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Archive

  • New Sants goes marching in at Barclays as penalties bite

    Barclays has appointed a new group head of compliance, to replace former regulator Hector Sants, who left the UK bank in November last year on the grounds of stress and exhaustion. The announcement comes as Barclays prepares to release its fourth quarter results, which are understood to contain another set of hefty penalties for misconduct.

  • “We get no pressure from our equity partner Blackstone. It’s not even in discussion.”

    --Mark Floyd, ceo of Exeter Finance Corp., responding to the claim that the firm’s private-equity backers may be pressing too hard for returns, which may have contributed to its recent management turnover.

  • Barclays Tips 10 Names On CDX IG

    Strategist at Barclays in New York have identified 10 names with a greater widening-to-tightening ratio in the North American CDX investment grade index than the index itself, for investors looking for a more favorable risk-reward trade-off than the index.

  • Barclays' Macdonald leaves loan role, more cuts to come

    Barclays swung the axe last week as up to five loans bankers are thought to be facing job losses. Jonathan Macdonald, the bank's managing director, head of loan syndicate for EMEA and Asia Pacific, has already been notified that his position is under review.

  • “We have been looking for the most efficient methods to implement smart passive strategies. NYSE Liffe futures provide us with our preferred smart passive strategy in one transaction.”

    —Chris Darbyshire, cio of Seven Investment Management, on the move by NYSE Liffe to launch futures on MSCI Factor Indices.

  • One Year Ago

    UBS Securities was in plans to offer onshore total return swaps referencing Chinese A-shares, and separately offer equity-linked structured products via a special purpose vehicle structure, such as a trust or a mutual fund, on the back of a relaxation of propriety trading rules.

  • Altice adds value in aftermarket after astute allocations

    A €1.305bn IPO for French cable firm Altice, the largest flotation on Euronext Amsterdam since 2006, has outperformed bankers’ expectations, in some of the most volatile markets for months.

  • Wells, Other Banks Said To Turn Heat Up On CLO Managers

    Wells Fargo and other banks are pressuring managers of the collateralized loan obligations they hold to restructure them to be Volcker-compliant, sometimes as a precondition to buying new deals from those managers, according to people familiar with the matter. Spokespeople at Wells were not able to comment by press time.

  • Naked Sov CDS Ban Could Permanently Damage E.U. Market

    The ban on uncovered sovereign credit default swap trading in Europe could permanently impair E.U.-regulated sovereign CDS markets and cause further market stress when combined with European Central Bank tapering, bank failure and lack of liquidity.

  • Comcel debut surprise brings life to EM high yield

    Guatemalan mobile company Comcel sold $800m of 10 year non-call five bonds on Thursday, defeating the expectations of some EM syndicate bankers who believed that the market was not ready for LatAm high yield borrowers.

  • Linklaters joins HSBC on UK sukuk team

    The UK government has appointed law firm Linklaters to act as legal advisor to assist the UK Treasury in preparing for the country's debut sukuk.

  • GTT hopes LNG exposure helps it sail through volatility

    Gaztransport & Technigaz (GTT) launched a €500m IPO on Friday, with bankers hoping that the French liquefied natural gas container manufacturing firm's exposure to a sought-after sector helps it sail through market volatility.

  • Goldman’s Chavez To Receive Outstanding Contribution Award

    R. Martin Chavez, chief information officer for Goldman Sachs in New York, will receive the Outstanding Contribution Award at the Americas Derivatives Awards on April 22. Chavez, who was selected for the award by senior buyside and sellside officials active in the derivatives markets, will be honoured for his contribution to the development of the derivatives market through his role at the International Swaps and Derivatives Association, as well as his success in developing Goldman’s Equities Franchise, among other areas. The full list of award categories and nominees can be accessed at www.derivativesweek.com.

  • EBA opts for more lenient threshold for EU stress tests

    The European Banking Authority has shaved 50bp off the minimum capital ratio banks must have after the adverse scenario to pass its 2014 stress tests, prompting some market participants to suggest it is being too lenient.

  • EM Names Trigger Vol

    Emerging markets have a habit of triggering volatility compared to their developed market counterparties, as we have seen several times over the last 30 years. The trend was evident towards the end of January with fairly large swings in credit and equity.

  • LMA to produce template docs for European PPs

    The Loan Market Association has formed a working party to produce a template document for use in European private placement transactions.

  • New Issues 1339

    This weeks new issues

  • High yield bid rock steady as issuers defy EM sell-off

    When the going gets tough, high yield investors often get going, too — out of the door. So far, in this bout of tapering-induced risk-aversion, that has not happened. While stockmarkets sold off this week, CDS indices widened and emerging market bonds plunged, high yield issuers in Europe kept launching and printing bonds, writes Stefanie Linhardt.

  • ICBC in $765m deal for Standard Bank's UK arm

    The rise of Chinese bank's activity in EMEA took a leap forward this week after Industrial and Commercial Bank of China announced that it is buying a controlling stake in Standard Bank's London-based global markets business.

  • Russian IPO to be pathfinder out of EM rout

    Bankers this week were betting that the chaos that ripped through the emerging markets will settle over the next month, as they pushed ahead with IPOs for Russian hypermarket chain Lenta with another set to follow, writes Andrew Griffin.

  • ICBC aiming to branch out into EMEA loan market

    The rise of Chinese banks in the EMEA loan market seems to be inevitable. Regulatory changes will allow Chinese subsidiaries to apply for branch status in the UK, opening up the vast balance sheets of parent banks for the first time. Loans bankers at western houses have been keeping a close watch on these sleeping dragons, which this week made their intentions outside of China clear when Industrial and Commercial Bank of China (ICBC) entered into an agreement to buy Standard Bank’s UK arm (see separate story). But this isn't the first move that the Chinese behemoth has made to expand in Europe. Last April, Benny Zachariah was hired to ICBC London with the task of setting up the bank’s loan sales and syndication desk. He talks to EuroWeek’s Michael Turner about the bank’s ambitions.

  • Créd Ag defies choppy senior to land magic 3% on 12 year

    Crédit Agricole will go down as the only bank bold enough to print this week, as senior unsecured issuance was hampered by fears of an emerging market crisis. But its long benchmark showed just why others were wary, as it widened after pricing.

  • Sterling renaissance could mark strategic shift in funding teams

    With dollar funding again stymied, a banner performance in sterling underscored the UK currency’s increasingly strategic appeal to bond issuers, some bankers argued this week — highlighting a rise of almost £1bn in new issues compared with the same period last year. But others see little more than an opportunistic grab at basis swap arbitrage.

  • Orders rain on the regions as Spain sustains the show

    Spain brushed off the threat of contagion from Latin American volatility this week as two of its sub-sovereigns harnessed investors’ fierce appetite for peripheral debt with record-sized deals at close to pre-crisis pricing, writes Craig McGlashan. Madrid and Aragon’s home runs paved the way for more now that the Tesoro has again tightened the spread over the sovereign at which the regions may print.

  • No goody new shoes

    I had a hole in the sole of my banker’s brogues which in this, the wettest January since records began, was another deterrent to walking out for a client lunch in the first month of the year. There are other deterrents, namely having no clients to speak of, the hardship of Subsistence Broking in Austerity Britain and the surrender of the asset class I (notionally) broke. With the January sales drawing to a close, however, it was now or never on the new scoobies front so I limped gingerly round to the shoe shop on the corner to confront the problem foot-on.

  • Banks should try anything, as long as it’s not boring

    With a slew of FIG ECM deals on the way, bank fundraisings — especially in southern Europe — need to be quick, or elegant, or they will die.

  • Banks hit Basel III ratios early, says Fitch

    The global systemically important banks (G-SIBs) have collectively met their Basel III capital requirements five years ahead of time, according to a report from Fitch Ratings.

  • ABN appeals with Kangaroo debut but others must wait

    ABN Amro sold its debut Kangaroo bond on Wednesday, the first from a FIG issuer this year. The issuer managed to more than double its target size, seizing on demand from Australia, Asia and Europe.

  • CM-CIC absorbs €1.5bn but manages to perform

    Core covered bond deals sized at €1.5bn have had mixed success so far this year. Tuesday’s five year from Crédit Mutuel CIC SFH was only moderately oversubscribed but was well placed, trading stably at end of the week.

  • MTN Leak: Luxury or budget?

    Would you rather live in a mansion or a horrible little flat? The answer is obvious, right? But UBS’s David Morland shocked Leak this week — he wants to live in a horrible little flat opposite a mansion.

  • Swiss market open for EM after Cabei

    The Central American Bank for Economic Integration (Cabei) defied a sell-off of emerging market debt on Tuesday to price a curve extending Swiss franc note. The trade’s success, despite other Latin American credits suffering a widening in spreads since January 24, offers a positive sign for further EM issuance in the currency.

  • Czech EP Energy seeks holdco HY debut

    Czech energy utility EP Energy launched its first high yield bond through its holding company on Tuesday, despite a sell-off of emerging market bonds.

  • Job done for Arqiva as £164m bond sells

    Arqiva, the UK broadcasting masts business, returned to the bond market on Wednesday for a bespoke £164m issue from its whole business securitization, which found ample demand, helped by a juicy new issue premium.

  • Secondary activity slows but spreads stay mostly unmoved

    Trading activity in the secondary securitization market slowed this week as buyers and sellers went into wait-and-see mode because of volatility in credit markets. But spreads for bonds were unmoved, with traders saying a sell-off was unlikely.

  • Republic of Finland

  • Orange shines with $1.6bn senior in uneasy US market

    Orange struck a note of defiance on Thursday, as one of only two investment grade companies to issue a dollar bond. Other borrowers were held back by earnings blackouts or put off by volatile markets.

  • Investment Grade syndicated loans-news in brief,January 31,2014

    Telefónica - Ferrovial - INPP - First Citizen Finance - AT&S

  • Ziggo in market for biggest term loan ‘B' since financial crisis

    Dutch cable operator Ziggo has launched a €3.7bn-equivalent term loan ‘B’ to back its takeover by US counterpart Liberty Global, in a deal which bankers have called the largest leveraged loan to rely on institutional investors since the financial crisis.

  • Leveraged loans — news in brief, January 31, 2014

    Patheon cuts margins - Bureau van Dijk launches refi - Scout24 trims €50m off LBO debt

  • Investors go weak at the knees for Finnish 10 year

    The Republic of Finland brought the sole euro benchmark from a core European sovereign, supranational or agency this week, braving a falling euro swap rate to bring a long dated deal.

  • McColl's sets out shop for £50m London flotation

    UK convenience store group McColl’s hopes to raise £50m through a forthcoming IPO, which will see 50% of the company in free float on the main market of the London Stock Exchange.

  • Emerging Market syndicated loans-news in brief,Jan 31,2014

    Tenex - Credit Bank of Moscow - Akbank and ING Turkey - AccessBank - Ak Bars - Senegal

  • EBA cracks down on capital call removal

    The European Banking Authority has confirmed that the removal of call options from legacy capital instruments will count as a new issue and that such bonds will only continue to be grandfathered during the transition into CRD 4 if they have five years or more remaining to maturity.

  • Housing associations find UK pension buyers for PPs

    Housing associations planning to sell privately placed bonds will not be short of demand, as UK pension funds are eager to invest, a spokesman for the industry has told EuroWeek.

  • Metalloinvest denies rumoured facility

    Loans bankers in London are assessing the market for a possible pre-export finance facility for Russia's Metalloinvest, after relationship managers in Russia reported that the firm wanted to raise funds.

  • Hyundai and CredAg-CF go for private placements

    A pair of private placements kept supply ticking over in the primary securitization market this week. Hyundai Capital UK sold its first ever securitization of UK car loans, while Crédit Agricole’s consumer finance arm in the Netherlands sold a rare Dutch consumer loan ABS.

  • Community of Madrid

  • Fresenius back already for €300m 10yr

    High yield darling Fresenius was back in the market on Tuesday — after less than three weeks. The German healthcare company sold an increased €300m 10 year bond, which despite market flutters, traded up.

  • Safestore reaches LTV target with capital raise

    Safestore, the UK self-storage facility provider, has reached its target loan to value ratio of 40% after completing a £32.5m capital raise on Thursday.

  • High-trigger deals going cheap, say analysts

    Investors are not charging issuers enough for the additional risk of high triggers for loss absorption in additional tier one and contingent capital deals, because supply is low and the coupons on these instruments are so enticing, FIG market participants said this week.

  • Ardagh unveils new debt for Verallia buyout

    Ardagh Group has set out a new plan to finance its acquisition of Saint-Gobain's subsidiary Verallia North America, after a delay in winning approval for the deal forced it to cancel the first financing.

  • Ken and the art of M&A cycle maintenance

    The prospect of an IPO of one of the vibrant new forces in M&A advisory is further evidence of the return of big-ticket business, writes David Rothnie.

  • Peso devaluation dashes Argentine issuance hopes

    A plunging Argentine peso has dashed hopes that Argentina could again become a source of cross-border bonds this year, said bankers and analysts.

  • Unitranche backs two mid-cap LBOs

    Alcentra has provided unitranche financing for the buyout of two European companies, as it continues its drive to lend to European midcaps.

  • Rate cuts could shrink commercial paper market

    The European Central Bank could cut its deposit rate to a negative number in the coming months, which will shrink the euro commercial paper market, according to dealers. But not all market participants agree.

  • Robust emerging markets swat away crisis fear after rout

    Despite emergency rate hikes by India, Turkey and South Africa aimed at stopping the rot that tore through emerging market credit and currencies this week, senior bankers and traders insisted that this was not the beginning of a full blown EM crisis. And with the rise in credit spreads far from catastrophic, a blowout deal for Kuwait Projects Company and a healthy pipeline to look forward to, the evidence seemed to stack up in their favour, at least for now.

  • Goldman and US Bancorp spring dollar surprise

    US banks braved volatile markets to continue to tap the dollar market this week, confounding predictions that the recent glut of FIG supply had run its course.

  • UK DMO flooded with demand for linker sale

    Demand for the UK Debt Management Office’s last syndication of the fiscal year this week broke records. A re-opening of the 2068 index-linked Gilt attracted the largest ever book for a UK linker syndication.

  • Oando hopes to avoid repeat long slog with $1.5bn raise

    Oando, Nigeria's largest publicly quoted oil and gas firm, is seeking shareholder approval for a capital raise of up to N250bn ($1.52bn). Last year, the company struggled through a deal a fifth of the size.

  • Regulators must act on ABS before it is too late

    When Mario Draghi said — for the second time— that the ECB would consider buying ABS to boost Europe’s economic prospects, everyone took note. Everyone, it seems, except Europe’s regulators, who have shown a reluctance to change their anti-securitization tack. It is time for them to swallow some pride and roll back the harshest securitization regulation — before it is too late.

  • Italian borrowers snub EM volatility to issue longest covered bonds

    The covered bond market showed its mettle this week as two peripheral issuers spurned emerging market volatility to price large, long dated benchmarks which drew exceptional demand.

  • Deutsche IB revenues fall as pay cuts bite

    Deutsche Bank cut pay and compensation at its investment bank by 23% in the fourth quarter, with senior management satisfied with progress made at the halfway point in the firm's broader streamlining plan, dubbed Strategy 2015+.

  • Telecom Italia calls hybrid stripped of equity credit, vows IG return

    Telecom Italia announced on Wednesday morning that it intended to call its €750m hybrid capital bond – the only one it has issued so far – after Moody’s stripped away the deal’s 50% equity credit last year.

  • UK GBP4.75bn Mar 68 tap

  • Banco Popolare gets out first to beat periphery bank deluge

    Banco Popolare, Italy's fourth-largest bank, launched a €1.5bn capital raise late on January 24, looking to beat its rivals and seize on positive investor sentiment before the ECB's Asset Quality Review later in the year.

  • Softening pushes VW pricing wider as spreads converge

    Volkswagen priced its latest VCL auto lease securitization wider than both VCL deals it priced in 2013, as spreads between different programmes in the German auto ABS sector continued to converge.

  • Puma, HY/EM mix, shrugs off wobble

    Oil products company Puma Energy priced its debut high yield bond in line with guidance on Tuesday, relying on broad appeal to a varied investor base to overcome the sell-off in emerging market credits.

  • National Grid goes solo for €300m tap

    National Grid, the UK electricity transmission company, was the only European investment grade company to issue a public bond in the European market on Tuesday. Its €300m tap was no show-stopper, but at least proved a price-sensitive issuer could get a deal done.

  • Japanese buyers join euro investors eager for regional paper

    A pair of French regional issuers could soon join a German sub-sovereign in selling long-dated private placements in yen. Japanese investors are coming late to the party as the regions have already begun to extend their maturities.

  • Löwen Play gambles with refi, divi junk bond

    Löwen Play is the latest in a spate of gambling companies entering the high yield bond market. The German company, owned by Ardian — the former Axa Private Equity — is looking for €265m of floating rate notes.

  • FMG closes senior stage of M&A loan

    Germany's Funke Mediengruppe has closed the senior syndication of €980m of loans supporting its acquisition of newspaper and magazine assets from fellow publisher Axel Springer.

  • Orange finds perfect break in EM storms for €2.8bn hybrid

    Orange, the former France Télécom, may not have felt luck was on its side on Thursday January 23. As it was about to begin the roadshow for its first hybrid capital issue, investor sentiment was soured by fear of an emerging markets meltdown.

  • Comcel surprises with debut in unsure market after Santiago blowout

    Guatemalan mobile company Comcel sold $800m of seven year non-call four bonds on Thursday, defying the expectations of some LatAm syndicate bankers who believed that the market was not ready for new high yield borrowers.

  • Banks should try anything to build capital — just don’t be boring

    With a slew of FIG ECM deals on the way, bank fundraisings — especially in southern Europe — need to be quick, or elegant, or they will die.

  • ČEZ exchangeable taps investors' demand for IG paper in Czech debut

    A €470.2m exchangeable bond from ČEZ, the first equity-linked transaction from the Czech Republic, saw a surge of demand from investors hungry for investment grade paper.

  • Heathrow makes big saving via StormHarbour linker PP

    Heathrow Airport raised £200m of inflation-linked debt in December through a private placement arranged by StormHarbour, it was announced this week.

  • No 100 year euro plans for EDF

    After Electricité de France issued a 100 year dollar bond on Monday January 13 and the first ever 100 year sterling bond in a wildly successful £1.35bn sale on Friday January 17, Europe’s bond market has been thick with speculation about further century bond issues.

  • Sberbank Europe 100bp all-in pricing well below expectations

    Sberbank Europe has priced its debut €400m one year deal at 100bp all-in. This is well below both lenders' expectations and the price its parent bank pays.

  • Israel’s B Com seeks euro, dollar HY debut

    B Communications, the holding company of Israeli telco Bezeq, wants to sell a $775m-equivalent high yield bond in euros and dollars.

  • Central bank interest makes Canadian dollars look sweet

    The European Investment Bank reopened the Canadian dollar market for SSAs on Wednesday, selling a five year benchmark. The widespread appeal of the deal, particularly to central banks, could encourage other issuers to turn their attention to the currency, according to syndicate bankers.

  • EM exit brings benefits

    It has been a trying week for emerging market bankers and issuers, but both fund flows and credit spreads indicate that it wasn’t a shocking one. And the flight from EM funds into the European periphery that has been underway for some time will benefit both markets.

  • Moves in Brief, 31 January

    Exotix appoints global head of loans — RenCap continues equity sales drive with VP hire

  • Tool renter HSS on target with £200m HY

    HSS Hire, the UK tool and equipment hire business, priced its debut high yield bond on Wednesday, in line with guidance.

  • WL Bank wins over central banks with three year

    WL Bank priced the shortest fixed rate euro denominated covered bond of the year on Tuesday, at the tightest spread of any transaction since November 2012. Bankers off the deal questioned why any investor would pay such a tight price, while those on the deal said the cheap funding reflected the issuer’s high quality appeal.

  • UniCredit opens MTN hub in London

    UniCredit has hired Konrad Merkofer and Anshuman Mehta as MTN dealers based in London. They are the first MTN bankers for UniCredit to be based in the city. They will supplement the team based in Munich.

  • Turkish banks are still kings of the loan market – poll

    The loan market is at the mercy of Turkish financial institution borrowers when it comes to pricing, according to EuroWeek Loans' latest poll.

  • Blocks to subside but IPOs finally arrive

    The first real stabs of volatility have hit secondary markets over the last week, which most bankers expect to continue over the coming days and to spike any hopes of overnight trades during the next week. But the long-promised IPO supply should begin to arrive at the beginning of February, with some of it coming from surprising names and sectors.

  • Equity Capital Markets, News in Brief —January 31, 2014

    Record revenues — Genmab — Prime Office REIT — North Atlantic — Espirito Santo Irmaos

  • Jaguar drives by for £400m

    Jaguar Land Rover drove by with an increased high yield bond on Tuesday. It attracted strong demand, allowing bookrunners to add £100m to the planned £300m eight year issue and price it tightly.

  • Aareal opens secret club with public five year

    German lender Aareal Bank brought a very private deal to the public markets this week, launching a five year senior unsecured club deal after foregoing the usual indications of interest and price guidance processes and opening books with the spread already set.

  • MTN Leak: Luxury or budget?

    Would you rather live in a mansion or a horrible little flat? The answer is obvious, right? But UBS’s David Morland shocked Leak this week — he wants to live in a horrible little flat opposite a mansion.

  • Update: Eight Dealers Scramble To Bid For Final ING Sale, But Investors May Hesitate

    Eight dealers scrambled Tuesday to submit bids for the Dutch government’s third and final sale of $2.1 billion in ING’s remaining private-label residential mortgage-backed securities portfolio, but investor demand may not be quite as high as the previous ING sale in mid-January.

  • MTNs: Citi nips ahead of BNPP into first place

    Dealers of private EMTNs: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of < 365 days Dealers of private EMTNs including self-led: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers and issues with a term of < 365 days Dealers of structured EMTNs including self-led: Structured, non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, puttable FRNs and issues with a term of < 365 days

  • All Equity Capital Markets league tables

    Dealogic league tables of ECM transactions, last 12 months rolling.

  • All Revenue league tables

    Dealogic league tables of total revenue transactions, full year 2013. Including Investment Banking, Debt Capital Markets, Equity Capital Markets, Mergers & Acquisitions and Syndicated Loan revenues.

  • All Syndicated Loans league tables

    Dealogic league tables of loans transactions, last 12 months rolling.

  • Kuwait Projects Company $500m 4.8% Feb 19

  • Barclays Senior Credit Salesman Departs

    Barclays has seen a slew of senior officials depart from its investment banking division in Asia Pacific, including Jim Vore, managing director in credit sales in Singapore.

  • CEEMEA needs to nuture the euro market this year

    The wave of CEEMEA sovereigns tapping the euro market before the volatility of this week was hailed by most as a temporary aberration from the norm. But issuers with large funding needs should take this opportunity to start nurturing this market more carefully and become regular issuers in both dollars and euros in the same way that the more sophisticated western SSA issuers operate.

  • All Bonds league tables

    Dealogic league tables of bond transactions, last 12 months rolling. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

  • No clouds in the sky for sukuk, just the usual January mist

    January may have been a wash out for Middle East bonds and sukuk issuers as well as the British public, but one of those groups still has every reason to hope that things will improve.

  • International bonds league tables

    Dealogic league tables of bond transactions, last 12 months rolling. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

  • All Asian league tables by sector

    Dealogic league tables of Asian transactions, last 12 months rolling. Including Bonds, ECM, Syndicated Loans, Mergers & Acquisitions.

  • Swap Dealers Return To Voice Trading

    Market participants have returned to voice trading of swaps since swap execution facilities went live in the U.S. on Nov. 1, resulting in a drop in volumes on electronic trading platforms.

  • Monthly issuance volumes 2013-2014

    Asian currency issuance volumes from the past 3 months.

  • All Asian local currency bonds league tables

    Dealogic league tables of Asian local currency bond transactions, last 12 months rolling. Including All Asian (ex Japan) currency bonds, all offshore renminbi bonds, Hong Kong dollar, Korean won, Chinese renminbi, Indian rupee, Taiwanese dollar, Indonesian rupiah, Singapore dollar, Thai baht and Malaysian ringgit.

  • Asian currency bonds, January 22-29 2014

    Asian currency bonds from the past week

  • VCL Prices Wider As Spreads Converge Across Autos

    Volkswagen priced its latest VCL auto lease securitization wider than both VCL deals it priced in 2013, as spreads between different programs in the German auto asset-backed securities sector continued to converge.

  • Implementing TBA Margin Practices: Not An ‘Option’

    By Ted Leveroni, head of derivatives strategy, Omgeo In November 2012, the Federal Reserve Bank of New York’s Treasury Market Practices Group (TMPG) put forward a recommendation for forward-settling agency mortgage backed securities (MBS) transactions to be margined in order to better manage counterparty exposures.

  • VCL is priced wider than usual as yield hunt intensifies

    Volkswagen priced its latest VCL auto lease securitization wider than both VCL deals it priced in 2013, as spreads between different programmes in the German auto ABS sector continued to converge.

  • Safestore reaches LTV target with capital raise

    Safestore, the UK self storage facility provider, has reached its target loan to value ratio of 40% after completing a £32.5m capital raise on Thursday.

  • Corporates shun European market as Orange brings dollar senior

    “You first” could be the motto of European corporate borrowers at the moment, as the new bond issue market fell silent again on Thursday after the excitement of Orange’s €2.7bn hybrid debut on Wednesday.

  • Safestore amends banking lines as it hits deleveraging target

    UK self storage provider Safestore has extended the maturity of its banking facilities on improved terms as it reaches its target for a reduced leverage ratio.

  • Scout24 trims €50m off loan after sale of Swiss websites

    Scout24, the German online directories and listings company, has reduced the size of its €645m term loan ‘B’ by €50m, after selling its Swiss business to e-commerce firm Ringier Digital.

  • HSS sells high yield bond for refi, dividend in line with guidance

    HSS Hire, the UK tool and equipment hire business, priced its debut high yield bond yesterday in line with guidance.

  • Ferrovial on verge of signing €750m loan

    Spanish infrastructure firm Ferrovial is due to sign a €750m self-arranged loan imminently, according to loans bankers.

  • Kipco conquers, but window for new issues slams shut behind them

    Kuwait Projects Company’s $500m five year bond was hailed as a success with tight pricing and good size, but bankers said that as emerging market local currencies resumed their sell off, little other paper from the CEEMEA region is expected this week. Lead managers on the deal were divided as to whether the Kipco demand is indicative of CEEMEA appetite more broadly for the week ahead.

  • Israel's B Com seeks $775m high yield bond in euros, dollars

    B Communications, the holding company of Israeli telco Bezeq, wants to sell a $775m-equivalent high yield bond in euros and dollars.

  • Créd Ag wider in soft senior as Fed suppresses sentiment

    Crédit Agricole’s 12 year bond closed at reoffer on Wednesday having traded wider after pricing, but was sliding wider again on Thursday in line with a nervy market that ruled out any follow-on supply.

  • Morocco receives helping hand from IsDB

    The Islamic Development Bank (IsDB) has signed an Mr1.8bn ($220m) financing facility with Morocco for drinking water supply projects in Agadir and Chtouka Ait Baha, and the olive sector for small farmers.

  • Exotix appoints global head of loans

    Investment banking firm Exotix Partners has moved one of its employees, Andrew Chappell, to be global head of loans and claims, as it continues to broaden its debt and equity capital markets business.

  • Oando Energy Resources set for $50m raise

    Oando Energy Resources, a Toronto-listed Nigerian oil firm that holds interests in capital markets regular Oando, is set to raise $50m through a capital increase.

  • Rate cuts could shrink ECP market

    The European Central Bank could cut its deposit rate to a negative number in the coming months, which will shrink the euro commercial paper market, according to dealers. But not all market participants agree.

  • Suek success makes general syndication possible

    Russia's Siberian Coal Energy Co (Suek) might take its five year pre-export finance facility into general syndication after it closed at $1.5bn in senior syndication with commitments of more than $2bn.

  • Volatility Exchange-Traded Products Expected In Korea

    The Korea Exchange will encourage asset managers later this year to use volatility futures as underlyings for exchanged-traded products, such as exchange-traded funds or exchange-traded notes.

  • Korea Regulator Plans Erroneous Trading Fines

    South Korea’s Financial Services Commission plans to impose sanctions in the form of fee assessments against parties involved in erroneous trading orders.

  • Sumitomo pots 154% rise in Q3 profit

    Sumitomo Mitsui Financial Group posted net profits of ¥704.7bn ($7.3bn) for nine months 31 December 2013, up 154% from same period late year and leaving it just 6% away from its full year forecast of ¥750bn.

  • Guotai Junan rises to HK$3.3bn

    Guotai Junan Securities had a stellar reception to its loan in general syndication, with an oversubscription allowing the company to more than double its deal to HK$3.3bn ($425m) from the original HK$1.5bn.

  • Nomura 3Q profits soar by 6.7 times

    Japanese bank Nomura has seen its pre-tax profits for the third quarter ending December 31, 2013 rise to ¥86.9bn ($826m) — an impressive jump of 6.7 times year on year. While its retail division has contributed a large chunk to this strong results result, pre-tax profits at its wholesale arm appear to be struggling.

  • Corpbanca bonds flat on Itaú merger as Fed surprises no one

    The decision by the US Federal Open Market Committee (FOMC) to slow its bond buying programme by a further $10bn per month had little effect on LatAm bond markets, said traders, as EM-specific concerns override US Treasury bond movements.

  • SBI downsizes block to $1.2bn due to price sensitivity

    The State Bank of India has raised around $1.2bn through a block sale, which ranks as the largest Qualified Institutional Placement in the country. However the borrower raised less than the $1.5bn it hard hoped for as the price was too high for some investors, even at the bottom end of the range.

  • Investors want name recognition from Chinese property

    Chinese property has been the most active sector in the bond market so far this this year, and for that reason has suffered more than others in a weak secondary market. But fund managers and syndicate officials are confident that the well known and trusted credits will have no trouble attracting interest, although debut borrowers are going to have to tread carefully.

  • Astra Sedaya picks 11 banks for $500m

    Astra Sedaya Finance has picked a group of 11 banks to arrange its $500m three year financing, tentatively scheduled to launch into syndication in mid-February.

  • China and India to drive DR issuance in 2014: BNY Mellon

    Increasing demand for international diversification by investors is going to propel depositary receipts issuance for 2014. Asian companies, particularly Chinese and Indian names, are going to be the driving force, according to BNY Mellon.

  • United Kingdom

  • Deutsche Bahn

  • Chu Kong Petroleum contemplates primary dim sum in adverse conditions

    Chu Kong Petroleum & Natural Gas Steel Pipe Holdings has completed a series of fixed-income investor meetings in Singapore and Hong Kong which could result in the company’s first ever bond. However, a profit warning from the company has led bankers to question why a first-time issuer would court investors in such difficult market conditions.

  • DBS in Shanghai FTZ trade financing first, HSBC opens sub-branch

    The first trade financing by a foreign bank operating in the new Shanghai pilot Free Trade Zone (FTZ) has been completed, with the sub-branch of DBS’s Chinese operation arranging a cross-border foreign currency letter of credit for Jeans International Trading, a company based in Zhejiang.

  • China Resources powers up HK$6.4bn in general

    China Resources Power Holdings launched its HK$6.4bn ($824m) five year loan into general syndication on January 29 via an eight member bookrunning group. But some bankers have already turned away from the transaction due to excess exposure to the parent company.

  • ONGC Videsh seeks new $725m acquisition loan

    ONGC Videsh, the international arm of Oil and Natural Gas Corp, is seeking a new $725m one year bridge loan, with a group of seven to nine banks expected to win the mandate.

  • Pakistan closes loan at $172.5m with nine

    Bankers working on the Ministry of Finance of the Islamic Republic of Pakistan’s loan have wrapped up syndication at a final deal size of $172.5m.

  • Uniqlo parent eyes Q1 HK secondary listing

    Fast Retailing, the operator of Japanese clothing chain Uniqlo, will pursue a secondary listing in Hong Kong at the beginning of March, it announced late last week.

  • Offshore RMB DCM Bookrunner Rankings by Non-Chinese and Non-Hong Kong Issuers: 30-01-14 YTD

  • RBS hires ANZ banker to head SE Asia bond syndicate

    RBS has hired two bankers to join its debt capital markets team in Asia, including a new head of bond syndicate for southeast Asia.

  • Deutsche promotes Pandit in ECM reshuffle

    Deutsche Bank has promoted its head of ECM Asia, Ashok Pandit, to a new role covering sovereign wealth funds and is moving a senior equity banker from its European team to replace him.

  • Indian government poised for flurry of divestments as $1.2bn SBI trade shows market window is open

    India has failed to meet its disinvestment targets for five years and the current financial year had looked to be no different. But the launch of State Bank of India’s Rs78.3bn ($1.2bn) block has shown there is a window of improved market conditions and it could be the first of several government sell-downs, although broader primary market activity might still be limited, write Clare Hammond and Rev Hui.

  • Huadian Fuxin Energy in $152m HK private placement

    Chinese energy company Huadian Fuxin Energy sold HK$1.18bn ($152m) worth of shares in a private placement last Sunday.

  • Formosa heats up market with $700m five year

    Formosa Plastics Group has launched a $700m five year loan into syndication, and has quickly hit the radars of Taiwanese bankers by offering a margin of 200bp over dollar Libor.

  • Plenty of interest, but SGD loan prospects dim

    Singapore dollar loans are back in the limelight, with a debut from Geo Energy Resources joining a club from SingTel and a syndication from Savu Investments in the market. Geo Energy’s deal is small, at just S$75m ($58.7m), but it has attracted attention as the company is seeking local currency despite having most of its operations in Indonesia, writes Rashmi Kumar. However, bankers do not think that is the start of a trend.

  • All eyes on RQFII as JP Morgan gets Rmb1bn and Singapore throws doors wide open

    JP Morgan Asset Management has been granted the biggest Renminbi Qualified Institutional Investor (RQFII) quota yet awarded to a foreign financial institution by China’s State Administration of Foreign Exchange (Safe). The news came just days after the Monetary Authority of Singapore (MAS) excited the market by kicking off an RQFII application process that allows participation by a broader set of institutions than Hong Kong.

  • Alternative payments providers need bank allies to benefit from region’s potential

    Alternative payments systems are growing fast in the region, and offer major potential. However aspiring providers will need to ally with regional banks to better navigate regulations and appeal to local customers, argues payments provider WorldPay.

  • ASIAMONEY Country Deals of the Year 2013: Malaysia

    Each year we reveal the most impressive individual transaction to have taken place in each major Asian market. In Malaysia, Khazanah Nasional gains strong interest in its latest exchangeable bond, an Islamic bond denominated in Singapore dollars.

  • Spread slump ends record run but restart not in doubt

    Asia’s dollar bond market rounded off this year's record run with a pause this week ahead of Chinese New Year, after a sell-off that left most new issuance well wide of reoffer. Bankers and buyers pointed to Chinese PMI figures, weakness in the wider emerging markets and even US housing data. But most remained confident that fundamental demand would allow a strong restart after the holidays, writes Steve Gilmore.

  • China XD enjoys debut success in small size

    China XD Plastics made its debut in the bond market last Friday, pricing a $150m five year deal. The size was smaller than issuer had hoped when it first approached investors late last year, but the fact that it won over buyers unfamiliar with its business and sold a successful bond in a difficult market made the transaction more satisfying than most, said a banker on the deal.

  • Tata Communications connects for $240m loan

    Tata Communications has picked three banks to arrange a $240m financing, its first loan for more than three years.

  • Gazprombank returns to take bigger dim sum

    Gazprombank returned to the offshore renminbi market on January 23, raising double the amount it managed on its debut last year and becoming the first Russian issuer to tap the CNH market in 2014. The third largest bank in Russia also made use of a strong existing European investor base, attracting the biggest demand from that region for a CNH bond this year.

  • Redco Properties prospers with $129m IPO

    Shenzhen-based Redco Properties this week became the last issuer to price a Hong Kong IPO before the start of the Chinese New Year, raising HK$1bn ($129m) last Friday.

  • Crédit Agricole

  • Offshore RMB DCM Bookrunner Rankings by Chinese and Hong Kong Issuers: 30-01-14 YTD

  • Australia DCM Bookrunner Ranking - Last 12-month rolling

  • Indonesia eyes stock liquidity boost with minimum float

    The Indonesian Stock Exchange has stepped up attempts to improve liquidity and market participation, announcing on Monday that companies must comply with a new minimum float requirement scheduled to kick in on Friday.

  • Chu Kong contemplates debut in adverse conditions

    Chu Kong Petroleum & Natural Gas Steel Pipe Holdings has completed a series of fixed income investor meetings in Singapore and Hong Kong that could result in the company’s first ever bond. But bankers questioned why a first-time issuer would court investors in such difficult market conditions.

  • Wanda bankers defend premium on 10 year bond

    Dalian Wanda Commercial Properties came under criticism this week from bankers who said it paid a hefty premium on last week's $600m 10 year bond to establish a longer dated dollar curve. But bankers on the bond, priced on January 23, argued that a stable performance shortly after pricing vindicated the final yield. The bonds subsequently fell, but the broader emerging market sell-off meant that this widening said little about the initial pricing.

  • Geo Energy, Savu drill for Singapore dollars

    Singapore-based Geo Energy Resources and Savu Investments have launched their respective Singapore dollar loans into syndication. While the former is making its debut in the loan market, the latter is returning after a six year absence.

  • Offshore RMB DCM Bookrunner Ranking - Last 12-month rolling

  • If in doubt, reach for the accent

    The start of a new year is tough on loans bankers, who have to content themselves with looking enviously at all the business their bond colleagues rack up in January. This year has been no different, with one of my old banking cronies recently feeling the impact of a lack of action.

  • CIT’s Remaining FFELP Portfolio Up For Grabs

    CIT Group today marked for sale $3.4 billion in its remaining legacy Federal Family Education Loan Program portfolio, which it plans to sell this quarter, with Nelnet and Sallie Mae standing as the strongest potential buyers.

  • StormHarbour finds new investor for £200m Heathrow linker

    Heathrow Airport raised £200m of inflation-linked debt in December through a private placement arranged by StormHarbour.

  • FCA To Take Proportionate Approach To Enforcing Trade Reporting

    The Financial Conduct Authority will deal with breaches of the trade reporting mandate with a “proportionate response” after the start date for trade repository reporting of Feb. 12.

  • Job done for Arqiva as £164m bond is oversubscribed

    Arqiva, the UK broadcasting masts business, returned to the bond market today for a bespoke £164m issue from its whole business securitisation, which found ample demand, helped by a juicy new issue premium.

  • Sun shines on Orange for a morning – long enough for €2.8bn hybrid blowout

    Orange, the former France Télécom, may not have felt luck was on its side last Thursday, when on the eve of the roadshow for its first hybrid capital issue, markets lurched downwards as investors fretted about weak emerging market economies.

  • Cuomo Appointment Fast-Tracks $8.5 Bln BofA Settlement Decision

    The New York judge reviewing an $8.5 billion settlement between mortgage bond holders and Bank of America was appointed this month by Gov. Andrew Cuomo to an appellate court, a development that will likely accelerate a decision before she leaves office this Friday.

  • Dutch Arm Of CredAg Consumer Finance Sells Consumer Loan ABS

    Crédit Agricole Consumer Finance Nederland has privately placed a rare securitization of Dutch consumer finance loans.

  • Hyundai Capital Raises £300M In Debut UK Auto ABS

    Hyundai Capital U.K., the auto finance provider for Hyundai and Kia dealers in the U.K., has privately placed a debut U.K. auto loan asset-backed securities deal.

  • Exeter Departures Not Impacting Deal Execution; CEO Says “No Pressure” From Blackstone

    Executive departures from Exeter Finance Corp. and concerns that its private-equity backer Blackstone Group is exerting too much pressure on the firm to meet return targets do not appear to have impacted execution on Exeter’s upsized $650 million EART 2014-1 subprime auto deal this week.

  • Fast Money, Loan Desks Tap Receivers On Main

    Fast money investors and loan desks have been seen buying short-dated and slightly out-of-the-money iTraxx Main receivers this week, after the index moved in an intraday range of nine basis points and five bps in the last two days.

  • Deutsche Bahn follows Swedish success with Swissie

    Deutsche Bahn tapped the Swiss franc bond market on Wednesday, selling a new long 10 year note. The issuer was able to increase the trade despite volatility earlier in the week and a tight price compared to outstandings.

  • Hyundai Capital raises £300m in debut UK auto ABS

    Hyundai Capital UK, the auto finance provider for Hyundai and Kia dealers in the UK, has privately placed a debut securitization of UK auto loans.

  • Norway's North Atlantic sets pricing for NY IPO

    North Atlantic Drilling, the Norwegian offshore oil firm, has set the pricing for the 13.5m new shares to be issued in its New York IPO at $9.25 each.

  • Dutch arm of CredAg Consumer Finance sells consumer loan ABS

    Crédit Agricole Consumer Finance Nederland has privately placed a rare securitization of Dutch consumer finance loans.

  • ASIC Accepts BNP Undertaking Over Benchmark Submissions

    The Australian Securities and Investments Commission has accepted an enforceable undertaking from BNP Paribas in relation to potential alleged misconduct involving the country’s benchmark, the Australian Bank Bill Swap Rate.

  • Hot response helps Goldpoly with $106m increased block

    Solar plant operator Goldpoly New Energy Holdings raised HK$826m ($106m) on January 23 after strong demand from investors encouraged the issuer to enlarge the trade by 14%.

  • Equity Bigwigs Prep Event Driven Fund

    David Benayoun, a former event driven portfolio manager at HSBC in London, and Marc Ohayon, a former senior equity derivatives flow salesman at Barclays in London, are to launch a global event driven hedge fund.

  • LMA to produce template docs for European PPs

    The Loan Market Association has formed a working party to produce a template document for use in European private placement transactions.

  • Azerbaijan's AccessBank prepares to launch debut loan

    Azerbaijan's AccessBank has mandated Raiffeisen Bank International to co-ordinate its debut syndicated loan.

  • Jaguar, Fresenius bring increased intraday high yield deals

    Frequent issuers Jaguar Land Rover and Fresenius were back in the high yield market on Tuesday, selling increased high yield bonds intraday.

  • Whitbread covers mid-term funding needs with loan extension

    Whitbread, the UK hotel, restaurant and coffee shop operator, has signed an amendment to an existing £650m syndicated loan to increase its maturity by two years.

  • Austria's AT&S shines in Schuldschein market

    Austrian computer parts maker AT&S has launched a $75m Schuldschein. The size is expected to be increased after investors pounced on the deal.

  • Unitranche backs PE buyout of Impetus Waste Management

    Alcentra has provided debt backing the acquisition of the UK’s Impetus Waste Management by Agilitas Partners and the company's management, as it continues its drive to lend to European midcaps.

  • HSS Hire releases guidance for high yield debut

    HSS Hire has released yield guidance in the 6.75% area for its 5.5 year high yield bond.

  • Löwen Play brings German gambling to high yield market

    Löwen Play is the latest in a spate of gambling companies entering the high yield bond market. The German company, owned by Ardian — the former Axa Private Equity — is looking for €265m of floating rate notes.

  • Tenex mandates for new loan

    Russian state owned nuclear energy firm Tenex has approached the loan market for a $500m five year deal.

  • Bureau van Dijk launches €670m of loans for refi and dividend

    Bureau van Dijk, the Belgian publisher of business intelligence, has launched a €670m loans package to refinance debt and fund a dividend to its private equity owner Charterhouse.

  • Bank meeting packed as Ziggo markets €3.7bn Liberty loan

    Potential investors flocked to Ziggo’s bank meetings on Tuesday, as the Dutch cable company began to market a €3.735bn-equivalent eight year term loan ‘B’.

  • Deutsche investment banking revenues fall as pay cuts bite

    Deutsche Bank cut pay and compensation at its investment bank by 23% in the fourth quarter, with senior management satisfied with progress made at the half-way point in the firm's broader streamlining plan, dubbed Strategy 2015+.

  • North Atlantic Drilling sells unrated HY bond at wide end

    North Atlantic Drilling, the Norwegian offshore drilling company, priced its high yield bond at the wide end of guidance on Tuesday. The $600m of 2019 notes came at 6.25%.

  • Kipco ignores EM rout to build $3bn book

    Books for Kuwait Projects Company $500m five year bond are at $3bn, breaking the tension in CEEMEA with a clear demonstration that investors are still willing to buy some paper after the emerging market sell off early this week.

  • Créd Ag reaches for magic 3% with 12 year

    Crédit Agricole cracked open the long end of the euro senior unsecured market on Wednesday, striving to offer investors an attractive coupon without giving too much away in terms of spread.

  • Ak Bars goes bigger with second Islamic loan

    Ak Bars Bank, from the Russian federal subject of Tatarstan, has signed a $100m murabaha facility with international banks.

  • Russian IPOs push on despite uncertainty, as Lenta, Credit Bank of Moscow look to IPOs

    Bankers are pushing ahead with IPO plans for Russian hypermarket chain Lenta could and Credit Bank of Moscow, casting a vote of confidence for the equity markets in Russia and the emerging markets despite ongoing market volatility in the region.

  • IsDB and Senegal agree $144m of financing facilities

    The Islamic Development Bank (IsDB) and Senegal have signed facilities totalling $144m for the financing of three social projects in the west African country.

  • ICBC in $765m deal for Standard Bank's UK arm

    The rise of Chinese bank's activity in EMEA took a leap forward today after Industrial and Commercial Bank of China announced that it is buying a controlling stake in Standard Bank's London-based global markets business.

  • Investors still keen for Turkish PPs

    Despite the recent sell off in emerging market credits, investors remain interested in Turkish bank private placements, according to MTN dealers.

  • Puma Energy defies EM wobble with crossover appeal

    Oil products company Puma Energy has priced its debut high yield bond in line with guidance on Tuesday, relying on broad appeal to a varied investor base to overcome the sell-off in emerging market credits.

  • ABN dazzles with Kanga debut but others must wait

    ABN Amro sold its debut Kangaroo bond on Wednesday, the first from a FIG issuer this year. The issuer managed to more than double its target size, seizing on demand from Australia, Asia and Europe.

  • Fitch sees banks hit Basel III ratios early

    The global systemically important banks (G-SIBs) have collectively met their Basel III capital requirements five years ahead of time, according to a report from Fitch Ratings.

  • Credit Bank of Moscow tussles with lenders over loan pricing

    Credit Bank of Moscow is in talks with banks for a new one year club deal. The amount and terms have not been set yet, though lenders and the borrower are in tough negotiations over the price.

  • Sberbank hires for global markets

    Sberbank CIB has hired Sergio Soler as a senior trader of precious metals trading and Franck-Eric Fischer as a senior oil trader. They started this month in Moscow, reporting to Francois Mantion, head of commodity trading.

  • High yield powers on amid EM-induced turbulence

    Financial markets have had their first mauvais quart d’heure of 2014, but nobody told the high yield market. Frightened that emerging markets might be falling apart, stock markets fell for three days and the iTraxx Crossover index widened by 40bp — but it hasn’t stopped the march of high yield deals.

  • SSAs set for a sterling year

    Sterling could be a go-to currency of 2014 for euro funding sovereign, supranational and agency issuers as the euro/dollar basis swap has left dollars looking less attractive and tight dollar swap spreads have some investors picking government bonds over spread products.

  • Aareal keeps it simple for five year club

    German lender Aareal Bank was building a strong orderbook for a five year senior unsecured club deal on Wednesday morning, with its leads foregoing the usual indications of interest and price guidance processes and opening books with the spread already set.

  • EM rout shakes investors, but new issues restart

    Emerging market bond bankers have been unnerved by the sell-off in their asset class this week. But as trading stabilised on Tuesday and interest rate hikes in Turkey and India calmed local currency selling, a new issue emerged from Latin America and bankers hope others in CEEMEA may not be far behind.

  • RenCap continues equity sales drive with VP hire

    Renaissance Capital has hired a new vice president for its equity sales team, the latest in a run of expansions to its senior staff.

  • Sberbank Europe all-in pricing well below expectations

    Sberbank Europe has priced its debut €400m one year deal at 100bp all-in. This is well below both lenders' expectations and the price its parent bank pays.

  • Covered bonds dominate as FIG recovers from slump

    The covered bond market is taking the limelight this week, with five borrowers from Germany, France and Italy issuing deals at vastly different funding levels, and with very different outcomes. Senior was slower to start, after last week’s sell-off, and while capital deals are promised, they have yet to materialise.

  • Cabei ignores EM woes in Swiss return

    The Central American Bank for Economic Integration (Cabei) defied a sell-off of emerging market debt on Tuesday to price a curve extending Swiss franc note. The issuer’s strong reputation among Swiss investors allowed it to hit its maximum size target at a modest new issue premium, despite other Latin American credits suffering widening spreads since January 24.

  • Santiago Metro blowout signals strength as EM stabilises

    The operator of Santiago de Chile’s metro was rewarded for betting that shaken asset classes in emerging bond markets would remain stable on Tuesday with a heavily oversubscribed $500m 10 year debut.

  • OTC Options Drive Decline In U.S. FX Volume

    Average daily volume in over-the-counter fx instruments in the U.S. in October 2013 totaled USD816 billion, 19% down on April 2013, according to results of a survey released by the Foreign Exchange Committee of the Federal Reserve Bank of New York.

  • Nomura poaches head of Apac rates strategy from SocGen

    Nomura has hired a new Singapore-based head of rates strategy for Asia ex-Japan, from Société Générale.

  • Asia (ex Japan) Syndicated Loans Bookrunner Ranking - Last 12-month Rolling

  • North Asia DCM Bookrunner Ranking - Last 12-month rolling

  • ASIAMONEY Country Deals of the Year 2013: Indonesia

    Each year we reveal the most impressive individual transaction to have taken place in each major Asian market. In Indonesia, CVC Asia draws in a top-quality crowd of support when offering a slice of shares in Matahari Department Store.

  • Asia FX experts predict North-South currency divergence

    Five of the region's leading foreign exchange strategists offer their views on how the tapering of US quantitative easing and regional volatility will affect currency performance in 2014.

  • Dealers Scramble To Bid For Final ING Sale, But Investors May Hesitate

    Dealers today scrambled to submit bids for the Dutch government’s third and final sale of $2.1 billion in ING’s remaining private-label residential mortgage-backed securities portfolio, but they may be met with more investor hesitancy than the previous sale when they turn around to sell the bonds, according to market participants.

  • OCC Targets S&P 500 Options Clearing For Q2

    The Options Clearing Corp. is to launch S&P500 equity index option clearing in Q2, 2014 following regulatory approval to clear the instrument.

