Latin America

Latin America

Sovereigns shape up for differentiation

Turkey looks to diversify infrastructure debt

Turkey looks to diversify infrastructure debt

Banks not be able to shoulder the debt burden

Corporate securitization: Trouble brews in UK pub sector


Bondholder standoff on the cards at ailing Punch.


Long a poster child for the concept of corporate securitization, the UK’s largest pub group, Punch Taverns, now finds itself at the centre of what could be a spectacular disintegration of the concept. An eyewatering 97% of Punch’s £5.2 billion ($8 billion) pub estate has been securitized – a process driven by former chief executive Giles Thorley, who co-founded Nomura’s Principal Finance Group with Guy Hands in the early 1990s. These deals are, however, now on life support, and the stage is set for a landmark standoff between bond and equity holders over their future....


You must be a trialist or subscriber to view this content

Please Subscribe or take a Free Trial below.