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News Archive

  • Sponda syndicated loan refi continues with second €100m bilateral

    Finnish real estate company Sponda has signed a €100m unsecured loan agreement with Pohjola Bank to partly refinance its syndicated loan maturing in November 2015.

    31 Oct 2014

  • Kazmunaigas books well over $5bn for dual tranche

    Kazmunaigas has tightened priced guidance for its dual tranche dollar bond and books are “well over $5bn”, according to an origination official on the deal.

    31 Oct 2014

  • Mol pumps $1.55bn club loan at much refined price

    Hungarian oil refinery company Mol has signed a $1.55bn equivalent revolving credit facility agreement with a group of 15 banks, increasing the size of the deal from its original $500m-$1bn target range.

    31 Oct 2014

  • CCB sets sight on CNH-only tier twos

    Market participants are bracing themselves for an onslaught of bank capital deals in the coming weeks after another member of China’s big four banks – China Construction Bank (CCB) – announced it will be meeting investors for a CNH tier two trade.

    31 Oct 2014

  • Yanggu Xiangguang's $200m loan likely to increase

    A $200m prepayment financing for Chinese smelter Yanggu Xiangguang Copper is set to increase in size as the deal has received a good response during general syndication, thanks to its short tenor and attractive pricing.

    31 Oct 2014

  • SDS $1.1bn IPO prices at top as Cheil files

    Samsung SDS has priced its W1.2tr ($1.1bn) IPO at the top of the range with books heavily oversubscribed at close. The success of the trade has paved the way for the next big South Korean listing — that of Cheil Industries, which said on October 31 that it is looking to raise W1.52tr.

    31 Oct 2014

  • China Construction Bank hunts for $100m in general

    China Construction Bank International (Holdings) is in the market for a $100m three year loan with one mandated lead arranger and bookrunner.

    31 Oct 2014

  • Tata International prices first Indian sing dollar perp

    Tata International priced the first ever Singapore dollar denominated perp from an Indian issuer on Thursday. Though small, the bond received strong support from private banks and was over six times subscribed.

    31 Oct 2014

  • Trade ties to support Korea’s RMB hub ambitions, says StanChart

    Activity is starting to pick up in the newly designated offshore renminbi hub of South Korea with Woori Bank and ICBC (Asia) privately placing two bonds totalling Rmb380m ($62m). While the country is still waiting for a domestically issued public RMB bond, Kim DanJoo, head of local product management at Standard Chartered Bank Korea, is confident the country has what it takes to become a leading renminbi hub.

    31 Oct 2014

  • Conduct, poor income drag RBS investment bank to loss

    A weak performance from Royal Bank of Scotland’s repositioned investment bank, made worse by £400m of provisions set aside for an FX probe, has tarnished the state-owned lender’s third consecutive quarterly profit under new chief executive Ross McEwan.

    31 Oct 2014

  • Khazanah nets $142m from Westports block

    Malaysian sovereign wealth fund Khazanah Nasional has raised MR468.3m ($142.4m) from selling its entire stake in Westports Holdings in what is one of the largest block trades from the country this year.

    31 Oct 2014

  • NWC bond sale buoyed by letter of support

    New World China (NWC), the flagship mainland property arm of Hong Kong’s New World Development, has used a letter of support to price a five year dollar bond.

    31 Oct 2014

  • Mongolian Mining taps market for $202m rights issue

    Mongolian Mining Corp is preparing to tap the ECM market via a rights issue of HK$1.567bn ($202m), as the Hong Kong-listed group looks to shore up its liquidity while ensuring that its existing shareholders are not diluted.

    31 Oct 2014

  • Debutant JSW Steel next Indian corporate to tap dollars

    The Indian high yield pipeline continues with JSW Steel which has announced roadshow dates for its inaugural international bond.

    31 Oct 2014

  • RMB commodities trading gaining traction

    China’s appetite for commodities and its rapid push for RMB internationalisation is resulting in an expansion of the offering for RMB-denominated commodities and derivatives products, such as the upcoming base metals mini futures contracts on the Hong Kong Stock Exchange (HKEx)-owned London Metal Exchange (LME) and the September launch of the international board of the Shanghai Gold Exchange.

    31 Oct 2014

  • Pakistan sends RFP for Steel Mills privatisation

    The Government of Pakistan has sent out a request for proposals for the role of financial adviser for the privatisation of Pakistan Steel Mills Corp (PSMC).

    31 Oct 2014

  • Kumho Asiana Plaza constructs $125m in general

    Kumho Asiana Plaza Saigon has launched a $125m loan into general syndication with two mandated lead arrangers and bookrunners. The fundraising is offering plenty of security to lenders. It comes backed by two guarantors and a security against the rental proceeds of the commercial complex.

    31 Oct 2014

  • Peru prices dual tranche in busy LatAm

    Peru made its return to international bond markets after a two year absence on Thursday, selling a nuevo sol-denominated 10 year and a dollar-denominated 2050 as LatAm bond markets shrugged off Wednesday’s more hawkish than expected Fed guidance.

    30 Oct 2014

  • Codelco continues Chile rush, sovereign up next

    Government owned copper company Corporación Nacional del Cobre de Chile (Codelco) raised $980m of 30 year bonds on Tuesday in the fifth cross-border bond issuance from the country in five days as part of the government’s plan to modernise the company.

    30 Oct 2014

  • ECB effect is felt in covered bonds

    The European Central Bank’s covered bond purchase programme entered a new phase this week as eurozone issuance enabled it to buy the primary market, rather than relying on secondary where supply is drying up. Its buying is good news for peripheral banks but may cause investors to desert the core.

    30 Oct 2014

  • Brazil rallies despite Dilma victory with all eyes on finance minister

    The mild market reaction to Dilma Rousseff’s Brazilian presidential election victory last Sunday suggested the incumbent’s triumph was already priced in, said bond investors. However, market participants warned of volatility in the coming months until the direction of the government’s economic policy becomes clearer.

    30 Oct 2014

  • Tough talk on NPLs as ECB prepares takeover

    As the European Central Bank prepares to take over supervision of Europe's biggest banks, the rigorous approach it adopted in the Asset Quality Review, unearthing €136bn of non-performing loans that had been miscategorised, will become the norm, not the exception.

    30 Oct 2014

  • Bank of the West to launch its first auto ABS

    Bank of the West is planning its inaugural auto securitization, expected to launch next week along with the latest deal by CarMax. Both deals are expected to be fully subscribed if they price in the range of recent issuance.

    30 Oct 2014

  • Slovenia EUR1bn 2.25% Mar 22

    30 Oct 2014

  • Telos prices sixth CLO of year, Covenant prices second ever

    Telos Asset Management has priced its sixth CLO of the year, and has around $225m in a warehouse for its next, according to pricing sheets. Meanwhile, Covenant Credit Partners is busy ramping its second CLO, having priced on Wednesday.

    30 Oct 2014

  • Javelin’s Cawley joins BGC’s SEF as CEO

    James Cawley, founder and ex-CEO of Javelin Capital Markets in New York, has joined BGC Partners as CEO of its swap execution facility, also based in New York.

    30 Oct 2014

  • MTN Leak: Give me strength

    Some say that everything can be explained by science, numbers and the rational. But with Halloween here, Leak is open to supernatural reasoning for this week’s twist of fate in the MTN — and art — world.

    30 Oct 2014

  • Russian loans plans become real as PSB looks for $200m

    The plans of three Russian borrowers to obtain international loans took shape this week,. Bankers said Promsvyazbank could achieve as much as $200m in one year financing from lenders, while talks with Otkritie Financial Corp Bank (formerly Nomos Bank) and Acron continue to progress.

    30 Oct 2014

  • A Quiet Result: Profitability new battleground as banks pass tests

    ‘Credible’ is the word many are using to describe the European Central Bank’s Asset Quality Review and the European Banking Authority’s stress tests, writes Graham Bippart.

    30 Oct 2014

  • Canadian SSAs back RMB as hub on the cards

    As the Canadian financial sector and provinces strive to create a North American renminbi hub within the sovereign’s borders, SSA issuers from the country have shown their support for the currency by returning to the dim sum market with a bang.

    30 Oct 2014

  • Cassa del Trentino plans 20 year MTN as repo saves Italy’s 10 year

    Italian SSAs drew a mixed bag this week, as one sub-sovereign outlined plans for a long dated deal, while the Italian government’s borrowing costs rose in a series of auctions except a sale of 10 year debt — which only the vagaries of the repo market kept in check.

    30 Oct 2014

  • Green pays off for NRW.Bank after SRI bond pricing coup

    The pricing deadlock between supranational and agency issuers of green bonds and investors began to fracture this week, after NRW.Bank sold paper that some bankers said was priced through its conventional curve.

    30 Oct 2014

  • Offshore servicing could cause RMBS hiccups

    RMBS backed by mortgages serviced offshore could end up with performance problems due to high turnover among oversees employees inexperienced in dealing with unique borrower queries or complaints, according to a ratings agency report. The report cites loans serviced by Ocwen, CitiMortgage, JP Morgan and Bank of America, among others.

    30 Oct 2014

  • TLG floats in weak markets

    German property firm TLG Immobilien successfully placed €360m of its shares on the Frankfurt Stock Exchange on 23 October, in that week’s only IPO in Europe.

    30 Oct 2014

  • Keep calm and borrow on: UK unshaken by volatility

    Syndicating a reopening of a 55 year bond in a month where sterling was shaken by volatility could have been tough for the UK Debt Management Office this week. But it passed the test with flying colours, attracting its largest book ever on an ultra-long syndication and breaking the 3% yield bogey for the first time.

    30 Oct 2014

  • LeasePlan to print the first Dutch auto ABS in 2 years

    LeasePlan may price its sixth Bumper Finance car lease ABS next week. It would be the first Dutch auto ABS offered to investors in the primary market since 2012.

    30 Oct 2014

  • EDF shuns YieldCo, plans PE-like funds for green energy

    Electricité de France and Amundi are forming an unusual asset management joint venture, in some ways similar to a private equity firm, to channel investment into low carbon energy.

    30 Oct 2014

  • UK RMBS pipeline bulging as Paragon waits to price

    Paragon Mortgages will wait until next week to price its latest buy-to-let RMBS transaction after putting out initial price thoughts on Thursday. The deal could signal the start of a run of UK RMBS, with a further three potential transactions being prepared for sale in a sterling market looking to get back on track after a recent wobble in both primary and secondary.

    30 Oct 2014

  • Numericable to finish SFR M&A financing with €4.7bn issue

    French cable firm Numericable on Wednesday set terms and opened the subscription period for a €4.7bn rights issue, in what constitutes the final tranche of the financing package for one of the largest M&A deals of the year so far — the takeover of mobile phone operator SFR.

    30 Oct 2014

  • Merlin's £260m block trade finds demand after struggle

    CVC and Blackstone’s block sale of £260m of Merlin Entertainments stock struggled to gather momentum on Wednesday evening, but support from long-only UK investors the following morning dragged the deal across the line just in time for start of trading.

    30 Oct 2014

  • World Bank, KBN provide niche action in quiet week

    The World Bank was busy in local currencies this week, printing its first deal in Mexican pesos this year and doubling the size of an 11 year Kangaroo bond.

    30 Oct 2014

  • BayernLB stuns with everything-must-go sale

    BayernLB managed to bring secondary ABS trading in Europe to an abrupt halt this week as dealers and investors awaited the sale of all €6.5bn of its remaining ABS portfolio. Once the dust had settled the German Landesbank said it had exceeded its price target, while ABS bankers scrambled for pricing details and suspected the trade may not have gone ahead without the ECB’s recent backing of the asset class.

    30 Oct 2014

  • Dawdling in dollars might backfire as clock ticks towards year end

    Sovereign, supranational and agency borrowers with dollar funding left to do in the last few weeks of the year may well wince at the new issue premia banks will advise them to pay to get deals done — particularly after months of strong demand and tight pricing. But there is no point hanging around for long waiting for conditions to improve, said SSA bankers this week.

    30 Oct 2014

  • Moody’s rates 1st warehouse since crisis era

    Moody’s has said certain structural features can protect against asset quality and operational risks to enable high investment grade ratings for warehouse securitizations, after the ratings agency awarded its first public rating of such a facility since the financial crisis to a UK vehicle this week.

    30 Oct 2014

  • Trafigura ABS issuance to remain rare despite increased reach

    Commodities trading and logistics firm Trafigura Group found demand in both the US and Europe for its third trade receivables ABS, which settled this week. But despite attracting six new investors to the rare asset class, Trafigura’s issuance is likely to remain restrained, the firm’s global head of corporate finance told GlobalCapital.

    30 Oct 2014

  • Wide Bay swells wave of A$ supply as Bluestone prices pre-crisis RMBS

    Bluestone Group has securitized a second diverse pool of pre-crisis Australian mortgage loans, offering investors eight tranches of bonds rated as low as single-B, while Queensland-based building society Wide Bay Australia is yet to price its prime RMBS in a busy week for the Australian dollar market.

    30 Oct 2014

  • Fidelity Bank and FCMB lead Nigerian loan charge

    Loans bankers’ predictions of a rush of Nigerian loans before the end of the year began to take shape this week, with Fidelity Bank looking for a two year loan and First City Monument Bank saying it had signed a deal with several tranches and lenders.

    30 Oct 2014

  • Milken and Landis meet to talk old, but not jail times

    The audience for 'Junk Bond King' Michael Milken’s evening in conversation with John Landis, director of Trading Places, in London's Finchley Road on Wednesday gave no great shocks. Young men in suits sat to the front of the auditorium while more casually dressed ticket holders took up the space at the back.

    30 Oct 2014

  • Bankers play down AT1 pipeline despite relief over AQR and stress test

    The comprehensive assessment has long been tipped as a turning point for the AT1 market. The release of results has acted as a constraint on supply, with banks under review proving reluctant to tap the market before Sunday. However, the tepid reaction to the comprehensive assessment has led some bankers to play down expectations of supply in November.

    30 Oct 2014

  • Czech Raiffeisenbank issues euro first as TD launches Aussie dollar first

    Czech Raiffeisenbank priced the first publicly syndicated euro benchmark covered bond from the country on Wednesday. At the same time, Toronto Dominion Bank mandated leads for its first Australian dollar covered bond.

    30 Oct 2014

  • RAC flexes as investors exploit market weakness

    Investors have successfully pushed pricing wider on three leveraged loan deals that are closing this week, with RAC, a well liked credit, the latest to flex for investors.

    30 Oct 2014

  • Slovenia pre-funds 2015-16 with minimal premium

    Slovenia this week became the latest sovereign to be tempted into pre-funding by the low yields on offer, following deals from Lithuania and Romania last week. The issuer priced a long seven year bond that marks the lowest coupon on any of its outstanding medium to long term euro benchmarks.

    30 Oct 2014

  • FCA releases consultation paper for retail CoCo ban

    The UK’s Financial Conduct Authority released a consultation paper on Wednesday morning seeking comment on a possible permanent ban on the sale of CoCos to retail investors. The consultation paper also clarifies some aspects of the ban that are unclear in its existing temporary form.

    30 Oct 2014

  • Leveraged loans - news in brief, October 31, 2014

    3i - Torm

    30 Oct 2014

  • Investors flock to TAMF’s blow-out ahead of FOMC meeting

    There is nothing like novelty value to loosen the pockets of high-grade investors as TIAA Asset Management Finance (TAMF) found with a $2bn deal which racked up $9bn in orders.

    30 Oct 2014

  • BNS fills vacuum in the short end caused by ECB buying

    Bank of Nova Scotia (BNS) priced its third euro benchmark of the year, and its fourth covered bond benchmark across all currencies, on Tuesday. The deal took advantage of space created by robust Eurosystem central bank demand at the short end. And responding to reverse enquiry, the issuer also priced a £250m three year floater.

    30 Oct 2014

  • New worries for ECM after Euro bank review

    Capital markets reacted with tepid enthusiasm to the publication on Sunday of Europe’s analysis of the health of its banks. What had been touted as one of the main financial events of the year lost its power to move valuations, even if it did leave some banks contemplating urgent capital raises.

    30 Oct 2014

  • Stress test passes

    If you had plotted the best possible outcome for the Comprehensive Assessment of Europe’s banks, it would probably have looked a lot like what happened this week. There were some failures in the tests, though few severe ones, and a grown-up reaction by banks followed.

    30 Oct 2014

  • SEC whistleblower lifts lid on NYSE approvals

    US stock exchanges have come under fire for providing preferential treatment to high frequency trading firms in recent years years as scores of investors learned their trades could be undercut by computerised algorithms. SEC whistleblower Haim Bodek lifts the lid on the SEC's recent approval of new order types at the New York Stock Exchange (NYSE).

    30 Oct 2014

  • FIG bankers face new fears after stress test success

    No sooner had financiers of Europe’s banks breathed a collective sigh of relief following Sunday’s historic assessment of the health of the continent’s financial institutions than they were beset by new worries.

    30 Oct 2014

  • Syndicates cut back ECB as it takes covered buying to primary

    For the first time the European Central Bank waded into the primary market for covered bonds for its third purchase programme (CBPP3) this week, as eurozone issuers from the currency bloc’s core and periphery returned after a long hiatus. The central bank’s buying may not be so good for core issuers but the evidence so far suggests peripheral names who have been locked out are about to bask in its largesse.

    30 Oct 2014

  • Investment grade loans, news in brief — October 31, 2014

    Louis Dreyfus — Geberit — Heathrow — Arkema

    30 Oct 2014

  • Fiat to float Ferrari stake as part of capital shake-up

    Fiat Chrysler Automobiles, formed after a merger earlier in the month, is set to float a stake in luxury brand Ferrari as part of a shake-up of the firm.

    30 Oct 2014

  • Hawaii says aloha to Goldman on green energy securitization

    The State of Hawaii has gained preliminary ratings for a $150m securitization which will finance loans for clean energy technologies for low and moderate income homeowners, renters and non-profit organisations in Hawaii.

    30 Oct 2014

  • ABS investors plead for rethink on cashflow model regulations

    A group of ABS investors has been trying to persuade European lawmakers to object to the dropping of issuer-supplied cashflow models from incoming regulation, before what they thought was a Thursday deadline.

    30 Oct 2014

  • Cinven's AMCo widens pricing for £984m dividend recap loan

    Amdipharm Mercury (AMCo), the UK generic pharmaceuticals group owned by Cinven, has widened pricing on its £984m refinancing and recapitalisation loan, as investors worry about a £420m dividend for its owners.

    30 Oct 2014

  • SG hires ex-BNPP strategy chief in EQD

    Kokou Agbo-Bloua, the ex-head of European equity and derivative strategy at BNP Paribas in London, has joined Société Générale as managing director, global head of engineering and strategy, also based in London.

    30 Oct 2014

  • Afreximbank bags $475m book for tap at 10bp-15bp new issue premium

    Afreximbank printed a $200m tap of its $500m 4.75% 2019s on Wednesday from a $475m book. The note was sold at a 10bp-15bp new issue premium.

    30 Oct 2014

  • Swiss investor nerves blamed for supply shortage

    Swiss bankers blamed a total absence of supply in their market this week on a combination of external factors, investor nervousness around month end, and the fact that many regular issuers in the currency are fully funded for the year.

    30 Oct 2014

  • Yasar prints, shows off good demand for EM high yield

    Turkish consumer products company, Yasar Holdings, printed its $250m bond on Thursday evening from a book of $620m and well inside initial price thoughts. The success of the EM high yield deal — the first to be printed since the huge US volatility of a fortnight ago — bodes well for other corporates from the region roadshowing bonds.

    30 Oct 2014

  • Equity capital markets, news in brief — October 31, 2014

    30 Oct 2014

  • Schuldschein issuance could reach up to €10bn in 2014

    The publicity shy Schuldschein market has been in focus this week. Palfinger, a crane manufacturer based in Austria, raised €105m on Tuesday in a deal with the support of Asian investors, and Fraport, the German transport firm, made one of the largest Schuldschein deals of the year with €250m on Thursday.

    30 Oct 2014

  • US bond market in party mode as QE ends, eyes big November

    The US investment grade corporate bond market barely blinked this week when the US Federal Reserve called time on quantitative easing. Companies hit the market ahead of what is expected to be a bumper November for new issuance.

    30 Oct 2014

  • People Moves in Brief

    Javelin boss to run BGC's SEF - Deutsche appoints UK corp fin head - McGuire out of StanChart loans - Cornelius quits Jefferies

    30 Oct 2014

  • HW hit bodes well for Walgreen whopper

    The highlight deal of the week in Europe’s corporate bond market was Hutchison Whampoa’s €1.5bn seven year issue on Tuesday — part of a bigger deal that also involved three and 10 year dollar bonds totalling $3.5bn.

    30 Oct 2014

  • Loyal European investors give Mercedes A$ a lift

    Daimler leveraged strong demand for its name among European asset management and private bank buyers to price an A$100m ($88m) three year bond on Wednesday.

    30 Oct 2014

  • EM prepares for big test with 11 deal onslaught ahead

    Corporate bond issues could come thick and fast from emerging markets over the next couple of weeks, with 11 borrowers — including one bank — on the road meeting investors and the deadline looming on November 15 for 144A sales, after which half year financials will go stale.

    30 Oct 2014

  • WMBA: Resources needed to fix trade reporting failures

    Trade reporting under the European Market Infrastructure Regulation is not working, according to the Wholesale Markets Brokers' Association, which represents a large proportion of interdealer brokers in the market.

    30 Oct 2014

  • Bloomberg bans sanctioned securities from database

    Bloomberg is refusing to list sanctioned securities from Russia. The move is irritating bankers in London, who said this would make it difficult for traders and bankers using Bloomberg as a database to assess a company’s debt levels and make sensible investment decisions about non-sanctioned debt.

    30 Oct 2014

  • AQR allows investor to push Santander

    An investor spotted the opportunity to get more for its money from Santander ahead of the European Central Bank’s Asset Quality Review last week, driving up the coupon on a privately placed MTN. The note has since attracted interest from investors away from the deal and been increased three times, making it the largest privately placed MTN from the issuer this year.

    30 Oct 2014

  • Jaguar Land Rover $500m bond weathers volatile market

    The $500m five year, non-callable senior bond Jaguar Land Rover sold on Tuesday began trading up at 100.75, gathering investor interest in a market environment that “is only now becoming more stable”, said the company’s treasurer.

    30 Oct 2014

  • Rai sets price range on planned IPO

    Italy’s state-owned radio and television station Rai set on Wednesday the price range for the initial public offering of its broadcasting arm, Rai Way.

    30 Oct 2014

  • Cassa del Trentino to make rare appearance in MTNs

    The Province of Trento's funding arm is set to bring a 20 year medium term note to market in the coming weeks, following a €150m deal from earlier in the month.

    30 Oct 2014

  • UK-guaranteed AHF sells tight £183.5m

    Affordable Housing Finance, which raises debt for lending to registered providers of affordable housing in the UK, using a UK government guarantee, has tapped its 2042 secured bonds for £183.5m — and priced arguably through its own curve.

    30 Oct 2014

  • Repo demand keeps Italy’s 10 year steady as five year yield jumps

    Italy had the strongest auction result of the week in its third bond sale in as many days on Thursday. The yield on its 10 year paper fell just 1bp month on month, despite its benchmark 10 year yield being higher than a month ago. Technical factors in the repo market may have been behind the drop in yields, said analysts.

    30 Oct 2014

  • SEK readies green debut

    Swedish Export Credit Corporation could become the next agency to debut in the green bond market, with its underlying documentation nearly in place — but as the issuer is reluctant to raise more debt this year SRI investors might have to wait until 2015 before they can add the name to their portfolios.

    30 Oct 2014

  • SSAs return to offshore RMB

    Asian Development Bank brought its first dim sum in four years on Thursday, hot on the heels of a private placement in the format from Export Development Canada — its second offshore renminbi deal ever. The trades follow a dim sum from Province of British Columbia earlier in the week.

    30 Oct 2014

  • Arrow Group prices €220m FRN within guidance range

    Arrow Group, the UK consumer debt management firm, has closed the book on its €220m high yield bond and priced the floating rate notes within guidance.

    30 Oct 2014

  • Fraport completes €350m Schuldschein, one of year's largest

    Fraport, which operates Frankfurt airport and has stakes in several other airports, has issued a €350m seven year Schuldschein paying a 1.436% coupon.

    30 Oct 2014

  • Merlin's £260m block trade finds demand after initial struggle

    CVC and Blackstone’s sale of Merlin stock struggled to gather momentum on Wednesday evening, but support from long-only UK investors the following morning dragged the deal across the line just in time for start of trading.

    30 Oct 2014

  • UK treasurers thrilled as BoE eyes Shariah liquidity lines

    The Bank of England (BoE) will begin work next year figuring out how to provide Islamic banks with Shariah-compliant liquidity facilities. Even without knowing what rates or requirements the prospective facilities will involve, the UK’s Islamic lenders — long starved of Shariah-compliant liquid assets — say anything will be better than holding cash.

    30 Oct 2014

  • Bloomberg launches compression-like tool for IRS

    Bloomberg has launched a so-called List Trading tool for interest rate swaps on its swap execution facility, enabling market participants to improve operational efficiency.

    30 Oct 2014

  • ECB hires four asset managers for November ABS purchases

    The European Central Bank has named the four asset managers it has hired to scour the European ABS market for buying opportunities, and has said it will start purchasing bonds in November as it attempts to expand its balance sheet by up to €1tr.

    30 Oct 2014

  • UK RMBS pipeline bulging as Paragon guides

    Paragon Mortgages will wait until next week to price its latest buy-to-let RMBS transaction after putting out initial price thoughts on Thursday. The deal could signal the start of a run of UK RMBS with a further three potential transactions being prepared for sale.

    30 Oct 2014

  • Sterling credit head quits Jefferies

    Jefferies has lost its head of sterling credit sales.

    30 Oct 2014

  • Stanchart African loans specialist departs

    Standard Chartered has lost another senior banker from its loan syndications team in London, according to well placed sources.

    30 Oct 2014

  • Styrolution will allocate on Friday at sweetened terms

    Styrolution, the German plastics firm, will allocate its €1.05bn-equivalent five year term loan ‘B’ on Friday, after successfully meeting its revised deadline for commitments.

    30 Oct 2014

  • Coal group JSW's bond issue still pending after roadshow

    Jastrzębska Spółka Węglowa, the largest EU coking coal producer, has yet to announce the size and shape of its proposed bond issue, though it finished a seven day roadshow on Tuesday - leading some to wonder if the deal was struggling to gain traction.

    30 Oct 2014

  • Fidessa: Middle office takes centre stage

    The introduction of T+2 has marked another milestone in the effort to reduce systemic risk for firms trading European securities. But what about other asset classes, such as derivatives? The inconvenient truth is that the world of derivatives, which some view as a much riskier investment choice, lags a long way behind equities in terms of operational efficiency. Here Steve Grob, Director of Group Strategy at Fidessa, looks at the reasons why and suggests how derivatives market practitioners can not only learn from their equity counterparts, but leapfrog ahead of them.

    30 Oct 2014

  • KWSA roadshows: leads defend timing against critics

    Kompany Weglowa is embarking on a roadshow for bond, having mandated Barclays, BNP Paribas and Deutsche Bank for the deal. One syndicate official away from the deal said that the timing of the deal was strange as Jastrzębska Spółka Węglowa, another Polish coal company in the market for a bond, has paused before printing suggesting demand for this kind of credit is in doubt.

    30 Oct 2014

  • Open source protocols needed to lower risk

    The derivatives industry should adopt open industry standards such as the FIX protocol to lower risk and improve transparency, according to Steve Grob, director of group strategy at Fidessa in London.

    30 Oct 2014

  • Yasar guides for $250m ‘test of the market’

    Turkish consumer products company, Yasar Holdings has released price guidance at a yield of 9% to low 9% for a $250m 5.5 year non-call three bond. The high initial guidance drew attention from syndicate officials away from the deal who said that the note would serve as a test of investor appetite for EM high yield names.

    30 Oct 2014

  • FIG market wobbles on Thursday, but bankers urge caution

    The financial bond market suffered a wobble on Thursday morning following weak data releases from Germany, bringing a close to the largely stable period that followed the release of the results of the European Central Bank and European Banking Authority’s comprehensive assessment on Sunday.

    30 Oct 2014

  • Afreximbank bags $475m book for tap

    Afreximbank printed a $200m tap of its $500m 4.75% 2019s on Wednesday from a $475m book. The note was sold at a 10bp-15bp new issue premium.

    30 Oct 2014

  • Fidelity Bank leads Nigerian wave with $100m loan

    Nigeria’s Fidelity Bank is looking for a $100m two year loan, at the start of an expected wave of international loan financings from the country.

    30 Oct 2014

  • Stuttering SBLC-backed bonds are here to stay

    A muted response to recent Asian bond issues backed by standby letters of credit (SBLCs), including deals from Hebei Iron and Steel and from Tewoo Group, have sparked suggestions that credit enhancements are losing their shine because of concentration risk. But the bulls are adamant that the structure is merely going through a rough patch and is here to stay, writes Rev Hui.