  • Buyside Play Flattening Of 5-10y Curve On Main

    Hedge funds and real money players have been seen selling 10 year protection and buying 5 year protection on the iTraxx Main to play the flattening of the 5-10y curve.

  • National Grid goes solo for €300m tap

    National Grid, the UK electricity transmission company, was the only European investment grade company to issue a public bond in the European market today. Its €300m tap was no show-stopper, but at least proved a price-sensitive issuer could get a deal done.

  • Weather permitting, Orange heads for hybrid Wednesday

    Orange, the former France Télécom, is likely to issue its first hybrid capital transaction tomorrow (Wednesday) if markets are still stable in the morning.

  • Fewer Storm Clouds Over Spanish Mortgage Market—Fitch

    The rate of Spanish mortgages falling into arrears fell in the last quarter of 2013, according to Fitch Ratings, as the economy emerged from recession. But the rating agency expects house prices will only hit a trough in 2015, with arrears and non-performing loan ratios set to continue rising.

  • It’s the regions’ time to shine

    A €1.4bn five year bond for the Autonomous Community of Madrid on Tuesday — its largest ever — shows that the new year rally in peripheral eurozone debt has extended from sovereign to regional issuers. With spreads over sovereigns reaching pre-crisis levels, it is time for other regional names to pull off some eye catching deals.

  • Investors Should Focus On Illiquid Bank Loans For Best Returns—RBS

    European bank deleveraging has presented credit investors with an enticing opportunity to move away from listed securities, such as asset-backed securities, and invest instead in unlisted loan portfolios, says Ganesh Rajendra, head of credit and mortgage strategy, EMEA, at Royal Bank of Scotland.

  • LCM Prices $624 million CLO; Mezz Continues Tightening

    LCM Asset Management hit the market with its first collateralized loan obligation of 2014, and the first to price since the ABS Vegas conference last week in Las Vegas.

  • ČEZ exchangeable taps investors' IG demand in Czech debut

    A €470.2m exchangeable bond from ČEZ, the first equity-linked transaction from the Czech Republic, saw a surge of demand for investors hungry for investment grade paper.

  • Investors should focus on illiquid bank loans for best returns, says RBS

    European bank deleveraging has presented credit investors with an enticing opportunity to move away from listed securities, such as ABS, and invest instead in unlisted loan portfolios, says Ganesh Rajendra, head of credit and mortgage strategy, EMEA, at RBS.

  • Fewer storm clouds over Spanish mortgage market, says Fitch

    The rate of Spanish mortgages falling into arrears fell in the last quarter of 2013, according to Fitch, as the economy emerged from recession. But the rating agency expects house prices will only hit a trough in 2015, with arrears and non-performing loan ratios set to continue rising.

  • European Markets Infrastructure Regulation: The Race To Comply

    With the Feb. 12 trade reporting deadline fast approaching, the race for European Markets Infrastructure Regulation compliance is now well and truly underway. EMIR is one of many new regulations governing derivatives trading across the globe and, like its North American counterpart Dodd-Frank, is the culmination of the post financial crisis movement towards increasing transparency and reducing risk within the market.

  • Housing associations find UK pension buyers for PPs

    Housing associations planning to sell privately placed bonds will not be short of demand, as UK pension funds are eager to invest, a spokesman for the industry has told EuroWeek.

  • Fresenius is back after three weeks for €300m 10 year

    Fresenius is back in the high yield market — after less than three weeks. The German healthcare company will this afternoon sell €300m of 10 year bonds.

  • Jaguar Land Rover brings £300m HY bond, tenders for 2018s

    Jaguar Land Rover is aiming to term out its debt with a new £300m eight year high yield bond to be sold today, and plans to buy back its 2018 notes.

  • NYSE Liffe Marks Record In STIR Futures

    NYSE Liffe had a record month in short term interest rate futures in June 2013, with combined volumes for short sterling and Euribor futures exceeding the previous record of January 2013 by almost 10%. The record day for volumes of STIR futures on Euribor came on Jan. 25, 2013, at 3.2 million lots.

  • EBA cracks down on call removal

    The European Banking Authority has confirmed that the removal of call options from legacy capital instruments will count as a new issue and could stop the resulting bonds from being grandfathered in the transition to CRD 4. The move could prompt issuers of step-up tier one securities to replace quarterly call options with five-yearly calls.

  • Prime Office REIT to issue over 46.5m new shares

    Prime Office REIT, the German firm that announced a €130m rights issue earlier in the month, will offer over 46.5m new shares as part of the capital raise.

  • Regulators must act on securitization before it is too late

    When Mario Draghi said — for the second time— that the ECB would consider buying ABS to boost Europe’s economic prospects, everyone took note. Everyone, it seems, except Europe’s regulators, who have shown a reluctance to change their anti-securitization tack. It is time for them to swallow some pride and roll back the harshest securitization regulation — before it is too late.

  • This is not an EM credit crisis, say bankers

    Emerging market bankers are pointing to the recent sell off in EM as a minor hiccup rather than a full blown EM credit crisis. The JP Morgan EMBI Global index was off only 30bp by the close of the day in London on Monday evening and the market has stabilised today, leaving syndicate bankers hopeful that the EM issuers roadshowing at the moment will be able to print deals shortly after the finish of their marketing this week.

  • ADIB signs Dh450m Islamic facility with Al Dhafra

    Abu Dhabi Islamic Bank (ADIB) has signed Dh450m ($122.5m) Islamic financing facility with Al Dhafra Cooperative Society, a private equity firm that serves local communities in western Abu Dhabi.

  • Barclays Touts Payers Play On Increased EUR Structured Note Issuance

    Barclays strategists are recommending investors sell EUR high-strike payers to position for underperformance in long-dated vol on the back of increased structured note issuance during the current quarter.

  • Czech EP Energy announces high yield bond despite EM sell-off

    Czech energy utility EP Energy is seeking to sell its first high yield bond through its holding company, despite a sell-off of emerging market bonds.

  • ABN debut set to reopen FIG Kanga market

    ABN Amro opened books on its debut Kangaroo bond on Tuesday morning, in what will be the first trade this year from a FIG issuer in the format.

  • Scandis seen as best chance for elusive 10 year

    Investors keen on the long end of the senior unsecured curve have been disappointed by the primary market so far this year, but some FIG bankers feel Scandinavian banks emerging from blackout in the next couple of weeks offer the best chance for the first 10 year issue of 2014.

  • Turkish banks are kings of the loan market – Poll

    The loan market is at the mercy of Turkish financial institution borrowers when it comes to pricing, according to EuroWeek Loans' latest poll.

  • Banks should try anything to build capital — just don’t be boring

    With a slew of FIG ECM deals on the way, bank fundraisings — especially in southern Europe — need to be quick, or elegant, or they will die.

  • Oando hopes to avoid long slog repeat with potential $1.5bn raise

    Oando, Nigeria's largest publicly quoted oil and gas firm, is seeking shareholder approval for a capital raise of up to N250bn ($1.52bn). It struggled through a deal a fifth of the size early last year.

  • MINT or skint? EM runs out of other markets to blame

    A few weeks ago the term MINT was popularised as the emerging markets’ swanky new image rebrand, one intended to take the place of BRICs, its solid sounding predecessor. But the sell off in emerging markets over the last few days — both in local currencies and credit — makes EM look crumbly, and this time there’s no one else to blame.

  • Ardagh unveils new debt for Verallia takeover after repaying first bonds

    Ardagh Group has set out a new plan to finance its acquisition of Saint-Gobain's subsidiary Verallia North America, after a delay in winning approval for the deal forced it to cancel the first financing.

  • First Citizen gets loan to start Irish car finance lending

    Irish retail credit provider First Citizen Finance has signed a €150m revolving credit facility as it tries to break into the car finance market.

  • Alcentra unitranche backs LBO of Chesapeake's plastic unit

    Alcentra has provided all the financing for the buyout of Chesapeake’s plastic packaging division by CEREA Partenaire, Bpifrance, Chemark and company management.

  • Santiago Metro wraps up roadshow with LatAm eyes on FOMC

    A calmer day in LatAm bonds on Monday after Thursday and Friday’s rout in emerging markets was not enough to entice any borrowers to issue as attentions turned to Wednesday’s US Federal Open Market Committee meeting.

  • RBS hires two for Asian bonds

    RBS has hired two bankers to join its debt capital markets team in Asia, including a new head of bond syndicate for Southeast Asia.

  • Argentina’s TGS extends debt profile

    Argentinian natural gas provider Transportadora de Gas del Sur (TGS) improved its debt maturity profile after two thirds of bond holders agreed to swap at par the $374m of existing 2017 notes for new bonds due 2020 before the early bird deadline, it said on Monday.

  • SFC should give Hong Kong Reits a (tax) break

    The Hong Kong securities regulator has published a proposal to make H-Reits more attractive, but its suggestions are unlikely to bring in new business. The regulator needs to act on tax if it really wants to take advantage of Mainland companies looking to list property overseas.

  • In the club: Citic Pacific seeks $300m refi

    Citic Pacific is in the market for a loan of around $300m, with lenders now busy processing their credit approvals, according to a banker.

  • Xinyuan solicits for looser covenants

    Xinyuan Real Estate has started a consent solicitation to change the covenants on a $200m 2018 bond, which would ease restrictions on how much debt the company can raise and its ability to use subsidiaries to guarantee debt.

  • Update: Chu Kong Petroleum contemplates primary dim sum in adverse conditions

    Chu Kong Petroleum & Natural Gas Steel Pipe Holdings has completed a series of fixed-income investor meetings in Singapore and Hong Kong which could result in the company’s first ever bond. However, a profit warning from the company has led bankers to question why a first-time issuer would court investors in such difficult market conditions.

  • Pakistan closes loan at $172.5m

    Bankers working on the Ministry of Finance of the Islamic Republic of Pakistan’s loan have wrapped up syndication at a final deal size of $172.5m.

  • ANZ picks new debt structuring head

    Frik Dreyer has been named Australia and New Zealand Bank’s head of debt structuring and acquisition finance for Asia, a position that sees him relocating to Singapore.

  • Geo Energy drills for S$75m

    Geo Energy Resources has made its debut in the loan market with a S$75m ($58.7m) loan, as the Singapore-based company eyes up acquisition prospects in Indonesia.

  • Daimler unlikely to spark Panda resurgence, say bankers

    Daimler’s plans to tap the Chinese Panda bond market caused a stir last week given the rarity of such issues. The German automaker would be only the third name ever to tap the market, after the Asian Development Bank (ADB) and the International Finance Corporation (IFC), and would be the first corporate to do so. But bankers warn that there is little to suggest a flurry of activity will come in its wake. The problem is finding issuers that suit the market — and investors who want to buy.

  • Rating agencies hold faith in Thailand’s fundamentals

    Major credit rating agencies are sticking to their stable outlook for the Thai economy, despite the rising political temperature. But strategic investors are becoming less patient.

  • Asia (ex Japan) Local Currency DCM Bookrunner Ranking - Last 12-month Rolling

  • Chinese US IPO pipeline to ride out auditor dispute

    A ruling banning the Chinese arms of the big four international accounting firms from working for US listed companies is unlikely to deter Chinese names from listing in the US, as the alternatives are even less appealing, say bankers.

  • Southeast Asia DCM Bookrunner Ranking - Last 12-month rolling

  • ASIAMONEY Country deals of the year 2013: India

    Each year we reveal the most impressive individual transaction to have taken place in each major Asian market. In India, Vedanta Resources navigated negative sentiment and regulatory worries to price Asia's largest G3 high yield bond, with the lowest ever five-year coupon.

  • Pipeline: Back To Business After Weeklong Industry Conference

    New issuance of asset-backed securities rekindled today after a weeklong respite for the Structured Finance Industry Group’s conference last week, bringing January new issuance volume to $11.2 billion, versus $8.96 billion for all of January 2013.

  • Congressman Calls For Scrutiny Of REO-To-Rental Securitizations

    Large institutional investors in single family rental properties are crowding out first-time home buyers who cannot compete with investors’ cash offerings, according to a letter and report signed last week by freshman Congressman Mark Takano (D-Calif.), who is requesting a hearing into the business.

  • Euronext Expands Single Stock Futures Ahead of Liffe Split

    Euronext has extended the range of single stock futures it offers on a range of its most liquid listed stocks to 86. The new single stock futures add to its existing range of 12 in Portuguese equity options, index futures and options.

  • Outokumpu seeks bondholder consent for debt changes

    Outokumpu, the Finnish steel company, is asking holders of its two bonds for consent to add a security package to its loans and bonds, and to complete its separation from ThyssenKrupp.

  • NYSE Liffe To Launch MSCI Factor Indices Futures

    NYSE Liffe is to expand its index derivatives business with the launch of MSCI Factor Indices futures.

  • No 100 year euro for EDF

    After Electricité de France issued a 100 year dollar bond on Monday January 13 and the first ever 100 year sterling bond in a wildly successful £1.35bn sale on Friday January 17, Europe’s bond market has been thick with speculation about further century bond issues.

  • Window slams shut in cold gust from emerging markets

    Europe’s corporate bond market has taken a sharp step back in the past two trading days, as volatility in emerging markets brought January’s risk rally to a halt.

  • ABS Vegas Recap

    Around 5,000 of you tempered bad weather, flight delays and long layovers to make it out to Las Vegas last week to the inaugural ABS Vegas conference from IMN and the Structured Finance Industry Group.

  • ISDA Starts Transition To Automated Benchmarks

    The International Swaps and Derivatives Association has announced Thomson Reuters will take on the process for moving the USD benchmark rate to an automated, market-based ISDAFIX setting from today, marking the start of a two-phase transition to an automated rate.

  • Deutsche Bahn makes debut in kronor with Skr1.6bn flier

    Deutsche Bahn sold its first public bond in Swedish kronor on Monday afternoon. Despite its tricky seven year maturity, the Skr1.6bn (€182m) deal drew more interest than expected.

  • GMAC Bank Moves Closer To German Auto ABS Rivals

    GMAC Bank was able to bring its outstanding curve for German auto loan securitizations closer to other German program after tight pricing for its latest deal E-Carat 6.

  • McColl's sets out shop for London IPO

    UK convenience store group McColl’s hopes to raise £50m through a forthcoming IPO, which will see 50% of the company in free float on the main market of the London Stock Exchange.

  • Draghi Hints At ECB Buying, Calls For Bifurcated ABS Regulation

    European Central Bank president Mario Draghi did not rule out buying securitizations to help Europe’s economic recovery, while speaking on a panel at the World Economic Forum on Saturday.

  • Ritter sports new title at Deutsche as Kell goes to Asia

    Josef Ritter, Deutsche Bank's co-head of ECM, is set to take control of the team's FIG coverage next month, as Neil Kell moves to run the bank's Asian business.

  • GMAC Bank moves closer to German auto ABS rivals

    GMAC Bank was able to bring its outstanding curve for German auto loan securitizations closer to other German programmes after tight pricing for its latest deal E-Carat 6.

  • PRIPs Legislation Reaches “Crucial Juncture”

    The Joint Association Committee on retail structured products has reiterated its position on packaged retail investment products legislation ahead of what market participants are calling a “crucial juncture” in E.U. discussions this week.

  • Draghi hints at ECB buying, calls for bifurcated ABS regulation

    ECB president Mario Draghi did not rule out buying securitizations to help Europe’s economic recovery, while speaking on a panel at the World Economic Forum on Saturday. But he lamented the state of the securitization market and called on regulators to do more to distinguish between plain vanilla ABS and more opaque securitizations.

  • Bond Aviation seeks £60m tap of May 2019 bond

    Bond Aviation is seeking to tap its May 2019 floating rate bond for £60m, priced at 99.

  • Puma Energy sets guidance on high yield bond

    Puma Energy, the Singapore-headquartered, Geneva-managed oil products company, has released price talk for its $750m debut bond.

  • Funke Medien closes senior stage of €980m M&A loan

    Germany's Funke Mediengruppe has closed the senior syndication of €980m of loans supporting its acquisition of newspaper and magazine assets from fellow publisher Axel Springer.

  • Ziggo launches biggest term loan ‘B’ since crisis for Liberty deal

    Dutch cable operator Ziggo has launched a €3.735bn-equivalent term loan ‘B’ to back its takeover by US counterpart Liberty Global, in a deal which bankers have called the largest leveraged loan since the financial crisis.

  • Exponent's HSS seeks high yield debut after string of acquisitions

    HSS Hire, the UK tool and equipment hire company, is aiming to sell its first bond, a £200m senior secured 5.5 year high yield issue.

  • Infrastructure firm INPP signs sterling refi

    Infrastructure investment firm International Public Partnerships (INPP) has refinanced debt with a £175m three year loan from relationship banks.

  • Banco Popolare gets out first to beat Italian bank deluge

    Banco Popolare, Italy's fourth-largest bank, launched a €1.5bn capital raise late on Friday night, looking to beat its rivals and seize on positive investor sentiment before the ECB's Asset Quality Review later in the year.

  • Patheon enlarges dollar loan and cuts margins sharply

    Toronto-listed pharmaceuticals firm Patheon has signed a new seven year covenant-lite loan package. A healthy oversubscription allowed it to increase the dollar tranche and substantially tighten price margins.

  • Telefónica set for warm welcome in loan market

    Spain's Telefónica has received an enthusiastic reception from loan market bankers as it approaches the market for a €3bn facility to refinance debt early.

  • Nordic capital issuance imminent

    At least one Nordic issuer is planning to print an additional tier one deal once the quarterly reporting season is over, with plenty of issuers in other regions also planning to tap the growing asset class, bankers told EuroWeek Bank Finance on Monday.

  • Global risk aversion infects FIG

    Financial institutions could be faced with a very difficult primary market this week, as the fate of emerging market economies in the wake of QE tapering in the US continues to worry investors.

  • Polish telco Play increases debut to €900m, prices tight

    Polish mobile phone operator Play increased its debut bond offering by €30m to sell €900m of high yield notes on Friday.

  • SNS Reaal bad bank hits road for GG bond

    Propertize, the winding up agency for Dutch bank SNS Reaal’s property finance division, mandated banks on Friday for a roadshow ahead of a debut bond issue. Propertize is only the second issuer to have an explicit guarantee from the Dutch government.

  • CEEMEA View: Euros should be for life, not just for (after) Christmas

    The wave of CEEMEA sovereigns tapping the euro market is being hailed by most bankers as a temporary aberration from the norm. But issuers with large funding needs should take this opportunity to start nurturing this market more carefully and become regular issuers in both dollars and euros in the same way that the more sophisticated western SSA issuers operate.

  • North Atlantic Drilling guides high yield bond in 6%-6.25% area

    Norwegian offshore drilling company North Atlantic Drilling has released price talk for its $600m unsecured high yield bond. It aims to price the deal later today.

  • DB Takes Break From Asia Synthetic ETF Issuance

    Deutsche Asset & Wealth Management has no immediate plans to launch any new synthetic exchange-traded funds in Asia Pacific this year, after a decision last December was made to pursue physical-backed ETFs.

  • Ukrainian Bank Finance and Credit sells $100m bond despite riots

    Ukrainian Bank Finance and Credit issued a $100m 9.25% July 2019 bond last Thursday via sole lead manager VTB Capital. The new bond is being used to refinance — and was issued as part of an exchange offer for — Finance and Credit Bank’s $95m 10.5% Eurobonds due in January 2014.

  • Priced out of Austria? Head for the Czech Republic

    It comes to something when after a long week at work, Munich’s bankers cannot unwind with a quick trip to the Austrian Alps. At 5pm on a Friday it is common to see suited men and women scurrying for their cars and making straight for the border on the A8.

  • Eager banks mull deal for Metalloinvest, but no loan for now

    Loans bankers in London are assessing market prospects for a possible pre-export finance facility for Russia's Metalloinvest, after relationship managers in Russia reported that the firm wanted to raise funds.

  • A century from now

    While the bond desks were busy getting the full details on EDF's 100 year bond, Loan Ranger's thoughts last week turned to the world that the bond will expire in, and how even the best intentioned long term project finance loans can hope to compete.

  • Suntec Reit returns to Singapore dollars to refinance loan

    Suntec Reit MTN, a wholly-owned subsidiary of Suntec Reit, priced a Singapore dollar bond on Monday. The borrower conducting a non-deal roadshow in August last year for a potential dollar deal but instead this time opted for the six year Singapore dollar transaction as it looks to refinance a S$1.1bn ($859m) loan facility.

  • Chinese US IPO pipeline to ride out auditor dispute

    A ruling banning the Chinese arms of the big four international accounting firms from working for US listed companies is unlikely to deter Chinese names from listing in the US, as the alternatives are even less appealing, say bankers.

  • Chu Kong Petroleum contemplates primary issue in adverse conditions

    Chu Kong Petroleum & Natural Gas Steel Pipe Holdings has completed a series of fixed income investor meetings in Singapore and Hong Kong which could result in the company’s first ever bond but a profit warning and difficult market conditions suggest issuance is unlikely.

  • Akbank matches ING Turkey's pricing for new loan

    Turkey's Akbank has launched a refinancing facility priced at 90bp all-in. This is the same price ING Turkey is offering on a loan launched a fortnight ago, though lenders on Akbank's deal say the loans were priced independently of each other.

  • Alliance grows as five join $120m loan

    Five banks have made firm commitments to agribusiness Alliance International Development Corp’s loan of $120m, with the lead now hoping to wrap up the deal after the Chinese New Year break.

  • Falling risk appetite ends dollar bond run

    The Asian dollar bond market took a break on Monday, marking the first day without primary issuance since supply restarted after the New Year. Sour secondary spreads, struggling emerging market currencies and an approaching Chinese holiday meant borrowers were not short of reasons to delay deals. But bankers were confident that after a natural pause, deal flow would soon be back on track.

  • PFC returns for $100m, sends RFP

    India’s Power Finance Corp is back in the loan market, sending out a request for proposals to banks for a five year loan of $100m.

  • Huadian Fuxin Energy in $152m H-share private placement

    Chinese energy company Huadian Fuxin Energy sold HK$1.18bn ($152m) worth of shares in a private placement on Sunday.

  • China XD Plastics enjoys debut success despite small size

    China XD Plastics made its debut in the bond market on Friday, pricing a $150m five year deal. The size was smaller than what the issuer had hoped for when it approached investors late last year, but the fact that it won over buyers unfamiliar with its business and sold a successful bond in a difficult market made the transaction more satisfying than most, said a banker on the deal.

  • Formosa heats up market with $700m

    Formosa Plastics Group has launched a $700m five year loan into syndication, and has quickly hit the radars of Taiwanese bankers thanks to the margin of 200bp over dollar Libor.

  • Indian government could sell $1.5bn SBI stake Monday

    The government of India could launch a divestment of $1.5bn worth of State Bank of India shares by the close of play on Monday, depending on market levels, according to bankers on the trade.

  • Uniqlo parent eyes HK secondary listing in March

    Fast Retailing, the operator of popular Japanese clothing chain Uniqlo, announced on January 27 that it is planning to pursue a secondary listing in Hong Kong at the beginning of March.

  • Unicomer bond falls victim to EM rout

    Latin America’s bulging pipeline of new borrowers took a blow on Friday with the postponement of retailer Unicomer’s planned 144A/Reg S bond as a result of poor market conditions.

  • Kingboard allocates HK$3bn, signing this week

    Allocations have been revealed for Kingboard Laminates Holdings’ HK$3bn ($387m) loan, expected to sign this week.

  • Hedge Funds Tap Nikkei Calls Post Yen Rally

    Macro hedge fund investors are buying short-dated upside calls on the Nikkei 225, targeting strikes above 16,000, following a rally in the yen against the U.S. dollar.

  • Savu develops S$420m loan

    Singapore property developer Savu Investments has launched a S$420m ($328.3m) loan into syndication, returning to the loan market six years after its previous fundraising, as it seeks to refinance a bond.

  • Deutsche Bank in Asia ECM reshuffle

    Deutsche Bank has promoted its head of ECM Asia, Ashok Pandit, to a new role covering sovereign wealth funds and is bringing out a senior equity banker from its European team to replace him.

  • Redco prospers with $129m HK IPO

    Shenzhen-based Redco Properties is the last issuer to price a Hong Kong IPO before the start of the Chinese New Year after it raised HK$1bn ($129m) on January 24.

  • Goldman’s Sahu to head South Asia equity research at BAML

    Vikram Sahu, former managing director and regional director of research for Asean and India at Goldman Sachs, will become head of Southern Asia equity research at Bank of America Merrill Lynch.

  • Technology can reduce fixed income settlement risks in Asia

    The buy side and sell side can reduce operational risks in the region’s fixed income market if they implement more standardised post-trade processing, according to Omgeo.

  • Asia (ex Japan) G3 DCM Bookrunner Ranking - Last 12-month rolling

  • Shanghai to establish new cash pooling reforms as Beijing preps other FTZs

    Experts say new cash pooling initiatives will be announced soon in Shanghai, while rumors have leaked of a dozen additional FTZs to follow, including Guangdong and Tianjin.

  • ASIAMONEY Country deals of the year 2013: Hong Kong

    Each year we reveal the most impressive individual transaction to have taken place in each major Asian market. In Hong Kong, Huishan Dairy's strong business combined with robust investor support to deliver a strong IPO that helped re-open the door to more deals.

  • Prudent investors pick from plentiful market and pass up Powerlong’s latest dim sum offer

    After an explosive start to the year in the dim sum market, Powerlong Real Estate Holdings became the first casualty of oversupply when investors turned down its three year offering and it was forced to pull its proposed bond on Wednesday.

  • Russia's Gazprombank returns for bigger dim sum

    Gazprombank returned to the offshore renminbi market on January 23 raising double the amount it managed on its debut last year and in doing so became the first Russian issuer to tap the CNH market in 2014. The third largest bank in Russia also made use of a strong existing European investor base, attracting the biggest demand from that region for the CNH bond this year.

  • Harbin Bank files for $1bn IPO, aims for Q2 listing

    The Hong Kong Stock Exchange is set to welcome the arrival of another Chinese provincial lender after Harbin Bank filed for a $1bn IPO, according to a banker close to the deal.

  • Asia (ex Japan) G3 Syndicated Loans Bookrunner Ranking - Last 12-month rolling

  • People Databank

    The majority of market moves occurred in Asia Pacific, with Goldman Sachs’ macro trading chief departing the firm to launch his own macro hedge fund. In the U.S., RBC Capital Markets hired a senior structurer from Amundi Alternative Investments, while in London, Insight Investment hired a new head of asset solutions.

  • “They don’t want to disturb a market’s liquidity, but they also don’t want to get gamed by people who don’t want to trade on a [swap execution facility].”

    --James Cawley, ceo of Javelin Capital Markets in New York, in defence of the U.S. Commodity Futures Trading Commission decision to certify some interest rate swaps made available to trade on the swap execution facility.

  • MS leads third sale of RTL shares

    Morgan Stanley has sold just over 1m shares of European media group RTL for an institutional investor in a block trade on Thursday night.

  • Funds Drive Eurostoxx Div Option Pickup

    Hedge funds have been increasingly opting for options on Eurostoxx dividends with mid-term maturities as risk premium contraction in equities has reduced expected returns from long only, delta one strategies. Typical option structures have included call spread/ratios, call spread collars and put collars, according to traders and strategists.

  • Espirito Santo seizes prime opportunity for Zon Optimus sale

    Espirito Santo Irmaos sold its €75m stake in Portuguese Zon Optimus on Thursday evening, taking advantage of strong investor interest in peripheral Europe and in cable firms to wrap the deal up speedily.

  • Reg, Ultimate Forward Rate Curve Drives Interest In LDI

    Regulatory concerns and increased complexity in institutional investor portfolios relating to the use of an ultimate forward rate curve is driving increased appetite for liability driven investments, according to ING Investment International.

  • Bookrunners of European HY bonds, 24 January 2014

  • Bookrunners of European IG corporate bonds, 24 January 2014

  • Genmab to fund drug development $182m ABB

    Genmab, a Danish biotech firm, raised Dkr998m ($182m) through a primary ABB on Thursday night, which will help fund the development of new drugs by the company.

  • Chinese PMI Hits Credit Markets

    The credit markets experienced a torrid end to the week after Chinese PMI data raised concerns about a potential hard landing for the world’s second-biggest economy.

  • BANIF finds swathe of investors for SME ABS

    Portugal’s BANIF demonstrated that demand for peripheral securitizations is buoyant and well diversified after it sold the senior notes in its securitization of Portuguese SME loans to more than 25 investors.

  • Chinese New Year Drives Asia Equity Mart Slowdown

    Equity investors in Asia have been sitting on the sidelines this week as the market slows down ahead of Chinese New Year and the upcoming meeting of the U.S. Federal Reserve, according to traders and strategists.

  • Fibra Uno is priced at tight end

    Mexico’s largest real estate investment trust Fibra Uno sold $1bn of 11 and 30 year bonds on Thursday after attracting $3.35bn of demand, becoming the first Latin American borrower from the sector to issue a global bond.

  • Debt bankers defend premium on Wanda 10 year

    Dalian Wanda Commercial Properties priced a $600m 10 year bond on Thursday night, and faced charges that the issuer had paid a hefty premium to establish a longer dated dollar curve. But debt bankers on the bond argued that a stable secondary market performance vindicated the final yield, which was influenced by a soft secondary market, existing price comparables and the issuer’s previous experience in the bond market.

  • Russia's Gazprombank returns for bigger dim sum

    Gazprombank returned to the offshore renminbi market on January 23 raising double the amount it managed on its debut last year and in doing so became the first Russian issuer to tap the CNH market in 2014. The third largest bank in Russia also made use of a strong existing European investor base, attracting the biggest demand from that region for the CNH bond this year.

  • Astra Sedaya $500m mandate imminent

    Indonesian company Astra Sedaya Finance is tipped to formally mandate a group of 10 or 11 banks to arrange its $500m three year fundraising.

  • Harbin Bank files for $1bn IPO, aims for Q2 listing

    The Hong Kong Stock Exchange is set to welcome the arrival of another Chinese provincial lender after Harbin Bank filed for a $1bn IPO, according to a banker close to the deal.

  • Tata Communications connects for $240m loan

    Tata Communications has picked three banks to arrange a $240m financing, marking its return to the loan market more than three years after it last tapped lenders.

  • Hot response helps Goldpoly to $106m increased block

    Solar plant operator Goldpoly New Energy Holdings raised HK$826m ($106m) on January 23 after strong demand from investors encouraged the issuer to enlarge the trade by 14%.

  • New Issues 1338

    This weeks New Issues

  • The Goldman Sachs Group, Inc

  • Allianz

  • European Investment Bank — EIB

  • Berlin-Hannoversche Hypothekenbank — Berlin Hyp

  • Laenderschatzanweisung No 44

  • State of Israel

  • Nederlandse Waterschapsbank — NWB

  • Crédit Agricole SA

  • Kingdom of Spain

  • Banca Popolare di Milano

  • Republic of Turkey

  • Asian Development Bank — ADB

  • Caisse d’Amortissement de la Dette Sociale — Cades

  • EDF’s 100 year bond sparks rush to find next issuer

    The astonishing success of Electricité de France’s 100 year sterling bond issue last Friday has sent investment bankers scurrying to find other issuers willing to explore this potential new funding market, writes Jon Hay.

  • Fitch: Bonus cap will not impact bank costs

    The EU’s bonus cap is unlikely to have a big impact on European trading banks’ cost structures, according to Fitch Ratings, but an increased focus on costs and exiting low-margin businesses will have a greater effect on compensation.

  • Deutsche debt slide bodes ill for European peers

    Litigation and accounting charges took the blame for Deutsche Bank’s early announcement of a fourth quarter loss this week, but a dive in debt sales and trading income was more troubling for European bank investors.

  • The Chinese are coming! Euroloan banks brace for impact

    China is poised to profoundly reshape the European syndicated loan market, according to bankers, with the country’s biggest lenders likely to soon start grabbing top deal roles from struggling local players, writes Michael Turner.

  • UK’s slow sukuk plan puts Luxembourg in lead

    The United Kingdom appears to have conceded defeat to tiny Luxembourg in the race to issue Europe’s first sovereign sukuk, Islamic finance practitioners said this week after it emerged that the UK deal is unlikely before October, writes Dan Alderson.

  • Germany talks up RMB future

    Germany is comfortably China’s largest trading partner in Europe, accounting for about a third of all EU-Chinese trade and for a large share of European FDI into China. That would seem to make Frankfurt a natural hub for renminbi (RMB) trading and settlement in Europe. Indeed, when Prime Minister Li Keqiang chose Germany as the destination for his first overseas trip as China’s Premier, in May 2013, he spoke of the economic “dream team” that the two countries could create if they intensified their co-operation. Can this also be applied to financial services, and if so, will it underpin the further expansion of Frankfurt as a financial centre? This was the focus of EuroWeek’s December roundtable in Frankfurt.

  • The Lamb of Chancery Lane

    The Wolf of Wall Street? How does the Lamb of Chancery Lane sound? For sure, one is a comedy and the other a tragedy but I don’t know which. I saw the former at the cinema last night and while it bore no resemblance to my own experience in the City these past twenty-five years, I nonetheless felt compelled to indulge in my favourite conceit and examine the parallels between Leonardo di Caprio’s portrayal of lupine excess and my own encounter with ovine mediocrity.

  • EIB storms through 10 year double whammy with both euros and dollars

    The EIB opened the 10 year market for supras and agencies in both dollars and euros this week, seizing on appetite at the long end to sell two benchmarks in close succession.

  • Spanish banks set to shun public markets after sovereign bonanza

    Spanish banks enjoyed a surge in demand for their private placements this week, and many are expected to favour the private market for issuing senior unsecured debt in 2014.

  • High yield bonds for Findus, Ineos on the way

    High yield issuance has picked up a little this year and investors are now waiting for a punchy deal to come to market. Findus, the frozen foods company that was restructured in 2012, may break the ice.

  • Lite-On Mobile rings up banks for $200m

    Lite-On Mobile, owned by Taiwan’s Lite-On Technology Group, has hit the market for a $200m five year term loan, pricing the deal at 110bp over dollar Libor. Returning to lenders nearly three years since its previous deal, the borrower is paying close to double the price this time.

  • BPCE shows price leadership with generous covered bond

    BPCE won plaudits from investors and bankers for the pricing on its €1.5bn six year covered bond which offered an unusually attractive new issue premium. In contrast to all other French issuance this year, it has performed well since becoming free to trade.

  • Yield stocks hit a plateau as investors seek higher returns

    This week’s jumbo IPO from Hong Kong Electric Investments and a high quality deal from Singapore’s OUE Commercial Reit might suggest Asia ex Japan is heading for another strong year for yield-generating stocks, with issuance volumes already more than a third of last year’s total. But as pricing for the latest deals has shown, cracks are beginning to appear, write Clare Hammond and Rev Hui.

  • Dah Sing tier two succeeds on rarity and structure

    Hong Kong’s Dah Sing Bank priced its first Basel III compliant tier two bond on Wednesday. The small size, structure and jurisdiction all helped the deal succeed, said bankers on the bond. But buyers singled out rarity value as the most attractive aspect.

  • Orange plans hybrid of perhaps €2bn in €, £ as investors flock to roadshow

    Orange, formerly known as France Télécom, will roadshow on Friday and Monday for its first hybrid capital bond issue, which bankers guessed may be roughly €2bn in size.

  • Autodistribution gets bumper book for €240m five year high yield bond

    Autodistribution sold its €240m high yield bond inside guidance with a bumper book of over €2bn on Thursday.

  • French smell opportunity for short floaters

    Crédit Agricole sold a two year floating rate note in little time on Tuesday, taking advantage of short end demand to print a tight deal before going into blackout next week. The deal followed an identical floater from compatriot HSBC France last week.

  • Bayer scoops €2bn three trancher in quiet market

    Bayer, the German drugs, pesticides and chemicals company, launched its first substantial euro bond for four years on Tuesday, raising €2bn with a three tranche issue that was priced to achieve hefty size and found strong demand.

  • Trafigura's Puma Energy bond expected with 6% handle

    High yield and emerging markets investors are examining the $750m high yield bond to be sold by Puma Energy. No guidance has been released yet but lead managers have suggested comparables trading in the 5.5% to 6.6% range.

  • Metro Bank takes capital raise, loses interest in IPO

    The UK's newest retail bank may scrap plans for an IPO early in 2014 having raised £387.5m through a capital raise.

  • Alam Sutera $225m five year funds buyback of stripped 2017s

    Indonesian property developer Alam Sutera Realty gave the market some respite from the run of Chinese issuance this week, closing the first Indonesia corporate bond of 2014. The proceeds will go towards a tender offer for an outstanding 2017 bond, and the strong response to the buyback has allowed the issuer to remove all covenants from the old deal.

  • Macau Legend raises $176m through private placement

    Gaming company Macau Legend Development raised HK$1.36bn ($176m) on January 16 through a private placement, as the final piece of the financing jigsaw of the firm’s Macau Fisherman’s Wharf redevelopment project falls into place.

  • Regulation turns Spanish buyers off ABS, survey shows

    Spanish investors showed a preference for covered bonds and other bank debt over securitizations, blaming punitive regulation as the main factor turning them off European structured finance, a survey by Bank of America Merrill Lynch has revealed.

  • Kookmin feeds floater frenzy but demand undiminished

    Kookmin Bank closed a three year floating rate note on Tuesday, pricing the bond flat, or even inside its secondary curve, according to bankers on the bond. But such was the appetite for the short dated FRN that the bonds were bid even tighter in the secondary market, with US accounts the main drivers of the Korean spread contraction.

  • Money market funds eager for bank FRN opportunities

    European banks could print more one and two year floating rate notes in the coming weeks as money market funds hunt for the paper, a leading market figure told EuroWeek.

  • EuroWeekAsia / Asiamoney Awards 2013

    The EuroWeek Asia and Asiamoney capital markets and investment banking awards were decided by the editorial team in December 2013 after an exhaustive series of meetings with bankers. Banks were invited to submit written pitches in November, after which journalists held meetings with individual asset class teams as well as discussions with issuers. Our thanks go to all those who took the time to discuss their work.

  • Fibra Uno leads LatAm debuts with first REIT

    Fibra Uno was due to print Latin America’s first real estate investment trust cross-border bond late on Thursday, possibly opening up the REIT sector for more issuers from the region.

  • Caisse d'Amortissement de la Dette Sociale

  • Greentown perp boasts tight senior sub gap

    Greentown China Holdings priced a $500m perpetual bond on January 20. But despite being one of a herd of Chinese property bonds priced so far this year, the issuer surprised some debt bankers by paying a historically small premium over its senior curve.

  • Mechel gets covenant easing as firm fights debt pile

    Russian metals and mining firm Mechel has reached an agreement with its creditors to cap its net debt at 10 times Ebitda, as the firm continues to battle its way out of its debt pile.

  • ArcelorMittal springs hybrid surprise

    ArcelorMittal this week exercised a call option on a $650m hybrid bond, delivering a seven point loss to investors that were caught napping — and underlining the pitfalls of the product.

  • FGA’s €750m finds €4bn book despite rating watch

    FGA Capital, the car finance company owned by Fiat and Crédit Agricole, showed the hot temperature of January’s European corporate bond market by attracting a €4.5bn book for its latest bond issue last Friday, despite being put on review for downgrade to junk by Moody’s two days earlier.

  • Wii back in the game: returns for $1.75bn

    Agribusiness Wii, a fully-owned subsidiary of Wilmar International, has launched its $1.75bn loan into general syndication, opting for a larger initial size than the last time it came to the market. But if the response is at all similar to its loan from 2013, the borrower is likely to increase the loan, said bankers.

  • A shake-up is underway among EM dealers as euro volumes grow

    The swathe of euro-denominated issuance that has started and is expected to continue in the emerging markets ought to boost the league table positions of some of the European banks that have been breaking into the EM arena.

  • China Shipping slips in SBLC despite regulatory cloud

    China Shipping Overseas Finance was able to issue its first senior unsecured dollar bond on Tuesday by using a standby letter of credit (SBLC) from Bank of China Macau, even as debate rages on the future of the credit enhancement.

  • Banks get funding boost from Irish upgrade

    Demand for Irish bank debt was outperforming the market by a distance this week, as Moody’s became the last of the big three ratings agencies to upgrade the country above junk status.

  • Leveraged loans — news in brief, January 24, 2014

    Hotter Shoes buyout — Sophos cov-lite — VAT Vacuums' rating — Rothschild levloan fund — Gruppo Argenta repayment

  • Joint Laender

  • Asian Development Bank

  • Standard Chartered lacking in corporate finance ambition

    As storm clouds gather around Standard Chartered, the bank is in danger of stagnating in corporate finance, says David Rothnie.

  • IILM expands CP programme with $860m sukuk

    The International Islamic Liquidity Management Corporation (IILM) this week expanded its short term dollar sukuk programme with an $860m three month issue.

  • SSA bankers wonder if Israel move is to Scotia

    Gary Israel has left Crédit Agricole to take up a syndicate job at another bank, EuroWeek understands.

  • PE funds see appeal in directories firms Scout24 and Trader Media

    Private equity funds are showing growing confidence in parts of the online directories sector, as they acquire two of the UK and Germany’s best-known web marketplaces.

  • Pimco’s Mierau sets covered bond ETF stall

    Pacific Investment Management Co and Source UK Services, an exchange-traded products provider, have put their expertise together to offer the first active exchange traded fund that invests purely in covered bonds.

  • SapuraKencana, Vedanta loans gain steam

    Malaysian company SapuraKencana Petroleum’s $5.8bn jumbo loan has received its first set of commitments from two local lenders, according to a banker, while Indian company Vedanta Resources’ $500m loan is also gathering traction.

  • 100 year hit prompts debate on value for EDF and borrowers

    Electricité de France was delighted with its £1.35bn 100 year bond, issued with remarkable speed last Friday (January 17) at the end of a tumultuous week in which it raised some €9.1bn of debt in six senior and four hybrid tranches spanning three currencies.

  • Goldman first into sterling as investors respond to coupon on 12 year benchmark

    Goldman Sachs ensured the first flag planted in the sterling senior unsecured market this year was covered in stars and stripes, as it targeted strong demand in the long end of the curve this week.

  • Redco banks on China real estate revival with $134m IPO

    Shenzhen-based Redco Properties Group started receiving bids for a HK$1.04bn ($134m) IPO on Tuesday as it looks to take advantage of the improved sentiment surrounding the Chinese property market.

  • HSBC China commercial head becomes deputy CEO

    Montgomery Ho, managing director and head of commercial banking for HSBC China has been promoted to deputy CEO and executive director for the Chinese arm of the global bank.

  • CEEMEA sovereigns urged to mine US demand for euros

    The proportion of US demand for euro-denominated CEEMEA sovereign bonds has spiked and bankers are urging borrowers to cash in on the buying by increasing their marketing efforts in the country.

  • China’s JinkoSolar prices $280m CB and equity combo

    JinkoSolar Holdings increased its concurrent American depositary share and equity-linked deals to a combined $280m on January 16, thanks to high subscription levels for what was the first deal of this kind since Yingli Solar’s trade in December 2007.

  • Done and dusted: CLP and Sun Hung Kai close

    The Hong Kong loan market has had a busy week, with two chunky financings sealed. The HK$5bn ($645m) loan for CLP Power, which will help fund its acquisition of stakes in Castle Peak Power Co and Hong Kong Pumped Storage Development Co, was signed on January 22 after a group of 12 lenders joined during syndication. Meanwhile, Sun Hung Kai has also signed its HK$14bn loan, after just one bank came in during general.

  • European Investment Bank

  • Equity Capital Markets, News in Brief — January 24, 2014

    EAM Solar's reduced capital raise — Etrion raises $80m — IP Group aims for £75m — NewRiver Retail's new shares

  • Lloyds' sell-down prospect excites ECM with added challenge of retail element

    ECM bankers are excited by the prospect of a speedy sell-down of Lloyds Banking Group stock by the UK government, with market participants optimistic that the markets are likely to remain supportive over the coming six weeks.

  • Schäuble pitches for Eurozone RMB crown

    Wolfgang Schäuble, Germany’s finance minister, talks to EuroWeek’s Toby Fildes about Germany and Frankfurt’s ambitions to become the Eurozone home of the renminbi, the impact that banking union will have on financial services and centres in Europe and whether or not enough has been done to prevent the economic crisis from returning.

  • Paragon retail bond flies, will be at least £100m

    Paragon Group, the UK buy-to-let mortgage lender and consumer debt purchaser, has found eager demand for its second retail bond issue, prompting it to increase the deal beyond the original intended size of £60m-£100m.

  • Daimler puts plans in place for first Panda

    German car maker Daimler is planning to sell its first Panda bond, which would make it the first foreign, non-financial company to access China’s domestic market.

  • New Taiwanese investors to drive bank PP supply

    Bank private placement volumes are set to escalate in 2014 as a new Taiwanese investor base develops and banks show a preference for selling private placements over syndicated debt.

  • Colombia pounces on flatter curve for 30 year

    Colombia made what is likely to be its one and only international bond market outing of the year on Tuesday, making the most of a flatter curve than usual to print $2bn of 30 year paper at a 10bp new issue premium.

  • Tencent takes CSC yields into single digits

    China South City, a developer of integrated logistics and trade centres, found its fortunes transformed this week. The issuer had been facing yields well above 10% for a prospective five year non-call three bond but ended up pricing the note at least 150bp tighter. The catalyst was an announcement that Tencent would buy almost 10% of CSC, which doubled that company’s share price, sent its bond spreads tumbling and changed investors’ opinion of the credit, said bankers on the deal.

  • Belfius pays small NIP; Commerzbank and Kommunalkredit hit the road

    Belfius Bank on Tuesday launched a tightly priced five year covered bond that was easily digested, thanks to its relatively small size. Meanwhile, Kommunalkredit Austria and Commerzbank named leads for deals to be launched following respective roadshows.

  • Daimler clocks up another €500m with three year FRN

    Daimler returned to the bond market again on Monday for its fourth issue of the year, in Dealogic’s count, this time a €500m three year floater led by Société Générale.

  • Secondary still bullish as hunt for yield continues

    The tone for higher yielding paper in the secondary market showed no sign of weakening this week, with spreads continuing to tighten despite lower trading volumes and fewer BWICs.

  • KBN shows Kauri demand remains as volatile swap causes headaches

    Kommunalbanken made its first appearance of the year in New Zealand dollars on Thursday, tapping four year Kauri bonds. Other issuers are mulling deals for next week, but may be forced to hold off as syndicate bankers wrestle with a volatile basis swap with just a narrow window before Chinese New Year shuts the market down.

  • Berlin Hyp’s benchmark goes international

    Berlin-Hannoversche Hypothekenbank’s five year senior unsecured bond this week achieved the issuer’s twin goals of printing in benchmark size and having some investors from outside Germany buy it.

  • The outlook for next week: results and correction loom

    Despite weakness in secondary markets and an approaching results season, many bankers are looking forward to a busy week ahead of ECM issuance. There is a backlog of deals waiting for earnings to finish, though the flow of block trades that has driven volumes so far may begin to dwindle.

  • Dim sum duo prove appetite still rife for CNH

    China Ping An Insurance Overseas came for its second helping of dim sum this week and took Rmb1.6bn ($262m), despite being unrated. Meanwhile, new issuer Universal International Leasing also sold Rmb1bn ($136m), showing that investor appetite for dim sum is still strong, despite Powerlong Real Estate’s failure to launch its own deal (see page 1).

  • FIG starts to wilt as barrage continues

    JP Morgan and Morgan Stanley continued the flood of big-ticket FIG supply in the US market this week, leaving investors gasping for a pause in issuance.

  • Drahi brings in the crowds as Altice is covered in two days

    Investors were queuing up to meet Altice’s founder Patrick Drahi and his management team on Monday as bookbuilding began on the €1.3bn IPO for the telecoms and cable investment company.

  • As Warren Buffett says, stick with what you know

    Why someone would want to go to China for Chinese New Year, and take part in the largest annual human migration on the planet, is anyone’s guess.

  • Asmodee gets €65m unitranche LBO debt

    European Capital and Tikehau Investment Management have provided a €65m unitranche facility to support Eurazeo Capital’s acquisition of Asmodee Editions, the French games publisher.

  • Yioula mulls buyback, new bond whispered

    Yioula Glassworks is trying to work out a way to redeem its €140m 9% December 2015 notes, which could be carried out in tandem with the launch of its new high yield bond transaction, according to an investor.

  • Nederlandse Waterschapsbank

  • Prudent investors pick from plentiful market and pass up Powerlong’s latest dim sum offer

    After an explosive start to the year in the dim sum market, Powerlong Real Estate Holdings became the first casualty of oversupply when investors turned down its three year offering and it was forced to pull its proposed bond on Wednesday, writes Virginia Furness.

  • Kexim dual lists renminbi dual trancher

    Export Import Bank of Korea sold its first public renminbi transaction since 2012 late last week, launching a Rmb1bn ($164m) dual tranche bond split evenly between five and 10 year tranches. The issuer also took the unusual approach of listing the tranches on different stock exchanges — becoming the first to do so — selling the 10year bond in Taiwan and the five year in Singapore.

  • Timing is everything

    The Spanish Treasury showed that timing is something on which it is a bit of an expert this week.

  • Eni picks up €1bn at small to no premium

    Eni, the oil and gas company, on Wednesday launched this year’s seventh Italian corporate bond in euros, with a deal that underlined its status as one of the country’s strongest borrowers.

  • Increased foreign interest helps propel Joint Laender to success

    International demand boosted the first benchmark from the Joint Laender (44 on Wednesday, with interest from several new investors helping to buoy the deal. A more generous level than usual on Laender trades also helped the deal to succeed.

  • Navigat, Malakoff power up southeast Asia

    Power companies Navigat Energy and Malakoff Corp have launched their respective loans into general syndication, providing the first set of deals to emerge from the Indonesian and Malaysian markets this year.

  • North Atlantic readies $600m high yield bond

    North Atlantic Drilling, the Norwegian company seeking a listing on the New York Stock Exchange, has announced plans for a $600m five year bond issue.

  • Israel ups size as dollar buyers pile into euros

    The State of Israel increased its deal size to €1.5bn from a target of €1bn on Wednesday after a €5.75bn book was built. Traditional EM dollar buyers piled into the euro-denominated bond because of the scarcity of dollar paper on offer in the CEEMEA region so far this year.

  • GMAC gets auto ABS rolling with VW next in line

    GMAC Bank got a solid response from investors this week for the first auto ABS deal of the year. Meanwhile, Volkswagen is set to keep auto ABS supply distinctly German after it mandated for a new VCL transaction.

