On FT Alphaville Friday morning,
- T-bill terror.
- Day 2 of the Daily Mail tanker outrage!
- Goldman sees a holly, jolly, rally-filled Christmas.
- The GOD (glut of distillate) delusion.
- Japan equities:
Rio Tinto’s Cloud Peak Energy coal unit raised $459m in an IPO at $15 a share, below its forecast range, reports Bloomberg. Cloud Peak, the third-largest US coal producer, had sought $16 to $18 a share,
On FT Alphaville Thursday morning,
- Minsky and the next gold mania.
- Brazil nuts? A new capital control.
- UK banks still not lending.
- The Reckitt-Colgate rumour in pics.
- A Hershey CDS update.
While the hype about Asian IPOs is largely focused on China and the seemingly endless stream of offerings on the Shanghai and Hong Kong exchanges, Malaysia on Thursday quietly and smoothly staged the region’s largest IPO of the year.
Gavan Nolan of Markit wrote this CDS report
European credit indices tightened slightly today, a creditable performance given the volatility in equity markets. The Markit iTraxx Europe index was about 1bp tighter at 82bp,
Elsewhere on Wednesday,
- The madness of the inflation hawks.
- IPOs are back.
- Adam Smith in 10 minutes.
- Can options spikes be a coincidence?
- Faber on gold, and just about everything else.
Apollo Management, the US buy-out firm headed by former Drexel Burnham Lambert executive Leon Black, plans to list on the New York Stock Exchange in coming weeks. Apollo, which has $38.3bn in assets under management,
At the start of this decade the amount of listed equity in Europe weighted against total market capitalisation began to drop off.
The explanation for this was three-fold. Firstly, debt was cheaper than equity,
Hopu Investment Management, the Beijing-based buy-out fund set up by former Goldman Sachs dealmakers, is set to acquire a massive stake in China’s Minsheng Banking Corp as part of the lender’s $4bn Hong Kong IPO.
CapitaLand raised S$2.47bn ($1.79bn) selling shares in its CapitaMalls Asia unit in Singapore’s biggest IPO in at least a decade, reports Bloomberg. Southeast Asia’s largest real estate developer sold 1.165bn shares in CapitaMalls at S$2.12 each,
Markets live chat transcript for the chat ending at 12:10 on 16 Nov 2009. Participants in this chat were: Neil Hume, FT (NH) Miles Johnson, FT (MJ) NH:Hey there NH:It’s 11.03
Comment, analysis and other offerings from Monday’s FT,
Clive Crook: American dream needs repair
Sooner or later the US will find itself grappling with an immense fiscal problem, writes Crook. The recession and stimulus have combined to produce record-breaking deficits,
Markets live chat transcript for the chat ending at 12:14 on 13 Nov 2009. Participants in this chat were: Neil Hume, FT (NH) Miles Johnson, FT (MJ)
NH:
Right
NH:
Good morning
Liberty Global, the international cable group chaired by John Malone, moved closer on Thursday to sealing a €3.5bn ($5bn) deal to acquire Unitymedia, Germany’s second-largest cable TV company, which has been preparing an IPO for almost a year.
On Thursday, AP Moller Maersk — the world’s top container shipping company — spooked shipping industry watchers when it reported deeper than expected losses of $706m for the nine months to September,
If you had hoped global shipping markets were returning to health in the third quarter, numbers out on Thursday from Denmark’s AP Moller-Maersk should firmly shatter that illusion.
The world’s top container shipping company reported a deeper than expected net loss of DKr3.85bn for the nine months to September,
ING, the Dutch financial services company, will work towards an IPO of its insurance business early next year although it has not ruled out finding a buyer for the assets in parts or as a whole. Under a restructuring plan imposed by the European Commission to reflect the state aid it received,
There’s been considerable gnashing of teeth over the downfall of the venerable American bed maker, Simmons. Having helped people sleep better for more than 135 years, the company answered to five different private equity masters before tumbling into insolvency under its most recent owner,
Central bank policy may have successfully pushed down Libor rates following the Lehman blow-out, but banks still appear rather reluctant to pass on those lowered costs to commercial and retail clients.
On FT Alphaville Tuesday morning,
- Barclays Protium-purified balance sheet.
- An oil stat shock.
- I ♥ 1982 unemployment.
- Banks don’t just have an asset problem.
- Yell calls for cash.
SocGen’s uber-bear Albert Edwards has been at it again, predicting on Monday that markets worldwide will hit a fresh low in 2010 and suggesting that a new global recession is on the way. Oh, and faith in growth stories is a “sick joke”,
Malaysia’s leading mobile phone operator was on Monday expected to price the IPO of 30% of its shares in the upper half of its target range of M$4.80 to M$5.50 ($1.42-$1.62), amid strong demand from both institutions and retail investors.
China Minsheng Bank, the country’s first privately-owned lender, aims to raise up to $4.68bn through Hong Kong’s largest IPO this year. Minsheng will on Monday launch a long-delayed roadshow in preparation for what will be the world’s fourth-largest IPO of 2009,
Sands China, the Macau unit of Las Vegas Sands, intends to raise up to US $3.83bn in its planned Hong Kong IPO, to repay borrowings and resume construction on hotels and gaming facilities at Macau’s Cotai Strip,
Shares of Evergrande Real Estate rose as much as 20% on its debut in Hong Kong on Thursday, shrugging off the cool investor response to a flood of recent Chinese property offerings. Guangzhou-based Evergrande traded at HK$4.00 at 3amGMT,
Markets live chat transcript for the chat ending at 12:14 on 4 Nov 2009. Participants in this chat were: Neil Hume, FT (NH) Miles Johnson, FT (MJ) NH:hola NH:it’s 11.03am
Exillon Energy, a Siberia-focused oil group, aims to become the first large Russian company to list on the London Stock Exchange in the 18 months since the financial crisis gripped markets. The company,
Markets live chat transcript for the chat ending at 12:08 on 3 Nov 2009. Participants in this chat were: Neil Hume, FT (NH) Miles Johnson, FT (MJ) NH:Hey there NH:it’s 11:03am
So we now have details of the businesses RBS is going to offload to please Brussels, and the revised terms for its involvement in the UK Asset Protection Scheme. Overall, the divestments appear to be very much in line with what the media had been anticipating:
Aviva is planning to raise as much as €1.2bn ($1.8bn) selling shares of its Dutch unit Delta Lloyd which will begin trading on Tuesday in Amsterdam after European insurers posted their biggest weekly drop since March on ING Groep’s plan to sell its insurance units to gain EU approval for its bailout,
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