    30 Oct 2014

  • SEA bursts into life as Jasmine, Keppel pre-market

    Jasmine International Public Company, which is setting up an infrastructure fund for its broadband internet business, plans to begin investor education next week for the roughly $1bn Thailand IPO.

    30 Oct 2014

  • ASIMCO $120m dividend recap loan divides bankers

    A $120m dividend recap loan for diesel engine component maker ASIMCO Technologies has become a talking point among bankers because of uncertainty over whether the arranging bank for the loan will take a hold in the financing.

    30 Oct 2014

  • High rents leave bankers in the pink

    We all know Hong Kong is one of the most expensive cities in the world. It makes us almost prouder to live here because it says, without the need to be explicitly vulgar, “we can afford it” and therefore “we are very rich”. I often congratulate myself on life’s achievements as I look down from the lofty heights of the Peak.

    30 Oct 2014

  • Kepco nets $808m in largest S Korean trade

    Korea Electric Power Corp (Kepco) has raised W855.6bn ($808m) by selling all its treasury shares via a block trade on October 23 to become the largest South Korean ECM transaction so far this year. Priced just above the lower end of the range, the deal resonated well with international investors, with demand from them alone taking books to around three times covered.

    30 Oct 2014

  • Agile lenders agree to $475m facility extension

    Hong Kong listed Agile Property Holdings has reached an agreement with its lenders to extend the maturity on a portion of a $475m facility the company sealed in early April that was due in December.

    30 Oct 2014

  • Korean issuers need to change tack and pay up

    Korean issuers are notorious for taking a bullish approach to the capital markets. While their ability to achieve the tightest pricing can sometimes be admirable, two recent deals have raised questions as to how long they can sustain this approach, writes Virginia Furness.

    30 Oct 2014

  • CESC lights up $80m QIP, exercises full greenshoe

    Indian power utility company CESC raised Rp4.91bn ($80m) from a qualified institutional placement on Tuesday night, with demand strong enough for the group to exercise its entire greenshoe option. But the deal was still lower than the $150m approval that the company obtained in September.

    30 Oct 2014

  • BAML: delayed Stock Connect to launch by year end

    The Shanghai-Hong Kong Stock Connect initiative, also known as the Through Train, this week missed its widely expected October 27 launch date. The Hong Kong Stock Exchange (HKEx) said on October 26 that the programme was ready to go, pending final approval from Hong Kong and Chinese regulators.

    30 Oct 2014

  • Korea Expressway slams on brakes over bond pricing

    Korea Expressway pulled its dollar bond before the US open on October 27 after it realised it was not going to achieve its target price. Bankers were frustrated and said that a decent trade could have been done at a higher yield, but the issuer was not willing to pay up.

    30 Oct 2014

  • Barclays heads back to health but investment bank shrinks

    Barclays’ drive back to health is on track – but its investment bank is a shrinking part of the story. That was the message of the bank’s third quarter results this morning, which produced a 1.5% pop in the share price at the open, soon eradicated as Barclays fell in line with the wider market.

    30 Oct 2014

  • Jeju soars for $200m IPO as Innocean finalises banks

    South Korea’s Jeju Air is aiming for an IPO of $150m-$200m on the country’s stock exchange in the third or fourth quarter of next year, and has issued a request for proposals to banks.

    30 Oct 2014

  • Sarana Multi Infrastruktur $150m loan in general

    Indonesian state-owned company Sarana Multi Infrastruktur made its debut in the offshore loan market with a $150m three year bullet that launched into general syndication on October 27.

    30 Oct 2014

  • Battersea seals £1.35bn with Islamic piece

    A £1.35bn fundraising for phases II and III of the Battersea Power Station project was signed among seven banks on October 28. The loan was split into a £750m facility to fund phase II and a £600m portion for phase III that included a chunk of Islamic financing. It represents one of the biggest sterling financings by a Malay consortium.

    30 Oct 2014

  • Italy's GTech cuts back IGT acquisition loan to $10.2bn

    GTech, the Italian gambling technology firm that used to be called Lottomatica, has slimmed down its $10.7bn bridge loan for its acquisition of International Game Technology of the US to $10.2bn.

    30 Oct 2014

  • Link Net slashes block with 90% allotted to top bidders

    The shareholders offloading some of their stakes in Indonesia’s Link Net raised Rph5.5tr ($455m) on October 24 via a deal that saw a big chunk of the book go to cornerstones and the top 10 investors. Despite the presence of a strong set of cornerstones, the final deal size was truncated by more than 30% due to poor investor sentiment.

    30 Oct 2014

  • Pertamina eyes funds onshore for slice of $1.8bn as Indo picks up

    Indonesia’s Pertamina, which has mandated 12 lenders for its $1.8bn five year loan, will fund a portion of the financing onshore. This onshore/offshore split has become a common feature of deals from the country and is set for a boost as positive sentiment following the recent presidential election pushes down pricing, writes Shruti Chaturvedi.

    30 Oct 2014

  • Fifth time lucky as Siliconware breaks aggressive CB run

    Convertible bond investors losing patience with the recent run of aggressively priced deals got some much needed relief this week when Siliconware Precision Industries tapped the market for a $400m convertible bond that priced at the investor friendly end of terms even after generating a hefty book. The trade’s success is now expected to push those companies waiting on the sidelines to take advantage of the reopening of the issuance window, writes Rashmi Kumar.

    30 Oct 2014

  • Soechi docks for $173m listing as Indo market hit

    Indonesia’s Soechi Lines, part of ship operator Soechi Group, is braving volatile markets to open books for a Rph2.1tr ($173m) IPO on the domestic stock exchange, hitting investors at a time when the Jakarta Stock Exchange Composite Index has fallen some 1.3% during the month.

    30 Oct 2014

  • Tata Motors goes the distance with surprise 10 year

    Tata Motors (TML) delivered a top quality drive-by bond on October 23. Not only did the 5.5 year offering prove so popular that 317 investors were biting the issuer's hand off to get an allocation, but TML was also able to meet a price target that bankers said was demanding, as well as extend its maturity profile by issuing an additional last minute 10 year bond.

    30 Oct 2014

  • Vietnam looks to lower costs with new bond

    The Socialist Republic of Vietnam is back in the bond market after a four year break and hopes investors will agree to swap out of a costlier deal issued in 2005.

    30 Oct 2014

  • Hutchison reigns supreme with $/euro combo

    Hutchison Whampoa showed off its impeccable access to bond markets, rewriting the record books and selling $5.4bn worth of dollar and euro bonds on October 28 in what is the largest corporate offshore deal to come out of Asia ex-Japan.

    30 Oct 2014

  • UBS hires new Greater China levfin chief

    UBS has made a senior appointment to its leveraged finance team in Hong Kong, hiring a banker from a rival lender to head its leveraged capital markets for Greater China.

    30 Oct 2014

  • Abertis to spin off towers firm to concentrate on tolls

    Abertis Infraestructuras, the Spanish infrastructure conglomerate, is set to float its telecom towers business to concentrate on core businesses, as part of a strategic plan.

    30 Oct 2014

  • Deutsche aims for top spot in corporate finance

    Deutsche Bank is pulling out the stops to succeed in its ambition to be Europe’s clear and consistent leader in corporate finance, writes David Rothnie.

    30 Oct 2014

  • BayernLB ‘exceeds price target’ on ABS sale

    BayernLB managed to beat the price target it set for the sale of its entire €6.5bn ABS portfolio on Tuesday, selling the assets to mainly US and Swiss banks and ending its guarantee agreement with the Bavarian state ahead of time.

    30 Oct 2014

  • VW tightens curve with Private Driver

    Volkswagen Bank has priced its fourth Private Driver auto ABS transaction of the year well inside its last publicly offered effort.

    30 Oct 2014

  • Canada gets organised in quest for Americas RMB hub

    Canada’s financial sector is lobbying for a $30bn swap line with China and an Rmb80bn ($13bn) RQFII quota. Alongside the country’s provincial governments, the industry has been making a strong case for why Canada would strongly benefit from the establishment of a formal RMB hub in the country. This week's pricing of a second offshore RMB bond by the government of British Columbia (BC) may well prove to be the tipping point.

    30 Oct 2014

  • SC loses equity syndicate head as Welch retires

    Tom Welch, who took over as Standard Chartered’s global head of equity syndicate at the end of last year, is leaving the firm on October 31.

    30 Oct 2014

  • BOC Aviation dim sum in demand amid dearth of supply

    Limited dim sum supply in recent months saw fund managers piling into BOC Aviation’s recent four year offering. A regular issuer, the aircraft leasing company has already issued in Aussie dollars and dollars this year.

    30 Oct 2014

  • France gets nod for RMB clearing house, questions remain over structure

    A French working group comprising French, Chinese and international banks in Paris has got the nod from the People’s Bank of China (PBoC) to proceed with the creation of a clearing house structure to facilitate the clearing and settlement of RMB transactions in France, GlobalRMB understands.

    30 Oct 2014

  • LatAm new issues trade up in face of Fed

    Some observers argued the US Federal Open Market Committee’s October press statement was more hawkish than the market had anticipated, but LatAm bankers saw no nasty surprises as Tuesday’s new issues traded above reoffer.

    30 Oct 2014

  • Indiabulls ramps up preparation work for debut

    One of India’s largest property developers, Indiabulls Real Estate, is gearing up for its maiden bond in the offshore market with a series of investor meetings.

    30 Oct 2014

  • Barclays names new Korean leadership

    Barclays has named Jiho Kim as country manager for Barclays Korea. The appointment comes after the former country manager, John Chang, moved to Hong Kong to head Barclays' equities distribution for Asia Pacific.

    30 Oct 2014

  • JPMorgan Chase tweaks agency risk sharing structure

    JPMorgan Chase's first foray into agency risk sharing issuance makes slight adjustments to the template set by Freddie Mac's STACR deals and Fannie Mae's CAS transactions. Investors have been quick to purchase recent risk sharing deals because of a structure that limits losses when mortgages become delinquent.

    29 Oct 2014

  • MBS resilient to end of QE3 and eventual rate hikes

    The US mortgage-backed securities market should not be overly affected by the Federal Reserve's decision to end its asset purchase programme, said analysts this week, adding that when the Fed eventually raises interest rates, recent regulation could in fact offset declines in MBS issuance.

    29 Oct 2014

  • Markit: world’s oldest bank under stress

    The dust is still settling from the results of the Asset Quality Review and bank stress tests, but it seems clear that the catharsis European officials hoped for has not materialised. The AQR, in particular, was worthwhile and bank balance sheets are more transparent. But it doesn’t follow that Europe’s banks will now embark on a lending spree. Lack of demand remains the underlying problem, which could present a challenge for Monte dei Paschi di Siena. Meanwhile, deflation looms — a scenario, incidentally, that the stress tests didn’t consider.

    29 Oct 2014

  • Monroe seeks retention ‘holy grail’ with first broadly-syndicated CLO

    Monroe Capital, which recently sold the first US middle market CLO to comply with European risk retention rules, is searching for ways to make its first broadly syndicated CLO compliant not just with European risk retention rules but also the US version of the rules, which was finalised last week.

    29 Oct 2014

  • BofE may stumble over derivatives definitions

    A review of the fixed income, currency and commodity markets in the UK is likely to spark further debate surrounding the way in which regulators define derivatives instruments. The Fair and Effective Markets Review launched by the Bank of England on Monday invites market participants to help judge the regulatory changes that have been made to the industry in the UK, in order to assess whether these are adequate to ensure safer markets and better trading practices in the future.

    29 Oct 2014

  • Nestlé grabs a sweet deal with €500m at record 0.75%

    Nestlé, the Swiss foods group, on Wednesday seized the opportunity of a stable and empty market to issue a €500m seven year bond, paying a tiny new issue premium and achieving what one banker said was a record low yield.

    29 Oct 2014

  • Elis delays IPO till markets strengthen

    French professional clothing firm Elis has put its planned initial public offering on hold, joining the growing ranks of European businesses delaying equity deals as a result of weak markets.

    29 Oct 2014

  • Numericable to finish SFR M&A financing with €4.7bn rights issue

    French cable firm Numericable opened on Wednesday the subscription period for a €4.7bn rights issue, in what constitutes the final tranche of the financing package for one of the largest M&A deals of the year so far — the takeover of mobile phone operator SFR.

    29 Oct 2014

  • BGC hires former ICAP credit bigwig

    Phil Cramp, ex-head of credit for Europe, Middle East and Africa at ICAP in London, is set to join BGC Partners as head of credit, repo and European government bonds in London from December 1.

    29 Oct 2014

  • Italy set for long dated cost hike after short term yields rise at auction

    Italy is set to take a hit on its funding costs at an auction of medium to long term bonds on Thursday, as the sovereign has failed to fully recover from a violent jump in yields two weeks ago. If yields rise as analysts expect, it will be the third day in a row that Italian funding costs have risen at auction, following a bill sale on Wednesday and an offering of zero coupon and inflation linked paper on Tuesday.

    29 Oct 2014

  • Fiat to float Ferrari stake as part of capital shake-up

    Fiat Chrysler Automobiles, formed after a merger earlier in the month, is set to float its stake in luxury brand Ferrari as part of a shake-up of the firm.

    29 Oct 2014

  • Heathrow approaches £2.15bn loan refinancing

    Heathrow Airport Holdings, which owns and runs Heathrow, Southampton, Glasgow and Aberdeen airports, has begun the process of refinancing its core revolving credit and liquidity facilities, according to its most recent financial statement.

    29 Oct 2014

  • Deutsche promotes Bagshaw to boost UK

    Deutsche Bank has promoted the head of its EMEA financial sponsors group to co-head its UK corporate finance business

    29 Oct 2014

  • Traders sell dollar/yen riskies as large expiries roll off

    Market participants have relentlessly been selling risk-reversals and volatility on the dollar against the yen, as the spot rate on the pair has largely remained range-bound over recent days.

    29 Oct 2014

  • Deutsche hires structuring head

    Deutsche Bank has hired a new head of fixed income and currencies structuring, who will also lead a project to analyse trading positions right across the investment bank and allocate capital appropriately

    29 Oct 2014

  • Geberit to ask some new banks into Sfr1.3bn Sanitec loan

    Syndication has begun of Geberit’s Sfr1.29bn (€1.07bn) loan to buy Sanitec. The deal will be offered to banks Geberit has worked with in the past, as well as some new additions.

    29 Oct 2014

  • Foncière des Murs kicks off cap hike

    French hotel investment firm Foncière des Murs kicked off a €200m capital raise on Wednesday, with shareholders committing to cover the whole deal.

    29 Oct 2014

  • 3i mandates four banks for Christ buyout debt

    UK private equity and investment firm 3i is adding debt to the mix for its purchase of a controlling stake in Christ, the German jewellery chain, and has mandated four banks to arrange the financing.

    29 Oct 2014

  • HKEx extends after hours futures trading

    The Hong Kong Exchange has extended its After Hours Futures Trading (AHFT) session by 45 minutes for its Hang Seng Index futures, H-Shares Index futures, Mini HIS futures, Mini HHI futures and renminbi currency futures. The close of the after hours futures trading clearing session will also be extended.

    29 Oct 2014

  • BayernLB's giant ABS liquidation result ‘positive’

    BayernLB’s everything-must-go sale of its remaining €6.5bn of ABS holdings appears to have been met with a strong response from buyers, bankers said on Wednesday.

    29 Oct 2014

  • ÅF borrows Skr1bn for refi with Handelsbanken, SEB

    ÅF, the Swedish technology consulting company, has finalised a Skr1bn (€107m) multi-currency revolver. The loan has a three year tenor with two one-year extension options.

    29 Oct 2014

  • World Bank continent hops for niche prints

    World Bank has been busy in local currencies this week, printing its first deal in Mexican pesos this year and doubling the size of an 11 year Kangaroo bond.

    29 Oct 2014

  • High yield issuers flush with cash, but investors short of funds

    European investors may be pulling money out of high yield, but high yield issuers are actually in better shape than they have been for a while, according to one measure tracked by Moody’s.

    29 Oct 2014

  • Aussie wave swells with Wide Bay

    Queensland-based building society Wide Bay Australia has added to a busy week for Australian ABS by releasing price thoughts on an A$300m prime RMBS transaction.

    29 Oct 2014

  • AQR allows investor to push Santander for better deal

    An investor spotted the opportunity to get more for its money from Santander ahead of the European Central Bank’s Asset Quality Review last week, driving up the coupon on a privately placed MTN. The note has since attracted interest from investors away from the deal and been increased three times.

    29 Oct 2014

  • Promsvyazbank on course for $200m loan as EU sticks with sanctions

    Promsvyazbank could achieve a one year loan from international lenders of as much as $200m, said bankers on Wednesday, but the price it will pay is still difficult to gauge.

    29 Oct 2014

  • FCA releases consultation paper for ban on retail CoCo sales

    The UK’s Financial Conduct Authority released a consultation paper on Wednesday morning seeking comment on a possible permanent ban on the sale of CoCos to retail investors. The consultation paper also clarifies some aspects of the ban that are unclear in its existing temporary form.

    29 Oct 2014

  • Siliconware re-opens CB market with successful $400m deal

    Siliconware Precision Industries tapped the equity-linked market on Tuesday night for a $400m convertible bond that went off with flying colours, ending the run of recent deals that were aggressively priced and met with a lukewarm response from investors. The trade’s success is now expected to push companies waiting on the sidelines to take advantage of the re-opening of the issuance window.

    29 Oct 2014

  • Afreximbank tightens guidance for tap to 10bp-15bp new issue premium

    Afreximbank has tightened price guidance for a tap of its $500m 4.75% 2019s to 310bp-315bp over mid-swaps. A syndicate official away from the deal said that this equates to a 10-15bp premium over the pre-announcement trading level of the outstanding bond, which he called fair.

    29 Oct 2014

  • Slovenia prices pre-funding print 15bp inside IPTs

    Slovenia on Tuesday was able to ratchet in pricing on a long seven year benchmark — which is for pre-funding — by 15bp from the initial price thoughts level to price with a new issue concession of just 4bp.

    29 Oct 2014

  • Israel Electric mandates two for dollar bond

    Israel Electric has mandated Barclays and Citi to arrange a dollar bond. Investor meetings are taking place in Europe and the US on Monday and Tuesday.

    29 Oct 2014

  • Battersea Power signs £1.35bn five year project loan

    A £1.35bn fundraising for Phases II and III of the Battersea Power Station project was signed among seven banks on October 28. The loan was split into a £750m facility to fund phase II and a £600m for phase III.

    29 Oct 2014

  • Underwriters left with Imtech shares after undersubscribed rights issue

    The underwriters of a rights issue by Royal Imtech have been left with a big chunk of the Dutch engineering firm after its rights issue received low take-up last week.

    29 Oct 2014

  • Legal and regulatory costs suppress Deutsche’s profits

    Deutsche Bank said profits in its investment bank were up 4%. But the rise was modest, thanks to a €250m increase in expenses, which it said was down to higher regulatory spending and legal fees. This includes fixed salary increases to meet the European Union’s bonus cap, which limits bonuses to twice fixed pay.

    29 Oct 2014

  • EM pipeline chock full

    The CEEMEA bond market is packed full of new issues as a least nine new issuers are confirmed as being on the road marketing new deals.

    29 Oct 2014

  • All SSA eyes on Fed

    Sovereign, supranational and agency issuers are waiting to see what emerges from the US Federal Open Markets Committee meeting on Wednesday evening before attempting dollar benchmarks. If the Federal Reserve doesn’t deliver any nasty surprises then next week could prove a decent window for issuers that have been biding their time to bring deals since US Treasuries were hit by volatility in mid-October.

    29 Oct 2014

  • Hutch, Klépierre show bond market ready for corporate action

    The turbulence of the past few weeks, with new fears of a global slowdown shaking markets, has not been forgotten. But all the signs are that the European corporate bond market is fully open for business.

    29 Oct 2014

  • FIG market ready for post-AQR supply

    Conditions look ripe for FIG issuance after the results of the comprehensive assessment on Sunday — syndicate bankers have picked additional tier one, in particular, as the asset class to keep an eye on in November — and supply looks set to pick up once blackout periods end and a first borrower takes the plunge and hits the market.

    29 Oct 2014

  • Paragon looks for sterling strength in buy-to-let

    Paragon Mortgages has mandated banks for its 21st RMBS transaction and could price the deal as early as Friday, as it looks to get the sterling denominated market back on track after a recent wobble in both primary and secondary.

    29 Oct 2014

  • Americas investors flock to British Columbia's second RMB bond

    The Province of British Columbia (BC) priced its second offshore renminbi bond at 2.85% late on October 28. BC’s familiar name, the deal’s SEC registration and current strong RMB internationalisation momentum helped the deal attract a good showing from investors in the Americas. Also notable was a big jump in European participation from BC's debut RMB bond last year.

    29 Oct 2014

  • Pertamina to get $500m of $1.8bn loan onshore

    Indonesian power company Pertamina, which mandated 12 lenders for its $1.8bn five year loan, will fund a portion of the financing onshore.

    29 Oct 2014

  • Shunfeng hopes to shine again with $361m CB

    Solar panels maker Shunfeng Photovoltaic International is making a rapid return to the equity-linked market with a chunky HK$2.8bn ($361m) convertible bond, and has opted for a three year straight bullet structure.

    29 Oct 2014

  • HK Airlines content with small bite of dim sum

    Hong Kong Airlines International tapped the dim sum market for Rmb800m ($131m) on October 28, even though the order book suggested that the carrier could have raised a lot more.

    29 Oct 2014

  • CESC nets $80m from QIP, exercises greenshoe

    Indian power utility company CESC raised Rp4.91bn ($80m) from a qualified institutional placement on Tuesday night, with demand strong enough for the group to exercise its entire greenshoe option.

    29 Oct 2014

  • Xiabuxiabu waits on $200m HK Listing

    Chinese casual restaurant chain, Xiabuxiabu, has filed a preliminary prospectus with the Hong Kong Stock Exchange. The company aims to raise between $100m and $200m, a banker close to the deal said.

    29 Oct 2014

  • BOC Aviation dim sum is next to fly

    Aircraft leasing company BOC Aviation is in the market with a new four year dim sum, following hot on the heels of an offshore renminbi bond from Hong Kong Airlines.

    29 Oct 2014

  • Unacem, Global maintain LatAm momentum

    Peruvian cement company Unacem and Panamanian lender Global Bank brought new names to EM bond portfolios on Tuesday to remind the world that there are Latin American bond issuers beyond Chile.

    29 Oct 2014

  • Codelco 30 year success shows rates calm

    Chilean copper Codelco led the way on a busy Tuesday in LatAm bond markets with a 30 year issue that came tight to its own curve and showed that investors are comfortable the US Federal Open Markets Committee will not spring any surprises regarding rates increase at its meeting on Wednesday.

    29 Oct 2014

  • Direct onshore RMB-SGD trading launched

    Direct trading between renminbi and the Singapore dollar (SGD) was launched on China’s interbank foreign exchange market on October 28, according to the China Foreign Exchange Trade System (CFETS).

    29 Oct 2014

  • Banque de France in RMB partnership with HKMA

    The French central bank, the Banque de France, signed a memorandum of understanding with the Hong Kong Monetary Authority (HKMA) on October 28. The partnership is targeted at increasing co-operation in RMB business for banks and corporates.

    29 Oct 2014

  • Wyndham guidance comes amid high demand for timeshare ABS

    Pricing guidance was released for Wyndham’s latest timeshare ABS deal on Tuesday, as hotel operators continue to take advantage of cheap financing with new timeshare deals.

    28 Oct 2014

  • Navistar ABS faces risk from parent

    Navistar Financial’s first dealer floorplan ABS of 2014 which was priced this week could be hampered if financial troubles worsen at the issuer’s parent, truck and engine firm Navistar International Corporation.

    28 Oct 2014

  • Crestline and Citizens look to CLO market

    Texas-based hedge fund sponsor Crestline Investors has joined forces with loan investor Denali Capital to create a CLO platform and has already set the ball rolling for its first deal. Meanwhile, Citizens Financial Group is also looking at bringing a CLO.

    28 Oct 2014

  • CDS notional tumbles following weeks of sustained uptick

    Overall credit default swap notional that was reported to swap data repositories last week decreased by 38% from the previous week, according to data from the International Swaps and Derivatives Association. This follows a consistent uptick over recent weeks in CDS notional, which has seen a 160% increase over the period.

    28 Oct 2014

  • Hutchison Whampoa scoops $5bn with one day sale in dollars, euros

    Hutchison Whampoa showed off its impeccable access to bond markets today by selling dollar and euro bonds in the same day, and raising $5.4bn with heavily oversubscribed books.

    28 Oct 2014

  • CME, KRX to offer round the clock access to $ futures

    The Korea Exchange’s US Dollar Futures contract will be available after-hours on CME Group’s electronic trading platform, Globex. This will be effective from December 8 in order to provide international market participants increased access to the Korean markets.

    28 Oct 2014

  • British Columbia prints second dim sum

    British Columbia raised Rmb3bn ($490.7m) with its second ever dim sum bond on Tuesday.

    28 Oct 2014

  • Bank of England’s climate quiz is a breakthrough

    By asking insurance companies how their business models are exposed to climate change, the Bank of England has made a big advance in the world’s response. Governments may drag their feet, but at last the world’s financial architecture is beginning to realise the reality of global warming.

    28 Oct 2014

  • UK DMO sails through ultra-long test despite choppy waters

    The UK Debt Management Office was able to attract its largest order book in an ultra-long syndication during an hour long book build on a tap of the 2068 Gilt — despite the tap coming at a sub-3% coupon and following weeks of volatility in the Gilt market. The deal leaves the UK DMO with one syndication left this financial year.

    28 Oct 2014

  • Equity markets return to health but Fed could break confidence

    Bankers were optimistic on Tuesday for a new run of issuance, as the markets recovered from a bruising day of trading at the start of the week. But ECM bankers said the respite could be short-lived, as the US Federal Reserve looks set to decide whether to halt its policy of quantitative easing.

    28 Oct 2014

  • IADB to reopen dollar deal

    The Inter-American Development Bank is set to become the first issuers to test the dollar market this week, having mandating banks for a tap on Tuesday afternoon.

    28 Oct 2014

  • BNP Paribas hires from Commerzbank for Schuldscheine

    Raoul Hessling joined the debt capital markets team at BNP Paribas at the beginning of October.

    28 Oct 2014

  • NRW.Bank said to price through curve with rubber stamped green bond

    NRW.Bank’s decision to tweak its approach to green bonds looks to have paid off with its second ever deal in the format on Tuesday, as the agency priced a bond that one lead said was through its secondary curve. But factors other than its attempt to woo dedicated green investors may also have been at play, said the banker.

    28 Oct 2014

  • Is €48bn a lot or a little?

    Europe’s banks misvalued their assets by €47.5bn. That is the verdict of the European Central Bank, after its examination of eurozone bank balance sheets. The scale and quality of the exercise has been impressive, and the market seems to like it. But is it just a big nothing?

    28 Oct 2014

  • Lion City's ECM market is struggling to roar

    Singapore this month took what it must hope is a big step forward in livening up its ECM market by overhauling the Companies Act. The move is certainly positive, but the city-state is mistaken if it thinks allowing dual-class structures will be the answer to its troubles. They are far more deeply rooted than that.

    28 Oct 2014

  • Increase in crude oil transport could offset regs effect on railcar ABS

    An increase in the transport of crude oil by rail and a proposal to tighten regulations around high-hazard train tank construction in the US should help avoid tank railcar concentration among recent railcar securitizations and keep credit quality on track, according to a new report by Standard & Poor’s.

    28 Oct 2014

  • Palfinger sells €105m Schuldschein with Asian support

    Palfinger, the Austrian crane manufacturer, has raised €105m with a Schuldschein issue that included Asian lenders.

    28 Oct 2014

  • ABS investors plead for Article 8b rethink as deadline looms

    A group of ABS investors is trying to persuade European lawmakers to object to the European Securities and Markets Authority’s (ESMA) decision to drop a requirement for issuer supplied cash flow models from incoming regulation, before the window for doing so closes on Thursday.

    28 Oct 2014

  • RBS bolsters APAC biz with fx, rates bigwigs

    The Royal Bank of Scotland had hired Colin Holdstock, ex-head of fx options for Asia ex-Japan at Nomura, and Glen Goh, ex-deputy global head of Asian fx and global head of Asian non-deliverable forwards at Standard Chartered, as managing directors in its Asia Pacific markets business, both based in Singapore.

    28 Oct 2014

  • UK GBP4bn 3.5% Jul 68 tap

    28 Oct 2014

  • Arrow Group markets €220m FRN for Capquest acquisition

    UK consumer debt management firm Arrow Group is supporting its acquisition offer for rival Capquest with a €220m bond, beginning its roadshow today.

    28 Oct 2014

  • Italy suffers from sell-off hangover at auction

    Italy could be in for pain at auction this week as the sovereign’s curve has yet to fully recover from a spike in yields caused by a sharp sell-off in peripheral sovereign debt two weeks ago. It printed two year paper on Tuesday at a yield almost double that of a month ago.

