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ECB casts doubt on AT1 bonds

The European Central Bank has suggested that Additional Tier 1 bonds could be redesigned to improve their loss-absorption capacity or even phased out entirely and replaced with equity. Market participants reacted with a call for more detail and some urged policymakers to carefully analyse potential implications before revising a key pillar of bank capital. 

BON P&M

Ur-Energy slides on US$100m overnight CB financing

In what was described as opportunistic financing, Ur-Energy raised US$100m from the sale of a convertible bond overnight Wednesday, earmarking a portion of the proceeds for a capped call equity derivative to offset dilution to double the reference share price.

EQY

All eyes turn to January

European investment-grade corporate bond bankers have turned their attention to the supply pipeline for January as the main dealflow of the year comes to a halt.

BON

Goldman Sachs dual-trancher keeps senior FIG supply going

There is life still in the senior FIG space in spite of the looming holiday season, as demonstrated by Goldman Sachs Group, which took further steps to refresh its euro curve on Thursday with a self-led €2.75bn senior unsecured dual-tranche transaction that was more than two times subscribed.

BON

Takeout structure for Netflix’s bridge loan hits market

Netflix has sent proposals for the permanent loan financing to replace its mammoth US$59bn 364-day bridge loan to bankers. 

LOA
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ECB casts doubt on AT1 bonds

The European Central Bank has suggested that Additional Tier 1 bonds could be redesigned to improve their loss-absorption capacity or even phased out entirely and replaced with equity. Market participants reacted with a call for more detail and some urged policymakers to carefully analyse potential implications before revising a key pillar of bank capital. 

BON P&M
Former ANZ CEO sues bank for bonus cuts

ANZ Group Holdings' former chief executive Shayne Elliott is suing the bank for stripping him of A$13.5m (US$9m) in bonuses in what he says constitutes a breach of contract.

P&M
CBI and S&P tie-up to boost sustainable finance

The Climate Bonds Initiative has approved S&P Global Ratings as an external reviewer under its global climate bonds standard and certification scheme in a move that is expected to help issuance of sustainable debt.

P&M BON ESG LOA
BofA and JP Morgan upbeat on Q4 trading

Bank of America expects its markets revenue in the current quarter to be up almost 10% from a year earlier, to continue a four-year run of rising trading revenues.

P&M
Moves – Lazard rejigs senior team

Lazard has appointed Raymond McGuire and Tim Donahue as co-heads of financial advisory for North America in addition to their current respective roles as president of the firm and global head of capital solutions.

P&M
All eyes turn to January

European investment-grade corporate bond bankers have turned their attention to the supply pipeline for January as the main dealflow of the year comes to a halt.

BON
Goldman Sachs dual-trancher keeps senior FIG supply going

There is life still in the senior FIG space in spite of the looming holiday season, as demonstrated by Goldman Sachs Group, which took further steps to refresh its euro curve on Thursday with a self-led €2.75bn senior unsecured dual-tranche transaction that was more than two times subscribed.

BON
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Nissan plays the long game

Struggling Japanese automaker Nissan Motor hopes to make considerable headway in its corporate restructuring and put a stop to its sliding credit ratings before returning to the primary market, the company's chief financial officer told IFR last week.

BON
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Yield spike takes Indian SOEs by surprise

State-owned Indian bond issuers that had been looking for easier credit conditions to tap the market may end up having to pay more after rupee yields surged despite a widely expected rate cut by the Reserve Bank of India on December 5.

BON
Oman completes hat-trick of IG ratings comeback

An upgrade by Fitch earlier this week capped a full revival of Oman’s investment-grade credit ratings from all three of the big agencies.

BON P&M
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Willis flies back for refinancing

Willis Lease Finance is returning to the asset-backed market with a US$392.9m securitization to refinance deals backed by plane engines and frames that are now in high demand due to the scarcity of new aircraft. 

SEC
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Blackstone cashes out via casino CMBS deal

Blackstone is preparing to pay itself a US$231m dividend as part of a jumbo commercial mortgage bond sale backed by one of the private equity firm’s retail and entertainment complexes on the Las Vegas Strip.

