Market News

  • GC Podcast: Starting out in investment banking

    GC Podcast: Starting out in investment banking

    Across the world’s financial centres, summer interns and graduate trainees are taking their first steps in investment banking. But has the jobs market changed? Is investment banking still the draw it was?

  • Clouds hang over Monte T2s as UniCredit sets out merger ambitions

    Clouds hang over Monte T2s as UniCredit sets out merger ambitions

    Banca Monte dei Paschi di Siena’s capital instruments are at risk of being zeroed after UniCredit announced this week that it could buy the state-owned Italian lender on extremely favourable terms. Market participants are more optimistic on Monte’s senior debt, which would rally strongly if included in a merger.

  • Orcel looks to clinch MPS takeover in six weeks

    Orcel looks to clinch MPS takeover in six weeks

    Andrea Orcel is looking to clinch a deal for Unicredit to acquire parts of stricken Italian lender Banca Monte dei Paschi di Siena (MPS) in the early part of September after revealing it was negotiating with the Italian government.

  • Trade body pair reinforce importance of KPIs for SLLs in leveraged market

    Trade body pair reinforce importance of KPIs for SLLs in leveraged market

    The Loan Market Association (LMA) and the European Leveraged Finance Association (ELFA) jointly released a best practice guide for sustainability-linked loans on Wednesday. The guidance is aimed specifically at the leveraged loan market and stresses the importance of agreeing on clearly defined key performance indicators ahead of announcing a SLL.

  • Market minds Powell's language as Fed meeting kicks off

    Market minds Powell's language as Fed meeting kicks off

    The Federal Reserve kicked off its two-day policy meeting on Tuesday, with the officials deeply divided on when to make the move to tapering asset purchases. With no dot plot projections expected this time, sources are keeping a close eye on what Fed chairman Jerome Powell says, looking for hints about the central bank’s plans.

  • FCA moves to allow US-style Spac IPOs in London

    FCA moves to allow US-style Spac IPOs in London

    US-style Spac IPOs will soon be possible on the London Stock Exchange following a review by the Financial Conduct Authority, although the changes come at a time when the vehicles have fallen increasingly out of favour with investors.

  • Football securitization closed despite pandemic chaos

    Football securitization closed despite pandemic chaos

    A UK football club securitization has closed that offers investors exposure to future ticket sales. But sports securitizations, almost non-existent after the 2008 global financial crisis, have assumed a new, higher level risk in the eyes of many following the pandemic.

  • No easy road to recovery for CMBS noteholders after Intu restructuring

    No easy road to recovery for CMBS noteholders after Intu restructuring

    The three-year restructuring plan for four Intu shopping centres is set to see cash poured into London, Nottingham and Glasgow retail hubs after the group collapsed into administration in June 2020. But CMBS noteholders are set to see yields recover to only 60% of the outstanding amount by the time of a likely asset sale, bringing into doubt the prospect of future shopping-centre securtiizations.

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