporate and government bonds.

VEB Bank Sanctions

Russia faces ratings pressure from VEB bail-out

IFR 2111 28 November to 4 December 2015 By

Russia’s VEB could get US$20bn-equivalent in state aid over the next few years, in a move being heralded as hugely positive despite potentially leading to ratings pressure on the already under-scrutiny Russian sovereign.


1MDB cloud over Malaysia lifts

IFR 2111 28 November to 4 December 2015 By Kit Yin Boey, S Anuradha

Malaysia’s capital markets emerged from the shadow of 1MDB after the troubled state investment vehicle agreed to a multi-billion dollar asset sale and China pledged to support the ringgit bond market.

A Swissport employee handles a baggage crate before it is loaded onto an Emirates Airbus A380-800

Dollar leveraged loans in jeopardy

IFR 2111 28 November to 4 December 2015 By Hannah Brenton

In response to difficult conditions in the US leveraged loan market, a planned US dollar tranche has been removed from a SFr1.145bn-equivalent (US$1.42bn) Term Loan B backing Chinese conglomerate HNA Group’s acquisition of Swiss air cargo handler Swissport International, and Belgian chemicals distributor Azelis has added a euro tranche to a US$675m-equivalent financing for the purchase of US-based peer Koda.

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From the practice of placing a bell around the neck of a castrated ram to lead the flock

Honest John

IFR 2111 28 November to 4 December 2015

SPOILER ALERT TO Deutsche Bank staff: your bonuses might not be very big this year.


JP Morgan leapfrogs Goldman as top fee earner this year

JP Morgan reclaimed the top spot during November as the highest earner of investment banking fees in the year to-date, replacing Goldman Sachs, which had held the position at the end of October.

Rio Tinto Shanghai Representative Office

M&A deals surge past 2007 record

Global merger and acquisition deal flow has reached a new record, with Pfizer’s US$160bn merger with Allergan pushing the total of announced deals so far this year to US$4.2trn, surging past US$4trn for only the second time in history and beyond the previous 2007 record of US$4.1trn.

banks italy

​Italy saves bondholders in bank rescue

Italy has stepped in to save senior bondholders in four small ailing banks, bailing out such creditors rather than imposing losses on them under new rules that will take effect next year under the European Union’s Bank Recovery and Resolution Directive.

European Banking Authority logo

​European regulators uncover €1trn of bad loans

A sample of Europe’s largest banks representing 70% of the sector’s assets still have €1trn of non-performing loans, according to new data gathered by the European Banking Authority. That equates to 5.6% of their total balance sheets.

The Standard & Poor's building in New York

Restructuring advisers welcome spike in defaults

Global defaults are poised to cross the 100 mark for the first time since 2009, according to figures from Standard & Poor’s, as the decline in commodity prices leads to a swathe of financial difficulties for companies in the US oil and gas industry.


Dire messages, mixed motivations

By David Marsh, managing director and co-founder of OMFIF

Wrong people may heed Draghi and Rutte statements.


Argentina votes for historic change

By David Smith, OMFIF Advisory Board member

The man and Macri-economics.

All Guest Columnists: OMFIF

IFR Outlook for US Rates Roundtable 2015

IFR Outlook for US Rates Roundtable 2015

IFR’s 2015 US Rates Roundtable took place in New York on October 29, the day after that month’s FOMC meeting, so the comments made by our distinguished panel of rates strategists and laid out in the following pages were current as of that date.

All Special Reports