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Friday, 20 October 2017

Upfront

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  • Banco Espirito Santo (BES) office in Lisbon

    Holiday jeer

    It was meant to be the season of goodwill, but there was precious little of that to be found among the unfortunate investors in five senior bonds issued by Novo Banco that Portugal’s central bank arbitrarily bailed in on December 29.

  • The junk bond rout that wasn't

    Junk science

    All the pieces were in place last week for a high-yield meltdown. The collapse of Third Avenue’s distressed debt fund – the largest mutual fund failure since the financial crisis – sent high-yield spreads out to four-year highs. The Fed’s rates hike will make access to capital more expensive for overly leveraged credits, while the worsening tumble in oil prices is merely preparing another round of defaults in the oil and gas sector.

  • Logo of the International Swaps and Derivatives Association

    Word's worth

    Determining whether or not a company has defaulted on its debt obligations can be fraught with complexity – and rarely has that been more so than in the mysterious case of Abengoa.

  • Mario Draghi

    Mario, Duke of York

    There’s an English nursery rhyme about the grand old Duke of York, who marched his men to the top of a hill, only to then march them down again:

  • Abengoa

    Abengone

    In November 2014, IFR reported that Abengoa had reclassified a corporate bond as non-recourse debt. A year later, the Spanish energy has filed for pre-insolvency proceedings in an attempt to thrash out a restructuring deal with creditors.

  • Carlyle Group office in Washington

    Botched job

    No two words strike fear into the heart of a leveraged finance banker like “hung deal”. That is precisely what a group of the world’s most prominent investment banks have on their hands, after bungling the US$5.6bn debt sale backing Carlyle Group’s buyout of Veritas.

  • Deutsche Bank

    Out with the old…

    One of the best mandates to have in the banking world at present must be the contract to print Deutsche Bank’s business cards. Not content with just having a new co-chief executive, new chief financial officer, new corporate and investment banking head, new markets boss, new asset management boss, new chief regulatory officer, new chief administrative office and new chief operating officer (phew) over the past few months, the bank last week announced another dozen or so appointments within the new spli

  • StanChart

    Hard Winters

    Standard Chartered needs to clean up its act, but those expecting drastic changes to its business lines or regional footprint are likely to be disappointed. Under the pragmatic leadership of Bill Winters, the bank is going back to basics.

  • Deutsche Bank headquarters in Frankfurt

    Sometimes the aces, sometimes the deuces

    “We can’t change the strategy much … we are what we are.” For the investors and analysts who have spent the past four months building up to Deutsche Bank’s long-awaited strategy overhaul, new co-chief executive John Cryan’s words might have brought to mind Gloria Gaynor singing “I am what I am”. But the truth of his statement is undeniable.

  • Bank Street sign

    Less is more?

    At least the era of half-measures is over. Under Tidjane Thiam’s new regime, Credit Suisse has taken an axe to its European rates business.