Thursday, 22 March 2018

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  • Broadcom logo

    Lenders line up to back Broadcom

    Banks are eager to open their wallets for what could be the biggest syndicated loan financing ever for an investment-grade acquisition, if chipmaker Broadcom’s unsolicited US$103bn bid to buy Qualcomm is accepted.

  • Greece

    Coming soon: the next Greece exchange

    Detailed preparations have been made for Greece to undertake a further liability management exercise, which will seek, for the first time, to swap some or all of the €32bn of debt principal that investors received in the country’s €200bn debt restructuring in March 2012.

  • Euro notes

    Verisure set for jumbo dividend

    Swedish alarms company Verisure is providing another demonstration of just how hot leveraged finance has become as it prepares a €1.05bn dividend payment to its shareholders after bondholders agreed to suspend protections on an outstanding bond.

  • Nicolas Maduro

    Investors braced for Venezuela credit event

    Venezuela debt talks scheduled for this week are expected to be a bust as investors remain reluctant to fly to Caracas amid fears of repercussions from US sanctions, raising the prospects that a hard default could be on the cards.

  • US dollar bills

    M&A fee battle pits David v Goliath

    Independent investment banks have been well represented on every large M&A transaction over the past 15 years, and Broadcom’s new US$103bn (US$130bn including debt) hostile bid for Qualcomm is no exception.

  • Meal ingredients

    Bakkavor lifts UK IPO mood

    In the space of a week UK ready-meals supplier Bakkavor has gone from cancelling its IPO – creating fear among other UK companies preparing listings – to pricing a revived deal put together in private. In the interim very little has changed, in terms of either the deal structure or the market backdrop that was blamed for the cancellation (this catch-all excuse is rarely valid).

  • Bull and bear

    US high-grade market zigs, then zags

    The US high-grade market turned on a dime twice last week, as a shift in sentiment appeared to finally derail the long bull run before the mood changed again – and it was all systems go.

  • Tencent bestseller stirs IPO fever

    China Literature's bestseller stirs IPO fever

    The HK$8.33bn (US$1.07bn) Hong Kong IPO of China Literature, Tencent Holdings’ e-book unit, has shown how interest for Chinese technology listings is spreading from institutional investors to retail buyers in the city.

  • China reopens offshore bond flow

    China reopens offshore bond flow

    Chinese regulators have reopened the pipeline for mainland issuers to sell offshore bonds after slowing approvals in recent months.

  • Graduation ceremony

    UK revives student loan sale as fiscal hole deepens

    The UK government will press ahead with the sale of a £3.7bn pool of student loans by the end of the year despite an ongoing review of university funding that could saddle it with a hefty compensation bill for investors that buy into the deal.