Monday, 25 June 2018

Credit Derivatives

Unilever, Yorkshire Water announce consent solicitations

IFR 2236 2 June to 8 June 2018

Unilever NV and Unilever PLC have announced consent solicitations in connection with the proposed simplification of the dual-parent structure under a new single parent company, New NV.

Blackstone Group office

Blackstone and Solus settle Hovnanian dispute

31 May 2018

Blackstone’s credit unit GSO and rival hedge fund Solus have settled a bitter dispute over homebuilder Hovnanian that has dented confidence in the credit derivatives market and attracted scrutiny from regulators, according to company statements.

Ara Hovnanian, president and chief executive of Hovnanian Enterprises Inc

Hovnanian's debt exchange flops

IFR 2234 19 May to 25 May 2018

Hovnanian did not find enough takers for a US$840m debt exchange, even after sweetening the terms of the offer and delaying its deadline several times over the past month.

Ara Hovnanian, president and chief executive of Hovnanian Enterprises Inc

Hovnanian misses payment, paving way to default

02 May 2018

Homebuilder Hovnanian missed a small interest payment on Tuesday as part of a controversial deal struck with Blackstone’s credit arm GSO that has gripped the credit derivatives market.

Deutsche Bank HQ

Deutsche Bank has a €60bn problem, but doesn't want to talk about it

IFR 2231 28 April to 4 May 2018

Thirteen months ago, on the day Deutsche Bank launched an €8bn rights issue to fill yet another hole in its balance sheet - its fifth capital raise since the global financial crisis - the German bank promised investors a new era of transparency.