Senior bank debt issues slump
European banks’ issuance of senior debt has fallen to its lowest level in more than a decade as investors grow increasingly wary of being forced to take losses amid regulators’ demands for greater protection of taxpayers and depositors. This year EU banks have issued $132bn in senior debt to date, down from $158bn last year and the lowest total since 2002, according to Dealogic.
Bid to relaunch CDO unravels
An attempt by two big Wall Street banks to revive notorious credit boom-era securities blamed for exacerbating the global financial crisis has failed after investors balked at buying some of the derivatives on offer. JPMorgan Chase and Morgan Stanley have scrapped a plan to sell “synthetic collateralised debt obligations”
UK investors look to cut excess
The UK’s biggest shareholders are moving towards setting up a powerful body to rein in boardroom excess, implementing one of the key recommendations in economist John Kay’s groundbreaking report on equities last year. Fifteen of the UK’s top investors are looking to tighten checks on companies.
Lending schemes fail to reach SMEs
More than three quarters of small and medium-sized businesses were unable to access the funding they required despite a number of government initiatives. Bibby Financial Services found that 77 per cent of British businesses that had applied for funding in the past year were refused the amount they required.
Flotation talk for The Hut
The online retailer The Hut has moved into the black as its owners weigh up a possible flotation.
The Daily Telegraph
Sports data firm Opta to be sold
Sports media business Perform is in advanced talks to buy Opta Sports Data, the London-based supplier of sports statistics to broadcasters and bookies. Albion Capital is said to have put it on sale for around £40m
Fitch: China credit bubble a first
China’s shadow banking system is out of control and under mounting stress as borrowers struggle to roll over short-term debts, Fitch Ratings has warned.
THE WALL STREET JOURNAL
Man of Steel may give superpowers
A blockbuster opening for “Man of Steel” this past weekend paves the way for Time Warner’s Warner Bros. to challenge Walt Disney’s Marvel Entertainment in the superhero movie game. Warner Bros.’ costly Superman reboot opened to an estimated $125.1m (£79.6m).
Generic-Drug firms go off patent
Ranbaxy, Teva and other generic-drug makers are coming to grips with a drop in blockbuster brand-name medicines going off patent.