Huge demand for gilts sale led by banks June 16, 2009 THE DEBT Management Office (DMO) raised a greater-than-expected £7bn in a syndicated sale of 25-year gilts yesterday, easing fears of a lack of investor enthusiasm for British government debt. The DMO took orders for £15.25bn worth of gilts, making the sale by far the most popular syndicated sale of sovereign debt in history. Yields on [...]
Deutsche Telekom prices bond June 16, 2009 Deutsche Telekom is selling a $1.5bn (£912m) two-part global benchmark bond, one of the banks managing the sale confirmed yesterday. The offering includes $750m in five year notes expected to yield 225 basis points over comparable US Treasuries and $750m in 10 year notes expected to yield 237.5 basis points over Treauries. Barclays Capital and [...]
Tomlinson named as NAPF head June 16, 2009 Lindsay Tomlinson, European vice chairman of soon-to-be-sold Barclays Global Investors, has been named as chairman of the National Association of Pension Funds (NAPF). Tomlinson is set to take over from Chris Hitchen whose two-year term expires in October. Lindsay, awarded an OBE for services to fund management in 2005, will have to tussle with rising [...]
Wheatcroft to edit WSJ Europe June 16, 2009 Patience Wheatcroft, the former Sunday Telegraph editor and Times business editor who left journalism in 2007 to take seats on the boards of Barclays and Shaftesbury, has been named editor-in-chief of Wall Street Journal (WSJ) Europe. Wheatcroft, who last year chaired Boris Johnson’s Forensic Audit Panel, has quit her non-exec role at Barclays to focus [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 16, 2009 FINANCIAL TIMES NATIONAL EXPRESS IN DEBT TALKSNational Express is in talks with bankers to renegotiate terms on part of its £1.2bn debt amid fears that the bus and rail operator will breach loan conditions in December. The group is expected to pass a key test of whether it is meeting the terms of its debt [...]
Paris show takes off June 15, 2009 ROLLS-ROYCE announced a bumper $2.1bn (£1.35bn) order deal for its engines at the Paris Air Show yesterday, defying the gloomy mood surrounding the biennial event. The company said its engines will power planes belonging to Middle East carriers Gulf Air and Qatar Airlines, as well as Germany’s Condor, and Royal China. But bleak sentiment has [...]
BEST OF THE BROKERS June 15, 2009 WORKSPACE GROUPPanmure Gordon upgraded its 2010 estimated dividend per share and net asset value for Workspace Group. The broker was encouraged by Workspace’s final results and feels it is de-risked following its rights issue, debt restructuring and ongoing disposal programme. The analysts rate the stock as a “buy” with a target of 20p. BRITISH AIRWAYSBA’s [...]
Upbeat view at JPMorgan June 15, 2009 THE dramatic recovery in risk appetite should mean more mergers and capital raisings, and a wave of flotations later this year, according to senior European investment bankers at JPMorgan. However, JPMorgan also said its investment banking rivals, like investors, were again getting a taste for danger, echoing the “foolishness and foolhardiness” in the years leading [...]
Metals lose their shine and oil slips on the strong dollar June 15, 2009 LOWER commodities stocks and the firm dollar took the FTSE 100 lower yesterday, losing 2.6 per cent, or 115.94 points, to close at 4,326.01. Volumes were about 76 per cent of its 90-day average daily volume, but the index has risen 25 percent since hitting a six-year low on 9 March. “The fundamentals of the [...]
Picking profitable sectors is a new game, post-crunch June 14, 2009 BRITAIN is on the verge of economic recovery we heard last week, and investors’ confidence was boosted by improving data. The stock markets have been taking their cue from economics over recent weeks and further signs confirming a recovery could help lift the FTSE 100 above the current 4,500 resistance level that has proved somewhat [...]