Sunday, 22 October 2017

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  • Italy's largest bank UniCredit is pictured in downtown Milan

    UniCredit Tier 2 overcomes concerns

    Italian bank UniCredit gave a shot of confidence to the subordinated bond market on Monday as it raised US$1bn from a Tier 2 deal just days after similar bonds were wiped out in the rescue of Spain’s Banco Popular.

  • Game of loans

    Buyout deals swamp loan investors

    Four highly anticipated leveraged buyout deals hit Europe’s leveraged loan market last week, much to the relief of investors who have grown weary of a raft of refinancing and repricing transactions, but questions have been raised about whether the market can process all of the new deals at the same time.

  • The Colonial Zone in Santo Domingo

    Dominican Republic's tale of the unexpected

    The Dominican Republic turned heads in the Latin America bond markets last week by mandating a trio of underwriters not typically seen leading public sovereign deals from the region.

  • The national flag and emblem of Belarus

    Belarus faces uphill battle in comeback

    In a sign of just how frothy markets are getting Belarus announced a comeback mandate last week, which will test the resolve of investors as they weigh up the opportunity to get yield against the reputational risks involved with such a deal.

  • Dana Gas

    Dana Gas puts sukuk market at risk

    The future of the sukuk market was thrown into doubt last week after Dana Gas claimed its US$700m of outstanding Islamic bonds are no longer sharia-compliant and are therefore “unlawful”.

  • HY bond loan numericable

    Drahi maintains momentum with US IPO

    French/Israeli cable mogul Patrick Drahi is pushing ahead with the US$1.4bn NYSE IPO of Altice USA with the ruthless efficiency for which he has become famous.

  • Eurozone banks reduce sovereign holdings

    Banks close €2trn carry trade as rate rises loom

    Once viewed as a lucrative and risk-free carry trade, the €2trn of government bonds held by Europe’s banks is fast becoming a source of worry, with some choosing to unwind their positions before interest rate hikes leave them with potentially large losses.

  • Mortgage

    Private label RMBS gathers strength

    Private label RMBS in the US - that is, mortgage-backed securitisations that do not involve guarantees from the country’s giant government-sponsored entities - is finally staging something of a comeback after its fall from grace in the financial crisis.

  • Banco Popular

    Banco Popular tests revised CDS terms

    Credit default swaps referencing Banco Popular subordinated debt are set to trigger following the bank’s resolution, helping to restore confidence in an updated set of CDS definitions that were intended to improve protection in the event of government-led restructurings.

  • AIB

    What price DTAs? Investors question AIB's valuation

    The Irish government’s attempt to sell shares in bailed out Allied Irish Banks is being hampered by an argument over the inclusion of deferred tax assets - where past losses can offset future tax liabilities - in its valuation.