Corporate default risk is back centre stage. Nine companies have defaulted so far this year, among them Switzerland’s Petroplus, Yell in the UK and the US’s Eastman Kodak. read more »
Eric Daniels, former chief executive of Lloyds Banking Group, has joined StormHarbour, the independent global markets and financial advisory firm. Daniels, who retired from Lloyds last year after seven years as CEO, has been hired by the boutique as a principal and senior adviser. read more »
With investors scrabbling for bank paper after a powerful secondary rally and a slowdown in new issues since the year’s initial rush, bankers are urging financial issuers to seize a compelling opportunity to raise new debt. A €1.5bn Lloyds TSB senior deal that attracted almost €4.5bn of orders in just 90 minutes on Thursday morning underlined the point. read more »
The contrasting fortunes of two Spanish sovereign guaranteed borrowers this week demonstrated both the rewards on offer to those willing to price in line with investor wishes and the fragility of peripheral SSA markets for those who decide to resist. read more »
Commerzbank has launched a synthetic securitisation of its Mittelstand loan portfolio, aiming to sell €160m of equity risk and €30m of mezzanine risk as part of frantic efforts by the bank to fill its €2.3bn capital hole. read more »
Two trends gripped the European corporate bond market this week: a burning demand for bonds across the continent and the dominance of sterling. read more »
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Barclays Capital’s goal to be a top three player across all market products may seem ambitious. With the build-out now behind it, the bank believes it can be done. But staff will be under more pressure than ever: there will be no excuses for missing a deal, as David Rothnie writes. read more »
After many years of commentating with unerring inaccuracy on things in my traditional sphere of Russian equities, I thought it was about time I paraded this talent for misprognosis on a wider basis. read more »
UK companies will be restrained in their ability to take advice from shareholders as a result of the Financial Services Authority’s insider trading case against David Einhorn and Greenlight Capital, the hedge fund manager warned this week after he and his firm were fined a total of £7.2m for market abuse. read more »
A reduction in bank lending in the wake of regulatory pressure is providing a springboard for fund managers looking for a stronger presence as emerging market lenders, according to David Creighton, CEO of Cordiant Capital, an investment manager. read more »
The announcement of a €400m minimum bonus pool at a Dresdner Kleinwort internal town hall meeting in August 2008 is at the heart of a four-week court case that began this week at London’s Royal Courts of Justice. read more »
Cades (Caisse d’Amortissement de la Dette Sociale) and the European Investment Bank took advantage of the bullish market this week to issue euro benchmarks, both of which exceeded the expectations of the issuers and lead managers. read more »
Ireland began to repair its capital markets standing this week with a canny debt exchange that cut as much as €3.5bn from the looming maturity it was facing in two years’ time, while buying it more than a year. read more »
Increasingly savvy issuers have meshed with investors with fresh cash to deploy to drive emerging market sovereign new issues to a record $17.5bn start to 2012. With 12 deals already completed, this year contrasts sharply with the sluggish second half of last year. read more »
The sukuk new issue market looks set to be re-opened by benchmark deal for Majid Al Futtaim, the UAE-based shopping centre developer. read more »
Westpac Banking Corporation has issued its first ever domestic covered bond, following a market-opening deal from Commonwealth Bank of Australia last week. The deal generated around A$3.8bn of orders — and gave a further demonstration of the huge liquidity available in Australia’s embryonic covered bond market. read more »
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Review of the Year 2011 and Outlook 2012
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