Monday, 11 December 2017

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  • European Parliament in Strasbourg, France

    Europe draws up sovereign CDO plans

    European banks could be pushed to sell their Italian, Spanish and Portuguese sovereign debt holdings and replace them with newly created “safe” securities under proposals designed to strengthen the region’s financial system.

  • BioMarin Pharmaceuticals logo

    BioMarin CB takes one from NextEra playbook

    BioMarin Pharmaceutical took advantage of a supply drought in the US equity-linked market to get the best possible pricing on last week’s US$450m, seven-year CB. And it didn’t pay its underwriters a great deal - if anything - for their trouble.

  • A trader from BGC, a global brokerage company in London’s Canary Wharf financial centre reacts during trading June 24, 2016 after Britain voted to leave the European Union in the EU BREXIT referendum.

    Bank revenues down 23% from pre-crisis level

    Global wholesale banking revenues have fallen by 23%, or US$70bn, in the decade since the onset of the global financial crisis, and returns on equity have halved for firms, according to consultancy Oliver Wyman.

  • British American Tobacco Cigarette Factory (BAT) in Bayreuth

    BAT mega M&A issue fails to ignite

    British American Tobacco sold one of the biggest M&A bond issues of 2017 last week with a more than US$20bn-equivalent debt offering to help finance its purchase of Reynolds American.

  • VIX

    VIX surge wrong-foots record shorts

    Traders who placed record futures bets on equity volatility grinding lower were caught off-guard last week, as an escalating stand-off between the US and North Korea sent the VIX volatility index to a nine-month high.

  • novo banco espirito santo bes

    Novo Banco bondholders amass blocking stake

    A group of Novo Banco bondholders have built up a €2.5bn block representing around 30% of the notes at face value being targeted by the Portuguese bank in a liability management exercise and have said they want to hold talks with the lender before agreeing to any exchange offer.

  • Seen from above, a girl runs through a hedge maze with a gazebo at the centre

    Senior non-preferred CDS planned for 2018

    Trading definitions for a new type of credit default swap referencing new forms of loss-absorbing bank debt are being prepared by ISDA, with the instruments eyed for inclusion in credit derivatives indices from 2018.

  • SolarCity

    Tesla revs up first junk bond

    Electric-car pioneer Tesla launched its first pure junk bond issue late on Friday UK time, in a test of its ability to win over bond investors without having generated any real cashflow.


    Sunac shines through debt concerns

    Chinese property developer Sunac China Holdings defied warnings over the impact of its recent acquisition spree with a US$1bn bond issue that showcased investors’ continued confidence in the sector.

  • Noble Group logo

    Noble rails against Yancoal rights

    Embattled commodities trader Noble Group is considering legal options over a US$2.35bn rights issue that threatens to dilute heavily its stake in miner Yancoal Australia, according to a source close to the company.