  • HKCG ends dollar absence with first hybrid

    Hong Kong and China Gas (HKCG) sold its first hybrid perpetual bond this week, finding strong demand for its entry into the asset class. The $300m non-call five deal was its first dollar bond since 2008, and rarity and a sound structure helped produce a successful print, said bankers on the deal.

  • Steinhoff completes six-pack with latest convertible bond issuance

    South African furniture firm Steinhoff International returned to the convertible bond market for the sixth time on Thursday, pricing a €400m 2021 deal and assuring bankers of the robustness of investor demand for repeat issuers.

  • Time to put up or shut up when lending in Russia

    Having the last laugh is satisfying — just ask Russia’s Siberian Coal Energy Co (Suek). The firm is on the verge of signing a hugely successful facility after almost all corners of the emerging market loan universe said that the deal would struggle because of its five year tenor — Suek’s third loan of this length since October 2011. The time has come for lenders to accept how things are, rather than grumbling about how they think they should be.

  • CMBS loan repayments down in Q4, says Moody’s

    European CMBS loans reached their lowest rate of repayment for two years in the fourth quarter of last year, driven by the high leverage and lower quality of the under properties, according to Moody’s.

  • Unitranche debt: a bespoke financing option for SMEs

    Unitranche debt is gaining traction among Europe’s mid-caps. This can only be a good thing, particularly on a continent where small and medium-sized companies have long been short on financing options.

  • 1,000x bid for Laohenghe’s IPO — wine not?

    The retail book for Huzhou Laohenghe Brewing’s $133m debut on the Hong Kong Stock Exchange was more than 1,000 times oversubscribed, as investors piled into one of the city’s hottest IPOs this month.

  • All eyes on pricing as TCCI launches $1bn RFP

    Taiwan Cement Corp International Limited (TCCI), the Hong Kong subsidiary of Taiwan’s largest cement manufacturer, has created a rush of excitement among bankers thanks to its request for proposals for a $1bn loan. The size of the deal has prompted bankers to claim it could be a game changer for the pricing of loans, not only in Taiwan, but across Asia, writes Rashmi Kumar.

  • Turkey prints tight but sell-off ruins re-opening effect

    The Republic of Turkey cast off any concerns about its access to the capital markets at a tight price on Wednesday when it printed $2.5bn of 2024s with only a 5bp new issue premium, according to a lead manager on the trade. But fears crept back in when the bond lost 1.25 points in the secondary market as the lira weakened further.

  • Peripheral ABS open for business as BANIF preps SME deal

    Portugal’s BANIF could price its securitization of loans to SMEs on Friday, as investors continue to show concerted demand for peripheral paper in the secondary market.

  • REC lights up market with $150m RFP

    Indian state-owned Rural Electrification Corp has sent out a request for proposals to banks to raise $150m, only two months after it signed a $285m financing. But it has already gathered plenty of interest from banks who wish to break away from the oil and gas names hogging the market.

  • Spain

  • RBI €2.78bn ABB bodes well for FIG ECM issuance in 2014

    A €2.78bn accelerated pre-placement for Austria’s Raiffeisen Bank International set a positive precedent for other European financial institutions looking to shore up their balance sheets through capital raises over 2014.

  • Asia ECM news in brief, January 23, 2014

    GGAM withdraws Bloomberry sell-off — Axis Bank $1bn block sale poised for February — 1MDB $2bn IPO hots up as five jostle for mandate — Jasmine’s $2.2bn infrastructure fund rescheduled — Ezra ponders US spin-off of subsea services arm — Diaper-maker AAB takes first steps for $300m IPO — HK Airlines mandates three for $1bn float — Fosun Pharma given nod for H-share placement — HK set for $300m sunshine after CNY

  • Allianz blowout shows Swiss sub appetite

    More issuers could look to follow in the footsteps of Allianz after a blowout subordinated Swiss franc deal on Wednesday, according to Zurich based bankers. The deal — ending Allianz’s 14 year absence from the currency — drew an exceptional response from yield starved Swiss investors.

  • UniCredit frees up capital with infrastructure reg cap trade

    UniCredit has sold the riskiest two tranches of a portfolio of project finance loans to a US hedge fund, freeing up a chunk of capital that can either be used for new lending or help it meet tougher capital requirements.

  • Taking stock three months on: Tinkoff Credit Systems and Alrosa

    After a tough start to 2013, Russia and the emerging markets found health in October with a run of four IPOs in a week. At the time, many said that the aftermarket would be the true test of EM appetite — and Alrosa and Tinkoff Credit Systems (TCS) stand as stark demonstrations of the dangers and benefits of playing the Russian market.

  • Citic Resources, China Hongqiao fire up deals

    Hong Kong-listed Citic Resources has started marketing its $300m three year term loan in a limited general syndication, while China Hongqiao is approaching banks to refinance some of its maturing debt.

  • Investment Grade syndicated loans-news in brief, Jan 24, 2014

    Feuer Powertrain takes loan and PP — UCB cuts price — CBRE completes refi programme

  • Sberbank Europe in loan talks

    Sberbank Europe has sounded out the syndicated loan market for a €400m one year loan. The borrower is offering a margin of 100bp over Euribor, though fees and a co-ordinating bank have yet to be revealed.

  • Delfin raises €97m through FdR ABB, but others unlikely to follow

    Delfin, a European investment firm, raised €96.8m through a secondary sale of convertible bonds issued by Foncière des Régions through a book build on Tuesday night, pricing the deal at a small discount.

  • Poland's Play to sell €870m high yield bond on Friday

    Polish mobile phone operator Play has revised price guidance for its €870m three tranche high yield bond.

  • Buyers lap up Fonterra's first dim sum benchmark

    New Zealand dairy company Fonterra priced its second ever dim sum bond on Monday, selling one of the largest offshore renminbi deals from a corporate borrower in recent years.

  • Turkish corporate loans on hold as protests keep lenders away

    Turkish event-driven corporate loans estimated to total more than $2bn have been postponed as public protests continue to rage in the country.

  • AB InBev steals the show in US with $5.3bn for Korean takeover

    Anheuser-Busch InBev roused dollar bond investors this week with the biggest senior corporate deal of the year so far, a $5.25bn trade that came as issuance was otherwise constrained by earnings blackouts.

  • Libya weighs debut sukuk to help budget

    Libya may be gearing up to issue a debut international sukuk, as it seeks alternative funding sources to meet its budget and pay for food imports.

  • UK can wait for sukuk but not forever

    A palpable sense of trepidation returned to Islamic finance practitioners this week on learning that the United Kingdom’s long demanded sukuk debut may not happen until at least October.

  • MTN Leak: Courting Leak

    What do dealing in MTNs and matchmaking have in common? We’re not quite sure, but that doesn’t stop RBC Capital Markets from doing both — Fergus “Cilla” Kiely and Peter Flanagan may be known as MTN dealers but they are also a dynamic dating team.

  • Time to put up or shut up when lending to Russians

    Having the last laugh is satisfying — just ask Russia’s Siberian Coal Energy Co (Suek). The firm is on the verge of signing a hugely successful facility after almost all corners of the emerging market loan universe said that the deal would struggle because of its five year tenor — Suek’s third loan of this length since October 2011. The time has come for lenders to accept how things are, rather than grumbling about how they think things should be.

  • RBI sets up panel to review bank governance

    The Reserve Bank of India has formed a committee to look into governance practices among Indian lenders, such as regulatory compliance, strategy and risk management.

  • Milano reopens periphery as cash backs eurozone

    Banca Popolare di Milano printed the first periphery deal the senior unsecured market has seen in over a week on Thursday, and showed that risk appetite in FIG is still alive and well with investors having clearly backed European risk across asset classes this week.

  • Hyper convertible bond brought to European market

    Just Energy, a Toronto-listed retailer of energy contracts across the US, Canada and the UK, this week completed the first hyper convertible bond in the euromarket with a $150m July 2019 transaction.

  • Debt bankers defend premium on Wanda 10 year

    Dalian Wanda Commercial Properties priced a $600m 10 year bond on Thursday night, and faced charges that the issuer had paid a hefty premium to establish a longer dated dollar curve. But debt bankers on the bond argued that a stable secondary market performance vindicated the final yield, which was influenced by a soft secondary market, existing price comparables and the issuer’s previous experience in the bond market.

  • Spanish €10bn deal opens door for Italian blowout

    Spain’s stunning syndication on Wednesday has sparked debate through the SSA market about its wider meaning for the borrower and its eurozone periphery peers. While nobody doubted the sovereign’s achievement in selling a €10bn 10 year deal in a week where its yields touched 2006 levels, bankers wondered variously whether it was a freak occurrence, a sign that investors had lost their minds, or a good omen for Italy, which is expected to bring its own syndication in coming weeks.

  • SSAs bathe in dollar support from swooning investors

    Sovereign, supranational and agency issuers luxuriated in supportive dollar debt markets this week as investors — including a new wave of bank buyers — shrugged off recent concerns over the US rate outlook.

  • Venezuelan bonds fall further on policy disappointment

    A speech outlining plans for a “stealth” devaluation of Venezuela’s currency was seen as too little, too late for investors as bond prices continue to tumble.

  • Outlook Dim For CRE Despite Recovering Fundamentals

    The outlook for commercial real estate and commercial mortgage-backed securities is not as bright as the recovery in fundamentals suggests and there could be trouble ahead for the asset class if things continue in the same direction, according to market pros at ABS Vegas.

  • Time Running Out To Soften Anti-ABS Bias In Global Regs—ABS Vegas Panel

    Regulators and policymakers across the globe risk strangling the supply of finance to the real economy, particularly in Europe, if they don’t improve cooperation and start regulating bad behavior rather than punishing the market as a whole, according to market experts at the ABS Vegas conference on Thursday.

  • Liquidated U.S. RMBS Loss Severities Rise In Q4

    Loss severities on loans in U.S. residential mortgage-backed securities rose in the fourth quarter following six consecutive quarters of declines, according to Fitch Ratings.

  • Distressed RE Sales Up In 2013

    Distressed real estate sales represented 16.2% of residential property sales in 2013, up from 14.5% a year earlier, according to RealtyTrac.

  • Judge OKs CDO Class Action Against GS

    U.S. District Judge Victor Marrero of New York has ruled that institutional investors may proceed with their class action against Goldman Sachs over $2 billion in collateralized debt obligations the bank sold them.

  • Canada Proposes Tougher ABCP Regs

    Canadian regulators have proposed tougher regulations for third-part asset-backed commercial paper, five years after the asset-backed commercial paper market collapsed.

  • Atlanta Adviser Hires CMBS Expert

    Atlanta-based Angel Oak Capital Advisors has hired Kin Lee, formerly executive director at Nomura Securities International, as a senior portfolio manager who will focus on commercial mortgage-backed securities.

  • U.S. Bank TruPS CDO Default And Deferral Rate Falls

    The combined default and deferral rate of U.S. bank trust-preferred securities collateralized debt obligations fell in December to 26.5% from 27.3% a month earlier, according to Fitch Ratings.

  • Natixis Securitizes $359.5 Mln In Conduit CMBS Loans

    Natixis Real Estate Capital has securitized $359.5 million of 24 loans in a conduit commercial mortgage-backed securities deal.

  • Q&A: Richard Johns, SFIG

    Total Securitization spoke with SFIG executive director Richard Johns on the issues topping the organization’s agenda, and recent developments within the group.

  • GMAC Bank Set For Tighter Pricing For German Auto ABS

    GMAC Bank will price the first European asset-backed securities deal of the year by the end of this week, after leads on its German auto loan ABS, E-Carat 6, put out initial price thoughts (IPTs) on Thursday morning.

  • JPMorgan Tops 2013 League Tables Second Year Running

    JPMorgan led the way in global asset-backed securities bookrunning in 2013 for the second year in a row, but its market share fell by almost six points to 13.2%, according to league tables compiled by Total Securitization and Dealogic.

  • Another QM Challenge: Will A Loan Still Be Eligible Tomorrow?

    One lesson the mortgage industry learned during the recent financial turmoil: documentation matters.

  • 2014 Outlook—Global CLOs

    In 2014, the credit quality of new collateralized loan obligations will be strong, characterized by amortization in both the U.S. and Europe and by solid deal structures, a benign macroeconomic environment, and loosening credit in the U.S.

  • Fed’s Actions Unlikely To ‘Taper’ Momentum For U.S. Credit Card ABS

    Positive U.S. macro and employment data has finally brought to bear the highly speculated tapering courtesy of the Federal Reserve.

  • What We’ve Got Here Is Failure To Communicate: Personal Reflections On Financial Reform And Securitization

    Over the last five years I, like many of you, have spent a lot of time engaged in understanding various proposed financial reforms aimed at securitization and preparing industry responses to such proposals.

  • The Trade Finance Securitization Market: Starting To Make Trax

    Ever since the world’s first rated issuance in 2006, “trade finance securitization” has been a buzzword in the banking industry.

  • Ex-SEC Chair: Expect ‘Improvements’ To Reg AB II This February, And A ‘Relaxed’ QRM

    Securitization professionals should expect long-awaited clarity on Regulation AB II in February at an open meeting of the Securities and Exchange Commission, according to former SEC chair Chris Cox at an industry conference in Las Vegas.

  • European Repo Market Falls Sharply

    The European repo market has fallen sharply since June, dropping at least 8.2% since then, in part because of the European Central Bank’s liquidity offer, according to the European Repo Council of the International Capital Market Association.

  • Growth In Spanish RMBS Delinquencies To Slow

    Loan delinquencies in Spanish residential mortgage-backed securities are expected to continue to rise but at a slower rate in 2014 with high loan-to-value ratios remaining as the key default driver, according to Moody’s Investors Service.

  • Reg To Challenge European CLO Resurgence

    The retention-stake rule is expected to present a challenge to the resurging European collateralized loan obligation market, which is expected to build on last year’s growth in 2014, according to Fitch Ratings.

  • Fitch Revises Stresses To SF LIBOR

    Fitch Ratings has revised the criteria it uses for stressing interest-rate risk in covered bonds and structured finance deals and has amended the stresses to the London Interbank Offered Rate and other such rates.

  • Spanish Banks Exit Bailout Program

    Spanish banks have followed their peers in Ireland in exiting the Europe’s program for bailing out financial institutions.

  • MTNs: BNP Paribas in pole on three tables

    Dealers of private EMTNs: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of < 365 days Dealers of private EMTNs including self-led: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers and issues with a term of < 365 days Dealers of structured EMTNs excluding self-led: Structured, non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, puttable FRNs and issues with a term of < 365 days

  • All Bonds league tables

    Dealogic league tables of bond transactions, last 12 months rolling. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

  • International bonds league tables

    Dealogic league tables of bond transactions, last 12 months rolling. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

  • All Equity Capital Markets league tables

    Dealogic league tables of ECM transactions, last 12 months rolling.

  • All Syndicated Loans league tables

    Dealogic league tables of loans transactions, last 12 months rolling.

  • All Revenue league tables

    Dealogic league tables of total revenue transactions, full year 2013. Including Investment Banking, Debt Capital Markets, Equity Capital Markets, Mergers & Acquisitions and Syndicated Loan revenues.

  • All Asian league tables by sector

    Dealogic league tables of Asian transactions, last 12 months rolling. Including Bonds, ECM, Syndicated Loans, Mergers & Acquisitions.

  • Monthly issuance volumes 2013-2014

    Asian currency issuance volumes from the past 3 months.

  • All Asian local currency bonds league tables

    Dealogic league tables of Asian local currency bond transactions, last 12 months rolling. Including All Asian (ex Japan) currency bonds, all offshore renminbi bonds, Hong Kong dollar, Korean won, Chinese renminbi, Indian rupee, Taiwanese dollar, Indonesian rupiah, Singapore dollar, Thai baht and Malaysian ringgit.

  • Asian currency bonds, January 15-22 2014

    Asian currency bonds from the past week

  • Goldman helps LEG Immobilien, Almirall shareholders to $1bn in blockbuster night

    Goldman Sachs helped shareholders of LEG Immobilien and Almirall to raise over $1bn through block trades on Wednesday night.

  • NextEnergy to raise £150m in latest fund IPO

    NextEnergy Solar Fund, the latest in a run of renewable energy funds to list, hopes its experienced management team can lure investors away from its competitors.

  • Steinhoff completes six-pack with latest CB issuance

    South African furniture firm Steinhoff International returned to the convertible bond market for the sixth time on Thursday, pricing a €400m 2021 transaction and assuring bankers of the robustness of investor demand for repeat issuers.

  • Moody’s Methodology For De-Linking Swap Counterparty Credit Risk

    To describe its most recent approach to de-linking the credit risk of a swap provider (a Provider) from structured transactions, on Nov. 12, 2013, Moody’s Investors Service published Approach to Assessing Swap Counterparties in Structured Finance Cash Flow Transactions.

  • East Midlands Housing joins bond market with £150m

    East Midlands Housing Group, a UK housing association, made its debut in the bond market today with a £150m senior secured deal, accompanied by £50m of retained bonds.

  • Goldman helps LEG, Almirall shareholders to $1bn

    Goldman Sachs helped shareholders of LEG Immobilien and Almirall to raise over $1bn through block trades on Wednesday night.

  • Hedge Funds Tap Main May, June Option Expiries

    Hedge funds are extending the expiries on credit options in the iTraxx Main out to June, the first time significant flow has occurred in such longer-dated maturities this year. The flow comes as investors seek to profit from the roll of the index on March 19 and hedge for events later in the year.

  • NextEnergy leverages management for latest renewable fund

    NextEnergy Solar Fund, the latest in a run of renewable energy funds to list, hopes its experienced management team can lure investors away from its competitors.

  • GMAC Bank set for tighter pricing for German auto ABS

    GMAC Bank will price the first European ABS deal of the year by the end of this week, after leads on its German auto loan ABS, E-Carat 6, put out initial price thoughts (IPTs) on Thursday morning.

  • Autodistribution collects big book for tight high yield debut

    French car parts distributor Autodistribution priced its debut high yield bond inside price guidance today, at 6.5%.

  • Poland's Play sets guidance for €870m high yield bond

    Polish mobile phone operator Play has released price guidance for its €870m three tranche high yield bond.

  • IP Group launches £75m capital raise

    A £75m capital raise for IP Group that will see the patent marketing firm issue up to 45.5m new shares will finance growth in the company’s existing portfolio and new projects.

  • New World Resources reviews its capital structure

    New World Resources has hired Blackstone as a financial adviser after its €100m revolving credit facility due in February was not extended.

  • Turkey's tight record breaker allays investor fears

    The Republic of Turkey cast off any concerns about its access to the capital markets at a tight price on Wednesday when it printed $2.5bn of 2024s with only a 5bp new issue premium, according to a lead manager on the trade.

  • Rabobank opens Aussie domestic market with floater

    Rabobank took to the Australian dollar market through its Sydney branch on Thursday, drawing attention from local bank treasuries. The deal is the first senior unsecured bank debt sold on the domestic market this year.

  • Bonus cap will not impact bank costs, says Fitch

    The EU’s bonus cap is unlikely to have a big impact on European trading banks’ cost structures, according to Fitch Ratings, but an increased focus on costs and exiting low-margin businesses will have a greater effect on compensation.

  • Banks set to favour clubs in 2014

    Banks will show a preference for selling club deals this year, according to MTN dealers.

  • Milano reopens periphery as cash backs eurozone

    Banca Popolare di Milano put the first periphery bank senior unsecured deal in over a week on screens on Thursday morning, with investors having clearly backed European risk across asset classes in the previous trading session.

  • Trafigura refi gives deal-hungry lenders some sustenance

    Dutch commodities trading firm Trafigura has mandated nine banks to bookrun a $4bn refinancing facility, due to be signed by the end of February.

  • Israel ups deal size to €1.5bn as dollar buyers forced to pile into euros

    The State of Israel increased its deal size to €1.5bn from a target of €1bn on Wednesday after a €5.75bn book was built. Traditional EM dollar buyers piled into the euro-denominated bond because of the scarcity of dollar paper on offer in the CEEMEA region so far this year.

  • Qatar Shipping loan finds Japanese supporters

    Doha-headquartered Qatar Shipping has signed a $425m 12 year ship financing facility from mainly Japanese lenders.

  • Oz Could Relax Reporting Requirements For International Firms

    The Australian Securities and Investments Commission is considering waiving specific trade reporting requirements for international firms active in the over-the-counter derivatives market, and is currently in discussions with market participants over the issue.

  • Obstacles Seen To Korea’s Structured Product Push

    Officials in Seoul are skeptical moves by the country’s financial regulator to open the market to greater product diversity will boost dwindling derivatives volumes.

  • More policy disappointment sends Venezuela bonds further down

    Bond buyers are showing everless confidence in the Venezuela’s long-term ability to repay its debt as the country’s economic policy continues to disappoint investors.

  • Goldpoly launches primary share placement

    Chinese solar power plant company Goldpoly New Energy Holdings launched a sale of 420m primary shares on Thursday — representing 10.8% of the company’s fully diluted share capital.

  • Colombia bond head: we’re done for the year

    Tuesday’s $2bn 30 year from Colombia is likely to be its only outing in global bond markets in 2014, the country’s debt management head told EuroWeek.

  • Risk Retention Stokes Fears Of Stifling New Asset Classes

    Risk retention rules are likely to be a burden to existing asset classes in securitization, but the greatest threat is to new products that are evolving to meet the demands of the market, said panelists at Wednesday’s “Risk Retention Update” at ABS Vegas.

  • After Big Year For MSR Sales, Panelists Look Ahead

    Private-equity backed firms like Nationstar Mortgage, Ocwen Financial Corp. and Walter Investment Management Corp. will continue to pick up banks’ mortgage servicing rights in 2014, but servicing costs and decreasing supply could slow the pace of future transfers.

  • ASIAMONEY Country Deals of the Year 2013: China

    Each year we reveal the most impressive individual transaction to have taken place in each major Asian market. In China, Alibaba's US$8 billion loan demonstrates the depth of international bank support for the right mainland name.

  • Asia (ex Japan) High Yield DCM Bookrunner Ranking - Last 12-month rolling

  • Offshore RMB DCM Bookrunner Rankings for Non-Chinese and Non-Hong Kong Issuers: 23-01-14 YTD

  • Offshore RMB DCM Bookrunner Ranking for Chinese and Hong Kong Issuers: 23-01-14 YTD

  • China Shipping slips in SBLC under regulatory cloud

    China Shipping Overseas Finance was able to issue its first senior unsecured dollar bond on Tuesday - despite investor concerns about the future of the shipping industry - by using a standby letter of credit from the Bank of China Macau even as debate rages on the future of the guarantee.

  • Offshore RMB DCM Bookrunner Ranking - Last 12-month rolling

  • Powerlong pulls dim sum as Chinese property sinks in secondary

    Chinese property supply stumbled this week, but it was the dim sum not the dollar market where the stress showed. Powerlong Real Estate Holdings pulled its offshore renminbi bond on Tuesday after opening books on the same day.

  • European Investment Bank — EIB

  • RMB sweeping can cut costs and improve capital, says Dover - interview

    The Chicago-based industrial manufacturer is one of the first international companies to conduct two-way renminbi sweeping. Michael Zhang, Asia president at Dover, explains why it took part in the initiative and its impact on the firm’s treasury operations.

  • Indonesia and India firms contrast in attitude to FX hedging

    The countries with currencies most impacted by volatility in 2013 have taken contrasting approaches to foreign currency hedging, with Indonesia embracing it while India’s firms remain skeptical. Philip Moore reports.

  • Australia DCM Bookrunner Ranking - Last 12-month rolling

  • RMB Round-up – January 23

    In this week’s round-up of offshore renminbi news, RMB marks its second consecutive month in the top ten of most-used payment currencies, Daimler is set to tap China’s Panda bond market, and Switzerland is eying renminbi hub status.

  • Why offshore RMB clearing banks still matter — opinion

    The need for more official local offshore renimbi clearing banks is increasingly being questioned. But there are still plenty of reasons why they are a good idea for a market trying to establish itself. And it's not just about the clearing any more.

  • Offshore RMB DCM Bookrunner Ranking (Asia ex-Japan): 23-01-14 YTD

  • India DCM Bookrunner Ranking - Last 12-month rolling

  • What’s A Bubble Look Like? Not This, Say Panelists

    Rising home prices in select local markets have caused some to cry “bubble,” but panelists at Wednesday’s “Macroeconomic Overview of the Global Economy and Outlook for 2014” discussion at ABS Vegas largely panned the idea, saying the national recovery is still heading in the right direction.

  • Strong Results Are No Reason To Dodge GSE Reform—Stegman

    Recent improvements in Fannie Mae and Freddie Mac’s quarterly results could overstate their true financial state, and must not distract policymakers from vital housing finance reforms, said Michael Stegman, counselor to the secretary of the Treasury for housing finance policy, on Wednesday.

  • Fitch Eyes Credit Enhancement For U.S. CMBS

    Underwriting of U.S. commercial mortgage-backed securities is expected to deteriorate after being the lone such metric to improve last year, according to Fitch Ratings, which says that “could translate to a spike in credit enhancement on new deals.”

  • Pine River Said To Hire Structured-Credit Expert

    Hedge fund Pine River Capital Management is said to have hired James Lee, formerly global head of structured credit trading at Barclays, to assist in acquiring bank assets.

  • Wells Sells $39 Billion In Servicing Rights To Ocwen

    Wells Fargo has sold $39 billion, or 2%, of its residential mortgage servicing portfolio to Ocwen Financial.

  • Fir Tree Commences Cash Tender Offer For RMBS

    New York-based Fir Tree Partners has commenced a cash tender offer for certain residential mortgage-backed securities subject to the proposed $4.5 billion RMBS settlement between JPMorgan Chase and institutional investors.

  • Kilowatt May Turn To Energy Securitization

    \Kilowatt Financial, which finances solar and efficiency projects, has a closed a credit facility with Citigroup, which may allow the firm “to launch a much-anticipated market for the securitization of consumer energy efficiency loans in the U.S.," according to Marshal Salant, managing director of alternative energy finance at the bank.

  • Morningstar To Provide CMBS Ratings To Bloomberg

    Morningstar Credit Ratings says it will provide letter ratings of commercial mortgage-backed securities through Bloomberg Professional Service.

  • Rental Market Poses Big Questions For Lenders

    New mortgage rules are forcing lenders to rethink the type of loans they can provide to borrowers and capital markets, but investors are asking a new question: is growing rental demand going to further upend the business for traditional mortgages?

  • UniCredit Frees Up Capital With infrastructure Reg Cap Trade

    UniCredit has sold the riskiest two tranches of a portfolio of project finance loans to a U.S. hedge fund, freeing up a chunk of capital that can either be used for new lending or help UniCredit meet capital targets.

  • Peripheral ABS Opens Up As BANIF Preps SME Deal

    Portugal’s BANIF has started roadshowing a securitization of loans to small and medium sized enterprises, as investors continue to show concerted demand for peripheral paper in the secondary market.

  • Baehr Joins Credit Suisse In Investor Solutions

    Andrew Baehr, the former head of U.S. structured sales at BNP Paribas in New York, has joined Credit Suisse in a senior role in the firm’s equity derivatives investor solutions team, also in New York.

  • Volkswagen Joins Growing Euro ABS Pipeline

    Volkswagen Financial Services has turned to its VCL program for its first auto lease securitization of the year, adding to growing momentum in the European asset-backed securities pipeline.

  • Inaugural ABS Vegas Confab Kicks Off Despite ‘Bombogenesis’ Storm

    A heavy storm stranded an unknown number of securitization professionals on the East Coast from making their way out to the first day of the inaugural ABS Vegas conference at the Cosmopolitan Hotel in Las Vegas, but organizers IMN and the Structured Finance Industry Group held out hopes that attendance would gain momentum Wednesday.

  • Secured Lending Soars 45%

    Secured lending soared 45% to £493 million ($816.8 million) in 2013 from a year earlier, though was down 13% in December from a month earlier, according to Loans Warehouse’s Secured Loan Index.

  • Portuguese RMBS Continue To Stabilize

    Performance of Portuguese residential mortgage-backed securities continued to stabilize in the four-month period ended Nov. 30, according to Moody’s Investors Service.

  • Irish Airline Mulls Asset-Backed Bonds

    Irish air carrier Ryanair is considering tapping capital markets for the first time with asset-backed bonds, among other instruments, according to James Dempsey, the firm’s corporate treasurer.

  • Tough FTT Urged

    Algirdas Semeta, the European Union’s commissioner for tax affairs, is calling on the E.U. to resist diluting financial transaction taxes but said the levy could be introduced more gradually.

  • Portuguese Lender Launches Covered Bond

    Portuguese lender Caixa Geral de Depósitos has launched a EUR750 million ($1.015 billion), five-year covered bond.

  • Wind Power Developer Names SF Chief

    German wind-power developer Sowitec has named Rosa Tarrago as head of structured finance.

  • Negotiators Still Apart On E.U. Banking Union

    Martin Schulz, president of the European Parliament, says the legislation proposed for creating a banking union for the European Union may not be adopted as disagreements still exist among negotiators.

  • Amundi Profits On Basis, Relative Value Trades

    Amundi Asset Management has separately profited from a single name basis trade on Finmeccanica, the Italy-based aerospace and defense company, as well as a relative value trade that positioned long risk Intesa Sanpaolo and short risk Mediobanca.

  • ABS Vegas 2014 Issue PDFs

  • RBI €2.78bn ABB bodes well for FIG ECM issuance

    A €2.78bn accelerated bookbuild for Austria’s Raiffeisen Bank International has set a positive precedent for other European financial institutions looking to shore up their balance sheets through capital raises over 2014.

  • CEEMEA sovereigns urged to mine US demand

    The proportion of US demand for euro-denominated CEEMEA sovereign bonds has spiked and bankers are urging borrowers to cash in on the buying by increasing their marketing efforts in the country.

  • Orange plans hybrid of perhaps €2bn, investors flock to roadshow

    Orange, the company formerly known as France Télécom, will roadshow on Friday and Monday for its first hybrid capital bond issue, which bankers guessed might be roughly €2bn in size.

  • Eni picks up €1bn at minimal to no concession

    Eni, the oil and gas company, today launched this year’s seventh Italian corporate bond in euros, with a deal that underlined its status as one of the country’s strongest borrowers.

  • Paragon retail bond flies, will be at least £100m

    Paragon Group, the UK buy-to-let mortgage lender and consumer debt purchaser, has found eager demand for its second retail bond issue, prompting it to increase the deal beyond the original intended size of £60m-£100m.

  • Trust Vehicle Structured Product Issuance At Risk Post-Volcker

    The issuance of structured products through a trust vehicle could be challenging for firms following the formal adoption of the Volcker Rule last month, according to lawyers.

  • Deutsche Bahn keen to diversify with new bond currencies

    Deutsche Bahn, the German state-owned railway company, wants to diversify its investor base with deals in new formats, according to MTN dealers.

  • Volkswagen joins growing ABS pipeline

    Volkswagen Financial Services has turned to its VCL programme for its first auto lease securitization of the year, adding to growing momentum in the European ABS pipeline.

  • Italy's Gruppo Argenta to partially repay lenders

    KKR Asset Management has agreed to invest €100m in Italian food vending machine operator Gruppo Argenta to partly repay loans and support its growth.

  • CBRE completes 13 month refi programme

    Dutch real estate fund CBRE Dutch Retail Fund has completed a €550m refinancing programme that it began in December 2012.

  • ArcelorMittal calls hybrid 7 points below secondaries at 101

    ArcelorMittal has notified holders of its $650m 8.75% perpetual bond that it will redeem the notes on February 20 at 101. The hybrid was trading at around 108 before the announcement.

  • Hurricane Energy drills deep for AIM listing

    UK oil and gas exploration firm Hurricane Energy is set to list on London’s AIM through a £18m IPO.

  • Autodistribution guides pricing on €240m high yield bond

    French car parts distributor Autodistribution has released price talk for its €240m five year senior secured bond.

  • JP Morgan underwrites loan for Trader Media Group buyout

    JP Morgan has underwritten senior debt backing Apax Partners’ acquisition of 50.1% of the UK’s Trader Media Group from the Guardian Media Group.

  • Asmodee gets €65m unitranche LBO debt

    European Capital and Tikehau Investment Management have provided a €65m unitranche facility to support Eurazeo Capital’s acquisition of Asmodee Editions, the French games publisher.

  • Turkey hires banks for 2024 dollars, generous deal expected

    The Republic of Turkey has mandated Citi, HSBC and Morgan Stanley to arrange a 10 year dollar bond, laying to rest doubts about whether the country would come to the market this month for its usual start of the year bond.

  • Russian Railways to offer first Russian bond of 2014

    Russian Railways is gearing up to offer the first Russian Eurobond for the year, with Barclays, Citi, JP Morgan and VTB Capital leading the deal.

  • Global Sov CDS Tightens 9.5% In Q4 2013

    Global sovereign credit default swap spreads tightened 9.5% in the fourth quarter of last year while stocks continued to rally, according to a report published by S&P Capital IQ on Wednesday.

  • Goldman first into sterling with popular 12 year

    Goldman Sachs was set to print the first sterling-denominated senior unsecured benchmark of 2014 on Wednesday, targeting better demand in the long end of the curve.

  • UK looks beyond October for sukuk, HSBC said to be in pole position for mandate

    The United Kingdom’s debut sukuk is unlikely to come before October, although the government plans to make an announcement on the deal before July, according to a source with knowledge of the situation. HSBC is frontrunner among banks to arrange the deal, added the source.

  • Pictet launches Absolute Return Fixed Income Fund

    Pictet Asset Management has launched an Absolute Return Fixed Income Fund that will invest in a wide range of corporate, high yield, financial and emerging markets bonds.

  • Investors pile into Allianz Swiss return

    Allianz returned to the Swiss franc market after an absence of 14 years on Wednesday, selling a chunky subordinated deal. The high demand for subordinated paper could encourage more issuers to look at capital trades in the currency, according to syndicate bankers away from the trade.

  • Berlin Hyp goes big and stays home

    Berlin-Hannoversche Hypothekenbank (Berlin Hyp) made a big improvement on both size and demand for its latest senior unsecured deal, a five year transaction due to be priced on Wednesday afternoon.

  • Altice covered in two days as SFR deal encourages interest

    Bankers on Altice's €1.3bn IPO said on Wednesday that the deal was covered within the range two days into bookbuilding, as rumours about potential acquisitions for the company helped spur demand.

  • Eesti Energia follows downgrade with tap

    Eesti Energia has announced plans to tap its €300m 4.25% 2018s, only a day after Moody’s downgraded the company one notch to Baa2.

  • Sterling Bank to sell PP by end of Q1

    Sterling Bank plans to raise $120m with a private placement by the end of Q1 2014, according to a funding officer at the bank. The Nigerian lender will follow the deal up with a multi-currency tier two deal by the end of the year.

  • CEEMEA set to catch up on LatAm sprint start

    Though this week has been slower in CEEMEA in terms of volumes printed, bond bankers are gearing up for a busy end to the month, with Israel having set the maturity for its 10 year euro benchmark, Russian DeltaCredit marketing the first Eurorouble deal for nine months, and Kipco roadshowing the first bond from the Gulf this year.

  • Delfin raises €97m through FdR convertible ABB

    Delfin, a European investment firm, raised €96.8m through the sale of convertible bonds issued by Foncière des Régions through a bookbuild on Tuesday night, pricing the deal at a small discount. It is one of the few investors in recent years to take advantage of the structure, which is popular with issuers and vendors, but bankers said that it is unlikely to catch on.

  • Créd Ag smells pre-blackout opportunity

    Crédit Agricole launched a two year floating rate note in no time at all on Tuesday afternoon, taking advantage of short end demand to print a tight deal before going into blackout next week.

  • Al Bayan signs $70m Islamic loan with banks

    Al Bayan Group has signed a $70m Islamic financing facility with banks, its debut syndication in the regional debt market.

  • Spain leads rampant SSA new issue market

    Sovereigns, supranationals and agencies were enjoying conditions in which it is “almost impossible to do a bad deal” this week. An investor grab for yield meant periphery issues and long dated prints from core borrowers flew out of the door, and allowed Spain to pull together a staggering order book for its 10 year bond on Wednesday morning.

  • Goldman Trading Chief To Depart, Plans Hong Kong Macro Fund

    Leland Lim, co-head of Asia Pacific macro trading at Goldman Sachs, will leave the firm next week, with plans to launch a global macro fund in Hong Kong later this year.

  • Macquarie Loses Seoul Chief

    Ross Gregory, Korea head at Macquarie Securities in Seoul, has left the firm.

  • Indebted Mechel agrees covenant easing with lenders

    Russian metals and mining firm Mechel has reached an agreement with its creditors to cap its net debt at 10 times Ebitda, as the firm continues to battle its way out of its debt pile.

  • Powerlong pulls dim sum as Chinese property sinks in secondary

    Chinese property supply stumbled this week, but it was the dim sum not the dollar market where the stress showed. Powerlong Real Estate Holdings pulled its offshore renminbi bond on Tuesday after opening books on the same day.

  • High yield engine builds up steam to start printing at full speed

    Europe’s high yield new issue market took a while to get started at the beginning of this year, but the hoppers are now filling up with deals in the marketing process.

  • Primary activity slows in watchful FIG

    FIG supply has slowed this week as blackout periods start to bite and investors have favoured buying in primary, while issuers want to see a critical mass of investors come into the secondary market to give it a positive direction before launching deals.

  • Libya weighs debut sukuk to help budget

    Libya will consider issuing a debut international sukuk as it seeks alternative funding sources to meet its budget and pay for food imports.

  • HKCG's debut hybrid a sound success

    Hong Kong and China Gas sold its first hybrid perpetual bond this week, finding strong demand for its entry in to the asset class. The $300m non-call five deal was its first dollar bond since 2008, and rarity and a sound structure helped secure a successful print, said bankers on the deal.

  • Dah Sing starts HK tier two supply

    Hong Kong’s Dah Sing Bank opened books on the first Basel III compliant tier two bond from a Hong Kong financial institution on Wednesday. The small size, structure and jurisdiction would help ensure a better outcome than Dah Sing’s Chinese competitors enjoyed on their outings, said bankers close to the deal.

  • China Shipping slips in SBLC under regulatory cloud

    China Shipping Overseas Finance was able to issue its first senior unsecured dollar bond on Tuesday - despite investor concerns about the future of the shipping industry - by using a standby letter of credit from the Bank of China Macau even debate rages on the future of the guarantee.

  • HKE Investments prices $3.11bn trust at the bottom

    Hong Kong Electric Investments had to price its HK$24.1bn ($3.11bn) IPO at the bottom of its indicative price range on January 22 as investors demanded higher yields for what is the world’s largest equity deal so far this year.

  • China Gas increases to $350m, signing Monday

    China Gas is due to sign its five year loan on Monday, January 27, with a strong showing during general syndication allowing the borrower to increase the final deal size to $350m from $300m.

  • Perusahaan signs €160m project finance loan

    Indonesian electricity company Perusahaan Listrik Negara has sealed a €160m ($217m) 12 year term loan via two facilities, to help fund gas power plant projects in the country.

  • Kookmin feeds floater frenzy but demand undiminished

    Kookmin Bank closed a three year floating rate note on Tuesday, pricing the bond flat or even inside its secondary curve, according to bankers on the bond. But such is the appetite for the short dated FRN that the bonds were bid even tighter in the secondary market, with US accounts the main drivers of the spread contraction.

  • Bendigo courts institutions with first tier two

    Bendigo & Adelaide Bank opted for tier two in its latest Basel III compliant bond in a effort to attract institutional accounts, but it had to offer a substantial pick up over the nearest comparables to satisfy that investor, finally pricing at 280bp over three month BBSW.

  • REC lights up market with $150m RFP

    Indian state-owned Rural Electrification Corp has sent out a request for proposals to banks to raise $150m, only two months after it signed a $285m financing. But it has already gathered a reasonable amount of interest from banks who are wishing to break away from the oil and gas names hogging the market.

  • A plea for prudent perp issuance – opinion

    Asian borrowers have started selling perpetual bonds again, buoyed by hungry private bank buyers and at least a modicum of clarity around interest rates. But restraint is essential if they are to avoid a repeat of last year, when they pushed the perp structure to its limits and pulled the market down on their own heads.

  • Citic Resources fires up $300m loan

    Hong Kong-listed Citic Resources has started marketing its $300m three year term loan in limited general syndication, with invitations largely sent only to those lenders that have an existing relationship with the borrower.

  • China Suntien fetches $206m via private placement

    Wind farm operator China Suntien Green Energy Corp raised HK$1.6bn ($206m) on January 21 through a private placement of H-shares, four months after the plans were first announced.

  • Colombia continues LatAm 30 year splurge

    Latin America’s frequent issuers continue to prefer the long end of the curve with Colombia becoming the third borrower of the year from the region to issue a multi-billion dollar 30 year bond.

  • DBS eyes renminbi equity-linked structures

    DBS Bank in Hong Kong is looking to market equity-linked notes denominated in renminbi that reference an equity underlying in Hong Kong. Issuance is based on the view that there is likely to be a relaxation in RMB convertibility that will spur demand for such structures, writes Daniel O’Leary of Derivatives Intelligence (DI).

  • Shanghai FTZ cross-border sweeping rollout attracts corporate interest

    Several banks have launched two-way renminbi cross border sweeping in the FTZ, and the Chinese central bank could soon relax restrictions on other cross-border services.

  • Buyers lap up Fonterra's first dim sum benchmark

    New Zealand dairy company Fonterra priced its second ever dim sum bond on Monday, selling one the largest offshore renminbi deals from a corporate borrower in recent years.

  • Axis Bank US$1bn block sale scheduled for February

    Suuti, an Indian body which holds several government liabilities will sell a US$1 billion stake in Axis Bank as early as February, following a discussion with nine banks last week, according to a banker on the trade.

  • North Asia DCM Bookrunner Ranking - Last 12-month rolling

  • Asia (ex Japan) Syndicated Loans Bookrunner Ranking - Last 12-month Rolling

  • Taiwan gets boost from new RMB cash route

    Bank of China’s Taipei Branch on Monday began offering renminbi cash deposit and withdrawal services to financial institutions in Taiwan. The move comes at a important time for the offshore renminbi sector in the territory, with two borrowers having tapped the bao dao market last week and renminbi deposits in Taiwan surpassing those in rival hub Singapore for the first time.

  • Agency Single-Family MBS Down 7.1%

    Issuance of agency single-family mortgage-backed securities dropped 7.1% in 2013 after peaking in April.

  • U.S. CMBS Originations Surge 89%

    Originations of U.S. commercial mortgage-backed securities is said to have surged 89% in 2013 to roughly $84 billion, and is expected to reach $100 billion in 2014.

  • Little Impact On CMBS From J.C. Penney Closures

    The announced closure of 33 J.C. Penney stores is likely to have limited impact on U.S. commercial mortgage-backed securities, according to Fitch Ratings.

  • U.S. Credit Card ABS Continue To Improve

    U.S. credit card asset-backed securities improved for the fifth consecutive quarter in the last three months of 2013, according to Fitch Ratings.

  • Big Banks Set Aside Large Sums For Settlements

    Several major U.S. banks are setting aside large sums of money to cover potential legal costs associated with future settlements similar to the $13 billion pact JPMorgan Chase made with government authorities in connection with bad mortgages.

  • RBC Hires Equity Structurer

    RBC Capital Markets has hired Jonathan Russo, the former head of equity and fund derivatives structuring, Americas, at Calyon in New York, in a similar role, also in New York.

  • Dutch, U.K. RMBS, Auto ABS To Dominate European Mart

    Core products of Dutch and U.K. residential mortgage-backed securities and automobile asset-backed securities are expected to dominate the European securitization market in 2014.

  • Irish Mortgage Arrears To Peak In 2014

    Irish mortgage arrears are expected to peak in 2014 after hitting a new high in the fourth quarter, according to Fitch Ratings.

  • European CMBS Default Rate At Two-Year High

    The default rate of loans in European commercial mortgage-backed securities hit its highest level in two years in the fourth quarter with nearly 80% of loans due to mature failing to repay their principal completely, according to Moody’s Investors Service.

  • New Regs Improving European ABS Quality

    The quality of European asset-backed securities is improving, thanks to new regulatory requirements, according to Swiss & Global Asset Management.

  • JPM Sues German Transport Firm Over CDO Losses

    JPMorgan Chase has filed a lawsuit in London against German public transport provider Berliner Verkehrsbetriebe to recover money the bank claims it is owed from a collateralized debt obligation BVG acquired before the financial crisis.

  • Leverage Ratio May Threaten Stability, Says UBS

    Overreliance on leverage ratios as a regulatory tool “could lead to further deleveraging by banks and pose risk for financial stability,” according to a UBS report to be released at the World Economic Forum in Davos, Switzerland.

  • Italian Banks Cut Lending Again

    Italian banks reduced lending in December for the 20th month in a row as bad debts continue to rise, according to ABI, the Italian banking association.

  • ISDA: SEF Rules Driving Cross-Border Breakdown

    A survey by the International Swaps and Derivatives Association has found that cross-border trading relationships have broken down since the Commodity Futures Trading Commission’s swap execution facility mandate came into force on Oct. 2, 2013.

  • Javelin CEO Challenges O’Malia MAT Takedown

    James Cawley, ceo of Javelin Capital Markets in New York, has hit back at comments by Scott O’Malia, commissioner at the Commodity Futures Trading Commission in Washington, that the CFTC acted carelessly by certifying some interest rate swaps made available to trade on Javelin SEF last week (DW, 20/01).

  • Every second counts for Spain

    So far Europe's peripheral sovereigns have enjoyed a barnstorming start to the year's fundraising. But Spain is at risk of missing out if it does not act quickly.

  • Bayer scoops €2bn three-trancher in quiet market

    Bayer, the German drugs, pesticides and chemicals company, launched its first substantial euro bond for four years today, raising €2bn with a three tranche issue that was priced to achieve hefty size and found strong demand.

  • UniCredit frees up capital with infrastructure reg cap trade

    UniCredit has sold the riskiest two tranches of a portfolio of project finance loans to a US hedge fund, freeing up a chunk of capital that can either be used for new lending or help UniCredit meet capital targets.

  • CMBS loan repayments down in Q4, says Moody’s

    European CMBS loans reached their lowest rate of repayment for two years in the fourth quarter of last year, driven by the high leverage and lower quality of the under properties, according to Moody’s.

  • NewRiver Retail looks to place 28m new shares

    NewRiver Retail, a UK REIT, hopes to raise £75m through the placement of over 28m new ordinary shares.

  • The Science Of Hedging—More Than A Correlation

    Correlation is probably the single most used statistic (aside from standard deviation as a volatility measure) in the financial industry. From thematic hedging to portfolio management, we often seek the most correlated underlying/instrument to play a particular macro theme or hedge against a portfolio.

  • Puma Energy HY bond seen coming in 6% territory

    Investors are examining the $750m high yield bond to be sold by Puma Energy, and lead managers have suggested comparables trading in the 5.5% to 6.6% range.

  • Unitranche: a bespoke financing option for SMEs

    Unitranche debt is gaining traction among Europe’s mid-caps. On a continent where small and medium-sized companies have long been short on financing options, this can only be a good thing.

  • Mariner launches $450m infrastructure fund with UniCredit deal

    Mariner Investment Group, the US asset manager, has launched a fund to invest in infrastructure debt.

  • Yioula mulls buyback of 2015, whispers heard on new bond

    Yioula Glassworks is trying to work out a way to redeem its €140m 9% December 2015 notes, which could be carried out in tandem with the launch of its new high yield bond transaction, according to an investor.

  • Feuer Powertrain takes loan and €20m private placement

    German crankshaft producer Feuer Powertrain has signed a €146m loan and private placement facility to refinance debt and fund expansion.

  • UniCredit seeks capital relief from US hedge fund

    UniCredit has offloaded default risk on a portfolio of Italian infrastructure projects to Mariner Investment Group, as the US fund launches a specialist business to pursue risk-sharing deals with European banks looking to meet new capital requirements.

  • VW to revisit domestic rouble bond 'imminently'

    Volkswagen is planning to print its rouble domestic bond “imminently” according to a banker close to the issue. The deal will be one of the first rouble domestic bonds placed by a non-Russian corporate.

  • DeltaCredit eyes first Eurorouble bond since April

    Commercial Bank DeltaCredit, a Russian subsidiary of Société Générale, has hired Citi, Sberbank and Société Générale to arrange a roadshow for a senior unsecured Eurorouble bond to be placed in the first half of this year.

  • Israel sets 10 year maturity for euro benchmark

    Israel has set a 10 year maturity for its euro benchmark bond ahead of the end of the finish of its roadshow later on Tuesday.

  • Kipco picks banks for first Gulf deal of 2014, plots roadshow

    Kuwait Projects Company will start the roadshow for a Reg S, dollar denominated bond on Thursday (23 January) via BNP Paribas, HSBC and JP Morgan. The roadshow lines Kipco up to provide the first bond supply from the Gulf for the year.

  • Egypt Electricity Holding lines up $783m in loans

    Egypt Electricity Holding Co (EEHC) is set to sign two dollar financing agreements with two multilateral organisations totalling $783m to build and develop power stations.

  • Berlin Hyp to shun short end in flat market

    Berlin-Hannoversche Hypothekenbank (Berlin Hyp) is expected to look to the longer end of its senior unsecured curve after finishing a roadshow on Tuesday, while bankers believe other issuers are holding potential deals because of the tumult of supply so far this year.

  • IPR gets funding for Egyptian upgrade

    Oil exploration and development firm Improved Petroleum Recovery (IPR) Group has signed a $100m loan to upgrade its operations in Egypt.

  • Possible SFR buy boon for Altice, but no deal expected soon

    Altice’s potential takeover of French phone business SFR has pleased investors looking to participate in the company’s €1.3bn IPO, representing exactly the sort of acquisition they were hoping to see from the telecoms and cable firm.

  • Cifi sees funding cost fall for second bond

    Cifi Holdings priced a $200m five year non-call three deal inside its secondary curve on Monday, and at an overall yield level far lower than it paid for its debut bond despite rising interest rates.

  • KDB selects Samurai for second showing

    Korea Development Bank made its second appearance of the year on Tuesday, taking advantage of a favourable basis swap to become the first Korean credit to tap the Samurai market in 2014.

  • Asia’s CCPs Could Miss Out On Clearing Surge

    Newly created domestic central counterparties in Asia may largely lose out to international CCPs following the introduction of mandatory clearing this year.

