
Ferrellgas readies junk bond to address near-term maturities
Ferrellgas is returning to the junk bond market for the first time in over four years as part of a refinancing that alleviates concerns over the propane gas distributor's ability to cover near-term debt maturities.

Moves – Parsons to guide Deutsche’s flock after Johnsson quits
Deutsche Bank has hired senior banker Anthony Parsons as executive chairman of origination and advisory. He was previously vice chairman of global banking at HSBC, which decided to close its M&A and equity capital markets businesses in Europe earlier this year.

Prasad Gollakota
Swiss authorities and the country’s largest bank are in a standoff. Earlier this year, Switzerland’s banking supervisor, Finma, put forward a proposal to force UBS to hold tens of billions of Swiss francs more in capital. Swiss politicians and regulators say that, in the wake of the collapse of Credit Suisse, they have no choice but to harden the system, protect taxpayers and ensure that UBS and the broader Swiss economy can weather any potential economic or banking crisis. Some reports suggest that UBS will be required to hold up to SFr21bn (US$26bn) in extra capital.

Morgan Stanley outworked rival Goldman Sachs to become the top bank in equity trading in the third quarter, posting revenue of US$4.1bn, up more than 35% compared to the year-ago quarter.
Deutsche Bank has hired senior banker Anthony Parsons as executive chairman of origination and advisory. He was previously vice chairman of global banking at HSBC, which decided to close its M&A and equity capital markets businesses in Europe earlier this year.

A Swiss federal court has ruled that the decision to write-off Credit Suisse’s Additional Tier 1 instruments, with a nominal value of SFr16.5bn (US$20.6bn), as part of its rescue by UBS in March 2023 was unlawful.

Goldman Sachs reported record third quarter results as revenue from advisory rose 60% to US$1.4bn, reflecting a significant increase in completed mergers and acquisitions volumes in the period.

JP Morgan printed a US$5bn two-part offering of senior unsecured bonds, a day after the biggest US lender reported record trading revenue for the third quarter that easily beat analyst estimates.

Ferrellgas is returning to the junk bond market for the first time in over four years as part of a refinancing that alleviates concerns over the propane gas distributor's ability to cover near-term debt maturities.
German issuers kept the covered bond flag flying on Wednesday, when Bayerische Landesbank revived dollar supply with a US$650m three-year mortgage Pfandbrief and Hamburger Sparkasse sold an inaugural €500m six-year public sector Pfandbrief.

The US solar asset-backed securities sector has regained some lustre, proving it is still a viable funding source for renewable energy issuers after a rough summer that cast a shadow over its future.

BPCE, a regular issuer of French public prime RMBS since 2018, priced the first deal from its newly created master trust programme amid good investor interest, despite political turbulence in France.

DCS Card Centre, formerly known as Diners Club Singapore, is evaluating asset-backed securitisations in US dollars, it said in response to IFR queries after the successful completion of its most recent S$450m (US$348.8m) ABS deal – its largest yet.
Commonwealth Bank of Australia returned to the RMBS market after a two-year absence on Thursday to print the A$1.5bn (US$990m) self-led funding-only Medallion Trust Series 2025-1, which sets a new benchmark for Australian securitisations.

Tokyo Metropolitan Government is marketing the first bond certified under the Climate Bonds Initiative’s new resilience taxonomy.

World Bank Group is creating a single treasury operation as part of its continuing modernisation under president Ajay Banga, though its three capital markets issuers – the International Bank for Reconstruction and Development, the International Finance Corp and the International Development Association – will retain their separate funding programmes and identities.
Global loan trade associations are getting ready to launch a dedicated transition label that could encourage more high-emitting companies to raise labelled loans to fund decarbonisation.
ASP Isotopes seized on investor enthusiasm for US nuclear power plays to raise US$210.3m from an overnight sale of stock, slightly more than had been targeted.
Taiwan-listed WT Microelectronics is planning to sell global depositary receipts and a convertible bond which could raise around US$764m in total.

ThyssenKrupp Marine Systems will list on Frankfurt's Prime Standard on October 20 following its spin-off from its German industrial parent.
LG Electronics India debuted 50% higher on Tuesday after completing a Rs116bn (US$1.31bn) IPO.

Mergers and acquisitions in India will be able to draw on a far bigger pool of liquidity after the central bank said it will allow domestic banks to provide financing for such deals for the first time in years.

India’s central bank is proposing a major liberalisation of the complex rules governing offshore borrowing that could broaden the sources of foreign capital for the country's companies.
Opella has broken free of the shackles of call protection to reprice the term loan Bs tied to its buyout by Clayton Dubilier & Rice, and Apleona could potentially follow suit with a material pricing move in mind.
As private credit makes a bid to reach the masses, more asset managers are testing the viability of the asset class in exchange-traded funds, which typically hold more liquid investments.

Read the latest stories from the magazine IFR 2604 - 11 Oct 2025 - 17 Oct 2025
11 Oct 2025 - 17 Oct 2025