Singapore sovereign wealth fund GIC is facing a loss in excess of US$4bn on its emergency investment in Swiss bank UBS nine years ago, according to IFR calculations.
Claimants against Lehman Brothers’ main European arm will receive at least £5bn in interest payments on top of previously awarded claims, after the UK’s most senior court ruled they should receive the statutory interest that has built up over the past eight years.
The search for yield reached another level on Tuesday after Senegal got more than US$8bn of demand for its first bond in three years, paving the way for investors to reappraise other African sovereigns.
CVC has led a group of shareholders selling down their exposure to Formula One, just as new owner Liberty Media overhauls the business of the race series to maximise returns. The US$1.24bn follow-on of Liberty Media shares also included a primary portion that will repay some of the debt incurred in the US$4.4bn acquisition completed in January.
Investors rushed to buy a €350m long five-year bond issue from Rallye offering just 4.375% on Tuesday, a telling sign, investors said, that valuations in the corporate bond market are over-stretched.
UniCredit has taken another step on its long road to rehabilitation, pricing its first public Additional Tier 1 trade in almost three years, in a signal that capital concerns have been laid to rest after a top-to-bottom overhaul of the struggling Italian bank.
The ECB has published its final guidelines to rein in risky lending practices among banks, mirroring rules already introduced in the US in 2013.
Australia’s equity capital markets suffered another hammer blow last week when office products retailer Officeworks cancelled an IPO that had been expected to raise A$1.4bn (US$1bn).
Citigroup has launched a credit equivalent of Wall Street’s “fear gauge” that is intended to provide an accurate metric for risk aversion in the asset class.
Bumi Resources, the Indonesian coal miner controlled by the influential Bakrie family, is nearing the finish line on a restructuring that will cut its debt by more than 50%.