Global news and insight for corporate financial professionals
ICE BEGINS CLEARING CREDIT DEFAULT SWAPS AS COUNTERPARTY RISK HITS RECORD HIGH The first central counterparty clearinghouse for credit default swaps (CDS) began operating on March 9, the same day that perceptions of default risk among the largest derivatives market ...
Global Equity /drs Etihad Atheeb Telecommunication, one of three new fixed-line operators in Saudi Arabia, broke the long drought in initial public offerings in the kingdom, with an IPO for 30% of its capital. The $80 million public offering, completed ...
DRUG MERGERS EASE M&A; DROUGHT The need for bigger drug-development pipelines and more diversified businesses with greater geographic reach is fueling a wave of mergers in the pharmaceutical industry that is providing investment bankers with some much-needed underwriting fees. ...
Equity derivatives As equity derivatives have taken a pounding in recent months, many of the smaller players have abandoned the market. The industry’s giants are still offering tailored products for their clients, though. In the months following the ...
Mergers & Acquisitions The credit crunch has not put an end to major acquisitions by well-run companies that have a compelling strategic plan and a pile of cash. New York-based Pfizer, the world’s biggest drug maker, agreed ...
Corporate Debt Corporate debt markets in the United States have begun to function more normally, and the money supply is expanding rapidly, showing that the Federal Reserve’s credit-easing policies may be working, analysts say. The Barclays Capital ...
NYSE LISTS CARBON ALLOWANCES FUND The calendar of planned initial public offerings in the US was bone dry last month, and the only issue of size on the international horizon was a scheduled $1 billion preferred securities offering ...
GLOBAL EQUITY/DRS Initial public offerings in the United States plunged 86% last year to the lowest level in 31 years, with only one IPO priced in the fourth quarter of 2008, according to Thomson Reuters. By comparison, 60 ...
MERGERS & ACQUISITIONS The volume of worldwide mergers and acquisitions fell 30% last year compared with 2007, but the decline in announced deals would have been even larger without the government bailouts of financial institutions, which represented a ...
CORPORATE DEBT Government programs designed to thaw the frozen credit markets appeared to be having some effect in early January, opening a window of opportunity for a flood of investment-grade corporate debt issues, but analysts say the credit ...
MERGERS & ACQUISITIONS * Figures may not add up, as more than one bank typically obtains credit for any one transaction. Merger and acquisition activity in the middle market, which had held up relatively well in the ...
CORPORATE DEBT A combination of heavy supply and rising defaults makes it difficult to forecast a bottom for the credit markets in 2009, analysts say. The new-issue market in US high-yield bonds remained frozen solid late last year, ...
GLOBAL EQUITY /DRS More than 1,000 unsponsored American depositary receipt programs were created in the last three months of 2008, in many cases without the permission of the companies whose shares are being traded in the US over-the-counter ...
GLOBAL EQUITY/DRS The Bank of New York Mellon introduced 31 new global depositary receipt indexes, including a master index of all GDRs traded on the London Stock Exchange. The bank, which acts as depositary for more than 1,300 ...
MERGERS & ACQUISITIONS Government-encouraged bank mergers and bailouts are keeping global M&A; activity alive amid the financial crisis, which has severely restricted financing for corporate buyouts. San Francisco-based Wells Fargo’s $15.1 billion acquisition of Wachovia, which derailed a ...
CORPORATE DEBT Participants in the over-the-counter credit default swaps (CDS) market have sharply reduced the notional amount of CDS contracts outstanding this year through a series of portfolio compression cycles, also known as tear-ups. The notional outstanding volume ...
BEST DERIVATIVES PROVIDERS 2008 Global Finance’s fifth annual awards for the World’s Best Derivatives Providers come against a backdrop of unprecedented change in financial markets. The long bull market came to an end last year. In its place ...
GLOBAL EQUITY/DRS There were only five initial public offerings in the US market in the third quarter, with no IPO activity after early August. In Europe, withdrawn IPOs were at the highest level in the ...
GLOBAL Crunching the numbers: Businesses are preparing themselves for difficult times ahead. Much of the coverage on the credit crunch has focused on the impact it is having on banks and capital markets, but in a ...
CORPORATE DEBT Credit markets remain stalled despite heroic efforts by global central banks, regulators and governments to restore confidence in the financial system. A lack of liquidity has made issuing new high-yield bonds almost ...