Monthly Archives: May 2016

ConAgra climbs on Jana nominees update

©Bloomberg ConAgra gained ground on Tuesday after the foodmaker amended an agreement with activist investor Jana Partners over two of its nominees for the board. Shares in the Nebraska-based company climbed as much as 2.2 per cent to $46.30 after the company said in a filing with the Securities and Exchange Commission that its board would nominate Bradley Alford and…

Banks lined up for $15bn Saudi bond sale

©AFP Saudi Arabia has summoned bankers to meetings in Riyadh next week as the oil exporter seeks to launch its debut international bond of around $15bn as early as July. Bankers briefed on the plans said the ministry of finance and a newly-formed debt management office would be hosting a “beauty parade” of lenders on June 6-7 to hear proposals…

Man Group slips on share buyback call

©AFP Man Group was under pressure on Tuesday as the misfiring hedge fund manager faced calls to restart a share buyback. RBC cut forecasts for Man to reflect a sharp reduction in performance fees. All four of Man’s AHL funds, which are estimated to provide more than half of group earnings, have been losing money in the second quarter and…

US IPO market running on empty in 2016

©EPA Where’s Alibaba when you need it? Two years ago, the US listings market was abuzz about an impending initial public offering from the Chinese ecommerce juggernaut that would go on to be the largest ever. Now, with the midyear mark approaching and no marquee deals anywhere close to Alibaba’s size in sight, the US IPO market is on track…

How investors will trade the rest of 2016

©Bloomberg A Chinese tourist at Boracay, the Philippines Can investors navigate the rest of 2016 safely? Well into the second quarter, markets have recovered after a torrid opening to the year, however sentiment remains challenged by the lack of a strong investment case to rally firmly behind. With the arrival of June, a critical month for markets featuring the Brexit…

UK telecoms regroup after Three-O2 block

©Bloomberg The merger between Three and O2 may only have been blocked by Brussels just a few weeks ago, but companies in the UK telecoms and media sectors are already plotting their next steps. A single motivating factor is common: how to compete with a resurgent BT in a market where telecoms, internet and television services are being bundled together. BT…

China global bonds push to support currency

©Reuters Chinese companies’ near-record offshore borrowing in May was partially the result of Beijing’s efforts to support the weakening renminbi, according to bankers. Mainland groups issued $19.2bn of bonds in the international markets — the third highest month on record, according to Dealogic data — even as they spurned local markets in a dramatic switch from their behaviour since last…

Markets shrug off eurozone deflation

©Bloomberg Eurozone investors have shrugged off news that the region remains trapped in deflation, as bondholders focus on the sudden increase in new government paper after a period of relative quiet. Germany, Spain and France are all scheduled to sell debt this week, following a sale of Italian bonds on Monday. Once redemptions are taken into account, markets will be…

Hemla Vantage closes in on Iran gas deal

©Darren Baker The potential deal is an indication of Iran’s ambitions: the country sits on the world’s second-largest gas reserves A Norwegian oil and gas company is closing in on a $600m contract with an Iranian petrochemical group for one of the first major gas deals since international sanctions were lifted. The contract will be a joint venture between Hemla…

Iron ore leads commodity losses in May

©Getty Steel prices and volumes in China have fallen flat in the past few days China’s steel and iron ore futures are set for their worst monthly performance on record as a stronger US dollar weighed on commodities from copper to gold during May. After a burst of speculative trading in the first four months of the year, China’s steel…