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Thursday, 23 February 2017

Markets

Kabbage readies second business-loan ABS deal

21 February 2017

Online lender Kabbage has hired Guggenheim Securities to sell its upcoming US$500m small business loan securitization, according to marketing materials viewed by IFR.

Anthem

Banks drawn in as Cigna and Anthem square off

IFR 2171 18 February to 24 February 2017

Banks advising healthcare insurance companies Anthem and Cigna on their mega-merger could be in for a longer than expected assignment as the two health insurance companies square off in court, suing and counter-suing each other over the proposed combination.

IMF

IMF board split over Greece's debts

IFR 2170 11 February to 17 February 2017

Five years after Greece fired the gun on the biggest sovereign debt exchange ever, yields on the country’s remaining bonds gapped out alarmingly last week when one of its official sector creditors, the International Monetary Fund, spelled out why it could not provide more funds.

Investors dump Teva bonds as CEO's departure clouds outlook

07 February 2017

Teva Pharmaceutical’s bonds traded dramatically wider on Tuesday, in a sell-off triggered by the resignation of its CEO and uncertainty over its strategy.

China property

Asian high-yield has best month since 2013

IFR 2169 4 February to 10 February 2017

High-yield bond issues from Asia hit a four-year high in January as borrowers rushed to tap a liquid market before the start of the Trump administration.

A woman passes a cash machine at a Co-Operative Bank branch in central London

Capital concerns 'overdone' at Co-op

IFR 2169 4 February to 10 February 2017

The Co-operative Bank may have to adjust its business plans to suit the ongoing low-rate environment, after admitting its common equity Tier 1 ratio was likely to fall below the previously forecast base of 10%, but it is unlikely to need another full capital restructuring, according to sources close to the bank.

Lehman

Brexit case threatens Lehman claims

IFR 2167 21 January to 27 January 2017

Junior creditors of Lehman Brothers’ London arm have more reasons than most to curse the Brexit case clogging up the UK Supreme Court over the past six weeks. The judgment in the Brexit case is to be delivered this Tuesday, but the use of the court’s time may have proved costly to the Lehman creditors.