Latest articles from Edward Russell-Walling

Nice instrument, but does it fit?

December 5, 2005

Hybrid capital has been hailed as the Next Big Thing – but is it just hype? No, say enthusiasts, who believe the market can only expand. Yes, say doubters, who warn it is not for everyone. 

Thomson heads down hybrid route

December 5, 2005

When the share price of French media technology group Thomson dropped, it decided a hybrid structure was its best funding option. Its chief treasurer tells Edward Russell-Walling why.
The new market in hybrid capital for corporates continues to win converts. One of the latest is Thomson, the French media technology group.

The genesis of junk

December 5, 2005

Two South African firms have launched successful high-yield debt issues. Edward Russell-Walling reports.
When South African corporates want to raise capital, the international bond market is not the first place they go looking. For most of them, it would quite literally be the last. But two groundbreaking South African high-yield issues may herald a change in attitude.

Quality pays off for Gazprombank

November 7, 2005

Investors are falling over themselves to buy bonds issued by Russia’s state-owned Gazprombank. Edward Russell-Walling explains why.
Russian banks are not always synonymous with credit quality. When Gazprombank came to market in September with a 10-year bond, however, the issue was more than six times oversubscribed. There are Russian banks, and Russian banks.

A new market in the making

October 3, 2005

ABN AMRO has established a new market in its home country with the launch of Holland’s first structured covered bond.By Edward Russell-Walling.

BoA team plays its TruPS card

October 3, 2005

Bank of America is always interested in diversification, leading it to do more issues in non-dollar markets. Its team came up with the idea of issuing US trust preferred securities in sterling and achieved upper Tier 2 pricing despite a Tier 1 classification. Edward Russell-Walling finds out how the team did it.

Ford comes back to market

September 5, 2005

Ford Motor Credit Corp’s downgrade did not put the company on the sidelines. Just a few months later, it came back to market with two big deals. Edward Russell-Walling reports.
After one of the most seismic downgrades in recent bond market history, Ford Motor Credit Corp (FMCC) might have expected to keep a low profile, at least for a while. Not a bit of it.

CSFB dusts off underwriting with capital raising success

September 5, 2005

CSFB helped UK food producer RHM raise £475m of new capital and £197m of secondary financing through an underwritten IPO. The team tell Edward Russell-Walling how and why they did it.
It is strange how the word ‘underwriting’ has come to sound old-fashioned, almost Victorian.

‘Operation Big’ heralds the era of hybrid capital

August 1, 2005

Corporates’ historic avoidance of hybrid capital is giving way to enthusiasm following a change of heart by rating agencies. Now Sweden’s Vattenfall is leading the charge with a groundbreaking deal, structured by Citigroup. Edward Russell-Walling explains.

Pragmatism eases path to exchange

August 1, 2005

Slough Estates faced a few hurdles in its plans to replace old bonds with current-value new bonds. But, as Edward Russell-Walling recounts, the investors recognised a good deal when they saw it.

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