Friday, 19 December 2014
Last updated 13 hours ago
Feb 24 2012 | 8:41am ET
Commerzbank made a number of hedge funds very happy yesterday with its plan to swap its cut-rate debt for shares.
The German bank, moving to come into compliance with new European core capital rules, said it would exchange subordinated debt and other such securities for shares. The plan could produce some of the biggest profits for hedge funds of the young year.
Hedge funds have been buying up Commerz and other European bank debt. Some hedge funds managed to buy the Commerz debt for as little to 53 to 60 cents on the euro last year, Reuters reports. Other hedge funds told the news agency that Commerz's announcement has opened another lucrative opportunity.
"What I'm doing this morning is buying bonds off people who can't take equity and hedge it," one manager told Reuters.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.