Debt

Deals analysis

  • Macau gaming bonds set frontier financing precedent

    11 December 2013

    Casino operators in the US and Macau are now looking to bonds for their funding needs. Emerging market gaming companies are now expected to follow

  • PIK toggles must improve transparency

    15 November 2013

    Credit analysts need clearer definitions in payment-in-kind (PIK) bond documentation to accurately assess deals

  • The covenants defining Europe’s HY surge

    15 November 2013

    European sponsors are looking beyond portability when negotiating borrower-friendly covenants into high-yield documentation, further bifurcating the private equity and corporate deal structures

  • China CITIC’s tier 2 first explained

    13 November 2013

    China CITIC Bank International issued a USD-denominated Basel III-compliant tier 2 bond on October 31. It represented the first tier 2 issuance in Asia with a partial write-down feature.

  • Vingroup high-yield bond sets SE Asia PE precedent

    13 November 2013

    The covenant package for this Vietnamese real estate company's debut US dollar high-yield bond required adjustment due to a private equity investment earlier this year

  • Suntech’s lessons for China’s bankruptcy regime

    06 November 2013

    The solar panel producer reveals shortcomings in China's insolvency regime and reminds investors to adequately price default risk into ChinaCo bonds

  • Chinese SBLC-backed bond first explained

    03 October 2013

    China ZhengTong Auto last month became the first Chinese private sector issuer to offer a bond backed by a standby letter of credit. Here's how it has opened the market for private sector ChinaCos

  • New York's new sales tax bond explained

    03 October 2013

    New York state will issue its first sales tax bond in 18 years under a new statute enacted in this year’s state budget on October 17th. Their reintroduction forms part of the state’s bond consolidation programme

  • Qihoo 360 landmark convertible explained

    03 October 2013

    Qihoo 360’s convertible bond was not only the first this year but also the largest ever such offering from a US-listed Chinaco. Here’s why it could inspire copycat deals

  • REGULATORY CAPITAL: A DEFINITIVE GUIDE TO THE LATEST DEVELOPMENTS

    27 August 2013

    IFLR’s coverage of regulatory changes to US, EU and Asia-Pacific bank capital structures features in-depth analysis and expert opinion on the global implementation of Basel III, as well as the latest structural innovations across the capital spectrum

  • Europe’s CMBS originators turn to bonds

    23 August 2013

    One of Europe’s biggest commercial mortgage backed securities originators has warned that the asset class may lose ground to unsecured bonds and bonds secured by property

  • Deutsche Bank Bao Dao bond reveals retail concerns

    24 July 2013

    Deutsche Bank’s Taiwan dim sum bond, or Bao Dao bond, was issued to retail investors. It may be the start of a trend, but it depends on local regulations

News analysis


 

 

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