    28 Oct 2014

  • Cinven's AMCo widens pricing for £984m dividend recap loan

    Amdipharm Mercury (AMCo), the UK generic pharmaceuticals group owned by Cinven, has widened pricing on its £984m refinancing and recapitalisation loan, as investors question a £420m dividend for its owners.

    28 Oct 2014

  • Klépierre’s €500m 10yr for buybacks finds plentiful bid

    Klépierre, the French real estate investment trust that specialises in shopping centres, issued a €500m 10 year bond on Tuesday and launched a tender offer for two other issues, to extend the maturity of its debt.

    28 Oct 2014

  • Confidence won’t last if banks don’t get busy

    A good appetite has long been seen as a sign of good health. And with the results of the European Central Bank’s comprehensive assessment showing that the eurozone’s banking system is, broadly speaking, healthy, banks need to start showing some of the signs of life they’ve been lacking since the crisis. Namely: lending.

    28 Oct 2014

  • Bloomberg bans Russian sanctioned securities from database

    Bloomberg is refusing to list sanctioned securities from Russia. The move is irritating bankers in London, who said this would make it difficult for traders and bankers using Bloomberg as a database to assess a company’s debt levels and make sensible investment decisions about non-sanctioned debt.

    28 Oct 2014

  • Jaguar Land Rover’s $500m bond to fund Asian expansion

    Jaguar Land Rover, the UK car manufacturer owned by India’s Tata Group, has launched a $500m intraday bond issue on Tuesday.

    28 Oct 2014

  • Promsvyazbank to thrash out loan terms with banks

    Promsvyazbank’s attempt to obtain a one year loan from overseas banks will move into its next phase this week. The borrower and banks are due to begin submitting comments on the deal’s draft documents.

    28 Oct 2014

  • Carige set for cap hike as stress test response

    Italy's Banca Carige is set to raise around €650m through a capital raise that will form part of its response to the weekend's Asset Quality Review and stress test results, alongside asset disposals and other moves.

    28 Oct 2014

  • Litigation provisions spoil strong quarter for UBS investment bank

    Provisioning for litigation costs has pushed UBS's third quarter results into a pre-tax loss, the bank said on Tuesday. Even strong performances in investment banking and wealth management were unable to offset the damage done by the extra legal provisioning.

    28 Oct 2014

  • Investors eager to re-engage as DIFC plans second sukuk

    DIFC Investments — Dubai International Financial Centre’s investment arm — has set roadshow dates, beginning on Thursday, for its second ever benchmark sukuk sale.

    28 Oct 2014

  • Slovenia begins pre-funding bond issuance after AQR results

    Slovenia has opened books for a long seven year benchmark bond for pre-funding purposes. It is taking the first available window after market participants had digested the results of the European Banking Authority’s comprehensive assessment — which found two Slovenian banks wanting.

    28 Oct 2014

  • LeasePlan to bring Netherlands’ first auto ABS for over two years

    LeasePlan could price its sixth Bumper Finance car lease ABS next week. It would be the first Dutch auto ABS offered to investors in the primary market since 2012.

    28 Oct 2014

  • NRW.Bank €500m 0.25% Nov 18

    28 Oct 2014

  • Tewoo Group debuts with $400m 2017s

    Unrated Tewoo Group managed to make its debut in the bond market on October 27 thanks in large part to a standby letter of credit (SBLC) provided by one of the joint global co-ordinators on the trade.

    28 Oct 2014

  • Turkey's Global Ports mandates for debut bond

    Global Ports Holding, which operates three ports in Turkey, has mandated Citi and JP Morgan to arrange its debut bond.

    28 Oct 2014

  • Evraz North America roadshows $500m bond

    Evraz North America is roadshowing a $500m five year non-call 2.5 year US high yield bond. The deal is being arranged by Citi and Goldman Sachs.

    28 Oct 2014

  • Korea Expressway puts the brakes on bond over pricing

    Korea Expressway pulled its dollar bond before the US open on Monday night after the issuer realised it was not going to achieve its target price. Bankers are frustrated and say that a decent trade could have been done at a higher yield, but the issuer was not willing to pay up.

    28 Oct 2014

  • North Asia DCM update: Hutchison USD/euro combo, HK Airlines dim sum, New World China mandate

    Hong Kong giant Hutchison Whampoa is tapping the offshore market only for the first time this year and is looking to issue in both US dollars as well as euro via two separate deals.

    28 Oct 2014

  • ASIMCO hunts for $120m dividend recap via loan

    Diesel engine component maker ASIMCO Technologies is in the market for a $120m dividend recapitalisation loan for sponsor Bain Capital (Asia). The deal, which is split into a term loan ‘A’ and term loan ‘B’, is being arranged by a single bank and is offering juicy margins to Asian lenders.

    28 Oct 2014

  • Wang joins UBS to head Greater China levfin

    UBS has made a senior appointment to its leveraged finance team in Hong Kong, hiring a banker from a rival lender to head its leveraged capital markets for Greater China.

    28 Oct 2014

  • RBS bolsters Apac business with two new hires

    RBS is aiming to grow its corporate and institutional FX business in Asia Pacific with two new senior hires who will be based in the bank’s Singapore office.

    28 Oct 2014

  • Vietnam looking to switch investors out of 2016s with new bond

    The Socialist Republic of Vietnam is back in bond market after a four year break and is hoping investors will agree to swap out of a costlier deal issued back in 2005.

    28 Oct 2014

  • Pakistan sets new dates for $816m OGDCL divestment

    The Islamic Republic of Pakistan’s $816m divestment of some of its stake in Oil & Gas Development Company (OGDCL) is now on track for early November, after a local court order that halted the sale was dismissed by the Supreme Court.

    28 Oct 2014

  • Unacem price talk offers pick-up to Peruvian compatriot

    Analysts covering Peruvian debt expect hefty demand for cement company Unión Andina de Cementos’ (Unacem) planned benchmark size seven year non-call four deal, saying initial price thoughts offer an attractive pick-up to a longer duration but better-rated bond from fellow Peruvian Cementos Pacasmayo.

    28 Oct 2014

  • Sarana Multi Infrastruktur builds $150m debut in general

    Indonesian state owned company Sarana Multi Infrastruktur made its debut in the offshore loan market with a $150m three year bullet loan that launched into general syndication on October 27.

    28 Oct 2014

  • British Columbia launches second RMB bond

    The Province of British Columbia (BC) has launched a benchmark size offshore renminbi bond through Bank of China and HSBC. It will mark BC’s second RMB bond, after it became in October 2013 the first sub-sovereign issuer to sell a dim sum bond.

    28 Oct 2014

  • Chile hots up as Enap prices 10 year

    Government owned oil company Empresa Nacional de Petróleo (Enap) made it four Chilean bond issues in four business days with a $600m 10 year on Monday.

    28 Oct 2014

  • Stock Connect delayed, BAML expects launch by year end

    The Shanghai-Hong Kong Stock Connect initiative, also known as the Through Train, this week missed the October 27 launch date that had until recently been widely expected. The Hong Kong Stock Exchange (HKEx) issued a note on October 26 stating the programme was ready to go but was awaiting final approval from Hong Kong and Chinese regulators.

    28 Oct 2014

  • Mixed business model no barrier to China Travel

    China Travel Service (Holdings) Hong Kong (HKCTS) returned to the market for the first time since 1996 to price a dual tranche dollar bond. Despite its complex business model meaning that the leads had to spend a considerable amount of time educating investors, the book was eight times subscribed.

    28 Oct 2014

  • Emperador seals £210m one year loan

    Emperador International, a wholly owned subsidiary of Philippine alcohol producer Emperador Inc, has raised a £210m ($338m) one year loan with two banks.

    28 Oct 2014

  • A return to remember: China Hongqiao 17x subscribed

    Bond investors scrambled to get a slice of China Hongqiao Group’s second dollar trade of the year with books ending up a massive 17x subscribed on October 27. Despite the red hot reception, the company was sensible enough not to push too hard on pricing in order to ensure that secondary performance was tip top.

    28 Oct 2014

  • Weaker collateral in latest Invitation Homes rental deal

    Blackstone's Invitation Homes has secured preliminary triple-A ratings from Kroll and Morningstar for its third single-family rental securitization of the year, despite concerns over the deal's high leverage and low incomes from the rental properties in the portfolio.

    27 Oct 2014

  • Specialty finance companies bear brunt of GM probe fallout

    Investigations and increased scrutiny in the subprime auto lending sector have made it harder for speciality finance companies to launch new securitizations, an ABS syndicate head at a global investment bank told GlobalCapital this week.

    27 Oct 2014

  • Lewtan could help Moody’s Analytics grow in RMBS, Europe

    Moody’s Corporation has acquired Lewtan Technologies, a Massachuesetts firm which could help Moody’s Analytics’ expand its presence into residential mortgage-backed securities and the European securitization market.

    27 Oct 2014

  • BTIG plans European expansion and equity derivatives offering

    BTIG has said it will offer its European clients equity derivatives trading beginning in 2015 as part of a massive expansion to European business, including the hire of three sales traders.

    27 Oct 2014

  • BoE looks to bond syndicate in FICC review

    The Bank of England will be examining new issue bond syndication as part of its Fair and Effective Markets Review and will consider publishing final allocation data and using auction processes to set allocations.

    27 Oct 2014

  • Tesco finds a floor after brutal sell-off

    Tesco bonds found some support today after a bruising sell-off on Friday. Volume has been fairly light in the credit since all three rating agencies downgraded it to the bottom rung of investment grade at the end of last week - but that has not stopped the bonds trading off sharply in price.

    27 Oct 2014

  • Finland's DNA seeks broader investor base

    Finnish telecommunications company DNA launched a roadshow for a potential euro bond issue, its second, on Wednesday.

    27 Oct 2014

  • Abengoa’s yieldco readies €200m bond to finance solar, wind farm acquisitions

    Abengoa Yield, the contracted asset holding company controlled by Abengoa, the Spanish renewable energy company, is set to launch its first bond since it was listed on Nasdaq in June.

    27 Oct 2014

  • Grand City Properties buys back 95% of old bond after new issue

    Grand City Properties, the German housing company registered in Luxembourg, has achieved a high hit rate for its bond tender offer.

    27 Oct 2014

  • ECM delights in EBA stress test results, but more problems ahead

    Europe’s equity markets responded well to the European Banking Authority’s stress test results, but bankers said other uncertainties were already ruining the party.

    27 Oct 2014

  • Basel III leverage ratio increases concentration risk

    The clearing industry could face increased systemic risk thanks to incoming Basel III regulations on capital charges if more clearing providers, or futures commission merchants as they are known in the US, are forced to close.

    27 Oct 2014

  • Mothercare completes expansion funding rights issue

    Mothercare completed a rights issue that will fund its digital and international expansion on Monday, with a rump placing for the shares that went unsold in the deal.

    27 Oct 2014

  • Torm enters new restructuring agreement

    Danish shipping company Torm has begun discussions with its lenders and Oaktree Capital Management to restructure its debt.

    27 Oct 2014

  • Italy stable ahead of auctions despite banks’ poor weekend report card

    Italy’s yields held steady on Monday ahead of a busy week of auctions for the sovereign, despite its banks being the worst performers in regulatory tests over the weekend.

    27 Oct 2014

  • NRW.Bank tweaks blend for second green bond

    NRW.Bank has freshened its approach with its second ever green bond, which is set to be priced on Tuesday after the issuer mandated banks for the €500m no grow four year deal on Monday afternoon.

    27 Oct 2014

  • Market moving BWICs hit ABS, Italians firm

    The major ABS dealers were being kept busy preparing a single bids wanted in competition (BWIC) offering of around €3bn on Monday, which includes everything from CMBS to UK prime RMBS. Traders said the potential impact of the sale would keep many investors quiet in the next couple of sessions, but notes that Italian ABS was not coming under much pressure despite a poor showing from a number of issuers in the European stress tests.

    27 Oct 2014

  • TriOptima sees spike in cross-currency swap compression

    TriOptima has eliminated $500bn in notional principal outstanding since the launch of its cross-currency compression swap service earlier this year, and client participation has nearly doubled from 12 to 20 institutions.

    27 Oct 2014

  • Louis Dreyfus markets $600m European loan to refi 2011 deal

    Louis Dreyfus Commodities is refinancing a loan facility raised in December 2011, reducing the amount from $800m to $600m.

    27 Oct 2014

  • Investor pushes Santander for better deal ahead of AQR

    An investor spotted the opportunity to get more for its money from Santander ahead of the European Central Bank’s Asset Quality Review last week, driving up the coupon on a privately placed MTN.

    27 Oct 2014

  • Bank tests ‘credible’ but questions around profitability linger

    ‘Credible’ is the word many are using to describe the European Central Bank’s Asset Quality Review and the European Banking Authority’s stress tests. But in the same breath that analysts are using to trumpet the regulators’ successes in holding Europe’s major banks to the flames and eliciting an immediate and broadly positive reaction from investors, some are also saying the system is still deeply flawed — and potentially unsustainable.

    27 Oct 2014

  • 3i buys into Douglas Holding's Christ chain

    3i is investing €214m in Christ, the German jewellery and watch retailer, gaining a controlling stake in the company.

    27 Oct 2014

  • Funds eye decompression between iTraxx Crossover and Main

    Hedge funds are targeting decompression between iTraxx Crossover and iTraxx Main, in the expectation that Main will tighten versus Crossover in the aftermath of rumours that the European Central Bank may extend its asset buying programme to include corporate bonds. Funds are specifically looking at going long risk iTraxx Main and short risk iTraxx Crossover.

    27 Oct 2014

  • African loans move apace in three countries

    Loans business is busy in several African countries, with two bank deals having been signed and a railway infrastructure financing package mandated.

    27 Oct 2014

  • Supply to resume as market reacts well to comprehensive assessment

    The outlook is positive for senior and subordinated issuance in the wake of Sunday’s Comprehensive Assessment of the European banking sector’s health, according to syndicate bankers. Credit markets opened buoyant on Monday morning and market participants expect senior and tier two supply to get started later this week, with the possibility of additional tier one to follow.

    27 Oct 2014

  • First Rand mandates three for dollars

    South African First Rand Bank has mandated Citi, Mitsubishi and Rand Merchant Bank to arrange a dollar Reg S bond.

    27 Oct 2014

  • US investors buy up $900m bond from Fresenius Medical Care

    Fresenius Medical Care priced its $900m senior unsecured high yield issue in the 144A market on Friday October 24.

    27 Oct 2014

  • Arkema secures Bostik buyout loan before rights issue and bond

    French chemicals company Arkema has closed the syndication of the €1.5bn bridge facility for its €1.74bn acquisition of Bostik.

    27 Oct 2014

  • Mubadala GE Capital roadshows, pricing likely to be wide of Mubadala

    Mubadala GE Capital has mandated Barclays and Citi as global co-ordinators and joint lead managers and First Gulf Bank, HSBC, Natixis as joint lead managers for a dollar benchmark 144A bond.

    27 Oct 2014

  • Bluestone back with pre-crisis Aussie RMBS

    Australian mortgage provider Bluestone Group is set to securitize a second diverse pool of pre-crisis Australian mortgage loans this week, having offered investors eight tranches of bonds rated as low as single-B, while Macquarie Leasing is also sounding out investors for its third auto ABS of the year.

    27 Oct 2014

  • Loan Ranger: Wild rides are better than fantasy

    Just as a violent storm is sometimes what weather systems require to break a passage of mounting atmospheric pressure, a sudden dose of volatility can also be just what financial markets need to refresh themselves and avoid stagnation or overheating. So it goes too with the pastimes of loans bankers.

    27 Oct 2014

  • Pakistan loan rises to $200m with one more lender

    The Islamic Republic of Pakistan has raised the size of its loan to $200m from $150m as one more lender joined with a chunky commitment.

    27 Oct 2014

  • GC Blog: At Club Tropicana the fruit is free

    As the days get shorter and the commute that little bit colder, we like to hold onto the summer spirit as long as possible — ‘keep warm and carry sunglasses’ is Blog’s personal philosophy. But it seems that the Street is taking it to the next level.

    27 Oct 2014

  • Haitong nets $148m from self-run CB

    Haitong International Securities Group has returned to the equity-linked market with a HK$1.15bn ($148m) convertible bond, with a three times covered book allowing the issuer to increase the size of the trade from the base offering of HK$764.4m.

    27 Oct 2014

  • Link Net allocates 90% of $455m trade to top investors

    The shareholders offloading some of their stakes in Indonesia’s Link Net raised Rph5.5tr ($455m) on Friday night via a deal that saw a big chunk of the book go to cornerstones and the top 10 investors.

    27 Oct 2014

  • Bank of China back for triple tranche tier two

    After soaking up $6.5bn of liquidity with its recent Basel III compliant additional tier one (AT1), Bank of China is giving investors no let-up and has announced a roadshow for a triple tranche tier two offering.

    27 Oct 2014

  • Vietnam mandates roadshows, bond could come next week

    The Vietnamese sovereign has revived its plans for a sovereign bond, mandating the same banks that took it on roadshows back in April 2013 for a new series of investor meetings, with a 144a/Reg S transaction now looking closer than ever.

    27 Oct 2014

  • Korea Expressway, CTS, Tewoo out with dollar bonds

    Korea Expressway Corporation, China Travel Service (CTS) and Tewoo Group are all out in the market with new dollar bonds. The Korean government related issuer (GRI) was last seen in April this year and adds to a relatively busy month for Korean issuers. CTS, on the other hand, has not been in the market since 1996.

    27 Oct 2014

  • China Hongqiao answers investor demands for second bond

    Aluminium manufacturer China Hongqiao Group is tapping the offshore debt market for funding once again, opening books for a dollar bond on October 27, just four months after making its debut.

    27 Oct 2014

  • Agile extends maturity on $475m loan

    Hong Kong listed Agile Property Holdings has reached an agreement with its lenders to extend the maturity on a portion of a $475m facility the company sealed in early April that was to fall due in December.

    27 Oct 2014

  • CTBC sets the standard in Asiamoney's Corporate Governance Poll

    Taiwanese firms set the standard for corporate governance this year as CTBC Financial Holding Co (CTBC) won the most prestigious "Overall Winners: Best Companies in Asia for Corporate Governance" category in Asiamoney's Corporate Governance poll, while semiconductor manufacturer giant TSMC took third place. Thailand-based Precious Shipping Public Company Limited came in second.

    27 Oct 2014

  • EBA fails 24 banks, 15 close to line

    24 banks, including nine in Italy and three in Greece, failed the European Banking Authority’s stress test of banking institutions in the European Union with a maximum aggregate capital shortfall of €24.68bn under the European regulator’s baseline stress scenario.

    26 Oct 2014

  • ECB finds €136bn of extra non-performing loans

    The European Central Bank’s Asset Quality Review has added another €136bn to the stock of non-performing loans that eurosystem banks are holding, after changing the way loans are assessed across Europe as a whole.

    26 Oct 2014

  • Chile set for four from four as E-CL picks its day

    Government-owned Chilean oil company Empresa Nacional de Petróleo (Enap) could make it four new issues in four business days for Chilean corporates on Monday after E-CL ensured LatAm bond markets ended the week on a high with its long-awaited new issue on Friday.

    25 Oct 2014

  • Kio eyes bond debut to lift Mexico HY

    Mexico IT infrastructure company SixSigma Networks Mexico (Kio) will spend this week meeting bond investors ahead of a potential debut international bond issue.

    25 Oct 2014

  • Yorkshire Housing finds home for £140m debut bond

    Yorkshire Housing, a UK housing association, issued a £140m 30 year senior secured bond in its bond market debut on Friday. The proceeds will be used to build 1,500 homes.

    24 Oct 2014

  • Cheap price and anchor support help TLG's IPO through weak markets

    German property firm TLG Immobilien successfully placed €360m of its shares on the Frankfurt Stock Exchange on Thursday, in this week’s only IPO in Europe.

    24 Oct 2014

  • Funding scorecard: Sovereigns

    Read on to find out how much funding European sovereigns have left to do in the final quarter of the year.

    24 Oct 2014

  • Sappi delevers, mulls bond to cut interest

    Sappi, the Austrian-South African paper maker, is considering new debt issuance in the coming year, as it seeks to refinance part of its debt and cut interest rate costs.

    24 Oct 2014

  • Bahraini issuer prints rare MTN

    Bahraini financial institution Bahrain Commercial Facilities Co has made a rare visit to the MTN market.

    24 Oct 2014

  • Investor focus: funds feel the pain at short end

    Money market funds — a major buyer of short-dated sovereign, supranational and agency paper — are pushing to buy longer-dated assets in a bid to find yield for their investors. Some have gone so far as to slash their fees.

    24 Oct 2014

  • Asset managers eye basis between old and new derivative docs

    Asset managers are watching the basis, or the differential in spreads, between derivative contracts based on 2003 International Swaps and Derivative Association documentation and the new 2014 documentation, to look for any opportunities for arbitrage on financial names.

    24 Oct 2014

  • Rhiag prices €50m tap at par

    Rhiag, the Italian car parts distributor, has priced a €50m tap of its €215m 2020 bond at par.

    24 Oct 2014

  • Arrow Group backs £158m Capquest acquisition with debt

    Arrow Group, the UK consumer debt management firm, has offered to buy its rival Capquest from Towerbrook Capital Partners for £158m in a deal that will use a Goldman Sachs bridge loan.

    24 Oct 2014

  • Shangri-La welcomes investors for $670m rights issue

    Shangri-La Asia is looking to raise as much as HK$5.2bn ($670m) from a one-for-seven rights offering, as the luxury hotel operator aims to save on costs by repaying its bank loans with the new funds.

    24 Oct 2014

  • EDC closes $315m financing for wind power project

    Philippine company Energy Development Corp (EDC) has wrapped up a $315m dual tranche financing for the construction of a wind farm in the country.

    24 Oct 2014

  • Kepco makes $808m with strong international demand

    Korea Electric Power Corp (Kepco) has raised W855.6bn ($808m) by selling all its treasury shares via a block trade on October 23. Priced just above the lower end of the price range, the deal resonated well with international investors, with demand from them alone taking books to around three times covered.

    24 Oct 2014

  • Hanjin prices novel Kexim backed floater

    Hanjin International priced what bankers said was the first public bond to be issued with a guarantee from the Export-Import Bank of Korea (Kexim).

    24 Oct 2014

  • Link Net slashes follow-on size by 32%

    The shareholders selling some of their holdings in Indonesia’s Link Net have cut the size of their trade by 32% to Rph5.5tr ($460m), after volatile market conditions dampened investor appetite.

    24 Oct 2014

  • Citic Securities prices through comp with 2019s

    Chinese broker Citic Securities Company tapped the offshore market with a dollar bond on October 23 that was drawn from a $3bn MTN programme. Even though it coincided with a slew of other transactions, the issuer still managed to get a good result, pricing through its closest comparable.

    24 Oct 2014

  • CICC names new chairman

    Ding Xuedong has become China International Investment Capital Corporation's (CICC) chairman after Jin Liqun stepped down from the role.

    24 Oct 2014

  • Shinhan BNP Paribas AM in debut Korea RQFII licence

    Shinhan BNP Paribas Asset Management has become the first Korean institutional investor to receive a licence to access China’s onshore capital markets via the renminbi qualified foreign institutional investor (RQFII) scheme.

    24 Oct 2014

  • Tata Motors drives with caution to deliver hot bond

    Tata Motors (TML) delivered a top quality drive-by bond on Thursday. Not only did the 5.5 year offering prove so popular that 317 investors were biting the issuer's arm off to get an allocation, but TML was also able to meet a price target that bankers said was demanding, as well as extend its maturity profile by issuing an additional last-minute 10 year bond.

    24 Oct 2014

  • KraneShares and Bosera switch China ETF to MSCI China A share index

    US-based exchange traded fund (ETF) provider KraneShares, in partnership with China’s Bosera Asset Management, moved their China A ETF product to the new MSCI China A International Index on October 24.

    24 Oct 2014

  • RMB round-up: October 24, 2014

    In this round-up, RMB deposits in Taiwan break past Rmb300bn in September, Macau RMB deposits and RMB cross border trade fell slightly in August, the Hong Kong-Shanghai Stock Connect initiative looks likely to be launching later than expected, and a Canada-China currency swap line could be coming in November.

    24 Oct 2014

  • ICBC launches UCITS compliant RQFII fund in Luxembourg

    Industrial and Commercial Bank of China (ICBC) Europe has launched a Renminbi Qualified Foreign Institutional Investor (RQFII) fixed income fund that is compliant with the European Union directives on Undertakings for Collective Investment in Transferable Securities (UCITS). The fund is the first RQFII fund to be issued by an EU registered Chinese bank.

    24 Oct 2014

  • Standard Chartered takes from Pimco for head of RMB sales

    Standard Chartered has created a new role of head of RMB sales, appointing Zhou Cheng Gang to the position. Zhou joined from Pimco and is based in Hong Kong, reporting to George Sun, head of financial markets sales for greater China and Northeast Asia.

    24 Oct 2014

  • HKEx, China Merchants Group sign MoU on RMB derivatives

    Hong Kong Exchanges and Clearing (HKEx) and China Merchants Group (CMG) signed an agreement on October 22 to establish a strategic alliance for new RMB-denominated products.

    24 Oct 2014

  • Govvie and corporate bond bankers brace for QE…

    Capital markets are rife with talk of the European Central Bank wading in to buy everything in sight in new markets in an attempt to stimulate economic activity in the single currency bloc. But although sovereign bond bankers are hopeful of attracting an official bid, corporate bond counterparts, whose market was at the forefront of speculation of an ECB visit earlier in the week, were unenthused about what would be an unwelcome guest. Jon Hay, Tessa Wilkie and Craig McGlashan report.

    23 Oct 2014

  • Goldman Sachs EUR1.25bn FRN Oct 19

    23 Oct 2014

  • Cédulas faces face lift

    The Spanish covered bond law could be set for profound change that will bring it into line with the best in show schemes. However, as the claim of existing holders would be considerably diminished, a huge liability management exercise is justified.

    23 Oct 2014

  • Leaseplan EUR750m FRN Apr 17

    23 Oct 2014

  • ANZ EUR1bn FRN Oct 19

    23 Oct 2014

  • Wells Fargo EUR1.25bn 1.125% Oct 21

    23 Oct 2014

  • Peru, Chile set for rare bond appearance as Colombia prefunds

    Bankers are expecting scarcity value to drive strong demand as Peru and Chile consider their first international bond market outings since 2012. Both sovereigns will be encouraged by Colombia’s continued record breaking performance in bond markets during their absence, epitomised by Tuesday’s 10 and 30 year tap.

    23 Oct 2014

  • Citi EUR1.5bn 1.375% Oct 21

    23 Oct 2014

  • LatAm roars back as SQM notches tight return

    Just a week ago, some debt bankers were worried that broad volatility could shut down LatAm bond markets for the rest of the year. But on Thursday Sociedad Química y Minera de Chile (SQM) notched a new issue concession of close to zero for a refinancing exercise as Chilean corporates became the main beneficiaries of what proved to be excellent issuance conditions.

    23 Oct 2014

  • Cédulas left with dregs in new Spanish covered law

    Spain’s new covered bond law, if passed, will mean a vast improvement in the quality of the country’s covered bond collateral – but could come at the expense of holders of the old bonds, who will find their deals backed by a dwindling pool of poor quality loans, unless they exchange into new deals.

    23 Oct 2014

  • Brazilian duo eye funding but election pessimism grows

    Equity markets are responding more strongly than bond markets to pessimism about Brazil’s election scheduled for Sunday, say bankers covering the country. However, that may only mean the bond markets have further to fall should incumbent Dilma Rousseff retain power, said one LatAm syndicate banker at a Brazilian bank on Thursday.

    23 Oct 2014

  • What's to see in ECB's Rorschach test?

    Europe’s banks are about to get a reality check. Or so say advocates of the European Central Bank’s comprehensive assessment, the results of which come out on Sunday and mark a major event in post crisis banking regulation.

    23 Oct 2014

  • Unacem looks to cement debut

    The lone Peruvian borrower in the pipeline is cement and concrete company Unión Andina de Cementos (Unacem), which will finish a roadshow on Friday and hold conference calls on Monday in advance of of a potential debut bond issue.

    23 Oct 2014

  • Altisource SFR ABS could be victim of Ocwen fallout

    Altisource Residential (Resi) is believed to be on pace to acquire enough single-family rental properties to issue its first securitization early next year. But the latest Ocwen Financial investigation could derail those plans.

    23 Oct 2014

  • Arkema braves weaker market, sells €700m M&A hybrid well

    Arkema, the French chemicals company, launched its hybrid bond issue successfully on Thursday, having decided to press ahead with the deal despite market conditions that are much less favourable for higher risk deals than in September.

    23 Oct 2014

  • EBRD agrees first loan under Sustainable Resource Initiative

    The European Bank for Reconstruction and Development has agreed a €50m loan to Türkiye Sınai Kalkınma Bankası, the EBRD’s first credit line under its Sustainable Resource Initiative.

    23 Oct 2014

  • KfW finally finds window for long-awaited C$ return

    KfW this week returned to the Canadian dollar market in benchmark size, the first time it had done so in more than a year.

