Bank Loan News
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Mediobanca SpA is preparing to cut its holdings in Telecom Italia SpA and Assicurazioni Generali SpA as the bank seeks to fund its expansion abroad, according to a person with direct knowledge of the lender’s strategy.
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Junk-rated borrowers from Rite Aid Corp. to Atkins Nutritionals Holdings Inc. are raising a riskier type of loan that offers a lesser claim on their assets at a pace last seen before the financial crisis.
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Tanzania’s Finance Ministry said it plans to raise as much as $700 million through selling debt to selected investors and commercial bank loans to help tackle unreliable electricity supplies and poor infrastructure.
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Sales of corporate bonds in Europe fell to the lowest in two months this week as the cost of insuring the debt against losses rose with investors anticipating a withdrawal of central banks’ stimulus measures.
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Apollo Tyres Ltd., which lost a quarter of its market value yesterday after announcing the biggest takeover by an Indian company in the U.S., will sell junk bonds to fund the $2.5 billion purchase, prompting analysts to warn the debt will strain the tiremaker’s finances.
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European Commission President Jose Barroso said a European Investment Bank loan to spur the Portuguese economy will go ahead, ending a growing spat between the two institutions.
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Chinese banks extended at least $8.3 billion in loans for acquisitions and leveraged buyouts this year, seeking to generate new business as a bond-market boom cut syndicated lending to a four-year low.
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The Bank of Korea left its interest rate unchanged after a surprise cut in May aimed at boosting an economy hit by a yen drop that gives Japanese companies an edge over Korean exporters.
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Chrysler Group LLC, the U.S. automaker controlled by Italy’s Fiat SpA, is seeking to reduce the rate on a $2.95 billion term loan, according to a person with knowledge of the transaction.
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Mongolia’s central bank plans to cut interest rates on mortgages by almost half to 8 percent from around 15 percent this month, following a new policy approved by the government to ease financial burdens on the middle class.
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