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The ‘Snooze drag’ workaround allows CLO managers to skirt around buying limits
Investment bankers have discovered a way around a major obstacle that prevents companies with junk ratings from extending their maturity date on risky debt worth billions of euro.
This workaround is known as "Snooze Drag" in the market. It…
Foxtons chief says that the London property market is being propped up by a landlord exodus.
Renters forced to sell their properties by rising mortgage rates and redtape
The chief executive of Foxtons said that the London property market was supported by landlords who were forced to sell their properties by higher…
Kering purchases 30% of Valentino from Qatari fund
Kering agreed to purchase 30 percent of Valentino's shares from Qatari Mayhoola as part of "strategic deal" that allows the French luxury group to have full control over the Italian fashion house in 2028.
The €1.7bn cash purchase "is…
Market slowdown hits big traders Virtu and Citadel Securities
The recent market downturn has caused financial hardship for two of the largest trading firms in Wall Street: Citadel Securities and Virtu Financial.
Virtu reported on Wednesday a drop of 23 per cent in its net trading income…
Credit Suisse fined $388mn over Archegos collapse
Credit Suisse was fined $388mn for "significant failings in risk management, governance and oversight" related to Archegos Capital's collapse. This led to a $5.5bn loss of trading and contributed to the failure of the Swiss lender.…
After inflation falls, UK stocks experience their biggest rally since January.
This week, UK stocks staged their largest rally since January as investors warmed up to a market which has missed the global gains of this year.
Bloomberg data shows that a drop in UK Inflation greater than expected in June led to a 3.1…
UK Grid will sell off unused coal stocks to help lower bills
The UK power grid operator is expecting to be able reimburse consumers for the sale of emergency stockpiles of coal that were not used last winter.
In an online forum, a National Grid Plc spokeswoman said that after accounting for…
US money market funds will be charged fees to discourage a repeat of a “dash for cash”
US money market funds avoided the threat of swing pricing on Wednesday, after regulators chose to impose mandatory fee and greater liquidity buffers in order to improve the market's capability to withstand extreme stresses.
The…
Carl Icahn restructures his personal loan following short seller attack
Carl Icahn restructured the multi-billion dollar personal loan that he had taken against shares of his investment company Icahn Enterprises after a report by short-sellers about his debts led to a drop in stock prices.
Icahn Enterprises …
UK Review Touts Possible Bank Financing for New Research Platform
According to a review of ways to increase the UK's appeal to investors, a platform for distributing research about companies and a relaxation of restrictions on how analysts' reports can be paid for are both necessary.
Rachel Kent, a…
The UK interest rate is expected to reach 6.5% in March next year.
Investors predict that UK interest rates will rise to 6.5 percent by March of next year, the highest since 1998. This will cause mortgage borrowers even more hardship.
In recent weeks, the peak of UK interest rate prices on swaps markets…
UK plans to reverse MiFID II ban on free research for clients
Chancellor of the Exchequer Jeremy Hunt is planning to roll back a piece of European Union legislation that forced financial firms to separate the cost of investment research from trading expenses, part of his efforts to boost the…
Yahoo returns to the public market
Yahoo, once a stock market darling on the dotcom scene, plans to return to public markets.
Jim Lanzone, the chief executive of the Silicon Valley group, said that he hoped to bring the company back to the IPO stage as part a plan to…
European stocks rise as investors turn to property shares
European stocks closed higher Tuesday, as traders refocused on real estate and awaited the economic data which will determine next policy decisions by global central banks.
Investors snapped up shares in Swedish property companies, which…
Bond fund giant Pimco is preparing for a ‘harder landing” for the global economy
The largest active bond manager in the world says that markets are overly optimistic about central bank's ability to avoid a recession while they fight inflation in Europe and the US.
Daniel Ivascyn is the chief investment officer of…
German bond market warns of Eurozone recession
Investors in German bonds are increasing their bets on the European Central Bank raising interest rates, which will cause the European economy to go into a further downturn. A closely monitored recession indicator has hit its highest level…
CAB Payments to float in London at a valuation of £850m
After announcing that it aimed to achieve a valuation of around £850 million through a flotation, a cross-border payments company moved closer to listing on the London Stock Exchange.
CAB Payments announced on Tuesday its intention to…
UK and EU Sign Memo on Post-Brexit Finance Regulation
On Tuesday, the UK and European Union signed an long-awaited Memorandum of Understanding on Financial Services. This marks a momentous agreement after years of disagreements over post-Brexit cooperation.
Jeremy Hunt and Mairead…