Monday, 11 December 2017

Top News

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  • Man walks by advertisement for Corning Gorilla Glass 3

    Yen market welcomes Triple B Corning

    Corning, rated Baa1/BBB+ (Moody’s/S&P), raised ¥78bn (US$708m) on Friday from its first yen bond issue, opening the door for other Triple B multinationals to fund their Japanese operations.

  • Charles Zhang chief executive of Chinese internet company

    Baidu rival Sogou sets sights on US IPO

    Chinese search engine Sogou, a subsidiary that counts Tencent Holdings as its biggest shareholder, is looking to list in the US in a move seen as a major step towards challenging the country’s market leader, Baidu.

  • Avast Software

    Investors pay to join Avast add-on

    Loan investors have agreed to pay over par to take part in a €117m-equivalent acquisition add-on loan for Prague-based security software company Avast Software, in another sign of an overheated market.

  • US dollar bills

    LM deals fuel US primary supply

    Deals to fund liability management exercises are hot properties in the US primary markets, which continue to flourish despite expectations of more interest rate hikes this year.

  • China Property

    Future Land revamps capital structure

    Chinese property developer Future Land and its chairman have lined up nearly US$800m of bonds and loans to cancel its Hong Kong listing and shift the group’s main financing platform to Shanghai.

  • Iraq

    Perfect timing for tightly priced Iraq

    Iraq smashed through fair value for its first bond deal in more than a decade as investors cast aside worries about the credit story in order to pick up yield.

  • Logo of the European Banking Authority

    Banks’ MREL reluctance could prove costly

    Banks’ plans to delay issuing costly loss-absorbing debt until at least 2018 could backfire by pushing prices even higher, the European Banking Authority warned last week.

  • Hot coal

    Contura Energy rides coal upswing

    US coal’s steady recovery is exemplified by Contura Energy launching an IPO. Having been pushed to the brink by overcapacity and market share losses to natural gas and alternative energy, the coal mining industry has undertaken a dramatic recapitalisation, frequently with the benefit of bankruptcy.

  • A view of the United States District Court for the Southern District of New York

    Court allows swaps suits to proceed

    A US Federal District Court has given the go-ahead for investors to pursue partial claims against some of Wall Street’s largest banks, over allegations that they conspired to limit competition in the US$368trn over-the-counter interest rate derivatives market.

  • UK and EU flags

    Sovereign trading drifts to the continent

    Credit Agricole is moving its government bond desk to Paris in September, leaving BNP Paribas the only major continental bank to retain London as a sole sovereign bond trading hub and prompting fears that political pressure is being applied on banks to pull business out of the city.