The US$13.5bn buyout financing for Refinitiv, the financial data and technology division of Thomson Reuters, has had a strong response from the US loan and bond markets, resulting in an oversubscription and potentially lower pricing.
Jaguar Land Rover’s high-yield bond was driven off course last week after chief executive Ralf Speth gave a warning that the wrong kind of Brexit could have a disastrous effect on his company. The warning came during the bond’s marketing period and spooked an investor base already unnerved by a loss-making quarter.
A record US$4.3bn block trade in Yahoo Japan has put overnight bookbuilds on the radar for potential vendors looking to dispose of sizable stakes in Japanese companies.
Aston Martin Lagonda and Funding Circle are now running their IPOs on the same timetable, having both begun pre-marketing on Monday. The two IPOs are the first to test the UK’s new listing process where a registration document – a draft prospectus – is published at least seven days ahead of connected analyst research.
At 7:56am on September 15, 2008 - four minutes before the market opened on a Monday morning - a judge sitting in a makeshift courtroom in a law office in London’s Silk Street signed a document putting Lehman Brothers’ European operation into administration.
When two days after Lehman Brothers filed for bankruptcy Barclays announced that it was buying the collapsed bank’s prized US investment banking and capital markets business for just US$250m, the deal was widely seen as something of a coup.
Securitisation is once again a main artery of consumer finance in the US, a decade after toxic mortgage bonds precipitated a global financing crisis and helped topple Lehman Brothers.
Italian companies have taken advantage of improved sentiment towards the country to jump into the bond market over the past two weeks, with their deals greeted with enthusiasm by investors seeking attractive yields.
The return of big buyouts to the leveraged finance market has rekindled memories of the 2006 and 2007 bad old days of risky underwriting and excessive debt.
Deutsche Bank’s attempt to place half of the entire share capital of Instone Real Estate in a matter of hours last Monday was the most audacious trade seen in European ECM for years. It was not entirely surprising then that it flopped with less than two-thirds of the shares sold, leaving the German bank as Instone’s largest shareholder.