Tag Archives: Corporate Debt Financing / Corporate Debt

Afterpay Australia explores global records as first-half sales double | Instant News


(Reuters) – Afterpay is exploring additional overseas listings amid growing US investor interest, Australia’s buy-now-pay-later said on Thursday after reporting first-half sales more than doubled.

Fintech Australia and its global competitors such as Klarna, Affirm and Sweden’s Zip Co have seen explosive growth since the pandemic locked in large parts of the world and made more people turn to online shopping.

Afterpay shares have gained more than 1,500% since March, establishing itself as the 12th most valuable company in Australia.

Afterpay also said it raised A $ 1.25 billion ($ 995 million) in convertible banknotes in a complex deal to buy Matrix Partners stock from its US business – which accounts for 43% of its sales. The United States is also a key growth market for the industry where it struggles with fast-growing Klarna.

Klarna, who is reported to be tapping into more private funding, posted his full-year results on Thursday evening.

Afterpay’s legal losses more than doubled to A $ 79.2 million as the strong growth of its UK business pushed the unit’s valuation higher and increased the value of put options held by other companies. Zip also posted a much bigger half-year loss after buying New York counterpart Quadpay.

While Afterpay’s gross transaction loss fell to 0.7% – indicating fewer customers skipping payments – margins also fell slightly to 2.2% from six months ago.

Transactions made through Afterpay totaled A $ 9.8 billion in the six months to December 31, double the A $ 4.8 billion processed last year, supported by strong holiday spending.

Active subscribers jumped 1.9 million to 13.1 million in the three months to December.

($ 1 = 1.2547 Australian dollars)

Reporting by Nikhil Kurian Nainan in Bengaluru; Edited by Forward Samuel

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Shares in Italian highway group ASTM surged in a bid to make the company private | Instant News


MILAN, Feb 22 (Reuters) – ASTM shares surged 27% on Monday, lifted by a buyout offer from a top Italian motorway group investor who wants to take the company private and revamp it.

Nuova Argo Finanziaria (NAF), which holds a 42% stake in ASTM, said at the weekend it would offer 25.60 euros per share in a new vehicle to buy minority investors at an outlay of up to 1.7 billion euros ($ 2 billion).

This represents a premium of 28.8% over ASTM’s official closing price on Friday.

The NAF said it plans to transform business, adding it will be easier to pursue reorganization of unlisted companies.

The Italian Gavio family are major investors in the NAF along with the infrastructure arm of French private equity firm Ardian.

Ardian agreed to invest in ASTM just days before a highway bridge operated by toll road company Atlantia collapsed in August 2018, killing 43 people.

In response to the tragedy, the Italian government has stepped up investment oversight by concessionaires, establishing a new body to monitor safety standards.

$ 1 = 0.8269 euros Report by Elisa Anzolin, written by Valentina Za; Edited by Kirsten Donovan

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Australia’s securities regulator said the server was hit by a cyber security breach | Instant News


(Reuters) – Australia’s securities regulator said on Monday that there was a cyber security breach on the server used to transfer files including a credit license application on which some information may have been viewed.

The Australian Securities and Investments Commission (ASIC) said it was aware of the incident on January 15 although it appears that a credit license form or attachment was not downloaded.

“While the investigation is ongoing, there appears to be some risk that some limited information may have been seen by threat actors,” the regulator said in a statement late Monday.

The server has been disabled and no other technology infrastructure has been breached, ASIC added.

The incident occurred with file sharing software provided by California-based Accellion. The same software was used by New Zealand’s central bank, which faced cyber attacks earlier this month.

Accellion did not immediately respond to a Reuters request for comment.

Reporting by Rashmi Ashok and Nikhil Kurian Nainan in Bengaluru; Edited by Toby Chopra

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The Italian Ministry of Industry gave the green light for the acquisition of OVS Stefanel | Instant News


VENICE (Reuters) – Italy’s Ministry of Industry on Thursday gave the green light for the acquisition of street fashion brand Stefanel by clothing retailer OVS, a union member said.

The retailer is in exclusive talks to buy Stefanel, which is under a special administration, for a total of 3.2 million euros.

OVS will buy the brand and 23 stores from a total of 27 stores, but will not acquire Stefanel’s headquarters, Margherita Grigolato, of the FILCAMS-CGIL union told Reuters.

Reporting by Riccardo Bastianello, written by Giulia Segreti, editing by Francesca Landini

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UPDATE 1-Italy sees strong 15-year BTP bond orders in sales of new year debt | Instant News


(Adding details, quotes)

MILAN, Jan 5 (Reuters) – Italy gets strong orders for its first syndicated bond issue in 2021, taking advantage of a solid market for eurozone borrowers as investors bet on aid from the European Central Bank and the European Union Recovery Fund.

The Ministry of Finance will sell its new 15-year BTP bonds worth 10 billion euros ($ 12 billion), which received orders for more than 105 billion euros, the highest demand for a 15-year syndicated issue in Italy.

This is the latest syndicated debt sale by state issuers including Ireland and Slovenia on Tuesday.

Luca Falco, Head of UniCredit Capital Markets, said the demand was “very satisfying” especially considering the problem occurred in the first days of this year.

“We see strong demand not only from Italy and the UK, but also from France and Germany,” he said, noting continued interest in Italian government bonds.

A Treasury source told Reuters that the attractiveness of bonds with maturities of 15 years is increasing, with investors seeing them as a good alternative to the coveted traditional 10-year bonds.

The Ministry of Finance’s issuance of bonds in 2020 totaled nearly 551 billion euros and expectations for 2021 are roughly in line with last year.

Sovereign borrowing costs have hovered around record lows since late summer, after the European Union approved funds to help the bloc recover and the ECB continued its asset purchase program.

The Ministry of Finance has set the yield for the new issue, due March 1, 2037, at 8 basis points above the 1.45% March 2036 BTP bond yield, below the initial guidance of around 13 basis points.

A value of 10 billion euros will be issued at a re-offer price of 99.409, equivalent to a gross annual yield of 0.992%.

The 2036 BTP bonds are Italy’s current 15-year benchmark, which Rome sold last February in a syndicated sale, raising orders by more than 50 billion euros.

Barclays Bank Ireland PLC, HSBC Continental Europe, Morgan Stanley Europe SE, Société Générale Inv. Banking and UniCredit are the joint main managers on this issue.

Reporting by Sara Rossi and Valentina Consiglio; editing by Giulia Segreti, Larry King and Emelia Sithole-Matarise

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