SEC
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Landmark wires cell tower assets to ABS market

Landmark Dividend is returning to the ABS market with its first ever cell tower securitization, adding to a growing list of deals backed by the real-estate management company's diverse portfolio of assets.

SEC
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Student housing CMBS tests investor appetite

A US$271.5m bond backed by student housing revenues will test investor demand for the rare property type, which has been challenged by rising delinquencies.

SEC
CLO resets and refis poised for record year in 2026

About US$350bn of US CLOs may be refinanced or reset next year as investors take advantage of tightening spreads across the capital structure to improve returns to investors in the most junior portion of the funds. 

LOA SEC
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CBI and S&P tie-up to boost sustainable finance

The Climate Bonds Initiative has approved S&P Global Ratings as an external reviewer under its global climate bonds standard and certification scheme in a move that is expected to help issuance of sustainable debt.

P&M BON ESG LOA
Italy updates green BTP framework

Italy has updated its green BTP framework to align with the country's evolving environmental priorities and market standards and give more detailed disclosure around the EU Taxonomy of sustainable activities. 

ESG BON
World Bank issues US$200m 'clean cooking' outcome bond

The World Bank has raised US$200m from a "clean cooking" outcome bond to support the use of more environmentally friendly cooking stoves in Ghana. 

ESG BON
HSBC accused of 'climate backsliding'

HSBC has been accused of "climate backsliding" as the bank continues its push to commercialise its approach to sustainability and frame it as a driver of growth. 

P&M BON ESG LOA
LondonMetric Property finds first-time buyers

LondonMetric Property landed a successful debut deal in the sterling market on Wednesday through a £500m dual-tranche green bond offering.

BON ESG
Ur-Energy slides on US$100m overnight CB financing

In what was described as opportunistic financing, Ur-Energy raised US$100m from the sale of a convertible bond overnight Wednesday, earmarking a portion of the proceeds for a capped call equity derivative to offset dilution to double the reference share price.

EQY
Adani Enterprises sells rights

Adani Enterprises' Rs249bn (US$2.78bn) 3-for-25 rights issue was subscribed 1.08 times when books closed on Wednesday. 

EQY
Total trims Adani Green stake

TotalEnergies Renewables Indian Ocean has raised Rs27.2bn (US$302m) through an upsized selldown in India's Adani Green Energy.

EQY
CoreWeave taps into volatility on US$2.25bn convert

CoreWeave made an incredibly bullish statement by spending a lot of the money raised from the sale of a US$2.25bn convertible bond on an equity derivative to offset stock dilution to a super high share price.

EQY
EquipmentShare.com flips public with planned January IPO

EquipmentShare.com publicly filed documents Tuesday morning for a Nasdaq IPO that would provide it money for continued expansion as well as allow existing backers to cash out.

EQY
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Tata Motors scores with M&A financing

Tata Motors has attracted a strong response to a €3.875bn (US$4.55bn) bridge loan backing the acquisition of Italy’s Iveco Group, bringing it a step closer to completing one of India’s biggest outbound M&A deals.

LOA
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China Inc revives outbound M&A

China’s corporate and private equity firms are once again embarking on overseas expansion with a string of high-profile acquisitions in Europe, signalling a revival of M&A financing from the country after several lean years.

LOA
DDTLs back Parker Hannifin’s Filtration Group buy

Motion control technologies firm Parker Hannifin has agreed to US$7.75bn of delayed-draw term loans to support its approximately US$9.25bn acquisition of air and liquid filter systems manufacturer Filtration Group. 

LOA
Borouge lines up jumbo financing

Abu Dhabi National Oil Co and Austria’s OMV have lined up a US$15.4bn financing package from global banks to back the merger of Borouge and Borealis to form Borouge Group International and fund its acquisition of Nova Chemicals.

LOA
Takeout structure for Netflix’s bridge loan hits market

Netflix has sent proposals for the permanent loan financing to replace its mammoth US$59bn 364-day bridge loan to bankers. 

LOA