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News Archive

  • Indonesia sails to success with 10 year sukuk

    The Republic of Indonesia launched a $1.5bn 10 year sukuk on Tuesday afternoon, enjoying a smooth book build that left the deal fully subscribed early on in execution. Pricing was fair from the outset, said investors, who were rewarded with a 20bp premium over where the issuer’s conventional dollar bonds were trading.

  • CBOE see record month for VIX futures

    The Chicago Board Options Exchange saw the most active month ever for futures on the CBOE Volatility Index this August, surpassing previous monthly volume and average daily volume records.

  • SoFi to bring third securitization and enter mortgage market

    Peer-to-peer lender SoFi is planning to bring a $300m-plus securitization this November, as it seeks to broaden its appeal to institutional investors. The move comes as the firm is expanding into the mortgage and consumer loan markets in addition to its original student loan product.

  • Mayer Brown hires LatAm structured expert in DC

    Mayer Brown is welcoming back an expert in Latin American project finance, structured finance and acquisition financing to its Washington, DC office.

  • KRX introduces raft of changes ahead of vol futures trading

    The Korea Exchange is remodeling its futures and options market, introducing real-time limits on derivatives prices and reforming the system for fixing erroneous transactions as the bourse gears towards the introduction of futures on its Volatility-KOSPI200 index.

  • German property firm DIC Asset refis with €125m bond

    DIC Asset, the unrated German property company, launched its third bond today, a €125m issue led by Citigroup and Bankhaus Lampe.

  • BAT brings year's biggest Swissie bond as buyers warm to tobacco

    Bankers, investors and issuers alike have been keen to sing the praises of green bonds and other socially responsible investments during 2014. Nevertheless, the largest and most successful bond issue in Swiss francs this year — a Sfr1bn triple trancher from British American Tobacco, sold on Monday — came from a much-criticised industry.

  • Hedge funds hold out for cheaper clearing costs nearer deadline

    Hedge funds acting as clients of clearing members may delay clearing trades under the European Markets Infrastructure Regulation to allow the members to finanlise necessary documentation in a bid to save on costs.

  • Reiter, Bucher and Bobst take advantage of low Swiss rates

    Three Swiss companies issued domestic bonds on Monday and Tuesday, tapping into demand from retail investors for corporate paper. The issuers secured attractive pricing as a result of the market’s extremely low interest rates. Demand is likely to remain robust for further deals.

  • The tide is turning on Europe’s underloved IBs

    Cynicism is infectious, especially in the capital markets, and it has been easy to sneer at Europe’s investment banks. Lacking scale in the muscle-bound world of bond trading, and hobbled by scandal and regulation, the prevailing narrative has been that they should go big or go home.

  • Pushing maturities is the next stage of peripheral recovery

    Spain showed the rewards of being creative with its longest ever bond of the euro era on Monday, chopping €1bn from its funding needs with a deal that will mature when the eurozone debt crisis is a matter for history books, not newspapers. With more dovish measures possibly on the horizon at this week’s European Central Bank meeting, issuers could soon find that such deals are the best way to add some duration to their debt profiles.

  • Fx vols spike as euro options snapped up

    Investors are increasingly buying options on the euro, particularly against the dollar and sterling, which is helping to push volatility up following months of low fx volatility.

  • Oman Oil signs $1.85bn club loan

    Oman Oil Co, a state-owned investment arm of the sultanate, has signed a $1.85bn unsecured financing with banks, according to two loans bankers.

  • Coca-Cola mother company seeks ultra-rare euro bond

    The Coca-Cola Co, the Atlanta-based multinational soft drinks producer, has named bookrunners for a possible euro bond. Unlike some of its related bottling companies, Coca-Cola is a very rare issuer in euros, with no deals outstanding.

  • Boris island ditched – disaster averted

    Boris Johnson’s plan for a new island airport east of London is a vainglorious waste of money. The UK’s decision to build new runway capacity at Heathrow or Gatwick is the right one. They are proven capital markets players and are best placed to deliver.

  • Woolworths sets terms on rights issue

    South African retailer Woolworths has set terms on its R10bn ($937m) capital raise, that will be used to fund a recent acquisition.

