The bank capital market brushed off Banco Santander’s unprecedented decision to extend an Additional Tier 1 bond last week, but the bank’s reputation among investors was left in tatters after a controversial and confusing sequence of decisions.
Deutsche Bank’s latest bail-in bond may not have been a blow-out in terms of investor demand, but it proved the challenged German bank has market access and wraps up around half of its senior non-preferred funding for the year.
Uzbekistan displayed no nerves about squeezing out every drop of value from its debut international venture, even as the aggressive price tightening saw the book for its US$1bn dual-tranche trade haemorrhage nearly US$5bn of orders.
The US$500m Nasdaq IPO of Virgin Trains USA became the first major casualty of tough capital raising conditions in 2019 when investors declined to back its audacious plan to spend billions over the next few years on intercity passenger rail projects.
Iconic jeans maker Levi Strauss is at the front of a queue of high-profile companies that bankers hope will lead a resurgence of the US IPO market in the coming months.
Juventus scored with its debut bond on Wednesday, raising €175m through a five-year offering that was also the first investment-grade-style bond from a football club.
Bonds from China’s high-yield property developers started the Year of the Pig on a strong note, in sharp contrast to high-yield industrial names, where poor investor demand forced a first-time issuer to pull a deal last week.
Sentiment has turned 180 degrees in the investment-grade corporate market as investors pile into every deal that comes - even those from Triple B credits.
Managers of distressed debt funds in the US are touting investment opportunities in the healthcare services space, as heightened competition and aging infrastructure take a toll on the companies’ ability to service their debt.
AT&T promised to focus on deleveraging during its fourth-quarter earnings call earlier this month, and on Wednesday it began to make good on that promise with a new bond deal and cash offer to pay down its debts and lessen its burdensome short-term maturities.
More than 65 employees from Royal Bank of Canada have come forward with concerns around culture and compliance at the bank after it was ruled to have unfairly dismissed a currency trader, a UK whistleblower support group said.