‘Bond market tantrum risks’: Gilt traders brace for Labour leftward pivot as Starmer future uncertain
Hibu asks for loan waivers September 18, 2012 ■ Hibu, the online directory formerly known as Yell, has approached its lenders to ask for waivers on its borrowing facilities as it ploughs on with restructuring efforts. The company said it needs more time to negotiate on the terms of its financial restructuring. Otherwise, the firm said it could breach loan covenants on 30 [...]
Fundamentals much weaker than rallies suggest, claims UBS September 18, 2012 RALLIES in the sovereign credit of Asian and peripheral European countries have been driven by central bank cash, without any improvement in economic fundamentals, UBS strategists claimed in a note yesterday. They warn that Greek default, Spanish banking dysfunction, Chinese growth slowdown, and the US fiscal cliff of spending cuts and tax rises are all [...]
Barclays and Macquarie to help fund London wind farm work September 18, 2012 THE WORLD’S biggest offshore wind farm came a step closer to completion yesterday as an array of engineers and financiers were picked to fund and run the power lines linking the site to land. Blue Transmission, a consortium made up of Macquarie, a Barclays infrastructure fund, Mitsubishi and Frontier Power, have preferred bidder status to [...]
Deutsche stock tumbles after analyst note September 18, 2012 SHARES in Deutsche Bank slid almost five per cent yesterday, leading German stocks lower, after Espirito Santo cut its rating to “sell” in a withering research note. Analysts at Espirito Santo said Deutsche’s management are bring “far too ambitious” with plans to slash costs while growing revenues faster than the market expects. Investors are also [...]
Sberbank sale met by high investor demand September 18, 2012 STRONG demand for Sberbank stock has kept the share price up despite the Russian central bank selling a huge stake in the firm this week. The central bank is offloading a 7.6 per cent stake, worth $5.2bn (£3.2bn) after pricing shares at 93 rubles last night. That sale will take the state’s holding in the [...]
City Views | Would you buy shares in Direct Line? September 18, 2012 RICHARD MCARTHUR | LLOYDS BANKING GROUP I would have no interest in buying stock shares with Direct Line. The company itself is strong but with the uncertainty in the stock market at the moment, I would not risk it. PAUL HANCOCK | PRUDENTIAL UK I would consider buying shares in Direct Line because it already [...]
Mifid II leaves some behind September 18, 2012 ASSET managers are falling behind broker dealers, retail banks and private banks in preparing for the implementation of the second Markets in Financial Instruments Directive, a survey out today finds. A number of firms will undertake an analysis of the impact before the end of the year but PwC, which conducted the study, found asset [...]
Spanish yields still pressured after bond sale September 18, 2012 INVESTORS yesterday piled further pressure on Spain to request aid and trigger a European Central Bank (ECB) bond-buying programme seen as inevitable to help the country finance its debts, with the benchmark 10-year bond rising to just over six per cent. Short-term lending costs fell slightly from last month but remained high at auction yesterday, [...]
Ex-Nomura trader cuts its ties with bank to spin out new fund September 18, 2012 FORMER Nomura prop trader Borut Miklavcic has launched a new hedge fund, LindenGrove Capital, after severing ties with the bank on an original business venture between the two parties. Miklavcic registered the limited liability partnership LindenGrove Capital in June and is understood to be awaiting approval from the UK Financial Services Authority to launch the [...]
Double broker downgrade hits shares in Aviva September 18, 2012 SHARES in insurance giant Aviva slumped four per cent yesterday after two leading analysts reduced their recommendations on the firm. Bank of America Merill Lynch (BAML) and Deutsche Bank both cut their forecasts after concluding that the company’s stock has risen too much since executive chairman John McFarlane announced a radical restructuring plan in July. [...]
