Blackstone Group’s credit unit GSO appears to have pulled off a major coup on its credit investments in Norske Skog, after it emerged that an apparently ill-fated sale of default protection ahead of a recent credit event is unlikely to lead to significant losses on an otherwise highly profitable trade.
Investors in Mozambique’s newly exchanged bond are speaking to lawyers about bringing a lawsuit against the deal’s arrangers, Credit Suisse and VTB, after claiming that crucial information was withheld by the banks.
Telepizza just could not quite live up to its hype. The “hot” €550m IPO for the Spanish pizza delivery company was covered minutes after launch and apparently multiple times covered when books closed, yet ended with some investors pulling their orders over concerns about the quality of demand.
A Portuguese court has said that the Bank of Portugal’s decision last December to transfer some bonds of Novo Banco back to its predecessor entity, Banco Espirito Santo, which failed in August 2014, should be provisionally cancelled.
The race is on to print the first negative-yielding corporate bond in euros, after Unilever narrowly missed out on doing so last week.Bankers had speculated the week before that a highly rated corporate would price a €300m short-dated bond at a negative yield. So when Unilever announced a three-tranche issue on Monday that included a €300m no-grow four-year tranche, observers assumed that it was the deal in question and that the company would push to sell the four-year portion at a negative yield.
European asset-backed securities became the latest debt market where investors are happy to lend money for nothing last week, when BMW Bank printed the first 0% coupon ABS deal.
The surprise privatisation of a state-owned Chinese construction company has ignited a debate over creditors’ rights in the country’s fast-growing capital markets.
Discount hotel chain Travelodge on Friday priced the year’s first sterling high-yield bond, showing that highly-leveraged UK companies are still persevering with funding plans ahead of the looming EU referendum in June.
When HSBC chairman Douglas Flint told his shareholders this month they were not suffering alone and only six of the world’s top 30 banks were trading above book value, he was just scratching the surface.
The United Kingdom’s reopening of its 2.5% July 2065 benchmark bond drew one of the largest ever order books for a DMO syndication last Tuesday as investors voted “Yes” for the new tap.