Capital Markets, Financial

BGC Partners eyes new platform to trade US Treasuries

BGC Partners plans to launch a new platform to trade US Treasuries early next year, in a bid to return to a market in the middle of evolution, according to people familiar with the plans.  The company, spun out of Howard Lutnick’s Cantor Fitzgerald in 2004, sold eSpeed, the second-largest interdealer platform for trading Treasuries, […]

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Sales in Rocket Internet’s portfolio companies rise 30%

Revenues at Rocket Internet rose strongly at its portfolio companies in the first nine months of the year as the German tech group said it was making strides on the “path towards profitability”. Sales at its main companies increased 30.6 per cent to €1.58bn while losses narrowed. Rocket said the adjusted margin for earnings before […]

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Renminbi strengthens further despite gains by dollar

The renminbi on track for a fourth day of firming against the dollar on Wednesday after China’s central bank once again pushed the currency’s trading band (marginally) stronger. The onshore exchange rate (CNY) for the reniminbi was 0.28 per cent stronger at Rmb6.8855 in afternoon trade, bringing it 0.53 per cent firmer since it last […]

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Nomura rounds up markets’ biggest misses in 2016

Forecasting markets a year in advance is never easy, but with “year-ahead investment themes” season well underway, Nomura has provided a handy reminder of quite how difficult it is, with an overview of markets’ biggest hits and misses (OK, mostly misses) from the start of 2016. The biggest miss among analysts, according to Nomura’s Sam […]

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Spanish construction rebuilds after market collapse

Property developer Olivier Crambade founded Therus Invest in Madrid in 2004 to build offices and retail space. For five years business went quite well, and Therus developed and sold more than €300m of properties. Then Spain’s economy imploded, taking property with it, and Mr Crambade spent six years tending to Dhamma Energy, a solar energy […]

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Categorized | Financial

UK buyout market drops in volume

Posted on June 30, 2013

The UK’s buyout market dropped in the volume and the value of deals in the first half of 2013, as private equity groups sought to use buoyant credit markets to refinance their existing investments instead.

There were 81 UK buyouts over the first six months of this year totalling £6bn, compared with 117 amounting to £8.6bn in the same period last year, according to data compiled by the Centre for Management Buyout Research at Imperial College.

    “The fundamentals for a healthy deal market are in place, there is an appetite for deals and the debt market is buoyant but, despite these positive signs, the market is still challenging and deals are taking longer to complete,” said Sachin Date, head of private equity for Europe, Middle East, India and Africa at Ernst & Young, a sponsor of the research.

    North American buyers have initiated 12 of the 17 buyouts worth more £100m or more, as evidenced by the acquisition of cinema chain Vue by Canadian pension fund Omers Private Equity.

    Private equity groups have, however, taken advantage of cheap debt to lead a record number of refinancings, according to CMBOR. There were 25 refinancings for £7.6bn, compared with 20 for a combined £3.4bn in the same period last year.

    Firms had also accelerated the pace of asset sales.