  • Sberbank Europe grabs lenders' attention with loan talks

    Sberbank Europe has sounded out the syndicated loan market for a €400m one year loan. The borrower is offering a margin of 100bp over Euribor, though fees and a co-ordinating bank have yet to be revealed.

  • DBS Eyes Renminbi Equity-Linked Structures

    DBS Bank in Hong Kong is looking to market equity-linked notes denominated in renminbi that reference an equity underlying in Hong Kong. The issuance is based on the view that there will likely be a relaxation in RMB convertibility, which will spur demand for such structures.

  • Kookmin keeps Korean floaters flowing

    Kookmin Bank followed its policy bank peers into the floating rate market on Tuesday, opening books on a three year bond that looks likely to come well inside where it would price a fixed rate deal, said bankers on the bond.

  • Buyers lap up Fonterra's first dim sum benchmark

    New Zealand dairy company Fonterra priced its second ever dim sum bond on Monday, selling one the largest offshore renminbi deals from a corporate borrower in recent years.

  • Kingboard closes HK$3bn deal

    Kingboard Laminates Holdings has wrapped up the syndication of its HK$3bn ($387m) loan, with allocations now being finalised.

  • Navigat powers up $270m loan

    Indonesian power company Navigat Energy has started marketing its $270m fundraising in general, after netting four commitments in senior syndication.

  • Axis Bank $1bn block sale scheduled for February

    Suuti, an Indian body which holds several government liabilities will sell a $1bn stake in Axis Bank as early as February, following a discussion with nine banks last week, according to a banker on the trade.

  • Taiwan Cement Corp issues $1bn RFP

    Taiwan Cement Corp International, the Hong Kong-listed unit of Taiwan’s largest cement manufacturer, has sent out a request for proposals for a loan of $1bn, as it seeks to refinance the bridge loan it took in November last year to fund the purchase of shares in fellow subsidiary TCC International Holdings (TCCIH).

  • Asia IPO update: Hong Kong Airlines, Fosun Pharma, Jasmine Broadband

    Hong Kong Airlines has mandated banks for its $1bn IPO, which is scheduled to list in the second quarter of 2014.

  • RBI sets up committee to review bank governance

    The Reserve Bank of India has formed a committee to look into governance practices among Indian lenders, such as regulatory compliance, strategy and risk management.

  • Santiago metro, Fibra Uno join LatAm debut pipeline

    LatAm bond market participants will return on Tuesday after an extra long weekend to find several potential issuers looking at the market. Chilean capital, Santiago’s metro system and the largest real estate trust in Mexico are the latest to line up.

  • HSBC China appoints deputy CEO

    Montgomery Ho, managing director and head of commercial banking for HSBC China has been promoted to the role of deputy CEO and executive director for the Chinese arm of the global bank.

  • StanChart tier two finds Singapore dollar sweet for capital raising

    Standard Chartered gave the Singapore dollar market a new first on Friday, selling the debut tier two Basel III bond in that currency. Reverse enquiry from high quality investors and a favourable cross currency swap led the issuer to a 12 year non call seven deal positioning the Singapore dollar market as an alternative for raising bank capital.

  • Bookbuilding begins for Redco Properties’ $134m IPO

    Shenzhen based Redco Properties Group started receiving bids for a HK$1.04bn ($134m) IPO on Tuesday as it looks to take advantage of the improved sentiment surrounding the Chinese property market.

  • Wii back in the game: returns for $1.75bn

    Agribusiness Wii, a fully-owned subsidiary of Wilmar International, has launched its $1.75bn loan into general syndication, opting for a larger initial size than the last time it came to the market. But if the response is any similar to its loan from 2013, the borrower is likely to boost its loan size further, according to bankers.

  • A plea for prudent perp issuance

    Asian borrowers have started selling perpetual bonds again, buoyed by hungry private bank buyers and at least a modicum of clarity around interest rates. But restraint is essential if they are to avoid a repeat of last year, when they pushed the perp structure to its limits and pulled the market down on their own heads.

  • Joseph promoted to ANZ head global loans for Asia

    Sean Joseph, former head of syndications for Australia at ANZ, has been promoted to head global loans, Asia for the bank with immediate effect, according to an internal memo seen by EuroWeek Asia. He will relocate to Singapore in February.

  • Asia (ex Japan) Local Currency DCM Bookrunner Ranking - Last 12-month Rolling

  • Dah Sing sets up Basel III tier two bond

    Hong Kong’s Dah Sing Bank is planning its first a Basel III compliant tier two bond — also the first from a Hong Kong bank — and aims to sell a 10-year non-call five deal of around US$200 million.

  • Greentown poised to price perp

    Greentown China Holdings pipped Hong Kong and China Gas to open books on Asia’s first dollar perpetual this year on Monday, and will use to proceeds repay a Hong Kong dollar denominated deal from one its subsidiaries.

  • Southeast Asia DCM Bookrunner Ranking - Last 12-month rolling

  • CSC taps market after Tencent announcement tightens pricing

    China South City, a developer of integrated logistics and trade centres, opened books on a five-year non-call three bond on Monday morning. News that Internet service provider Tencent will buy almost 10% of CSC has pushed down its funding costs, said bankers on the deal.

  • Greentown gets tight pricing for first perp

    Greentown China Holdings priced a $500m perpetual bond on Monday, and surprised some debt bankers by paying a historically small premium over its senior bond curve for a successful print.

  • A shake-up is underway among EM dealers

    The swathe of euro-denominated issuance that has started and is expected to continue in the emerging markets ought to boost the league table positions of some of the European banks that have been breaking into these regions.

  • Tencent support saves CSC 200bp for non-call fives

    China South City priced a $400m five year non-call three deal with a slight new issue concession on Monday, funding a buyback of its 2016 bonds at levels least 150bp tighter than what it would have paid a week ago, said bankers on the deal.

  • Insight Hires LDI Bigwig

    Insight Investment has appointed Tarik Ben-Saud, the ex-head of liability-driven investment and client strategy at BlackRock, as head of asset solutions.

  • Lloyds' sell-down prospect excites ECM

    ECM bankers are excited by the prospect of a speedy sell-down of Lloyds Banking Group stock by the UK government, with market participants optimistic that the markets are likely to remain supportive over the coming six weeks.

  • Metro Bank takes £387.5m capital raise, loses interest in IPO

    The UK's newest retail bank may scrap plans for an IPO early in 2014 having raised £387.5m through a capital raise.

  • EDF’s 100 year bond tightens by 55bp as banks seek more deals

    Bond markets are beginning to assess and digest Electricité de France’s startling issue of the first 100 year sterling bond on Friday.

  • Daimler clocks up another €500m with three year floater

    Daimler returned to the bond market again today for its fourth issue of the year, in Dealogic’s count, this time a €500m three year floater led by Société Générale.

  • Peripheral ABS open for business as BANIF preps SME deal

    Portugal’s BANIF has started roadshowing a securitization of loans to SMEs, as investors continue to show concerted demand for peripheral paper in the secondary market.

  • Regulation turns Spanish investors off ABS, survey shows

    Spanish investors showed a clear preference for covered bonds and other bank debt over securitizations, blaming punitive regulation as the main factor turning them off European structured finance, a survey by Bank of America Merrill Lynch has revealed.

  • FGA sells another €4bn-book blowout, this time 4yr

    FGA Capital, the car finance company owned by Fiat and Crédit Agricole, showed the hot temperature of January’s European corporate bond market by attracting a €4.5bn book for its latest bond issue on Friday, despite being put on review for downgrade to junk by Moody’s two days earlier.

  • EAM Solar completes reduced capital raise

    EAM Solar, a Norwegian investment firm, has completed its capital raise after cutting the size of the transaction from Nkr350m ($57.46m) to Nkr230m.

  • Hedge Funds, Real Money Sell Payer Spreads On Main

    Hedge funds and real money accounts are selling ladders and payer spreads on iTraxx Main and Crossover to take advantage of the steep volatility smile on the indices, with the view that current tight spreads can only be sustained until April, according to Cedric Lespiau, head of credit index and options at Société Générale in London.

  • Etrion raises $80m for further growth

    Etrion, a Sweden-listed renewable power firm that has most of its assets in Italy, raised $80m on Monday through a sale of new shares that will fund further expansion.

  • Rothschild raises €200m for European leveraged loan fund

    Financial adviser and investor the Rothschild Group has completed the final closing of Oberon Credit Investment Fund I, its European secured credit fund.

  • Swiss vacuum maker VAT raises loans, gets rating

    Swiss vacuum products manufacturer VAT Vacuum Valves is seeking a Sfr360m (€292m) term loan due 2021 to support its takeover by Capvis and Partners Group.

  • North Atlantic drills for $600m high yield bond

    North Atlantic Drilling, the Norwegian company seeking a listing on the New York Stock Exchange, has announced a $600m 2019 bond issue.

  • Autodistribution eyes €240m high yield bond

    French car parts maker Autodistribution wants to sell €240m of five year senior secured high yield bonds.

  • UCB cuts price, extends €1bn revolver

    Belgian pharmaceutical firm UCB has become the latest western European firm to reduce the cost of its bank debt, after closing an amend-and-extend agreement on a €1bn revolving credit facility.

  • Sophos completes $300m and €75m cov-lite refi

    Sophos, the UK IT security and data protection company, allocated its transatlantic covenant-lite loan refinancing package on January 17.

  • Two UK banks provide debt for Hotter Shoes buyout

    HSBC and Lloyds have provided debt backing Electra Partners’ acquisition of UK shoe maker Hotter Shoes.

  • O’Malia Shows Concern Over Javelin MAT Approval

    The Commodity Futures Trading Commission has set a dangerous precedent by approving a made available to trade submission for interest rate swaps from swap execution facility Javelin, according to Scott O’Malia, CFTC commissioner.

  • Details of Scout24 LBO debt emerge after bank meeting

    Scout24, the German online directories and listings business, began marketing a €695m loan package at a bank meeting on January 17, to back its partial takeover by Hellman & Friedman.

  • Deutsche debt slide bodes ill for European peers

    Litigation costs and accounting charges took much of the blame for Deutsche Bank’s early announcement of a fourth quarter loss on Monday, but a dip in debt sales and trading income was of more concern to European bank investors.

  • Investors look forward to Drahi meetings as Altice bookbuilding begins

    Investors are queuing up to meet Altice’s founder Patrick Drahi and his management team as bookbuilding began on the €1.3bn IPO for the telecoms and cable investment company.

  • Money market funds hunt FRN opportunities

    Banks will print more one and two year floating rate notes in the coming weeks with US money market funds (MMFs) keen for the paper, a leading market figure told Euroweek.

  • IILM expands Islamic CP programme with $860m sukuk

    The International Islamic Liquidity Management Corporation (IILM) has expanded its short term dollar sukuk programme with an $860m three month issue.

  • Poland's Play seeks €870m high yield bond for refi, dividend

    Play, the Polish mobile phone operator also known as P4, has launched an €870m debut high yield bond in three tranches.

  • Trafigura's Puma Energy seeks $750m high yield bond

    Puma Energy, the Singapore-headquartered but Geneva-managed oil products company, wants to sell $750m of high yield bonds.

  • Hefty legal fees soften Morgan Stanley ECM surge

    Despite a 75% in equity underwriting revenue, Morgan Stanley’s income took a heavy blow from weighty legal fees in the fourth quarter of 2013.

  • A good day to bury Cades news

    In public relations timing is everything, but even the best laid plans of a top notch outfit like French SSA borrower, Cades can come a cropper when going up against the most titillating story of the year so far.

  • Turkish corporate loans on hold as protests keep lenders away

    Turkish event-driven corporate loans estimated to total more than $2bn have been postponed as public protests continue to rage in the country.

  • Is high yield highly strung?

    What was the main focus of chatter at BNP Paribas’s High Yield and Leveraged Finance Conference last week in London? The brochure said it was all about the state of the market, structuring trends, the outlook for private equity, and other such geeky delights. But away from the glitzy lights of the stage, there was something much more French occupying the minds of the conference delegates.

  • Irish banks get further boost from sovereign upgrade

    Irish bank debt was outperforming the market by a distance on Monday, propelled by a Moody’s upgrade of the country to above junk status.

  • AUD/USD Reverse Knock Outs Eyed

    Investors should look at entering reverse knock out options referencing the Australian dollar, U.S. dollar cross with a strike at 0.82 and buying a three-month put with a strike at 0.87.

  • Malakoff A$150m loan hits market

    Malakoff Corp has launched its A$150m ($131.6m) loan into syndication via sole bookrunner Australia and New Zealand Bank, after the bank pre-funded the amount last year.

  • ReOrient expands Asia equities team with two new hires

    Financial services firm ReOrient Group announced the appointments of Jeremy Gray and Andrew Mullins to its Asia equities business on January 17 as the company continues its expansion in the region.

  • Gemdale looks to build $300m loan

    Real estate developer Gemdale Corp is seeking a $300m three year loan and is speaking to banks about arranging the financing. The deal will not only mark the company’s debut in the loan market but will also see the borrower opt for a club over syndication.

  • StanChart Adds Fx Chief To Client Services Team

    Standard Chartered has hired Daren Hill, a former director and coo in fx prime brokerage at Citigroup in London.

  • China Hongqiao seeks fresh refi

    China Hongqiao Group is starting to speak to banks for a loan of $200m-$400m, as it seeks to refinance debt maturing very soon, according to a banker.

  • Yuzhou shows premiums a must for property bonds

    Chinese property companies are keeping up a steady flow of dollar bonds despite worries of oversupply, but as a result new issue premiums are rising. Yuzhou Properties Company was the latest name to enter the market, offering an initial premium 37.5bp premium on a five year non call three bond as Cifi Holdings and Greentown China Holdings look set to follow.

  • Institutional demand muted for 'undervalued' OUE Reit

    Singapore's OUE Commercial real estate investment trust has closed bidding for the institutional tranche of its S$346 ($273m) IPO, which was just over one times subscribed despite the high quality of the assets, say bankers.

  • Unicomer plots bond as LatAm debuts kick on

    Debut issuers from Latin America continue to rush to the bond market to take advantage of low rates, with El Salvador-based retailer Regal Forest Holding – better known under its operating name of Unicomer – set to visit investors this week.

  • Sunshine 100 gears up for $300m float after CNY

    Property developer Sunshine 100 Real Estate Group is planning to start the IPO process for a $300m float shortly after the Chinese New Year holidays, according to a banker close to the deal.

  • Diaper-maker AAB takes first steps for $300m HK IPO

    Chinese diaper manufacturer AAB Group has filed for an IPO to the Hong Kong Stock Exchange as it looks to raise as much as $300m, according to a banker involved in the transaction.

  • UBS Hires Singapore Credit Trader

    UBS has hired Evan Li, a former associate at PIMCO in Singapore, as an Asia G3 credit trader.

  • 1MDB $2bn IPO hots up as five banks jostle for mandates

    At least five lenders are competing for the chance to work on spin-off from Malaysian state-owned strategic development company 1Malaysia Development, which recently issued a RFP with responses due at the end of the month.

  • Lite-On Mobile rings up banks for $200m

    Lite-On Mobile, owned by Taiwan’s Lite-On Technology Group, has hit the market for a $200m five year term loan, pricing the deal at 110bp over dollar Libor. Returning to lenders nearly three years since its previous deal, the borrower is now shelling out close to double of what it last paid.

  • Carlyle sells opportunistic $285m Haier stake near bottom of range

    Private equity house Carlyle Group sold $100m shares in Chinese company Haier Electronics Group on Friday at HK$22.10 each – near the bottom of a HK$22 to HK$22.50 price range.

  • Dah Sing sets up Basel III tier two bond

    Hong Kong’s Dah Sing Bank is planning its first Basel III compliant tier two bond — also the first from a Hong Kong bank — and aims to sell a 10 year non-call five deal of around $200m.

  • CSC taps market after Tencent announcement tightens pricing

    China South City, a developer of integrated logistics and trade centres, opened books on a five year non-call three bond on Monday morning, with initial price thoughts much more advantageous than what it was facing a week ago. A recent announcement that Internet service provider Tencent will buy almost 10% of CSC has improved the company’s prospects and pushed down its funding costs, said bankers on the deal.

  • Greentown posied to price perp

    Greentown China Holdings pipped Hong Kong and China Gas to open books on Asia’s first dollar perpetual this year on Monday, and will use to proceeds repay a Hong Kong dollar denominated deal from one its subsidiaries.

  • TMT companies eager to embark on M&A, say experts

    Telecom, media and technology companies want to conduct about six M&A deals in the region but they need stable conditions in which to execute, say industry executives and advisers. Paolo Danese reports.

  • Asia (ex Japan) G3 Syndicated Loans Bookrunner Ranking - Last 12-month rolling

  • Kexim’s bao dao debut lights up CNH market

    Export-Import Bank of Korea (Kexim) priced its debut bao dao Formosa bond on Thursday night, selling Rmb500m ($82.6m) of 10 year notes in Taiwan to yield 4.50% — alongside another Singapore listed five year tranche. The deal not only marked the first renminbi-denominated bonds in Taiwan from a Korean issuer, but also attracted attention because of its innovative structure of combining a Formosa transaction with another format of offshore renminbi bond.

  • High yield dim sum hits new heights in supply surge

    Dim sum supply has had an explosive start to the year, with a torrent of deals from on and offshore issuers taking supply to four times what it was in the first two weeks of last year’s record six month run. But even more impressive is the appetite for yield, exemplified by Trade and Development Bank of Mongolia’s debut in the currency, which despite modest size signals the extent to which dim sum boasts a thriving high yield segment absent in any other Asian currency bond market, writes Steve Gilmore.

  • Asia (ex Japan) G3 DCM Bookrunner Ranking - Last 12-month rolling

  • Hope For CLO Volcker Relief Springs Anew

    Collateralized loan obligation professionals say regulators are beginning to come around to the sector, and that some sort of relief from the Volcker rule is now likely. [Updates previous article entitled "Volcker Would Cause $7 Bln In Bank CLO Losses"--LSTA]

  • Regulation: Don’t Overlook Residual Risks, Especially From The CFPB

    The regulatory pipeline for securitization this year may be just as busy as 2013, but residual risks could impact issuers and buyers in ways unexpected and overlooked, legal and policy analysts agree.

  • One Year Ago

    Nationstar and Ocwen’s Home Loan Servicing Solutions sold bonds backed by advances on mortgage servicing rights, evidence that banks were dumping an avalanche of MSR to help comply with new capital rules.

  • Bailed-Out Banks Issue More Risky Loans

    U.S. banks that were bailed out through the Troubled Asset Relief Program have been approving riskier loans, resulting in a 21% increase in default risk compared with banks that did not receive TARP funds, according to a new study.

  • U.S. CMBS Delinquencies Fall Below 6%

    Loan delinquencies in U.S. commercial mortgage-backed securities fell 12 basis points in December to end 2013 at 5.98%, according to Fitch Ratings.

  • MBS Execs Fear Eminent Domain Threats

    Executives of firms that issue mortgage-backed securities have listed threats of the use of eminent domain as well as risk retention and reform of Fannie Mae and Freddie Mac as their top concerns.

  • Outlook Brighter For New LatAm ABS

    New Latin American asset-backed securities deals are expected to perform better than existing ABS, according to Moody’s Investors Service.

  • FDIC Moves To Block Countrywide MBS Settlement

    The Federal Deposit Insurance Corp. has said it will try to block a $500 million settlement of class action in connection with mortgage-backed securities sold by Countrywide Financial.

  • Banks Hush On MBS Settlement Funds

    Banks that have agreed to settle lawsuits over mortgage-backed securities they sold have not been disclosing how much they are setting aside to make those payments, a figure that is important for investors that want to assess the lenders’ financial health.

  • Dem Lawmakers Propose Plan To Wind Down GSE

    A group of Democrat lawmakers has proposed a plan to unwind Fannie Mae and Freddie Mac.

  • “This is the first time you are seeing an effort to bring large scale capital to entrepreneurial owners of smaller portfolios who previously had to rely on commercial banks, small balance commercial lenders or higher cost money.”

    --Randy Reiff, ceo of FirstKey Lending, on how his firm and others like it are becoming lenders to institutional landlords.

  • EMEA CMBS Face Note Interest Shortfalls

    Discrepancies between loan maturity dates and loan interest payments in commercial mortgage-backed securities in Europe, the Middle East and Africa can result in note interest shortfalls, according to Fitch Ratings.

  • Italian Securitization To Get Stronger Legal Protection

    Reforms in Italian law are expected to provide stronger legal protection to the nation’s broader securitization market.

  • B Of E Launches Long-Term Repo Operations

    The Bank of England has introduced new indexed long-term repo operations, which the central bank feels will help provide the U.K. banking system with liquidity insurance.

  • U.K. Second-Charge Mortgage Market Up 35%

    The U.K.’s second-charge mortgage markets posted an annual increase of 35% in November to £42 million ($69.08 million) with the number of new agreements rising 16%, according to the Finance & Leasing Association.

  • U.K. Banks May Face Size Limit

    The U.K.’s Labour Party is pushing a plan to limit the size of lenders by forcing them to sell their branches.

  • European CRE Investment Soars 46%

    Investment in European commercial real estate soared 46% in the fourth quarter from the preceding three-month period, with one-fifth of all the investment in Greater London, according to CBRE.

  • “CNY denominated renminbi bond baskets are demanded by investors who are seeking an alternative to low yielding Western currencies [EUR, CHF, USD] and want to benefit from an interesting yield. Besides, CNY has the potential to become a leading global trading and investment currency which is also a goal of China’s government.”

    —Eric Blattmann, head of public distribution for financial products at Bank Vontobel in Zurich, on the driver for increased issuance of structured products linked to renminbi bonds over the next 12 months.

  • Caixa and Bankia restart 2014 push to exit industrials

    Two Spanish banks kicked of their equity market activity on Thursday evening, selling stakes in industrials to boost their capital before stress tests later this year.

  • Highland, Oaktree Kick Off 2014’s CLO Market

    Highland Capital Management and Oaktree Capital Management opened the primary market for new collateralized loan obligations in the U.S. late last week.

  • Bankers not hung up on EE cancellation

    The cancellation of an IPO of Everything Everywhere, the company formed from the merger of Orange and T-Mobile, has not worried equity market bankers, despite the fact the transaction was likely to be one of the biggest deals of 2014.

  • EDF sells first 100 year sterling bond - will others follow?

    Not content with issuing €7.5bn of dollar senior and tri-currency hybrid capital this week in a dashing sale already being tipped as deal of the year, Electricité de France came back today for the most spectacular coup of all – a 100 year sterling bond.

  • Golden Ocean CB raises $200m despite sketchy equity-linked past

    Golden Ocean, a Norwegian dry bulk shipping company part owned by John Frederiksen, raised $200m through a convertible bond on Friday, pricing away from the best terms for the issuer despite a sketchy past in the equity-linked market.

  • ICE Benchmark Administration Approved To Oversee LIBOR

    The Financial Conduct Authority has formally authorized ICE Benchmark Administration, part of the IntercontinentalExchange Group, to take over administration of LIBOR from Feb. 1, 2014.

  • Finmeccanica taps seven year bond for €250m

    Finmeccanica, the Italian aerospace and defence firm that was downgraded to a full house of speculative grade ratings in September, has tapped its €700m January 2021 bond.

  • ProSieben's PE owners go through lock-up for €1.26bn clean-up

    ProSiebenSat.1 Media's private equity owners finally exited their investment in the German TV firm on Thursday night, breaking a lock-up to bring the fifth block trade in the name in the past 12 months.

  • WM Morrison CDS Widen

    U.K. supermarket chain WM Morrison was a notable underperformer this week amid reports that it could restructure its property portfolio–to the detriment of credit investors.

  • Citi takes fixed income hit in fourth quarter

    A 15% fall in Citi’s fixed income revenues took part of the blame for a fall in overall revenues at the banking group during the final quarter of 2013, although it was still able to post a large increase in pre-tax profits.

  • HSBC targets euros after French US assault

    HSBC France made sure that European investors had a chance to buy French bank paper this week, launching a euro-denominated floating rate note on Friday after four compatriots printed deals in the US.

  • DNB Bank prices first Samurai since 2011

    DNB Bank priced ¥81.6bn ($780m) of five year Samurai bonds on Friday, its first Samurai deal since January 2012. Not only did the issuer get a bigger deal away this time, it also reached more than three times as many investors as it did with its last transaction.

  • ASX Eyes April Start For Client Clearing

    The Australian Securities Exchange plans to introduce client clearing to its over-the-counter derivative central counterparty in April, and will be working to expand its product offering throughout the year.

  • Braskem beats Brazil worries with bumper book

    Petrochemicals company Braskem proved that Brazilian companies were just as able as other LatAm issuers to take advantage of demand for EM debt, as it issued a new $500m 10 year at the lowest new issue premium of the year in the region.

  • China’s JinkoSolar prices $280m equity and CB combo

    JinkoSolar increased its concurrent American Depositary Share and equity-linked deals to raise a combined $280m on January 16, thanks to high levels of subscription for what was the first deal of this kind since Yingli Solar’s trade in December 2007.

  • Busy market drives Volkswagen to new issue premium

    Volkswagen International Finance returned to the dim sum market on Thursday, but despite a well established curve and a fantastic brand name, it had to offer a higher premium to its existing renminbi bonds in the face of competition from other issuers for investor attention.

  • GGAM withdraws sale of Bloomberry shares post-allocation

    Global Gaming Philippines (GGAM) this week postponed the sale of its stake in Bloomberry after pricing had been completed, due to investor concerns that a legal battle between the two companies could affect the deal.

  • Ezra ponders US spin-off of subsea services arm

    Singapore offshore oil and gas solutions provider Ezra Holdings announced on Friday that it is considering floating its subsea services division, EMAS AMC, in the US.

  • Banco do Brasil opens $1bn syndication

    Latin America’s Banco do Brasil has opened up its $1bn loan to the general market, in a deal that is globally marketed with roadshows in London, New York and Taipei.

  • Macau Legend raises $176m via private placement

    Gaming company Macau Legend Development raised HK$1.36bn ($176m) on January 16 through a private placement, as the final piece of the financing jigsaw of the firm’s Macau Fisherman’s Wharf redevelopment project falls into place.

  • Sun Hung Kai HK$14bn allocations revealed with signing

    Sun Hung Kai Properties signed its HK$14bn ($1.8bn) loan on January 17 with a group of 13 banks, and allocations have now been revealed. With only bank joining during general syndication with a HK$200m commitment, bankers are of the opinion that the borrower sought a general phase simply to trump the final loan size achieved by fellow real estate company Henderson Land Development.

  • Macau Legend seeks HK$4bn for project finance

    Entertainment and gaming company Macau Legend Development is in talks with Industrial and Commercial Bank of China (Macau) to raise a loan of up to HK$4bn ($516m) to help finance one of its projects.

  • Shareholders bag $348m in Formosa Petrochem selldown

    The controlling shareholders of Formosa Petrochemical Corporation raised a combined NT$10.5bn ($348m) on January 16 by reducing their stake in the Taiwanese company.

  • Gazprombank mulls dim sum sale

    Gazprombank has picked banks for investor meetings with an eye on a dim sum transaction, following a huge two weeks of issuance in that market.

  • New Issues 1337

    This weeks New Issues

  • Republic of Lithuania

  • Banco Santander Chile

  • Banque Fédérative du Crédit Mutuel — BFCM

  • Rabobank Nederland

  • Romania

  • Republic of Latvia

  • Gazprombank

  • Dexia Crédit Local

  • Kexim builds out renminbi curve with dual listed dual trancher

    Export Import Bank of Korea sold its first renminbi transaction since 2012 on Thursday night, launching a Rmb1bn dual tranche bond split evenly between five and 10 year tranches. The issuer also took the unusual approach of listing the tranches on different stock exchanges — becoming the first to do so — selling the ten year bond in Taiwan and the five year in Singapore.

  • Province of Quebec

  • Crédit Agricole SA

  • Intesa Sanpaolo

  • Banco Espírito Santo — BES

  • Banco Popular Español

  • Banca Popolare di Vicenza

  • European Financial Stability Facility — EFSF

  • KfW

  • World Bank

  • Kingdom of Belgium

  • Lenders Open New Door In Home Rental Securitizations

    Big private-equity backed lenders are filling a void left by banks, writing loans to small and middle market rental investors that would go into novel securitizations with features close to commercial mortgage-backed securities.

  • Spanish funding boss to run BBVA LatAm ALM

    BBVA has hired a former deputy director from the Spanish Treasury to look after funding and balance sheet management for its South American subsidiaries.

  • SSA, periphery supply sets off core covered bond alarm

    Core covered bond issuers risk triggering a sell-off in the product by attempting to lure deserting investors back with fatter premiums, bankers warned this week as German new issues mostly struggled, writes Bill Thornhill.

  • EDF’s €7.5bn senior, hybrid extravaganza cuts cost, adds tenor

    Electricité de France confirmed its reputation as one of Europe’s boldest and most ambitious corporate borrowers this week, with a €4bn hybrid capital issue alongside a $4.7bn senior bond issue including a $700m century bond.

  • Italy draws closer to SME covered bonds

    The Italian government is poised to amend the country’s covered bond law to allow issuers to use SME collateral for a new type of dual recourse bank bond, or Obbligazioni Bancarie Collateralizzate, writes Bill Thornhill.

  • Green bonds multiply as spread parity melts

    Green bonds, the asset class that captivated so many sectors of the bond market in 2013, could be set for explosive growth this year, say bankers. And despite the expected supply surge, spreads may well plough through outstanding curves of normal bonds if recent price action in some green bonds is any sort of indicator, write Jon Hay and Tessa Wilkie.

  • The shape I'm in

    The first law of sales-trading is that you can sit at your desk all day and do nothing but the minute you pop to the loo you will miss an order. Since Double O’Flynn my sidekick became Flyaway Flynn last week I am now more vulnerable than ever to this cruel but immutable rule. Either I need to patent some new form of seating which incorporates lavatorial facilities or I need to condition my notoriously incapacious bladder to withstand unbroken stints of equity salesmanship lasting almost 10 hours.

  • Rates fears prompt biggest ever start to year for EM issuers

    There has been more emerging market bond issuance from CEEMEA, Latin America and Asia so far in 2014 than at the same point in any previous year, with some bankers pointing to fears of imminent interest rate rises as the catalyst.

  • MTN Leak: Winter shorts

    The US may be in a deep freeze but MTN desks have decided to bypass winter this year and head straight for summer instead.

  • US in French swoon as Yankee dash continues

    It may not have grabbed the headlines like a French Presidential tryst, but the love affair between the country’s investment grade banks and US investors hit fever pitch this week as a quartet of issuers took home $5.7bn.

  • Equity Capital Markets, News in Brief — January 17, 2014

    Prime Office REIT — Asset Management Holding — EAM Solar — Noreco — SVG Capital

  • Lupatech bondholders take equity in promising precedent

    Investors representing 86% of Brazilian oil and gas services firm Lupatech’s bondholders have approved the company’s proposed debt restructuring, allowing the plan to be submitted for approval at an extraordinary general meeting and submitted to be agreed in court.

  • EFSF EUR8bn 1.25% Jan 19

  • BoC haul heralds offshore funding increase

    Bank of China’s Hong Kong arm closed its first offshore deal on Monday, pricing one of the largest ever Reg S bonds from Asia. The $1.25bn dual tranche transaction is just the start of what debt bankers expect to be heavy offshore issuance from Chinese and Hong Kong banks this year.

  • Philippines reprices curve with benchmark switch

    The Republic of the Philippines sold a hugely successful $1.5bn 10 year transaction on January 9, switching existing investors out of $1bn of more costly dollar debt and into the new bond. Massive oversubscription enabled the borrower to price the new notes with a negative new issue premium in an exercise that completely repriced the sovereign’s curve, said a banker involved in the sale.

  • CIMB bags $1.09bn due to increase option

    CIMB Group Holdings raised MR3.55bn ($1.09bn) through a placement of new shares on January 13 after strong demand from existing shareholders convinced the Malaysian bank to take up a 25% increase option.

  • GGAM fetches $166m from Bloomberry exit

    Global Gaming Philippines (GGAM) sold its entire 8.7% stake in Bloomberry Resorts Corp on Thursday, after a spat between the two resulted in the termination of a management agreement last September.

  • Moves In Brief — 17 January

    Daiwa sees Shah thing in EM — Lamprecht joins RenCap for African sales — Nagler joins Aurelius — Weil Gotshal hires London levfin partner

  • Ardagh to repay €1.2bn bonds as Verallia takeover delayed

    Ardagh Group will repay the holders of €250m and $1.27bn of bonds it issued a year ago, after a delay in its takeover of Verallia North America.

  • Bulge abates but consolidated ECM league tables continue

    The banks outside the bulge bracket worked hard in 2013 to ensure that the year's record ECM volume did not all go to the large firms, as they ate into market share for the first time in years. But most of the dominant firms held on to strong league table positions, with some notable exceptions.

  • France sells Airbus stake in latest shake-up

    France raised €452m through a sale of part of its stake in Airbus Group on Wednesday night, the latest in a run of block trades as the firm moves towards the end of a year-long reorganisation.

  • Slovakia targets euros to fill Eurobond funding

    Slovakia is planning to issue €3bn-€3.5bn this year in the Eurobond market and expects all its issues to be denominated in euros, said Daniel Bytcanek, director of the Slovak debt and liquidity management agency.

  • Chiswick Park sale will not trigger CMBS prepayment

    Blackstone’s sale of Chiswick Park, the west London business park that was the underlying asset in Europe’s first post-crisis CMBS, to the China Investment Corporation will not trigger a prepayment of the outstanding CMBS debt, according to analysts at Bank of America Merrill Lynch.

  • Record bond volumes in EM betray issuers’ boast of confidence

    At Euromoney Conferences’ Central and Eastern European Forum in Vienna this week, sovereign, bank and corporate funding officials explained why they felt that funding in 2014 in the capital markets would be a slam dunk. But the record high issuance levels from the emerging markets over the last two weeks reveal fears that they are less comfortable publicising.

  • GMAC first into ABS pipeline with German E-Carat auto deal

    GMAC Bank has mandated leads for the first European ABS transaction of the year, a €417m securitization of German auto loans that will offer investors two tranches of bonds.

  • OeKB gains from medium tenor Swiss dearth

    A lack of international high grade issuance in the belly of the curve during recent weeks has created opportunities for foreign issuers to tap the Swiss franc market. Oesterreichische Kontrollbank was able to almost double its size ambitions in a trade on Monday, despite pricing coming at what bankers away from the deal called an ambitious level.

  • Central bank buying to keep Kangaroo trades coming

    Kangaroo deal flow is set to remain high through January as issuers look to take advantage of a strong appetite for Australian dollars from central banks and domestic investors.

  • Malaysia launches consultation over listing requirements

    Bursa Malaysia published a consultation paper on January 10, seeking feedback on the stock exchange’s listing requirements.

  • AT1 — blinded by the yield

    When did you last see a $25bn book for a perpetual non-call 10 year additional tier one capital deal with two triggers for temporary principal write-down, one based on the issuer’s capital ratio and the other based on the capital ratio of its parent group, both of them set at different levels?

  • Romania goes long for dual-tranche dollar reopener

    Romania reopened the dollar market for CEEMEA issuers in style on Tuesday with a dual-tranche deal that drew nearly $12bn of demand and included the sovereign’s first ever 30 year outing.

  • KKR’s Auto-Teile-Unger seeks consent for HY debt-to-equity restructuring

    Auto-Teile-Unger, the German chain of car repair shops, is asking bondholders to agree a debt restructuring to cut its debt by some €600m.

  • Autodistribution, P4, Stena pack high yield pipeline

    Next week is shaping up to be busy for high yield issuance, with deals from debut issuers Autodistribution and P4 expected to be announced.

  • Ghana tipped as Africa’s new lending hot spot

    Union Bank of Nigeria is set to become the latest of a string of Nigerian banks to sign an internationally syndicated loan, but lenders have already begun shifting their gaze to a new African financial institutions market — Ghana.

  • Beni Stabili sails through choppiness for tidy €350m 4yr

    Beni Stabili, the Italian property company, launched a senior unsecured bond on Tuesday that was seen as a debut. The unrated company has sold convertibles and securitizations before, but to assess relative value investors looked to other issuers.

  • Latins continue euro interest post BNDES success

    Development bank BNDES became the second state-owned Brazilian borrower to issue in euros in 2014 with a €650m transaction sold at a new issue premium as low as 5bp.

  • Belgium EUR5bn 2.6% Jun 24

  • SRI demand grows as World Bank sells first floating Green Bond

    Demand for socially responsible investments showed further growth this week, with the World Bank and the European Investment Bank increasing the size of green trades in response to strong investor interest.

  • KfW USD4bn 1.875% Apr 19

  • Punch Taverns serves up restructuring plan for distressed WBS

    Punch Taverns, the largest pub and bar operator in the UK, has released the final restructuring plan for its two distressed whole business securitizations, Punch A and Punch B. Bondholders in both transactions will be asked to approve the plan in a vote in mid-February.

  • European SF to increase in 2014, says S&P

    European structured finance issuance is likely to increase slightly this year as UK mortgage lending increases and tighter spreads make deals from peripheral Europe economical again, according to Standard & Poor’s. The increase in CMBS volumes in 2013, however, may prove short-lived.

  • Fierce negotiations begin as ING Turkey prices loan below expectations at 90bp

    ING Turkey has shattered loans bankers' hopes of a price widening on Turkish financial institution deals this year by coming to the market for a $500m loan at 90bp all-in.

  • US MMFs contemplate peripheral banks

    US money market funds are boosting their allocations to eurozone banks and buying ever long tenors, according to commercial paper dealers. The funds are even considering a return to peripheral bank paper for the first time since the onset of the eurozone's sovereign debt crisis.

  • Scottish independence debt queries remain despite Treasury guarantee on outstandings

    Efforts by the UK Treasury to shore up investor confidence in Gilts ahead of a referendum on Scottish independence could create more uncertainty in the long term, according to analysts.

  • UBS loses head of leveraged capital markets EMEA to Carlyle in New York

    Boris Okuliar, the head of leveraged capital markets EMEA at UBS, has left the bank to join private equity firm the Carlyle Group.

  • HKE Investments powers up jumbo $3.6bn Hong Kong IPO with support from state

    Power Assets revealed this week that it would be floating just 50.1% of subsidiary Hong Kong Electric Investments, in a HK$27.9bn ($3.6bn) spin-off IPO. Two cornerstones — including a Chinese state owned electricity company — were named ahead of bookbuilding, which began on January 14.

  • CT Corp, Pertamina launch billion dollar loans

    Indonesian companies CT Corp and Pertamina both launched their deals into general syndication this week, after signing the loans at the end of last year.

  • KNOC 10 year hits investor sweet spot

    After being starved of Korean long-dated supply for the whole of last year, investors have been treated to a trio of 10 year transactions in a week. KNOC is the latest to tap that maturity, but the fact that it was able to tighten aggressively shows that buyers are by no means sated.

  • Restructuring for Theatre care homes enters final phase

    The servicer and senior noteholders in Theatre (Hospitals) No 1 and No 2 CMBS, which are backed by a portfolio of 35 care homes in the UK, have approved a final extension of the loan maturity date to April this year. Stakeholders will need to agree on a restructuring plan by then or the loan will be enforced.

  • ABN revitalises core covered bond supply prospects

    ABN Amro returned to the covered bond market on Thursday, issuing a €1.5bn 10 year deal with an attractive new issue premium. The deal showed that, for the right name and spread, the market is still receptive to core issuers. However, with the long end now saturated, questions are growing over the market’s outlook.

  • Power Assets electrifies with HK$37bn loan

    Power Assets Holdings signed its jumbo HK$37bn ($4.7bn) three year loan last Friday, as part of the financing of its spin-off IPO of Hong Kong Electric Investments, which is now underway.

  • Wharf sets bold price but strong in secondary

    Wharf Finance, a vehicle for Hong Kong property group The Wharf Holdings, raised $400m on Wednesday with a new five year dollar deal. A well established curve helped smooth execution and the bonds stayed stable in the secondary market despite bold pricing.

  • COGO succeeds on second try but slides in secondary

    Property developer China Overseas Grand Oceans Group (COGO) priced a five year debut dollar on the second attempt this week, after pulling its first offering late last year. The issuer returned with an altered change of control clause and a higher starting spread, which helped address buyers’ initial concerns about parentage and relative value. But the bond widened 10bp-15bp in the secondary market after pricing, falling victim to a market choked with supply, said bankers on the deal.

  • Investment grade syndicated loans-news in brief, January 17, 2014

    Sanofi refis — La Lorraine bakes up duel debt deal — SES grows bank group

  • Spain and Italy set to take centre stage as new year rally holds firm

    A calmer run of trading in peripheral eurozone sovereign debt — after a rampant rally at the start of the year — has created perfect conditions for Italy and Spain to syndicate their first deals of the year next week, according to bankers. Spain is rumoured to be considering a 10 year, while market chatter suggests Italy could opt for an inflation-linked bond.

  • Southeast Asia loans in brief, January 17, 2014

    Singtel seeks S$1.8bn — AmBank launches $300m

  • Sekerbank plots debut Eurobond, covered bond and loan increase

    Turkey's Sekerbank is considering issuing its debut Eurobond this year, as well as covered bonds, and it is increasing the size of a syndicated loan. The funding is being done to support the 15%-20% growth of the bank it expects this year.

  • High yield FRNs and levloans to grow this year as interest rate rises bite

    Market participants are expecting floating rate high yield bonds and leveraged loans to become more common in Europe in 2014.

  • Asian loans in brief, January 17, 2014

    Wilmar picks banks for $1.75bn — BPCL sends $250m RFP — Pan-Asia launches $360m loan — OUE seeks S$680m

  • German central banker joins ECB board

    The European Parliament has approved the appointment of German central banker Sabine Lautenschläger to the executive board of the ECB.

  • Provisions cancel out equities surge at BAML

    Bank of America Merrill Lynch followed US rival JP Morgan in reporting a strong performance in ECM for the fourth quarter of 2013, but profits at the investment bank were dragged down by greater provisions for credit losses.

  • Loans bankers have no fear of Fed tapering, poll shows

    The main concern for many a loans banker in 2013 was the prospect of tapering in the US. But this year, the Federal Reserve’s plans to slow its quantitative easing policy seem to be only marginally on people’s minds.

  • Quebec EUR1bn 2.375% Jan 24

  • Bharti Airtel prices tight for euro reopening

    Bharti Airtel paid a wafer-thin new issue premium for a tap of its debut euro note on Monday in a further demonstration of the strength of investor appetite for paper in the currency from emerging market names.

  • Greece’s Caa3/CC Yioula Glass seeks high yield bond

    Yioula Glassworks, the Caa3/CC rated Greek glass maker, has met high yield investors for a potential bond issue.

  • High yield dim sum hits new heights in supply surge

    Dim sum supply has had an explosive start to the year, with a torrent of deals from on and offshore issuers taking supply to four times what it was in the first two weeks of last year’s record six month run. But even more impressive is the appetite for yield, exemplified by Trade and Development Bank of Mongolia’s debut in the currency, which despite modest size signals the extent to which dim sum boasts a thriving high yield segment absent in any other Asian currency bond market, writes Steve Gilmore.

  • Liberty Global’s VTR to sell $1.4bn debut Friday

    VTR, Liberty Global’s Chilean cable and broadband internet provider, is set to sell its first high yield bonds on Friday.

  • Yue Xiu eyes $900m take out of last year’s bridge

    Hong Kong’s Yue Xiu Enterprises is seeking a $900m dual-tranche loan, appointing DBS as the co-ordinator, as it looks to take out the $1bn acquisition-related bridge signed last year.

  • Cades mulls sterling revisit as basis swap drives market wide open for euro funders

    Caisse d'Amortissement de la Dette Sociale could return to the sterling market for the first time since 2012 this year, joining a series of other issuers that have been able to take advantage of attractive conditions since the new year.

  • Nimble Nomura rises from bulge bracket burn-out

    For a bank that has spent much of its recent history being kicked by rivals, the Japanese firm enters 2014 in calmer waters, writes David Rothnie.

  • Samsung exits CSR in speedy block trade to raise £65m

    Samsung sold its entire 6% stake in UK electronics firm CSR on Tuesday evening, taking advantage of a slow start for block trades in 2014 to soak up some of the liquidity in the market.

  • HK leads Asia with creditor bail-in regime

    The Hong Kong Monetary Authority, the Securities and Futures Commission and the Insurance Authority have launched the first stage of public consultation on establishing a resolution regime for financial institutions, in keeping with guidelines established by the Financial Stability Board.

  • Taiwan bank consolidation no panacea, say critics

    Consolidation of Taiwanese banks has been put back on the table after the ministry of finance asked Mega Financial Holding Company to assess the feasibility of it acquiring other state-owned banks, writes Rashmi Kumar. Restructuring the banking sector has been broached many times as a way to ease fierce domestic competition, and stabilise loan pricing, but market watchers not only think the plans are unlikely to be fruitful, but will not make things any better for banks even if they do happen.

  • Back with a bang: record year predicted as Asian equity-linked market starts 2014 in style

    Asia’s convertible bond market is back in action, with a flurry of deals in the last week already leading optimistic bankers to predict full year volumes on a par with 2010, write Rev Hui and Clare Hammond. But as less liquid, sub-investment grade names test the market, some may find resistance from an investor base that has grown used to buying super high quality names.

  • Wendel increases no-grow for tight €400m

    Wendel, the BB+ rated French investment group, sold its first bond of the year tightly on Monday, on a book of over €3bn.

  • UniCredit three year covered FRN could prove pioneering deal

    UniCredit’s decision to issue a three year floating rate covered bond in benchmark size alongside a 10 year fixed rate deal was a response to the new regulatory environment and could pave the way for a new market sector. The new format may help improve funding opportunities for other issuers, particularly in Europe’s periphery.

  • Investors hungry for $115m Laohenghe float

    Condiments and cooking wine producer Huzhou Laohenge Brewing launched its HK$893m ($115m) IPO in Hong Kong on Tuesday and has already generated enough orders from anchor investors to cover the deal, according to bankers.

  • Acciona convertible defies headwinds to raise €325m from bond markets debut

    Acciona, the Spanish infrastructure and renewable power firm, sold a five year convertible bond on Thursday, raising €325m but was unable to move investors away from the cheap end of guidance.

  • KDB mirrors Kexim with tight dual tranche

    Korea Development Bank closed a $1.5bn dual tranche bond this week, identical in size and structure and maturity to competitor Korea Export Import Bank’s recent transaction. A lack of concession relative to Kexim’s secondary spreads put some US accounts off, but KDB still found enough interest to price a well subscribed bond with virtually no new issue premium.

  • OUE signs up five cornerstones ahead of $273m float

    Singapore's OUE Commercial real estate investment trust has signed up five cornerstone investors for its S$346m ($273m) IPO, which is expected to be completed later this month with a fixed 2014 yield of 6.80%.

  • Green Bond Principles to unleash growth

    Thirteen banks published on Monday a set of Green Bond Principles, designed to foster growth and a degree of standardisation in the fast-growing market.

  • Telecom Italia joins HY market with €1bn hit

    Telecom Italia issued on Thursday its first bond under speculative grade ratings, and it was a hit. The Ba1/BB+/BBB- rated Italian telco raised €1bn of seven year bonds at 300bp over mid-swaps.

  • ‘Sensible’ Daimler starts euro benchmark sales with €750m

    Daimler launched on Thursday an opportunistic €750m eight year bond that was its third issue of the year, according to Dealogic, but its first euro benchmark.

  • BASF fills out awkward curve with €1.25bn five and 10 year

    BASF, the German chemical company, took advantage of the strong market for corporate bonds and relative lack of issuance so far this year with a five and 10 year pair of euro benchmark issues on Monday.

  • Restraint preserves senior market after periphery pullback

    Investors gave FIG issuers a scare earlier this week by sending new senior unsecured issues from periphery banks several basis points wider in secondary. But a couple of dry days have helped calm the market and bankers expect issuance to pick up again next week.

  • LatAm big hitters return with duration and size

    Latin America’s regular bond issuers returned to the market this week as investors showed their confidence in the asset class with bumper books and tight new issue concessions.

  • Deutsche AWM hires Apac CIO

    Elke Schoeppl-Jost, chief investment officer at BEA Union Investment in Hong Kong, has joined Deutsche Asset and Wealth Management as chief investment officer for Asia Pacific.

  • Basel Committee throws banks a leverage ratio lifeline

    The Basel Committee has announced changes to three pillars of Basel III — the leverage ratio, the Net Stable Funding Ratio and the Liquidity Coverage Ratio — that will make post-crisis regulation less onerous for banks, earning a warm response from the market.

  • Two names, two styles: KWG, Longfor build loans

    KWG Property Holdings and Longfor Properties are both mulling Hong Kong dollar loans, but while the former is eyeing a general syndication, the latter is attempting to push tenors with a club deal.

  • UAE gets set as big names take to the blocks

    The Middle East bond market is hoping for a grand re-opening in the next week or so with several candidates lining up the first issuance of 2014 amid strong market conditions.

  • Gazprombank opens door for Swiss EM capital deals

    Gazprombank and Banco Santander Chile re-opened the Swiss franc market for emerging market issuers on Thursday. Gazprombank sold the first new style tier two bond from an EM country in Swiss francs, with a strong investor response opening the way for other EM issuers to consider subordinated trades in the currency.

  • Serbia plans $600m of Eurobonds this year to fill $5.6bn funding goal

    Serbia is planning to issue $600m in Eurobonds this year to help fill its €5.6bn funding target for 2014. Branko Drčelić, director of the public debt administration department at the Ministry of Finance said that the issue would likely be in dollars or euros, but the country is also considering sukuk, yen and rouble-denominated bonds for the future.

  • Enea’s Polish ABB gives hope following pension fund worry

    Vattenfall, the Swedish power company, completed a Z1.03bn ($340m) sale of its entire stake in Polish utility Enea on Tuesday evening. Despite a long bookbuilding process and a late covered message, the deal is likely to be encouraging for Polish ECM after a year of controversial reform.

  • Initial price thoughts may not be needed for liquid markets

    Initial price thoughts are a useful price discovery tool in illiquid markets. But in core markets where liquidity is high, they can obfuscate how successful a deal has been. It is time to consider doing away with them where possible.

  • The outlook for next week: bankers hope long-awaited supply will finally emerge

    Following a slow start to the year with only a trickle of deals coming through the equity markets, bankers are hopeful that there could be more primary activity across every product.

  • VW hits short sterling, then two year € FRN

    Volkswagen Financial Services continued the theme of busy bond issuance from German companies this year, becoming on Monday the first European firm to issue a second public deal in 2014.