    23 Oct 2014

  • Quebec enjoys demand at long end in Swiss francs

    Swiss franc investors snapped up a long dated Quebec issue this week following a shift in demand toward 10 year paper.

    23 Oct 2014

  • Stockland successfully places Australia’s first green bond, but no blowout

    Stockland, one of Australia’s largest property developers, on Thursday launched the first green bond from an Australian issuer. The €300m bond, rated A-, was sold into a European market that had recovered well from a bout of turbulence last week, and was fully placed with high quality investors. But it was no blowout.

    23 Oct 2014

  • Hotels tap cheap financing with timeshare ABS

    Timeshare ABS issuance has picked up as hotel operators have taken advantage of cheap funding. But some investors think spreads have got too narrow for timeshare-backed notes because macroeconomic factors could make it more difficult for operators to manage and sell timeshare properties.

    23 Oct 2014

  • People & Markets News in Brief

    UBS appoints new levfin heads - SG heads to the Wharf - Leeming picked for RBS hybrid job

    23 Oct 2014

  • Immediate manager tiering in store as risk retention hits CLOs

    Recent spread volatility in the US CLO market calmed down this week, with several deals pricing back around the 150bp mark over Libor. Issuance is expected to continue to increase as managers try to lock in assets under management before risk retention rules come into effect in late 2016 — but the rules could force smaller managers out of business and cause serious legal headaches for those that remain.

    23 Oct 2014

  • Rumours fly, opinions split as FIG market awaits its test results

    Senior figures in the European FIG market were oddly calm heading into what is perhaps the biggest regulatory event in Europe since the crisis era began: the release of the results of the European Central Bank’s comprehensive assessment of 130 banks on Sunday. Nonetheless, investors are bracing themselves for what is likely to be at least a short term bout of increased volatility after the results.

    23 Oct 2014

  • MTN Leak: Walking with ground sharks

    Deep down below the sea Smit Acharya swims happily. The BNP Paribas MTN dynamo is looking at fish in the Indian Ocean as we speak — or as we write and you read, more accurately.

    23 Oct 2014

  • US banks pay up for dollar access

    US banks returned to the dollar market this week following earnings releases and volatile conditions to print solid trades with juicy spreads for investors.

    23 Oct 2014

  • KfW USD3bn 0.875% Dec 17

    23 Oct 2014

  • Triple A rated MMFs look east for positive yields

    Faced with negative yields, lack of supply and an influx of cash, triple-A rated money market funds have had to broaden their outlook to generate positive returns and, for some, Asia offers the solution.

    23 Oct 2014

  • ESM EUR4bn 0% Oct 16

    23 Oct 2014

  • FMS-W USD1.5bn 0.625% Jan 17

    23 Oct 2014

  • Nigeria set for loans rush but macro concerns mount

    Nigeria is set for a busy run of syndicated loans, with bankers saying there could be at least six deals before the end of the year and that two of those – for IHS and Helios Towers – could be up to $1bn each. But while loans officials are optimistic about African lending and Nigeria in particular, analysts suggested there could be a rush to beat the storm clouds gathering over the country’s economy in 2015.

    23 Oct 2014

  • Market hankers after sovereign QE but doubts raised

    Growing indications that the European Central Bank's moves so far have not been enough to boost falling inflation expectations, or improve a flat-lining real economy in Europe, have some market participants hoping that the central bank will unveil a round of sovereign bond buying to shock the economy back to life. But the ECB’s actions may fall short of expectations.

    23 Oct 2014

  • S&P says Swedish mortgage plan is positive

    Standard & Poor’s has followed Moody’s in saying that a Swedish proposal to cap new interest-only loans at 50% of a property’s value, rather than the 75% maximum in force today, is credit positive. This is because it will lead to a lower mismatch between an issuer’s assets and liabilities, the main source of rating volatility for Swedish issuers.

    23 Oct 2014

  • French programmes shrug off rating watch as ECB gears up

    Fitch put the AA+ rated covered bond programmes of Caisse Française de Financement Local (Caffil) and Compagnie de Financement Foncier (Coff), and the public sector programme of BNP Paribas, on rating watch negative (RWN) last Friday (October 17), following identical action on the French sovereign earlier in the week.

    23 Oct 2014

  • ECB tightening may hit ABS participation

    More investors than ever before expect securitization volumes to rise in the next 12 months, according to Fitch's latest quarterly investor poll. But active ABS investors are concerned that the spread tightening attributed to the European Central Bank’s impending purchases will render returns in the asset class insufficient to grow or even maintain investor participation.

    23 Oct 2014

  • Ford’s demand untouched by volatility, spreads drop

    Ford Credit Europe Bank’s second Globaldrive German auto ABS of the year was priced this week with a similar level of demand to its first, and at lower spreads, as secondary trading in the European ABS market remained cautious.

    23 Oct 2014

  • Stockland first Aussie green bond no blowout

    Stockland, one of Australia’s largest property developers, on Thursday launched the first green bond from an Australian issuer. The €300m bond, rated A-, was sold into a European market that had recovered well from a bout of turbulence last week and was fully placed with high quality investors. But it was no blowout.

    23 Oct 2014

  • Arkema braves weaker market, sells €700m M&A hybrid soundly

    Arkema, the French chemicals company, launched its hybrid bond issue successfully on Thursday, having decided to press ahead with the deal despite market conditions that are much less favourable for higher risk deals than in September.

    23 Oct 2014

  • CBPP3 is central to covered pricing and not LCR treatment

    The primary covered bond market picked up after a week without any issuance, just as the European Central Bank’s third covered bond purchase programme (CBPP3) got underway. All four deals issued this week were ineligible for the programme which, from a pricing perspective, made more a difference than their preferential treatment under newly established liquidity rules.

    23 Oct 2014

  • Russian loans in view as PSB, Otkritie and Acron line up

    The year could still see more Russian loans being signed, with Otkritie Financial Corp Bank and Promsvyazbank deals likely and Acron reviving discussions, say loans bankers. But the overall outlook for Russian borrowing in 2015 has become bleaker this week amid falling oil prices, the growing prospect of a recession and speculation around a possible sovereign downgrade.

    23 Oct 2014

  • No single-As from SCF but mezz on table

    Santander Consumer Bank’s Finnish arm decided against selling its first ever single-A rated Class C bonds this week, but the issuer joined Ford in the primary market during a week of cautious secondary trading.

    23 Oct 2014

  • EIB backs ABS guarantees to spark wider SME lending

    The European Investment Bank has said public sector guarantees could kick start ABS volumes in Europe and potentially double the size of the market, which it said was critical to improve small and medium-sized lending in some countries where SME ABS is “non-existent”.

    23 Oct 2014

  • Loans, news in brief — October 24, 2014

    YIT — EuropaCorp — Notemachine

    23 Oct 2014

  • Credit Suisse looks to untapped talent

    Credit Suisse has been on the road less travelled. Over the past few years, the bank has analysed how to manage an investment bank, overhauling recruitment, talent management, and performance. With the European fee pot turning, the work looks like it is paying off.

    23 Oct 2014

  • This was never about ABS — the ECB is rudderless

    The European Central Bank put a lot of effort into telling everyone securitization’s direct link to the real economy was the reason it deserved to be the principal target of asset purchases. Now that illusion has been shattered by reports it is considering corporate bond purchases, the ECB should just get on with the broad-based cash injection it clearly intends.

    23 Oct 2014

  • Euros in vogue with sterling in the wings

    More euro-denominated transactions are ready to hit the European ABS pipeline this month, but drawing out sterling transactions is proving a tougher assignment for syndicate teams who are battling against well funded issuers and anticipation of European Central Bank purchases.

    23 Oct 2014

  • BTP Italia demand slumps as Greek exit criticised

    Italy has sold its smallest BTP Italia since the dark days of the eurozone debt crisis, partly because of a sharp fall in retail demand. The lack of domestic interest — despite the coupon on offer increasing during the book build process — could be a warning sign for the sovereign, said analysts, although others argued there were more technical aspects at play.

    23 Oct 2014

  • Com Hem prices Skr2.5bn tightly, to refi expensive bond

    Swedish cable operator Com Hem priced its Skr2.5bn (€272m) bond tightly on Thursday. It will use the proceeds to refinance Skr3.5bn of senior secured notes.

    23 Oct 2014

  • Jimmy Choo defies market turmoil by avoiding syndicate ‘insanity’

    Bankers this week heralded the success of Jimmy Choo’s initial public offering, which was priced in the depths of a highly volatile equity market, as vindication of the lean syndicate model. Some hoped it would bring an end to the bulging bank groups branded insane by one financier.

    23 Oct 2014

  • UBS sees continued spike in ETN interest, AUM

    UBS has seen its exchange traded note program assets more than double in just over a year. The program had approximately $2bn at the end of July 2013 and now has around $4.5bn.

    23 Oct 2014

  • Husqvarna trims revolver by Skr1bn

    Husqvarna, the Swedish gardening equipment maker, has extended its syndicated revolving credit facility for another five years and reduced the amount from Skr6bn (€650m) to Skr5bn, according to its third quarter financial report.

    23 Oct 2014

  • SAP loan gets 100% hit rate, Meda expected to follow suit

    SAP, the German software firm, closed syndication of the €7bn bridge facility for its $8.3bn acquisition of US expenses software firm Concur at the end of last week. It was the latest in a series of deals to obtain the participation of all the invited banks, fueling expectations that upcoming deals will also be popular.

    23 Oct 2014

  • SSA issuers hike new issue premia in tougher conditions

    A pair of borrowers braved dollar issuance this week after volatility in US Treasuries last week led to a pair of undersubscribed deals. But so far the market recovery has taken the shape of a pair of ultra conservative German borrowers at the short end of the curve. Bankers will have to wait until next week to see an issuer test demand in the belly of the curve.

    23 Oct 2014

  • Styrolution widens pricing while Ineos steps in on junior tranche

    German plastics firm Styrolution has widened pricing on its €1.05bn-equivalent five year term loan ‘B’, amid concerns from investors about the cyclical nature of its business.

    23 Oct 2014

  • Market shrugs off volatility as senior goes strong, more to come

    The senior unsecured FIG market underwent a strong recovery this week after a shaky patch following poor US data last week. Not even the impending release of the European Central Bank and European Banking Authority’s comprehensive assessment results on Sunday could stop issuers successfully tapping the senior market, and bankers are hopeful of more supply next week.

    23 Oct 2014

  • Turkish corps line up to sign loans

    Internationally syndicated Turkish corporate loans are rare, but this week has seen three push deals forward. Cake maker Ulker launched its loan into syndication on Monday, Turk Telekom subsidiary Avea completed a club loan and Yildiz dairy subsidiary Ak Gida is in the final stages of syndicating an Islamic loan.

    23 Oct 2014

  • Daisy group splits £265m debt into term loan and revolver, adds a PIK

    UK business communications provider Daisy Group has split £265m of senior debt backing its buyout into two loan facilities and added a PIK loan.

    23 Oct 2014

  • Walgreens lines up European bond for Boots acquisition

    US pharmacy chain Walgreens is set to launch a three day roadshow on Wednesday October 29 for a potential debut bond in euros, sterling, or both.

    23 Oct 2014

  • KoRes mines demand for five-year Swissie

    State-owned mining group Korea Resources Corporation (KoRes) took advantage of relatively stable market conditions on Thursday to notch a record low coupon on its inaugural Swiss franc bond.

    23 Oct 2014

  • No welcome from corporate bond market for ECB buying plan

    Bankers reacted with a mixture of scepticism and scorn this week to reports that the European Central Bank may be considering buying corporate bonds, as part of its efforts to restart the eurozone economy.

    23 Oct 2014

  • Verizon’s $6.5bn widens after punchy 2bp NIP

    The US high grade bond market may have shrugged off last week’s volatility this week, but Verizon Communications found investors in determined mood.

    23 Oct 2014

  • … but ECB covered bond buying scheme dead on arrival as supply slumps

    The European Central Bank is estimated to have bought well over €1bn, and possibly close to €2bn, in the first week of its third covered bond purchase programme (CBPP3) and traders have reported a tripling of flows. But limited dealer inventories are finite and issuance prospects mean it can only be a matter of time before the programme peters out, writes Bill Thornhill.

    23 Oct 2014

  • Investors suck up 0% coupon to buy short-dated ESM deal

    More borrowers could follow a ground breaking deal from the European Stability Mechanism this week — a two year deal that is understood to be the first ever 0% coupon on a benchmark from a supranational or agency borrower.

    23 Oct 2014

  • NIP slip as Turkish duo brave bond market

    Two Turkish financial institutions, Isbank and TSKB, braved the market this week with new issue premiums that edged lower than recent comparable deals, showing how the market has stabilised since Yapi Kredi printed its bond on October 15.

    23 Oct 2014

  • BMW block breaks silence, but no great splurge expected

    An institutional investor in German car manufacturer BMW sold €198m of preferred shares on Monday night, but the deal was unlikely to inspire other block trades, bankers said, as the equity markets remain highly volatile.

    23 Oct 2014

  • Fresenius launches $900m bond

    Germany’s Fresenius Medical Care launched a $900m high yield bond issue in the US market on Wednesday, via Wells Fargo, Citigroup, Deutsche Bank, Scotia Bank, HSBC and Suntrust Robinson Humphrey.

    23 Oct 2014

  • Equity capital markets, news in brief — October 24, 2014

    23 Oct 2014

  • Molecular Partners latest IPO failure, but others get through

    Swiss biotech firm Molecular Partners became the latest victim of the recent bout of volatility in Europe’s markets, as it put its planned listing on hold on Tuesday. More deals could yet fail, bankers said.

    23 Oct 2014

  • Virgin Money IPO down, for now, but not yet out

    Virgin Money said it would miss its October target for completing its IPO, after it postponed the start of bookbuilding last Friday (October 17). Bankers close to the deal insisted that the company was waiting for more stable markets to return, rather than pulling the deal entirely.

    23 Oct 2014

  • Morgan Stanley almost doubles equity underwriting revenues

    Morgan Stanley reported third quarter (Q3) earnings of $1.7bn last Friday, up from $889m in the same period the year before. The improvement was driven by its wealth management and institutional securities businesses.

    23 Oct 2014

  • WMBA calls for trade reporting data standards to manage risk

    International regulators must do more to implement standards for the reporting of over-the-counter derivatives trade data, according to Alex McDonald, CEO of the Wholesale Markets Brokers’ Association in London.

    23 Oct 2014

  • Russian firms look to Asia as ECM dries up

    Gazprom said on Tuesday that it might seek a listing in Hong Kong, in what is the latest tilt towards Asia from Russian companies hurt or worried by Western sanctions. The moves probably will not do much for funding issues, but developing relationships could be a prudent long-term strategy, said bankers.

    23 Oct 2014

  • OTC derivatives reform – where are we five years on?

    Six years on since the global financial crisis, Europe has made great progress in transposing the G20’s regulatory framework to reform the over-the-counter derivatives market into law and incorporating that workflow into the single market project. The G20 Leaders Summit in Brisbane in November is an opportune time to reflect on this transit and what remains to be done as the industry seeks to restore the integrity of the global financial system.

    23 Oct 2014

  • KfW returns to C$ for five year benchmark

    KfW returned to the Canadian dollar market in benchmark size for the first time in more than a year on Thursday.

    23 Oct 2014

  • FMS-W open to private opportunities

    FMS Wertmanagement is open to opportunistic private placements ahead of the end of the year, after a $1.5bn long two year benchmark took it to nearly €11bn done of a 2014 funding target that it originally set out as €10bn.

    23 Oct 2014

  • EuropaCorp film studio gets up to $600m in loans

    French film studio EuropaCorp has closed $450m of five year loans with a $150m accordion option, replacing its existing $160m revolving credit facility. The company says it will use the increased financing to fund English language movies.

    23 Oct 2014

  • Romania, Lithuania print but pre-funding uncertain for others

    Romania and Lithuania priced euro-denominated bonds this week, prefunding for 2015. But emerging markets bankers said the lower European rates outlook could delay others planning issues in the currency. By contrast, dollar funding flows may be as strong as ever — despite the recent volatility as sovereigns try to lock in low rates before the market changes heart again on US growth outlook.

    23 Oct 2014

  • TLG edges towards success after dour book build

    German property firm TLG is covered on its IPO, bringing fresh confidence to the deal after its future looked to be in doubt only a day before.

    23 Oct 2014

  • BTP Italia volume drops as retail demand slows

    Italy has sold its smallest BTP Italia since the dark days of the eurozone debt crisis, partly because of a sharp fall in retail demand. The lack of domestic interest — despite the coupon on offer increasing during the book build process — could be a warning sign for the sovereign, said analysts, although others argued there were more technical aspects at play.

    23 Oct 2014

  • Spain riding high as M&A action returns

    Spain’s capital market boom is being undermined by the return of local lenders, but international banks are well placed to capture a bulging M&A pipeline, writes David Rothnie.

    23 Oct 2014

  • SocGen turns its back on the Tower

    Société Générale will move its London operations to Canary Wharf, consolidating its three different London sites into one building.

    23 Oct 2014

  • Asia HY pipeline healthy as bankers shrug off yield spike

    It has been a rollercoaster ride for investors in the Asia ex-Japan high yield market in recent weeks, with macro volatility and sector-specific issues in Chinese property names conspiring to make life uncomfortable for all but the most battle-hardened accounts. But with the situation stabilising this week, market participants are already predicting a quick return to form, writes Rev Hui.

    23 Oct 2014

  • Meda's Skr26bn loan syndication due before year end

    Swedish pharmaceutical company Meda will syndicate out the remaining Skr26bn (€2.83bn) of its bridge loan for its acquisition of Italian consumer healthcare firm Rottapharm Madaus before the end of the year, a banker at one of the arrangers has said.

    23 Oct 2014

  • Grand City Properties to issue €350m for buyback on Friday

    Grand City Properties, a Luxembourg-registered, Frankfurt-listed company that invests in German residential property, is expected to price about €350m of high yield bonds on Friday, a banker familiar with the deal said.

    23 Oct 2014

  • Com Hem set to price Skr2.5bn bond after IPO

    Swedish cable operator Com Hem is set to price today a Skr2.5bn (€272m) bond, which it will use to refinance Skr3.5bn of senior secured notes.

    23 Oct 2014

  • EIB backs ‘catalytic’ guarantees for ABS

    The European Investment Bank has said public sector guarantees could have a catalytic effect on ABS volumes in Europe and potentially double the size of the market, which it said was critical to improve small and medium-sized lending in some countries where SME ABS is “non-existent”.

    23 Oct 2014

  • Imtech rights take-up low, presses on with rump

    Dutch engineering firm Royal Imtech received only 51% take-up on its rescue rights issue, it said on Wednesday evening as it began a sale of the shares that went unsold.

    23 Oct 2014

  • Kredi where it's due: Yapi was right to defy market tone

    Turkish bank Yapi Kredi printed a $500m five year bond last week on a day when its curve widened by 25bp. Going ahead with the deal seemed self-defeating to many, but GlobalCapital believes Yapi Kredi behaved honourably, and investors should reward its honesty in future deals.

    23 Oct 2014

  • Styrolution widens pricing, Ineos steps in on junior tranche

    German styrenics producer Styrolution has widened pricing on its €1.05bn-equivalent five year term loan ‘B’, amid concerns from investors about its business model.

    23 Oct 2014

  • Chunky Samsung IPOs set to rejuvenate South Korean market

    The South Korean IPO market is set for its biggest volume in years in 2014, thanks to two units of Samsung Group aiming to raise some $2.5bn before the end of December. The macro environment is a challenge and the Korea Stock Exchange Kospi Index has slid around 2% so far in 2014. But early signs suggest that the Samsung names will be a hit among investors — and could turn the market around, writes Rashmi Kumar.

    23 Oct 2014

  • Leeming takes combined LM and hybrid role at RBS

    RBS has appointed David Leeming head of the combined liability management and hybrid capital DCM group.

    23 Oct 2014

  • ANZ and Lloyd's tap receptive FIG market

    Thursday brought a pair of surprising trades as ANZ took to the euro market to sell a floating rate senior bond and Society of Lloyd’s opened books on a sterling subordinated deal. Bankers were surprised to see ANZ hit the debt markets just a week ahead of releasing third quarter results, while Lloyd’s is the first issuer to tackle the subordinated debt market after a sharp sell-off last week.

    23 Oct 2014

  • Festive debut: TML books at $4.5bn for Diwali bond

    Tata Motors (TML) is looking to defy the poor performance of Indian high yield credit and is in the market with a 5.5 year dollar bond. Despite Thursday being a national holiday in India for Diwali, bankers said that the borrower was keen to take advantage of a constructive window amid recent volatility, and books are building well.

    23 Oct 2014

  • Promsvyazbank and Otkritie loans likely to get done

    Russia’s Otkritie Financial Corp Bank (formerly Nomos Bank) is likely to achieve a one year extension of the $240m loan it signed last year, say bankers, and has a “very committed” group of lenders to do the deal.

    23 Oct 2014

  • Schaeffler cuts debt cost with €1.2bn PIK

    The healthy demand for Schaeffler’s three tranche bond issue on Tuesday October 21, €1.2bn-equivalent of senior secured payment-in-kind toggle notes, will help the German car parts company to cut the interest rate burden of its indebted holding company.

    23 Oct 2014

  • Lithuania bags €3.65bn book for pre-funding

    Lithuania printed its €1bn 12 year bond on Wednesday with 0bp-5bp new issue premium, according to a syndicate official on the trade, having built a book of €3.65bn for the bond.

    23 Oct 2014

  • First unitranche bond facility for Italian PE acquisition

    Asset managers Tikehau IM and Emisys have provided a six year €14.2m unitranche bond facility for the acquisition by a group of investors led by LBO Italia of GF SpA, a manufacturer of automated filling machines for the pharmaceutical industry. It is the first time such a debt structure has been used for this type of deal in Italy, people involved said.

    23 Oct 2014

  • ABS purchases to leave ECB with ‘minimal credit risk’

    The European Central Bank’s focus on senior ABS tranches for its purchase programme means it will be taking on “minimal” credit risk, according to figures from Fitch, while the ratings agency also rejected the idea that the programme would lead to looser lending practices in Europe.

    23 Oct 2014

  • Poly Property builds HK$5bn four year loan

    Hong Kong listed Poly Property is close to wrapping up an HK$5bn ($645m) club loan to finance the construction of residential projects in Kai Tak.

    23 Oct 2014

  • PE firms talking to banks for Indian acquisition

    Private equity firms are sounding out banks for a loan to finance their purchase of a stake in Indian firm CMS Info Systems from Blackstone, which is currently the majority owner.

    23 Oct 2014

  • Hang Seng and Markit unveil iBoxx RMB index family

    Hang Seng Indexes and Markit this week launched the Hang Seng Markit iBoxx Offshore RMB Bond Index family (HSM iBoxx), which includes more than 600 indices classified according to criteria such as issuer types, sectors, rating, maturity and size.

    23 Oct 2014

  • Investors flag down Blue Bird for $200m IPO

    Indonesian taxi operator Blue Bird Group became a victim of weak global market conditions last week, which forced it to shrink its IPO by 33% despite books being covered within hours of launch.

    23 Oct 2014

  • Bright Food’s Manassen refinances for $285m

    Australian company Manassen Foods, which is partly owned by China’s Bright Food, has completed a $285m refinancing with a club of seven banks.

    23 Oct 2014

  • IDBI pays up to profit from falling Treasuries

    IDBI Bank priced a five year dollar bond on October 20. While volatile markets saw the issuer pay some new issue premium, it managed to take advantage of a good window to price just wide of its curve.

    23 Oct 2014

  • Aussie lenders warm to Asian names in search of loan growth

    Australian banks’ willingness to lend to borrowers in Asia outside their home market has grown markedly over the past three years as they look overseas for growth opportunities. Happily for them, this strategy has coincided with increasing interest from Asian family-run businesses and Chinese state-owned firms in acquiring assets in Australia and New Zealand. The result has been an intensification of banks' efforts to build relationships across the region, writes Shruti Chaturvedi.

    23 Oct 2014

  • SSI bags $146m with top pricing on rare IPO

    Luxury goods retailer SSI Group has raised Ps6.5bn ($146m) by pricing its IPO at the top of the range, with the rarity value of Philippine deals leading to books being multiple times covered.

    23 Oct 2014

  • Sesa Sterlite pushes back deadline for $500m refi facility

    Vedanta subsidiary Sesa Sterlite, which opened a $500m refinancing loan into general syndication on September 12, has pushed back the deadline for the fundraising.

    23 Oct 2014

  • CP Indonesia serves up $350m with seven

    Poultry feed producer Charoen Pokphand (CP) Indonesia’s $350m dual currency loan, which comes with a $50m greenshoe, has entered general syndication.

    23 Oct 2014

  • HCP packs $360m dividend recap for Taiwan

    Cosmetics packaging company HCP Global, which pulled a US targeted loan of $380m in August, has launched a Taiwan targeted syndication for $360m for its dividend recapitalisation instead. The company, which has picked four banks to lead the new deal, is offering generous margins in light of the use of proceeds and the high leverage the company will be left with.

    23 Oct 2014

  • eHi Car Services revs engine for $100m NYSE listing

    China’s eHi Car Services has started pre-marketing its $100m US IPO just weeks after filing a preliminary prospectus with the Securities and Exchange Commission.

    23 Oct 2014

  • Going all out this awards season

    It’s that time of the year again – awards season. Every banker is getting a pep talk about how to behave, calendars are jammed with meetings with every publication out there and the even most senior and inaccessible bankers suddenly become available for chit-chats with journalists.

    23 Oct 2014

  • Kim joins HSBC in Korea to lead securities and cap mkts

    HSBC has named Dojin Kim as CEO of its Korean brokerage arm, HSBC Securities. The former Goldman Sachs banker will also serve as the head of capital financing for Korea.

    23 Oct 2014

  • Isbank brings more Turkish supply, with 10bp premium

    Türkiye Iş Bankasi has tightened price guidance to 340bp area over mid-swaps on a 5.5 year dollar benchmark bond, bringing the third Turkish financial institution bond in a fortnight — after Yapi Kredi and TSKB — and offering around a 10bp new issue premium.

    23 Oct 2014

  • TML books at $4.5bn for Diwali bond

    Tata Motors (TML) is looking to defy the poor performance of Indian high yield credit and is in the market with a 5.5 year dollar bond. Despite Thursday being a national holiday in India for Diwali, bankers said that the borrower was keen to take advantage of a constructive window amid recent volatility, and books are building well.

    23 Oct 2014

  • Sky Solar brightens market with $150m IPO

    Hong Kong-based Sky Solar has opened books for a $150m US IPO, following a rally in stock markets that has seen the Nasdaq rise by around 4% in the past few days.

    23 Oct 2014

  • Hanjin opens Kexim backed three year

    Korean hotel and rental service provider Hanjin International Corp is out with guidance for a three year floating rate note guaranteed by the Export-Import Bank of Korea (Kexim).

    23 Oct 2014

  • Credit Suisse flies on FICC and ECM

    Credit Suisse reported surging revenues in its investment bank, with FICC and equity underwriting standout divisions. Profits at the bank, however, have been tempered slightly by higher losses in the investment bank's non-strategic businesses.

    23 Oct 2014

  • Boath to chair Barclays FIG group, Davey will be sole head

    Richard Boath will become chairman of Barclays' EMEA FIG business, leaving Ben Davey as sole head of EMEA FIG. The move comes following the departure of Allen Appen, head of FIG capital markets, to join Lloyds.

    23 Oct 2014

  • RMB commodities contract to launch on HKEx in December

    Hong Kong Exchanges and Clearing (HKEx) announced on Wednesday that it planned to introduce the first RMB denominated aluminium, zinc and copper mini futures on December 1.

    23 Oct 2014

  • Shengjing Bank pitches for HK listing

    China’s Shengjing Bank has filed a preliminary prospectus with the Hong Kong Stock Exchange, with a banker close to the deal suggesting the deal could be for up to $1bn.

    23 Oct 2014

  • Total Derivatives: PMI backs CNY bid; plenum nears end

    Solid Chinese PMI data has supported paying in CNY swaps, especially in five -years. Illiquidity has exaggerated price moves, as markets remain thin ahead of the conclusion of the potentially significant Fourth Plenum discussions later on Thursday, writes Deirdre Yeung of Total Derivatives.

    23 Oct 2014

  • Bank of China’s cross-border RMB index takes a hit

    Bank of China released on October 16 its latest cross border RMB index (CRI) report, which fell by 13% to 202 points due to lower usage of RMB for cross border trade settlement and direct investment.

    23 Oct 2014

  • Smoking Latin pipe adds Global Bank, Enap, Brazilian duo

    Corporate borrowers’ rush to raise money before earnings numbers go stale in mid-November looks to have begun in earnest in Latin America as still low base rates provide attractive conditions for issuers.

    23 Oct 2014

  • Falabella shops for $400m in wide open LatAm

    Chile-headquartered retailer Falabella sold $400m of 10 year bonds on Wednesday in a deal that LatAm debt bankers said confirmed the market was wide open as up to eight issuers from the region prepare bond issues before numbers go stale in the second week of November.

