French banks BNP Paribas and Societe Generale have pumped almost €1bn into two little-known proprietary trading operations, showing that so-called prop trading has not died out for all banks despite regulatory changes that seemed to outlaw the activity.
The International Bank of Azerbaijan’s plan to swap US$3.34bn of foreign currency debt, principally for sovereign bonds with longer maturities, looks likely to be backed by creditors despite some protest from bondholders.
China National Chemical Corp has raised US$20bn mainly from the issue of perpetual bonds to finance its purchase of Swiss seeds company Syngenta, according to a regulatory filing.
China National Chemical Corp made a storming debut in the US dollar bond market, drawing huge oversubscription despite early market jitters caused by Moody’s downgrade of China’s sovereign rating.
Controversy surrounding the Trans Mountain oil pipeline expansion - and the potential impact on delivering the C$7.4bn (US$5.5bn) project - meant Kinder Morgan had to acquiesce to a deeply discounted valuation in order for the C$1.75bn (US$1.3bn) spin-off IPO of Kinder Morgan Canada to go ahead.
A mass downgrade of Australian financial institutions last week left Liberty Financial facing an immediate increase in borrowing costs.
Investors threw PetSmart a bone on Thursday, signing up for another US$2bn of junk bonds to help the largest US pet supply chain finance its acquisition of top online rival Chewy.
The investigative arm of Congress has agreed to consider whether curbs on leveraged loans set by US regulators should be subject to Congressional review, according to a letter seen by IFR.
Danish hearing aids and headset company GN Store Nord awakened the equity-linked market from its two-month slumber with Tuesday’s €225m five-year bond with warrants issue. And then just two days later South African platinum miner Implats brought a dual-currency convertible to raise US$503m-equivalent.