  • EFSF, Belgium hoover up demand in euros

    Bumper books and tight pricing defined the euro market for public sector issuers this week, as borrowers, boosted by warm investor sentiment towards Europe and its periphery, priced a string of blow-outs.

  • Swiss yield hunt benefits longer tenors

    Banque Fédérative du Crédit Mutuel, Commonwealth Bank of Australia and LGT Bank all tapped the Swiss franc market this week. CBA and LGT opted to secure larger volumes by offering attractive coupons to yield hungry investors. German insurer Allianz is also likely to benefit from a Swiss hunt for yield, mandating banks to arrange a roadshow for a sub deal.

  • Suek's lending group facing even more scalebacks

    Banks that committed to a $1.2bn-plus loan for Russia's Siberian Coal Energy Co are facing mandatory scalebacks that will take them below their minimum commitment levels. This follows initial doubts about whether the deal would be well received by lenders.

  • Daiwa sees Shah thing in EM

    Daiwa Capital Markets is hoping to capitalise on a booming yen market for Middle Eastern, African and Central European borrowers with a new hire from Mizuho.

  • Dollar deluge eases as investors hunt for yield

    The corporate investment grade market entered the long holiday weekend with investors in discerning mode as the exuberance of early January gave way to a more cautious tone.

  • Hochschild kicks off debut supply but Peruvians cautious

    Peruvian miner Hochschild became the first debut borrower of 2014 in Latin American bond markets with a $350m seven year issue on Wednesday. But despite a strong book of nearly $1.5bn, the pace of new issuers from Peru will slow this year, bankers say.

  • 7-Eleven Malaysia refiles prospectus, aims for Q1 IPO

    Malaysian tycoon Vincent Tan’s attempt to spin off part of his business empire is back on track after his retail subsidiary 7-Eleven Malaysia Holdings refiled its preliminary prospectus to the country’s regulator.

  • Holcim’s €500m 10 year finds solid bid at no NIP

    Holcim, the Swiss cement company, launched its first substantial euro bond since August 2012 on Wednesday, and despite attention in the market being focused on Electricité de France’s mega-hybrid transaction, got a good €500m no-grow sale done.

  • Emerging market syndicated loans news-in-brief, Jan 17,2014

    Afrexim sails through senior loan phase — PhosAgro unit takes Japanese loans

  • CSRC causes jitters as it toughens onshore IPO process

    It was another busy week for the China A-share IPO market, with deals priced, delayed and rescheduled after the China Securities Regulatory Commission announced last weekend that it would be toughening its IPO process.

  • Seat Pagine Gialle hopes to shed all debt in second restructuring plan by July 2014

    Seat Pagine Gialle, the Italian telephone directories business which restructured its debt in March 2012, wants to remove all remaining debt in a second debt-for-equity restructuring.

  • Rating appeal works for Orient AMC, pulls off stellar dim sum debut

    China Orient Asset Management Corp's debut three year dim sum bond was priced on Wednesday evening to yield 4.10%, in line with initial price indications of low 4% area. The borrower had been looking for Rmb2bn, but demand allowed it to increase the issue to Rmb2.5bn ($413m).

  • Two steps forward, one step back for China’s IPO market

    The China Securities Regulatory Commission is up to its old tricks again, intervening to postpone IPOs that had been poised to list on the Shenzhen Stock Exchange. The CSRC’s actions suggest that it is not yet ready to give up control. Issuers might have to wait a little longer for a fully market-oriented China IPO market.

  • Dubai Group $10bn restructuring saga nears end

    Dubai Group, which missed two payments on loans during the financial crisis, is closing in on a $10bn restructuring agreement with creditors after more than three years of negotiations.

  • Struggling SSAs search for alternative private placements

    A lack of investor interest in supranational and agencies’ traditional private placement formats is forcing issuers to sell deals in rare currencies and structures, according to MTN dealers.

  • Private equity foresees big LBOs, goes hunting in southern Europe

    Private equity firms predict some big leveraged buyouts in 2014, and are eyeing southern Europe as a key source of new buyout opportunities.

  • Loans bankers question worth of unitranche debt

    Leveraged finance bankers have cast doubt on the scope and appeal of the unitranche debt market, after Barclays and BlueBay Asset Management’s Direct Lending Fund announced they were joining forces to provide such loans to mid-cap firms in the UK.

  • DCM dips, ECM gains at JP Morgan

    A 65% increase in equity underwriting fees was not enough to prevent JP Morgan recording a decline in capital markets and advisory revenue for the fourth quarter of last year.

  • Cineworld launches £110m cap hike for European push

    UK cinema chain Cineworld launched a £110m rights issue on January 10 to fund its expansion in Europe through a merger with a European peer, Cinema City International.

  • Aareal and Bank Austria bid as spreads go wider

    Aareal Bank and Bank Austria on Monday each raised €500m in covered bond funding at competitive levels, attracting oversubscribed order books, even as spreads widened in the secondary market.

  • Abbey follows Lloyds as FLS change spurs supply

    UK’s Abbey returned to the sterling covered bond market for the first time since February 2012 with a three year floating rate deal. The transaction benefitted from unfulfilled demand from Lloyds Bank's earlier deal, and both were driven by changes to the UK's Funding for Lending Scheme (FLS).

  • Shanghai clears first yuan IRS

    The Shanghai Clearing House (SCH) has cleared its first renminbi interest rate swap, a deal between Industrial and Commercial Bank of China (ICBC) and the Shanghai Pudong Development Bank (SPDB), writes Dan O’Leary of Derivatives Week (DW).

  • Asia bonds news in brief, January 17

    Shimao pushes out property curve — Fantasia sets initial spread for five year — China Shipping sets sail for maiden voyage — IRFC meets buyers for five year

  • Network Rail USD1bn 1.75% Jan 19

  • Bright light of AT1 yields blinds buyers to product’s risks

    FIG investors this week gave a clear indication that they would do pretty much anything to get their hands on some yield, placing a whopping $25bn of orders for Crédit Agricole’s $1.75bn debut additional tier one trade as they chased the prize of a 7.875% coupon from one of France’s best-known financial institutions.

  • Latvia leverages euro entry, Lithuania follows suit

    Latvia’s newly acquired eurozone membership proved a magnet for single currency investors when the Baltic sovereign returned to the euro market this week for the first time since 2008.

  • Dexia strikes out for sevens in GG build

    Dexia Crédit Local continued its steady march towards an established curve in the senior unsecured market this week, adding a seven year to existing three and five year trades and witnessing an increased central bank bid.

  • Legal change to pave way for Hong Kong sukuk

    Hong Kong has moved a step closer with its plans to issue a sukuk, with the government having introduced new laws under its bond programme.

  • PKO BP brings first non-sovereign CEEMEA deal

    PKO Bank Polski built a €2bn book for its €500m five year bond on Thursday, kicking off CEEMEA non-sovereign bond issuance for the year. The deal was priced at 115bp over mid-swaps, the tight end of final guidance of 115bp-120bp.

  • Leveraged loans news-in-brief, January 17, 2014

    Patheon does transatlantic — Wendel signs revolver — Elis expects strong backing — Mergermarket gets credit rating — Sophos adds euros

  • ICG, Babson line up as Euro CLO pipeline fills up

    Intermediate Capital Group and Babson Capital have mandated banks for new CLOs as momentum in the European CLO market builds.

  • Lithuania mulls PPs after launching EMTN programme

    The Republic of Lithuania launched an EMTN programme on Wednesday and is considering selling private placements using the documentation. The sovereign should consider printing in yen, according to MTN dealers.

  • Bank of Baroda shakes out orders with steep spread revision

    India’s Bank of Baroda priced the first 144A bond from an Indian issuer on Wednesday with one of the biggest revisions of guidance seen so far this year — a full 35bp.

  • The smartest guys on the beach

    Ah, the holidays! I know everyone has only just got back but already I’m looking forward to the next break. Not for me, you understand: I’m always on holiday. No, I just can’t wait for everyone to get out of town again, and in two weeks’ time Chinese New Year will oblige.

  • Bahamas blowout proves worth the wait

    Caribbean issuer the Bahamas was rewarded for delaying its issuance plans last year with a hugely oversubscribed book on Monday as it printed a $300m 10 year bond.

  • NNIT to ride Danish wave to IPO after Matas success

    Pharmaceuticals firm Novo Nordisk said on Wednesday that it would list NNIT, an information technology subsidiary, seeking to take advantage of growing appetite for Danish stocks. The country is also seeing smaller firms looking to come to market for the first time in many years.

  • Daily deals signal resurgence for Sing dollar market

    The Singapore dollar market is finally showing signs of life this week after a slow start to the year, and was on track for a deal a day by Thursday evening. Aspial Corp, Croesus Retail Trust, Hylux, Ezion Holdings and Standard Chartered all launched well received bonds, as debt bankers proclaimed the market on form for 2014.

  • Dutch Treasury launches second US RMBS auction

    The Dutch government has announced another competitive auction for $4.27bn of US non-agency RMBS bonds that were part of a much larger ING portfolio that needed a government back-up facility in 2009.

  • Snam’s €600m 10yr secures thin premium

    Snam, the Italian gas transmission group, launched its first bond of the year on Tuesday, a 10 year transaction that bankers said prioritised pricing over size.

  • Chinese property undaunted, but weak liquidity worries bankers

    The January juggernaut has started to take its toll on the bond market, with deals struggling to perform amid a swarm of transactions. Chinese property issuers saw no need to postpone their plans, however. Fantasia Holdings closed a $300m bond on Thursday, and Yuzhou Properties opened books on its own deal on Friday. But debt bankers warned that new issue premiums will have to rise as the rush shows no signs of stopping, and some are worried falling liquidity could prompt widespread repricing.

  • Hong Kong and China Gas plans first perp

    Hong Kong and China Gas has picked banks for what looks set to be the Asian market’s first dollar perpetual of the year. Debt bankers are hoping to avoid a repeat of last year, when a disorderly procession of dollar perps ended with poor performances and deals being pulled. But the structure is a natural fit for China Gas, making it the right kind of credit to start supply, said a syndicate official on the deal.

  • Mortgage Delinquencies Rise In Q4

    Mortgage delinquencies rose to 9 basis points in the fourth quarter, the first increase since the first quarter of 2012, according to Fitch Ratings.

  • U.S. Banks Shift Away From Agency MBS

    U.S. banks last year reduced by more than 3% of safe securities, such as agency mortgage-backed securities and Treasurys, in favor of riskier assets that produce higher yields.

  • Fannie Mae Eyes Next Risk-Sharing MBS

    Fannie Mae will likely offer its third risk-transfer mortgage-backed securities deal for May, as it prices its second MBS this week.

  • U.S. Foreclosures Slide To Seven-Year Low

    U.S. foreclosure filings dropped in December to their lowest level since 2007 as property prices rebound, according to RealtyTrac.

  • OCC Proposes Tougher Risk-Management Standards

    The U.S. Office of the Comptroller of the Currency has proposed tough new standards to improve risk management on banks by threatening quicker reprimand.

  • CMBS Borrowers More Likely To Default Than Freddie Mac’s

    Borrowers of loans in U.S. commercial mortgage-backed securities with terms of less than seven years were more likely to default than Freddie Mac borrowers, according to research by the government-sponsored enterprise.

  • Dubai issuers should not dither

    Conditions for issuing bonds and sukuk in Dubai look great, but mid-way through January there is still barely a glimmer of a deal. Those borrowers that need to come to market this year would do well not to miss their chance.

  • MTNs: BNP Paribas moves into early lead

    Dealers of private EMTNs: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of < 365 days Dealers of private EMTNs including self-led: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers and issues with a term of < 365 days Dealers of structured EMTNs including self-led: Structured, non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, puttable FRNs and issues with a term of < 365 days

  • All Revenue league tables

    Dealogic league tables of total revenue transactions, full year 2013. Including Investment Banking, Debt Capital Markets, Equity Capital Markets, Mergers & Acquisitions and Syndicated Loan revenues.

  • All Equity Capital Markets league tables

    Dealogic league tables of ECM transactions, last 12 months rolling.

  • All Syndicated Loans league tables

    Dealogic league tables of loans transactions, last 12 months rolling.

  • International bonds league tables

    Dealogic league tables of bond transactions, last 12 months rolling. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

  • All Bonds league tables

  • All Asian local currency bonds league tables

    Dealogic league tables of Asian local currency bond transactions, last 12 months rolling. Including All Asian (ex Japan) currency bonds, all offshore renminbi bonds, Hong Kong dollar, Korean won, Chinese renminbi, Indian rupee, Taiwanese dollar, Indonesian rupiah, Singapore dollar, Thai baht and Malaysian ringgit.

  • Monthly issuance volumes 2013-2014

    Asian currency issuance volumes from the past 3 months.

  • Asian currency bonds, January 8-15 2014

    Asian currency bonds from the past week

  • All Asian league tables by sector

    Dealogic league tables of Asian transactions, last 12 months rolling. Including Bonds, ECM, Syndicated Loans, Mergers & Acquisitions.

  • SocGen Tips Short Wendel CDS

    Strategists at Société Générale are recommending investors sell five-year credit default swaps on Wendel, the French investment company, noting that CDS on the name are trading too wide in relation to other BB+ rated credits and the likelihood it will be upgraded to investment grade status as early as first quarter 2014.

  • Risk Hedging Jeopardized Under MiFID II, Lawyer Says

    Hedging corporate balance sheet risks may be a struggle under the Markets in Financial Instruments Directive agreed by E.U. member states and the European Parliament on Tuesday, which introduces a market structure framework to close loopholes and ensure most trading takes place on regulated platforms.

  • Caa3/CC rated Yioula Glassworks seeks high yield bond

    Yioula Glassworks, the Caa3/CC rated Greek glass maker, has met high yield investors for a potential high yield bond issue.

  • ICG, Babson Line Up As Euro CLO Pipeline Fills Up

    Intermediate Capital Group and Babson Capital have mandated banks for new collateralized loan obligations as momentum in the European CLO market builds.

  • Aegon sells SVG Capital block at 9.9% discount

    Listed private equity investor SVG Capital saw its share price fall nearly 9% on Thursday after insurance firm Aegon sold a large chunk of its holding through a block trade on Wednesday night.

  • FTT Could Be EUR50 Bln Drag On Cash Flow

    Europe’s new financial transaction tax is expected to produce a cash-flow drag of between EUR30 billion ($40.8 billion) and EUR50 billion ($68 billion) a year, according to consulting firm Oliver Wyman.

  • European CMBS Loan Repayment At Two-Year Low

    Only 22% of loans in European commercial mortgage-backed securities that were scheduled to mature in the fourth quarter repaid at maturity or prepaid, the lowest percentage in two years, according to Moody’s Investors Service.

  • Liquidity Key To Italy’s New Covered Bonds

    The assessment of liquidity gaps and the creditworthiness of the underlying pools could limit ratings on the new style collateralized covered bonds proposed in Italy, according to Fitch Ratings.

  • European Securitization To Rise Modestly

    Securitization issuance in Europe is expected to rise modestly this year after dropping 6% in 2013 from the preceding year, according to Standard & Poor’s.

  • Stress Tests Could Show EUR770 Bln Shortfall

    European Central Bank’s stress tests could reveal a capital shortfall at the region’s banks of more than EUR770 billion ($1.047 billion) and mean more state bailouts, according to a new study.

  • Covered Bonds Making Return In U.K.

    Banks in the U.K. are once again turning to covered bonds as the Bank of England scales back its lending programs.

  • Citi Plots Asia Structured Sales Push

    Citigroup is planning to expand its structured product sales coverage in Asia Pacific as retail and institutional investors increasingly look to enhance their equities exposure.

  • Daimler starts euro benchmark campaign with €750m eight year

    Daimler launched today a €750m eight year bond that was its third issue of the year, according to Dealogic, but its first euro benchmark.

  • Bureau Veritas’s second bond builds on 2012 debut success

    Bureau Veritas, the French company that claims to be the world leader in industrial testing, inspection and certification, launched its second bond today, raising €500m.

  • ICG and Babson line up as Euro CLO pipeline fills up

    Intermediate Capital Group and Babson Capital have mandated banks for new CLOs as momentum in the European CLO market builds.

  • European SF to increase in 2014 but further CMBS growth doubtful, says S&P

    European structured finance issuance is likely to increase slightly this year as UK mortgage lending increases and tighter spreads make deals from peripheral Europe economical again, according to Standard & Poor’s. The increase in CMBS volumes in 2013, however, may prove short-lived.

  • Acciona CB raises €325m in face of headwinds

    Acciona, the Spanish infrastructure and renewable power firm, sold a five year convertible bond on Thursday, raising €325m but was unable to move investors away from the cheap end of guidance.

  • The Office Group signs £95m loan for expansion

    The Office Group, the UK office and meeting room operator, has signed a £95m five year loan led by HSBC.

  • Telecom Italia sells first high yield bond, raising €1bn

    Telecom Italia issued today its first bond under speculative grade ratings, and it was a hit. The Ba1/BB+/BBB- rated Italian telco raised €1bn at a spread 25bp inside initial talk.

  • Mergermarket to raise LBO loans, gets first credit rating

    Mergermarket Group, the financial media company, is raising a £245m-equivalent loan package to back its leveraged buyout by BC Partners.

  • Asset Managers Move Out Of Nikkei Divs

    Some of the largest global asset managers are looking at unwinding positions on Nikkei dividends entered into early in 2013 and could subsequently sell out-the-money 105 calls.

  • Investors Seen Playing AUD/USD Carry Trades

    Some investors based in Asia are playing short-dated carry trades on the Australian dollar, U.S. dollar cross that benefit should the pair remain range bound.

  • Sophos adds euros to loan, awaits commitments

    Sophos, the UK IT security and data protection company, expects to receive final commitments to its new loan refinancing package later today (January 16), after having added euros to the debt.

  • Elis relies on existing investors for €90m acquisition loan

    Elis, the French workwear rental and cleaning service, expects its existing group of investors to take on the bulk of its new €90m loan.

  • Lithuania draws plaudits for tightly priced 10 year euros

    Bankers across the market hailed Lithuania’s return in euros on Wednesday as a signal success after the sovereign achieved more than eight times oversubscription for a tightly priced €500m 10 year.

  • Crédit Agricole stuns market with $25bn book for debut AT1

    Crédit Agricole pulled together the biggest ever order book for an additional tier one trade on Wednesday, finding a whopping $25bn of demand for its $1.75bn perpetual non-call 10 year debut in the deeply subordinated asset class. If further evidence of the grab for yield was needed, this was it — even though the leads themselves admitted that the deal was priced way through fair value.

  • Provisions cancel out equities surge at BAML

    Bank of America Merrill Lynch followed US rival JP Morgan in reporting a strong performance in equities for the fourth quarter of 2013, but profits at the investment bank were dragged down by greater provisions for credit losses.

  • PKO BP tightens guidance on five year euros to fair value

    Bookrunners tightened guidance on PKO BP’s euro market return to 125bp area over mid-swaps on Thursday morning in response to strong demand.

  • German central banker elected to ECB board

    The European Parliament has approved the appointment of German central banker Sabine Lautenschläger to the executive board of the ECB.

  • Israel roadshow signals euro return

    Israel has announced plans to meet investors next week ahead of a potential return to the euro market for the first time in nearly four years.

  • France sells €450m Airbus stake in latest re-organisation block

    France raised €452m through a sale of part of its stake in Airbus Group on Wednesday night, the latest in a run of block trades as the firm moves towards the end of a year-long reorganisation.

  • Sekerbank plots debut Eurobond, covered bond and loan increase

    Turkey's Sekerbank is considering issuing its debut Eurobond this year, covered bonds and it is increasing the size of a rolled over syndicated loan. The funding is being done to support the 15%-20% growth of the bank it expects this year.

  • FIG in digest mode as peripherals retrace

    There is no shortage of FIG issuers monitoring conditions in the senior unsecured market, but they were again holding back on Thursday as a wobble in appetite for higher beta paper earlier this week continued to stabilise.

  • Gazprombank prepares Swiss tier two

    Gazprombank is set to sell the first tier two bond in Swiss francs from a Russian issuer on Thursday afternoon, while Santander's Chilean subsidiary is in the market with a senior unsecured trade.

  • BBVA appoints new LatAm funding head

    BBVA has hired a former deputy director from the Spanish Treasury to look after funding and balance sheet management for its South American subsidiaries.

  • Troubled Codere fails to pay coupon in 30 day grace period

    Codere, the Spanish gambling company that is negotiating a financial restructuring with its bondholders and lenders, has decided not to pay the coupon on its €760m 8.25% senior bonds due 2015.

  • PhosAgro unit takes Japanese loans for ammonia plant

    A subsidiary of PhosAgro, Russia's biggest producer of phosphate fertilisers, has signed a $440.6m export credit agency-backed loan from Japanese lenders.

  • Pemex prints blowout on Mexico momentum

    Bond investors gave an emphatic thumbs up to Mexico’s plans for its state oil company Pemex on Wednesday, piling into the borrower’s first bond of the year, a $4bn triple-tranche issue that attracted $30bn of demand.

  • Hochschild, BCP bring back Peru

    Peruvian miner Hochschild became the first debut borrower of 2014 in Latin American bond markets with a $350m seven year issue on Wednesday. But despite a strong book of nearly $1.5bn bankers say the pace of new issuers from the country will slow this year.

  • Offshore RMB DCM Bookrunner Ranking (Asia ex-Japan): 15-01-14 YTD

  • Offshore RMB DCM Bookrunner Rankings for Non-Chinese and Non-Hong Kong Issuers: 15-01-14 YTD

  • Shine wearing off in dollars as poor payrolls number bites

    The dollar bond market looks a less reliable source of funding for public sector credits after US employment data renewed investor uncertainty over the direction of rates, issuers and bankers judged this week.

  • India DCM Bookrunner Ranking - Last 12-month rolling

  • COGO gets strategy right on second attempt

    Property developer China Overseas Grand Oceans Group (COGO) opened books on its second attempt at a debut dollar deal on Wednesday, after pulling its first offering late last year. The issuer returned with an altered change of control clause and a higher starting spread, which helped address buyers’ initial concerns about parentage and relative value.

  • UPDATED: China Orient AMC prices Rmb2.5bn debut dim sum at 4.1%

    China Orient Asset Management Corp's debut three year dim sum bond was priced on Wednesday evening to yield 4.10%, in line with initial price indications of 4% area, according to two bankers on the deal. The borrower had originally been looking for Rmb2bn, but the demand allowed it to increase the issue to Rmb2.5bn ($413m).

  • Asia (ex Japan) High Yield DCM Bookrunner Ranking - Last 12-month rolling

  • Australia DCM Bookrunner Ranking: 15-01-14 YTD

  • RMB Roundup – January 16

    In this week’s roundup of offshore renminbi news, Hong Kong calls for removing the daily RMB conversion cap, the China Securities Regulatory Commission is to set up an office in the Shenzhen Qianhai economic zone, while Taiwan and London are looking for more co-operation in offshore RMB business.

  • Offshore RMB DCM Bookrunner Ranking for Chinese and Hong Kong Issuers: 15-01-14 YTD

  • TDBM highlights hunt for yield with dim sum sucess

    Trade and Development Bank of Mongolia sold a Rmb700m ($115m) dim sum debt on Tuesday. Despite the modest size the bond was priced inside the issuer’s curve and found firm support among real money accounts. The sound result is unlikely to result in more Mongolian issuance, but underscores the growing bid for high yield dim sum, said debt bankers on the bond.

  • Cross-border RMB derivatives in store for Shanghai FTZ

    Chinese authorities intend to allow the use of cross border renminbi derivatives for hedging purposes by financial institutions operating in the Shanghai free trade zone, according to market officials.

  • Bayview Hits Market With First NPL Of 2014

    Bayview Financial is issuing a 1.64-year non-performing loan securitization, the first non-performing loan of the year among mortgage-backed securities.

  • ING Bailout Bonds Expected To Trade Well

    The Dutch government’s impending sale of $4.27 billion in U.S. prime and near-prime mortgage debt from ING is likely to see healthy demand, which could in turn push up valuations on similar assets held by investors.

  • Market Abuse Proposals Draw Industry Fire

    Market participants have rallied against market abuse regulatory proposals arguing the measures on so-called cleansing insider information could force deals to price without the benefit of soundings, which help sellers gauge the pricing, size and structure of a deal by talking to investors prior its announcement.

  • Regulators Allow TRuPS CDO

    Federal regulators have revised the Volcker rule to allow smaller, community banks to continue to hold on to their trust-preferred collateralized debt obligations.

  • Bright Spot For REIT Investors In MBS

    Investors in real estate investment trusts that invest in mortgage-backed securities may find some buying opportunities this year after being battered in 2013, according to analysts.

  • Sales Of Ginnie Mae Servicing Rights Soar 338%

    Sales of Ginnie Mae servicing rights surged 338% to roughly $175 billion in fiscal year 2013, compared with two years ago.

  • GE Unit Must Face BNY MBS Suit

    A federal judge in New York has ruled that General Electric Mortgage Holding can be sued by Bank of New York Mellon, which wants the GE unit to repurchase loans that went sour in more than $900 million in mortgage-backed securities.

  • Now, Push To Ease Volcker Rule On CLOs

    A day after federal regulators relaxed the Volcker rule for certain collateralized debt obligations, lawmakers and the banking industry are preparing to push for similar changes to the regulation as it applies to collateralized loan obligations.

  • Banks Slow To Gather Risk Data

    A number of the world’s 19 largest banks have been slow to collect data on counterparty risks, according to a report from the Senior Supervisors Group.

  • Punch Taverns Lines Up Final Vote For Distressed WBS

    Punch Taverns, the largest pub and bar operator in the U.K., has released the final restructuring plan for its two distressed whole business securitizations, Punch A and Punch B. Bondholders in both transactions will be asked to approve the plan in a vote in mid-February.

  • GMAC Hits Pipeline With German E-Carat ABS

    GMAC Bank has mandated leads for the first European ABS transaction of the year, a EUR417 million ($567.34 million) securitization of German auto loans that will offer investors two tranches of bonds.

  • Holcim’s €500m 10 year finds solid demand at no NIP

    Holcim, the Swiss cement company, launched its first substantial euro bond since August 2012 today, and despite attention in the market being focused on Electricité de France’s mega-hybrid transaction, got a good €500m no-grow sale done.

  • Valeo nabs another €200m after 10 year blowout

    Valeo, the French car parts company, came back to the bond market for a second bite at its 10 year bond today, after the €500m issue it sold last week had attracted an enormous book and traded in strongly.

  • EDF's €7.5bn deal crescendoes with €15bn book for hybrids

    Electricité de France completed its second hybrid capital raising today, raising €4bn in total, with a sale of euro and sterling hybrids that drew huge orderbooks, following the successful pricing on Tuesday of a $1.5bn hybrid tranche.

  • Austrian Gov’t To Hear Hypo Bad Bank Options

    The Austrian government is expected to receive a paper by experts presenting options for creating a bad bank for troubled lender Hypo Group Alpe Adria.

  • Rush To Raise European Distressed-Debt Funds

    The rush is on for fund managers to raise European distressed-debt funds in part in reaction to record-high value of non-performing bank loans.

  • E.U. Updates Markets Directive

    The European Union has updated the original Markets in Financial Instruments Directive to increase transparency and stability.

  • ECB Stress Tests To Include Sovereign Exposure

    Mario Draghi, president of the European Central Bank, said sovereign exposure will be included in the next round of bank stress tests.

  • Slovenia’s Bad Bank Withholds Asset Lists

    Slovenian bad bank Bank Asset Management Corp. said it will not disclose a list of toxic assets it has acquired from the nation’s banks because of legal constraints.

  • Lamprecht joins Renaissance Capital for African sales

    Robert Lamprecht has been named as head of African sales at Russian investment bank Renaissance Capital.

  • Asset Management Holding set to float

    Asset Management Holding, the Italian parent firm of asset management firm Anima, is set to list on the Milanese stock exchange.

  • GBP/USD Risk Reversals Touted On Expected Sterling Weakness

    Société Générale is recommending investors buy risk reversals on GBP/USD on likely sterling weakness over the next three months. The firm expects the Bank of England to lower the U.K. unemployment rate threshold of its forward guidance in next month’s inflation report, which would drive a reversal in GBP/USD spot.

  • Samsung exits CSR in speedy block trade

    Samsung sold its entire 6% stake in UK electronics firm CSR on Tuesday evening, taking advantage of a slow start for block trades in 2014 to soak up some of the liquidity in the market.

  • GMAC hits pipeline with German E-Carat ABS

    GMAC Bank has mandated leads for the first European ABS transaction of the year, a €417m securitization of German auto loans that will offer investors two tranches of bonds.

  • Punch Taverns lines up final vote for distressed WBS

    Punch Taverns, the largest pub and bar operator in the UK, has released the final restructuring plan for its two distressed whole business securitizations, Punch A and Punch B. Bondholders in both transactions will be asked to approve the plan in a vote in mid-February.

  • Nordic corporates turn away from private MTNs

    Nordic companies will buck the trend of their eurozone peers, which are printing more privately placed MTNs, and focus on larger Eurobond deals, according to MTN dealers.

  • Volcker Would Cause $7 Bln In Bank CLO Losses—LSTA

    Language in the final Volcker rule would cause banks that hold non-compliant collateralized loan obligations to dump their investments at a loss of up to $7 billion, according to a testimony before the House Financial Services Committee this morning by industry group the Loan Syndications and Trading Association’s evp and general counsel Elliot Ganz.

  • Loans bankers have no fear of tapering, poll shows

    In 2013, the main concern for many a loans banker was the prospect of tapering. But this year, the US Federal Reserve’s plans to slow its quantitative easing policy seem to be only marginally on people’s minds.

  • Teekay raises Nkr1bn in Norwegian bond market

    Teekay Offshore Partners, a New York-listed Norwegian offshore services business, has issued Nkr1bn ($163m) of senior unsecured bonds.

  • Shanghai Clears First Yuan IRS

    The Shanghai Clearing House has cleared its first renminbi interest rate swap, a deal between Industrial and Commercial Bank of China and the Shanghai Pudong Development Bank.

  • KKR's ATU seeks consent for debt-to-equity restructuring

    ATU Auto-Teile-Unger, the German chain of car repair shops, is asking its bondholders to agree to a debt restructuring.

  • UPDATED: China Orient AMC prices Rmb2.5bn debut dim sum at 4.1%

    China Orient Asset Management Corp's debut three year dim sum bond was priced on Wednesday evening to yield 4.10%, in line with initial price indications of 4% area, according to two bankers on the deal. The borrower had originally been looking for Rmb2bn, but the demand allowed it to increase the issue to Rmb2.5bn ($413m).

  • Weil Gotshal hires levfin partner in London

    Weil, Gotshal & Manges has hired Chris McLaughlin as a partner in its banking and finance practice, to work on leveraged finance deals.

  • NNIT to ride Danish appetite to $300m IPO

    Healthcare company Novo Nordisk said on Wednesday that it would list NNIT, an information technology subsidiary, seeking to take advantage of growing appetite for Danish stocks. The country is also seeing smaller firms looking to come to market for the first time in many years.

  • SES grows banking group, scales back on new revolver

    Communication satellite operator SES has signed a €1.2bn revolving credit facility, expanding its bank group. Lenders were scaled back.

  • Seat Pagine Gialle to shed all debt with second restructuring

    Seat Pagine Gialle, the Italian telephone directories business which went through a debt restructuring in 2012, wants to remove all its debt in a second debt-for-equity restructuring.

  • Crédit Agricole AT1 book surges amid high beta obsession

    Investors piled into Crédit Agricole’s debut additional tier one trade on Wednesday, shrugging off Tuesday’s wobbly trading session and prompting the lead managers on the deal to keep the book size to themselves to avoid further order inflation.

  • Equity gains puff up JP Morgan IB

    A 65% increase in equity underwriting fees was not enough to prevent JP Morgan’s investment bank recording a decline in revenue for the fourth quarter of last year.

  • Romania racks up $11.5bn demand for dual tranche dollars

    Romania made a stunning return to the dollar market on Tuesday, attracting nearly $12bn of demand for a dual-tranche deal that included the sovereign’s first ever 30 year issue.

  • PKO BP picks banks for euro return

    PKO BP became the latest emerging market issuer to target euro investors with the announcement on Wednesday morning that it had picked banks for a five year deal.

  • Lithuania adds to CEE euro sovereign supply surge

    Lithuania joined the procession of CEE sovereigns accessing the euro market on Wednesday when leads BNP Paribas and Barclays opened books on a new 10 year €500m issue for the sovereign.

  • Dexia looks longer still for GG build

    Dexia Crédit Local launched a seven year euro bond on Wednesday morning as it continued its march towards a full government guaranteed senior unsecured curve.

  • MMFs eager for European banks in 2014

    Prime money market funds cut their commercial paper holdings by $5bn in December, according to a JP Morgan report. But money funds have increased allocations in the first weeks of 2014 and are opting for longer maturities according to commercial paper dealers.

  • Latvia prices tight for landmark euro return

    Substantial demand from UK and German institutional investors helped Latvia price its first euro bond since joining the single currency well inside initial indications on Tuesday.

  • Gazprombank makes second attempt at Swiss tier two

    Gazprombank is looking to sell the first tier two bond from a Russian issuer in Swiss francs, with a deal expected on Thursday. This is the issuer’s second attempt at such a trade, following a pulled deal last year.

  • Enea's Polish ABB gives hope after year of pension fund change

    Vattenfall completed a Z1.03bn ($340m) sale of its entire stake in Polish utility Enea SA on Tuesday evening. Despite a long bookbuilding process and a late covered message, the deal is likely to be encouraging for Polish ECM after a year of controversial reform.

  • Suek's lenders face even more scalebacks after oversubscription

    After initial doubts about whether the deal would be well received by lenders, banks committed to a $1.2bn-plus loan for Russia's Siberian Coal Energy Co are facing mandatory scalebacks that will take them below their minimum commitment levels.

  • Duration dangled in front of Spain and Italy

    Spain and Italy's first syndications of the year are ever more likely, with conditions still ripe for more issuance from Europe’s periphery, said SSA bankers. Both sovereigns are keen to extend their maturity profiles this year, making 15 year deals likely, bankers said, adding that such deals should easily find demand.

  • Rabobank looks to the bright side of periphery slowdown

    Rabobank gave the euro senior unsecured market a much lower beta look than in recent sessions on Wednesday when it opened books on a five year transaction, and bankers feel the next week or so could be more suited to stronger names.

  • CT Corp $1.275bn loan hits general

    Indonesian company CT Corp has launched its $1.275bn fundraising into general syndication, splitting the transaction into three different facilities.

  • TDBM highlights hunt for yield with dim sum sucess

    Trade and Development Bank of Mongolia sold a Rmb700m ($115m) dim sum debt on Tuesday. Despite the modest size the bond was priced inside the issuer’s curve and found firm support among real money accounts. The sound result is unlikely to result in more Mongolian issuance, but underscores the growing bid for high yield dim sum, said debt bankers on the bond.

  • Baroda benchmark starts Indian issuance for 2014

    India's Bank of Baroda opened books on a 5.5 year 144A/Reg S bond on Wednesday. Guidance was set in the 360bp over Treasuries area, before being tightened to final guidance of 325bp-335bp over Treasuries on Wednesday evening.

  • FIG bankers eye quick recovery after blip

    A phenomenal amount of new supply since the start of 2014 meant the FIG market was bound to suffer some indigestion eventually. It did so on Tuesday, after Intesa Sanpaolo struggled to find traction with an eight year senior trade on Monday. Bonds widened on Tuesday and the market took a breather, but things seemed to be back on track on Wednesday.

  • Sovereigns hold focus as Latvia and Romania break ground

    Sovereign supply has dominated the CEEMEA market this week, with Latvia and Romania delivering landmark deals in euros and dollars respectively.

  • Fierce negotiations begin as ING Turkey prices loan at 90bp

    ING Turkey has shattered loans bankers' hopes of a price widening on Turkish financial institution deals this year by coming to the market for a $500m loan priced at 90bp all-in.

  • EDF eyes €7bn in nine-tranche extravaganza

    Electricité de France confirmed its reputation as one of Europe’s most ambitious bond issuers this week with a four tranche hybrid capital issue that it unusually combined with a four tranche senior dollar deal — only to add a $700m 100 year bond as the cherry on the cake.

  • Serbia plans $600m of Eurobonds this year

    Serbia is planning to issue $600m in Eurobonds this year to help fill its €5.6bn funding target for 2014. Branko Drčelić, director of the public debt administration department at the Ministry of Finance said that the issue would likely be in dollars or euros, but the country is also considering sukuk, yen and rouble-denominated bonds for the future.

  • Poland may be halfway through funding task by end of January

    Poland’s deputy director of its public debt department, Bogdan Klimaszewski, has said the country could finish 50% of its financing for 2014 by the end of the month.

  • COGO gets strategy right on second attempt

    Property developer China Overseas Grand Oceans Group (COGO) opened books on its second attempt at a debut dollar deal on Wednesday, after pulling its first offering late last year. The issuer returned with an altered change of control clause and a higher starting spread, which helped address buyers’ initial concerns about parentage and relative value.

  • China Shipping sets sail for maiden voyage

    China Shipping Overseas Finance plans to start roadshowing its first senior unsecured dollar deal on Thursday. The issuer, a wholly owned subsidiary of China Shipping (Group), will meet investors in Hong Kong on Thursday, Singapore on Friday and London on Monday.

  • ISDA, NAFMII Meet, Talk Cooperation

    The International Swaps and Derivatives Association and China’s National Association of Financial Market Institutional Investors have talked about cooperating on areas of interest. It’s a detente following a period of frosty relations.

  • Wharf whips up interest with attractive starting spread

    Wharf Finance, a vehicle for Hong Kong property group The Wharf (Holdings), is out in the market with a new five year dollar bond and has set initial price guidance of 210bp over Treasuries. The size has not been announced but pricing is expected to come later on Wednesday.

  • China Orient AMC to price debut dim sum

    China Orient Asset Management Corp's debut dim sum bond, which kicked off on Wednesday morning, is attracting strong demand, according to a banker on the deal. The company is looking to raise Rmb2bn ($331m) through the three year deal, but by 3:30pm Hong Kong time it had already attracted Rmb6bn of demand.

  • CP All to close $4bn loan this month

    Thai retailer CP All is looking to wrap up the refinancing of its $6bn bridge loan from May 2013, with bankers on the deal confident of netting all the final commitments for the fresh fundraising by the end of the month.

  • Shimao pushes out property curve, stays strong in secondary

    Shimao Property Holdings priced a seven year non call four bond at 8.125% on Tuesday, joining the barrage of Chinese property companies getting their dollar bond fix this month.

  • Biostime hits the right spots with $322m CB debut

    Babycare products manufacturer Biostime International Holdings had an equity-linked debut to remember after raising HK$2.5bn ($332m) via a 2019 zero coupon convertible bond on January 14.

  • Lupatech bondholders take equity in promising precedent

    Investors representing 86% of Brazilian oil and gas services firm Lupatech’s bondholders have approved the company’s proposed debt restructuring, allowing the plan to be submitted for approval at an extraordinary general meeting and submitted to be homologated in court.

  • Deutsche Asset and Wealth Management hires Apac CIO

    Elke Schoeppl-Jost, chief investment officer at BEA Union Investment in Hong Kong, has joined Deutsche Asset and Wealth Management as chief investment officer for Asia Pacific.

  • Two steps forward, one step back for China’s IPO market - opinion

    The China Securities Regulatory Commission is up to its old tricks again, intervening to postpone an IPO that had been poised to list on the Shenzhen Stock Exchange. The CSRC’s actions suggest that it is not yet ready to give up control. Issuers might have to wait a little longer for a fully market-oriented China IPO market.

  • China Orient AMC to price debut dim sum

    China Orient Asset Management Corp (AMC) is set to price its debut dim sum bond on Wednesday (January 15 ) to raise Rmb2bn ($331m) through a three year deal, according to a source close to the deal.

  • Dearth of HK insurer information offers investment risk

    The insurance industry is rapidly growing in Asia, leading to a concerning development where some companies are doing well despite offering relatively low amounts of information disclosure. This creates a danger of inaccurate valuations and poor share performance, finds the latest M&E BDO ASIAMONEY Hong Kong Stars index.

  • China set to establish more FTZs in a year

    Financial experts at the Asian Financial Forum believe China’s government could set up more free trade zones in 12 months, and will accelerate the roll out of broad market reforms in Shanghai.

  • CBOE Readies Short-Term VIX Launch; Scopes 23-Hour Trading

    The Chicago Board Options Exchange is aiming to launch short-term VIX futures in February and short-term VIX options the following month.

  • Pipeline Update: Deals Begin To Price, DriveTime Markets

    Auto asset-backed securities are dominating primary markets two weeks into the new issuance calendar, as deals from Ford Motor Company and DriveTime Car Sales add another $1.77 billion to market, bringing this week’s total to $3.31 billion.

  • Decline In Agency MBS Use Leads Repo Decline

    A 28% decline in tri-party repurchase agreements using agency mortgage-backed securities is the leading cause of contraction of the repo market, according to Fitch Ratings.

  • Banks Challenge Ownership Definition In CLO Reg

    Banks are challenging the definition of “ownership” in the Volcker rule as it applies to collateralized loan obligations in their bid to get regulators to ease new regulations that could be costly to smaller institutions.

  • Judge Criticizes Plaintiff In UBS RMBS Case

    The federal judge presiding over a case brought by Ireland’s Sealink Funding against UBS for allegedly misleading investors about the quality of loans in residential mortgage-backed securities, criticizing the plaintiff for not doing sufficient research into the RMBS before purchasing them.

  • Origination Forecasts Revised Down

    The Mortgage Bankers Association and Fannie Mae have both revised downward their forecast for mortgage originations this year.

  • Dutch Gov’t Offering $4 Bln In ING U.S. RMBS

    The Dutch State Treasury Agency is offering $4 billion in U.S. residential mortgage-backed securities it acquired from the bailout of ING Groep, with bids due by Jan. 16.

  • Firms Lobby Regulators On CLO Rules

    The Blackstone Group and Invesco are among more than 30 firms that have lobbied federal regulators to reconsider risk-retention rules for collateral loan obligations, arguing that the measures would increase financing costs for borrowers.

  • French Consumer ABS Hurt By Eased Loan Criteria

    The loosening of underwriting criteria for consumer loans is credit negative for French consumer asset-backed securities as the relaxed standards result in lenders granted loans to borrowers that carry a higher risk of credit default, according to Moody’s Investors Service.

  • ECB Bank Review Threatened By Differing Debt Rules

    The European Central Bank has expressed concern that its review of the eurozone banks may be negatively affected by the differences in the way countries classify their bad debt.

  • Shipping Loans To Factor Into Bank Stress Tests

    The European Central Bank says the impact of shipping loans will be part of the scenario it develops for the next round of stress tests on banks, especially in Germany, where most investors expect lenders to experience meaningful capital shortfalls.

  • E.U. Bank Failure Plan May Violate Decision-Making Rules

    The European Commission says the bank-failure plan adopted by finance ministers of the European Union “reduces the discretion” of the Council of the European Union that “is not compatible” with E.U. case law.

  • Danish Banks Face Crackdown Over Debt Load

    Ulrik Noedgaard, director general of Denmark’s Financial Supervisory Authority, is exploring as an option a crackdown on banks’ lending policies to deal with the country’s record household debt load.

  • Trading Banks Helped By Diluted Basel Ratio

    Diluted rules for calculating the leverage ratio adopted by the Basel Committee on Banking Supervision are likely to ease capital pressure for global trading banks, according to Fitch Ratings.

  • Hedge Funds Tap Equity, Credit Hybrids

    European and U.S. hedge funds with a bullish view on Europe are going long the Eurostoxx 50 and short the iTraxx Main.

  • Snam secures thin premium with price-focused €600m

    Snam, the Italian gas transmission group, launched its first bond of the year today, a 10 year transaction that bankers said was designed to prioritise pricing over size.

  • Beni Stabili sails through choppiness for tidy €350m four year

    Beni Stabili, the Italian property company, launched a senior unsecured bond today that was seen as a debut. The unrated company has sold convertibles and securitisations before but to assess relative value, investors looked to other issuers.

  • Noreco raises Nkr1bn through billion share sale

    Gas and oil exploration firm Noreco, or Norwegian Energy Co, has raised Nkr100m ($16.4m) through the sale of 1bn new shares.

  • EAM Solar looks to new equity to fund power plant takeover

    Investment firm EAM Solar is set to raise Nkr350m ($57.47m) through the sale of equity to finance the acquisition of 31 solar power plants in Southern Italy.

  • Vattenfall nears close of long slog Enea block

    Swedish power firm Vattenfall was close to completing its sale of its entire $390m stake in Polish utility Enea on Tuesday evening, almost 24 hours after the deal was launched. The deal is the first large block since controversial pension fund reforms were made over the summer, and had worried some in the market after the long bookbuilding period, which went for a long time without any covered message.

  • Volkswagen’s short floater swells to €750m

    Volkswagen’s industrial arm launched its first public bond of the year today, after two issues by Volkswagen Financial Services. The two year floater, led by Bank of America Merrill Lynch and HSBC, started out as a benchmark deal and grew to €750m.

  • Dubai's borrowers shouldn’t slouch in getting deals to market

    Conditions for issuing bonds and sukuk in Dubai look great, but mid-way through January there is still barely a glimmer of a deal. Those borrowers that need to come to market this year would do well not to miss their chance.

  • KDB mirrors Kexim with tight dual tranche

    Korea Development Bank closed a $1.5bn dual tranche bond this week, identical in size and structure and maturity to competitor Korea Export Import Bank’s recent transaction. A lack of concession relative to Kexim’s secondary spreads put some US accounts off, but KDB still found enough interest to price a well subscribed bond with virtually no new issue premium.

  • Chemicals sector leads private MTN growth in 2013

    Corporate issuance of private MTNs surged in 2013, with volumes from the chemicals, plastics and rubber sector rocketing up, according to figures from Dealogic.

  • Restructuring Discussions For Theatre Care Homes Enters Final Phase

    The servicer and senior noteholders in Theatre (Hospitals) No1 and No2 commercial mortgage-backed securities, which are backed by a portfolio of 35 care homes in the U.K., have approved a final extension of the loan maturity date to April this year.

  • EDF cuts funding cost with $6.2bn senior/sub dollar monster

    Electricité de France’s senior dollar bond issuance yesterday was a blowout, raising $4.7bn of funding from three to 100 years – at rates believed to be cheaper than it could have obtained in Europe and in some cases through EDF's secondary curve.

  • Restructuring discussions for Theatre care homes enters final phase

    The servicer and senior noteholders in Theatre (Hospitals) No1 and No2 CMBS, which are backed by a portfolio of 35 care homes in the UK, have approved a final extension of the loan maturity date to April this year. Stakeholders will need to agree on a restructuring plan by then or the loan will be enforced.

  • Cross Border RMB Derivatives Pegged For Shanghai Zone

    Chinese authorities intend to allow the use of cross border renminbi derivatives for hedging purposes by financial institutions operating in the Shanghai free trade zone, according to market officials.

  • UniCredit, Amundi join forces for German mid-cap lending

    Finding new financing options for mid-cap firms is all the rage in Europe. Only a few days after Barclays and BlueBay announced that they would work together to provide unitranche funding to medium-sized companies in the UK, UniCredit and Amundi have formed a similar partnership aimed at German mid-caps.

  • High yield FRNs and levloans seen gaining traction in 2014

    Market participants are expecting floating rate high yield bonds and leveraged loans to become more common in Europe in 2014.

  • Wendel signs €800m revolver alongside €400m bond

    French investment group Wendel has signed an €800m revolver to replace an outstanding bank credit line.

  • Are initial price thoughts always necessary?

    Initial price thoughts are a useful price discovery tool in illiquid markets. But in core markets where liquidity is high, they can obfuscate how successful a deal has been. It is time to consider doing away with them where possible.

  • Not just window shopping: January sales best for sovereigns

    January frontloading is traditional for sovereign issuers, but could be more important this year than ever. Investor demand and the prospect of rising rates mean savvy states should follow the lead of the first issuers of the year — and quickly.

  • Two steps forward, one step back for China’s IPO market

    The China Securities Regulatory Commission is up to its old tricks again, intervening to postpone an IPO that had been poised to list on the Shenzhen Stock Exchange. The CSRC’s actions suggest that it is not yet ready to give up control. Issuers might have to wait a little longer for a fully market-oriented China IPO market.

  • Ardagh to repay €1.2bn bonds as Verallia takeover delayed

    Ardagh Group will repay the holders of €250m and $1.27bn of bonds it issued a year ago, after a delay in its takeover of Verallia North America.

  • BPCE finds strong demand for US T2

    French lender BPCE found strong demand on the other side of the Atlantic on Monday, pricing a $1.5bn 10 year bullet tier two trade 15bp inside its initial price thoughts. Elsewhere in subordinated debt, Crédit Agricole is wrapping up its additional tier one roadshow and is expected to hit the market with a deal soon.

  • Stena looks for refi with $400m high yield bond

    Stena, the Swedish diversified shipping company, plans to sell $400m of 10 year senior bonds.

  • Senior market takes a breather as Intesa leads widening

    Intesa Sanpaolo’s eight year senior deal widened significantly in the secondary market on Tuesday, leading a broad underperformance among Monday’s new issues. The weaker backdrop prompted market participants to suggest that the market needed to take a break before another avalanche of supply from banks in peripheral Europe.

  • Slovakia to complete funding in euros

    Slovakia is planning to issue €3bn-€3.5bn this year in the Eurobond market and expects all its issues to be denominated in euros, said Daniel Bytcanek, director of the Slovak debt and liquidity management agency.

  • Not just window shopping: January sales best for sovereigns

    January frontloading is traditional for sovereign issuers, but could be more important this year than ever. Investor demand and the prospect of rising rates mean savvy states should follow the lead of the first issuers of the year — and quickly.

  • BFCM and CBA return to Swiss francs

    Banque Fédérative du Crédit Mutuel and Commonwealth Bank of Australia are both set to price Swiss franc deals in the belly of the curve on Tuesday afternoon, adding to a strong start to 2014 for FIG issuers in medium tenors.

  • Abdulaziz Al-Rajhi & Sons to sign Sr580m Islamic facility

    Saudi industrial firm Mohammed Abdulaziz Al-Rajhi & Sons Co is set to sign a Sr580m ($155m) Shariah-compliant financing facility with Bank Al Jazira.

