The China-backed buyer of a Hong Kong skyscraper for a record US$5.2bn is relying heavily on mezzanine financing as it seeks to borrow as much as 90% of the purchase price.
Country Garden underlined the funding challenges facing Chinese property developers last week as it scrapped plans for a spin-off in the A-share market for regulatory reasons.
India’s state-owned banks are already on course to raise more than half their Rs580bn (US$9bn) target from the equity capital markets less than two months after the government unveiled a sweeping recapitalisation plan.
There was a rare example last week of an accelerated trade being cancelled after the shares had already been allocated, when legal action against Russian conglomerate Sistema led to its holding in toy retailer Detsky Mir being frozen hours after a placing.
West Texas oil production reserves are scarce and expensive, as was shown again when Oasis Petroleum paid up to get into the heart of the Permian Basin with its acquisition of Forge Energy.
UniCredit said it had reached an agreement to sell a €990m portion of a €16.2bn portfolio of bad loans to Italian insurer Generali and has lined up more disposals for the first quarter of 2018.
TruePTS, the post-trade processing arm of swap execution facility trueEX, has signed Citigroup and JP Morgan as its first clients. The agreement comes just days after the start-up platform resolved a legal dispute with legacy provider IHS Markit.
International banks are supporting the refinancing of a US$3bn loan for Qatar National Bank with nine Asian, US and European banks underwriting the deal.
As well as announcing its latest efforts to dispose of non-performing loans, UniCredit last week returned to the euro AT1 market almost exactly a year after a costly club deal. The much lower coupon highlighted the progress made by the bank over the course of 2017.
Banks valued defaulted bonds of Venezuela’s state oil company PDVSA at just 17.625 cents on the dollar on Wednesday, in an auction to fix how much owners of credit default swaps referencing the debt will be paid.