A combination of looming US interest rate hikes, sliding commodity prices and jaded growth prospects are heaping pressure on emerging market local currency bonds.
Struggling Brazil took another blow to the chin last week when S&P put the country’s BBB– credit rating on negative outlook, setting the stage for a potential downgrade to junk.
European regulators are set to offer some exemptions from the second Markets in Financial Instruments Directive for the least liquid securities, according to a confidential draft document seen by IFR.
Royal Bank of Scotland slashed its stake in US regional bank Citizens Financial from 40.8% to below 21% through an upsized US$2.5bn secondary stock sale that puts the bailed-out UK lender well ahead of schedule to completely divest the holding.
Cash-strapped Puerto Rico fired a warning shot across the bows of its many creditors last week when it opted not to pay a bond due on August 1.
Money managers have become net sellers of gold derivatives for the first time on record, as the precious metal reached five-year lows last week.
NantKwest, a clinical-stage biotech working on a novel cancer treatment, achieved a record valuation for the sector at its IPO and on debut chief executive Patrick Soon-Shiong’s US$47.5m investment seven months ago returned a US$1.74bn paper profit.
Two types of riskier securitisations thought to have died off with the financial crash were revived in July, but came to market on a more solid footing under new post-crisis regulation.
DBS Bank has brought Singapore’s first covered bond benchmark with a US$1bn three-year offering, setting a foundation for Asian banks to access a market that has proved resilient in times of crisis.
Shaken by a month of wild swings and heavy losses in China, equity investors are warming to India, helping to drive a biotech IPO and a government share sale.