  • Romania goes long for CEEMEA dollar opener

    Romania became the first CEEMEA name to attempt a bond sale in dollars since the start of the year when it opened books on Tuesday on a dual tranche benchmark issue.

  • Guidance out on Latvia’s euro landmark

    Bookrunners Citi, JP Morgan and Société Générale released price guidance on Latvia’s seven year euro return at 140bp area over mid-swaps on Tuesday.

  • Bharti Airtel prices tight for euro reopening

    Bharti Airtel paid a wafer-thin new issue premium for a tap of its debut euro note on Monday in a further demonstration of the strength of investor appetite for paper in the currency from emerging market names.

  • BoC benchmark heralds offshore funding increase

    Bank of China’s Hong Kong arm closed its first offshore deal on Monday, pricing one of the largest ever Reg S bonds from Asia. The $1.25bn dual tranche transaction is just the start of what debt bankers expect to be heavy offshore issuance from Chinese and Hong Kong banks this year.

  • Investors hungry for Laohenghe’s $115m IPO

    Condiments and cooking wine producer Huzhou Laohenge Brewing launched its HK$893m ($115m) IPO in Hong Kong on Tuesday and has already generated enough orders from anchor investors to cover the deal, according to bankers.

  • Biostime to make equity-linked debut with $322m CB

    Babycare products manufacturer Biostime International Holdings is in the market for HK$2.5bn ($322m) after launching a zero coupon convertible bond on January 14, its debut in equity-linked.

  • Afrexim sails through senior loan phase, now for general

    African Export-Import Bank, the Egypt-based trade finance bank, has signed the senior stage of a $435m-equivalent syndicated loan. General syndication is expected to be launched this month.

  • Sing dollar market set for 'deal a day'

    Aspial Corp closed the first Singapore dollar deal of 2014 on Monday, and debut issuer Croesus followed on Tuesday. If the market holds, supply is set to surge, with at least three more potential transactions this week, said debt bankers.

  • CIMB bags $1.09bn after 25% increase

    CIMB Group Holdings raised MR3.55bn ($1.09bn) through a placement of new shares on January 13 after strong demand from existing shareholders propelled the Malaysian bank to take up a 25% increase option.

  • Loans update: Kingboard HK$3bn nets nine - Goodhope $400m gains pace

    A group of nine banks have joined Kingboard Laminates Holdings’ HK$3bn ($387m) loan in the general phase, with a handful more still expected to come in.

  • TDBM takes Mongolia into dim sum

    Trade and Development Bank of Mongolia (TDBM) opened books on the country’s first ever dim sum bond on Tuesday. Debt bankers on and off the deal are hoping for a successful transaction to help broaden the renminbi market’s scope and encourage issuers in other new jurisdictions to bring deals. But TDBM's starting point struck some buyers as too tight.

  • Sun Hung Kai raises HK$14bn, signing soon

    Sun Hung Kai Properties is set to sign its HK$14bn ($1.8bn) loan on Friday, January 17, according to bankers. Although the deal received a strong showing at the top level, it saw just one bank join during general syndication.

  • Two steps forward, one step back for China’s IPO market - opinion

    The China Securities Regulatory Commission is up to its old tricks again, intervening to postpone an IPO that had been poised to list on the Shenzhen Stock Exchange. The CSRC’s actions suggest that it is not yet ready to give up control. Issuers might have to wait a little longer for a fully market-oriented China IPO market.

  • Pertamina $1.137bn loan goes into general

    After talks of favouring a club loan over syndication, Indonesian power company Pertamina has eschewed the former and has launched its $1.137bn five year into general.

  • AmBank hits lenders with $300m loan

    Malaysia’s AmBank launched its $300m three year loan into limited general syndication on the evening of January 13, pricing it at the same 90bp over Libor as the deal it is refinancing.

  • BNDES brings further Brazilian euro supply

    Development bank BNDES became the second state-owned Brazilian borrower to issue in euros in 2014 with a €650m transaction sold at a new issue premium as low as 5bp according to bankers close to the deal.

  • Femsa fizzes, Bahamas book bulges on strong LatAm day

    Mexican bottler Coca Cola Femsa (KOF) and the Commonwealth of the Bahamas provided evidence of strong new issue conditions as bankers expect new dollar supply to begin in earnest this week.

  • ISDA Preparing Updated Memo On China Netting Rules

    The International Swaps and Derivatives Association has appointed external counsel to produce a memorandum updating its clients on China’s close out netting rules.

  • StanChart Readies Distribution Platform For New Custom Indices

    Standard Chartered is looking to launch a distribution platform within two months for a number of tradable custom indices, which will reference varied asset classes including equity, credit and high yield.

  • Pakistan $100m loan nears close

    Bankers working on the Ministry of Finance of the Islamic Republic of Pakistan’s $100m fundraising are planning on wrapping up syndication by the end of the month, in what is the sovereign’s first foray into the loan market in 15 years.

  • Hong Kong leads Asia with creditor bail-in resolution regime

    The Hong Kong Monetary Authority, the Securities and Futures Commission and the Insurance Authority have launched the first stage of public consultation on establishing a resolution regime for financial institutions, in keeping with guidelines established by the Financial Stability Board.

  • Asia (ex Japan) Syndicated Loans Bookrunner Ranking - Last 12-month Rolling

  • Vietnam relaxes foreign bank ownership rules

    The Vietnamese government will allow foreign lenders to take a majority share in select domestic banks from February 20, as it steps up its efforts to reform the country’s financial sector.

  • CSRC toughens IPO process with roadshows spot check

    The China Securities Regulatory Commission will be conducting random spot checks on management roadshows in a bid to stop companies and brokers from revealing information that are not included in their IPO prospectus, China’s securities regulator said on January 12.

  • Huarong AMC to launch Rmb1.238bn ABS

    China Huarong Asset Management Corporation (AMC), one of China’s big four AMCs, is set to auction Rmb1.238bn ($205m) in asset-backed securities on January 17. This is will be the first ABS deal from an AMC since China reopened the country's ABS market in 2012.

  • Asia (ex Japan) Local Currency DCM Bookrunner Ranking - Last 12-month Rolling

  • North Asia DCM Bookrunner Ranking - Last 12-month rolling

  • Hong Kong leads Asia with creditor bail-in resolution regime

    The Hong Kong Monetary Authority, the Securities and Futures Commission and the Insurance Authority have launched the first stage of public consultation on establishing a resolution regime for financial institutions, in keeping with guidelines established by the Financial Stability Board.

  • Xi Jinping's challenge: converting a reform outline into reality

    Analysts and investors were rightly encouraged by a China government document describing reforms to be made following the third plenum, but it will take all of Xi Jinping’s authority to implement the changes.

  • TDBM takes Mongolia into dim sum

    Trade and Development Bank of Mongolia (TDBM) opened books on the country’s first ever dim sum bond on Tuesday. Debt bankers on and off the deal are hoping for a successful transaction to help broaden the renminbi market’s scope and encourage issuers in other new jurisdictions to bring deals. But TDBM's starting point struck some buyers as too tight.

  • Southeast Asia DCM Bookrunner Ranking - Last 12-month rolling

  • Fannie Mae Risk-Transfer Passes Another $750M To Private Market

    Fannie Mae will sell investors two $375 million notes in its second risk-transfer transaction from its Connecticut Avenue Securities shelf, a long-awaited realization of lawmakers’ goals to reduce taxpayer exposure to credit default risk and also provide the private sector with much-wanted access to U.S. mortgage markets.

  • Pru Refinances 2011 CLO For First Deal Of 2014

    Prudential Investment Management late last week priced the first collateralized loan obligation of the year, a refinancing of the firm’s first post-crisis CLO, the $304.9 million Dryden XXII.

  • U.S. CMBS Delinquencies May Drop Below 4%

    The delinquency rate of loans in U.S. commercial mortgage-backed securities could drop another two percentage points to under 4% by the end of 2014, depending on the pace of resolutions and if new issuance remains strong, according to Fitch Ratings.

  • Ginnie Mae MBS Issuance Plunges 36%

    Issuance of mortgage-backed securities by Ginnie Mae plunged 36% in the fourth quarter from the preceding three-month period to its lowest level since March 2010.

  • Bid For Punitive Damages In CDO Case To Proceed

    A New York state supreme court justice has rejected a motion by TCW Asset Management to dismiss a bid for punitive damages against it in a lawsuit brought by investors over its valuing of a mortgage-backed collateralized debt obligation.

  • U.S. Auto Loan ABS Recoveries To Continue Decline

    Average recoveries on defaulted automobile loans in both prime and non-prime pools in U.S. asset-backed securities will continue to decline over the next 12 months and begin to stabilize at the beginning of 2015, according to Moody’s Investors Service.

  • Judge Nixes Sealing MBS Docs

    New York Supreme Court Justice Shirley Werner Kornreich has denied a request by DB Structured Products, a unit of Deutsche Bank, to seal a host of documents in connections with a lawsuit by Assured Guaranty Municipal involving $325 million in mortgage-backed securities.

  • Vontobel To Ramp Up Renminbi-Linked Structures

    Bank Vontobel expects to increase issuance of structured products linked to renminbi bonds in 2014 as investors look for an alternative and higher yield compared to developed currencies.

  • Monday ABS Pipeline: $1.5Bn Ford Prime Auto, $800M Discover Card, $745M Sallie Mae

    The asset-backed market is kicking into gear this week as sellers announced Monday morning a $1.5 billion Ford Motor Credit auto loan transaction, an upsized $800 million Discover Financial Services credit card deal, and a $745 million FFELP-backed student loan ABS from Sallie Mae. Each deal is the first of the year for its respective asset class.

  • HSBC Hires Loeb For Equity Role

    HSBC has hired Regis Loeb, the ex-head of European index trading at Bank of America Merrill Lynch in London, for a similar role, also in London.

  • Swiss Listed Structured Products Issuance Climbs

    The number of structured products listed on the SIX Structured Products Exchange in Switzerland increased 5.57% in 2013 compared to 2012, according to the latest quarterly report from the Swiss Structured Products Association.

  • EDF issues $4.7bn of dollar senior, adds century bond

    Electricité de France has issued $4.7bn of senior bonds in dollars as part of a combined sale with hybrid bonds, and, in keeping with its habit of issuing deals with a certain panache, added a 100 year bond.

  • Volkswagen follows Daimler into sterling, gets £750m book

    Volkswagen Financial Services continued the theme of busy early bond issuance this year by German companies, becoming the first European firm to issue a second public deal in 2014.

  • E.U. Banks To Be Healthy By Year’s End

    The European Union’s banks will be “safe and sound again” by the end of 2014, according Dutch Finance Minister Jeroen Dijsselbloem.

  • Covered-Bond ETF Debuts

    U.S. investment manager Pimco has teamed up with European exchange-traded fund provider Source to launch the actively management Pimco Covered Bond Source UCITS ETF.

  • Basel Relaxes Leverage Ratio Reg

    The Basel Committee on Banking Supervision has relaxed its leverage-ratio regulation, making it easier for lenders to count certain types of loans toward the ratio as well as to determine the size of their off-balance sheet activities.

  • UBS CEO Denies I-Bank Spinoff Plans

    Sergio Ermotti, ceo of UBS, has disputed an analysts’ report and denied that the Swiss bank is considering spinning off its investment-banking business. .

  • E.C. Warms To Danish Covered Bonds

    The European Commission appears to be warming to Danish covered bonds, saying it will consider the strength of Denmark’s market for the instruments as it reviews a proposal by the European Banking Authority to downgrade their liquidity status to second class.

  • Nagler joins Aurelius for UK equity investments

    Aurelius Investments has hired Tristan Nagler to lead its equity business for the UK and Ireland.

  • Dutch Treasury Launches Second US RMBS Auction

    The Dutch government has announced another competitive auction for $4.27 billion of U.S. non-agency residential mortgage-backed securities bonds that were part of a much larger ING portfolio that needed a government back-up facility in 2009.

  • Vattenfall launches $700m Enea block

    Swedish power firm Vattenfall is set to raise $700m through the sale of its entire shareholding in Polish utility Enea on Monday night.

  • BMW opens corporate Aussie bond market with 4.5 year

    BMW became the first foreign company to tap the Australian dollar bond market this year on Monday, selling a long four year deal that extended its curve in the currency.

  • Chiswick Park Sale Won’t Trigger CMBS Prepayment— BAML

    Blackstone’s sale of Chiswick Park, the west London business park that was the underlying asset in Europe’s first post-crisis commercial mortgage-backed securities deal, to the China Investment Corporation will not trigger a prepayment of the outstanding CMBS debt, according to analysts at Bank of America Merrill Lynch.

  • Chiswick Park sale will not trigger CMBS prepayment, says BofA Merrill

    Blackstone’s sale of Chiswick Park, the west London business park that was the underlying asset in Europe’s first post-crisis CMBS, to the China Investment Corporation will not trigger a prepayment of the outstanding CMBS debt, according to analysts at Bank of America Merrill Lynch.

  • Dutch Treasury launches second US RMBS auction

    The Dutch government has announced another competitive auction for $4.27bn of US non-agency RMBS bonds that were part of a much larger ING portfolio that needed a government back-up facility in 2009.

  • FOA’s Belchambers To Step Down

    Anthony Belchambers, ceo of the Futures and Options Association, is to step down from his role at the listed derivatives trade body.

  • European high yield ETFs on the rise – CreditSights

    Assets under management at European high yield exchange-traded funds increased by €3.1bn in 2013, according to CreditSights.

  • Patheon markets transatlantic cov-lite for DSM merger

    Toronto-listed pharmaceuticals firm Patheon is in the market for a $1.15bn-equivalent seven year covenant-lite loan package.

  • Power Assets seals HK$37bn loan

    Power Assets Holdings signed its jumbo HK$37bn ($4.7bn) three year loan on Friday, January 10, as part of its fundraising to finance the spin off IPO of Hong Kong Electric Investments, which is now underway.

  • Wendel bags €400m bond at zero new issue premium

    French investment group Wendel is set to price its first bond of 2014. The yield was set at 3.75% for a €400m bond for the BB+ rated issuer.

  • Unitranche no competition for traditional levloans, bankers say

    Leveraged finance bankers have cast doubt on the scope and appeal of the unitranche debt market, after Barclays and BlueBay Asset Management’s Direct Lending Fund announced they were joining forces to provide such loans to mid-cap firms in the UK.

  • UBS loses head of leveraged capital markets EMEA to Carlyle in New York

    Boris Okuliar, the head of leveraged capital markets EMEA at UBS, has left the bank to join private equity firm the Carlyle Group.

  • Bulge abates but consolidated ECM league tables continue

    The banks outside the bulge bracket worked hard in 2013 to ensure that the year's record ECM volume didn't all go to the large firms, reducing their hold on the league tables for the first time in years. But most of the dominant firms held onto their strong league table position, with some notable exceptions.

  • Basel Committee throws banks a leverage ratio lifeline

    The Basel Committee has announced changes to three pillars of Basel III — the leverage ratio, the Net Stable Funding Ratio and the Liquidity Coverage Ratio — that will make post-crisis regulation less onerous for banks, earning a warm response from the market.

  • Latvia mandates for landmark euro return

    Latvia has mandated bookrunners for a euro issue that will be the sovereign’s first in the single currency since February 2008 and its first since joining the eurozone on January 1.

  • Periphery shines as funding grab continues

    Banco Espírito Santo followed its sovereign into the capital markets on Monday, bringing the first senior bond of the year from a Portuguese bank as credits from Europe’s periphery continued to dominate the deal flow. High beta names found the strongest bid, with national champion Intesa Sanpaolo struggling to gain momentum, which some observers put down to the lower spread it was offering.

  • La Lorraine takes loan, retail bond to lengthen debt

    Belgian milling and bakery firm La Lorraine Bakery Group has raised debt totalling €200m in the syndicated loan and retail bond market.

  • Bharti Airtel tightens guidance on euro tap

    Bookrunners tightened guidance on the reopening of Bharti Airtel’s euro debut issue on Monday morning in response to strong investor demand.

  • Daiwa moves for Mizuho’s Shah

    Mizuho’s Bhavin Shah has joined Daiwa Capital Markets as a director on the company’s DCM team, covering eastern Europe, the Middle East, Africa and the UK and Ireland.

  • LGT long seven year highlights Swiss yield hunger

    Liechtenstein based financial LGT bank tapped the Swiss franc market on Monday for a new long seven year deal. By looking for a longer maturity than is common for a single-A rated issuer, the bank was able to court demand from yield-hungry investors.

  • Turkey in the Capital Markets

  • CEO change for SBAB

    SBAB’s board of directors has dismissed its CEO Carl-Viggo Östlund and is hunting for his replacement amid its plans to develop a cost-efficient business.

  • BNDES looks to build on Petrobras's success with five year euros

    BNDES looked set to become the second Latin American name to tap the euro bond market this year after books opened on Monday morning on a new five year benchmark from the Brazilian borrower.

  • US money market funds slowly warm to periphery

    US money market funds are beginning to reload on peripheral European bank debt, while overall allocations to the eurozone continue to increase, according to commercial paper dealers.

  • Sanofi latest IG borrower to reprice loan

    French pharmaceutical company Sanofi, rated A1/AA, has amended a €7bn credit line, stretching the tenor out by a year and cutting the pricing.

  • German office REIT launches pre-merger cap hike

    German Prime Office REIT launched a €130m rights issue on Monday that will get it ready for a merger with its peer.

  • Lenders weigh Ghanaian bank deals as Nigeria's UBN nears signing

    Union Bank Nigeria is set to become the latest of a string of Nigerian banks to sign an internationally syndicated loan, but lenders have already begun shifting their gaze to a new African financial institution market — Ghana.

  • Hong Kong tables sukuk bill with plans for debut

    Hong Kong has moved a step closer with its plans to issue a sukuk, with the government having introduced new laws under its bond programme.

  • Aspial opens Sing supply as bankers hope for bigger things

    Aspial Corp opened books on the first Singapore dollar deal of the year on Monday, but debt bankers complained that it is proving difficult to convince other issuers to do the same.

  • KDB set to price despite post-payroll uncertainty

    Korea Development Bank opened books on short dated floating and long dated fixed rated bonds on Monday, despite uncertainty as to how lower than expect non-farm payroll data will affect spreads.

  • Malaysia launches public consultation over listing requirements

    Bursa Malaysia published a consultation paper on January 10 as it seeks feedback on the stock exchange’s listing requirements.

  • The Salvoni Christmas Challenge

    It’s well known that investment bankers are fans of adrenaline generating holidays, but Blog was particularly impressed to hear that one of our favourite SSA bankers decided that heading off to Whistler to embrace winter sports was just not adventurous enough.

  • Review of the year 2013 and Outlook 2014

  • BoC HK joins Chinese dollar bank rush

    Bank of China’s Hong Kong arm launched a dual tranche three and five year dollar on January 13, in what is proving a busy start to the year for Chinese lenders.

  • The joy of bureaucracy

    Bureaucracy contains both good and bad. The bad parts are the pedantry, the endless forms, the waiting two weeks for something to be approved only to wait two more weeks to have the approval returned to you. The good parts are when a loans market colleague falls foul of The Man and tells it all to Loan Ranger in one, exasperated email.

  • Bharti reopens euro ground breaker

    Bharti Airtel opened books on a tap of its hugely successful €750m ($1bn) 2018 bond on Monday. Debt bankers are hoping other Indian issuers can follow suit, but have had trouble finding borrowers for whom the euro market makes sense.

  • Longfor hankers after HK$3bn club

    Longfor Properties is returning to the loan market for a HK$3bn ($387m) financing, in a deal that bankers say will be self-arranged. But unlike some of its previous transactions, the company is now looking to push tenors beyond what it has taken before.

  • CSRC toughens IPO process with roadshows spot check

    The China Securities Regulatory Commission will be conducting random spot checks on management roadshows in a bid to stop companies and brokers from revealing information that are not included in their IPO prospectus, China’s securities regulator said on January 12.

  • Aoyuan outperforms property peers with fives

    China Aoyuan had the market to itself on Friday and priced its second ever dollar deal, enjoying smoother execution and a far stronger response that for its debut transaction.

  • Vietnam relaxes foreign bank ownership rules

    The Vietnamese government will allow foreign lenders to take a majority share in select domestic banks from February 20, as it steps up its efforts to reform the country’s financial sector.

  • Plugged-in: HKE Investments powers up $3.6bn IPO

    Power Assets is floating just 50.1% of Hong Kong Electric Investments spin-off in a HK$27.9bn ($3.6bn) IPO. Two cornerstones – including a Chinese state owned electricity company - have been named ahead of the bookbuilding process, which will begin on January 14.

  • CIMB eyes fresh capital with $887m block

    CIMB Group Holdings launched a MR2.90bn ($887m) block into the market on January 13 in what is the largest equity transaction by a Malaysian issuer in 15 months.

  • IRFC meets buyers for five year

    Indian Railway Finance Corp kicked off a three day roadshow on Monday ahead of a five year dollar bond – it’s first transaction in that currency since 2012. As one of the premier Indian credits and an infrequent issuer of dollar notes, the borrower should be assured of a strong reception, said debt bankers.

  • OUE Reit eyes S$680m loan for listing

    Overseas Universal Enterprise Commercial real estate investment trust is seeking a loan of S$680m ($538m) from a group of four banks to help fund its initial public offering.

  • AmBank picks four for $300m, launch imminent

    Malaysia’s AmBank has mandated a group of four lenders to lead a $300m three year loan, due to launch into general syndication in the evening of Monday, January 13.

  • Westpac adds to Aussie bank pipeline

    Westpac Banking Corp is expected to price its first dollar bond of the year on Monday evening as Australian banks make an early entry in debt market.

  • OUE secures five cornerstones ahead of S$346m IPO

    Singapore's OUE Commercial real estate investment trust has taken on five cornerstone investors ahead of its S$346m ($273m) IPO, which is expected to list later this month with a fixed 2014 yield of 6.80%.

  • Out with the old: Investors flock to COLI’s $750m exchangeable

    Just two weeks into the new year, the Asia ex Japan equity-linked market is already looking strong after China Overseas Finance Investment raised $750m via a seven year zero coupon exchangeable bond on January 10.

  • BlackRock hires Asia equities research head

    Oisin Crawley, portfolio manager at TT International, has joined BlackRock to lead the firm’s research team for Asian fundamental equities, effective immediately.

  • Bank of Jinzhou set to kick off 2014 Basel III bond issuance

    Bank of Jinzhou (BJZ), in China’s northeast Liaoning Province, is set to offer the country's first tier two Basel III compliant bonds from a city commercial bank. According to two sources close to the deal, an issue could come in the next two weeks.

  • Mexico to seek euros and yen after dollar success

    Recently upgraded Mexico will return to euros and Japanese yen to raise the next batches of its external funding after Thursday’s successful first outing of 2014 in dollars, according to the sovereign’s public credit director.

  • Bank of Jinzhou set to kick off 2014 Basel III bond issuance

    Bank of Jinzhou (BJZ), in China’s northeast Liaoning Province, is set to offer the country's first tier two Basel III compliant bonds from a city commercial bank. According to two sources close to the deal, an issue could come in the next two weeks.

  • Vietnam's reluctant reach for bank capital

    Vietnam’s banking sector is in dire need of capital. The country’s central bank must overcome its fear of foreign control and open the sector to international investors, or risk crisis among its fragile lenders.

  • ADB and StanChart seek to fill supply chain financing hole

    The two institutions intend to use US$800 million in funds to boost trade capabilities of small and medium-sized enterprises across the region. If successful the programme will be expanded. Paolo Danese reports.

  • After the drought comes the flood: China’s newly reformed IPO regime spurs ‘scary’ number of deals

    IPOs have churned out fast and furious in 2014 since China’s decision at the end of last year to overhaul its system from an opaque process that did not reflect companies’ true values to one of the world’s most transparent operations. While things look promising for China, it’s possible that after a year of shutdown the floodgates have opened too fast.

  • North Asia DCM Bookrunner Ranking - Last 12 month rolling

  • Asia (ex Japan) G3 Syndicated Loans Bookrunner Ranking - Last 12 month rolling

  • One Year Ago

    Asset-backed securities markets halted across the Atlantic as investment professionals stopped to see how the fiscal cliff crisis would resolve itself.

  • Issuance Of Single-Family MBS, Non-Mortgage ABS Plunge

    Issuance of single-family mortgage-backed securities and non-mortgage asset-backed securities plunged in the fourth quarter, thanks largely to a continuing decline in mortgage-finance activity and a slowdown of ABS production.

  • Judge Limits RMBS Suits

    U.S. District Judge Denise Cote of Manhattan has ruled that the Federal Housing Finance Agency may not use documents in a California action involving Countrywide Financial in its New York lawsuit against the Bank of America unit and other firms involving alleged misrepresentations related to residential mortgage-backed securities.

  • Banks Slow Repaying Loans To ECB

    Banks are expected to repay EUR2.56 billion ($3.49 billion) in crisis loans to the European Central Bank, sharply lower than the EUR20.7 billion ($28.28 billion) returned the week of Dec. 23, and the EUR6 billion ($8.2 billion) projected.

  • Relaxed Leverage Ratio Likely

    The Group of Governors and Heads of Supervision, which oversees the Basel Committee on Banking Supervision, is likely to relax a proposed leverage ratio when it meets Jan. 12 following criticism that the original proposal would penalize low-risk activities and have a negative impact on lending.

  • Denmark Plots Strategy To Protect Covered Bonds

    The government of Denmark is working on a new strategy to protect its covered bond industry from a plan by the European Banking Authority that would downgrade the instruments as second-class liquid assets.

  • Danish Covered Bonds To Suffer Under New Regs

    The European Banking Authority says Danish covered bonds will suffer from proposed liquidity rules for banks and mortgage firms that are scheduled to go into effect next year.

  • New Mortgage Regs Could Fuel Shadow Lending Growth

    New mortgage regulations adopted by the U.S. Consumer Finance Protection Bureau, which went into effect Jan. 10, could fuel growth of shadow lending, according to the Mortgage Bankers Association.

  • Barclays Eyes Direct Lending To U.K. Firms

    Barclays has teamed up with BlueBay Asset Management to provide up to £120 million ($197 million) to U.K. mid-sized companies owned by private equity firms.

  • CRE Loan Prices Steady In November

    Commercial real estate loan prices in the secondary market held steady in November and the buyside will continue to be active in 2014, according to DebtX.

  • BMO Hires Securitization Manager

    Chicago-based BMO Global Asset Management has hired Don McConnell as portfolio manager for the firm’s BMO Short-Term Income Fund and will be responsible for all securitized products.

  • People Databank

    The year started with a senior departure in the interest rates market. Glenn Hadden, global head of interest rates at Morgan Stanley in New York, left the firm. He was replaced by Jakob Horder and Mitch Nadel, who become co-heads of global rates. Meanwhile, in Asia Pacific, Antonio Cailao, a former director and head of investment grade credit trading at Barclays in Singapore, has joined ING.

  • “This is simply a strategic move by the commission to try to duck blame.”

    --Scott O’Malia, commissioner of the U.S. Commodity Futures Trading Commission, after the regulator approved a request for comment on Jan.3, 2014 on the applicability of regulations on the U.S. activity of non-U.S. swap dealers when entering into swaps with non-U.S. persons

  • QM Era Begins, Smaller Lenders Dig Down For Loans

    The Qualified Mortgage rule has gone into effect, and as bank portfolio lenders up their bid for non-compliant mortgages, smaller and non-bank lenders are looking deeper into credit to stake their claim.

  • Autoroutes du Sud follows APRR with stingier pricing

    First the German car companies issued bonds one after the other – now it is the turn of the French motorway groups.

  • Nomura new hire for equity trading head

    Todd Sandoz has joined Nomura in London as the global head of execution services and equity trading.

  • Bookrunners of European Leveraged Syndicated Loans in 2013

    Source: Dealogic

  • Bookrunners of West European high yield bonds in 2013

    Source: Dealogic

  • Cineworld launches £110m rights issue for European push

    UK cinema chain Cineworld launched a £110m rights issue on Friday to fund its expansion on to the continent through a merger with a European peer, Cinema City International.

  • CVC exits Matas with $216m block

    CVC Capital Partners exited its holding in Denmark's biggest health and beauty retailer Matas on Thursday night, capping off a strong performance since the firm's IPO in summer.

  • No Friday siesta as BBVA and Santander CF print senior

    Senior unsecured bank bond issuance continued apace on Friday, as BBVA and Santander Consumer Finance brought deals, capitalising on the frenzied investor demand that supported just over €9bn of euro issuance between Tuesday and Thursday.

  • Ex-RBS Equity Trader Joins U.K. Broker

    Laurence Verghese, a former senior equity single stock option trader at the Royal Bank of Scotland in London, has joined London-based interdealer broker Forte Securities.

  • Bank of India firms up bookrunners for Basel III groundbreaker

    Bank of India has added to its bookrunner line up ahead of the bank’s planned Basel III-compliant dollar deal. The issuer will launch the bond – the first international Basel III bond from an Indian issuer – after a roadshow, said a banker on the deal.

  • India’s CCIL To Issue Legal Identifier Numbers

    The Clearing Corporation of India, which operates the country’s nascent over-the-counter central counterparty, will issue globally compatible legal entity identifier numbers to entities which are party to a financial transaction.

  • Macro Funds Tap Upside Calls In Nikkei Dip

    Macro hedge funds are using the recent decline in the Nikkei 225 as a buying opportunity, executing short-dated February, March or April upside calls with strikes ranging from 16,000-to-17,000.

  • ADBC sets tight price for two tranche dim sum

    The Agricultural Development Bank of China raised Rmb3bn ($491m) from a dual tranche transaction on Thursday, January 9.

  • Philippines reprices bond curve with benchmark switch

    The Republic of the Philippines sold a hugely successful $1.5bn 10 year transaction on Thursday, January 9, switching existing investors out of $1bn of more costly dollar debt and into the new bond. Massive oversubscription enabled the borrower to price the new notes with a negative new issue premium in an exercise that completely repriced the sovereign’s curve, said a banker involved in the sale.

  • CIC sells $400m stake in GCL-Poly Energy

    Chengdong Investment Corporation, a subsidiary of China Investment Corporation, has sold another stake in GCL-Poly Energy Holdings, worth HK$3.12bn ($402m).

  • Haitian proves demand strong for sub-IG equity linkers

    Following hot on the heels of the year’s first convertible bond from China Overseas Land, Haitian International Holdings’s $200m equity-linked trade shows that demand for lesser known names is strong, though investors are becoming more aggressive on pricing as they anticipate plenty of supply over the next few months.

  • Viva Industrial Reit signs S$315m deal

    Viva Industrial Real Estate Investment Trust signed its S$315m ($248m) loan in mid-December. The proceeds helped back its initial public offering from November.

  • 7-Eleven Malaysia re-files prospectus, eyes Q1 IPO

    Malaysian tycoon Vincent Tan’s attempts to spinoff part of his business empire is back on track after his retail subsidiary 7-Eleven Malaysia Holdings re-filled its preliminary prospectus to the country’s regulator.

  • Yue Xiu eyes $900m refinancing

    Hong Kong’s Yue Xiu Enterprises is seeking a $900m dual-tranche loan, appointing DBS as the co-ordinator, as it looks to take out the $1bn acquisition-related bridge signed last year.

  • Investors load up on China Electronics

    China Electronics secured a mammoth orderbook of Rmb11.2bn ($1.8bn) for its debut outing in the offshore renminbi market as investors piled in, attracted by the sector and credit diversification offered by the company.

  • Bosideng wraps up with larger $220m loan

    Chinese clothing company Bosideng International Holdings is expected to sign its $220m loan on January 10, after getting enough demand during syndication to raise the final deal size from the targeted $150m.

  • Investors feast on Thailand’s first exchangeable bond

    CP Foods Holdings raised $290m on January 9 tapping the markets with a five year exchangeable bond in what proved to be a deal of many firsts.

  • KWG to build HK$2bn loan

    KWG Property Holding is seeking a HK$2bn ($258m) three year loan, with four banks tipped to win the mandate.

  • Boring blocks market wanted after year of controversy

    The product that defined European equity capital markets in 2013 was not IPOs but overnight block trades. But after a run of difficult deals, bankers are looking forward to a more mature market in the year ahead. Andrew Griffin reports.

  • Inflow exuberance may give way to a cooler ECM appraisal

    A year of record equity fund inflows brought a surge of liquidity that pushed up valuations, enabling successful IPOs from a wide range of issuers. But the exuberance may wear off quickly in 2014, bringing macroeconomic conditions and company performance back to the fore, writes Nina Flitman.

  • Islamic finance embraces innovation

    Islamic finance saw increasing levels of innovation in 2013, underscoring its transition from a niche market to a versatile alternative asset class. With sukuk borrowers broadening their use of structures, tenors and different parts of the capital structure, Dan Alderson looks at last year’s key deals and their likely impact on this year’s sukuk market.

  • Soaring equity markets drive issuers’ convertible interest

    Convertible bond bankers started to see some payback in 2013 after years of frustration, rejection and almost interminable client education. European issuers’ interest in the product has grown and a wide variety of companies looked to take advantage of surging markets, writes Nina Flitman.

  • Lessons learned in a fraught year of UK privatisations

    The Lloyds and Royal Mail sales in 2013 kicked off the UK’s largest privatisation programme for 30 years. The vastly different reactions to each sale will be at the front of the minds of those looking ahead to follow-on deals, writes Andrew Griffin.

  • African sovereigns need to work on their debt market timing

    African sovereigns flooded the loan market last year when lenders were desperate for deals. But a combination of borrower indecisiveness and market nervousness has stopped all but one loan from materialising, writes Michael Turner.

  • Russia’s VIP club: free if you’re in, very expensive for the rest

    Russia’s top tier borrowers enjoyed many of the same benefits last year as their western European cousins, with a long caravan of banks so desperate for their business that they were willing to forego syndication and sign up to big-ticket club deals. Michael Turner reports.

  • Sukuk flows dip but market comes of age

  • QE uncertainty threatens EM metamorphosis

    Emerging markets are risky enough without the additional threats of an end to quantitative easing and commodity price shocks. But that is what EM participants can look forward to in 2014, a year that will also see pressures building from heavy refinancing needs and a growing list of debut issuers. Has the market matured enough to cope? Francesca Young investigates.

  • Brazil battles through as LatAm bonds grow amid volatility

    Despite headwinds, Latin America reached record issuance volumes in 2013. But with Brazilian spreads widening more than most and its market share cut as its economic star fades, Olly West asks if other Latin countries will take bond market prominence.

  • EM borrowers and end of QE to drive Swissies to new heights

    Banks are likely to redouble their efforts to bring emerging market issuers to the Swiss franc market in 2014, as the currency’s traditionally cautious investor base grows ever more comfortable with new names. Domestic corporates are also being targeted as a source of issuance while bankers still hope that high grade names can be lured back to the currency. Nathan Collins reports.

  • Fasten your seatbelt for big and bold M&A

    There is no deal too big to get done — that is the message for CEOs wondering about taking the plunge on M&A. Verizon’s jumbo takeover, financed in less than a fortnight, demonstrated just how obliging banks and investors will be when offered large amounts of cheap debt — a good sign for companies ready to make a move in 2014, writes Stefanie Linhardt.

  • Hunt for diversification brings Kangaroos to maturity

    This could finally be the year that Kangaroo bonds enter the mainstream. Central banks are increasingly keen on varying their currency holdings and the Kangaroo market has a growing appeal outside of the traditionally dominant Australian and Asian investor base — even at the far end of the curve. Nathan Collins reports.

  • Borrowers to keep firm grip on lending whip

    Loans for top rated borrowers are rarely about money from the margin. Instead, lenders look at how much the ancillary business might be worth. But the lucrative returns from ancillary stopped being so lucrative in 2013, writes Michael Turner.

  • 2013 — a record breaking year for emerging markets

    The year 2013 was a volatile but record breaking one, full of highs and lows in terms of bond volumes. But it was also one that saw the market mature in terms of the products offered and the regions accessed. EuroWeek highlights some of the main events.

  • High yield’s annus mirabilis brings bigger, bolder market

    High yield investors thought 2013 would be dull, after the dizzying rally of 2012. They were wrong. Against the odds, the market kept rallying, sucking in issuers from new industries and even from emerging markets. Hopes are high for even more growth in 2014, though as Stefanie Linhardt reports, returns will be more modest, and structures are getting riskier.

  • Buoyant lev loan market seeks LBOs to fuel growth

    The leveraged loan market grew strongly in 2013, its busiest year since the crisis began in 2008. Opportunistic transactions and a hot US market enabled volumes to double year on year. But further growth now relies on the pipeline for buy-outs, writes Olivier Holmey.

  • Old market shows talent for the new

    The conditional pass-through mechanism and SME structured covered bonds were the market’s big innovations last year and more issuers should adopt these pioneering developments in 2014, while Spanish banks are considering a brand new covered bond structure, reports Bill Thornhill.

  • CLOs to kick on after seeing off risk-retention threat

    The European CLO market was the success story of the securitization market in 2013. 2014 could be even more productive, though the spectre of risk retention regulation means CLO specialists are taking nothing for granted, writes Joe McDevitt.

  • Korean corporations: ready for a volatile year

    Korea’s corporations are well placed to speak about the best way for Asian issuers to approach the international debt markets. Their longstanding relationships with US dollar investors have given them a wealth of experience in offshore bond sales, but they are also among the few Asian companies that can access the famously cautious Japanese investor base, as well as a variety of other markets. These diverse funding options clearly give Korean companies an advantage over some of their rivals, but they in turn lead to hard questions about exactly where — and when — to fund. EuroWeek finds out the strategies of some of biggest corporations in the country.

  • Central bank liquidity forces ABS to look beyond banks

    A greater diversity of asset classes and borrowers showcased the versatility of the securitization market in 2013. While a major regulatory reprieve was elusive, there is optimism that regulation will start to match securitization’s improved reputation among policymakers, reports Joe McDevitt.

  • Korea bank funding: financing the financers

    Korean banks are among the most frequent — and the most respected — issuers in Asia. They come from a highly developed banking system and are able to offer investors strong risk controls, rock solid capital positions and a plethora of pricing benchmarks. But it is not without its problems. Revenue growth is anaemic, labour laws are restrictive and regulations on liquidity positions, while helping to reduce systemic risk, ensure that Korean banks struggle to match the profit margins of their rivals in the rest of the continent. It was in this context that EuroWeek sat down with a diverse range of key market players, including some of the biggest bond issuers from across Asia, to figure out what direction Korean banks are going in — and how they can make their journey there a smooth one.

  • Regulators twist the knife as covered bonds fall behind senior

    Covered bond issuance has been hit by an increasingly strong regulatory focus on asset encumbrance, and where possible many treasurers are choosing to issue senior unsecured before the bank resolution regime is fully operational. Bill Thornhill reports.

  • Recovering euro draws rush of foreign corporate issuers

    After years of US domination as the go-to bond market for global companies, the euro is fighting back. The distressed basis swap rate that made the euro unattractive in the crisis years is normalising, reports Stefanie Linhardt, and demand in Europe is hot. While Yankee issuance has eased a little, US deals remain attractive to European borrowers for diversification.

  • European and US investors get a taste for new-style bank capital

    Will Caiger-Smith looks back over 2013 and highlights the main lessons learnt by those operating in the fast moving bank capital market and looks forward to 2014 by predicting five key developments that will determine appetite for and structures of subordinated debt over the next 12 months.

  • Bail-in — Europe is just the beginning

    If investors were in any doubt as to the willingness of politicians to make them, rather than taxpayers, shoulder the burden when banks fail, they will have been convinced by the events of 2013. It was the year we were reminded why subordinated debt has that name. 2014 may be the year that senior debt becomes a bit less superior. Will Caiger-Smith reports.

  • Project bonds: forging a new kind of partnership

    Whisper it quietly, but Europe is beginning to emerge from the financial crisis. That’s the optimistic view, at least — and it means that policymakers and institutions that have been focused on crisis management and fire-fighting for the past two or three years can finally get round to more positive projects like infrastructure.

  • FIG proves its resilience in 2013

    Bail-ins, restructurings, tapering (or not), mis-selling... but a whole lot of deals. The FIG markets really grabbed the limelight in 2013, for the wrong reasons as well as the right. This was the year that subordinated debt made a comeback despite several examples of just how risky it is, that additional tier one and Cocos gained acceptance from the investor community, and that senior unsecured proved it wouldn’t be silenced by a bit of political uncertainty.

  • SSAs urged to explore new flavours of vanilla in MTNs

    Sovereign, supranational and agency credits are eager to use a greater range of private placements to diversify their funding plans, but investors are holding out for plain vanilla paper. Borrowers will need to be inventive to achieve their objectives, writes Kathleen Gallagher.

  • The big senior FIG issues of 2013 and 2014

    Tom Porter looks back over the last 12 months and picks out the key developments that defined the FIG market in 2013 and looks forward to 2014, highlighting the pitfalls and opportunities that issuers, investors and bankers will have to look out for.

  • Euro SSAs plan ahead for a more peaceful 2014

    After enjoying strong demand and tightening spreads in euros last year — despite an increase of funding volumes — supranationals and agencies are brimming with confidence about the next 12 months. Investors from outside the eurozone are returning to the market, now that questions about its survival are firmly in the past, and they are expected to buy plenty of paper in 2014.

  • New buyers take on central bank dominance of SSA deals

    A shift is underway in the SSA investor base. Central banks may be about to lose some of their long-held prominence as new groups of buyers come to the fore. Nathan Collins looks at why, and whether 2014 could be the year that US investors finally step up their buying of international public sector debt.

  • Pressure mounts on SSA business

    A raft of regulation has already begun to take its toll on the sovereigns, supranational and agencies business, forcing banks to reduce or cut entirely their involvement in the market. As banks struggle with costs, Tessa Wilkie speaks to key borrowers in the market to find out their concerns.

  • BoC shows rising European interest for renminbi

    Regular issuer Bank of China (London Branch) tapped into increasing European interest in the renminbi to secure a Rmb2.5bn ($409m) deal on Thursday, January 9.

  • SSAs look forward to calmer 2014 with one eye on the Fed

    For the first time since 2007 sovereign, supranational and agency market participants are contemplating a new year of issuance without a crisis threatening to spoil the party. But plenty of challenges remain. Tessa Wilkie speaks to top bankers and funding officials to find out their reasons to be optimistic this year, and reasons to remain cautious too.

  • SSA diary 2014: what to look out for

    Sovereign supranational and agency debt market participants can expect plenty of challenges in 2014. Some peripheral sovereigns will look to exit the EU/IMF aid packages they took during the eurozone sovereign debt crisis, while the US timetable for tapering quantitative easing will continue to overshadow everything. Tessa Wilkie presents the key issues to watch out for.

  • ONGC picks nine, raises loan to $1.775bn

    ONGC Videsh, the international arm of Oil and Natural Gas Corp, has picked a group of nine lenders to arrange a five year bullet loan of $1.775bn.

  • CFFEx, SSE Prep Index, Stock Options

    The China Financial Futures Exchange plans to launch options on the CSI300 index and index futures, while the Shanghai Stock Exchange is planning options on at least four initial single stocks and two exchange traded funds; SSE50 ETF and SSE180 ETF.

  • European Investment Bank — EIB

  • Province of Quebec

  • UniCredit

  • Axa SA

  • Svenska Handelsbanken

  • The Slovak Republic

  • Republic of Poland

  • ABN Amro

  • Kommunalbanken — KBN

  • New Issues 1336

    This weeks New Issues

  • Bankia

  • BNP Paribas

  • European Investment Bank — EIB

  • Assicurazioni Generali

  • KfW

  • Abbey National Treasury Services

  • Rabobank

  • Bank of Ireland

  • Bank Nederlandse Gemeenten

  • Republic of Ireland

  • Agencies set to confront capital question with hybrid deals

    Europe’s debt markets could see agencies issuing hybrid bonds in coming years as they look to adapt to a new regulatory environment, writes Tessa Wilkie.

  • Luxembourg elbows way into sovereign sukuk race

    Tiny Luxembourg is looking to elbow the United Kingdom aside in the race to become the first European sovereign to issue sukuk debt. Despite its larger rival’s bid to be the foremost Western centre for Islamic finance and local bank buyers, the grand duchy has already introduced a bill to bring up to €200m of shariah-compliant notes in euros or dollars.

  • France creates Charter of best practice for Euro PPs

    Banks, investors and issuers in the French-based Euro PP market have prepared a charter, laying out standards for issuance in the market. It covers issues such as disclosure, covenants and makewhole clauses, and provides practical help for would-be issuers and investors.

  • SRI spreads to Swissies as EIB Bags duration

    The Swiss franc bond market had its first taste of socially responsible investment bonds this week, with the European Investment Bank issuing a highly successful, long dated green bond, reports Nathan Collins. And where the EIB leads, other supranationals and agencies tend to follow, with bankers predicting more issuers likely to turn to Switzerland as a source of buyers for both SRI debt and duration.

  • Luxembourg sukuk push is good for the UK

    The Luxembourg government’s introduction of a sukuk bill has raised the possibility that it might stump the United Kingdom’s bid to issue the first European sovereign Islamic paper. But rather than causing alarm among UK Islamic finance practitioners, this competition for the limelight should be celebrated as a win-win for the market.

  • Green Bond Principles set for imminent release

    Banks active in the green bond market will release next week the final version of the Green Bond Principles, a set of voluntary guidelines for the market, EuroWeek can reveal. Jon Hay and Tessa Wilkie report.

  • Euro EM carnival beckons after Petrobras triumph

    This week’s landmark €3.8bn multi-trancher from Brazil’s Petrobras — the largest ever non-dollar bond from an emerging market country — underlines scope for euros to contribute a larger share of new EM debt issues in 2014, according to bankers. The common currency should even accommodate debuts from Latin America and other regions this year, they forecast.

  • Enel prices €1.6bn of hybrids inside curve in perfectly timed sale

    Enel, the Italian power company, executed the second phase of its hybrid capital issuance programme on Wednesday, with an impeccably timed €1.6bn deal that almost certainly obtained better terms than it could have achieved with a hybrid at any previous date.

  • 2014: The Year in Prospect

    I’m nothing if not predictable and so following the unremitting tedium of the last Naked Broker, “2013: The Year in Review” comes this leaden-footed and witlessly misprognosticating “2014: The Year in Prospect”. It’s a title from which I excised the adjectives ‘grim’ and ‘bleak’ because one of my new year’s resolutions was to adopt a more positive mental approach but already this initiative has dissipated, in fact even more quickly than my other commitment to lay off the booze.

  • Kommunalbanken joins Nordics’ euro vision

    Norway’s Kommunalbanken could print an inaugural euro benchmark in the first half of this year. The local government financing agency wants to become a regular issuer of euro benchmarks to complement its dollar funding programme, which will remain its main focus.

  • Poland and Slovakia re-open CEE euros but no sign of dollars

    Poland and Slovakia printed euro-denominated notes this week to re-open the CEE new issue market even though deals in EM’s usual funding currency, dollars, were absent from the region.

  • Commercial paper deals in dollars to increase in 2014

    European commercial paper deals in dollars topped the currency ranking in 2013 at 36%, the first time since 2001, according to Dealogic. Deals in the currency will continue to rise, according to dealers.

  • Malhotra rises up the ranks at StanChart

    Ashish Malhotra has been promoted to global head of bond syndicate at Standard Chartered, just five months after joining the firm.

  • Bankia and BoI highlight Europe’s peripheral pull

    Investors threw their weight behind Europe’s recovery this week, gorging themselves on just over €9bn of new euro-denominated senior unsecured paper, much of it from banks in the continent’s peripheral economies. The likes of Bankia and Bank of Ireland would have been called PIIGS two years ago, but this week the only thing they were wallowing in was orders — although ECB president Mario Draghi tried his best to keep the market’s rampant optimism in check on Thursday.

  • Investors load up on China Electronics

    China Electronics secured a mammoth orderbook of Rmb11.2bn ($1.8bn) for its debut outing in the offshore renminbi market as investors piled in, attracted by the sector and credit diversification offered by the company.

  • Taking stock three months on: Royal Mail’s IPO in hindsight

    Three months after the completion of the Royal Mail IPO, judgement on the most controversial deal of recent times may finally be in. The asset was sold cheaply, but a strong case can be made that this was entirely justified — given the importance of its success and the threat of strike action looming.

  • North Asia loans in brief: January 10, 2014

    Victory knitting for HK$1.5bn — Seven to win Far Eastern — Citic Futong seeks Rmb500m

  • China Everbright caps 2013 with $3bn IPO

    China Everbright Bank finally managed to list on the Hong Kong Stock Exchange in mid December, raising HK$23.25bn ($3bn). The Chinese lender surpassed China Cinda Asset Management’s HK$19bn float as the largest in Asia ex Japan last year.

  • Investment grade syndicated loans-news in brief,Jan 10,2014

    OW Bunker oversubscribed — Magotteaux takes revolver — CFAO signs early refi — Pace completes acquisition loan

  • Axa grabs £750m in sub debt

    French insurance group Axa returned to the sterling subordinated market after a hiatus of more than a decade on Wednesday, selling a whopping £750m of 40 year non-call 20 paper at 185bp over Gilts.

  • ADBC sets tight price for two tranche dim sum

    The Agricultural Development Bank of China raised Rmb3bn ($491m) from a dual tranche transaction on Thursday, January 9.

  • CEE sovereign funding plans take shape

    EuroWeek has tallied the 2014 funding plans of CEE sovereigns, according to bankers and analysts focused on the region. One analyst said he expects a total of $35bn-$40bn equivalent to be issued from emerging European sovereigns this year.

  • Valeo’s €500m 10 year a rampant blowout, no pick-up

    Valeo, the French car parts company, issued a €500m 10 year bond on Wednesday to finance a buyback of two shorter bonds, and enjoyed overwhelming demand, with a book of €4.5bn.

  • Crédit Agricole preps AT1

    Crédit Agricole added to the flood of new mandates this week by appointing Barclays, Credit Suisse, Goldman Sachs, JP Morgan and UniCredit to run an additional tier one roadshow, starting on Wednesday.

  • MTN Leak: The Chronicles of Hernia

    What could be more painful than a hernia? Watching 10 episodes of The X Factor back to back? A Justin Bieber concert? No, only one thing is worse — as RBC Capital Market’s Fergus Kiely told us this week.

  • E-House pushes through shrunken $135m convertible

    Online real estate services provider E-House (China) Holdings issued a $135m 2018 convertible bond on December 12 after a combination of keen competition from other CBs and deal fatigue among investors forced it to reduce the offering size by 25%.