    23 Oct 2014

  • Insurance perps continue with Dai-ichi Life

    Dai-ichi Life is the latest Asian insurance company to tap the dollar market and has opened guidance on a new perpetual bond. It follows hard on the heels of Korean Re, which priced its debut bond on October 14.

    23 Oct 2014

  • Pemex to visit Europe

    Mexican government-owned oil company Pemex will visit European investors next week on a non-deal roadshow, a source close to the borrower said.

    23 Oct 2014

  • Multi-borrower SFR ABS held up

    Market participants including Colony American Finance have been talking about the first multi-borrower single family rental securitizations for months. But operational complexities could hold the asset class’s debut back even longer.

    22 Oct 2014

  • RMBS holders should prepare for Ocwen ‘worst case’

    Allegations made by New York financial watchdog Benjamin Lawsky that loan servicer Ocwen Financial backdated thousands of letters to borrowers, preventing them from appealing denials of loan modifications, could lead to increased servicing disruption and significant costs for residential mortgage-backed security (RMBS) investors, said analysts on Wednesday.

    22 Oct 2014

  • Jumbo deals weather regulatory storm

    JP Morgan and Citi announced jumbo RMBS deals this week, bucking a trend in which many would-be issuers have opted to retain jumbos on balance sheet rather than launch securitizations.

    22 Oct 2014

  • Markit: Europe's banks under scrutiny

    The fate of the eurozone’s ailing economy, and the policies undertaken to tackle the malaise, should have the biggest influence on spread direction in the coming months. But in the near term, Europe’s banking sector will be under scrutiny with the announcement of the ECB’s Asset Quality Review and the EBA’s stress test results on October 26.

    22 Oct 2014

  • Market scoops sterling riskies, put options

    Market participants, particularly institutional investors, have been picking up risk-reversals and put options on sterling against the dollar.

    22 Oct 2014

  • Infrax returns with rating, pockets the saving

    Infrax, the Belgian multi-utility, launched its first bond as a rated entity today, raising €250m of 15 year debt and benefiting from shedding the premium paid by unrated issuers.

    22 Oct 2014

  • Clarity needed on clearing rules for non-EU entities

    Market participants outside the EU are grappling with a European regulation that mandates clearing for non-EU-derivatives contracts, resulting in a lot of differences in interpretation, according to lawyers.

    22 Oct 2014

  • Arkema could test market conditions with hybrid tomorrow

    Arkema’s roadshow for its possible €600m-€700m perpetual non-call six year hybrid bond issue finished today in Germany, following investor meetings in Paris and London which the leads say were well attended.

    22 Oct 2014

  • Real money eyes long bonds, short CDS on ECB rumours

    Real money players are considering going long funded instruments such as bonds, versus unfunded instruments such as credit defaults swaps, in light of rumours that the European Central Bank may extend its asset buying program to include corporate bonds, according to strategists at Citigroup.

    22 Oct 2014

  • Nestlé’s second A$ of 2014

    Nestlé found strong demand for a six year Australian dollar bond on Wednesday, its second issue in the currency this year.

    22 Oct 2014

  • KfW to bring first Canadian dollar deal of 2014

    KfW is set to price its first Canadian dollar deal of the year on Thursday, after mandating banks for a five year bond on Wednesday afternoon.

    22 Oct 2014

  • FMS-W prints at tight end

    German wind-up agency FMS Wertmanagement priced on Wednesday afternoon the first benchmark in two weeks to come at the tight end of guidance.

    22 Oct 2014

  • Kommuninvest plans Swedish krona benchmark

    Kommuninvest unveiled plans to sell a Swedish krona benchmark within the next few weeks on Wednesday, while World Bank tapped a June 2019 green bond in the currency for an unusually large size.

    22 Oct 2014

  • Schaeffler cuts holdco debt costs with successful €1.2bn PIK sale

    The healthy demand for Schaeffler’s three tranche bond issue yesterday, €1.2bn-equivalent of senior secured payment-in-kind toggle notes, will help the German car parts company to cut the interest rate burden of its indebted holding company.

    22 Oct 2014

  • Molecular Partners latest IPO failure, others hang in balance

    Molecular Partners became the latest victim of the recent bout of volatility in Europe’s equity capital markets, as the Swiss biotech firm announced on Tuesday that it would have to put its projected listing on hold. Further deals could yet fall, bankers said.

    22 Oct 2014

  • Axa opens new higher risk US high yield bond fund using CDS

    Axa Investment Managers this week opened up to investors a new fund to offer flexible exposure to the US high yield market by investing in cash bonds along with an overlay of credit default swaps, to enhance potential returns over traditional US high yield funds.

    22 Oct 2014

  • Ford demand unscathed by volatility, spreads drop

    Ford Credit Europe Bank’s second Globaldrive German auto ABS of the year was priced on Wednesday with a similar level of demand to its first and at lower spreads, as secondary trading in the European ABS market remained cautious.

    22 Oct 2014

  • Daisy group splits £265m debt into term loan and revolver

    UK business communications provider Daisy Group has split £265m of senior debt backing its buyout into two loan facilities.

    22 Oct 2014

  • Romania crunches guidance to print inside dollars

    Romania built a book of €3.8bn on Tuesday for its €1.5bn 10 year bond, and printed the deal inside its own dollar curve. But Romania paid a higher new issue premium than usual for its deal, indicating investor caution after the sell-off in emerging market bonds last week.

    22 Oct 2014

  • Yasar roadshows for sub-benchmark to refinance bond

    Turkish consumer products company Yasar Holdings is embarking on a roadshow with Barclays and Citi. Investor meetings for the deal start in London on Friday and take place in the US on Monday, Tuesday and Wednesday.

    22 Oct 2014

  • Husqvarna trims revolver as results improve, CFO resigns

    Husqvarna, the Swedish gardening equipment maker, has extended its syndicated revolving credit facility for another five years and reduced the amount from Skr6bn (€650m) to Skr5bn (€542m), according to its third quarter financial report.

    22 Oct 2014

  • Gränges rolled out Skr1.8bn revolver ahead of IPO

    Swedish rolled aluminium producer Gränges signed a new Skr1.8bn ($247.8m) five-year multi-currency revolving credit facility with two Nordic banks, before its listing on Nasdaq Stockholm earlier this month.

    22 Oct 2014

  • EBRD agrees €50m Turkish loan under Sustainable Resource Initiative

    The European Bank for Reconstruction and Development has agreed a €50m loan to Türkiye Sınai Kalkınma Bankası, the EBRD’s first credit line under its Sustainable Resource Initiative (SRI).

    22 Oct 2014

  • TSKB prints at 'low double digit' new issue premium

    Turkish Development Bank Türkiye Sınai Kalkınma Bankası printed its $350m bond at 380bp over mid-swaps on Tuesday, ratcheting in pricing 20bp inside initial price talk and building a $1.3bn book. But leads estimated that the note still needed to pay a double digit new issue premium as investors remained cautious after last week’s volatile market.

    22 Oct 2014

  • Lithuania guides for €1bn bond, offers 25bp premium

    Lithuania has released initial price thoughts for a €1bn 12 year bond at 115bp over mid-swaps, offering a 25bp new issue premium, in line with the pick-up offered at the same stage by Romania on Tuesday. Bankers away from the deal said that they expect 10bp-15bp of tightening before the deal prints.

    22 Oct 2014

  • Helvetia takes to senior market to finance acquisition

    Switzerland’s Helvetia Insurance returned to the bond market on Tuesday to sell a dual tranche Swiss franc deal, its second foray into the market this month. The senior debt will be used to help finance its recent takeover of rival insurer Nationale Suisse.

    22 Oct 2014

  • US issuers continue offering big premiums in senior

    Three issuers, two of them US banks fresh from earnings releases, announced deals to a buoyant euro denominated senior unsecured market on Wednesday.

    22 Oct 2014

  • Bright Food $800m Tnuva club loan delayed

    Bright Food’s $800m club loan for its purchase Tnuva has been delayed as there is a reassessment of the valuation of the Israeli company after it reported a year on year decline in revenue for the second half of 2014.

    22 Oct 2014

  • Russian companies look to follow Asian debt forays with equity repositioning

    Gazprom's announcement on Tuesday that it could seek a listing in Hong Kong made it the latest Russian firm to pursue an Asian listing in part to solve liquidity issues in the wake of sanctions. While the Asian market is still too nascent to solve Russian companies' big funding troubles, developing relationships with investors could be a valuable long-term strategy, bankers said.

    22 Oct 2014

  • FIG returns to life ahead of AQR

    Activity in the FIG market picked up on Wednesday after a sluggish start to the week, with Goldman Sachs and Wells Fargo both announcing euro denominated trades. The issuers are likely to benefit from improved sentiment compared to earlier in the week and a dearth of supply from European issuers ahead of the results of the Asset Quality Review and stress tests, which will be released on Sunday.

    22 Oct 2014

  • ECB tightening will hit ABS participation, say investors

    More investors than ever before expect securitization volumes to rise in the next 12 months, according to Fitch's latest quarterly investor poll. But active ABS investors are concerned that the spread tightening attributed to the European Central Bank’s impending purchases will render returns in the asset class insufficient to grow or even maintain investor participation.

    22 Oct 2014

  • ECB should do QE — but not in my backyard

    Quantitative easing sounds like a great idea until it jumps on your own lap with its heavy boots.

    22 Oct 2014

  • SSAs make cautious return to issuance

    Sovereign, supranational and agency bankers are waiting for a borrower — possibly Sweden — to attempt a benchmark in the belly of the curve to test the strength of sentiment after extreme volatility in US Treasury markets last week led to a pair of undersubscribed deals in dollars.

    22 Oct 2014

  • eHi pre-markets $100m NYSE IPO

    China’s eHi Car Services started pre-marketing its $100m US IPO just weeks after filing a preliminary prospectus with the Securities and Exchange Commission.

    22 Oct 2014

  • TSKB, Romania print as EM is revived

    CEEMEA deals have returned after the sell-off last week. Despite a persistent soft tone to the market TSKB printed its $350m five year bond on Tuesday while Romania sold a €1.5bn deal. Meanwhile, Polish coal company JSW has embarked on investor meetings for a bond and Lithuania has put out guidance for a new deal.

    22 Oct 2014

  • JSW starts roadshow for bond

    Jastrzębska Spółka Węglowa started the roadshow for its dollar denominated Reg S/144A bond on Wednesday (22 October) via Credit Suisse and JP Morgan.

    22 Oct 2014

  • HSBC boosts Korean securities with new CEO

    HSBC has named Dojin Kim CEO of its Korean brokerage arm, HSBC Securities in Seoul. The former Goldman Sachs banker will also serve as the head of capital financing for Korea.

    22 Oct 2014

  • Haven status drives investors to KHNP

    Korea Hydro & Nuclear Power (KHNP)’s new five year fixed rate note was six times over-subscribed on Tuesday. The Aa3/A+/AA- rated borrower offered investors something of a safe haven play amid the recent market volatility and strong demand drove pricing flat to the issuer’s existing curve.

    22 Oct 2014

  • Bright Food’s Manassen seals $285m refi with seven

    Australian company Manassen Foods, which is partly owned by China’s Bright Food, has completed a $285m refinancing with a club of seven banks.

    22 Oct 2014

  • Canada could see $30bn export boost from RMB, says new study

    A new report by the Canadian Chamber of Commerce highlights the business benefits of launching an RMB hub in North America. Should Canada get there first, the report estimates that the country would see a $30bn boost in exports over the next ten years.

    22 Oct 2014

  • Colombia picks window to beat 30 year yield record

    Gloomy prospects for global growth may have caused severe bout of volatility in the past week, but Colombia emphatically demonstrated the silver lining that the Treasury has provided borrowers. The sovereign tapped its 10 and 30 year benchmarks for $500m each on Tuesday as part of a pre-funding exercise during what the country’s debt management head described as a “spectacular” window for new issuance.

    22 Oct 2014

  • Hang Seng and Markit launch new iBoxx RMB family

    Hang Seng Indexes and Markit this week launched the Hang Seng Markit iBoxx Offshore RMB Bond Index family (HSM iBoxx), which includes more than 600 indices classified according to criteria such as issuer types, sectors, rating, maturity and size.

    22 Oct 2014

  • RMB futures launch in Singapore, turnover exceeds Rmb1.1bn

    The Singapore Exchange (SGX) this week launched FX futures contracts for Chinese onshore and offshore renminbi (USD/CNH and CNY/USD). Transactions in the new RMB futures achieved a first day volume of 1,836 contracts on October 20, or approximately Rmb1.1bn in notional value ($180m), said SGX.

    22 Oct 2014

  • Just Dial to make connection for $163m deal

    Indian online search engine Just Dial, which listed in May last year, is considering raising up to Rp10bn ($163m) in a deal that will put some life back into the country’s equities market.

    22 Oct 2014

  • India, Korea and Sri Lanka to stand tall in 2015: BlackRock

    BlackRock predicts that countries with the least sensitivity to US interest rates will have the best performing equity markets in 2015. Its top picks include India, Sri Lanka and Korea.

    22 Oct 2014

  • Private student loan ABS still dragging

    Student loan ABS issuance has declined in recent years as underwriting standards have improved, and the majority of deals that have come to market have been backed by federal student loans under the defunct Federal Family Education Loan Program (FFELP). Issuance could continue to drag for a while yet, according to Standard & Poor's.

    21 Oct 2014

  • Arranger risk retention ‘a unicorn’ says LSTA exec

    A secondary option for risk retention in collateralised loan obligations, proposed by the FDIC in the final version of the Dodd-Frank rules on Tuesday, has been dismissed as “completely unworkable” by a senior executive at the Loan Syndications and Trading Association.

    21 Oct 2014

  • Auto ABS hit by risk retention paradox

    New risk retention rules, which will require securitization sponsors to retain a 5% stake in new issuances, could impact auto ABS deals more than mortgage-backed ones. The rules, mandated by Dodd-Frank in response to the financial crisis, were finalised by the FDIC on Tuesday — but some observers say they will penalise the wrong asset class.

    21 Oct 2014

  • FCMs face buyside pressure to reduce clearing fees

    Futures commission merchants (FCMs) are expected to come under increasing pressure from the buyside to reduce the clearing fees that they charge as trading volumes increase. This comes following an increase in rates charged by some FCMs in a bid to cover the rising costs of business associated with the implementation of various regulatory changes.

    21 Oct 2014

  • Metro €500m bond works with a third the book of Airbus’s

    Metro, the German supermarket group, strengthened the narrative that Europe’s corporate bond new issue market is recovering, with a €500m seven year issue on Tuesday.

    21 Oct 2014

  • No welcome in corporate bond market for ECB buying plan

    Bankers have reacted with a mixture of scepticism and scorn to reports that the European Central Bank may be considering buying corporate bonds, as part of its efforts to restart the eurozone economy.

    21 Oct 2014

  • Funds buy up iTraxx Main vol in midst of sell-off

    Hedge funds have been picking up volatility in iTraxx Main and Crossover during a week in which credit volatilities have been repriced higher, with Crossover being the most affected.

    21 Oct 2014

  • UBS brings in levfin heads as Laino departs

    UBS has appointed new heads for its leveraged finance business, following the departure of Giles Borten and Allison Howe from its EMEA operation.

    21 Oct 2014

  • This was never about ABS — the ECB is rudderless

    The European Central Bank put a lot of effort into telling everyone securitization’s direct link to the real economy was the reason it deserved to be the principal target of asset purchases. Now that illusion has been shattered by reports it is considering corporate bond purchases, the ECB should just get on with the broad-based cash injection it clearly intends.

    21 Oct 2014

  • Markit iBoxx index to boost liquidity in offshore RMB

    A new offshore renminbi bond index launched by Markit this week could improve liquidity in the market, enhancing the opportunity for derivative products linked to the indices.

    21 Oct 2014

  • European corp market still open, but hybrids hit by volatility

    So far this year, European investment grade bonds have ridden out any patches of volatility relatively unscathed, but last week’s turbulence in US Treasuries, equities and high yield bonds could have an impact on corporate issuance, especially of hybrid capital.

    21 Oct 2014

  • BMW breaks block silence, but no great splurge expected

    An investor in German car manufacturer BMW sold €198m of shares on Monday night, but the deal was unlikely to inspire other block trades, bankers said, as the equity markets remain highly volatile.

    21 Oct 2014

  • Schaeffler breaks high yield silence with €1.2bn PIK

    Schaeffler, the German car parts maker, closed books on Tuesday for a three tranche bond issue, €1.2bn-equivalent of senior secured payment-in-kind notes that are the first new issue in European high yield for two weeks.

    21 Oct 2014

  • KfW passes tricky test as FMSW comes in at short end

    KfW had to keep books open for longer than it is used to when selling a three year dollar benchmark on Tuesday, but it still impressed bankers by getting the trade away at a tight level. Viewed as a deal breaker for other issuers to come in dollars this week, KfW’s success meant that more trades could join FMS Wertmanagement, which mandated banks for a two year deal on Tuesday afternoon.

    21 Oct 2014

  • ESM breaks new ground with zero coupon benchmark

    The European Stability Mechanism took a novel approach to the sale of its shortest dated bond to date on Tuesday, printing a two year deal with what is understood to be the first ever 0% coupon on a benchmark from a supranational or agency. Agence Française de Développement is set to mimic the ESM’s tenor on Wednesday, after mandating banks for a long two year on Tuesday afternoon.

    21 Oct 2014

  • Investors mob long Quebec Swiss deal

    Swiss franc investors snapped up a long dated Quebec issue on Tuesday, following a shift in demand toward 10 year paper.

    21 Oct 2014

  • AQR and stress tests: this time, it's a real step forward

    European banks have been in limbo this month, waiting for their regulators' verdict to be handed down in the Comprehensive Assessment (the Asset Quality Review and stress tests). There are gaping holes in the assessment process but, even so, it is something quite new and potentially revolutionary.

    21 Oct 2014

  • Another London IPO falls as BCA cancels flotation

    British car retailer BCA Marketplace pulled its IPO on Tuesday, blaming continued volatility in global equity markets.

    21 Oct 2014

  • Russia's Otkritie and Acron revive talks on loans

    Despite the virtual shutdown of the Russian international loan market, borrowers from the country continue to explore the possibility of deals. Two companies, Otkritie Financial Corp Bank (formerly Nomos Bank) and Acron, have been in discussion recently, said loans bankers.

    21 Oct 2014

  • SGX sees derivs growth for another year running

    The Singapore Exchange has reported a 4% increase in derivatives revenues year-on-year in its first quarter results for the 2015 fiscal year. Derivatives volumes at the exchange were up 9% to 28.8 mn contracts.

    21 Oct 2014

  • Wider high yield spreads in US are a false friend, Europeans say

    European high yield bonds still offer value to investors, compared with the US market, despite the wider spreads available in the US, specialists have argued.

    21 Oct 2014

  • Internet services firm launches AIM IPO

    Internet services company Afilias launched an IPO on Tuesday, hoping to list on London's AIM in November.

    21 Oct 2014

  • No Santander single-As despite solid demand

    Santander Consumer Bank’s Finnish arm has decided against selling a small tranche of single-A rated Class C bonds in its third auto ABS transaction.

    21 Oct 2014

  • Styrolution pushes out deadline on €1.05bn loan

    German styrenics supplier Styrolution will extend the initial Tuesday deadline for commitments on its €1.05bn-equivalent term loan ‘B’.

    21 Oct 2014

  • Some banks lacking enough CET1 disclosure: CreditSights

    Investors are still in the dark as to how well capitalised some of Europe’s major banks are, according to analysis firm CreditSights.

    21 Oct 2014

  • Markets that thrive on bad news are damaging for society

    The biggest news stories of 2014: Ebola, the rise of Islamic State, Ukraine crisis, tumbling oil prices, terrible growth data in the Eurozone and the US, uprisings in Hong Kong and across the world, growing inequality, turmoil in the Middle East. And also the return of capital markets led by record highs in stock and bond markets. Spot the odd one out.

    21 Oct 2014

  • SAP loan gets 100% hit rate with M&A-hungry banks

    SAP, the German software firm, closed syndication of the €7bn bridge facility for its $8.3bn acquisition of US expenses software firm Concur at the end of last week with the participation of all the invited banks, according to people familiar with the deal.

    21 Oct 2014

  • FIG issuers on hold despite slick Citi's success

    Secondary market levels held up after last week's sell-off on Tuesday, bringing comfort to market participants. The robust secondary trading, along with a successful senior deal from Citi, bodes well for issuers looking to tap the market, though syndicate bankers have suggested that many issuers will wait until at least next week to sell debt.

    21 Oct 2014

  • TSKB tightens guidance for $350m five year, but analyst calls it 'priced to sell'

    Turkish Development Bank Türkiye Sınai Kalkınma Bankası has tightened price guidance for its $350m five year bond to 387.5bp-400bp over mid-swaps. The bank released initial price thoughts for its debut at 400bp over mid-swaps earlier on Tuesday morning, having waited for a calmer market window since the end of its roadshow last week. Despite the tightening, one analyst still saw the pricing as generous.

    21 Oct 2014

  • Romania offers generous 20bp new issue premium

    Romania has released initial price thoughts for a 10 year euro benchmark at 200bp over mid-swaps, representing a pick-up of 20bp over the country’s outstanding curve, according to an origination official away from the deal.

    21 Oct 2014

  • Stanbic leads as African banks line up loans

    The African loan market is awash with bank and financial company business, with two firms from different countries circling for financing, while one has already landed a deal.

    21 Oct 2014

  • Scope builds ABS team, sets up shop in covered

    Scope Ratings has hired two directors from rival ratings agencies to join its structured finance team, as well as expanding into covered bond ratings.

    21 Oct 2014

  • Tewoo gets SBLC backing for debut

    China’s Tewoo Group is gearing up for its first foray into the debt market, mandating three banks to arrange a series of investor meetings that started on October 22.

    21 Oct 2014

  • Peru’s Unacem hits road for acquisition bond

    Peruvian cement and concrete company Unión Andina de Cementos (Unacem) begins a roadshow on Tuesday ahead of a debut international bond issue to be used to finance the acquisition of Lafarge Ecuador.

    21 Oct 2014

  • SSI sets price guidance at top for $146m IPO

    Luxury goods retailer SSI Group has set final price guidance at the top of the range ahead of closing books for its Ps6.5bn ($146m) IPO on October 22.

    21 Oct 2014

  • IDBI pounces on falling Treasuries to price amid vol

    IDBI Bank priced a five year dollar bond on Monday. While choppy markets saw the issuer pay some new issue premium, the borrower managed to take advantage of a lower rate window to price just wide of its curve.

    21 Oct 2014

  • Kredi where it's due: Yapi was right to defy market tone

    Turkish bank Yapi Kredi printed a $500m five year bond last week on a day when its curve widened 25bp. Going ahead with the deal seemed self-defeating to many, but GlobalCapital believes Yapi Kredi behaved honourably, and investors should reward its honesty in future deals.

    21 Oct 2014

  • Total Derivatives: one year CNY rate expected to attract payers

    Firm Chinese growth data has backed paying in 10 year CNY swaps. Meanwhile, the recent decline in short rates has pushed the one year swap rate to levels that are now considered low enough to attract paying interest, writes Deirdre Yeung of Total Derivatives.

    21 Oct 2014

  • SBLC no match for volatility as Hebei Iron debuts

    Hebei Iron and Steel was forced to price its debut offshore bond more than 20bp wider than its closest comparables on October 20, despite the fact the bond was supported by a standby letter of credit from one of the joint global co-ordinators, Agricultural Bank of China. While SBLCs have reduced pricing in the past, it failed to help this time around as choppy markets proved to be too much.

    21 Oct 2014

  • Baker & McKenzie beefs up its capital markets with Pong

    Baker & McKenzie has appointed Chen Yih Pong as principle in a move aimed at reinforcing the law firm’s capital markets offering.

    21 Oct 2014

  • KHNP returns with dollar five year

    Korea Hydro & Nuclear Power (KHNP) is out with guidance for its second dollar bond of the year. It priced a three year floating rate note in May.

    21 Oct 2014

  • Samsung SDS throws open $1.1bn IPO to strong interest

    Samsung SDS opened books for its W1.2tr ($1.1bn) IPO on October 20 in what is likely to become the biggest listing in South Korea since 2010. The macro environment presents numerous challenges, with the deal launching at a time when the Korea Stock Exchange Kospi Index has slipped by 3.1% since the start of the month. But if early signs are anything to go by, Samsung SDS is likely to escape unscathed by volatile markets.

    21 Oct 2014

  • PE firms talking to banks for Indian LBO loan

    Private equity firms are sounding out banks for a loan to finance their purchase of a stake in Indian firm CMS Info Systems from Blackstone, which is currently the majority owner.

    21 Oct 2014

  • Suwanapruti to lead ANZ’s global rates research

    ANZ has named Danny Suwanapruti as its global head of rates research as the bank looks to build out its Asian rates business.

    21 Oct 2014

  • CP Indonesia feeds banks $350m in general

    Indonesian poultry feed producer Charoen Pokphand (CP) Indonesia’s $350m dual currency loan that comes with a $50m greenshoe, has entered general syndication.

    21 Oct 2014

  • Correction coming for non-bank mortgage originators

    The Federal Housing Finance Agency's plans to open up credit in the mortgage market were welcomed by banks and investors yesterday, but non-bank mortgage originators could still be in trouble.

    21 Oct 2014

  • New reps and warranties for STACR deals

    Clarifications on representations and warranties of mortgages purchased by Fannie Mae and Freddie Mac could apply to the agencies’ risk-sharing deals, a Freddie Mac spokesperson told GlobalCapital following comments by Federal Housing Finance Agency director Melvin Watt on Monday.

    20 Oct 2014

  • New York P2P investor plans Prosper loan securitization

    Blue Elephant Capital Management, an investment manager that acquires loans from marketplace lending platforms, expects to print its first securitization of loans made by peer-to-peer lender Prosper within the next couple of months. Eaglewood Capital, a similar firm to Blue Elephant, today closed its second securitization of Lending Club loans.

    20 Oct 2014

  • CDS notional marginally drops following six-week increase

    Overall credit default swap notional that was reported to swap data repositories last week decreased by 4% from the previous week, according to data from the International Swaps and Derivatives Association. This follows six weeks of a consistent uptick in CDS notional, with a combined increase of 160%.

    20 Oct 2014

  • Prudential first to back Swansea Bay tidal lagoon

    Prudential, the UK insurance company, has become the first investor to commit construction funding for a tidal power project off the Welsh coast.

    20 Oct 2014

  • Airbus €500m shows quality credits can fly

    The European corporate bond new issue market got back to business on Monday, with a successful €500m 15 year issue for Airbus.

    20 Oct 2014

  • Schaeffler hopes to enter bare high yield market for €1.2bn

    German ball bearing manufacturer Schaeffler intends to issue €1.2bn-equivalent of senior secured bonds, making it the first high yield issuer in Europe to announce a new deal for nearly a fortnight.

    20 Oct 2014

  • EC proposes extension to capital relief for non-EU CCPs

    The European Commission will propose an extension of capital relief for non-qualifying central counterparties beyond December 2014. If the extension is not granted, banks using non-European clearing houses could face sky-high capital charges.

    20 Oct 2014

  • Spirit Pub Co accepts Greene King's share and cash takeover bid

    Spirit Pub Co, which owns chains such as Taylor Walker, Fayre & Square and Wacky Warehouse, has announced it will recommend its shareholders to accept Greene King’s latest takeover bid.

    20 Oct 2014

  • KfW set for dollar three year in tight window

    KfW is set to bring a three year dollar benchmark on Tuesday, in what bankers say could be a tight window for issuance in the currency. At least two other borrowers are thought to be looking at dollar deals this week, but may wait for KfW to test the water first.

    20 Oct 2014

  • ESM in for two year as NRW goes long

    The European Stability Mechanism has opted to sell what will be its shortest dated bond to date on Tuesday, after mandating banks for a two year bond on Monday afternoon. Meanwhile, the State of North Rhine-Westphalia grabbed some funding at the long end of the curve.

    20 Oct 2014

  • FCC plots €1bn cap hike to pay down refinancing debt

    Spanish infrastructure and environmental services firm FCC is to ask shareholders for permission to raise sell shares to repay part of a €4.5bn refinancing agreed earlier in the year.

    20 Oct 2014

  • NRW.Bank to go bigger with second green bond

    NRW.Bank is expecting to double the size of its inaugural green bond with its second visit to the asset class, after kicking off a road show for a new bond.

    20 Oct 2014

  • Finland's YIT signs €300m revolver

    YIT, the Finnish construction company, has signed a new €300m revolving credit facility with six Nordic banks to refinance bilateral RCFs. The funds are earmarked for general corporate purposes.

    20 Oct 2014

  • Portability becoming almost standard on sponsor-driven high yield bonds

    High yield bonds with portability clauses that allow the issuers to bypass change of control covenants have increased their presence in the market, according to research published on October 17 by Moody’s.

    20 Oct 2014

  • Ex-ISDA head Pickel joins Droit board

    Robert Pickel, ex-CEO of the International Swaps and Derivatives Association, has been appointed to the special advisory board of Droit Financial Technologies, a trading solutions firm based in New York.

