It’s a scrum for Wasps’ £35m bond May 6, 2015 INVESTORS have piled into Wasps’ debut retail bond, stumping up more than the £35m maximum the rugby club planned to raise. As a result, savers who put in bids are waiting to hear how the bonds will be allocated, and how much of the 6.5 per cent yielding, 2022-dated securities they will end up holding. [...]
UK house prices: Number of risky mortgages grows 64 per cent in five years May 6, 2015 In the aftermath of the subprime mortgage crisis, you'd have thought lenders had learned their lessons – but perhaps not, after a new study suggested the number of risky mortgages sold in the UK has risen 64 per cent since 2010. Using last year’s data from the Bank of England, Moore Stevens, an accountancy firm, [...]
Bournemouth bask in glory of meteoric rise to top flight April 27, 2015 AFC BOURNEMOUTH all but sealed promotion to English football’s top flight for the first time in the club’s history with a 3-0 victory over Bolton at the Goldsands Stadium last night. Goals from Marc Pugh, Matt Ritchie and Callum Wilson means only a remarkable turnaround in fortunes can deny the south-coast side a place among [...]
Rugby club Wasps to raise £35m in retail bond offering April 27, 2015 Rugby club Wasps is raising up to £35m of debt in a retail bond offer, hoping to tap up fans with a payout of 6.5 per cent on the debt instruments. It is pitching the paper as a safe investment, on the basis that the vast majority of its income is in fact not [...]
Greece may not default – but still be insolvent – CNBC Comment April 20, 2015 How important is Greece to Europe? The real answer is that nobody really knows. But time doesn’t stand still, and we are now moving closer to some very real debt repayment deadlines. Athanasios Orphanides, former member of the European Central Bank (ECB) Governing Council, told me last week that he thinks the ECB is in [...]
As Greece comes close to defaulting on its debt, is a Grexit now more likely than not? April 16, 2015 George Efstathopoulos, co-portfolio manager at Fidelity Solutions, says Yes As liquidity constraints in Greece become more real, a Grexit is growing more likely by the day. While a possible Greek default on its payments to the IMF (recently suggested by Greek officials) may not directly result in Grexit, such an event could be perceived as [...]
BNY Mellon hit by £126m fine for failing to keep client money safe April 15, 2015 GIANT custody bank BNY Mellon is paying a £126m fine for failing to properly protect client funds, the Financial Conduct Authority (FCA) said yesterday. BNY is the world’s largest custodian, responsible for keeping assets safe – but in fact, had the bank collapsed, clients’ funds may not have been entirely safe. Regulators found the London [...]
BNY Mellon fined £126m for “particularly serious” failings April 15, 2015 The Bank of New York Mellon has been fined £126m by the FCA for failing to protect client money should the company become insolvent. The FCA said both the London and international arms of BNY Mellon had failed to comply with its client assets sourcebook, which applies to safe custody assets and client money. [...]
City Moves for 24 March 2015 | Who’s switching jobs March 23, 2015 Baker Tilly The accountancy and business advisory firm has appointed Steve Hopkins as a consultant in its restructuring and recovery practice. He was previously head of corporate insolvency at Barclays Bank, and has over 20 years’ experience in restructuring and insolvency. LCH.Clearnet Frank Soussan has been appointed global head of CDSClear at the clearing house. [...]
MPs demand a change to rules over insolvency following City Link collapse March 23, 2015 The collapse of delivery firm City Link over Christmas shows the insolvency system is flawed and mistreats contract workers, two influential groups of MPs claimed today. It can be cheaper for firms to pay a fine for breaking the rules, rather than to give workers the proper notice of redundancy, the Business, Innovation and Skills [...]