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Sunday, 16 December 2018

Top News

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  • Johnson Controls sign

    Lenders ready 2019’s first jumbo buyout

    The US leveraged loan market is looking forward to its first jumbo buyout loan of 2019, after the US$13.2bn acquisition of Johnson Controls International’s power business by private equity firm Brookfield Business Partners.

  • Senator Elizabeth Warren (D-MA)

    Senator Warren sounds alarm on lev loans

    US Senator Elizabeth Warren sent a letter to regulators on Wednesday expressing concerns about underwriting standards in the leveraged loan market, which she says could pose serious risks to the economy.

  • A woman walks into a branch of TSB bank in London

    TSB falls foul of Brexit chaos

    TSB Bank was forced to pull a debut Sonia-linked sterling covered bond after its decision to bring the trade as UK politicians digested the draft Brexit agreement backfired.

  • A CCTV camera is pictured next to the logo of UniCredit SpA's German unit HVB in Munich

    UniCredit lifts Pfandbriefe out of negative spreads

    UniCredit Bank printed the first Triple A, intermediate-dated German Pfandbrief priced without a negative swap spread in over two and a half years last week, with its Italian connection cited as the prime factor.

  • Baker Hughes yard in Williston, North Dakota

    GE rushes to raise cash with Baker Hughes sale

    Ailing conglomerate General Electric sought to ease concerns about its liquidity and excess leverage by raising US$3.8bn from an accelerated sale of its stake in oilfield services unit Baker Hughes, but the move may have only temporarily relieved pressure on its share price.

  • Naftogaz

    Gazprom swims but Naftogaz drowns

    Two bitter rivals entered the primary market last week, but while Gazprom emerged unscathed with a euro offering, its Ukrainian adversary Naftogaz’s proposed US dollar bond drowned in a sea of troubles.

  • Bundles of 10 Euro banknotes move along a conveyer belt

    Euro HY set for worst year since 2011

    Idiosyncratic credit risk in European high-yield came to the fore last week, highlighting the softening in a market set to have its worst performance in seven years.

  • Volkswagen

    Too much, too soon for Volkswagen?

    Volkswagen paid significant concessions to raise €5.15bn-equivalent in euros and sterling last week, triggering intense debate over whether the deal’s execution has decisively shifted pricing power to investors or whether the company was simply a victim of tricky circumstances.

  • General Electric

    GE bonds pummelled by Triple B fears

    General Electric’s transition to Triple B has been painful, with some of its bonds now trading like junk and further selling expected as investors rethink their exposure.

  • Malaysian Prime Minister Mahathir Mohamad gives a speech at Chulalongkorn University, in Bangkok, Thailand.

    Malaysia reveals 'true' deficit

    Bond investors shrugged off news of weaker than expected Malaysian public finances after the new government of Prime Minister Mahathir Mohamad accounted for the impact of alleged corruption under the previous government in its first budget.