    20 Oct 2014

  • Euros in favour as sterling issuers bide time

    More euro-denominated transactions are ready to hit the European ABS pipeline this month, but drawing out sterling transactions is proving a tougher assignment for syndicate teams who are battling against well funded issuers and anticipation of European Central Bank purchases.

    20 Oct 2014

  • Mezzan Holding kicks off Kuwait IPO

    Kuwaiti conglomerate Mezzan Holding launched an IPO on Monday.

    20 Oct 2014

  • Funding scorecard: European agencies

    This week's scorecard features updates on the funding progress of selected European agencies.

    20 Oct 2014

  • Daisy Group borrows £400m including Ares PIK to go private

    Daisy Group, the UK business communications provider listed on Aim, has signed £400m of debt facilities, including a payment-in-kind loan supplied by Ares Management, to support a management buyout.

    20 Oct 2014

  • Ares and GE Capital fund reaches €1bn with Notemachine refi

    Ares and GE Capital's mid-market debt fund, the European Senior Secured Loan Programme (ESSLP), has increased to €1bn, after completing its 10th transaction, the £120m refinancing of UK cash machine provider Notemachine’s debt.

    20 Oct 2014

  • Saudi NCB kicks off Gulf's biggest book build

    Saudi National Commercial Bank opened up on Sunday for what could be the Gulf's biggest ever book build, as well as EMEA's biggest deal this year.

    20 Oct 2014

  • ABS primary shrugs off widening as SCB Finland mulls mezz

    Santander Consumer Bank’s Finnish arm could sell Class C auto ABS bonds for the first time on Tuesday, undeterred by a widening across European ABS last week as the market opened with a stronger tone on Monday morning.

    20 Oct 2014

  • Citi offers juicy premium to defy market jitters

    Citi broke a hiatus in market activity on Monday to open books for the first fixed rate senior unsecured euro new issue of the month. A generous new issue premium allowed the issuer to rack up a large order book despite recent market volatility.

    20 Oct 2014

  • Turkish food companies line up loans

    Turkish food companies are looking for loans, with cake and biscuit maker Ulker said to be set to speak with banks next Monday (October 27) and Yildiz dairy subsidiary Ak Gida already in the market.

    20 Oct 2014

  • Nepi mandates three banks for bonds

    New Europe Property Investments has mandated Deutsche Bank, Investec and Raiffeisen Bank International to arrange a series of fixed income investor meetings. The roadshow for a bond starts on Tuesday.

    20 Oct 2014

  • SG poaches Credit Suisse DCM banker

    Société Générale has hired Karim El Zein for its Middle East DCM team. El Zein will be based in Dubai.

    20 Oct 2014

  • Blue Bird finds passengers for smaller $200m IPO

    Indonesian taxi operator Blue Bird Group became a victim of weak global market conditions last week, forcing it to shrink its IPO size by 33% despite books being covered within hours of launch.

    20 Oct 2014

  • Cheese is up when the chips are down

    A combination of bad markets and bad weather got a Nordic banker thinking about travel plans last week.

    20 Oct 2014

  • Acadian Asset Management launches EM small cap equity UCITS fund

    Acadian Asset Management, an investment manager specialising in sophisticated global equity and fixed income strategies, has launched an Emerging Markets Small-Cap Equity UCITS dollar fund in conjunction with Russell Investments.

    20 Oct 2014

  • Secondary pricing update: including green bonds from BNG, KfW and EIB

    Read on to see how selected benchmarks are faring in secondary. Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

    20 Oct 2014

  • Sesa Sterlite $500m loan deadline extended

    Vedanta subsidiary Sesa Sterlite, which opened a $500m refinancing loan into general syndication on September 12, has pushed back the deadline for the fundraising.

    20 Oct 2014

  • North Asia DCM update: Hebei Iron, Citic Securities, China Travel Service and Hanjin Int

    Hebei opens books for offshore debut China’s second largest steel maker, Hebei Iron & Steel Group, is looking to tap the offshore debt market for the first time, opening books to a credit enhanced dollar bond on October 20.

    20 Oct 2014

  • IDBI makes it sub and senior in less than a week

    IDBI Bank opened guidance on a senior dollar bullet on Monday after pricing its debut Basel III compliant additional tier one additional tier one (AT1) security in the domestic market last week. The bank began sounding out investors about a Basel III dollar bond in July, but decided not to go ahead.

    20 Oct 2014

  • VeriSilicon heads to Nasdaq for $75m listing

    Chinese company VeriSilicon Holdings is aiming for an IPO worth at least $75m on the Nasdaq, and has filed a preliminary prospectus with the US’s Securities and Exchange Commission.

    20 Oct 2014

  • Total Derivatives: CNY curve steeper on PBoC easing news

    Further targeted easing by the People's Bank of China (PBoC) backed downward pressure on CNY rates on Monday. The seven day repo rate fixed below 3%, at its lowest point in a month, and the curve is steepening on short-end outperformance, writes Deirdre Yeung of Total Derivatives.

    20 Oct 2014

  • HCP Global returns for $360m dividend recap loan

    Cosmetics packaging company HCP Global, which pulled a US targeted loan of $380m in August, has launched a Taiwan targeted syndication for $360m for its dividend recapitalisation instead. The company, which has picked four banks to lead the new deal, is offering generous margins in light of the use of proceeds and the high leverage the company will be left.

    20 Oct 2014

  • KTL International shines for HK IPO

    There's no end in sight to the companies lining up to list on the Hong Kong Stock Exchange with jewellery exporter KTL International the latest name to file for an IPO.

    20 Oct 2014

  • Eco World builds momentum for $572m property Spac

    Eco World Development Group is looking to become the first property-focused special purpose acquisition company (Spac) to list in Malaysia, providing investors with a chance to buy into a new asset class that has been dominated solely by just oil and gas-related Spacs.

    20 Oct 2014

  • Bangkok Airways overcomes turbulence to land $446m IPO

    Bangkok Airways Public Company has raised Bt14.5bn ($446m) from its IPO by pricing the trade at the middle of the range, with weak market conditions at the time of bookbuilding leading to the selling shareholder offloading fewer shares than planned.

    20 Oct 2014

  • Change at the top: Credit Suisse picks new Apac CEO

    Credit Suisse has shuffled its senior management in Asia Pacific, naming a new CEO for the region, who takes over from Eric Varvel. The bank has also appointed new leadership for its investment bank globally.

    20 Oct 2014

  • Chile eyes euros as part of dual currency bond

    Chile is aiming to tap the euro market for the time as part of its return to the cross-border bond markets after a two year absence, a source close to the borrower said.

    20 Oct 2014

  • Chile's E-CL set to announce as compatriot hits road

    Chilean power company E-CL was set to announce a long awaited bond issue on Monday morning after capital markets showed signs of stability towards the end of last week. The outcome will be of particular interest to SQM, the Chilean chemical firm that announced its bond roadshow on Friday.

    20 Oct 2014

  • GSE plan could resurrect RMBS

    More agency RMBS could be coming to the market if an agreement between Fannie Mae, Freddie Mac and mortgage lenders to clarify liabilities and relax the government sponsored enterprises’ mortgage purchasing standards is reached as expected. The agreement comes as Freddie Mac prepares two new risk-sharing deals.

    17 Oct 2014

  • Sharp rebound for Goldman as IB pipeline swells

    Having remained doggedly committed to its trading businesses throughout an extended period of low volatility, Goldman reaped the rewards this quarter, with revenues from fixed income, currencies and commodities jumping 74% to $2.17bn.

    17 Oct 2014

  • UK names banks for next syndication

    The UK Debt Management Office has named the banks that will be on its next syndicated bond issue, a tap of its 3.5% 2068 Gilt.

    17 Oct 2014

  • Single rulebook prioritised to avoid cracks in EU

    Steven Maijoor, chairman of the European Securities Markets Association, has emphasised the importance of a single rulebook in the EU, calling for single rulebook regulation to be applied consistently to ensure differences in supervision do not threaten financial stability in the region.

    17 Oct 2014

  • NewOcean Energy signs $105m with six

    Hong Kong headquartered NewOcean Energy Holdings has signed a $105m three year loan with six lenders. The loan was raised via subsidiary Sound Agents and comes with a covenant relating to NewOcean’s shareholding.

    17 Oct 2014

  • Virgin Money IPO down, for now, but not yet out

    Virgin Money said it would miss its October target for completing its IPO, as bookbuilding was set to begin today (Friday). Bankers close to the deal insisted that the company was waiting for more stable markets to return, rather than pulling the deal entirely.

    17 Oct 2014

  • Jimmy Choo finds now rare IPO success

    UK luxury accessories firm Jimmy Choo completed its IPO on Friday, pricing the deal at the bottom of the range. Strong momentum helped the deal achieve the now rare feat of successfully being completed at all.

    17 Oct 2014

  • RAC sets price guidance for £1.25bn loan at bank meeting

    UK car breakdown recovery firm RAC set out price guidance on its £1.25bn loan at a London bank meeting on Thursday.

    17 Oct 2014

  • Credit Suisse suffers DCM departure

    Karim El Zein, a vice president covering the EEMEA region on Credit Suisse’s DCM desk, has left the bank after over seven years at the firm.

    17 Oct 2014

  • RMB round-up: October 17, 2014

    In this week’s RMB round-up, Hong Kong and Thailand discuss ways of improving financial linkages, Fitch Ratings said it expected the fourth quarter to be a busy time for offshore RMB bond issuance, and Value Partners launched its first RQFII product to capture the rising investment opportunities from the onshore A-share market.

    17 Oct 2014

  • JSW Steel seeks $250m with one

    Indian company JSW Steel is in the market for a $250m loan that is being underwritten by one lender.

    17 Oct 2014

  • BBI Life Sciences scopes out HK IPO

    China's BBI Life Sciences has sought a listing on the Hong Kong Stock Exchange.

    17 Oct 2014

  • SiS seeks Hong Kong spin-off of mobile arm

    SiS International Holdings is spinning off its mobile distribution business on the Hong Kong Stock Exchange in a bid to differentiate its operations from that of its IT products arm.

    17 Oct 2014

  • Total Derivatives: CNY offered on price data

    CNY swaps were better offered on Thursday as a result of Wednesday's weak PPI and CPI reports, with the rates market rallying despite the release of some positive domestic economic data on Thursday, writes Deirdre Yeung of Total Derivatives.

    17 Oct 2014

  • CP Indonesia mandates seven for $300m-$400m loan

    The mandated lead arranger and bookrunner group for Indonesian poultry feed producer Charoen Pokphand (CP) Indonesia’s $300m-$400m loan has been firmed up.

    17 Oct 2014

  • Yuexiu builds rights issue with 5.2x subscription

    Yuexiu Property Company’s 33-for-100 rights issue has received a stellar response from shareholders with the deal 5.2 times covered.

    17 Oct 2014

  • One down, three more to go: ICBC eyes November AT1

    Fresh from Bank of China’s (BoC) landmark $6.5bn additional tier one (AT1) capital transaction on October 15, the market is now shifting its attention to another of the Chinese big four banks, Industrial and Commercial Bank of China (ICBC).

    17 Oct 2014

  • BoC's AT1: big but not that clever

    You’ve got to hand it to Bank of China. This week it priced the biggest Basel III bank capital deal ever, in what bankers are calling the worst market conditions since 2008. But while the deal was certainly one step forward for Bank of China, it looked like two steps back for the international capital markets.

    17 Oct 2014

  • Tiger takes off for $184m rights issue amid poor results

    Tiger Airways Holdings is set to raise S$234m ($184m) from an 85-for-100 rights issue, in which its largest shareholder Singapore Airlines (SIA) will increase its stake with the aim of making Tiger its subsidiary.

    17 Oct 2014

  • Innocean narrows down to four as Cheil sets eyes on $1.4bn IPO

    Hyundai Innocean, the advertising arm of South Korea’s Hyundai Group, is set to mandate four banks for its IPO, which is expected to hit the market next year.

    17 Oct 2014

  • Citi hails China-London automatic RMB sweeping

    Citi has completed its first renminbi cross-border automated sweeping structure from China to London. While a global RMB cash pooling solution enables corporates to integrate RMB effectively into their treasury and liquidity structures, the bank believes it is also truly paving the way for the RMB’s development as an international currency.

    17 Oct 2014

  • Bond investors face binary Brazil decision

    Brazilian bond prices indicate that investors are unsure of the outcome of the second round of the country’s elections on October 26, though observers warn that even if the market’s favourite Aécio Neves wins, the road ahead for Brazil is not smooth.

    16 Oct 2014

  • ‘Cavalier’ JP Morgan grabs $2bn

    JP Morgan showed a keen risk appetite as it jumped into the high-grade market in the thick of a global market sell-off.

    16 Oct 2014

  • Volatility a warning for regulators: don't crush banks

    Investors and bankers have long warned of the dangers to market liquidity of loading investment banks’ trading desks with capital safety cushions. This week they acquired some evidence to back up their complaints.

    16 Oct 2014

  • Vicious swing from risk as markets price poor growth

    Volatility sprang back into global capital markets this week, tearing apart the calm, even complacently placid mood that had prevailed for most of the past two years. As with many true market shocks, the change was unexpected and to a large extent unexplained.

    16 Oct 2014

  • E-CL monitors markets as LatAm waits for storm to pass

    Chilean power company E-CL opted not to issue a planned bond on Thursday as LatAm DCM and syndicate bankers said they would be in no rush to issue during periods of volatility.

    16 Oct 2014

  • Business thriving but US banks crushed by conduct

    Conduct charges defined third quarter results at Bank of America, while Citi and JP Morgan also saw their numbers marred by litigation provisions or conduct failings. Only Goldman, of the first crop of US investment banks reporting this week, largely escaped a blow from past misdeeds.

    16 Oct 2014

  • UBS Neo launches MAC swaps on live order book

    Live order book trading of market agreed coupon swaps is now trading on UBS’ electronic trading platform Neo, making it the first platform to offer an aggregated order book for MAC swaps.

    16 Oct 2014

  • Don’t blame Samaras for unknown unknowns

    Anyone blaming Greek prime minister Antonis Samaras’s ambitious plan to leave his country’s bail-out programme early for the spectacular spike in Greek yields this week is taking a pretty limited view of how capital markets actually work.

    16 Oct 2014

  • Guinness is good for you, say UK funds after freak Gilt binge

    The Guinness Partnership, one of the oldest and largest of the UK housing associations, issued a £150m bond on Thursday, in the aftermath of one of the most turbulent days in the bond market for years.

    16 Oct 2014

  • Eaglewood brings P2P deal as institutions reach for sector’s yields

    Eaglewood Capital, a boutique investment firm focused on securitizing peer-to-peer loans, is about to close its second securitization of consumer loans originated by Lending Club.

    16 Oct 2014

  • KfW EUR3bn 0.05% Nov 17

    16 Oct 2014

  • UK Rmb3bn 2.7% Oct 17

    16 Oct 2014

  • NRW USD1bn 1.625% Jan 20

    16 Oct 2014

  • CircleBack beefs up staff

    Online consumer lending platform CircleBack Lending, which has teamed up with Jefferies to securitize up to $500m of the loans it originates, is “aggressively” expanding its staff to deal with increased business.

    16 Oct 2014

  • Mid-tier German banks likely to fail ECB assessment: RBS

    Most European banks are likely to pass the European Central Bank’s Comprehensive Assessment, the results of which will be released on October 26, but mid-tier Portuguese, Italian, Cypriot and German banks are most at risk of falling short of a passing grade, according to analysts at Royal Bank of Scotland.

    16 Oct 2014

  • Finansbank offers juicy pickup with rare dollar MTN

    Finansbank sold its fourth dollar denominated MTN on Monday as Turkish banks attract short-end investors with higher yields than their peers in other emerging markets such as India and China.

    16 Oct 2014

  • KBN USD1bn 1.5% Oct 19

    16 Oct 2014

  • After stress tests, many banks still vulnerable, says Fitch

    European banks could need to spend as much as €250bn to raise their reserve coverage levels against problem loans to healthy levels, according to Fitch.

    16 Oct 2014

  • Navient rebuffs servicing concerns on student loan ABS

    Navient Corp’s latest private student loan ABS issuance, which settles next week, comes amid regulatory criticism over poor servicing in the industry. But the Sallie Mae spin-off disclosed improved private loan performance on Wednesday and rebuffed assertions that borrowers were unable to refinance their loans.

    16 Oct 2014

  • As Ebola fear chills Africa deals, experts warn against overreaction

    Some European and US investors are beginning to reconsider their involvement in Africa as a result of the spread of the Ebola virus, but local market specialists warned this week against a panic reaction to the epidemic, writes Olivier Holmey.

    16 Oct 2014

  • Bank regulation fails first big test as bond liquidity evaporates in flash crash

    Fund managers and capital markets bankers blamed the lack of liquidity in bond markets, caused by bank regulation, for exacerbating price swings in credit markets and US Treasuries this week. This kind of volatility might just be something investors have to get used to, they warned, writes Tessa Wilkie.

    16 Oct 2014

  • Greece flies into trouble but bankers defend PM’s early bail-out departure

    Greek yields flew higher than Icarus at the end of the week amid torrid market conditions, pushing up towards levels last seen in the dark days of the European sovereign debt crisis. But while many commentators were quick to blame the spectacular spike on Greek prime minister Antonis Samaras’ ambitious plan to leave its Troika sponsored bail-out package by the end of the year, market participants rallied round the sovereign — and pointed to the more technical factors that were at the heart of the turmoil. Craig McGlashan reports.

    16 Oct 2014

  • Aussie sovereign goes long, frees up space for SSAs

    Australian dollars will remain the non-core currency of choice for SSAs and high-grade issuers following a curve-extending deal from the Australian sovereign on Wednesday, said bankers.

    16 Oct 2014

  • Spain suffers first 10 year yield hike in 16 months

    Spain became the first country from the eurozone periphery to take a hit in the primary markets from the thundering volatility that shook bond prices this week, as its 10 year yields rose at auction for the first time in over a year on Thursday.

    16 Oct 2014

  • JP Morgan to sell on crisis-era UK RMBS

    JP Morgan is at the head of a consortium that has acquired a £2.7bn portfolio of legacy performing UK residential mortgages from the UK government’s bad bank, and has structured the assets into two RMBS transactions to syndicate to investors.

    16 Oct 2014

  • Sentiment dive fails to sink ABN Amro’s Dolphin

    ABN Amro priced its €500m five year Dolphin RMBS at the tight end of guidance on Wednesday morning, demonstrating the relative resilience of core ABS to a broader market slump and placing the trade directly between recent prints from Dutch rivals Aegon and Obvion.

    16 Oct 2014

  • Ford takes up auto primary challenge

    With not enough bonds to go around and the European Central Bank throwing money at their asset class, Europe’s ABS issuers have had precious little to worry about in the primary market of late. But the market widened across the board this week amid a sharp global sell-off, and, as a result, Ford Credit Europe Bank will face a tougher market for its Globaldrive German auto ABS transaction next week.

    16 Oct 2014

  • Guinness is good for you, UK funds decide after freak Gilt binge

    The Guinness Partnership, one of the oldest and largest of the UK housing associations, issued a £150m bond on Thursday, in the aftermath of one of the most turbulent days in the bond market for years.

    16 Oct 2014

  • Yorkshire pushes RMBS through volatility

    Yorkshire Building Society is preparing to price its first RMBS transaction of the year on Friday morning at the end of a torrid week of secondary trading that has sent comps for the deal bouncing around in a 10bp range.

    16 Oct 2014

  • People Moves in Brief

    ECB staffing up for ABS buying - JPM consolidates syndicate - Nomura loses global finance chief

    16 Oct 2014

  • EBA calls for big rethink on ABS regs with ‘high quality’ vision

    The European Banking Authority has called for a systematic review of the “entire regulatory framework applicable to securitizations” to better align its treatment with other asset classes, alongside proposing the first concrete definition of a ‘qualifying’ securitization.

    16 Oct 2014

  • CLO managers forced to ‘bite bullet’ at wider levels

    Continued spread pressure in the US CLO market has forced managers completing deals in the past two weeks or so to swallow higher spreads to get their deals over the line, with many hoping they can take advantage of softness in the underlying leveraged loan market to make up for the wider print.

    16 Oct 2014

  • Weary Punch bondholders hit by ratings

    Punch Taverns’ bondholders had only just finished celebrating the culmination of the pub group’s seemingly endless securitization restructuring saga, when late last week Fitch and Standard & Poor’s delivered another blow by assigning much lower ratings than Moody’s to several tranches.

    16 Oct 2014

  • MTN Leak: quesadilla 24/7

    In an exciting development — perhaps unprecedented in MTNs, or at least it hasn’t happened for a very long time — Leak is about to discover the answer to one of the market’s best kept secrets.

    16 Oct 2014

  • M&A loans gobbled up but aren’t enough to sate banks’ appetites

    The syndication of German pharmaceutical company Merck’s $15.6bn of loans for its acquisition of US life sciences firm Sigma-Aldrich was the latest in a series of transatlantic M&A related loans for investment grade German borrowers to close oversubscribed. Banks have plenty of cash and are keen to use it, but a trend for large tickets and slim banking groups means there may not be enough to go around.

    16 Oct 2014

  • ESM next up to face testing markets after KfW’s perfect timing

    The European Stability Mechanism is the only sovereign, supranational or agency lined up to syndicate in euros next week — and it will do so in very different conditions to the last time it printed. Volatility that some bankers said they had not seen since 2009 or 2010 hit markets in the second half of this week — meaning KfW could not have timed things better by coming with a deal on Tuesday.

    16 Oct 2014

  • Lack of underwriting contributes to HY deal shortage

    Banks' reluctance to underwrite high yield transactions in September is contributing to the absence of new issuance this month, leveraged bankers said this week.

    16 Oct 2014

  • Extreme volatility hits dollar deals

    A pair of dollar deals in the sovereign, supranational and agency sector failed to cross the line this week, coming on a day when turbulent US Treasury markets made book building tough. Issuers lining up deals for next week may have to be prepared to pay more of a new issue premium because of this week’s tricky conditions.

    16 Oct 2014

  • RAC holds bank meeting as levloan market keeps going, in contrast to high yield bonds

    UK car breakdown recovery firm RAC marketed its £1.25bn recapitalisation and refinancing loan to lenders on Thursday, signalling that the leveraged loan market is battered but still functioning.

    16 Oct 2014

  • UK’s RMB debut sets scene for further sovereign RMB issuance

    The high level of demand for the UK’s debut offshore renminbi bond this week, the first from a non-Chinese sovereign, will be encouraging for other countries looking at printing in the internationalising currency. Two more are thought to be looking at selling renminbi bonds.

    16 Oct 2014

  • FIG supply likely to be light after sell-off

    Market volatility and a sharp downturn in sentiment kept FIG supply light this week, with just Deutsche Bank choosing to access the market in euros, tapping a seven year note. Expectations are for supply to stay light given the sudden sell off across many asset classes that followed weak US data on Wednesday afternoon.

    16 Oct 2014

  • Are EU, US high yield markets decoupling?

    Bankers in Europe are divided on whether the high yield market is moving in a different direction from that of the US, sucked down by gloomier investor sentiment and with issuers staying away in hope of improvements in macroeconomic data later in the year or even waiting for 2015.

    16 Oct 2014

  • Sukuk eyes record as oil fall helps Turkey

    The dollar sukuk market is on course for a photo finish with 2012’s record volume, with flydubai pushing forward plans for a debut deal and market participants suggesting volatile macroeconomic conditions have added impetus for another prospective borrower, Turkey.

    16 Oct 2014

  • CCDQ has fairer fortune with second legislative covered

    Primary issuance in covered bonds slowed this week with just one deal emerging on Wednesday from Canadian issuer La Caisse Centrale Desjardins du Quebec (CCDQ).

    16 Oct 2014

  • Buyers emerge after days of price falls but little trading in AT1

    After a week of seeing prices fall on geopolitical and macroeconomic concerns, but with little actual trading of bonds taking place, buyers began to emerge on Thursday for additional tier one securities on the secondary market. Prices are now at a level that both the buy and sell side said could attract new investors into the product — if they don’t recover too much once investors shake off their fears and resume the reach for yield.

    16 Oct 2014

  • Schaeffler prices within range but US investors push wide on margin

    German bearings firm Schaeffler has priced its €1.77bn-equivalent term loan ‘B’ at the wide end of its guidance range in response to weak demand from the US market.

    16 Oct 2014

  • Dollar borrowers freeze as turmoil rages

    The US high-grade bond market was all but closed to new issuance this week as plummeting Treasury yields sent borrowers scampering to the sidelines. The 10 year note had its biggest intraday swing in six years on Wednesday as it fell as low as 1.86%, the lowest since May 2013, before rebounding to around 2.10%.

    16 Oct 2014

  • African bonds take beating as USTs punish high beta

    The sharp selloff in emerging market bonds caused by the severe volatility in US Treasuries on Wednesday hit Africa bond markets the hardest. A perfect storm engulfed the continent’s bond trading — EM investors alarmed by the Treasuries move, falling oil prices and fears over Ebola smashed any remaining resolve among investors in African bonds.

    16 Oct 2014

  • Can JPM still overtake Citi in CEEMEA bonds?

    Citi is posting the widest lead in volumes of CEEMEA bonds arranged since 2011, meaning the US bank is odds-on favourite to finish 2014 at the top of the table. But though the gap will be difficult for JP Morgan to close by December, figures from previous years show that it is not impossible.

    16 Oct 2014

  • Clean companies a commercial necessity, say Africa investors

    Good environment, social and corporate governance practices are moving from a bonus for investors to a commercial necessity, which is likely to add extra challenges for investors and issuers in Africa.

    16 Oct 2014

  • Clearing house recovery plans systemically essential

    Clearing houses must implement recovery plans and avoid resolution, or they risk destabilising financial systems, according to guidance by the Bank for International Settlements and the International Organization of Securities Commissions.

    16 Oct 2014

  • Leveraged loans, news in brief - 17 October 2014

    Amdipharm Mercury - Tikehau

    16 Oct 2014

  • Gazprom could print bond before 2015

    Gazprom is considering pricing a dollar or euro benchmark bond before the end of this year. Analysts and investors said it would be possible but only at the right price and with strong anchor orders.

    16 Oct 2014

  • Ticino the only Swissie issuer, Kores on way

    Swiss franc supply was limited to one deal from Canton of Ticino this week as global concerns weighed on the market but a roadshow by Korea Resources Corporation (KoRes) raised the prospect of higher beta supply once spreads stabilise.

    16 Oct 2014

  • Corialis makes fresh concessions to get done while squeezing bank fees

    Corialis, the Belgian aluminium windows maker, is expected to close the book for its €483m leveraged loan on Monday evening, after lenders won significant concessions from Advent International, the private equity firm that is buying it.

    16 Oct 2014

  • Green bond lending market faces up to limits

    A securities lending market in green bonds will remain all but non-existent until volumes grow to a much larger size — but even then, borrowing bonds could remain off the table for several reasons.

    16 Oct 2014

  • Capital markets union “my dream”, says Barnier

    Michel Barnier, outgoing vice-president of the European Commission, has described a real European capital market as “my dream, which can be inherited by my successor”, writes Owen Sanderson.

    16 Oct 2014

  • Investment grade loans, news in brief — October 17, 2014

    Gunvor — Premium Farrell

    16 Oct 2014

  • Yapi Kredi pulls off bond in nightmare market, TSKB pauses

    Turkey's Yapi ve Kredi Bankasi astonished the market on Wednesday by seeming to accomplish what looked like an impossible feat — pricing a $500m five year bond in a day where its curve was sent 25bp wider in spread terms by US Treasury volatility.

    16 Oct 2014

  • Pension netting regs push bank clearing costs higher

    Dealers are facing increasing costs when providing clearing services to pension funds amid the regulatory push to move trades to clearing houses. The lack of netting provisions for pension funds means capital charges for dealers are high, with the result that leading banks are questioning the viability of the business without a rise in clearing prices.

    16 Oct 2014

  • Another IPO falls and more at risk as market turmoil hits

    UK challenger bank Aldermore became the latest victim of plunging stock markets this week, as bankers became increasingly concerned that conditions could leave ECM barren in the coming months and lead to the cancellation of yet more deals. The spotlight has now turned to another challenger bank, Virgin Money.

    16 Oct 2014

  • United Internet closes loan, plans Schuldschein

    United Internet, the German internet services provider, closed the €1.35bn loan for its acquisition of Versatel on Wednesday, leaving the path open to a Schuldschein transaction for banks left outside the syndication.

    16 Oct 2014

  • European liquidity rules draw in unrated covereds

    The final text of European liquidity rules allows unrated covered bonds into the asset buffers banks must hold, in a move that demonstrates the European Commission's willingness to rely less on the credit rating agencies. Unrated covered bonds sit alongside various categories of securitization in the European version of the rules, which allow far more assets to be considered liquid than originally envisaged by the Basel Committee.

    16 Oct 2014

  • CS collapses covered bond trading into credit

    Two Frankfurt-based covered bond traders have left Credit Suisse, while two London-based traders will no longer focus on covered bonds, as the Swiss bank folds its separate covered bond market-making operation into investment grade credit trading.

