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’Snap news
Breaking pre-market news on Friday,
- BNP unveils new management team — statement and statement.
- RBS sells almost 1,000 pubs to Heineken — statement and statement.
- Randstad says demand for workers continued to slow in Q4 — statement.
Snap news
Breaking pre-market news on Friday,
- Increased costs in Brazil weigh on steel maker Thyssenkrupp — statement.
- Sky Deutschland reports smaller than expected loss — statement.
- Sports Direct welcomes decision to close investigation into alleged anti-competitive conduct in the sports retail sector - statement.
Snap news
Breaking pre-market news on Thursday,
- Thyssenkrupp to sell $2.45bn of treasury stock to pay down debts — statement.
- Goldman Sachs placing 12 per cent of Hammerson for Ontario Teachers Pension Plan — report.
Snap news
Breaking pre-market news on Friday,
- Aegon completes €1bn equity issue – statement.
- Corporate: Swatch, ThyssenKrupp, Hochtief, African Copper, African Minerals,KGHM,Paypoint.
Pressure grows for vendor financing
Companies anxious to boost liquidity by selling unwanted assets are under pressure to finance those sales themselves to draw bids from credit-strapped buyers. Seller financing has been considered in the disposals of at least three businesses now being circled by buy-out investors and rivals:
CDS update: Indices underperform in leaden trade
This CDS report was written by Markit’s Gavan Nolan
High-yield credit underperformed investment grade in the European CDS market today in a leaden trading session. Both indices underperformed flat stock markets.
CDS update: Indices flat as markets prove resilient
This CDS report was written by Markit’s Gavan Nolan
European credit indices were flat on the day, tracking a mixed performance by stock markets. Spreads have proved resilient to bad news in recent weeks,
ThyssenKrupp to slash jobs
ThyssenKrupp is to be the first big German industrial company to slash thousands of permanent jobs because of the global recession, it emerged on Thursday, as the country’s largest steelmaker struggles with a sharp downturn in demand.
CDS report: The trend is your friend
European credit indexes were showing signs of improvement today but still were close to their recent record highs.
This is a surprise to some analysts who highlight indicators that money markets are improving and underlying cash bonds are holding up well.
German groups slash capex
Germany’s industrial companies are cutting long-term investments, as executives in Europe’s biggest exporter prepare for a long global recession. Leading industrial groups such as ThyssenKrupp, Continental and Heidelberger Druckmaschinen plan to slash investments in machinery,