An American International Group Inc. unit and other insurers can probe whether a “rogue trader” was an employee of MF Global Inc. as part of a lawsuit over liabilities for losses tied to the company’s collapse, a New York appeals court ruled. To read more, click here.
Invensys Plc shareholders may be rewarded with a price not seen in a decade if Schneider Electric SA’s approach sparks a bidding war. Shares of the British industrial technology company have traded above Schneider’s informal offer of 505 pence a share during each of the last three trading days, indicating some investors may be wagering on a higher [...]
The risk of floods and tornadoes is preventing investors in $1.8 billion of bonds of Nebraska’s biggest electricity provider from participating in the best year since 2008 for munis of power companies. To read more, click here.
WHAT TO WATCH: Federal Reserve Chairman Ben S. Bernanke will appear before the House today and the Senate tomorrow to present a semi-annual monetary policy report, with a statement due at 8:30 a.m. Housing starts in the U.S. may have climbed in June to an annualized 960,000 rate, 8:30 a.m. The Bank of England voted 9-0 to keep the target [...]
NEWS: Ben Bernanke may tell Congress that reducing QE won’t presage an increase in the main Fed rate. Barclays and four ex-traders were fined $487.9 million by the U.S. Federal Energy Regulatory Commission in a probe into manipulation of energy markets. Moody’s said Ireland’s ratings outlook may stabilize by the end of 2014. To read more, click here.
Mariner Investment Group LLC, the hedge-fund firm founded by William Michael-check that has $10 billion including its affiliated advisers, is searching for two portfolio managers to run strategies within a multistrategy pool that opened in April, according to Basil Williams, deputy chief investment officer. To read more, click here.
I Squared Capital LLC, led by former executives of Morgan Stanley’s infrastructure arm, is seeking $2 billion for a debut global infrastructure fund, according to a person familiar with the situation. To continue reading, click here.
Intelsat, the biggest issuer of junk bonds this year, wants to cut its debt to earnings ratio to as little as five times by using free cash flow, CFO Michael McDonnell said in a telephone interview last week. The ratio is 7.5 times now, according to McDonnell. Click HERE for More
by Jason McGorman & Michael Manns, Medical Equipment/Devices Team, Bloomberg Industries A possible initial public offering for Biomet, an orthopedic device company taken private in a 2007 leveraged buyout, may be the largest for the medical device sector in the past 20 years, according to a Bloomberg Industries analysis. Read more >>>>
General Electric Co. and Bank of America Corp. have all but stopped issuing U.S. structured notes tied to interest rates, leading a 3.7 percent decline in sales of the securities this year. Bank of America’s only such offering in 2013 has been $7.35 million of 10-year notes on June 24, after selling $730.7 million during [...]