Private equity firms acquired a bad name when it came to flipping companies back to the publically-traded sector in the years before the financial crisis. Performance figures this time around give greater comfort — and with good reason, too. read more »
European ABS is on the rise, but it needs to find more investors before appetite wanes. read more »
Europe’s corporate bond market has had a deathly quiet August, with only one deal issued. But although supply will pick up, it won’t to the extent that most corporate bankers hope. Europe’s borrowers simply won’t be tempted by low absolute yields. read more »
The German cabinet adopted a draft law on restructuring banks this week, putting it on the verge of introducing a bail-in concept to its legal framework. The bill also proposes a bank levy that could raise over Eu1bn a year. read more »
The African Development Bank is considering its first co-financing with international lenders in an A/B structured loan for Transnet, the state-owned South African transport infrastructure firm. read more »
The debate over underperformance — or otherwise — of private equity IPO spin-offs began again this week as EQT Partners and Goldman Sachs Capital Partners began reviewing their options for an exit from ISS Holding, the Danish facilities management firm, which could result in a listing of $6.8bn. read more »
Banesto topped out a post-holiday reopening of the covered bond market with a Eu600m five year cédulas hipotecarias on Thursday, as eight issuers issued Eu500m or more in the first benchmark activity since mid-July. read more »
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The UK’s Financial Services Authority has laid out its vision for the future of trading book capital requirements, aiming to capture a much wider array of risks than the existing framework. read more »
Citi has hired Commerzbank’s head of EMTNs and CP, Amaury Gossé, as a director on its MTN desk. He will be based in London and report to Paul Young, head of DCM in EMEA, and Richard Proudlove, head of MTN trading. read more »
Christophe Frankel has left Compagnie de Financement Foncier to become chief financial officer and deputy chief executive officer of the European Financial Stability Facility (EFSF). read more »
Handelsbanken has hired Per-Åke Nyberg, formerly head of treasury at Swedish Housing Finance Corp (SBAB), as a corporate bond originator. He starts on September 1 and will be based in Stockholm. read more »
Société Générale this week became the sixth firm to be fined by the UK’s Financial Services Authority for misreporting transactions. read more »
The European Investment Bank priced its largest ever five year global bond on Wednesday taking advantage of its biggest order book in the tenor to print $4bn of 1.625% coupon paper. read more »
UK care home operator Four Seasons Health Care is close to completing its long running debt restructuring, but it has had to go to extraordinary lengths to win over enough bondholders in CMBS Titan Europe 2006-FS to approve the deal. read more »
Australia’s structured finance bankers proved the growing strength of their domestic market this week, taking leasing company Fleet Partners on a debut ABS deal roadshow as Macquarie Bank became the second RMBS issuer in as many weeks to increase its deal after big demand. But the Australian Prudential Regulation Authority (Apra) dampened spirits when it issued tough guidance on capital relief. read more »
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