Rabobank has taken contingent capital in a bold new direction, eschewing conversion into equity-like instruments for an automatic writedown. But without any regulatory benefit, it is not entirely clear what's in it for the Dutch bank. read more »
Strong bond supply from Russian borrowers this year raises the likelihood of the country’s revival in the global capital markets after meagre issuance levels in 2009. It may not hit the pre-crisis heights of 2007 but encouragingly Russia’s international comeback has started without the long awaited bond from the sovereign. read more »
Greece allayed fears that it no longer had access to the capital markets when on Thursday investors submitted over Eu16bn of orders for the country’s long awaited Eu5bn 10 year syndicated government bond. read more »
The $20.7bn rights issue announced by UK insurer Prudential on Monday for its $35.5bn acquisition of AIA, the largest acquisition related ECM deal on record, had equity bankers this week predicting a greater emphasis on M&A financing through the equity markets. read more »
The European Central Bank will make the portfolio of covered bonds it acquired under its Eu60bn purchase programme available for lending, it said on Thursday, and has prompted the European Covered Bond Council to launch a consultation on post-trade price transparency, as it seeks to improve market liquidity. read more »
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Prudential’s audacious $35bn bid for AIA has shaken-up the once cozy world of FIG advisory. David Rothnie assesses the positions of those involved, from Credit Suisse’s elevation to UBS’s odd absence. read more »
Sovereign debt is shedding its risk-free status and fast becoming the newest addition to the world of credit. Perhaps economists could maximise their marginal utility by paying more attention to credit analysts before they put pen to paper, says Gary Jenkins read more »
It may be spring out there but it’s still midwinter in my heart. And on my desk. Despair piles up like snowdrifts all around. Another long, dark winter of discontent drags on for longer than one feels it ought to and the Naked Broker’s first principle, that a turd cannot be polished, holds true even if the offending object is frozen and it can be rolled in glitter. read more »
Amir Hoveyda, head of European debt capital markets at Bank of America Merrill Lynch, is leaving the bank. read more »
The European Commission launched a public consultation on further changes to its Capital Requirements Directive (CRD) last Friday. Its proposals include eliminating innovative and dated hybrids and imposing minimum liquidity and funding levels. read more »
Corporate bond bankers tipped next week to be one of the busiest so far this year, with some companies already lining up for new deals, while others are set to embark on roadshows. read more »
Abu Dhabi’s International Petroleum Investment Co (IPIC), the government-owned firm, launched a $2.5bn syndicated loan on Monday night after delaying plans to issue a bond. read more »
Export-Import Bank of Korea (Kexim) returned to the dollar bond market with an impressive $1bn deal this week, pricing a tight 5.5 year benchmark without sacrificing the size of the deal in the process. read more »
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