Billionaire Patrick Drahi is offering concessions to win over U.S. investors as he finances the acquisition of Vivendi SA’s French phone unit with the world’s biggest junk bond offering.
The creation of credit-default swaps insuring contingent capital securities may spur bets against the riskiest bank debt.
Global banks are boosting payouts to investors in credit-linked notes by extending maturities on the securities to the longest since before the financial crisis.
The International Swaps & Derivatives Association is creating credit-default swap contracts for contingent capital securities, according to a person familiar with the matter.
Credit Foncier de France SA is selling the first bonds backed by French residential mortgages since 2006 as regulators press for the revival of the securitized debt market to boost lending.
Patrick Drahi met investors today to start marketing the biggest high-yield bond sale globally to finance his $23 billion acquisition of French phone company SFR.
Apcoa Parking AG won approval from a London judge today to extend the maturity of 640 million euros ($885 million) of buyout loans as it seeks a restructuring agreement with lenders.
Pescanova SA is seeking to extend a deadline for a creditor vote on the Spanish fishing company’s restructuring, according to a person familiar with the situation.
French plans to boost lending to small businesses by helping banks free up their balance sheets started today with the creation of 2.7 billion euros ($3.8 billion) of securities backed by loans.
Asset-backed securities were denounced for causing the financial crisis. Now the debt is being seen as a savior for Europe’s economy.