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Monday, 02 February 2015

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Sovereign evolution

IFR 2068 31 January 2015 to 6 February 2015

The introduction of a new species can have a profound effect on the existing natural order.

Top News

Russia

Russian banks to prop up corporates

IFR 2068 31 January 2015 to 6 February 2015 By

Russian banks are rushing to the rescue of large domestic companies by extending loans in order to save them from the prospect of default on US$100bn of foreign debt due this year. Most corporates are currently locked out of international capital markets due to sanctions and the growing economic crisis.

Greece

New-look CDS faces potential Greek test

IFR 2068 31 January 2015 to 6 February 2015 By

Attempts by Greece’s new anti-austerity government to secure a partial write-down of its €322bn debt pile could provide the first test for new asset package delivery rules included in new credit default swap definitions, raising the possibility of two separate auctions that could deliver very different recovery outcomes.

Kiev

Ukraine to start talks

IFR 2068 31 January 2015 to 6 February 2015 By

Tensions in Ukraine notched up on both the military and financial fronts last week as fighting continued in the east of the country and the Kiev government moved to appoint Lazard as its financial adviser ahead of a possible restructuring of its debts.

Dutch

Sovereigns face long-end struggle

IFR 2068 31 January 2015 to 6 February 2015 By

Germany and the Netherlands last week offered a glimpse of the dislocation caused by the ECB’s sovereign bond-buying initiative. Both conducted auctions that suffered at the hands of a market that appears all too keen to snap up paper that qualifies for the programme but is rather more reticent about venturing further afield.

Shake Shack

Queues for Shake Shack

IFR 2068 31 January 2015 to 6 February 2015 By

Queue for the burgers, queue for the shares. Overwhelming demand saw New York-based hamburger chain Shake Shack price its IPO above its already upwardly revised marketing range and sent the shares soaring on their debut.

china

A-share rally shrinks China CB market

IFR 2068 31 January 2015 to 6 February 2015 By ,

An offering of convertible bonds from Shanghai Electric Group last week, while welcome, will do little to halt the contraction of China’s equity-linked market as rising A-share prices trigger buyback covenants.

Aena

Aena grows as Ferrovial is priced out

IFR 2068 31 January 2015 to 6 February 2015 By

Books for the Madrid privatisation IPO of Spanish airport operator Aena were covered at €49, the mid-point of the €43–€55 price range, after just two days of bookbuilding, knocking out preferred investor Ferrovial. At €49 the privatisation would raise €3.41bn, not including a 3.82m share greenshoe.

Pets

Retailers test wary US lev market

IFR 2068 31 January 2015 to 6 February 2015 By , Jonathan Schwarzberg

Two jumbo M&A loans totalling US$12bn in the challenging retail sector are giving a volatile and cautious US leveraged loan market its first test of the year as increased government scrutiny makes it more difficult to syndicate riskier deals.

Indonesia

Pelindo II frustrates lenders

IFR 2068 31 January 2015 to 6 February 2015 By Kane Wu

Pelindo II’s last-minute decision to cancel nearly half of a debut US$1bn syndicated loan disappointed the 43 lenders that had just completed credit approvals to join the Indonesian port operator’s generously priced facility.

ECB

Rare euro CB entices Asians

IFR 2068 31 January 2015 to 6 February 2015 By

Australia’s Cromwell Property Group reopened Asia-Pacific’s convertible bond market last week with a €150m (US$170m) offering, the region’s first euro-denominated convert since 2007.

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

Sinking Sands

IFR 2068 31 January 2015 to 6 February 2015

IT MUST BE tough being Peter Sands at the moment. After profit warnings and strategic re-thinks, Standard Chartered (slogan: here for good), once the doyen of emerging markets banking, is now openly looking for a successor.

A Moody's sign is displayed at the company's headquarters in New York

Moody's shakes up CMBS with new ratings guidelines

Moody’s Investors Service is shaking up the new conduit commercial mortgage-backed securities market, saying the riskiest slices broadly sold to investors are junk.

IFR

EM & DM central bank surprises continue

Divyang Shah sees a possible ”BBC” solution for the Swiss franc.

The IFR Awards 2014

IFR Global 2014 Cover - Awards Page
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Falling oil finally hits home in EuropeVideo

German consumer spending surged in January, as falling oil prices finally filter through to wallets. As Katie Gregory reports, it could signal the beginning of a more positive outlook in shoppers across the eurozone.

All Spotlight

Ifr

IFR Fantasy Football League Update

After the latest FA Cup break, Thomas van den Born and Born Strikers is looking tough to catch. Here is how the IFRFFL looks heading into GameWeek 23…

Investing in Midcaps Equities Roundtable 2014 cover image

IFR Investing in Small and Midcap Equities Roundtable 2014

IFR’s ‘Investing in Midcap Equities’ Webinar, held in London on October 30, tackled a lot of issues at play in an interesting but often challenging segment of the equity market.

IFR German Corporate Funding Roundtable 2014 Cover image

IFR German Corporate Funding Roundtable 2014

Is Germany in a credit bubble, participants were asked at IFR’s 2014 German Corporate Funding Roundtable in September. It was the final question at the end of a thoughtful and insightful discussion. The cascade of answers was enlightening: “no”, “not yet”, “no, but it’s approaching”, “we’re close” and “it’s coming and it won’t be the banks that get hurt this time”.

All Special Reports