EU CREDIT UPDATE: Ubisoft (UBIFP): IP Spin-Off
Mar-14 10:03
- Bloomberg is reporting that Ubisoft is looking to move some of its key Intellectual Property to a new unit
- The company will then sell a minority stake in that unit.
- It is currently said to be sounding out investors - including Tencent
- Seeking a valuation which is higher than the main company
- For bondholders - any reduction in the company's ownership of the IP would be a negative - unless they get a significant cash inflow.
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ESM ISSUANCE: ESM RfP
Feb-12 10:03
“Today ESM, the European Stability Mechanism has sent a Request for Proposal to a selection of banks from the EFSF/ESM Market Group with regards to an upcoming transaction, subject to market conditions.”
- We expect a transaction for Monday/Tuesday next week, and had flagged this possibility in our daily publication.
GILT AUCTION RESULTS: 0.625% Mar-45 linker
Feb-12 10:03
| 0.625% Mar-45 linker | Previous | |
| Amount | GBP1.00bln | GBP0.90bln |
| Avg yield | 1.732% | 1.328% |
| Bid-to-cover | 3.48x | 3.57x |
| Avg price | 81.274 | 87.466 |
| Pre-auction mid | 80.892 | 87.324 |
| Previous date | 22-Oct-24 |
RIKSBANK: Bunge Emphasises The Board's "Tentative" Approach To Policy Going Forw
Feb-12 10:02
Highlights from Riksbank Deputy Governor Bunge's comments at today's JP Morgan event:
- "It takes time for the cuts to have an effect, and this favours a tentative approach in our monetary policy going forward"
- "The inflation outcome for January was slightly higher than expected, but the reasons for this are not yet known and individual figures should be interpreted with caution."
- "There are early signs of a rebound, but it is important that we receive further information that confirms our forecast."
- "Uncertainty regarding demand for Swedish exports and the imposition of tariffs could delay investment and increase precautionary saving"
