Debenhams refinances debts with £225m bond June 26, 2014 Department store Debenhams refinanced its debts yesterday after launching a £225m bond issue. The retailer has sold £225m of senior notes due in 2021 at a 5.25 per cent yield. This was more than the £200m it had planned to raise when it announced the bond issue last week. Chief executive Michael Sharp, said the [...]
Behind the deal June 26, 2014 RBC CAPITAL MARKETS | JOSHUA CRITCHLEY 1 Critchley is the son of the late Conservative MP, Sir Julian Critchley. 2 He joined RBC Capital Markets in September 2009 and is currently managing director and head of European investment banking. 3 Prior to RBC, he was at Goldman Sachs from 2004 to 2009 and served at [...]
Boris Johnson’s Barclays bikes could be getting an animal print paint job June 26, 2014 When Barclays hands over the reins of its Boris Bike sponsorship next year it could well be passing them to an east London toy maker. TellTails is hoping to raise £37.5m on crowdfunding site Indiegogo to give each bike an animal print paint job and tail. We think they’re rather fetching… From the [...]
London Report: FTSE flat as Barclays fall is countered by housebuilder climbs June 26, 2014 BARCLAYS Bank’s shares plummeted 6.5 per cent yesterday as the FTSE index ended flat despite a rally in housebuilders on Bank of England comments. The FTSE 100 closed on 6,735.12 up 0.02 per cent or 1.5 points. The market was also underpinned by the London Stock Exchange Group, which surged 6.1 per cent after unveiling [...]
New York Report: Dow down on rates rise call June 26, 2014 US STOCKS ended slightly lower yesterday, after the president of the Federal Reserve Bank of St Louis said interest-rate increases should come sooner rather than later. The Dow Jones industrial average fell 21.38 points or 0.13 per cent, to end at 16,846.13. The S&P 500 slipped 2.31 points or 0.12 per cent, to 1,957.22. The [...]
Barclays sued for dark pool securities fraud: What is a dark pool? June 26, 2014 Barclays in the US is being sued for fraudulent behaviour, following a complaint filed by New York attorney general Eric Schneiderman. He claimed that the bank had misrepresented the participants of its dark pool, leaving institutional investors exposed to high frequency trading “predators”. A dark pool is a covert trading location where all trades are anonymous [...]
Barclays hit as New York initiates dark pool lawsuit against bank June 25, 2014 BARCLAYS was slapped with a lawsuit by a US state yesterday, with New York attorney general Eric Schneiderman accusing the bank of a “disturbing disregard for its investors”. The case concerns Barclays’ dark pool operation, which the attorney general says favours high-frequency traders, who have been given “systematic advantages” by the bank. Schneiderman also alleges [...]
Photographic cheque cashing to bounce payment into digital age June 25, 2014 CHEQUEHOLDERS will soon be able to cash their payment almost instantly by taking a photo on their smartphone and sending it to the bank. The government’s Small Business, Enterprise and Employment Bill will allow banks to process cheques using “digital imaging” technology for the first time. As well as removing the hassle of a visit [...]
Best of the Brokers for 26 June 2014 June 25, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com KAZAKHMYS Westhouse Securities has cut Kazakhmys to “add” from “buy”, keeping the target price at 350p. The broker thinks the news of reduced mineral extraction tax rates for mature assets as part of a planned restructuring is positive, but cut the rating to [...]
Asos share price: Retailer shrugs off warehouse fire as website reopens June 23, 2014 Asos shares rose two per cent yesterday as the online fashion retailer reassured investors and said it had resumed taking orders following a fire at its main warehouse this weekend. The fire at its Barnsley warehouse in South Yorkshire on Friday night forced the company to suspend its website over the weekend and sparked fears [...]