Banca Popolare di Bari is poised to sell the riskier bonds in its landmark bad loan securitisation without the help of Atlante, according to people familiar with the situation, as Italy’s rescue fund focuses its attention on bigger problems in the country’s beleaguered banking sector.
Bankers are gearing up to fight for the most sought-after emerging markets bond mandate of 2017 after Kuwait sent RFPs for its debut transaction.
Additional Tier 1 bonds would be fair game to be converted into equity if UK banks hit severe problems, the Bank of England’s most stringent stress tests yet showed on Wednesday.
Bond investors and syndicate bankers are growing increasingly frustrated with each other as the already thorny topic of allocations and how to reward investors for their feedback is being further poisoned by new regulations.
Fixed annuity provider Athene might come with the backing of private equity firm Apollo Global Management, but it marks an elaborate departure from the parade of sponsor-backed companies put in front of investors in recent years.
The Government of Western Australia has announced plans to float 51% of the state’s power grid, Western Power, setting the scene for a major listing from the infrastructure sector.
The Republic of Indonesia, rated Baa3/BB+/BBB–, sold US$3.5bn of bonds across three tenors last Thursday, becoming the first emerging market sovereign to print a syndicated deal since the US election unleashed a new wave of volatility.
Royal Bank of Scotland must bolster its capital after failing this year’s stress test of British lenders, as the state-backed institution faces a big US fine for misconduct and continues to struggle with its turnround.
Europe’s largest banks are preparing for a hit to their capital buffers at the end of the year, when many will be forced to write down the value of about €1trn of government bonds held as available for sale amid a regulatory clampdown on such holdings.
Investors flocked to options markets ahead of Italy’s constitutional reform referendum as polls indicated a rejection of the proposals in Sunday’s vote, triggering the likely resignation of Prime Minister Matteo Renzi and a wave of political uncertainty that could throw eurozone banks into a new crisis.