    16 Oct 2014

  • BoC pricing divisive as Europeans steer clear

    Bank of China started soft sounding investors for the deal as early as July, approaching only selected sovereign wealth funds, large Asian investors and private banks. Yield talk then was 6%-7%, although that was narrowed to 6.5%-7% when the roadshow was announced.

    16 Oct 2014

  • Jimmy Choo stays conservative to ride out choppy markets

    The IPO of luxury accessories firm Jimmy Choo is likely to be priced at the bottom of its price range, bankers said as it closed on Thursday, but the deal is still likely to be hailed as a now rare success in weakening IPO markets.

    16 Oct 2014

  • Goldman’s sukuk tactics prove market is open for all

    A grim secondary performance by Goldman Sachs’s debut sukuk has turned the deal into a ready weapon for anyone holding that the Islamic market is not ready for such non-halal borrowers. But despite the performance, Goldman's sukuk will be remembered as the issue that shook the market purists' defences.

    16 Oct 2014

  • FGA Capital’s auto success fuels hopes for more mezz

    FGA Capital demonstrated strong appetite for Italian mezzanine debt this week, selling €22.5m of single-A rated bonds well inside guidance and fuelling hopes that more issuers can gain capital relief from selling subordinated notes.

    16 Oct 2014

  • Covered market on edge as ECB purchases await

    The secondary covered bond market this week found itself caught between a tumultuous peripheral sovereign market and fevered anticipation of the European Central Bank finally wading in to buy bonds. The strong bid, which was seen for periphery names over the last week, had evaporated in the second half of the week as profit taking settled in.

    16 Oct 2014

  • Equity capital markets, news in brief — October 17, 2014

    16 Oct 2014

  • Premier Farnell follows US private placement with £250m refi

    UK electronics components distributor Premier Farnell has completed a £250m amendment and extension of its loan facility, after refinancing its US private placement in August.

    16 Oct 2014

  • Spain suffers first 10 year yield hike in 16 months

    Spain became the first country from the eurozone periphery to take a hit in the primary markets from the thundering volatility that shook bond prices this week, as its 10 year yields rose at auction for the first time in over a year on Thursday.

    16 Oct 2014

  • EIB eyes non-core currencies to round off 2014 funding

    The European Investment Bank, which has raised over €60bn of its funding target so far this year, expects to pick up funding in non-core currencies ahead of year end.

    16 Oct 2014

  • Banks lap up big tickets as Merck’s $15.6bn syndicated loan closes

    The syndication of German pharmaceutical company Merck’s $15.6bn of loans for its acquisition of US life sciences firm Sigma-Aldrich has closed oversubscribed, with banks eager to accept a large portion of the bridge facilities.

    16 Oct 2014

  • Figsco lives — Goldman covered trade inches forward

    Goldman Sachs has not given up on its Fixed Income Global Structured Covered Obligation (Figsco). The market has moved in Goldman’s favour since the deal was first announced, despite the bad publicity around the trade.

    16 Oct 2014

  • Fitch wary on amended Polish covered bond law

    Fitch has issued a guarded opinion on recent changes to the Polish covered bond law that had been expected to improve issuance prospects. The amended law, which introduces pass-through structures and mandatory liquidity facilities, should have theoretically led to higher ratings. But the agency said the impact of the new regulation may in practice be more modest by not pushing ratings down.

    16 Oct 2014

  • ECB must buy covered bonds aggressively, or not at all

    The European Central Bank will face a dilemma when it embarks on its third covered bond purchase programme, which will start soon. Either the central bank buys covered bonds aggressively, something that it has vowed not to do, or it will fail to meet its own target for expanding its balance sheet.

    16 Oct 2014

  • SG puts heat on HK with dual-class shares nod

    The Singapore parliament has made sweeping changes to the Companies Act, abolishing the one share, one vote rules for public companies and paving the way for firms to list with dual-class shares. The move is expected to help revive the city-state’s ECM market, while also putting pressure on the Hong Kong Stock Exchange to speed up its own reforms, writes Rashmi Kumar.

    16 Oct 2014

  • Umbrella maker Jicheng opens for HK IPO

    At a time when pro-democracy protestors in Hong Kong are making headlines for starting the "umbrella movement", Chinese company Jicheng Umbrella Holdings has filed for a listing on the Hong Kong Stock Exchange.

    16 Oct 2014

  • Bank of China prefs pull in whopping $21.8bn orders

    Bank of China’s inaugural additional tier one (AT1) smashed records on Wednesday as the $6.5bn deal became the largest bank capital bond in the global market. But a lack of transparency left $4bn of allocations unaccounted for and drew criticism from bankers on the deal, write Virginia Furness and Rev Hui.

    16 Oct 2014

  • Indo names to keep loans busy with infra, expansion needs

    A cluster of Indonesian loans hitting the market recently has broken the lull that prevailed in the third quarter. Bankers now expect deal flow from southeast Asia’s largest economy to be robust until the end of the year, with state owned and private sector companies getting in on the act, writes Shruti Chaturvedi.

    16 Oct 2014

  • Regulation brings Asian insurance bond issuers out of the woodwork

    Asian insurers are making their presence felt in the international debt market after Korean Reinsurance (Korean Re) became the fourth name to issue a bond in six weeks. While market participants are quick to point out that the deals are unrelated, they predict more is coming from the sector as Asia makes the step up to Solvency II, write Virginia Furness and Rev Hui.

    16 Oct 2014

  • African bonds take beating as USTs punish high beta credit

    The sharp sell off in emerging market bonds, caused by the severe volatility in US Treasuries on Wednesday, has hit Africa bond markets the hardest. A “perfect storm” has engulfed the continent’s bonds — EM investors alarmed by the Treasuries move, falling oil prices and continued fears around the spread of Ebola combined to smash any remaining resolve left in investors trading in African bonds.

    16 Oct 2014

  • EBA’s allowance attack lacks legal punch

    The European Banking Authority has published a report on role-based allowances which looks to close a loophole in the European Union’s bonus cap. But the document has no formal legal standing, and its instruction to national supervisors to “to ensure institutions review their remuneration policies so as to comply with the criteria highlighted in the EBA report” by the end of the year goes beyond the EBA’s power.

    16 Oct 2014

  • Schaeffler prices within range but US investors push margins wide

    German ball bearing producer Schaeffler has priced its €1.77bn-equivalent term loan ‘B’ at the wide end of its guidance range, in response to weak demand from the US market.

    16 Oct 2014

  • Worries persist as Novo Banco goes radio silent

    A continued lack of clarity regarding the situation at Portugal’s Novo Banco, the bridge bank created following the failure of Banco Espírito Santo, is causing worries about when — and if — the Portuguese government will be able to return the bank to the private sector and how strong the lender actually is.

    16 Oct 2014

  • Periphery AT1 bonds take a beating as sell-off intensifies

    After opening flat to slightly better on Thursday morning, the additional tier one market fell by as much as three points as growing concerns over the fate of the global economy took its toll.

    16 Oct 2014

  • BofA scrapes a profit despite mammoth litigation costs

    Bank of America has managed to beat analysts’ expectations and post a third quarter profit of $168m, which compared to a figure of $2.5bn from the same time last year. Once again, the beleaguered bank has had to put huge conduct charges through the quarter's P&L.

    16 Oct 2014

  • Yapi Kredi pulls off bond print in nightmare market, TSKB takes pause

    Turkish Yapi ve Kredi Bankasi astonished the market on Wednesday by seeming to accomplish what looked like an impossible feat — pricing a $500m five year bond in a day where its curve was sent 25bp wider in spread terms by US Treasury volatility.

    16 Oct 2014

  • Jimmy Choo heads for bottom of range as market plunge continues

    The IPO of luxury accessories firm Jimmy Choo is likely to be priced at the bottom of its price range, bankers said on Wednesday, but the deal may still be hailed as a now rare success in weakening IPO markets.

    16 Oct 2014

  • China Electronics $1bn opens into general

    State owned IT company China Electronics Corp’s $1bn five year term loan for a thin-film-transistor liquid crystal display (TFT LCD) project in Nanjing was launched into general syndication on October 9.

    16 Oct 2014

  • Reit refurbishment on the cards in Singapore

    The Monetary Authority of Singapore (MAS) has released a consultation paper on real estate investment trusts (Reits), with proposals that it says will improve governance while offering more flexibility.

    16 Oct 2014

  • Volatility puts a dampener on ENN Energy’s return

    Chinese clean energy firm ENN Energy Holdings managed to tap the offshore market for $400m on October 15, even though volatile markets meant joint global co-ordinators HSBC and UBS were only able to gather a modest order book.

    16 Oct 2014

  • Agile returns with smaller $213m rights issue

    Agile Property Holdings has revived plans for a rights issue just days after scrapping the fundraising. But it has returned with a deal size that is 40% smaller and its majority shareholder will now underwrite the trade.

    16 Oct 2014

  • Yunnan Energy’s debut dim sum scrapes past the finish

    Yunnan Energy Investment barely made it past the finishing line with its debut offshore renminbi bond on October 15, with weak market sentiment threatening to derail the deal.

    16 Oct 2014

  • Tata Steel $5.6bn multi trancher in general

    A portion of Tata Steel’s $5.6bn borrowing, which has been in senior syndication since July, finally launched into general on October 13, with five banks joining the original 11 leads. The money will be used to refinance the outstanding portion of the debt Tata took to fund its acquisition of Europe’s Corus Group.

    16 Oct 2014

  • Astra clubs with eight for $300m three year revolver

    Indonesian conglomerate Astra International is close to winding up a $300m club loan with eight lenders.

    16 Oct 2014

  • BAML bumps up de Silva to new SE Asia ECM role

    Bank of America Merrill Lynch has hired from within for the newly created role of head of southeast Asia equity capital markets in Singapore. The promotion adds to the bank’s Asian ECM senior management team.

    16 Oct 2014

  • Citi grows Asian national desks as multinational numbers swell

    Citi has expanded its Asia coverage desks to keep up with the growing number of multinational corporations from the region.

    16 Oct 2014

  • Xiaomi allocates $1bn dual trancher among 29 banks

    Tentative allocations are out for smartphone maker Xiaomi’s $1bn dual tranche loan. The deal has proved popular as bankers are eager to lend to the company that has ambitious plans for global expansion.

    16 Oct 2014

  • China Taiping sets sights on chunky $828m deal

    Hong Kong-listed China Taiping Insurance Holdings is seeking to raise HK$6.43bn ($828m) from a 21 for 100 rights issue to repay a $570m loan it took last December.

    16 Oct 2014

  • Pertamina in talks with a dozen banks for $1.8bn

    Indonesian power company Pertamina has zeroed in on 12 lenders for its latest financing. The size of the deal has almost doubled to $1.8bn from the $1bn it was seeking in its request for proposals in September.

    16 Oct 2014

  • Anta Sports family nets $147m via sell-down

    The family behind Anta Sports Products has raised HK$1.14bn ($147m) through a sale of some of its shares in the Hong Kong-listed company, tapping the market five years after last trimming its stake.

    16 Oct 2014

  • ECB to appoint multiple PMs, grow headcount 10-20 for ABS purchases

    The European Central Bank intends to appoint more than one external portfolio manager to scan the market for ABS transactions to buy, while its asset purchase programme will add between 10 and 20 to its headcount overall, GlobalCapital understands.

    16 Oct 2014

  • Speaking the language of money

    Sometimes it seems like TaiTai is speaking another language. I don’t understand half of what she says: facials, pedicures and skin peeling.

    16 Oct 2014

  • ICBC’s leasing arm seeks $350m three year onshore

    ICBC Financial Leasing, a subsidiary of Industrial and Commercial Bank of China, is raising a $350m loan onshore, with five mandated lead arrangers and bookrunners. The company is having to pay a premium of over 40bp for accessing dollars onshore.

    16 Oct 2014

  • Link Net aims big as it opens $668m follow-on

    Four shareholders, including private equity firm CVC Capital Partners and cable operator First Media, are in the market to sell Rph8.15tr ($668m) worth of shares in Link Net, in what could be Indonesia’s largest equity transaction of the year.

    16 Oct 2014

  • Hua Hong nets $332m from Hong Kong listing

    Hua Hong Semiconductor has raised HK$2.57bn ($332m) from its Hong Kong IPO, in a deal that saw the shares price close to the bottom of the range.

    16 Oct 2014

  • UK home improvement firm completes AIM IPO

    Entu, which sells products to make houses more efficient, completed an IPO on London's AIM on Thursday.

    16 Oct 2014

  • EBA calls for big rethink on ABS regs with ‘high quality’ vision

    The European Banking Authority has called for a systematic review of the “entire regulatory framework applicable to securitizations” to better align its treatment with other asset classes, alongside proposing the first concrete definition of a ‘qualifying’ securitization.

    16 Oct 2014

  • Asiamoney Fixed Income Poll 2014: detailed results download

    Asiamoney has published the detailed results of its latest Fixed Income poll. Please use the following links to access the related coverage.

    16 Oct 2014

  • Chile’s E-CL ponders bond amid volatility

    Chilean power company E-CL will decide on Thursday morning whether to announce its planned dollar bond issuance, after a remarkable bout of volatility on Wednesday disturbed fixed income markets.

    16 Oct 2014

  • Exeter subprime faces used car plummet

    Non-bank auto finance company Exeter Finance Corp issued a $500m subprime auto ABS deal on Wednesday amid turmoil in US markets and steady criticism over subprime auto financing.

    15 Oct 2014

  • Five Oaks looks to launch own shelf

    Five Oaks Investment Corp. plans to acquire more jumbo mortgages and aspires to launch its own RMBS shelf by the end of next year, following the completion of the company’s first securitization last week.

    15 Oct 2014

  • American Capital continues transatlantic strategy with new CLO

    American Capital, which earlier this year brought one of the first US collateralised loan obligations to comply with European risk retention rules, is aiming to replicate the success of that deal with a new CLO it announced this week.

    15 Oct 2014

  • Traders switch from short VIX to long vol positions

    Institutional investors have been buying VIX call options with October expiries to express a bullish and long volatility view, following a slew of VIX calls that were sold when the market was down Tuesday.

    15 Oct 2014

  • Taubman’s plan for Blackstone Advisory

    Former Morgan Stanley star’s plans for Steven Schwarzman’s old advisory business should strike fear into rivals large and small, writes David Rothnie

    15 Oct 2014

  • United Internet closes €1.35bn loan and paves way for Schuldschein to follow

    United Internet, the German internet services provider, closed the €1.35bn loan for its acquisition of Versatel on Wednesday and left the path open for a Schuldschein transaction for banks that did not make it into the syndication.

    15 Oct 2014

  • Snam nabs €500m before storm breaks in US

    On an extraordinary day in the capital markets, a very ordinary corporate bond was issued on Wednesday — a €500m 8.5 year issue for Snam, the Italian gas transport group, that was nicely oversubscribed and closed trading at reoffer.

    15 Oct 2014

  • Markit: ‘Tis the season for our earnings

    The global macro picture remains a concern, but credit investors will turn their attentions to micro factors over the next few weeks as earnings season gains momentum.

    15 Oct 2014

  • SSAs eye A$ after longest sovereign bond

    Supranationals and agencies are eyeing deals in Australian dollars and could come before the week is out, following a curve extending bond from the Australian sovereign, although turbulent capital markets could make some pause for thought.

    15 Oct 2014

  • Darker tone in dollars as duo struggle

    A cacophony of troublesome macro conditions are rocking the markets and could make issuance exceptionally tricky for issuers looking to print dollars in the coming weeks. A pair of borrowers felt the pain on Wednesday, with their leads setting pricing in line with initial price thoughts and at least one of the deals undersubscribed — a far cry from a series of blow-out dollar trades since the market reopened after the summer.

    15 Oct 2014

  • Amdipharm Mercury sets price guidance on £984m loan

    UK pharmaceuticals group Amdipharm Mercury has set out price guidance on its £984m refinancing and recapitalisation loan, which will raise its net leverage ratio from 3.4 to 5.5 times.

    15 Oct 2014

  • UK debut renminbi bond almost twice subscribed

    The UK’s debut offshore renminbi bond — the first from a non-Chinese sovereign — was almost twice subscribed despite being larger than expected. The deal marks the largest new issue from an international sovereign, supranational or agency in offshore renminbi.

    15 Oct 2014

  • Direct onshore RMB-SGD trading expected this month

    Direct onshore trading of the renminbi (RMB) and the Singapore dollar (SGD) is expected to kick off very soon, and could come as early as this month, two Singapore-based sources have told GlobalRMB.

    15 Oct 2014

  • Funds snap up credit vol on iTraxx Main

    Hedge funds and real money players have continued to buy credit volatility this week by buying payer structures in iTraxx Crossover and Main, while also buying receivers, mostly on Main.

    15 Oct 2014

  • European investors lured by Schaeffler's familiarity to €1.8bn loan

    German ball bearing producer Schaeffler will close books on its €1.8bn-equivalent term loan ‘B’ today. Early signs are that investors have received the familiar credit enthusiastically.

    15 Oct 2014

  • Buyside access to clearing threatened over FCM struggles

    Access to clearing houses for the buyside may increasingly become limited as some clearing members, known as futures commissions merchants in the US, are struggling to turn a profit on their clearing offerings. This has resulted in some firms exiting such business entirely, and limiting the FCM’s with which buysiders can clear with.

    15 Oct 2014

  • A-BEST mezz tightening encouraging for Italian issuers

    FGA Capital, Fiat's car finance joint venture with Crédit Agricole, sold €22.5m of single-A rated bonds well inside guidance on Wednesday. Bankers away from the trade said that was a good indication of demand for mezzanine debt from Italy, which the European Central Bank hopes will increase as it backs the securitization market.

    15 Oct 2014

  • European Banking Authority slams allowance pay

    The European Banking Authority has published a report on role-based allowances which looks to close a loophole in the European Union’s “bonus cap”.

    15 Oct 2014

  • Gazprom considers bonds: euro or dollar may be before year end, dim sum further off

    Gazprom is considering pricing a dollar or euro benchmark bond before the end of this year. Any potential euro deal would be placed by Deutsche Bank and Crédit Agricole. US banks would be used for a dollar deal, but the mandate for a potential dollar note has not yet been signed.

    15 Oct 2014

  • Litigation and comp cuts into JPM CIB results

    JPMorgan’s corporate and investment banking division saw a 34% slump in profits driven by a provision for $1bn in legal expenses and increased compensation costs. The bank saw an overall increase in profits year on year of $5.6bn, slightly below expectations for the quarter.

    15 Oct 2014

  • Nomura’s global finance head EMEA departs as Deeny steps in

    The head of Nomura's EMEA global finance division will leave the bank, to be replaced by HSBC's Simon Deeny and head of ECM Ken Brown.

    15 Oct 2014

  • Yapi Kredi IPTs offer 20bp-30bp premium, bankers say should go well

    Turkish Yapi ve Kredi Bankasi has released initial price guidance of 375bp over mid-swaps for a dollar five year benchmark bond, offering around a 20bp-30bp premium over its own interpolated curve, according to a banker away from the deal.

    15 Oct 2014

  • China Electronics wires $1bn into general

    State owned IT company China Electronics Corp’s $1bn five year term loan for a thin-film-transistor liquid-crystal display (TFT LCD) project in Nanjing, launched into general syndication on October 9.

    15 Oct 2014

  • Lloyd's of London mandates in torpid primary market

    Society of Lloyd’s wrested investors' attention away from the geopolitical woes and equity market travails on Wednesday, mandating banks for a roadshow ahead of what would be its first capital markets appearance in more than seven years.

    15 Oct 2014

  • Bevan appointed CEO of Russian brokerage BCS Prime Brokerage

    BCS Financial Group, the largest broker of equities and derivatives on the Moscow exchange, has appointed Tim Bevan as CEO of BCS Prime Brokerage, its international arm.

    15 Oct 2014

  • Demand for UK debut renminbi bond tops Rmb5.8bn

    The UK’s debut offshore renminbi bond — the first from a non-Chinese sovereign — was almost twice subscribed despite being Rmb1bn ($162.8m) bigger than market participants expected.

    15 Oct 2014

  • Xiaomi nets commitments from nine

    Mobile phone maker Xiaomi’s $1bn dual tranche loan has netted commitments from nine lenders in general syndication. The deal has been a popular one as bankers are eager to lend to the company that has ambitious plans for global expansion.

    15 Oct 2014

  • Sentiment slump fails to down tight-end Dolphin

    ABN Amro priced its €500m five year Dolphin RMBS at the tight end of guidance on Wednesday morning, demonstrating the continued resilience of core ABS to a broader market slump and placing the trade directly between recent prints from Dutch rivals Aegon and Obvion.

    15 Oct 2014

  • Aldermore latest victim of plunging markets, but bankers keep faith in peer Virgin Money

    UK challenger bank Aldermore cancelled its IPO that it was set to price on Wednesday as equity markets continued to weaken. But bankers close to peer Virgin Money, which is due to start bookbuilding this week, are confident the deal will continue.

    15 Oct 2014

  • PowerChina returns with debut dollar bond

    State-owned Power Construction Corporation of China (PowerChina) made a successful return to the international bond market, pricing its first ever dollar bond on October 14.

    15 Oct 2014

  • SSI opens books for rare $146m Philippine IPO

    Luxury goods retailer SSI Group opened books for its Ps6.5bn ($146m) IPO on October 15, and if all goes well will debut on the Philippine stock exchange in early November to become the largest listing in the country this year.

    15 Oct 2014

  • Bank Asya gets cap hike approval as political tussles rage on

    Turkish Bank Asya has received approval for a capital raise worth twice the troubled Islamic lender's market capitalisation.

    15 Oct 2014

  • SSA party crashes as global fears take their toll

    Public sector borrowers lining up to print benchmarks in the next two weeks will be anxiously watching the slow bookbuilds of a pair of dollar trades on Wednesday, as rocky debt and equity markets plus ultra-low US Treasury yields combine to make investors extremely cautious on supranational and agency paper.

    15 Oct 2014

  • M&A loan flow still way short of banks’ demand

    European investment grade mergers and acquisitions had been quiet since Arkema, Merck KGaA and Siemens announced a trio of bids on September 22, but bankers were confident fresh deals were on the way.

    15 Oct 2014

  • EM bond rush to return ahead of Thanksgiving

    The CEEMEA bond market has been slow to start this week as London’s EM bankers drift back jetlagged from the World Bank-IMF meeting in Washington. But with several mandates having been bagged over the last week, many are hopeful for the market to become a lot busier before Thanksgiving.

    15 Oct 2014

  • Dozen lined up for Pertamina $1.8bn mandate

    Indonesian power company Pertamina has zeroed in on 12 lenders for its latest financing. The size of the deal has almost doubled to $1.8bn from the $1bn it was seeking in its request for proposals in September.

    15 Oct 2014

  • FIG issuers and investors unwilling to play ball ahead of AQR

    Even as the skies over the global economy darken and equities continue to sink, FIG bankers are busy trying to entice what issuers they can to market, pointing to stable secondary spreads and a prolonged lack of supply.

    15 Oct 2014

  • Dollar sukuk in race for record as Flydubai mandates banks

    Hopes have been fading that the sukuk market will see a record level of dollar issuance in 2014, with bankers suggesting that there may be only two or three more international deals to print before the end of December. But with Flydubai setting its sights on an earlier debut launch than previously expected, the year could still be on for a photo finish with 2012.

    15 Oct 2014

  • Investors double down as BoC AT1 orders hit $18bn

    Bank of China is well on course to reach its $6.5bn target with books in excess of $18bn at the last update for its additional tier one bond on Wednesday. The bank has opted to stick to dollars after dropping a euro tranche, though bankers are offering different reasons for why.

    15 Oct 2014

  • EBRD provides €6m loan to Albania's Fondi Besa for SME lending

    The European Bank for Reconstruction and Development has arranged a €6m three year syndicated loan to Albanian microfinance lender Fondi Besa in order to support the development of small businesses.

    15 Oct 2014

  • Ashurst hires HK financial services partner

    Ashurst has named Ben Hammond partner in its global financial services regulatory practice.

    15 Oct 2014

  • JPM combines debt syndicate, O’Grady and LoBue to co-head

    JP Morgan is bringing all of its fixed income syndicate teams together under new global co-heads Ryan O’Grady and Bob LoBue.

    15 Oct 2014

  • Korean Re prints as rates prove positive for perps

    Korean Reinsurance priced its debut subordinated bond on Tuesday. The borrower was keen to take advantage of the low rate environment, and to get ahead of the looming $6.5bn additional tier one from the Bank of China.

    15 Oct 2014

  • Citigroup beats expectations, but drops Banamex bomb

    Citigroup reported earnings above expectations on Tuesday. The bank’s consumer banking division accounted for just under half of revenues as CEO Michael Corbat pushes through an unwinding of consumer retail operations, while Mexican subsidiary Banamex faces yet another fraud investigation.

    15 Oct 2014

  • Stock Connect in final rounds of testing

    The Shanghai Stock Exchange (SSE) and the Hong Kong stock exchange (HKEx) completed another round of system testing on October 11, ahead of a rumoured October 27 launch. But issues concerning A-share stock sales and China tax requirements are still being worked on by regulators.

    15 Oct 2014

  • European RMB race: Russia gets a swap line, ECB rumoured to introduce RMB reserves

    Germany has signed comprehensive economic agreements with China worth $18.1bn as part of premier Li Keqiang's European tour, while Russia has obtained an Rmb150bn swap line. The Russian financial sector, including the Moscow Exchange and lender VTB, has also stepped up its China relationship with a number of co-operation agreements.

    15 Oct 2014

  • Insurance perps continue with Dai-ichi

    Subordinated perpetual bond issuance from Asian insurers is on the increase with a second insurer looking to follow Korean Reinsurance to the market next week. The low rate environment is proving conducive for high beta products like sub perps, according to bankers.

    15 Oct 2014

  • Argentina’s Clisa builds out maturities after sweetening exchange

    Nearly three quarter of bondholders of Argentine industrial conglomerate Clisa (Compañía Latinoamericana de Infraestructura & Servicios) have agreed to extend the maturity of their debt after the borrower increased the fee on offer, although rating agencies remain concerned about Clisa’s capacity to pay.

    15 Oct 2014

  • Indiabulls charges towards debut bond

    Indiabulls Real Estate, part of the Indiabulls Group, is meeting investors for its debut international bond.

    15 Oct 2014

  • Yunnan Energy stutters with debut dim sum

    Yunnan Energy Investment’s hopes of pricing its first offshore renminbi bond appears to be bleak with books yet to be covered after one day of bookbuilding.

    15 Oct 2014

  • CDS notional spikes again following five-week uptick

    Overall credit default swap notional that was reported to swap data repositories last week spiked by 41% from the previous week, according to data from the International Swaps and Derivatives Association. This follows five weeks of a consistent uptick in CDS notional, with a combined increase of 119%.

    14 Oct 2014

  • Nomura loses credit sales chief

    Nomura’s head of leveraged credit sales has left the bank’s New York office.

    14 Oct 2014

  • French corporates tap €/$ accumulators

    French corporates have been picking up accumulators on the euro against the US dollar as a tool to buy euros for a more favourable exchange rate by selling volatility in return.

    14 Oct 2014

  • Longer loans for Volkswagen's $1bn auto ABS

    Volkswagen’s $1bn prime auto ABS deal received triple-A ratings from Standard & Poor’s Rating Services and Fitch Ratings on Tuesday. The deal is backed by a greater share of extended-term loans than the issuer’s last deal — a growing trend in auto lending.

    14 Oct 2014

  • Arkema to hit road for €600m hybrid amid volatile markets

    Arkema, the French chemicals company, announced on Tuesday a roadshow for a hybrid capital issue, despite volatile market conditions in which corporate hybrids in particular have been knocked wider.

    14 Oct 2014

  • Queasy markets still OK for corporate bonds, bankers say

    Financial markets are feeling rough, with fears about the global growth outlook, Ebola and war in the Middle East. This week has begun without any corporate bond new issues in Europe. Bankers are cautious about bringing deals – but still believe it might be possible.

    14 Oct 2014

  • Funds eye long equity, short credit trades via options

    Hedge funds are looking at going long equity and short credit by buying at-the-money Eurostoxx 50 calls and selling iTraxx Main receivers, in a bid to target equity outperformance in a bullish market.

    14 Oct 2014

  • UK brings bumper book to Rmb3bn deal

    The UK showed the enticing possibilities of the offshore renminbi market for sovereigns after it drew more than Rmb5.5bn ($900m) of orders to a debut deal that was priced at the tight end of guidance. Such was the strength of the demand that the sovereign was able to print Rmb3bn — Rmb1bn more than had been expected by market participants.

    14 Oct 2014

  • Banks left begging as ZF Friedrichshafen loan syndication closes

    ZF Friedrichshafen, the German car parts maker, has closed the books on the syndication of its €12.5bn loan for the acquisition of Michigan-based TRW Automotive.

    14 Oct 2014

  • Geberit aims at bond after flushing out Sanitec

    Swiss toilets firm Geberit on Tuesday announced a Sfr1.29bn deal to buy Finnish bathroom fixtures firm Sanitec, using a dual tranche bridge loan from JP Morgan.

