Greek bank bonds dropped like a stone last week as the prospect of painful haircuts came to the fore, potentially heralding a new era for senior debt investors who have previously been protected throughout Europe’s various financial crises.
Australia’s underused corporate bond market received a major shot in the arm last week when Apple, the world’s biggest company by market value, made its Kangaroo debut.
Investor push-back on a bond deal backing the buyout of KIK Custom Products by private equity firm Centerbridge Partners forced underwriters to sell the deal at one of the steepest discounts seen in the US high-yield market in the past few years.
Investors were caught completely off-guard last week when Burgan Bank announced that it might redeem subordinated bonds ahead of time, raising concerns that bondholders have grown complacent about regulatory risk across the Middle East.
With share sales heavily restricted and margin loans hard to come by, major shareholders in Chinese listed companies are turning to the little-known exchangeable bond market to raise funds.
A number of western banks have dropped out of bidding to lead a leveraged loan for British cereal maker Weetabix after refusing to keep up with the aggressive terms offered by Chinese banks.
SunEdison raised US$1.65bn last week in order to ensure that its hefty capital expenditure plan can remain on track. Funding concerns surrounding the solar power project developer have led in the past month to a collapse in its share price.
Hong Kong Airlines International has dropped a renminbi tranche from its proposed US$600m IPO in an effort to push forward the delayed SAR listing.