  • ABC Dubai CNH debut expected on Wednesday

    The debut offshore renminbi bond from Agricultural Bank of China (ABC) Dubai Branch is expected to launch on Wednesday morning Dubai time after a conference call between the lead banks and the issuer, according to a banker close to the deal.

  • Tikehau hires two ex-bankers to grow private lending

    Tikehau, the French alternative lender, has hired two former bankers to grow its European private debt team.

  • Let this be the autumn that ECM comes of age

    The last two Septembers in the equity capital markets have been marked by frenzy and excitement. This autumn, at last, should be the one the market returns to normal — and the winners will be those that adjust their strategy to match.

  • Premiums grow juicier as Nykredit looks for floater print

    Danish lender Nykredit Realkredit mandated banks on Tuesday morning for a new five year floater. An attractive spread over Euribor continued a trend of issuers offering enticing premiums this September.

  • Virgin brings back Gosforth as FLS effect melts away

    Virgin Money has mandated banks for its first new RMBS sale since 2012, in a further sign that a weakened Funding for Lending Scheme and a tightening of UK RMBS spreads is making the market tempting once more to a bigger pool of issuers.

  • Santander book size drops by €13bn since last euro AT1

    Santander is out with the first additional tier one (AT1) trade from a major European bank since June, bringing just a €3.75bn book ahead of pricing for a perpetual non-call seven year deal — suggesting that the demand dynamics of the asset class may have changed since the first half of the year.

  • RBS cuts CEE bonds and loans, Mustafa to leave

    Hasan Mustafa, head of CEEMEA debt capital markets and risk solutions, is leaving Royal Bank of Scotland as it takes the axe to its emerging markets business.

  • Íslandsbanki’s Knudsen exits banking

    Ósvaldur Knudsen, head of treasury at Íslandsbanki, has left the company to take a job outside the banking industry.

  • Imperial Tobacco closes oversubscribed $13bn loan syndication

    British cigarette maker Imperial Tobacco has secured financing for its $7.1bn acquisition of brands from Reynolds American, and refinanced its existing revolving credit facilities.

  • Santander Consumer steps up size as it builds Bilkreditt brand

    Santander Consumer Bank is set to make good on its ambition to make its Norwegian arm a more established presence in the European auto ABS market this week after launching its first deal of the year. Bankers said the initial price thoughts on the deal indicated a tightening trend brought about by an increased number of investors coming into the name.

  • Xiaomi launches $1bn borrowing into general

    Mobile phone maker Xiaomi has opened its $1bn dual tranche loan into general on Tuesday afternoon, after cementing a bookrunner and mandated lead arranger group of 20 banks.

  • India issues RFP for PFC and REC divestment

    After Oil and Natural Gas Corp (ONGC) and NHPC, the Indian government has now set to sell stakes in two more state-owned companies. The deals could collectively raise as much as Rp21.4bn ($353m) based on current prices.

  • Alibaba’s IPO is well worth the wait

    There was plenty of speculation about the timing on Alibaba Group’s IPO even before the e-commerce company officially announced its listing plans. The saga took another turn this week as the launch date was postponed. But with the stakes high for the whole industry, it’s better for Alibaba to take its time and get the deal right.

  • BTMU back with multi-tranche bonanza

    The Bank of Tokyo-Mitsubishi UFJ (BTMU) is back in the market with its second mammoth multi-tranche offering of the year.

  • Investors pour into Indonesia’s 2024 sukuk

    Books for the Republic of Indonesia’s 10 year sukuk are building up with bids already surpassing the $2.5bn mark by early afternoon September 2, according to bankers.

  • KDB struggles amid tight spreads and competing supply

    Bankers adopted a more tactical strategy for Korea Development Bank’s new 5.5 year, choosing to announce the deal in the Asian afternoon on September 2 in a bid to focus more on US investors. However, demand has not lived up to expectations in the face of competing market supply and tight Korean credit spreads.

  • Italian SME CLOs 'protected against economy'

    The relatively short senior tranches of Italian SME CLO transactions are protecting them from the weak performance of the country’s SMEs, according to Fitch, thanks to strong credit enhancement levels and unique structural features.

