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The US high-yield bond market saw one of its most volatile days of the year Thursday, with new issues coming under pressure amid a further deterioration of the technical backdrop.
High-yield bankers will unleash a barrage of deals over the next two weeks, even though big outflows and rate rise fears have put the asset class in its most volatile state in months.
Much depends on the reason for the rise, rather than just the direction.
Eagle Bancorp was the lone borrower to give the US high-grade bond market a try on Thursday, as broader political and economic turmoil heightened volatility across the board.
(Reuters) - Holders of dollar-denominated bonds at Bulgaria’s Corporate Commercial Bank (Corpbank) are gearing up for legal action against the government if the bond defaults and the bank is tipped into insolvency, two sources told Reuters on Thursday.
The massive €3.6bn loss at Banco Espirito Santo has fuelled fears that senior bondholders may also be at risk from the raft of problems at the troubled Portuguese bank.
(Reuters) - Argentina’s bond and stock markets and peso currency dropped on Thursday after Latin America’s No. 3 economy defaulted for the second time in 12 years after the failure of last-ditch talks with holdout creditors.
Nigeria’s Seven Energy could bring its postponed debut bond back to the market next week “under better conditions”, according to a source close to the deal.
The capital markets’ biggest battlefield is once again ready to rumble…
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The election of a new federal government promises to kick-start issuance in Indonesia’s capital markets, but much will rely on whether or not the country makes investments to improve the economy.
A landmark capital raising from India’s state-owned banking sector has reignited the debate over the application of Basel III standards in the country’s local financial markets.
Thai Airways International, now under the control of the commander of the country’s air force, is set to test overseas confidence in the military government’s business acumen as it presses ahead with plans to sell hybrid securities.
The stalled corporate Kangaroo bond market may soon receive a welcome lift if Anglo-Swiss mining giant Glencore translates its recent Australian investor roadshow into an inaugural Australian dollar transaction.
Chinese security software provider NQ Mobile may face higher interest payments and even default on an outstanding convertible bond after a continued delay to its financial results.
Investors and brokers in Hong Kong and the PRC are complaining that regulators have not given them either enough time or information to take full advantage of the new cross-border stock-trading programme due to launch in October.
WH Group has decided to close institutional order books earlier than planned on its HK$15.9bn (US$2.06bn) Hong Kong IPO, after a better response than it had received to a downsized HK$14.6bn float in April.
Loan pricing for Indian borrowers is beginning to head south, as international lenders react to an upturn in the country’s economic and political outlook and unprecedented competition from the overseas bond markets.
Retail investors in Singapore are set to enjoy better access to fixed-income products after the Monetary Authority of Singapore announced a consultation exercise last Thursday.
A Chinese construction firm narrowly avoided a landmark default on a domestic bond last week, but the last-minute bailout came as little comfort to the other issuers already forced to postpone fundraisings.
India made its biggest splash in the high-yield market last week with three well-received US dollar bonds that raised a total of US$2.4bn on a single day.
Thailand’s Securities and Exchange Commission is changing rules to allow foreign companies to seek primary listings and dual-share offerings on the country’s stock exchange.