Thursday 31st July 2014
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THURSDAY TICKER: 31ST JULY 2014 - Standard & Poor's says Argentina is in selective default on foreign-currency-denominated debt, after the government failed to make a $539m payment on $13bn in restructured bonds. Argentina had transferred the money to the paying agent, but a US judge would not allow its release unless hedge funds holding bonds not included in a restructuring also were paid. The latest default is expected to exacerbate problems in Argentina's recession-hit economy, analysts say. This is the second time Argentina has defaulted on its debt in the last thirteen years, after last-minute talks in New York with a group of bond-holders ended in failure. Vulture fund" investors were demanding a full pay-out of $1.3bn (£766m) on bonds they hold. Argentina has said it cannot afford to do so, and has accused them of using its debt problems to make profits - In a regulatory filing made public earlier this week, and US press reports, BlackRock has begun the process of establishing a Wholly Foreign-Owned Enterprise (WFOE) in Shanghai. The firm is reportedly creating an investment advisory WFOE which will give it significantly greater flexibility and speed in executing its Greater China strategies – Shares in Chinese footwear manufacturer Feike AG have been listed on the General Standard of the Frankfurt Stock Exchange. Ten million shares have been listed at an initial price of €7.50. ACON Aktienbank AG is supporting the issue. Scheich & Partner Börsenmakler GmbH is the specialist. This is the third Chinese company to list on the exchange according to managing director Michael Krogmann. “With the IPO we have achieved an important strategic milestone. This helps us to expand our competitive position and our brand awareness in the booming Chinese market for children’s footwear as well as to realise future growth plans”, says Andy Hock Sim Liew, CFO of Feike AG - Funding pressures stemming from reduced central government capital grants and the persistence of tightened long-term bank lending are likely to fuel the English housing association sector's continued use of capital markets over the next two years, says Moody's Investors Service in a new report published today. The new report English Housing Associations: Financial Disintermediation- A One Way Trip, is the third in a series on European sub-sovereigns' financing needs and access to market funding.

UK DMO to reopen 2062 index linked gilt

Thursday, 09 February 2012
UK DMO to reopen 2062 index linked gilt The United Kingdom Debt Management Office (DMO) says it has appointed a syndicate to sell by subscription the forthcoming re-opening of 0⅜% Index-linked Treasury Gilt 2062. Bookrunners on the transaction include Deutsche Bank, Goldman Sachs, RBS and UBS. http://www.ftseglobalmarkets.com/

The United Kingdom Debt Management Office (DMO) says it has appointed a syndicate to sell by subscription the forthcoming re-opening of 0⅜% Index-linked Treasury Gilt 2062. Bookrunners on the transaction include Deutsche Bank, Goldman Sachs, RBS and UBS.

The DMO has appointed a panel comprising exclusively wholesale GEMM firms from which
it has chosen syndicate members for the conduct of the programme of syndicated offerings
in 2011-2012.

The re-opening of 0⅜% Index-linked Treasury Gilt 2062 will be the eighth and final transaction in the 2011-12 programme, which has raised £30bn to date.

Syndicated offerings of index-linked gilts have raised £15.4bn to date, relative to a planned target of £18.9bn.

The DMO expects that the sale will take place in the week commencing February 20th, subject to market conditions. Further details about the conduct of the offer will be announced in due course.

Co-lead managers were invited among the DMO's Index-linked GEMMs panel members.

The DMO financing remit for 2011-2012 was published alongside the UK Budget on March 23rd last year and included the provision for a programme of up to eight syndicated offerings to be held in
period to raise some £31.6bn (cash).

The DMO also announced on the same days its intention to implement the programme of syndicated gilt offerings in 2011-2012 more evenly across the year than in the previous financial year via smaller and more regular operations than in 2010-11.

At the Autumn Statement on November 29th last year planned sales by syndicated offerings of
long-dated conventional and index-linked gilts were each increased by £0.3bn, to £13.8bn and £18.9bn respectively, taking total planned sales to £32.7bn (cash).

By early December the DMO announced that it expected (subject to market conditions) to
re-open 3¾% Treasury Gilt 2052 by a syndicated offering in the second half of January
 and to sell an index-linked gilt by syndicated offering in the second half of February
2012.

On January 6th 2 the DMO then  announced that the index-linked syndicated offering
planned for the second half of February would be a re-opening of 0⅜% Index-linked
Treasury Gilt 2062.

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