  • Singapore plans to ease retail access to bonds

    The Monetary Authority of Singapore and the Singapore Exchange (SGX) have released proposals that would make it easier for retail investors to buy bonds.

  • NSB opens rare Sri Lankan bond

    Sri Lanka’s National Savings Bank (NSB) has opened guidance on a new dollar bond which is capped at $250m. Rarity in terms of both credit exposure and deal size should mean that the bond receives plenty of orders, according to bankers.

  • ABC Dubai branch to issue debut CNH, paves way for Dubai hub

    Agricultural Bank of China (ABC) Dubai Branch is set to launch its debut renminbi-denominated bond this week, two bankers close to the deal have told GlobalRMB. The deal will mark the first offshore RMB bond from the UAE operation of a Chinese bank and paves the way for Dubai to become the RMB hub for the Middle East region.

  • Invitations out for Phoenix Healthcare, Charoen Pokphand

    Chinese private hospital group Phoenix Healthcare has issued invitations for a $100m three year loan that has Deutsche Bank as bookrunner and mandated lead arranger.

  • Oceanwide debut keeps investors happy with 12% yield

    Beijing-based Oceanwide Holdings made its debut in the bond market on September 1, raising $320m from a five year non call three paper that was met with some scepticism by investors who questioned the firm’s future business plans.

  • China Taiping attempts Asia's first insurer perp

    China Taiping has opened guidance on what is the first perpetual bond from an Asian insurance company. The launch follows a series of investor meetings in Europe and Asia last week.

  • Bangkok Dusit starts investor meetings for CB

    Bangkok Dusit Medical Services Public Company, which in mid-June said it was seeking shareholder approval to issue a convertible bond, has now started investor meetings for the offering.

  • Total Derivatives: 5y offered after soft data but rally looking overdone

    Although the data-related rally in CNY rates extended on Tuesday, sources said the move was beginning to look overdone. A currency-driven bid in short-end swaps has backed the recent flattening in the 2s/5s swap curve slope, writes Deirdre Yeung of Total Derivatives.

  • Linekong starts the game for $150m Gem IPO

    Online gaming company and mobile game developer Linekong Interactive has filed for a listing on the Growth Enterprise Market (Gem) of the Hong Kong exchange. The issuer is aiming aiming to raise roughly $150m which would make it one of the largest ever IPOs on the exchange.

  • Bharti puts Sing dollars and sterling in its sights - interview

    Bharti Airtel has no plans to rest on its laurels having emerged as one of the most opportunistic borrowers in Asia over the past 12 months. Instead the borrower is already seeking out funding opportunities in new currencies in a bid to further diversify its investor base.

  • Wind power developer Arise launches second green bond

    Arise, the Swedish wind farm developer, has announced it will issue a Skr350m (€38m) green bond, its second. The deal is interesting because Arise’s activities are entirely in the field of wind power, meaning that it should not need to label its bond as green to attract environmentally minded investors – yet it has done so.

  • Deutsche Bahn stokes floating rate debate with €300m eight year

    Deutsche Bahn has returned to the floating rate note market with a €300m eight year deal, an even longer tenor than the six year FRN it issued in July. That was itself the longest dated syndicated corporate floater since February 2012. Bankers are divided on the wisdom of such deals.

  • Ahlstrom plans €100m bond issue for tender offer

    Ahlstrom, the Finnish fibre-based materials company, is considering issuing a new unsecured five year fixed rate bond of about €100m.

  • Liquid Telecom seeks $150m loan to grow African network

    Liquid Telecom, the African fixed line provider, is set to launch a five year financing to expand its international network.

  • Nyrstar refreshes capital structure with bond and rights as it deleverages

    Nyrstar, the Belgian mining and metals business, wants to raise €600m through a €250m rights offering and €350m bond issue, as it seeks to buy back existing bonds, reduce its net leverage and fund an upgrade of its smelters.

  • South African food firm launches IPO

    South African prepared meal firm Rhodes Food Group launched a Johannesburg IPO on Monday.

