U.S. investors are buying 65 percent more notes linked to a basket of U.K., European and Japanese stock indexes this year, spurred by a 12 percent average gain in the benchmarks since May. Banks have sold $908 million of U.S. notes tied to the Euro Stoxx 50 Index of the 50 largest euro-area companies, the U.K.’s FTSE 100 Index, and Japan’s Tokyo Stock Price Index, known as the Topix [...]
Traders are betting Western Wind Energy Corp.’s executives will persuade suitors to top what’s already the most expensive valuation for an alternative-energy takeover on record. Shares of Western Wind, the Vancouver-based operator and developer of wind farms and solar projects that put itself up for sale in July, closed yesterday 11 percent above a C$2.50-a-share proposal from Brookfield [...]
Apollo Global Management LLC will give investors a greater share of deal fees in its next flagship fund than it offered in the past, according to two people familiar with the situation and fund documents viewed by Bloomberg News. Apollo Investment Fund VIII LP, which is seeking $12 billion, will direct 80 percent of fees it charges portfolio [...]
Gramercy Advisors LLC, the $3.2 billion emerging-markets hedge fund, started a distressed credit fund with $200 million in commitments, according to a letter to investors, a copy of which was obtained by Bloomberg News. The Gramercy Distressed Opportunity Fund II invests in stressed performing, distressed and defaulted emerging market corporate and sovereign debt, Robert Koenigsberger, managing partner and chief [...]
San Bernardino will put off paying $13 million to California’s retirement system and $3.4 million for pension bonds issued in 2005, in a provisional spending plan. The City Council voted 5-2 for the fiscal road map yesterday to meet a court imposed Nov. 30 deadline for a balanced interim municipal budget while in bankruptcy proceedings. In addition [...]
AMR Corp. filed papers asking the bankruptcy court to prevent pilots from retiring and taking lump-sum payment of retirement benefits. Even if pilots vote in favor of a new contract when ballots are tabulated on Dec. 2, the airline could be thrown into chaos when the company emerges from bankruptcy protection, AMR said in Nov. 23 [...]
An FDA Anti-Infective Drugs Advisory Committee will examine Theravance’s Vibativ (telavancin) for nosocomial pneumonia on Nov. 29. This event will be webcast on the Bloomberg terminal. Briefing documents for the panel will be released by the FDA by Nov. 27. To continue reading click here.
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Investment adviser firms registering for the first time as commodity pool operators (CPOs) or commodity trade advisers (CTAs) may spend up to $450,000 to get new computer systems, software and employees up to speed with U.S. Commodity Futures Trading Commission requirements, according to Karen Barr, general counsel of the Investment Advisers Association. The costs, which include figuring [...]