The Central and Eastern Europe, Middle East and African bond market proved its versatility last week as issuers announced a variety of structures for investors to pour over, even as an escalation in the US-China trade dispute pushed markets lower.
Reverse Yankee issuance volumes have gone past the €40bn mark, double the amount sold in the whole of 2018, as US companies look to lock in ultra-low coupons in the euro market.
Online lender Figure Technologies, led by former Social Finance CEO Mike Cagney, is looking to sell the first ever securitisation of assets originated on a blockchain platform.
Investment bankers are concerned that the IPO of Uber Technologies illustrates how little control they can have over a key factor in the success of any IPO: just how many shares will flood the market in early trading.
Betting on markets remaining calm has long been a popular, though risky, trade in finance. Now, a growing number of banks is looking to bring such strategies to corporate credit markets, the last major asset class where so-called short volatility trades are rare.
A US$8bn loan for Pemex comes amid heavy investor uncertainty over the oil company’s debt load, but lenders wanting to maintain links with the Mexican state-owned oil producer and the left-wing administration overseeing the company may have little choice but to commit to the financing.
Bond bankers in Asia have agreed to disclose the sum total of bookrunner orders for international bond sales, in response to calls for greater transparency around new issues.
It is a number regarded by many top executives and investors as crucial to judging an institution’s success. But the abstract nature of cost of capital in the banking industry can leave managers making key strategic decisions - including where to allocate investment - based on a large dose of guess work. JP Morgan boss Jamie Dimon has even described cost of capital as a fictitious number.
Banks are lining up a jumbo leveraged loan financing of around SFr5bn-equivalent (US$4.955bn) to back a SFr10.2bn sale of Nestle’s Skin Health business to a consortium led by EQT Partners and Abu Dhabi’s ADIA.
Pimco’s plan to create a mortgage REIT were thwarted once again last week after the fixed-income giant was unable to raise US$1bn through an IPO.
US insurer MetLife made a sensational debut in the yen market last Thursday with a ¥151.7bn (US$1.38bn) five-tranche Global bond issue skewed towards 10-year and longer tenors.