  • Douglas Holding gets €1.1bn August repricing at favourable terms

    German retail conglomerate Douglas Holding closed the order books on Friday for its €1.085bn leveraged loan deal, which reprices its drawn and undrawn debt at borrower-friendly margins.

  • Belgium's Corialis prepares €483m loan to start levfin season

    Corialis, the Belgian supplier of aluminium for domestic structures, is close to launching a €483m loan to back its buyout by Advent International.

  • Hedge funds snap up steepeners on iTraxx Main ahead of roll

    Big asset managers and hedge funds are putting on steepeners in the iTraxx Main index, expecting steepening between the five and 10 year points of the curve when the index goes through its semi-annual roll over to its 22nd series on September 22.

  • Emaar kicks off long awaited mall IPO

    Emaar Properties launched a long expected IPO of its mall unit on Monday, making it the first company to jump into what is expected to be a very busy autumn new issue market.

  • Investors expect Sharjah sukuk to price back of RAK

    The emirate of Sharjah will be ready to launch its debut sukuk next week after starting investor meetings on Wednesday. A Middle East market awash with liquidity will welcome the deal with open arms, but the issuer is still likely to offer a concession relative to the main comparable Ras Al-Khaimah, said one investor.

  • Kames boosts banks team with hire from ING

    Kames Capital, an Edinburgh based investment manager, has bolstered its fixed income financials team by hiring Alexander Pelteshki — formerly of ING — as an investment manager.

  • New Scope chief looks to break into Pfandbrief, expand corporates

    Scope Ratings, which hired Standard & Poor’s Credit Market Services managing director and chief of its German operations as its new chief executive, is in talks to hire staffers for an upcoming Pfandbrief rating platform, and is looking to expand its small cap corporates rating business to cover mid and large cap ratings.

  • Alsacia bondholders sign up to restructuring

    Chilean bus operator Inversiones Alsacia said on Sunday afternoon that an “informal” group of bondholders — owning more than 60% of its existing debt — had agreed to the company’s debt restructuring.

  • Emirates NBD sparks debate as it roadshows non-Basel III compliant bond

    Emirates NBD has announced a roadshow for a perpetual tier one bond. But the bond will not be structured with the aim of being Basel III complaint, which sparked debate among bankers on and off the deal.

  • Deutsche opens September issuance with seven year

    Deutsche Bank is set to make a quick start to September’s deal flow on Monday with the issuer circulating initial price thoughts for a new seven year print. The deal is expected to draw strong demand — much like a recent floating rate print from the issuer — as a result of expectations of low supply this autumn and an attractive premium over secondaries.

  • Bankers welcome VW auto deal with price debate

    Volkswagen Financial Services may take distributed UK auto ABS supply for 2014 above last year’s total by the middle of this week having put out initial price thoughts for Driver UK Two, ahead of a number of deal announcements expected for the European ABS market in the next few days.

  • Arcelik mandates for first Turkish corporate euro bond

    Arcelik, a Turkish home appliances and consumer electronics company, has mandated BNP Paribas, Citi and HSBC for a euro-denominated Reg S bond. The deal will mark the first ever bond in the currency for a Turkish corporate.

  • EOC to open books for Singapore IPO this week

    Oslo-listed EOC is set to open books this week for a $250m secondary listing on the Singapore Stock Exchange, and has filed a preliminary prospectus with the city-state’s authority.

  • BNP Paribas hit by sting operation

    You do not spend just short of two decades in two of Europe’s top debt capital markets syndicate teams if you crumble under pressure.

  • Huarong lines up eight investors for $2.4bn

    China Huarong Asset Management has signed up a group of eight strategic investors to take on a collective 20.98% stake in the bad-debt manager, ahead of a planned IPO in Hong Kong next year.

  • Associated British Ports refinances last 2011 loans with £400m RCF

    Associated British Ports, which owns and operates 21 ports in England, Scotland and Wales, has refinanced the last of its batch of loans signed in 2011 with £400m of new revolving credit facilities.

