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Monday, 23 October 2017

Upfront

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  • Price correction

    A welcome correction

    The US leveraged loan market is in the throes of a price correction that has spread to Europe and Asia. Activist investors in the huge, liquid US institutional market are throwing their weight around, trying to gouge banks on deals that have run into market volatility.

  • Portugal's central bank

    Bailing out on bail-ins

    By leaving Banco Espirito Santo’s senior debt intact, the Portuguese authorities missed out on a golden opportunity to make a stand for Europe and show that the asset class is not sacrosanct.

  • Argentina

    The dogs that didn’t bark

    Emerging markets investors could be forgiven for thinking they were trapped in some sort of time warp last week.

  • The euro sculpture

    Keeping the pressure on

    The ECB’s Targeted Long-Term Refinancing Operation looks to put more pressure on the spread margins of bank bonds, leaving investors again scrabbling around for incremental returns.

  • Smoke and mirrior

    Holy smoke and mirrors

    Just as every child is unique but also pretty much the same, many of Europe’s most troubled banks have problems that are idiosyncratic but share similar essential traits.

  • Seadrill

    Getting drilled

    Surrounded by easy money and tiny yields it is easy to become complacent, even for repeat issuers that should know better. So it was with oil services company Seadrill last week, when it cancelled a US$1bn convertible bond issue and a related incentive scheme – or flush – to convince investors to convert existing 2017 CBs.

  • Pain

    Taking the pain

    BNP Paribas is doing what it can to mitigate the damage caused by the US$8.9bn fine imposed on it by US authorities for breaching US trade sanctions. In an effort to placate investors in its shares, it has refused to zero its dividend and is playing down the damage the year-long ban on clearing in US dollars will do to its business.

  • The headquarters of Hypo Alpe Adria

    Not into temptation

    “Triple A with a spread”. Now there’s a familiar phrase. And that is what Goldman Sachs is pitching with its €1bn Fixed Income Global Structured Collateral Obligation 2014-01 seven-year deal – the first under a potential €10bn programme.

  • Floor traders work at the Hong Kong Stock Exchange

    Life without Alibaba

    The 60-page report from Hong Kong’s financial advisory body on what’s wrong with the territory’s IPO market makes no mention of Alibaba Group. And it doesn’t bring up the “one share, one vote” policy – which helped the internet group decide to list in New York instead of Hong Kong – until page 58.

  • The logo of Swiss bank Credit Suisse is seen on an office building in Zurich

    Still dancing

    The rampant demand in the new issue bond market shows no signs of abating. In fact, if last week is anything to go by, it appears to be growing.