Federal Reserve chairman Ben Bernanke’s comments about slowing the rate of quantitative easing were the right ones, at the right time. read more »
Over the last year and a half, there has been a curious dislocation across Europe’s syndicated loan market. Historically, French borrowers could always be found alongside their German counterparts at the very tightest end. read more »
Investors in senior unsecured bank debt may soon be forced to confront the bail-in fears they have been trying to ignore for so long, as EU legislators move to degrade further the status of the asset class. read more »
Peripheral European sovereign borrowers could be set to defy the volatility that shook dollar markets this week with new issuance in the currency, writes Craig McGlashan. read more »
The French corporate syndicated loan market is making a robust recovery after the weakness of 2012, as engineering firm Schneider Electric launches the first deal from the country in more than a year to include extension options, writes Nina Flitman. read more »
A seemingly insatiable thirst for dollars among Nigeria’s largest corporates has pushed the country’s banks to the international syndicated loan market to raise funds. But bankers warned that the close timing of the banks’ loan requests and the small pool of international lenders prepared to consider Nigerian financial institution risk will make raising a huge amount of dollars for a large number of borrowers a challenge, writes Michael Turner. read more »
Integration is the watchword for the new boss of Mizuho’s London-based investment banking operation as he looks to build on Paul Hearn’s tenure, writes David Rothnie. read more »
The lengths to which Google, Amazon, Starbucks et al will go in avoiding corporation tax are as startling as they are sophisticated, but my own tax minimisation scheme is very straightforward: if you don’t make any money, you don’t pay any tax. Simples! read more »
EuroWeek thanks all the generous donors who contributed to raising such an impressive total to support the work of Action Against Cancer. read more »
As two European policy centres moved towards greater protection of uninsured depositors and more stringent rules on creditor burden sharing this week, investors expressed concern that the continued strength of liquidity in the market was stopping bondholders from demanding the extra spread they should be paid for the increased risk of losses on senior unsecured and subordinated bank debt. read more »
The European Banking Authority (EBA) is planning sweeping changes to the way securitisations are treated under the proposed Capital Requirements Regulation’s large exposures regime, with a proposal not to recognise any credit protection provided by subordinated tranches to senior classes of securitisations, writes Hugh Leask. read more »
BMW issued an exceptional flurry of private MTNs on Wednesday, printing 11 trades in the day, many of them during what one banker called "a two hour window" when the company allowed banks to execute transactions. read more »
Energias de Portugal enjoyed an enthusiastic investor response for its securitisation of electricity tariff deficit payments, which was priced on Thursday. It is the first time that a Portuguese borrower has issued this type of paper. read more »
FirstGroup, the UK transport firm, was this week left counting the cost of hanging onto its investment grade rating after a 30% share price fall after announcement — and 40% in total this week — which left ECM specialists away from the deal aghast. read more »
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