  • BoC, CCB wrap up Taipei branch Formosa debuts

    The Taipei branches of Bank of China (BoC) and China Construction Bank (CCB) wrapped up their debut Formosa bonds last week, with both entities selling Rmb2bn ($325m) in multi-tranche deals. BoC's attracted particular attention, bankers said, by virtue of its status as the official renminbi clearing bank for Taiwan.

  • The 39th Floor

    At two to three every Friday, several men and women, most of them in their early thirties, walk confidently into the vast, sunlit room, sure of their prize. At three, on the dot, a petite woman carries in two platters of freshly baked cookies - white chocolate or raisin - and rings a large golden bell. The remaining colleagues - those who still need the Pavlovian reminder after months of practice - hurry in and congregate around the long, wooden table.

  • India starts roadshows for $227m Sail divestment

    The Indian government has started holding investor roadshows which will seek investors’ interest for the sale of shares in Steel Authority of India Ltd (Sail) even though the meetings are being described as non-deal by bankers.

  • Bank bid pushes CBA to huge RMBS

    Commonwealth Bank of Australia has left a A$4bn (€2.85bn) hole in the pockets of RMBS investors after quadrupling the size of its Medallion Trust Series 2014-2 transaction.

  • China Oceanwide out with five year debut

    China Oceanwide Holdings Group (Oceanwide) has announced guidance on its debut international bond and will use part of the proceeds to fund a project in Los Angeles.

  • Total Derivatives: CNY belly given on PMI, shorts bid

    Weaker than expected Chinese PMI data has supported receiving in three to five year CNY swaps, while a weaker currency fixing has backed light paying around the two year sector, writes Deirdre Yeung of Total Derivatives.

  • Alibaba IPO slated for next week, as others wait and watch

    E-commerce firm Alibaba Group, which was expected to open books for a jumbo IPO on September 2, has decided to push back bookbuilding by a week. This is bad news for issuers sitting on the sidelines as they will have to wait slightly longer before they go ahead with their own listings.

  • StanChart hires HSBC’s Ganatra as MTN chief

    HSBC veteran Annemarie Ganatra has resurfaced at Standard Charted in Hong Kong as the bank’s new head of MTNs.

  • BNPP IP picks new CEOs for Hong Kong and Japan

    BNP Paribas Investment Partners has appointed new CEOs for its operations in Hong Kong and Japan.

  • Yield hunters snap up Jababeka as exchange offer is announced

    Indonesian industrial estate developer Kawasan Indus tri Jababeka is meeting investors in Asia this week for an exchange offer of its existing 2017s. Those bonds have rallied in secondary as the exchange offer is the only way investors can get their hands on the new bonds which are offering an attractive yield.

  • La Chapelle dresses up for new HK IPO

    Shanghai La Chapelle Fashion is aiming to list on the Hong Kong Stock Exchange, having filed a preliminary prospectus for the IPO on August 29 — three years after shelving plans for a Shanghai listing.

  • Bankers unconvinced as HKEx consults on dual shareholding

    It is probably no coincidence that in the week Alibaba is due to start pre-marketing its $20bn IPO, the Hong Kong Exchange has launched a concept paper on whether it should allow dual class shareholdings.

  • Sportswear brand 361° kicks off investor meetings

    361 Degrees International, a Chinese sportswear brand targeting second and third tier cities, is meeting investors for its debut offshore renminbi bond.

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 01 Sep 2014
1 JPMorgan 219,570.04 844 7.84%
2 Barclays 211,559.30 719 7.56%
3 Deutsche Bank 202,783.22 804 7.24%
4 Citi 196,122.83 726 7.01%
5 Bank of America Merrill Lynch 191,612.71 668 6.84%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 33,409.30 147 7.26%
2 Credit Agricole CIB 23,745.78 96 5.16%
3 HSBC 22,616.59 128 4.92%
4 Commerzbank Group 22,221.24 122 4.83%
5 Barclays 21,931.61 88 4.77%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 20,187.61 96 9.14%
2 Goldman Sachs 19,786.26 62 8.96%
3 Deutsche Bank 18,686.20 63 8.46%
4 UBS 16,830.14 66 7.62%
5 Bank of America Merrill Lynch 16,179.41 55 7.33%