  • Zambia mandates, non-government African borrowers may follow

    Zambia is understood to have mandated Barclays and Deutsche Bank for a Eurobond, joining Kenya and Tanzania on the list of sub-Saharan African sovereigns expected to price deals this year.

  • Scout24 to launch buyout debt in mid-January

    Scout24, the German online directories and listings business, expects to hold a bank meeting next week to market €650m of drawn debt backing its partial takeover by Hellman & Friedman.

  • New year, new hope for pricing on Indian SOE dollar loans

    Indian state-owned names are emerging as a dominant force in the loan market, with Bharat Petroleum (BPCL), Hindustan Petroleum (HPCL) and Indian Oil all seeking fresh US dollar funding, even as two of them have other loans still in the market, writes Rashmi Kumar. Bankers eyeing the new deals hope that lessons have been learnt from last year so that borrowers do not push for thinly-priced deals — and banks do not agree to them.

  • Lenovo plugs $1.2bn loan, signs with 12-strong club

    Computer maker Lenovo signed its $1.2bn five year loan on December 18 with a group of 12 banks, ending speculation that it might have to reduce the size after one of the original lenders dropped out.

  • China’s BoCom goes out wide to tempt investors

    China’s Bank of Communications (BoCom) managed to navigate a busy market and investor uncertainty to tighten price a debut dollar bond at 145bp over Treasuries this week.

  • Alam Sutera eyes bond deal for buyback

    Indonesian property developer Alam Sutera Realty is planning a bond issue of up to $225m to fund a tender offer for its 2017 paper. Bankers away from the exercise questioned whether there would be much cost benefit, but syndicate officials involved said it was a sensible step.

  • Cirsa sells first European HY bond of 2014

    Cirsa, the Spanish gaming company, sold the first European high yield bond of the year on Tuesday.

  • Renminbi trio hit three year sweet spot

    Bank of China’s London branch, China Electronics Corporation and Agricultural Development Bank of China were all in the closing stages of execution for dim sum deals on Thursday.

  • ONGC to mandate as loan swells to $1.7bn

    ONGC Videsh, the international arm of Oil and Natural Gas Corp, is expected to mandate banks for its dollar loan soon, with a strong showing from lenders leading to speculation that the company is likely to raise the final size to around $1.7bn from the mooted $1bn.

  • Indo Exim, Astra Sedaya return for $500m

    Indonesia Eximbank is expected to return to the loan market soon for a deal of $300m-$500m, with the top level arranging group due to be finalised by the end of January, according to a banker who has worked on the borrower’s previous fundraisings.

  • EBRD to take lead in G8’s Middle East initiative

    A Middle East-focused G8 financing initiative backed by some of the largest multilateral banks and funds in the EMEA region has appointed the European Bank for Reconstruction and Development as its lead bank for 2014.

  • US drives pricing tight for Sri Lanka return

    The Democratic Socialist Republic of Sri Lanka managed to price its first dollar bond in two years through its existing curve. While response to the $1bn deal was tepid in Asia, US investors showed no such reticence.

  • Nordics lead pack for core covered bond issuance

    Nordea Finland and Sparebanken Vest Boligkreditt achieved the best results among the slate of deals that were issued by core covered bond issuers this week. Both transactions attracted among the highest level of over subscription, despite pricing at the tightest spreads.

  • After the drought comes the flood: China’s newly reformed IPO regime spurs ‘scary’ number of deals

    IPOs have churned out fast and furious in 2014 since China’s decision at the end of last year to overhaul its system from an opaque process that did not reflect companies’ true values to one of the world’s most transparent operations, write Clare Hammond and Rev Hui. While things look promising for China, it’s possible that after a year of shutdown the floodgates have opened too fast.

  • FIF $550m allots but new strategy not a hit

    Federal International Finance signed its $550m fundraising on December 19, but despite the borrower managing to increase the final size by $100m, its strategy of putting every lead in charge of syndication in a particular target market was not entirely successful.

  • Kexim rides rarity to price with slim premium

    Export Import Bank of Korea (Kexim) raised $1.5bn through a dual tranche bond on Tuesday. The 10 year fixed and short dated floating rate issue benefited from rarity value, helping the issuer to price the bonds almost flat to its curve.

  • JP Morgan hires Asia Pacific regulatory head from IMF

    JP Morgan has moved to enhance its regulatory oversight by appointing the Asia Pacific head of the International Monetary Fund to a newly created role, as the bank continues to be the subject of a US inquiry into the hiring practices of international investment banks in China.

  • EDP returns to dollar bonds after four years

    Energias de Portugal has sold its first dollar bond for four years. The Portuguese electricity generator priced $750m of seven year notes on Tuesday.

  • New Year party in dollars brings HP, Total, Icahn flocking to issue

    The US corporate bond market opened 2014 at a cracking pace of issuance this week, as borrowers raced against the Federal Reserve’s tapering clock.

  • EDF eyes €3bn to €4bn in second hybrid offering

    Electricité de France is planning another spectacular bond issue — this time combining hybrid capital and senior debt issuance. The deal, likely to include about €3bn to €4bn of hybrid bonds in dollars, euros and sterling, is expected to be sold by Thursday next week.

  • People moves in brief - 9 January

  • Albaraka plans bigger sukuk despite Turkey woes

    Albaraka Türk plans to issue $300m-$400m of sukuk this year — up to twice the amount it previously indicated.

  • China Lesso building $100m in general market

    Building materials manufacturer China Lesso Group Holdings is tapping the market for a $100m three year, in a deal that will mark the company’s syndicated debut. While its strong credit is expected to stand the deal in good stead, there are concerns that the pricing, seen by some as aggressive, will cause a problem.

  • EBA wrong on covered bonds

    The European Commission has a very important decision to take by June 30 for the covered bond market and by extension, European banks.

  • Bankers look ahead to busy year of IPOs after record 2013

    Equity capital market bankers in Europe are gearing up for a busy January and beyond. The first week of full market activity in 2014 saw several different types of deals being launched, and most bankers are confident of a stream of deals in the week to come.

  • CLO managers face triple-A challenge as euro pipeline builds

    The European CLO pipeline has started to build, with 3i Debt Management and Carlyle Group the first to begin marketing new CLOs. The sternest challenge facing managers is trying to expand the base of triple-A CLO buyers to keep pricing tight at the top of the structure, say CLO specialists.

  • ABS on backburner as wait for re-opening continues

    The first European securitization mandate of the year may emerge next week, though bankers expect the asset-backed primary market to remain sluggish in January on the back of a busy final quarter to 2013.

  • Loans bankers' 2014 budgets set to rise as optimism returns

    Loans bankers are expecting their budgets to be steady or increase this year as optimism spreads through the loan market for 2014.

  • LGFV debt roll-overs to come with strings attached

    The support given at the end of 2013 by China’s National Development and Reform Commission (NDRC) for local government financing vehicles to be able to roll over their debt by issuing bonds comes with conditions attached, EuroWeek Asia can reveal. According to several sources, the NDRC has indicated informally that support for bond issuance will be dependent on LGFVs avoiding tapping the shadow banking sector.

  • Leveraged loans — news in brief, January 10, 2014

    Norwegian firms close before Christmas — Finda signs refi — Caffè Nero obtains £275m — Unitranche backs INSEEC LBO — Sophos markets cov-lite — Algeco increases revolver

  • R&F raises $1bn with first rated bond deal

    Guangzhou R&F Properties raised $1bn on Monday in what was its first rated bond. It sold a five year non-call three that came with a variety of structural enhancements and traded well in the secondary market.

  • Paris-Rhin-Rhône basks in €5.5bn book for six year

    Société des Autoroutes Paris-Rhin-Rhône on Thursday joined the happy group of corporate issuers that have tapped the European bond market in the first proper week of January — and like them, found a huge swell of demand.

  • Banks eye top level of Citic Resources $300m

    Hong Kong-listed Citic Resources is seeking a $300m three year loan, with banks working on getting final approvals to form the top level arranging group.

  • Tencent taps market for $200m debut deal

    Internet firm Tencent Holdings, developer of messaging service WeChat, has hit the loan market for a $200m five year facility, with the deal’s pricing already drawing murmurs from rival bankers surprised that a debut issuer could pull off such a tight margin.

  • HK Telecom seeks $2.5bn acquisition loan

    Hong Kong Telecommunications is in the market for a loan of up to $2.5bn to fund its acquisition of CSL New World Mobility, and has signed up Standard Chartered to arrange the financing.

  • Peripheral covered bond issuers take limelight in busy first week

    Nine euro issuers took advantage of strong market conditions to raise €8bn in covered bond funding during the first week of the year. The issuers collectively attracted €17bn of demand spread over more than 900 orders, but the pick of the bunch were two borrowers from Spain and Portugal who attracted by far the highest levels of over-subscription over the broadest range of investors.

  • Kaisa and Wuzhou add taps to property torrent

    Kaisa Property Holdings and Wuzhou International added to the barrage of property bonds this week, with taps of outstanding five year deals.

  • TDBM set for Mongolian dim sum debut

    Trade & Development Bank of Mongolia (TDBM) is on track to become the first Mongolian name in the dim sum market. It has arranged a series of fixed income investor meetings beginning on Thursday in Hong Kong and finishing on Friday in Singapore for its proposed Reg S senior notes offering.

  • Hong Kong Land cuts through curve with 10 year

    HongKong Land Finance issued a standout 10 year dollar bond this week in what was a busy international market for investors.

  • Slow bookbuilds for core covered issuers

    Thursday’s suite of covered bond issues from Australia and Switzerland underscored a growing impression among bankers that pricing core transactions is taking more forethought and effort. Whereas deals were invariably easy to price last year, demand seems to have become more finite. Books are taking longer to build as investors need more cajoling to meet issuers’ funding targets, in stark contrast to peripheral credits.

  • Equity Capital Markets, News in Brief —January 10, 2014

    Euronav sets course for €350m capital raises — MPS sells medical firm stake — RM2 completes £137.2m float on AIM — Doha Insurance's capital hike approved

  • Medium tenors to stay hot in Swissies

    ASB Bank and Bank of New Zealand took to the Swiss franc market this week, selling deals in the belly of the curve. The New Zealand banks were joined by Dutch financial ABN Amro, with syndicate officials predicting that five to seven years will remain the most attractive point on the curve in coming weeks.

  • Volkswagen gets party started with €1.25bn

    Volkswagen Financial Services opened European investment grade corporate bond issuance for 2014 on Tuesday with a €1.25bn 10 year issue that responded to a tightening of low beta credit since mid-December.

  • Issuers sail through tapering test with 2014’s first $ deals

    The first public sector borrowers to bring new issues in dollars since the Federal Reserve announced it would begin tapering its quantitative easing programme in December were rewarded with strong demand and oversubscribed deals this week. The slew of trades could presage a rush of dollar trades while demand in the currency is strong and issuers seek to print before yields head northwards as the effects of tapering kick in.

  • Ailing Cognor gets scheme through, still seeking exchange

    Bondholders of Polish steel producer and distributor Cognor have approved a scheme of arrangement to restructure its financial obligations.

  • Korea finally approves bank covered bonds

    Korea has passed its Covered Bonds Act, a year after it was first expected, becoming the first Asian country to have legislation for covered debt.

  • Cable firm deal kicks off 2014 IPO market

    Altice, a telecoms and cable investment company, launched an IPO of up to €1.5bn on Tuesday, the first new deal in the market after a busy 2013 for the cable sector.

  • COLI $850m exchangeable opens equity-linked market

    After a flurry of equity-linked deals in the second half of 2013, many market watchers were expecting 2014 to be an even bigger year for the asset class in Asia. And they did not have to wait long for the first deal after China Overseas Finance Investment launched a $850m exchangeable bond on Wednesday.

  • Dentressangle, Louis Delhaize revive Euro PP

    Two bond issues in late December have broken a dry spell in the French-based ‘Euro private placement’ market, where issuance has been sparse since the middle of 2013.

  • VTB completes second RMBS in a year for Absolut

    VTB Capital has closed a Rb8.2bn (€181m) securitization backed by a portfolio of mortgages from Russia’s Absolut Bank. It managed to price the bonds at a lower coupon than for a similar deal put together for the same originating bank in April 2013.

  • Fresenius wins record low yield, but has to widen price on seven year

    Sometimes it is difficult to live between two worlds. Fresenius, the Ba1/BB+ rated German healthcare business, is a speculative grade issuer, but prices so tight it could be investment grade.

  • Indonesia $4bn blowout rivals Asia sovereign record

    Indonesia burst on to the market in style this week with a $4bn dual tranche extravaganza that equalled the largest ever bond from an Asian sovereign. A colossal order book, record US participation and a strong secondary performance for the 10 and 30 year issue demonstrated that with the right strategy and spread, Asian sovereigns that were under pressure just a few months ago can bring blowout deals, writes Steve Gilmore.

  • Central bank buying encourages strong start in Kangaroos and Kauris more to come

    Export Development Canada is set to sell the first Kauri bond of the year this Friday, a five year note that is seeing a strong bid from central banks. One of the Washington supras is expected to bring a similar trade next week, while niche bankers are also planning a number of deals in the same maturity in Kangaroo format.

  • Intesa shows poise in US dollars

    US investor appetite for southern European FIG paper started the year on a strong note, as Intesa Sanpaolo brought its first deal of 2014 this week.

  • Chailease seeks NT$5bn via three at the top

    Taiwan’s Chailease Finance Co launched its NT$5bn ($170m) three year loan into general syndication on December 30, and has divided the deal into three different tranches.

  • Kion block trade launches overnight market for 2014 with €315m transaction

    A 10.8% stake in German forklift truck manufacturer Kion was sold on Tuesday evening in the first block trade of 2014, with bankers pleased that the deal had started the year off on the right foot.

  • Solvency II capital charges lowered — but not enough, warn bankers

    Insurers will face lower capital charges for certain types of high quality securitization under new Solvency II proposals. But in many cases the charges will still be higher than if insurers held the underlying loans backing securitizations, which will continue to encourage investment away from securitized debt, according to Barclays ABS analysts.

  • European PIK issues to weaken in quality, Moody’s warns, and in US raise risk

    European payment-in-kind bond issues are likely to become riskier investments in 2014, Moody’s warns in a new report, as weaker companies seek to issue PIKs.

  • Cov-lite is coming this year, poll predicts

    Investors may not like it, but leveraged loan bankers seem to be in agreement: covenant-lite debt is coming to Europe.

  • Mexico goes for duration with LatAm dollar reopening

    Mexico kicked off Latin American dollar issuance for the second year running on Tuesday, printing $2.5bn of bonds due in two tranches as part of a liability management exercise.

  • Dollars and euros top picks for KDB’s 2014 funding plans

    State-owned lender Korea Development Bank said the US dollar remains the most competitive currency to fund its foreign borrowing this year as concerns subside over the US quantitative easing tapering process and the US economy continues to show signs of improvement.

  • Raiffeisen hopes to calm capital worries with €2.25bn raise

    Raffeisen Bank International on Wednesday evening finally laid out plans to issue up to €2.25bn of equity, ending countless months of speculation about a capital raise for the Austria-based lender, allowing it to repay state aid.

  • BMW welcomed in 10 years with €1.5bn dual trancher

    BMW followed, a day behind, its rival Volkswagen into the 10 year sector of the euro bond market on Wednesday, and found strong demand despite the widespread perception that interest rates will rise this year.

  • Background noise fails to quiet core euro market

    Core Europe navigated a slightly tricky start to the first full week of 2014 to end with a strong performance, despite being overshadowed by triple-digit spreads to swaps on offer in deals from their peripheral peers. Holidays and a European Central Bank meeting also contrived to keep volumes lower than in the first week of trading in 2013.

  • Kakao sets sights on Korea’s largest IPO since 2010

    Smartphone app creator Kakao Corp is planning to float on the Korea Exchange by May 2015 in a deal that bankers said was likely to be the largest in the country for several years.

  • Essar $1.25bn nets first pledge, more line up

    Essar Energy’s $1.25bn two year loan, launched in mid-December, has netted one firm commitment already, with many more also circling the deal.

  • Bank private placements set to grow in 2014

    Financial institutions have been tipped to outstrip their 2013 MTN volumes this year, which would mark a second successive increase in activity for the issuers. Banks have made a strong start to 2014, with BPCE, BFCM and ABN Amro issuing close to $1bn worth of notes each this week, according to a head of MTNs.

  • Nordics hungry for Dim Sum

    Swedish Export Credit Corporation is keen to follow up its second ever privately placed dim sum this week with more deals in the currency, the issuer told EuroWeek. Meanwhile, its Norwegian neighbour, Nordic Investment Bank is also considering its first dim sum deal.

  • Sub debt still in demand as Cairn closes 'opportunistic' legacy fund

    Cairn Capital has closed its Cairn Subordinated Financials Fund, as the recovery in subordinated debt prices has made continued annualised returns of around 25% more difficult. But the asset class is still set to play an important role this year for investors looking to hit yield targets.

  • Suek disproves doubters as loan performs well

    Russia's Siberian Coal Energy Co (Suek) is in the documentation stage of a $1.2bn pre-export finance (PXF) facility that investors say has shrugged off market scepticism to attract large enough commitments that bankers expect to be scaled back.

  • Power Assets lights up HK with $5bn float

    IPOs in Hong Kong started the New Year with a bang with utility company Power Assets premarketing its $5bn spin-off of Hong Kong Electric Investments (HKE Investments) from January 6.

  • Daimler purrs into sterling with HSBC

    Tuesday Volkswagen, Wednesday BMW — Thursday Daimler. The third leading German car company followed its peers into the bond market on Thursday, but with a very different style of transaction.

  • COSL bags $759m in HK’s first big ECM deal of 2014

    China Oilfield Services (COSL) completed Hong Kong’s first big equity transaction of 2014, raising HK$5.88bn ($759m) through a private placement on January 7.

  • ECM and DCM volumes falter as loans bounce back

    Equity and bond markets suffered a drop in volume in 2013 as the dramatic slowdown in India’s IPO market and talk of US quantitative easing tapering hurt deal flow. Loans bucked the trend with a resurgent market but this was not enough to prevent a fall in investment banking revenues, according to Dealogic.

  • Sebi seeks solution to India IPO malaise after dire 2013

    The Securities and Exchange Board of India is beginning to shift its attention from retail to institutional investors in a bid to kick-start the country’s uninspiring IPO market.

  • Portugal, Ireland blow door open for Greek return

    A spectacular start to 2014 for peripheral eurozone issuers across all asset classes not only led to some incredible bond deals but fuelled speculation that the first country to fall in the eurozone sovereign debt crisis — Greece — could make a return to bond markets this year.

  • Founder Group graduates first in class with dim sum

    Peking University Founder Group’s debut three year bond tightened 70bp in the secondary market on Thursday, suggesting that successful investor education had been key to the deal.

  • Econocom opens new year’s CB market with €175m bond

    Econocom, a French digital services firm, raised €175m through a convertible bond on Wednesday, launching early to command investors' full attention and opening what could be another busy January for equity-linked issuance.

  • Goldman promotes after Dees departure

    Goldman Sachs has kicked off the year with a series of senior staff changes. Dan Dees is switching from co-head of investment banking in Asia Pacific ex Japan, to become co-head of the global technology, media and telecom group. Matthew Westerman will be sole head of Asia Pacific ex Japan investment banking.

  • Paraguay’s Regional plots $300m debut bond

    Paraguay’s Banco Regional will begin a roadshow next week ahead of a potential debut international bond, with bond bankers expecting the market to be warmed up and ready for high yield issuance by the time the lender is ready to issue.

  • SSAs strut confidently into sterling market

    Syndicate bankers predict a higher level of international investor participation in sterling deals in 2014. Three high profile borrowers — KfW, Network Rail and EIB — demonstrated the diverse range of demand in the market, finding strong demand in different parts of the curve throughout the week.

  • Fuelling success: Sinopec seals larger $3.5bn deal

    The huge success of Chinese state-owned Sinopec Group’s loan during syndication led to the company increasing the final deal size to $3.5bn from the planned $2.5bn — a transaction that lenders from Asia, Australia, Europe, the Middle East and North America joined.

  • Troubled Codere extends loan, negotiates with creditors

    Codere, the Spanish gaming company that is negotiating a financial restructuring with its bondholders and lenders, has extended its loan maturity until February 6.

  • BoC shows rising European interest for renminbi

    Regular issuer Bank of China (London Branch) tapped into increasing European interest in the renminbi to secure a Rmb2.5bn ($409m) deal on Thursday, January 9.

  • KWG stalls in secondary as supply surges

    KWG Property Holdings sold a $600m five year non-call three bond on Tuesday. The deal dropped slightly in the secondary market after becoming free to trade, which some bankers said pointed to signs of stress amid this week's heavy supply. But others argued that there was plenty of appetite for more property bonds.

  • Regulators flex muscles as Co-op Bank placed under investigation

    The Prudential Regulation Authority and Financial Conduct Authority are to conduct an enforcement investigation into Co-operative Bank, considering the role of former senior managers in the bank’s deterioration, which led to its bondholder-driven rescue at the end of 2013.

  • Asia ex-Japan ECM news in brief: January 10, 2014

    Getting saucy: Laohenghe meets investors for $130m float — Redco to premarket $128m IPO — OUE poised to launch $355m commercial Reit — Keppel plans data centre Reit — YTL Hospitality Reit gets go-ahead for $243m placement — Malaysia’s Boustead aims for Q2 plantation spin-off

  • Rothschild’s new partnership lays path for succession

    The emergence of a new global elite at the independent firm is an attempt to pave the way for continuity, not revolution, writes David Rothnie.

  • New Year, new IPOs, same old TaiTai

    It’s the start of the year and in keeping with tradition TaiTai and I have been jotting down a list of “improvements” that we think each of us needs to make. We then frame it and hang it outside our bedroom door and it acts as our New Year resolutions.

  • Philippine 10 year funds drive-by bond exchange offer

    The Republic of the Philippines launched its first global benchmark bond in two years on Thursday as part of the first accelerated switch offer from an Asian sovereign.

  • Kexim plans 20% increase in international borrowing

    Export-Import Bank of Korea plans to borrow about $12bn from the international funding markets in 2014, which would be 20% higher than the volume of private placements, bonds and syndicate loans it completed this year.

  • French covered bond issuers sate demand at the long end

    The public sector-owned French covered bond issuers, Caffil and La Banque Postale, returned to the covered bond market to issue two of the three 10 year deals seen this week. The deals were comfortably oversubscribed and provided exceptionally cheap funding for both issuers.

  • RBI to print AT1 as part of capital raising plan

    Raiffeisen Bank International is set to print up to €500m worth of additional tier one paper this year, in conjunction with a capital increase of €2bn-€2.25bn, as it seeks to prepare for the implementation of Basel III. The bank has also decided not to sell its Hungarian subsidiary for the moment.

  • Mid-cap leveraged borrowers turn to unitranche loans

    Medium-sized leveraged companies are increasingly turning to unitranche debt as an alternative means of funding buyouts, according to a new report by Altium, a debt advisor. Leveraged loan issuance overall, meanwhile, reached a six year high in 2013.

  • Crisis not over yet

    The capital markets could be forgiven for thinking that Christmas came a little late this week. Blowout deals for Ireland and Portugal — plus strong showings for banks and corporations in those countries throughout the periphery — suggest that the funding part of the eurozone debt crisis could be coming to an end.

  • Markit Preps New CMBX Index

    Markit will launch the latest iteration of CMBX, its commercial mortgage-backed securities derivatives index, at the end of January.

  • MTNs: Barclays retains EMTN crown in 2013

    Dealers of private EMTNs: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of < 365 days Dealers of private EMTNs including self-led: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers and issues with a term of < 365 days Dealers of structured EMTNs excluding self-led: Structured, non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, puttable FRNs and issues with a term of < 365 days

  • All Revenue league tables

    Dealogic league tables of total revenue transactions, full year 2013. Including Investment Banking, Debt Capital Markets, Equity Capital Markets, Mergers & Acquisitions and Syndicated Loan revenues.

  • All Syndicated Loans league tables

    Dealogic league tables of loans transactions, full year 2013.

  • All Equity Capital Markets league tables

    Dealogic league tables of ECM transactions, full year 2013.

  • International bonds league tables

    Dealogic league tables of bond transactions, full year 2013. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

  • All Bonds league tables

    Dealogic league tables of bond transactions, full year 2013. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

  • Fourth Risk-Sharing Deal Slotted For Early February

    Fannie Mae is targeting next month for a second round of bond issuance designed to offload mortgage debt and share credit risk with investors, according to a person with direct knowledge of the deal. It would be the fourth risk-sharing transaction between Fannie Mae and Freddie Mac.

  • Monthly issuance volumes 2013

    Asian currency issuance volumes from the past 3 months.

  • All Asian league tables by sector

    Dealogic league tables of Asian transactions, full year 2013. Including Bonds, ECM, Syndicated Loans, Mergers & Acquisitions.

  • All Asian local currency bonds league tables

    Dealogic league tables of Asian local currency bond transactions, full year 2013. Including All Asian (ex Japan) currency bonds, all offshore renminbi bonds, Hong Kong dollar, Korean won, Chinese renminbi, Indian rupee, Taiwanese dollar, Indonesian rupiah, Singapore dollar, Thai baht and Malaysian ringgit.

  • Asian currency bonds, January 2-8 2014

    Asian currency bonds from the past week

  • Smaller Banks Driving Loan Growth

    Smaller U.S. banks are driving loan growth in the nation but may be more vulnerable to deterioration in asset quality amid rising rates than their larger peers, according to Fitch Ratings.

  • Most Agency MBS Funds Saw Negative Returns In 2013

    Mutual funds that invest mainly in agency mortgage-backed securities experienced negative returns in 2013, with those investing in Ginnie Mae MBS averaging nearly -3%, and those in Fannie Mae and Freddie Mac around -1%.

  • Lawmakers Back CDO Exemptions For Smaller Banks

    A bipartisan group of members of the House of Representatives has thrown its support for exempting banks with less than $15 billion from provisions of the Volcker rule as they relate to certain collateralized debt obligations.

  • CMBS Expected To Be Major Player In 2014

    Commercial mortgage-backed securities are expected to continue to be a major player in the commercial real estate sector in 2014 after CMBS issuers doubled their output last year from 2012.

  • FHFA Delays GSE Fee Hike

    The U.S. Federal Housing Finance Agency has delayed a 10 basis-point increase in the guarantee fee for all mortgages purchased by Fannie Mae and Freddie Mac and the elimination of the upfront 25 basis point adverse market fee that has been assessed on all mortgages purchased by the government-sponsored enterprises since 2008.

  • FHFA Delays GSE Fee Hike

    The U.S. Federal Housing Finance Agency has delayed a 10 basis-point increase in the guarantee fee for all mortgages purchased by Fannie Mae and Freddie Mac and the elimination of the upfront 25 basis point adverse market fee that has been assessed on all mortgages purchased by the government-sponsored enterprises since 2008.

  • Green Bond Principles about to be released

    Banks active in the green bond market will release next week the final version of the Green Bond Principles, a set of voluntary guidelines for the market, EuroWeek can reveal.

  • Peripheral Eurozone Debt Makes Positive Start To 2014

    Peripheral eurozone debt has made a strong start to 2014 and the positive momentum continued with Portugal tapping the capital markets for funds.

  • Daimler purrs into sterling for £300m via HSBC

    Tuesday Volkswagen, Wednesday BMW – Thursday Daimler. The third leading German car company followed its peers into the bond market today, but with a very different style of transaction.

  • Options, Cash Drive Spike In Eurostoxx Banks

    Calls and call spreads on the Eurostoxx Banks, as well as a significant move by investors to replace options with equity exposure, are driving a break higher in the index.

  • Autoroutes Paris-Rhin-Rhône basks in €5.5bn book

    Société des Autoroutes Paris-Rhin-Rhône today joined the happy group of corporate issuers that have tapped the European bond market in the first proper week of January – and like them, found a huge swell of demand.

  • CLO Managers To Face Triple-A Challenge As Euro Pipeline Builds

    The European collateralized loan obligation pipeline has started to build, with 3i Debt Management and Carlyle Group the first to begin marketing new CLOs.

  • Dutch Housing Shows Signs Of Rebound

    NVM, the Netherlands’ real estate broker association, has released fourth quarter housing market data that provides the first quantifiable signs of a Dutch housing market recovery.

  • Spanish Retail RE Investment Doubles

    Investment in Spanish retail property doubled last year to EUR1.44 billion ($1.96 billion), thanks largely to cross-border investors, which accounted for 70% of the total, according to Real Capital Analytics.

  • Collapsed Spanish Bank Returns To Capital Markets

    Spain’s Bankia, which collapsed during the financial crisis, is planning to return to the capital markets with the launch of its first senior unsecured bond since the lender was bailed out by the government in 2012.

  • E.U. Bank Reform To Be Felt In 2016

    The toughest aspects of banking reform, which goes into effect this year, in the European Union won’t be felt the most by investors until 2016, when senior creditors will begin to carry the weight of bank losses.

  • Lloyds Offers First Covered Bond Since 2012

    Lloyds Banking Group has begun offering its first covered bond since March 2012.

  • UBS May Spin Off I-Bank

    UBS is said to be considering spinning off a its investment banking unit rather than deal with the higher capital costs such a business would require under new regulations, according to Mediobanca analysts.

  • RBS May Slash Thousands Of Jobs To Cut Cost

    Ross McEwan, ceo of the Royal Bank of Scotland, is expected to announce in coming weeks plans that would include cutting thousands of jobs to reduce costs.

  • B Of A To Track CoCos

    Bank of America Merrill Lynch has debuted the Contingent Capital Index, which will track the performance of contingent convertible bonds (CoCos).

  • Dutch housing shows signs of rebound

    The Netherlands’ real estate broker association (NVM) has released fourth quarter housing market data that provides the first quantifiable signs of a Dutch housing market recovery. The data coincides with Moody’s expectation that Dutch RMBS mortgage arrears will increase only slightly in 2014.

  • Standard Life Launches Short Duration Credit Fund

    Standard Life Investments has launched a short duration credit fund that uses derivatives to reduce the duration inherent in the corporate bonds it holds. The fund is derived from the conversion of the firm’s Standard Life Investments’ Select Income Fund which took place Jan. 8.

  • CLO managers to face triple-A challenge as euro pipeline builds

    The European CLO pipeline has started to build, with 3i Debt Management and Carlyle Group the first to begin marketing new CLOs. The sternest challenge facing managers is trying to expand the base of triple-A CLO buyers to keep pricing tight at the top of the structure, say CLO specialists.

  • MPS sells medical firm stake as cap hike drags on

    Monte dei Paschi di Siena raised €56m through a sale of shares in Sorin, a medical technology firm, on Wednesday night. The deal comes as Italy's third largest bank looks to save a €3bn capital raise that will keep it from nationalisation.

  • Midcap leveraged borrowers turn to unitranche loans

    Medium-sized leveraged companies are increasingly turning to unitranche debt as an alternative means of funding buyouts, according to a new report by Altium, a debt advisor.

  • Algeco Scotsman increases revolver again

    Algeco Scotsman, the storage provider owned by UK-based private equity firm TDR Capital, has increased the size of its outstanding revolving loan facilities by $155m.

  • OW Bunker loan well oversubscribed

    Danish shipping fuel firm OW Bunker has exceeded its $450m refinancing target to sign a $700m revolving credit facility.

  • Raiffeisen plans to calm capital worries with €2.25bn equity raise

    Raffeisen Bank International finally laid out plans to issue up to €2.25bn of equity on Wednesday evening, ending months of speculation about a capital raise for the Austria-based lender and allowing it to repay state aid.

  • Bankia flies with senior return despite wobbly market

    Spanish banking conglomerate Bankia found overwhelming demand for its first post-crisis senior unsecured deal on Thursday, as investors placed almost €3.5bn of orders for the five year trade. While the broader market showed some signs of weakness, bankers were confident that the FIG feeding frenzy would continue — even the sterling market saw some action, with Axa pricing a €750m 40 non-call 10 year subordinated bond.

  • Fresenius guidance implies new high yield coupon lows

    Fresenius is likely to set a new low for European high yield coupons with its two tranche bond, set to be priced this afternoon.

  • Slovakia draws €4bn to long end of curve

    Slovakia drew a hefty book for its new January 2029s on Thursday, picking up roughly €4bn of orders in just 2.5 hours and tightening pricing by 10bp from initial price thoughts.

  • ABN Amro stalwart Greenwood heads home

    ABN Amro has hired Jonathan Greenwood as global head of financial institutions and real estate in the bank’s large corporates and merchant banking division, marking the start of his second stint at the Dutch bank.

  • Dutch firm signs groundbreaking murabaha with Bahrain's FEB

    Special situations investment company Sapinda has obtained a €25m murabaha facility for its subsidiary Kore Coal Finance — the first ever Islamic deal for a Netherlands based company, according to EuroWeek's Islamic Finance Information Service.

  • Sophos markets cov-lite refi loan, considers euro tranche

    Sophos, the UK IT security and data protection company, is marketing a $400m covenant-lite term loan ‘B’ to refinance debt.

  • ASB Bank bolsters Kiwi presence in Swissies

    ASB Bank became the second New Zealand issuer to tap the Swiss franc market this week on Thursday morning, pricing a new six year deal. Domestic bank Raiffeisen Schweiz is also in the market with a dual tranche fixed and floating rate deal.

  • Standard Chartered shakes up senior suits

    Standard Chartered will see its finance director and consumer banking CEO leave the bank by June amid a broader shakeup of the wholesale banking and consumer banking businesses.

  • RBI to print AT1 as part of capital raising plan

    Raiffeisen Bank International is set to print up to €500m worth of additional tier one paper in the next year, in conjunction with a capital increase of €2bn-€2.25bn, as it seeks to prepare for the implementation of Basel III. The bank has also announced it has decided not to sell its Hungarian subsidiary for the moment.

  • EBRD to lead Middle East initiative

    A Middle East-focused G8 financing initiative backed by some of the largest multilateral banks and funds in the EMEA region has appointed the European Bank for Reconstruction and Development as its lead bank for 2014.

  • Poland reopens CEEMEA with largest euro deal for four years

    Poland kicked off the year’s CEEMEA issuance on Wednesday with a €2bn 3% 2024 deal, its largest euro note since January 2010. BNP Paribas, Citi, Societe Generale and Unicredit arranged the Reg S deal.

  • Cognor gets scheme approved but still hopes for exchange

    Bondholders of Polish steel producer and distributor Cognor have approved a scheme of arrangement to restructure the company’s financial obligations.

  • KOSPI Call Spreads Eyed On Growth Expectations

    Investors should look at buying March 2014 or June 2014 call spreads on the KOSPI2 with strikes between 105-and-115% of spot in a bid to benefit from global growth recovery in 2014, or potential central bank intervention in the Korean won.

  • TDBM gears up for Mongolian dim sum debut

    Trade & Development Bank of Mongolia (TDBM) is on track to become the first Mongolian name in the dim sum market. The bank has arranged a series of fixed income investor meetings beginning on Thursday in Hong Kong and finishing on Friday in Singapore for its proposed Reg S senior notes offering.

  • JP Morgan hires Apac regulatory head from IMF

    JP Morgan has moved to enhance its regulatory oversight with the appointment of the Asia Pacific head of the International Monetary Fund into a newly created role as it continues to be a subject of a US inquiry into hiring practices of international investment banks in China.

  • RMB round-up: January 9, 2014

    In this week’s round up of offshore renminbi news, Hong Kong deposits continue to rise, banks prep for Shanghai Free Trade Zone launch, and the IFC gets access to China’s interbank bond market.

  • India DCM Bookrunner Ranking - Full Year 2013

  • Offshore RMB DCM Bookrunner Rankings for Non-Chinese and Non-Hong Kong Issuers: 08-01-14 YTD

  • TDBM gears up for Mongolian dim sum debut

    Trade & Development Bank of Mongolia (TDBM) is on track to become the first Mongolian name in the dim sum market. The bank has arranged a series of fixed income investor meetings beginning on Thursday in Hong Kong and finishing on Friday in Singapore for its proposed Reg S senior notes offering.

  • HSBC (finally) builds on its business advantages

    The global bank has long been seen as a sleeping giant that has been unable to become more than the sum of its parts. That seems to be changing, courtesy of deep pockets and a concerted effort to build on its brand strength.

  • J.P. Morgan hires Apac regulatory head from IMF

    JP Morgan has moved to enhance its regulatory oversight with the appointment of the Asia Pacific head of the International Monetary Fund into a newly created role as it continues to be a subject of a US inquiry into hiring practices of international investment banks in China.

  • Asia (ex Japan) High Yield DCM Bookrunner Ranking - Full Year 2013

  • Offshore RMB DCM Bookrunner Ranking for Chinese and Hong Kong Issuers: 08-01-14 YTD

  • Romania selects three leads for new Eurobond

    Romania has picked three firms to lead manage a Eurobond, according to two origination officials away from the deal. The three banks named declined to comment.

  • Offshore RMB DCM Bookrunner Ranking (Asia ex-Japan): 08-01-14 YTD

  • U.S. CLO Deals Up 56%

    The number of U.S.-based collateralized obligations deals was up 56% in 2013 compared with a year earlier, with a total value of $86 billion, up from $33.5 billion, according to the Appleby law firm.

  • SEC Probes Banks On MBS Trades

    The U.S. Securities and Exchange Commission is investigating top banks, including Barclays, Citigroup, JPMorgan Chase and UBS, in connect with trades in mortgage-backed securities since the end of the financial crisis.

  • Banks’ Internal Stress Tests More Optimistic Than Fed’s

    Banks that conducted their own stress tests produced more optimistic results than those conducted by the Federal Reserve, according to a New York Fed analysis.

  • Jumbo MBS Expected To Grow After QE Taper

    The revival of the market for jumbo mortgage-backed securities won’t expand until purchases of agency MBS declines with the Federal Reserve’s tapering of its quantitative-easing program, according to Bank of America Merrill Lynch analysts.

  • Reverse RMBS Issuance Down 18% In 2013

    Issuance of reverse mortgage-backed securities fell 18% to $4.95 billion in 2013 with zero transactions in December, based on Ginnie Mae data.

  • New Mortgage Guidelines Pressure Smaller RMBS Servicers

    The increased costs of new servicing requirements will weigh on smaller residential mortgage servicers this year, according to Fitch Ratings.

  • Second Home-Rental RMBS Will Launch After Jan. Conference

    American Homes 4 Rent will use the Jan. 21-24 ABS Vegas 2014 confab to amp investors before initiating a sale of bonds backed by single-family rental properties.

  • Wait For ABS Market Re-Opening Continues

    The first European securitization mandate of the year may emerge next week, though bankers expect the asset-backed primary market to remain sluggish in January on the back of a busy final quarter to 2013.

  • Enel pounces on perfect market for €1bn and £500m hybrids

    Enel, the Italian power company, launched the next phase of its hybrid capital issuance programme today, with a €1.6bn deal that came to market remarkably quickly after the beginning of the year.

  • Syndicated loans awards 2013: nominations

    EuroWeek asked loans market participants for their votes for the Syndicated Loans Awards 2013. The nominations are below in alphabetical order. The winners will be announced at EuroWeek’s Syndicated Loans & Leveraged Finance Industry Dinner on February 12 at London’s Guildhall. For more information about the poll or the awards dinner, please contact loans editor Michael Turner on +44 (0)20 7779 7321.

  • BMW welcomed in 10 years with €1.5bn dual trancher

    BMW followed, one day later, its rival Volkswagen into the 10 year sector of the euro bond market today, and found strong demand despite the widespread perception that rates will be rising this year.

  • Valeo’s €500m 10 year a rampant blowout, prices on curve

    Valeo, the French car parts company, issued a €500m 10 year bond today to finance a buyback of two shorter bonds, and enjoyed overwhelming demand, with a book of €4.5bn.

  • EDF eyes €3bn to €4bn in second hybrid offering

    Electricité de France is expected to announce tomorrow morning the dollar tranches it plans to sell as part of its second hybrid capital issue, which will also include a tranche of senior debt in dollars.

  • U.K. Bank Loan Funding Cost Fall Sharply

    The internal cost of funding new loans by U.K. banks fell sharply in the fourth quarter after an increase in the preceding three-month period, according to the Bank of England.

  • Bank Of Ireland Preps EUR500 Mln Unsecured Bond

    The Bank of Ireland is preparing to issue a EUR500 million senior unsecured bond.

  • Blackstone Bids For Spanish Bad-Bank Loans

    The Blackstone Group is said to be the lead bidder with an offer of EUR43 million ($58 million) for a portfolio of homes held by Sareb, Spain’s bad bank.

  • UBS, CS To Scale Back I-Banking

    UBS and Credit Suisse are planning to scale back their investment-banking operation in Switzerland if the government imposes even stricter capital regulations on them, according the chairman of the banks.

  • Lower Borrowing Costs Fuel Covered Bond Surge

    Lower borrowing costs are fueling a surge in the issuance of covered bonds in Europe by such lenders as Spain’s Banco Mare Nostrum SA and Australia & New Zealand Banking Group.

  • Ex-Deutsche Trader Joins StormHarbour

    Sammy Mohammad, an ex-managing director at the institutional client group at Deutsche Bank in London, has joined StormHarbour in senior sales and trading in London.

  • Kion block trade launches overnight market for 2014

    A 10.8% stake in German forklift truck manufacturer Kion was sold in the first block trade of 2014 on Tuesday evening, with bankers optimistic that the deal had started the market for the year on the right foot.

  • Wait for ABS market re-opening continues

    The first European securitization mandate of the year may emerge next week, though bankers expect the asset-backed primary market to remain sluggish in January on the back of a busy final quarter to 2013.

  • IFIS Islamic Finance Awards 2013

    The inaugural IFIS Islamic Finance Awards follow a year of intensifying activity in global sukuk and Islamic financing markets. The results put a spotlight on the highest achievers and showcase overall contributions to the growth of the Islamic finance market. The awards winners have been chosen through an exhaustive poll of industry participants. IFIS asked practitioners to pick the most impressive borrowers, banks, funds and service providers in the Islamic capital markets over the past 12 months (September 2012 to August 2013). The results of the poll have favoured innovative deals and businesses at the cutting edge of the Islamic finance market. IFIS awarded winners in the Deals, Borrowers and Arrangers, Islamic Banks and Industry Service sections after tallying respondents’ votes in each category. First place votes scored three points, second scored two points and third place one point. The IFIS League Table awards are based on the market leading IFIS Sukuk Database. IFIS measured the volume of dollar-denominated and global sukuk arranged by investment banks between September 10, 2012 and September 9, 2013.

  • Emerging market bond awards 2013

    EuroWeek asked emerging market teams at the leading investment banks in the international bond markets for their views on the best deals of 2013. Bankers nominated their preferred deals for a shortlist. Then, excluding the deals they had worked on, they were asked to choose the best deals from that shortlist. Here are the results.

  • Top banks voted for by their peers

    EuroWeek polled the DCM and bond syndicate teams at leading banks to find out which of their rivals they thought had done the best job across all sectors and currencies through 2013. Here are the results. The borrowers’ poll to decide the top banks and the bankers’ vote on the top borrowers will take place in April and May, and the award winners will be revealed at the EuroWeek Bond Dinner in May.

  • EDP returns to dollar bond market after four years

    Energias de Portugal has sold its first dollar bond for four years. The Portuguese electricity generator priced $750m of seven year notes on Tuesday.

  • E.U. Eyes Limits To Bank Derivs Trading

    European banks may be required to limit their derivatives products to centrally cleared interest rate, fx and credit derivatives to non-financial clients under new legislation on proprietary trading being considered by the European Commission.

  • Deals of the year by category

  • Belgium's Magotteaux takes €250m revolver

    The Magotteaux Group has closed syndication of a €250m multicurrency revolver to refinance two credit facilities signed in January 2011.

  • Overall bond deals of the year 2013

    EUROWEEK’S DEAL OF THE YEAR awards are voted for by leading participants in the international bond markets. First, investment banks were asked to nominate their best lead managements in each category. From that shortlist, market participants voted for the outstanding transactions, without voting for their own deals. EuroWeek’s awards for the best banks, chosen by borrowers, and the most impressive borrowers, voted by banks, will be chosen in a separate poll and announced at the EuroWeek Bond Dinner in May.

  • Cirsa sells first European high yield bond of the year

    Cirsa, the Spanish gambling company, has sold the first European high yield bond of the year.

  • Fast Money Players Buy Back Credit Payers

    Fast money investors are selling at-the-money credit options and buying back out-of-the-money payers that were sold before the Christmas lull to hedge long cash positions.

  • Macquarie, Tikehau give unitranche debt for INSEEC buyout

    Apax Partners has signed a unitranche debt facility to support its €200m acquisition of French higher education provider INSEEC Group.

  • European PIK issues to weaken in quality, Moody's warns

    European payment-in-kind bond issues are likely to become riskier investments in 2014, Moody’s warns in a new report, as weaker companies seek to issue PIKs.

  • Svenska finds strong secondary bid

    Svenska Handelsbanken found a wealth of demand for its €1.5bn tier two trade on Tuesday, pulling in some €5bn of orders. Despite a final spread that one banker said was “like senior pricing”, the deal tightened substantially in the secondary market on Wednesday.

  • Bank of Ireland gets cosy with fair value for five year

    Bank of Ireland capitalised on FIG investors’ appetite for higher yielding peripheral credits on Wednesday, selling the longest deal from an Irish bank since before the country’s bailout in 2010. The depth of demand allowed BoI to price the trade flat to fair value or even inside it, according to some market participants. Meanwhile, Rabobank sold a two year floating rate trade.

  • Cairn Capital closes “opportunistic” sub debt fund as return opportunities narrow

    Cairn Capital has closed its Cairn Subordinated Financials Fund as the recovery in subordinated debt prices and the prospect of fewer tender offers in the asset class has made continued annualised returns of around 25% more difficult.

  • Albaraka eyes $400m sukuk in 2014

    Albaraka Turk plans to issue $300m to $400m of sukuk this year – up to twice the amount it previously indicated.

  • Econocom gets in early to raise €175m and open new year's CB market

    Econocom, a French digital services firm, raised €175m through a convertible bond on Wednesday morning, launching early to command investors' full attention and opening what could be another busy January for equity-linked issuance.

  • Can markets survive when QE’s magic dust runs out?

    Money creation on an unprecedented scale may have helped stave off a depression. But what happens when quantitative easing ends? No one has been there before. Jon Hay asks whether bonds, equities and emerging markets are ready to stand on their own feet again — or whether they will stagger in 2014.

  • Italians clean up in senior unsecured

    UniCredit and Assicurazioni Generali on Tuesday proved that even competing trades could coexist in the senior unsecured market when there is enough demand, gathering over €10bn of orders between them for €2.5bn of paper. With spreads continuing to tighten, peripheral European credits offer investors the yield they crave, as Bank of Ireland proved on Wednesday.

  • Restless natives size up EM bond opportunities

    Local banks in emerging markets broadened their horizons in 2013. Not content with dominating their domestic bond markets, they are increasingly out for international mandates. Steve Gilmore looks at how and why local banks are breaking into the international DCM business and their ambitions for the year ahead.

  • Capital markets embrace mid-caps via new channels

    From the thriving US private placement market to Italy’s new mini-bonds, tailored solutions for companies wanting to borrow less than €500m are everywhere. Olivier Holmey reports on the diversification of borrowing options in the capital markets for Europe’s medium-sized businesses.

  • Dial T for deals — but telcos will remain under pressure

    The telecoms industry is entering a new period of turbulence. Mobile operators are over-stretched and can’t afford to invest in improving service. Fixed line is making a comeback as players vie to offer bundled services. Analysts are sure reshaping the industry will involve M&A — but who will move first? As Jon Hay reports, further technological disruption is coming.

  • Euros lead alternatives if debt ceiling shuts dollar market

    The possibility of a dollar market shutdown as US politicians enter the latest round of budget talks in the first quarter of 2014 is leading many supranational and agency borrowers to look to other funding sources. Among the alternatives has been a re-opening for the first time in years of the euro market for dollar-based borrowers. Craig McGlashan reports.

  • CAF uses name recognition to price longest Latin Swissie

    Corporacion Andina de Fomento (CAF), the Latin American development bank, sold the longest ever Swiss franc bond from a Latin issuer on Tuesday. The issuer was hoping to appeal to insurance companies, in particular, and was able to almost triple its size expectations in the process.

  • Growth strives for escape velocity

    With the US Fed about to reach for the monetary brakes, markets face enormous uncertainty this year. Toby Fildes picks 14 issues that will drive capital markets in 2014.

  • Loans bankers' 2014 budgets set to rise

    Loans bankers are expecting to be told that their budgets will be increased this year as optimism spreads through the loan market for 2014.

  • BOCOM sets wide guidance for debut to tempt investors

    China’s Bank of Communications (BOCOM) offered investors a generous guidance of 170bp over Treasuries when it opened books on its three year debut dollar bond Wednesday morning.

  • Poland sets spread on first CEEMEA deal of 2014, books over €4bn

    Poland is pricing the first Eurobond of the year from the CEEMEA region. The spread for the €2bn deal has been set at 87bp over swaps. Final price talk for the 10 year bond was released at 85bp-90bp over mid-swaps, having been tightened from initial guidance on Wednesday morning at 90bp-95bp over. Books for the deal are over €4bn.

  • Strong RMB drives BoC dim sum

    Bank of China (London Branch) joined the rush of Chinese names entering the dim sum market to take advantage of the strengthening renminbi on Wednesday.

  • COLI $850m exchangeable opens equity-linked market

    Following a flurry of deals in the second half of last year, many market watchers are expecting 2014 to be an even bigger year for the Asian equity-linked market. And they did not have to wait long for the first deal after China Overseas Finance Investment launched a $850m exchangeable bond on January 7.

  • SSAs navigate tricky week for bumper issuance

    Sovereign, supranational and agency issuers are enjoying a strong start to 2014 with confidence high, but macroeconomic issues and holidays mean that bringing a deal in the primary market's opening week is not quite as simple as in previous years.

  • An economic snapshot

  • Turkey’s $350bn big build to test financing capacity limits

    For all the short and long-dated liquidity in the local banking system, Turkey will struggle to realise even part of its extravagant infrastructure programme that will need as much as $350bn by 2023 without international support. As Philip Moore reports, the bond market will have to play a key role.

  • Shaky start in secondary for KWG five year

    KWG Property Holdings sold a $600m five non-call three bond on Tuesday to help it fund new property projects. But the deal was down slightly in the secondary market on Wednesday, which some bankers said pointed to signs of stress under heavy supply.

