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  • ArcelorMittal out with early refinancing

    22 April 2010

    ArcelorMittal is out to lenders with a refinancing of a US$2.75bn forward start put in place in March last year. That facility gave the company a US$3.2bn line maturing in 2012 and it followed a US$3.25bn forward start to a US$4bn facility, which has since been repaid through the capital markets. The new facility is self arranged.

  • Cohen & Co mandated to sell €100m of Dolphin E notes

    22 April 2010

    Cohen & Company has been mandated by Fortis Bank Nederland on an exclusive basis to market the class E notes which form part of the Dolphin RMBS programme. According to an investor, some €100m are being offered.

  • Russia's underwhelming success

    22 April 2010

    The Russian Federation’s return to the international bond market achieved its primary objectives of re-pricing the sovereign curve and establishing benchmarks for future bank and corporate supply. However, the downsized deal’s weak secondary performance left many investors under water as the long awaited transaction generally underwhelmed.

  • Mexico presidential palace.jpg

    Mexican corporates tap local market

    27 April 2010

    The next month is likely to see the heaviest flow of local debt issuance by Mexican corporations in recent memory. Two large deals are set to price in the coming days and a lot more scheduled for the next few weeks. Officially, there is US$3.5bn in the pipeline, but that is a small portion of the expected flow of local deals, suggest bankers.

  • Deutsche delivers second best quarter on record

    28 April 2010

    Deutsche Bank reported income for the quarter of €2.8bn before taxes – €1bn more than it made at the same time last year, and its second best quarterly pre-tax result ever. It incorporated net revenues of €9bn – up 24% on Q1 2009 – and a pre tax return on average equity of 30%.

  • PruLogo.JPG

    FSA forces delay for £13.9bn Pru rights issue

    05 May 2010

    Prudential has found itself the victim of a regulator looking to exercise its authority as the FSA forced the UK insurer to delay the launch of its huge £13.9bn rights issue this morning.

  • Adair Turner, chairman of the FSA

    Prudential delay: the regulator's concerns

    05 May 2010

    Prudential’s £13.9bn rights issue to help fund the takeover of Asia-based rival AIA appears to be haunted by the failures of previous large financial transactions – and also by the general election – according to commentators.

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    UK confirms bank levy; will tackle bonuses and look at bank break-ups

    12 May 2010

    The new Conservative and Liberal Democrat UK coalition government confirmed this afternoon that it will introduce a new banking levy as part of its package of banking reform proposals. In documents published detailing the five-year fixed term coalition agreement, the two parties said that they agreed that “reform to the banking system is essential to avoid a repeat of Labour’s financial crisis, to promote a competitive economy, to sustain the recovery and to protect and sustain jobs.”

  • Basel fighting old battles – Volcker

    13 May 2010

    Paul Volcker, former chairman of the US Federal Reserve, strongly suggested today that the Basel Committee on Banking Supervision was behind the times and fighting the last war with its regulatory reforms. Volker was speaking at an awards ceremony hosted by the Lord Mayor of London.

  • EU agency proposals likely to be amended as battle beckons

    13 May 2010

    Radical proposals put forward by the European Parliament’s influential Committee on Economic and Monetary Affairs (Econ) to vest more power in the new EU financial supervisors are likely to face substantial amendments before becoming law, according to lawyers and MEPs.

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