  • Turkish ECM on the comeback – but prepare for surprises

    Every time valuations are high enough and markets stable enough to fire up equity capital markets in Turkey, a new worry or problem gets in the way. But 2014 could be the year that the country’s equity markets clear their long-standing hurdles of restrained supply, volatility and macro-economic challenges, writes Andrew Griffin.

  • Turkey brings dynamism to Islamic finance

    Despite its secular constitution, Turkey has become a big sukuk market player and has one of the fastest growing Islamic banking sectors outside the Gulf Cooperation Council region. This growth is set to continue despite political challenges at home, the lira’s fall and a war in Syria. Dan Alderson reports.

  • Turkish banks spread their bond market wings

    Turkey’s banks have plenty of growth to fund, and plenty of foreign investors to turn to. As interest grows, the country’s lenders are branching out into new funding markets and finding few obstacles. But 2014 will bring new challenges in the field of regulatory capital. Will Caiger-Smith reports.

  • Ambitious Istanbul has it all to do

    Istanbul has some tough targets as part of its plan to turn itself into a regional and, perhaps, global financial centre. However, it has some stiff competition, ranking in a recent survey below Middle Eastern centres such as Qatar, Dubai and even Abu Dhabi. Philip Moore reports.

  • Banks and corporates size up 2014 opportunities

    Turkey’s bank and corporate yields are still recovering from having been punched upwards over the summer months by a combination of US Treasury volatility and investor caution around political protests in the country.

  • Corporates take advantage of relentless rally

    Credit’s rally continues to astonish. When the iTraxx Europe Main index broke down through 90bp on October 15, it had not closed below 90bp for years. The rally already felt extreme. On Monday and Tuesday it closed at a staggering 69bp.

  • Local bond market showing signs of much needed maturity

    Turkey’s local bond market impressed last summer, coping with the volatility caused by US Federal Reserve tapering fears and civil unrest. However, it will have to diversify if it is to help the government reduce its worryingly high current account deficit. Philip Moore reports.

  • Suek disproves doubters as loan set to be oversubscribed

    Russia's Siberian Coal Energy Co (Suek) is in the documentation stage of a $1.2bn pre-export finance (PXF) facility that has shrugged off market scepticism to attract large enough commitments that bankers expect to be scaled back.

  • Corporates eye euros and sukuk for 2014

    Turkish corporates have not been big users of international debt markets. But this is about to change. With the sovereign and the banks leading the way, companies are sure to follow, writes Michael Turner.

  • Banks line up for 2014 covered bond dash

    Mortgage-backed benchmark covered bonds are coming to Turkey. Although the set-up and swap costs are high, the country’s banks are expected to make up for lost time in what is expected to be a busy year for Turkish covered bonds. Bill Thornhill reports.

  • Bumper start for FIG as periphery proves its popularity

    Credits from Europe’s periphery are raking in orders in the FIG funding markets, but investors are also going starry-eyed at the sight of high-yielding subordinated debt from core jurisdictions. On Tuesday there was just under €11bn equivalent in supply across senior, covered bonds and sub debt in euros and sterling, with Italian credits dominating senior, while sub and covered let core European names get in on the action.

  • Tencent taps market for $200m debut

    Internet giant Tencent Holdings, developer of messaging service WeChat, has hit the loan market for a $200m five year, with the deal’s pricing already drawing murmurs from rival bankers surprised that a debut issuer could pull off such a tight margin.

  • LatAm takes lead as Petrobras hits with big euros

    Latin America is stealing the limelight in emerging markets, having made an impressive start on Tuesday to the challenge of beating last year's record international bond issuance volumes of $125.3bn.

  • Document Relaxation Could Boost China Cross Currency Swap Volumes

    Recent relaxation to documentation requirements by China’s State Administration of Foreign Exchange could boost the mainland's cross currency swap market.

  • Taiwan Corps. Buy CNH Target Forwards

    Taiwan corporates, mostly import and export firms, are taking a larger share of the yearly U.S. dollar, renminbi hedging market, accounting for about 10-to-20% of the overall volume.

  • Shaanxi Coal approved for largest China IPO in two years

    State-owned Shaanxi Coal and Chemical Industry Group has been given the go ahead by the China Securities Regulatory Commission to launch China’s largest IPO in years.

  • Indonesia $4bn blowout rivals sovereign record

    Indonesia started 2014 in style this week with a $4bn dual tranche behemoth that equalled the largest ever bond deal from an Asian sovereign. A colossal orderbook, record US participation and a strong secondary performance for the 10 and 30 year tranches demonstrates that with the right strategy, Asian sovereigns that were under pressure mere months ago can bring blowout deals.

  • HongKong Land joins property bond scrum

    Frequent issuer HongKong Land Finance is back in bonds, selling a 10 year US dollar-denominated deal.

  • Citic Futong seeks offshore Rmb500m

    Citic Futong Financial Leasing has hit the market with a three year offshore loan of Rmb500m ($82m) via sole bookrunner Cathay United Bank, and is opting to close the deal club-style rather than through a fully-fledged syndication.

  • High yield credit trader leaves DB

    Anand Subramanian, director of Asia high yield credit trading has left Deutsche Bank. He finished at the end of last year.

  • Sebi wakes up to India IPO complaints

    The Securities and Exchange Board of India is beginning to shift its attention from retail to institutional investors in bid to kick-start the country’s uninspiring IPO market

  • Founder launches debut dim sum

    Founder Group has set an initial price guidance for its debut dims sum outing divergence between on and offshore renminbi rates creates opportunities for Chinese borrowers.

  • Petrobras tests non-dollar limits for EM with euro-sterling jumbo

    State-owned Brazilian oil company Petrobras demonstrated the increasing appeal of the euro market for developing market issuers on Tuesday when it sold the largest ever non-dollar denominated bond from any EM country. It also showed that it can still raise debt in huge amounts despite worries about economic performance in the country and government interference in the oil sector.

  • Indo Exim to return for $500m loan

    Indonesia Eximbank is expected to return to the loan market soon for a deal of $300m-$500m, with the top level arranging group due to be finalised by the end of January, according to a banker who has worked on the borrower’s previous fundraisings.

  • COSL bags $759m in HK’s first major ECM deal of 2014

    China Oilfield Services completed Hong Kong’s first major equities transaction of 2014, raising HK$5.88bn ($759m) through a private placement of new shares on January 7.

  • Dual-currency IPOs just a gimmick? That’s a porky pie - opinion

    If market talk is to be believed, China’s largest pork producer Shuanghui International is thinking about becoming the first company to list in both Hong Kong dollars and RMB. It should take the idea seriously. There is more to be gained than just extra paperwork.

  • Dollars, euros top picks for KDB’s funding in 2014

    The Korean policy bank is keen to raise funds in both of the world's leading currencies as it plots returns to the international bond market during the year.

  • Investors favour Asia high yield as Fed fires up risk appetite

    Regional investors are looking with interest at Asian high yield investment opportunities, after their confidence was buoyed by US Federal Reserve pledges to keep rates low into 2015.

  • Australia DCM Bookrunner Ranking - Full Year 2013

  • Global Offshore RMB DCM Bookrunner Ranking - Full Year 2013

  • Strong RMB drives BoC dim sum

    Bank of China (London Branch) joined the rush of Chinese names entering the dim sum market to take advantage of the strengthening renminbi on Wednesday.

  • Sebi wakes up to India IPO complaints

    The Securities and Exchange Board of India is beginning to shift its attention from retail to institutional investors in bid to kick-start the country’s uninspiring IPO market.

  • Founder launches debut dim sum

    Founder Group has set an initial price guidance for its debut dims sum outing divergence between on and offshore renminbi rates creates opportunities for Chinese borrowers.

  • Santander Upsized To $1.5 Bln As Demand For Subprime Auto Intensifies

    Santander Consumer USA’s non-prime auto securitization SDART 2014-1 grew to strong demand Tuesday, upsizing from a pre-marketed, grow-to-demand $1 billion to $1.5 billion and launching at prices very close to the previous November transaction.

  • U.S. CMBS Recovery Rates Jump

    Recovery rates for liquidated loans in U.S. commercial mortgage-backed securities jumped to 75.2% in the third quarter, up from 60.5% in the preceding three-month period, while the number of loans moved into special servicing fell to their lowest level in five years, according to Fitch Ratings.

  • Volcker Rule Won’t Fuel CLO Selloff, Says MS

    The introduction of the Volcker Rule would not likely cause a selloff of collateralized loan obligations by banks, according to Morgan Stanley analysts.

  • SEC Names Enforcement Head

    The U.S. Securities and Exchange Commission has named Michael Osnato Jr. as chief of the Enforcement Division unit that conducts investigations into complex financial instruments, such as asset-backed securities and derivatives. Click here to read the release from the Securities and Exchange Commission.

  • Pru, GS Settle RMBS Suit

    Prudential Insurance Co. of America and Goldman Sachs have reached an agreement to settle charges related to the sale of more than $375 million in residential mortgage-backed securities to the insurer.

  • CS Panel Probed Over Mortgage Standards

    The U.S. Department of Justice is investigating whether an internal panel set up by Credit Suisse to ensure that bad loans were not included in securitizations had ignored red flags regarding certain mortgages to the detriment of investors.

  • Equipment Lessor Completes First Term Securitization

    Navitas Lease has completed its first term securitization of equipment loans and lease contract, with Bank of America Merrill Lynch as sole bookrunner and structuring agent, and Wells Fargo Securities as co-manager.

  • Net Loss Rate Highest In Three Years For Subprime Auto

    The October net loss rate for subprime auto loans hit the highest level since March 2010, reaching 6.65%, analysts at Standard & Poor’s recently reported.

  • Kenç: one eye on growth, the other on the current account deficit

    The Central Bank of the Republic of Turkey (CBRT) has come under some criticism in recent years for an unorthodox monetary policy regarded by some economists as too dovish. Others say that the CBRT has been very successful in managing the delicate balance between controlling inflation and supporting sustainable growth. In this interview, CBRT deputy governor Turalay Kenç shares his views with EuroWeek’s Phil Moore on Turkey’s monetary policy and on the prospects for growth, inflation and the current account deficit.

  • Turkey sovereign steels itself for 2014 after seeing off tough 2013

    Turkey’s sovereign borrower has certainly had smoother years in the debt capital markets. In 2013, a combination of US Federal Reserve tapering fears and widespread protests at home regarding civil liberties flung the spreads of the country’s carefully managed bond curves wider. The turmoil jolted investors’ faith in the country and shone a spotlight on its large $60bn current account deficit and over $160bn of short term debt.

  • Turkish sovereign needs perfect timing for 2014

    The Turkish sovereign has a well deserved reputation for timing its bond issues perfectly, which will be crucial in the year ahead. The country has multiple bond markets at its disposal, but successfully navigating them against an end to US quantitative easing, domestic elections and widespread scrutiny of emerging market credits will take every ounce of skill, writes Steve Gilmore.

  • Turkey hopes bright future outshines short term volatility

    War in neighbouring Syria, Ben Bernanke’s May QE warning and the Gezi Park protests tested the international investor community’s faith in Turkey last year. That investors were still willing to back the country by the end of a turbulent 2013 is testament to Turkey’s economic management and their confidence in its longer term growth prospects. But if last year was tough, this year could be even harder — especially as the US Federal Reserve tapers quantitative easing. Philip Moore reports.

  • Brazilians eye euros as Petrobras kicks off LatAm issuance

    A favourable basis swap is driving emerging market issuers to look at issuing bonds in euros. Brazil’s state oil company Petrobras took advantage on Tuesday to chip away at its huge financing need with a four tranche euro and sterling issue totalling €3.772bn-equivalent.

  • Investment grade Turkey tested in bumpy year

    In spite of the pressures exerted on emerging market borrowers as concerns over US Federal Reserve tapering mounted over the summer, Turkey had another highly successful year in the international capital market in 2013. As well as completing its borrowing programme for the year at very competitive levels and further diversifying its sources of funding, the Turkish Treasury was able to pre-fund some of its requirement for 2014. In this interview, undersecretary of the Treasury İbrahim H Çanakcı discusses Turkey’s funding strategy with EuroWeek’s Phil Moore.

  • Cantor Expands European Credit Fixed Income

    Cantor Fitzgerald Europe has expanded its credit fixed-income team with the hiring of Franz Bucher, formerly senior director at Austrian Raiffeisen Bank International, as managing director in London.

  • Global CRE Investment To Rise 15%

    Global investment in commercial real estate is expected to rise between 10% and 15% in 2014 to top $1 trillion for the first time in seven years, according to Cushman & Wakefield.

  • DB Pressed To Make Exec Changes Over LIBOR

    German regulator BaFin is pressing Deutsche Bank to make changes in senior management over alleged manipulation of the London Interbank Offered Rate even though those individuals have not been accused of involvement in the scandal.

  • CS To Step Up Offloading Of Assets

    Credit Suisse is planning to step up its efforts to unload unwanted, risk-weighted, assets more quickly than it earlier had announced.

  • Enel readies next salvo of hybrids, aims to finish this year

    Enel, the Italian electricity company, is set to execute the next phase of its €5bn hybrid capital issuance programme begun last year, with a euro and sterling deal in the coming days, very possibly as early as Wednesday.

  • Volkswagen gets party started with a €1.25bn 10 year

    Volkswagen Financial Services opened European investment grade corporate bond issuance for 2014 today with a €1.25bn 10 year issue that responded to a tightening of low-beta credit since mid-December.

  • French euro PP market prepares charter of best practice

    Banks, investors and issuers in the French-based ‘euro PP’ market are set to unveil a charter on Wednesday, laying out standards for issuance in the market.

  • CEE sovereign funding plans take shape

    EuroWeek Emerging Markets has amalgamated the 2014 funding plans of CEE sovereigns, according to bankers and analysts focused on the region. One analyst said today he expects a total of $35bn-$40bn equivalent to be issued from emerging European sovereigns this year.

  • Subprime Auto Spreads Tighten From December

    Price guidance for American Credit Acceptance’s $204.82 million ACAR 2014-1 and for Santander’s $1 billion SDART 2014-1 indicates slight spread tightening from December’s subprime auto deals, asset-backed deal trackers said Tuesday.

  • BNP Floats Long PLN/HUF, EUR/HUF Double-No-Touch Play

    Investors should consider buying Polish zlotny/Hungarian forint, while also entering into a two-month double-no-touch on the euro/HUF, according to Bartosz Pawlowski, global head of emerging market strategy at BNP Paribas in London.

  • PSP shrugs off real estate worries with Swiss bond

    Real estate company PSP Swiss Property opened the Swiss franc corporate bond market for the year on Tuesday, selling seven year bonds.

  • Dual-currency IPOs just a gimmick? That’s a porky pie

    If market talk is to be believed, China’s largest pork producer Shuanghui International is thinking about becoming the first company to list in both Hong Kong dollars and RMB. It should take the idea seriously. There is more to be gained than just extra paperwork.

  • Doha Insurance's capital hike approved

    Qatar’s Doha Insurance hopes to increase its capital to Qr500m ($137.3m) through a rights issue that will see almost 25m new shares sold later in the year.

  • VTB Capital Completes Second RMBS In A Year For Absolut Bank

    VTB Capital has closed a RUB8.2 billion ($247.76 million) securitization backed by a portfolio of mortgages from Russia’s Absolut Bank. It managed to price the bonds at a lower coupon than for a similar deal put together for the same originating bank in April 2013.

  • 3i Debt Management Hires New Portfolio Manager

    3i Debt Management has bolstered its European team by hiring Michael Curtis as a portfolio manager.

  • Assenagon Taps Equity Model To Value Contingent Converts

    Assenagon Asset Management is using an equity derivatives model to assess the fair value of contingent convertible bonds—known as CoCos—and subsequently identify investment opportunities.

  • VTB Capital completes second RMBS in a year for Absolut Bank

    VTB Capital has closed a Rb8.2bn (€181m) securitization backed by a portfolio of mortgages from Russia’s Absolut Bank. It managed to price the bonds at a lower coupon than for a similar deal put together for the same originating bank in April 2013.

  • 3i Debt Management hires new portfolio manager

    3i Debt Management has bolstered its European team by hiring Michael Curtis as a portfolio manager.

  • SocGen hires two for high yield sales

    Société Générale CIB has hired two bankers for its high yield business. Noah Postyn and Colin Burt have joined as directors in high yield and crossover sales in London.

  • Cantor Fitzgerald expands European high yield capabilities

    Cantor Fitzgerald is expanding its European team with the hire of Franz Bucher as a managing director in London.

  • Brace yourselves, cov-lite is coming this year, poll predicts

    Investors may not like it, but leveraged loan bankers seem to be in agreement: covenant-lite debt is coming to Europe.

  • Cirsa to tap four year high yield bond for €120m

    Cirsa, the Spanish gambling company, has launched the second European high yield bond of 2014. It wants to tap its 8.75% May 2018 notes for €120m.

  • Capital gets in gear as Svenska nets T2 and Créd Ag preps AT1

    Svenska Handelsbanken got the tier two capital market off to a flying start on Tuesday morning, gathering a cool €5bn of orders for a €1.5bn 10 year non-call five deal. Meanwhile, Crédit Agricole began preparations for its debut additional tier one capital trade.

  • Abbey and BNPP negotiate peripheral roadblock

    While Italian credits were grabbing the headlines on Tuesday morning, Abbey National Treasury Services quietly executed a €1bn five year senior deal and BNP Paribas a €1.25bn seven year trade, proving that core credits were also benefitting from the pent up demand that saw Assicurazioni Generali and UniCredit attract over €10bn of orders between them the same day.

  • Caffè Nero signs £275m refi loan package

    Caffè Nero, the UK coffee shop chain, has issued a combination of junior and senior debt to refinance its loans and support its growth in the UK and abroad.

  • Fresenius aims to price €750m high yield bond on Thursday

    Fresenius has launched its first bond transaction of the year. The German healthcare company's five and seven year €750m high yield offering is expected to be priced on Thursday.

  • Pace completes Aurora acquisition with $310m loan

    Pace, the UK company that provides technology and services for broadcasting and broadband, has completed its purchase of Aurora Networks after signing acquisition and refinancing loans totalling $460m.

  • Fed vet to Thieke out a living at Barclays

    Barclays has appointed former Federal Reserve Bank of New York supervisor Stephen Thieke as a non-executive director.

  • Italian credits spearhead senior rush

    Italian insurer Assicurazioni Generali and Milan-headquartered lender UniCredit SpA grabbed €2.5bn of senior funding between them on Tuesday morning, while Banco Popolare readied itself for its own assault on the capital markets by mandating leads for a European roadshow. Investors piled into Generali and UniCredit’s deals, with the combined books hitting double figures.

  • Mitie finds PP buyers open to bespoke M&A financing

    With modest capex needs and narrow margins, outsourcing companies are ideally suited to the US private placement market. They don’t need to borrow vast amounts, but can benefit from investors with deep credit skills that value stability. Mitie refinanced an acquisition with a PP in 2010 — then, when it did another takeover in 2012, the PP market was the natural place to turn.

  • Companies seek long term debt from astute relationship lenders

    The US private placement market – where the main investors are US insurance companies – has a long history of being open to high quality European corporate borrowers. For companies that do not want to borrow a full benchmark-sized amount, or do not want a public credit rating, the PP market offers an alternative to the public bond market.

  • BBC’s unique credit wins new fans among US insurers

    Everyone knows what the BBC is, but what kind of credit risk is it? That question becomes still more tricky when you are lending to BBC Commercial Holdings, an unguaranteed subsidiary that sells BBC content around the world. It was a challenge US private placement investors relished, enabling the BBC to raise its first on balance sheet bond at near record low interest rates.

  • Britvic stays a regular PP issuer before, during and after crisis

    Soft drinks maker Britvic was happy with its new bank group in 2007 — but knew it wanted something else as well. Forging links with US private placement investors, and maintaining them with regular meetings and calls, stood it in good stead in 2009 and 2010, when financing conditions were harder. Britvic was able to keep raising long term debt at modest coupons, leaving its bank facilities free to use flexibly for financing acquisitions and other needs.

  • Unite Capital Cities cuts funding costs with new loans

    Student accommodation firm Unite Capital Cities has cut its cost of bank financing by 150bp after signing debt facilities totalling £226m.

  • SSA borrowers should not fear yield pain in 2014

    Despite bumper books on some of the first deals of the year, sovereign, supranational and agency borrowers will be facing 2014 with a degree of trepidation. It’s set to be a year of painful readjustment to higher yields but issuers will just have to grin and bear it and such hikes will be beneficial for the market overall.

  • Altice kicks off 2014 IPO market with €1.5bn cable deal

    Altice, a telecoms and cable investment company, launched an IPO of up to €1.5bn on Tuesday, the first new deal in the market after a busy 2013 for the cable sector.

  • Cantor Hires Credit Bigwig

    Franz Bucher, an ex-senior director at Raiffeisen Bank International, has joined Cantor Fitzgerald as a managing director in London as part of the firm’s fixed income expansion in Europe.

  • Romania picks leads for Eurobond

    Romania has picked three firms to lead manage a Eurobond, according to two origination officials away from the deal. The three banks named declined to comment.

  • KWG picks five year to fund property projects

    KWG Property Holdings opened books on a benchmark dollar deal on Tuesday, as Chinese property supply starts its January surge.

  • Kexim combines floating and fixed for Korea's first

    The Export Import Bank of Korea (Kexim) kicked off 2014 the country's issuance on Tuesday with a dual tranche benchmark bond split between floating and fixed rate bonds.

  • Luxembourg sukuk is good for UK

    The Luxembourg government’s introduction of a sukuk bill has raised the possibility that it might stump the United Kingdom’s bid to issue the first European sovereign Islamic paper. But rather than causing alarm among UK Islamic finance practitioners, this competition for the limelight should be celebrated as a win-win for the market.

  • Oil and Gas Systems asks market for €150m greenfield loan

    Russian pipeline valve producer Oil and Gas Systems has approached the development bank market for a facility of up to €150m, of which €50m is expected to be syndicated among commercial lenders.

  • Regulators flex muscles as Co-op Bank placed under investigation

    The Prudential Regulation Authority and Financial Conduct Authority are to conduct an enforcement investigation into Co-operative Bank, considering the role of former senior managers in the bank’s deterioration, which led to its bondholder-driven rescue at the end of 2013.

  • Structures On Mutual Funds To Surge In Europe

    Structured products linked to mutual funds are set to increase in popularity next year as European investors look to alternative equity or multi-asset underlyings as a way of generating performance over standard equity indices.

  • Guangzhou R&F raises $1bn with first rated deal

    Guangzhou R&F Properties raised $1bn with its first ever rated bond deal on Monday. The company sold a five year non-call three deal that came with a variety of structural enhancements, and was trading well in the secondary market on Tuesday.

  • Essar $1.25bn loan nets first commitment as more eye deal

    Essar Energy’s $1.25bn two year loan, launched in mid-December, has netted one firm commitment already, with many more also circling the transaction.

  • Indonesia woos buyers with wide guidance for dual trancher

    Indonesia became the second Asian sovereign in the market this week on Tuesday launching a dual tranche bond split between 10 and 30 year tenors. Bankers away from the transaction were struck by the high starting point on the 30 year piece, but buyers felt the strategy was sensible given concern around the credit.

  • Sri Lanka prices tight for dollar return on the back of US demand

    The Democratic Socialist Republic of Sri Lanka managed to price its first dollar bond in two years through its existing curve. While response to the $1bn bond was tepid in Asia, US investors showed no such reticence.

  • South Korea Proposes Change To Hedging Account Practices

    A proposed amendment to South Korea’s Commercial Act Enforcement Decree will allow firms to set off unrealized gains arising from hedging derivatives against the unrealized losses of the underlying transactions.

  • HK Credit-Focused Hedge Fund To Launch

    Ark One, a credit-focused hedge fund in Hong Kong, is set to launch later this month.

  • CIMB poaches Maybank CEO

    CIMB Investment Bank has hired Tengku Zafrul Tengku Abdul Aziz as its new head, joining from Maybank Investment Bank where he was CEO.

  • ONGC mandate imminent, increase to $1.75bn expected

    ONGC Videsh, the international arm of Oil and Natural Gas Corp, is expected to mandate banks for its dollar loan on Wednesday January 7, with a strong showing from lenders leading to speculation that the company is likely to raise the final size to $1.5bn-$1.75bn from the mooted $1bn.

  • BNDES seeks euros as bankers bet on single currency pipeline

    Brazilian development bank BNDES’s plan to tap the euro markets shortly could be the first of many deals in the currency from Latin American issuers this year, said LatAm DCM bankers on Monday.

  • Kakao sets sights on jumbo 2015 IPO

    Smartphone app creator Kakao Corp is planning to float on the Korea Exchange by May next year in a deal that bankers say is likely to be the largest in the country for several years.

  • Gallant picks five for $410m

    Singapore-based Gallant Venture has mandated a group of five banks to arrange a $410m loan, pricing the deal at a handsome 375bp over dollar Libor.

  • MS Loses Equity Trader In Hong Kong

    Nael Tassabehji, an index derivatives trader at Morgan Stanley in Hong Kong, has left the firm.

  • BPCL eyeing new $500m five year

    With Hindustan Petroleum Corp and Indian Oil already on bankers’ radars with their requests for proposals for loans, lenders are now keeping an eye out for yet another RFP — this time from Bharat Petroleum Corp.

  • Goldman's Yaacob joins DB to head Malaysian unit

    Deutsche Bank has appointed Yusof Yaacob as the bank’s new chief country officer for Malaysia

  • Shanghai Chengtou US dollar debut shows new LGFV funding option

    The first onshore dollar bond from a Chinese local government financing vehicle (LGFV) has showcased another funding option for indebted municipalities amid continued high onshore borrowing costs in local currency.

  • Korea finally approves bank covered bonds

    After months of discussion and delay, the country's parliament finally passed a bill in late December that would allow local banks to issue bonds directly supported by pools of high quality loans. It should open the door for Korean lenders to issue such bonds at competitive prices.

  • China SOEs pave way for tech dim sum

    State-backed technology companies are poised to launch their debut dim sum bond deals as early as this week, giving investors exposure to an industry that has so far played a minor role in the market.

  • Asia (ex Japan) Syndicated Loans Bookrunner Ranking - Full Year 2013

  • The uncertainties behind Cinda’s IPO success

    The listing of China Cinda Asset Management, one of China’s bad-debt asset management companies, was hugely successful. But questions surround the company, not least how much independence it will enjoy as the country’s bad debts rise. Elliot Wilson reports.

  • North Asia DCM Bookrunner Ranking - Full Year 2013

  • Strategists predict how Asia's stocks will fare in 2014

    Five of the region's leading strategists respond to the following question from ASIAMONEY: Which Asian markets offer the most opportunity and which provide the least in 2014?

  • China’s LGFVs to gain popularity despite muni bond launch

    As Beijing allows local municipalities to issue debt directly into the interbank bond market, the role of municipalities’ third-party vehicles is set to diminish — but not investors’ appetite for their bonds.

  • Sri Lanka leans on US demand to price tight dollar bond

    The South Asian sovereign returned for its first international deal in two years at a spread tighter than its outstanding yield curve. Regional demand was lacklustre, but US investors were much more supportive.

  • Banks Get Tougher With Lending To REITs

    Roughly one-third of financial institutions say they have introduced more stringent lending terms for loans they provide to real estate investments trusts, according to a Federal Reserve survey.

  • Canada Drops LIBOR Probe

    Canada’s Competition Bureau has dropped its investigation into alleged manipulation of the yen London Interbank Offered Rate after nearly three years as evidence it collected was determined to be “insufficient to justify prosecution.”

  • JPM, Pittsburgh Bank Settled MBS Suit

    JPMorgan Chase and the Federal Home Loan Bank of Pittsburgh have reached an agreement to settle claims related to losses on $1.8 billion in mortgage-backed securities the FHLB bought in 2006 and 2007.

  • Dutch Gov’t Planning Second ING MBS Auction

    The government of the Netherlands is planning a second auction of U.S. mortgage-backed securities it acquired in 2009 during a bailout of lender ING Groep with an eye toward liquidating its U.S. MBS portfolio within a year.

  • U.S. CMBS Delinquencies Plummet

    The delinquency rate for loans in U.S. commercial mortgage-backed securities plummeted 23 basis points in December to 7.43%, marking its seventh consecutive month of decline, according to Trepp.

  • Non-Agency Originations Expected To Rise

    Non-agency originations are expected to rise in 2014 even as overall activity will like decline from 2013 levels.

  • REITs Follow Blackstone To SF RMBS Market

    Real estate investment trusts American Homes 4 Rent and American Residential Properties are both poised to tap the single-family REO-to-rental securitization market, helping to solidify the long-term sustainability of the sector, according to Morgan Stanley.

  • Austria To Decide On Hypo Bad Bank In Q1

    The Austrian government will likely decide the type of bad bank model to be used for troubled lender Hypo Adria in the first quarter, according to Klaus Liebscher, chairman of the bank.

  • Irish Bad Bank Generates EUR5.8 Bln

    Irish bad bank National Asset Management Agency generated EUR5.8 billion in EUR5.8 billion ($7.9 billion) in 2013 for a total of EUR16.5 billion ($22.52 billion) since its creation in 2009.

  • E.U. To Relax Bank Reform

    The European Union has drafted a proposal that would ease the requirements that banks separate activities and make them less costly and restrictive than originally envisioned.

  • Romanian Banks Continue To Deteriorate

    Romanian banks will continue to deteriorate in the first part of 2014 with profitability remaining at a low level, according to Fitch Ratings.

  • MS Names Rates Co-Chiefs As Hadden Departs

    Morgan Stanley has named Jakob Horder and Mitch Nadel as co-heads of global rates following the departure of Glenn Hadden, global head of interest rates, in New York.

  • Santander Readies $1Bln Non-Prime Deal For This Week

    Santander plans to sell at least $1 billion in non-prime, fixed-rate auto loan receivables from its SDART shelf this week. Two of the notes will be sized to demand, according to a person familiar with the deal.

  • French euro PPs revive with Norbert Dentressangle, Louis Delhaize

    Two bond issues in late December have broken a dry spell in the French-based ‘euro private placement’ market, where issuance has been sparse since the middle of 2013.

  • Lower Solvency II Capital Charges Still Leave Euro ABS Looking Unattractive, Says Barclays

    Insurers will face lower capital charges for certain types of high quality securitization under new Solvency II proposals.

  • Lower Solvency II capital charges still leave ABS looking unattractive, says Barclays

    Insurers will face lower capital charges for certain types of high quality securitization under new Solvency II proposals. But in many cases the charges will still be higher than if insurers held the underlying loans backing securitizations, which will continue to encourage investment away from securitized debt, according to Barclays ABS analysts.

  • O’Malia: CFTC Tries To Duck Blame For U.S. Cross Border Reach

    The Commodity Futures Trading Commission has attempted to dodge blame for failing to limit the cross-border reach of Dodd Frank by issuing a request for comment instead of addressing issues over the extraterritorial application of the regulation.

  • Euronav sets course for €350m capital raises

    Belgian tanker company Euronav is set to raise €350m through two capital raises to partly finance the acquisition of 15 very large crude carriers (VLCC).

  • RM2 completes £137.2m float on AIM

    RM2 International, the Luxembourg-based pallet maker, floated on London’s Alternative Investment Market (AIM) on Monday, in one of the market’s largest IPOs since the financial crisis.

  • 2014 Outlook: Eurostoxx Div Strategy Tipped For Spike

    A Eurostoxx 50 dividend strategy, which targets a long eight-month constant tenor exposure to dividend futures by rolling weekly between near-dated contracts, is set to receive increased interest from investors looking to generate alpha in 2014, according to strategists at Bank of America Merrill Lynch.

  • High yield sets global volume record, 2014 set to stay bullish

    The leveraged finance market, including bonds and loans, reached a record volume of issuance in 2013, with $2.25tr of borrowing globally, according to Dealogic.

  • Levloan market reached six year high in 2013

    Leveraged loan deal flow picked up substantially in 2013, as the market’s global volume reached $1.77tr, the highest annual total since 2007.

  • ANZ set to price dual tranche dollars

    Australia & New Zealand Bank is set to price a US dollar senior unsecured deal on Monday afternoon, before it makes its 2014 debut in euros with a covered bond, expected to price on Tuesday.

  • Defaulted Codere avoids loan repayment as talks continue

    Codere, the Spanish gaming company that is in default, has submitted a filing to the Mercantile Court of Madrid, which allows it to continue negotiating on refinancing its debt.

  • Luxembourg fires up debut sukuk plans

    Luxembourg has joined the United Kingdom in a race to be the first European sovereign to issue a sukuk, after the principality introduced a bill to bring up to €200m worth of notes in euros or dollars.

  • Lillo takes bank debt to fund Lombardini purchase

    Lillo, the Italian discount retailer, has signed €185m of loans to part-finance its acquisition of Lombardini Discount.

  • Generali and Abbey to kick off senior as Europe eases into gear

    Italian insurer Generali and UK lender Abbey National have both mandated leads for euro senior deals with more issuers expected to follow later this week, once several European countries return to work after Monday’s Epiphany holiday.

  • Q&A: ISDA’s Pickel Concerned By Repository Fragmentation

    Fragmentation of trade repositories is a significant concern for the International Swaps and Derivatives Association as it makes it harder for regulators to identify risk in the marketplace, Robert Pickel, ceo, told DW in an interview.

  • Zambia mandates, bankers look for non-government African borrowers to follow

    Zambia is understood to have mandated Barclays and Deutsche Bank for a Eurobond, joining Kenya and Tanzania on the list of sub-Saharan African sovereigns expected to price deals this year.

  • Finland’s Finda finds financing

    Finda, an investor in the information and communications technology sector, has signed a €170m term loan for refinancing and acquisition purposes.

  • 2014 Outlook: Low-Premium Fx Structures To Stay Center Stage

    Low premium flow structures such as reverse knock-outs are expected to continue being favoured by investors over the next 12 months as central banks continue to play a significant role in guiding fx markets, according to senior fx officials.

  • Scout24 to launch LBO debt in mid-January

    Scout24, the German online directories and listings business, expects to hold a bank meeting next week to market €650m of drawn debt backing its partial takeover by Hellman & Friedman.

  • Nama raises Islamic funding from Saudi Hollandi

    Saudi chemicals and petrochemicals company Nama has signed a Sr125m Islamic financing agreement with Saudi Hollandi.

  • Fresenius high yield bond for acquisition set to be 2014’s first

    Fresenius could be the first high yield bond issuer to come to the European market in 2014.

  • ABN and BNZ target middle of curve in Swiss francs

    ABN Amro and Bank of New Zealand opened the Swiss franc market for 2014 on Monday, selling debt in the middle part of the curve. Issuance in the currency is expected to accelerate as the week continues.

  • ECM bankers get ready for busy January

    Equity capital market bankers are gearing up for a busy January and beyond on the first full day of European market activity in 2014. While primary markets were quiet on Monday, as much of Europe holidayed, plenty of deals are expected over the coming few weeks.

  • CFAO signs €400m RCF as bankers predict refis to ebb

    CFAO, the French consumer and goods conglomerate focused on Africa, has signed a €400m five year revolving credit facility to refinance debt early.

  • Lukoil signs ECA loan, two deals still out in market

    After approaching the loan market with three separate requests for proposals in late 2013, Russian oil and gas firm Lukoil has signed a €420m export credit agency-backed loan through a Bulgarian subsidiary to upgrade a refinery.

  • Santa's little loan market helpers

    Trudging back to the office this rainy morning, Loan Ranger felt the customary dread that comes with returning to work after any extended period away from his desk.

  • China Resources mulls $800m

    China Resources Holdings is looking for a loan of $700m-$800m and is speaking to banks, marking its first return to the loan market since signing a $200m deal in September 2012.

  • ADBC, Chexim add heft to dim sum deals flow

    Agricultural Development Bank of China starts a two day deal roadshow on Tuesday with a view to issue a CNH bond.

  • Citic Resources eyeing $300m three year

    Hong Kong-listed Citic Resources is seeking a $300m three year loan, with banks working on getting their final approvals to form the top level arranging group.

  • Shanghai Chengtou US dollar debut shows new LGFV funding option

    The first onshore dollar bond from a Chinese local government financing vehicle (LGFV) has showcased another funding option for indebted municipalities amid continued high onshore borrowing costs in local currency.

  • HSCEI Call Spread Interest Spikes

    Some investors have been buying 10800-11400 January call spreads on the HSCEI in a bid to take advantage of an expected rebound in the index.

  • Barclays Credit Trader Joins ING

    Antonio Cailao, a former director and head of investment grade credit trading at Barclays in Singapore, has joined ING, also in Singapore.

  • Korea finally approves bank covered bond, issuance cap boosted to 8%

    Korea has finally passed its Covered Bonds Act becoming the first Asian country to have legislation for covered debt.

  • Victory knitting for HK$1bn loan

    Knitted fabric manufacturer Victory City International has launched a HK$1bn ($129m) loan into senior syndication, with favourable market conditions allowing the company to pay almost 50bp lower than the last time it tapped lenders.

  • Chinese IT giant boots up for dim sum debut

    China Electronics Corporation Holdings Co is hoping to make its debut in the dim sum bond market this week to become the first Chinese state-owned enterprise (SOE) to enter the market this year.

  • Mexico dominance keeps Citi on top in LatAm as DB jumps to second

    Citi benefited from Mexico’s increased share of Latin American international bond issuance in 2013 to retain its number one position in the region’s bookrunner league tables, according to Dealogic. Citi achieved top spot despite its market share falling from 12% to 10.6%, and its volume share in Brazil falling by more than half.

  • Getting saucy: Laohenghe starts premarketing for $130m IPO

    Condiments producer Huzhou Laohenghe Brewing started premarketing its $130m IPO on Monday as it banks on the Chinese domestic market becoming more conscious on food safety, according to a banker close to the deal.

  • Baroda on the road for dollar bond return

    India’s Bank of Baroda looks set to end its three year absence from the dollar bond market as it embarks on a deal roadshow.

  • Bonds update: China property in the spotlight as R&F, Kaisa launch bonds

    China property companies have wasted no time in returning to Asia’s debt market as two names launched bonds on Monday.

  • Sri Lanka sets price guidance for five year

    Sri Lanka has launched price guidance for first overseas dollar bond since July 2012 in what is expected to be a busy start to the year for sovereign issuance.

  • Southeast Asia DCM Bookrunner Ranking - Full Year 2013

  • Asia (ex Japan) G3 Syndicated Loans Bookrunner Ranking - Full Year 2013

  • China real estate, industrials to dominate 2014 HY pipeline

    Chinese property firms will lead the Asia ex-Japan high yield market in 2014 as top-name developers face billions of dollars up for refinancing. Mainland industrials are also set to play a central role.

  • ADBC, Chexim add heft to dim sum deals flow

    Agricultural Development Bank of China starts a two day deal roadshow on Tuesday with a view to issue a CNH bond.

  • Asia (ex Japan) Local Currency DCM Bookrunner Ranking - Full Year 2013

  • Asia (ex Japan) G3 DCM Bookrunner Ranking - Full Year 2013

  • CLOs Top $82 Bln In 2013

    The U.S. collateralized loan obligation market saw $82.44 billion in deals price in 2013.

  • End of Year Avalanche Of CLO Triple-As On Secondary

    December saw a surge in sales of triple-A collateralized loan obligation bonds as banks prepared for a regulatory worst-case scenario.

  • QM Rule Makes Issuing Mortgage Tougher, Say Banks

    The new qualified-mortgage and ability-to-pay rules, which go into effect Jan. 10, will make it more difficult for community banks to issue loans, according to half the ceos of those institutions surveyed.

  • Fannie Mae Servicing Rights Up For Bid

    An unnamed seller is offering for sale more than $201 million in low-coupon Fannie Mae mortgage-servicing rights with more than 70% of those loans concentrated in California.

  • Moody’s Proposes Changes To CDO Rating Approach

    Moody’s Investors Service is seeking comments by Feb. 3 on proposed changes to how it approached rating collateralized debt obligations backed by structured finance assets.

  • U.K. Mortgage Approvals Near Six-Year High

    Mortgage approvals by U.K. lenders in November rose to their highest level since January 2008, though still far below pre-crisis levels.

  • Most Economists Negative On E.U. Bank Plan

    The European Union’s strategy for winding down failing banks is seen as not being sufficient to put an end to government bailouts of such financial institutions, according to 27 of 41 economists surveyed.

  • Fitch Takes Action On European SME CLO

    Fitch Ratings took ratings actions on a number of European collateralized loan obligations tied to small and medium-sized enterprises, assigning ratings to new CLOs, affirming ratings on others and placing still others on rating watch negative.

  • European Bank Structured-Note Issuance at 11-Year Low

    Issuance of structured notes by European banks dropped to its lowest level in 11 years in 2013 as the number of issuers, including the Royal Bank of Scotland and Rabobank, left the industry and investor shifted to bonds.

  • CBOE Sees Record Trading Volume In VIX Futures

    The CBOE Futures Exchange has reported that annual trading for futures on the VIX reached an all-time high in 2013.

  • 2014 Outlook: Japan Rates Mart To See Increased Participation

    Domestic participation in the Japanese interest rate derivatives market is set to continue to increase in 2014 on the back of the country’s stimulus plan initiated earlier in year, according to traders.

  • 2014 Outlook: Everything Changes; Nothing Changes

    As 2014 will mark the fifth year after the post crisis G20 meeting in Pittsburgh, it seems timely to assess how much progress has been made on regulatory reforms to the derivatives market in the last year and what progress we can expect to see in the forthcoming year.

  • ECM and DCM vols falter as loans bounce back

    Equity and bond markets suffered a drop in volume in 2013 as the a dramatic slowdown in India’s IPO market and talk of tapering hurt deals flow. Loans bucked the trend with a resurgent market but this was not enough to prevent a fall in investment banking revenues, according to Dealogic.

  • Keppel plans data centre Reit

    Keppel Telecommunications & Transportation announced on Friday that it is exploring the possibility of floating a data centre real estate investment trust onto the Singapore Exchange.

  • China Lesso building $100m loan

    Building materials manufacturer China Lesso Group Holdings is tapping the market for a $100m three year loan, in a deal that will mark the company’s debut in the syndicated market. While its strong credit is expected to hold the deal in good stead, there are concerns that pricing will cause a problem.

  • China CNR gets greenlight for H-share listing

    Train manufacturer China CNR Corp has received approval from the State-owned Assets Supervision and Administration Commission to conduct an IPO on the Hong Kong Stock Exchange, according to an exchange filing on January 2.

  • Tata Motors $500m speeding up

    Around nine banks have joined Tata Motors’ $500m syndicated loan, collectively committing more than $100m. But with more lenders still eyeing up the transaction, the leads are likely to provide them more time to obtain their final approvals.

  • Updated: Indonesia mandates for dollar 10 year, expected next week

    The Republic of Indonesia is expected to return to the bond markets next week with a 10 year US dollar denominated deal.

  • Astra Sedaya seeks around $500m

    Indonesian company Astra Sedaya Finance is in preliminary talks with lenders to raise a loan of $300m-$500m, with bankers expecting the mandated lead arranger and bookrunner group to be finalised by the end of January.

  • Power Assets to start premarketing $5bn IPO on Monday

    IPO in Hong Kong is starting the New Year with a bang as Power Assets scheduled to start premarketing its $5bn spin-off of Hong Kong Electric Investments on January 6, according to bankers close to the deal.

  • CDB offers debut bank bond on exchange market

    China Development Bank (CDB) issued the debut bond from a financial institution in China’s stock exchange market on December 27 as regulators try to diversify the country’s debt markets. The final issuing size of the dual-tranche deal was Rmb12bn with a two year ticket sold at 5.80% and a five year portion offered at 5.84%.

  • Citi Settles GSE MBS For $250 Mln

    Citigroup has agreed to pay Fannie Mae and Freddie Mac $250 million to settle claims related to mortgage-backed securities.

  • Community Bank Liquidates CDO

    DeWitt, N.Y.-based Community Bank System has sold its entire portfolio collateralized debt obligations as well as other securities to comply with the Volcker Rule at a loss of roughly $6.9 million.

  • Agency MBS Face A Year Of Transition

    Agency mortgage-backed securities face a year of transition as investors remain cautious as yields on Treasuries slowly rise and the Federal Reserve moves away from quantitative easing, according RBS Securities analysts.

  • Loan Group Calls For Revisit Of Volcker CLO Rule

    The Loan Syndications and Trading Association has called on regulators to revisit the Volcker rule as it applies to collateralized loan obligation ownership.

  • FHFA Settles One-Third Of Bank Mortgage Suits

    The Federal Housing Finance Agency has settled claims with six of 18 lawsuits related to their representation of mortgages sold to Fannie Mae and Freddie Mac, recovering close to $8 billion in 2013.

  • Consumer ABS Outlook: Modest Growth, Tighter Spreads

    Next year’s market for consumer asset-backed securities is going to look a lot like 2013, investment bank analysts forecasted this month. New issuance may get a slight bump from this year’s volumes, spreads will likely tighten (SI, 12/17) and credit performance will remain relatively stable.

  • French Prime RMBS Stable

    Performance of French prime residential mortgage-backed securities was stable for the six-month period ending Sept. 30, according to Moody’s Investors Service.

  • Outlook Bright For Italian RMBS

    Senior tranches of Italian residential mortgage-backed securities are expected to produce better returns in 2014 than their prime counterparts in the U.K. and the Netherlands, according to Citigroup analysts. Click here to read the story from Bloomberg.

  • Too Many Bank Regs Could Threaten Recovery

    Mark Florman, ceo of the British Venture Capital Association and a former government adviser, has warned that while he supports ring-fencing of banks’ activities, too many regulations—such as even higher capital ratios—could threaten the economic recovery of the U.K. and Europe.

  • Cantor Sees CMBS Mart Topping $125B In 2014

    Cantor Commercial Real Estate’s chief executive is predicting commercial mortgage-backed securities issuance will top $125 billion in 2014, a $35 billion jump from 2013, as more borrowers tap the floating-rate and large loan markets.

  • 2014 European Regulatory Outlook: All Eyes On Mandatory Reporting Deadline

    One date highlighted by market participants next year is Feb. 12, when mandatory reporting to trade repositories begins in Europe. The European Securities and Markets Authority has already approved six trade repositories including IntercontinentalExchange and CME Group (DW, 29/11), but lawyers say that creases in the counterparty-dealer relationship need to be ironed out before the deadline, especially surrounding the issue of delegated reporting.

  • 2014 Outlook: South Korea Prepped For Product Expansion

    South Korea is set for a major shakeup in 2014, as regulators, investors, securities firms and the Korea Exchange push to inject greater diversity into available investment products in the country.

  • China resumes normal service with first batch of IPOs

    A total of 10 companies are poised to complete their IPOs by January after the CSRC started giving applicants the long awaited go-ahead after a more than one year long moratorium on new listings.

  • Alibaba key to HK’s quest for IPO leadership in 2014: PwC

    Chinese internet giant Alibaba’s mega IPO could be the deciding factor on whether Hong Kong is able reclaim top spot as the world’s leading IPO exchange in terms of funds raised, according to PricewaterhouseCoopers (PwC).

  • Indian Oil eyes C$900m for Canada acquisition

    Indian Oil Corp has sent out a request for proposals to banks for a one year bridge loan of C$900m ($847m), as it seeks funds to finance an acquisition in Canada.

  • HPCL seeks new $300m loan, sends RFP

    Hindustan Petroleum Corp has issued a new request for proposals for a three year loan of $300m, as a separate $500m financing in general syndication nears its closing date. With the old transaction already priced at a generous 150bp over dollar Libor, bankers eyeing the latest fundraising plan are confident of obtaining a similar margin.

  • Malaysia’s Boustead plans Q2 plantation spinoff

    One of Malaysia’s largest conglomerates, Boustead Holdings, is set to spinoff its plantation business on Bursa Malaysia in the second quarter, according to an exchange filing on December 30.

  • Seven to win Far Eastern $400m mandate

    A group of seven banks that made a joint bid for Far Eastern Group’s request for proposals for a $400m loan are tipped to win the mandate to lead the transaction.

  • Investors favour Asia high yield as Fed fires up risk appetite

    Fixed income investors have placed Asian high yield bonds high on their wish list for 2014 after the US Federal Reserve’s pledge to keep interest rates near zero at least until mid-2015 restored confidence in the region’s debt markets.

  • Global Derivatives & Risk Management 21st Annual Conference

    The Global Derivatives & Risk Management hosts its 21st annual conference between May 12 – 16, 2014 at Hotel Okura in Amsterdam. Global Derivatives brings together leading quants, traders, risk managers and academics from all over the world to discuss the key challenges affecting the derivatives market. They are offering a 10% discount for readers using the following VIP Code: FKN2383DERW. For further details, visit www.icbi-derivatives.com/FKN2383DERK.

  • Structured Retail Products Pre-Conference Structured Products Training Course

    Structured Retail Products is running its annual pre-conference Structured Products Training Course on Feb. 5, 2014. The training course provides participants with an introduction to structured products and the issues involved in designing them. For further details, visit www.StructuredRetailProducts.com/events

  • Chicago Board Options Exchange 30th Annual Risk Management Conference

    The Chicago Board Options Exchange will hold its 30th annual Risk Management Conference between March 17 – 19, 2014 at the Hyatt Regency Coconut Point in Bonita Springs, Florida. For further details, visit www.cboermc.com.

  • Structured Retail Products 11th Annual European Structured Products Conference

    Structured Retail Products will hold its 11th Annual European Structured Products Conference at the Charing Cross Hotel in London between February 6 - 7, 2014. The conference will provide the opportunity to hear from, and question the industry thought leaders that are active in the structured products market. The conference will feature panels on key trends and the outlook for the market in 2014 from global structured product heads, while international regulators will discuss the latest developments in regulation.

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Jul 2014
1 JPMorgan 206,119.24 768 7.99%
2 Barclays 197,009.75 660 7.64%
3 Deutsche Bank 185,589.88 731 7.20%
4 Citi 180,289.40 670 6.99%
5 Bank of America Merrill Lynch 168,848.11 598 6.55%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 22 Jul 2014
1 BNP Paribas 30,619.52 128 7.74%
2 Credit Agricole CIB 22,088.50 82 5.58%
3 HSBC 19,705.60 104 4.98%
4 UniCredit 19,229.33 92 4.86%
5 Commerzbank Group 18,774.69 107 4.75%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 19,623.08 89 9.25%
2 Goldman Sachs 19,369.43 59 9.13%
3 Deutsche Bank 18,401.12 61 8.68%
4 UBS 16,522.25 60 7.79%
5 Bank of America Merrill Lynch 16,020.48 53 7.55%
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