    14 Oct 2014

  • ECB must buy covered bonds aggressively, or not at all

    The European Central Bank will face a dilemma when it embarks on its third covered bond purchase programme, which will probably start on Wednesday. Either the central bank buys covered bonds aggressively, something that it has vowed not to do, or it will fail to meet its own target for expanding its balance sheet.

    14 Oct 2014

  • The big prize is a capital markets union

    European investment banks, if you ask them, are having a rough time. Giant fines for breaking extraterritorial rules, bewildering and overlapping regulation that never quite matches up with international standards, and capital standards that seem calibrated to banks that have already sold their mortgage books. But hang in there. Capital markets union is coming.

    14 Oct 2014

  • Banks agree payout for losses incurred over misleading rates hedges

    Nine banks have agreed to pay £1.5 bn to cover losses linked to interest rate hedging products that were sold to private customers and retail clients since 2001. Many of the products were sold to small and medium enterprises on the understanding that they would hedge against interest rate movements on loans. When rates fell, however, some customers found themselves paying higher fees and facing large break costs to get out of contracts.

    14 Oct 2014

  • Tikehau draws insurance companies to new leveraged loan fund

    Tikehau has announced completion of a €230m leveraged loan fund, bringing the value of the French asset manager’s leveraged loan portfolio to €700m.

    14 Oct 2014

  • Fourth quarter ECM deluge fails to arrive as busy period turns quiet

    The usual busy period of equity capital markets activity in the fourth quarter is unlikely to arrive in 2014, bankers said on Tuesday. Investors are opting to sit out of deals amid consistently falling markets.

    14 Oct 2014

  • RAC launches £1.25bn loan as GIC buys in

    UK car breakdown recovery firm RAC has launched a £1.25bn loan to refinance debt and recapitalise its debt structure after the Government of Singapore Investment Corp became a shareholder in the company.

    14 Oct 2014

  • Stop Ebola now – before it stops us

    Don’t switch off. Ebola may not have hit your P&L yet, but it’s going to, soon, and hard, whatever your job is. And look at the charts. The logic is inexorable: the longer we take to overcome the disease, the worse the cost will be – for the global economy and in human life. This is not about a few percentage points of GDP. Modern civilisation itself is at risk.

    14 Oct 2014

  • Citi way ahead in CEEMEA — too far for JPM?

    Citi is posting the widest lead in volumes of CEEMEA bonds arranged since 2011, meaning the US bank is odds-on favourite to finish 2014 at the top of the table. But though the gap will be difficult for JP Morgan to close by December, figures from previous years show that it is not impossible.

    14 Oct 2014

  • Gazprom signed €500m loan with European banks in September

    Gazprom agreed a €500m two year loan with a consortium of banks in September, according to details the Russian gas company published in its half year financial report.

    14 Oct 2014

  • JP Morgan to sell on crisis-era UK RMBS

    JP Morgan is at the head of a consortium that has acquired a £2.7bn portfolio of legacy performing UK residential mortgages from the UK government’s bad bank, and has structured the assets into two RMBS transactions to syndicate to investors.

    14 Oct 2014

  • Time for investors to make up their mind about Asia tech

    Alibaba’s record breaking $25bn IPO was supposed to be the trigger that dispelled investor fears about Asian technology companies and opened to door to future listings. But as the volatility in such stocks has shown, investor sentiment in the sector is subject to wild swings. And that is hurting the IPO pipeline.

    14 Oct 2014

  • Finansbank prints rare dollar MTN

    Finansbank sold its fourth dollar denominated MTN on Monday, as Turkish banks’ high yields are attracting short term investors away from emerging market stalwarts including India and China.

    14 Oct 2014

  • UK set for blowout renminbi debut

    The UK looks to have laid down a serious marker for other sovereigns wishing to follow it into the offshore renminbi market, with the book on its debut deal over twice subscribed and guidance well inside initial price thoughts as of Tuesday morning London time.

    14 Oct 2014

  • Chilean E-CL finishes roadshow on Wednesday

    E-CL, the largest power generator in the north of Chile, finishes the roadshow for its dollar bond on Wednesday.

    14 Oct 2014

  • Ford picks up auto baton as core ABS refuses to budge

    Ford Credit Europe Bank on Tuesday mandated banks for its second Globaldrive German auto ABS transaction of the year, with bankers expecting another tight post-ECB print as core ABS spreads in European continue to shrug off broader market volatility.

    14 Oct 2014

  • MS promotes three M&A bankers; CICC CEO resigns

    Morgan Stanley has promoted Samuel Kim, Richard Wong and James Tam within the bank’s mergers and acquisitions (M&A) division as part of the bank’s efforts to match its most senior bankers with key clients in the region.

    14 Oct 2014

  • Jimmy Choo plays it safe with narrowed price range

    Jimmy Choo, the UK luxury shoes and bags company, narrowed pricing on its £136m IPO on Monday, opting for a conservative price range in light of tumbling markets and fears about IPOs.

    14 Oct 2014

  • Rabobank’s Smook to leads Asia capital markets; Boey quits BTMU

    Rieks Smook is Rabobank’s new head of capital markets, Asia, replacing Guy Hargreaves, who has left the bank, sources told GlobalCapital Asia.

    14 Oct 2014

  • Total Derivatives: PBoC repo move steepens CNY curve

    The People's Bank of China (PBoC) triggered a short-end led rally on Tuesday when it sold 14 day repos at lower than expected levels. Swaps were offered and short swap rates plummeted, steepening the 1s/10s curve in the process, writes Deirdre Yeung of Total Derivatives.

    14 Oct 2014

  • PowerChina picks pricing for perp

    Power Construction Corp of China (PowerChina) is returning to the market for the second outing this year and this time around is looking to price a perpetual bond.

    14 Oct 2014

  • Deutsche shrugs off volatility to tap large senior

    Deutsche Bank made a surprise visit to the primary market with a tap of its 1.25% €1.75bn September 2021 senior unsecured bonds on a day when cash bonds are trading wider and bank equities are largely tanking.

    14 Oct 2014

  • Goldman's self-denying strategy debunks sukuk defences

    A grim secondary performance by Goldman Sachs’ debut sukuk has made it a soft target for anyone who holds that the Islamic market is not ready for such non-halal borrowers. But despite the performance, Goldman's sukuk will be remembered as the issuer which debunked the market purists' defences

    14 Oct 2014

  • Books above Rmb3.5bn for UK govt RMB bond

    The UK government opened books for its debut renminbi-denominated bonds on October 14. The three year deal was first offered with price guidance in the area of 2.9%, before being cut to 2.75% area in the late afternoon Hong Kong time.

    14 Oct 2014

  • UK to help China achieve capital account opening

    The UK government's landmark RMB bond is grabbing attention this week, but financial market participants are already looking at the next steps, with panda and green bonds seen as possible next areas of focus for Chinese capital account liberalisation, according to HSBC.

    14 Oct 2014

  • Astra goes clubbing for $300m; CP on the hunt for new money

    Indonesian conglomerate Astra International is close to winding up a $300m club loan with eight lenders.

    14 Oct 2014

  • Multiple firsts for Korean Re debut

    Korean Reinsurance (Korean Re) has brought out Korea’s first offshore subordinated bond from the insurance sector.

    14 Oct 2014

  • After stress tests, many banks still vulnerable: Fitch

    European banks could need to spend as much as €250bn to raise their reserve coverage levels against problem loans to healthy levels, according to Fitch.

    14 Oct 2014

  • Tata Steel $5.6bn loan rolls into general

    A portion of Tata Steel’s $5.6bn borrowing, which has been in senior syndication since July, finally launched into general on October 13, with five banks joining the original 11 leads.

    14 Oct 2014

  • Country Garden’s $410m rights issue 9x subscribed

    Chinese real estate developer Country Garden Holdings got a red hot reception for its HK$3.18bn ($410m) rights issue on October 14 as the transaction ended up close to nine times covered.

    14 Oct 2014

  • Bank of China to drop AT1 euro tranche

    Bank of China (BoC) is considering dropping the euro tranche for its debut additional tier one (AT1) after failing to generate enough interest for that currency on its global roadshow.

    14 Oct 2014

  • Chile’s Alsacia closes in on restructuring

    Chilean bus company Alsacia will present its restructuring proposals to a US court after more than four fifths of its bondholders approved the plans.

    14 Oct 2014

  • Citi grows Asian national desks

    Citi has expanded its Asia coverage desks to keep up with growing number of multinational corporations from the region.

    14 Oct 2014

  • Non-bank servicing could be a house of cards

    Non-bank mortgage servicers might not be able to overcome regulatory interventions as their share prices deteriorate, and holders of mortgage-backed securities could see interruptions in cash flows as a result, according to market sources.

    14 Oct 2014

  • Weaker underwriting for prime autos

    Prime auto lenders have been financing their loans more cheaply in the ABS markets in recent months, despite weaker collateral performance and longer maturities.

    13 Oct 2014

  • US, EU regulators must approach NDF clearing with caution

    Regulators should be cautious when proposing a clearing mandate for non-deliverable forwards due to the global nature of the fx market, along with regulatory differences between the US and Europe that have yet to be resolved.

    13 Oct 2014

  • CBOE futures exchange sees record week post-FOMC

    The Chicago Board Options Exchange saw record volumes for futures that were traded on both the CBOE Futures Exchange and CBOE Volatility Index following an increase in market volatility.

    13 Oct 2014

  • Raters battle for third SoFi securitization, quarterly issuance on way

    San Francisco-based peer-to-peer lender SoFi is in talks with three ratings agencies regarding its third securitization of student loan refinancings, which is set to hit the market in the first week of November and should lead to regular quarterly issuances from the company.

    13 Oct 2014

  • Longer and cheaper: Dignity refinances £595m securitization

    Dignity, the UK funeral services business, has completed the refinancing of its whole business securitization, issued in 2002. The exchange offer and issue of new notes allows it to extend the average maturity of its bonds from 10 to 22 years, and still save £7m a year of interest costs.

    13 Oct 2014

  • Gunvor chooses eight banks for $900m revolver

    Commodity trader Gunvor has launched a $900m dual tranche revolving credit facility into syndication. The loan replaces one tranche of a deal signed in 2013.

    13 Oct 2014

  • Forty banks board Airbus's €3bn revolver refi

    European aerospace firm Airbus has completed a €3bn loan syndication to amend and extend its €3bn five year revolving credit facility, attracting the support of 40 banks.

    13 Oct 2014

  • Market agrees protocol to slow close-out of positions in failing banks

    A slew of major global banks have agreed to sign a protocol by the International Swaps and Derivatives Association that imposes a stay on cross-default and major termination rights within standard ISDA derivatives contracts if a counterparty defaults.

    13 Oct 2014

  • Infineon loan for IR buy ‘substantially oversubscribed’

    German semiconductor maker Infineon has signed €1.55bn of loans which will go towards its $3bn purchase of California-based International Rectifier Corp.

    13 Oct 2014

  • Corialis makes fresh concessions to get done, squeezes bank fees

    Corialis, the Belgian aluminium windows maker, is expected to close the book for its €483m leveraged loan on Monday evening, after lenders won significant concessions from Advent International, the private equity firm buying Corialis.

    13 Oct 2014

  • High yield issuance dries up as banks have ducked underwriting deals

    Banks' reluctance to underwrite high yield transactions in September is contributing to the absence of new issuance this month, leveraged bankers said today.

    13 Oct 2014

  • Health property firm Assura raises £180m for acquisitions

    Assura, the UK property company that specialises in doctors' surgeries, has raised £180m by selling new shares, in a deal completed on Friday.

    13 Oct 2014

  • Euronext picks ex-SG banker to run ETFs and investment funds

    Benjamin Fussien, who worked in institutional sales of equities, derivatives and exchange-traded funds at Carax in Paris, has joined Euronext as head of ETFs and investment funds, also in Paris.

    13 Oct 2014

  • Amdipharm Mercury launches £985m loan

    UK pharmaceuticals group Amdipharm Mercury, owned by Cinven, has launched a £985m-equivalent loan that will refinance debt and recapitalise its senior debt structure.

    13 Oct 2014

  • Ashmore expands into Saudi Arabia

    Ashmore Group, the London-headquartered emerging markets fund, has opened a local asset management office in Riyadh, Saudi Arabia.

    13 Oct 2014

  • Mid-tier German banks among those likely to fail assessment: RBS

    Most European banks are likely to pass the European Central Bank’s Comprehensive Assessment, the results of which will be released on October 26, but mid-tier Portuguese, Italian, Cypriot and German banks are most at risk of falling short of a passing grade, according to analysts at Royal Bank of Scotland.

    13 Oct 2014

  • Weary Punch bondholders hit again by low S&P and Fitch ratings

    Punch Taverns’ bondholders had only just finished celebrating the culmination of the pub group’s seemingly endless securitization restructuring saga, when late last week Fitch and Standard & Poor’s delivered another blow by assigning much lower ratings than Moody’s to several tranches.

    13 Oct 2014

  • Côte d’Ivoire set to raise $1bn sovereign bond next year

    Côte d’Ivoire has developed a taste for the international capital markets. After a successful $750m Eurobond in July, prime minister and finance minister Daniel Kablan Duncan tells Emerging Markets about his plans to raise $1bn on the international markets

    13 Oct 2014

  • EBRD's 'Semed' investments will reach €1.5bn, says president

    European Bank for Reconstruction and Development president Sir Suma Chakrabarti has said he expects his bank’s investment portfolio in Morocco, Tunisia, Egypt and Jordan to reach €1.5bn.

    13 Oct 2014

  • Citi preps first Aussie RMBS for three years

    Investors will be able to buy Citi-branded Australian RMBS for the first time for more than three years this month, after Citibank Australia mandated for a new deal from its Securitised Australian Mortgage Trust platform.

    13 Oct 2014

  • Chile to mine markets for $3bn bond for copper investment

    Chile plans to issue $3bn of sovereign debt for its state-owned copper company as part of ambitious plans to boost economic growth by raising output of the metal.

    13 Oct 2014

  • Iranian capital markets to be ‘Turkey on steroids’ if November nuclear deal is reached

    The possible resolution of a dispute over Ian’s nuclear programme next month could trigger a surge in interest by global investors in a country that has been off limits for many years.

    13 Oct 2014

  • Eurozone lenders rush to Russia’s bond market as sanctions bite

    Banks in the eurozone are piling into the Russian rouble bond market. They want to source as much financing as possible locally to limit cross-border exposure in the face of Western sanctions

    13 Oct 2014

  • Eyes on Tele Columbus as bankers say more ECM deals could be pulled

    The weak European equity markets that led to three deals being postponed last week could fell yet more issues, said bankers on Monday. Sales including that by German cable firm Tele Columbus looked under threat.

    13 Oct 2014

  • FGA Capital eyes 20bp saving with Italian ABS after ECB news

    Fiat's car finance joint venture with Crédit Agricole, FGA Capital, is heading for a significant improvement on spread levels for its latest A-BEST loan securitization, in the first public Italian collateral-backed deal since the European Central Bank outlined the scope of its forthcoming asset purchases.

    13 Oct 2014

  • Miserable markets mean no bonds on Monday

    All was quiet in the Asian bond market on Monday as secondary market volatility, geopolitical risk and general concerns about slowing global growth all provided a less than ideal issuing platform. Bond desks were closed in Japan and the US also leaving the market directionless, according to a syndicate banker.

    13 Oct 2014

  • Loans round-up: Rongshi debuts $150m offshore; Bhira allocates $560m refi

    Rongshi International Holding Company has launched its $150m offshore debut into limited syndication, with two banks at the top.

    13 Oct 2014

  • The SocGeneration game

    International observers have been called in to deal with the fallout over alleged misconduct in the most important count of the last 12 months.

    13 Oct 2014

  • China Taiping sets sight on $828m rights issue

    Hong Kong-listed China Taiping Insurance Holdings is seeking to raise HK$6.43bn ($828m) from a 21 for 100 rights issue in order to repay a $570m loan it took last December.

    13 Oct 2014

  • All's Well that Ends Well

    Loan Ranger recently had occasion to put his grey cells through their paces at a pub quiz put on by a major French bank last week.

    13 Oct 2014

  • Natixis names research heads

    Natixis has appointed a new head of credit research and a new head of equity research, both internal promotions.

    13 Oct 2014

  • Cowell e Holdings poses for HK IPO

    Cowell e Holdings, a supplier of camera modules for mobile devices, is aiming for a listing on the Hong Kong Stock Exchange and has filed a prospectus with the regulator.

    13 Oct 2014

  • ICBC Financial Leasing eyes $350m onshore

    ICBC Financial Leasing, a subsidiary of Industrial and Commercial Bank of China, is raising a $350m loan onshore with five mandated lead arrangers and bookrunners. The company is having to pay a premium of over 40bp for accessing dollars onshore.

    13 Oct 2014

  • Nakao’s funding coup: ADB finances could treble to $50bn

    ADB president Takehiko Nakao has devised an innovative plan to treble the bank’s resources to meet infrastructure needs without risking its AAA credit rating, writes Anthony Rowley of Emerging Markets, a sister publication of Asiamoney.

    13 Oct 2014

  • CVC, First Media to fetch $668m from Link Net follow-on

    A total of four shareholders including private equity firm CVC Capital Partners and cable operator First Media is in the market to sell Rph8.15tr ($668m) shares in Link Net in what could be Indonesia’s largest equity transaction of the year.

    13 Oct 2014

  • De Silva boosts BAML's senior Asian ECM team

    Bank of America Merrill Lynch has hired from within for the newly created role of head of southeast Asia equity capital markets in Singapore. The hire beefs up the bank’s Asian ECM senior management team.

    13 Oct 2014

  • CRCC gets greenlight to spin off Kunming Railway

    State-owned China Railway Construction Corp (CRCC) is poised to spin off its subsidiary Kunming China Railway Large Maintenance Machinery (KCRC) onto the Hong Kong Stock Exchange after receiving board approval to do so on October 10.

    13 Oct 2014

  • Updated: SSI to offer investors rare Philippines IPO on Wednesday

    A quiet Philippines IPO market is finally about to see some action with luxury goods retailer SSI Group set to open books for a Ps6.5bn ($146m) transaction on October 15. While the size of the offering has been drastically reduced by 40%, the IPO is still expected to be the largest in the country this year.

    13 Oct 2014

  • Total Derivatives: CNY curve steepens on risk aversion, data

    Continuing global risk aversion has supported receiving in the short end of the CNY swap curve, while firm Chinese trade data has backed mild underperformance in the longer maturities. As a result the CNY swap curve has steepened, writes Deirdre Yeung of Total Derivatives.

    13 Oct 2014

  • StanChart adds four to cash equity sales team

    Standard Chartered has made four appointments to its cash equities sales team in Asia as part of its efforts to enhance its equities division in response to growing demand from clients.

    13 Oct 2014

  • Asean debt issuance to rise, intra-region expansion stagnates: Moody’s

    Asean debt issuance is expected to grow in 2015 thanks to region's positive economic and market outlook and as Basel III regulations continue to be implemented. But despite this, companies will be slow to expand within the region, according to Moody's.

    13 Oct 2014

  • BNPP promotes Ferdane to Brazil head

    Sandrine Ferdane, BNP Paribas’s head of corporate coverage for Brazil, has been promoted to chief executive and country manager for Brazil, the bank said.

    13 Oct 2014

  • LatAm bond party to go on in face of volatility

    Latin America’s debt bankers believe that periods of volatility caused by US interest rate rises and secondary market illiquidity will not derail the stomping progress of the region’s cross-border bond market, which is set for another record-breaking year.

    13 Oct 2014

  • Venezuela scales October debt mountain but citizens pay the price

    Venezuela has begun to pay the $4.5bn in debt maturity payments owed by the sovereign and by oil company PDVSA. But while bondholders may breathe more easily, analysts say devaluation is needed urgently as the country continues to suffer excess demand for dollars.

    13 Oct 2014

  • Kuroda’s not for turning: resilient BoJ governor shrugs off QE criticism

    In an exclusive interview with Emerging Markets, a sister publication of Asiamoney, Bank of Japan governor Haruhiko Kuroda insisted the policies of Abenomics were working, not hurting, and defended the ways the world’s big four central banks were operating monetary policy, writes Anthony Rowley.

    13 Oct 2014

  • France, Luxembourg eyeing up RMB bonds after UK’s trailblazer

    China is keen to step up the pace of internationalising the renminbi - and European governments are keen to help. France is preparing to issue a renminbi bond, three banking sources have told Emerging Markets, a sister publication of GlobalRMB. Luxembourg is also considering a deal, one said.

    13 Oct 2014

  • Bangladesh shelves bond plans as remittances hit record

    Record remittances from Bangladeshis living abroad have negated the country’s need to issue international debt, the finance minister told Emerging Markets.

    13 Oct 2014

  • UK to open renminbi bond market for sovereigns, picks banks

    The UK is gearing up to become the first government, apart from China, to sell a renminbi bond, in a deal that could come as soon as next week and be worth Rmb2bn.

    13 Oct 2014

  • SEC approval appears to bless HFT tactics

    On Friday the Securities & Exchange Commission approved an order type on the New York Stock Exchange which allows the exchange to give preferential treatment to some orders over others. Any market participant can use the order type, but the move is expected to disproportionately benefit high frequency trading firms.

    10 Oct 2014

  • Markit adopts new credit risk signal

    Markit has added a new set of credit risk tools to its research signals platform in order to help traders and risk managers identify credits that are likely to undergo significant price changes.

    10 Oct 2014

  • Azeri Accessbank prints $50m ECP

    Azeri Accessbank printed a $50m one year euro commercial paper (ECP) on Friday after meeting investors in mid-September.

    10 Oct 2014

  • ENN Energy mandates two for dollar bond

    Chinese clean energy firm ENN Energy Holdings has mandated HSBC and UBS to arrange a series of investor meetings that are due to begin in October 13.

    10 Oct 2014

  • Lloyds DCM chief to head commercial bank Europe

    Farouk Ramzan, former head of capital markets origination at Lloyds Bank, will become head of Lloyds Bank Commercial Banking Europe.

    10 Oct 2014

  • Unrated Bohai survives secondary sell-off

    Chinese state-owned Bohai Steel Group made its debut in the debt market with a dim sum bond on October 9, and managed to put in a good showing in the secondary market the following day, even though talks of a eurozone recession prompted a fire sale across markets.

    10 Oct 2014

  • Barclays pulls Energy Earth dim sum

    Barclays has been forced to pull what would have been the first offshore renminbi bond from a Thai borrower, with investors staying away because of a lack of visibility on the company’s business operations.

    10 Oct 2014

  • Toll Asia connects for S$300m refi loan

    Singapore transport and logistics company Toll Asia is in the market for a S$300m ($236m) loan that is being led by two banks.

    10 Oct 2014

  • JPM makes junior syndicate cut

    JP Morgan has put Elena Garcia Hernandez, an analyst on its syndicate desk in London, at risk of redundancy.

    10 Oct 2014

  • ABC $300m sidesteps subordination with SPV

    Agricultural Bank of China (ABC) took advantage of low US Treasury yields on October 9 to raise $300m via a newly established special purpose vehicle (SPV), Advance Wisdom Investments.

    10 Oct 2014

  • Singapore seeks to revamp Reits

    The Monetary Authority of Singapore (MAS) has released a consultation paper on real estate investment trusts (Reits) with proposals it says will improve governance while offering more flexibility.

    10 Oct 2014

  • Hua Hong nets $332m in HK IPO

    Hua Hong Semiconductor has raised HK$2.57bn ($332m) from its Hong Kong IPO, in a deal that saw the shares price close to the bottom of the range.

    10 Oct 2014

  • Greenland prices second offshore bond with onshore guarantee

    Greenland Global Investment returned to the offshore debt market for the second time this year on October 10, getting a better response now that investors have had time to get to grips the deal’s onshore-guarantee structure.

    10 Oct 2014

  • RMB round-up: October 10, 2014

    In this round-up, RMB clearing in Hong Kong reaches a new record, RMB deposits in Seoul keep surging, two more tests for the Shanghai-Hong Kong Stock Connect are coming up ahead of its launch and Shenzhen is considering its own mutual trading initiative.

    10 Oct 2014

  • Agile scraps $359m one-for-five rights issue

    Agile Property Holdings, which said in September that it was looking to raise HK$2.785bn ($359m) from a one-for-five rights issue, has now scrapped the fundraising plan.

    10 Oct 2014

  • Xiaomi nets one more commitment; Venten to head loans at CBA

    Mobile phone maker Xiaomi’s $1bn dual tranche loan has received commitments from eight lenders so far in the general phase. Banks that made it in time for the loan’s October 6 early bird deadline earn extra fees of 15bp.

    10 Oct 2014

  • Woori Bank, ICBC Asia offer debut Seoul-issued RMB bonds

    Woori Bank (WB) was selling the first locally issued and listed renminbi-denominated bond in Seoul on October 10. The bank’s Rmb200m ($32.6m) two year deal was priced at 3.87%, according to two sources based in Seoul.

    10 Oct 2014

  • Market tightens for LatAm duo but no end to volatility

    Mexico’s Pemex and Peru's InRetail timed their deals to coincide with two of the better days in markets in recent weeks. Bankers said the attractive pricing achieved by the borrowers showed the market was far from shut, but volatility is expected to remain despite the Federal Open Market Committee (FOMC) providing few surprises at its latest meeting on Wednesday.

    09 Oct 2014

  • SEC decision on NYSE order type to set the limits for HFT

    The Securities and Exchange Commission was scheduled to decide on Thursday whether to approve a contentious order type believed to allow favorable treatment for high frequency traders over other investors. The decision, yet to be disclosed, could provide insight into the SEC’s findings since it launched an investigation into order types more than two years ago.

    09 Oct 2014

  • Spain EUR5bn 0.55% Nov 19

    09 Oct 2014

  • EIB USD1bn 2.5% Oct 24

    09 Oct 2014

  • Quebec USD1.6bn 2.875% Oct 24

    09 Oct 2014

  • Tighter spreads bode well for risk transfer and real economy lending

    European banks are slowly reengaging with risk transfer trades, with half a dozen in the market and the outlook improving as ECB actions promise to make such trades more.

    09 Oct 2014

  • A perfect storm brews in CLOs

    The eternal tussle between equity and triple-A investors in collateralised loan obligations intensified this week, as a widening in triple-A CLO spreads drove down equity returns even further and forced some arrangers and managers to make concessions in order to lock senior debt investors into their deals.

    09 Oct 2014

  • KfW USD1.5bn 1.75% Oct 19

    09 Oct 2014

  • BNG EUR500m 0.375% Oct 19

    09 Oct 2014

  • PacRub exchange acceptance below a third

    Colombian private sector oil company Pacific Rubiales said it had met its target for an exchange offer even though fewer than a third of bondholders had participated.

    09 Oct 2014

  • TeraExchange executes maiden bitcoin derivs trade

    Swap execution facility TeraExchange has executed the first bitcoin derivatives transaction between bitcoin firm digitalBTC and an unknown hedging company.

    09 Oct 2014

  • UK launches landmark debut RMB bond

    The UK on Thursday launched its much-heralded debut renminbi denominated bond, the first ever from a foreign sovereign. The deal is expected to mark a big increase in profile for the Chinese currency among international issuers and investors.

    09 Oct 2014

  • Revived Westfield CMBS sold despite structural questions

    Credit Agricole CIB and Deutsche Bank successfully placed the financing for the Westfield Stratford shopping centre, a UK CMBS called Strat 2014, on Tuesday, shrugging off questions about the structure of the deal that dogged it when the leads first marketed it in late July.

    09 Oct 2014

  • Brazil faces uphill fight to rush through covered bonds

    Brazil's covered bond law entered the statute book on Wednesday, but the country faces an uphill struggle to work through the details of the legislation in time for the country's big banks to start issuing in the first quarter of 2015, the finance ministry's target date.

    09 Oct 2014

  • Investors take wheel as clouds gather over US CLO market

    The bull market in US collateralised loan obligations showed signs of running out of steam this week. With a huge amount of supply still in the pipeline as managers try to ramp up assets under management before risk retention rules are finalised, some deals in the market are having trouble getting over the finish line after a torrid time for secondary triple-A and double-A spreads last week.

    09 Oct 2014

  • SRI deals build new bridges

    The green bond market has enjoyed one of the most remarkable weeks in its short life, with a series of deals that bankers say could help change the future of the market — and that all were priced roughly close to their issuers’ conventional curve.

    09 Oct 2014

  • Infra Foch refi fires up French investors

    Infra Foch, a company formed to buy French car park operator Vinci Park, attracted more than €4bn of orders for a dual-tranche bond market debut on Thursday.

    09 Oct 2014

  • Unibail hits it tight on the Reg S deal

    Unibail-Rodamco, the French property company, achieved tight pricing on its latest eight year euro issue thanks to strong demand from across continental Europe.

    09 Oct 2014

  • Periphery pick-up tipped after Spain brings linker

    The pace of syndicated sovereign supply from the eurozone periphery is set to pick up as Ireland, Greece and Italy launch new issues over the next few weeks. The first two have indicated that syndications could come in the final quarter, while Italy launches the next line of its BTP Italia domestic inflation-linked product in two weeks’ time – when it will be hoping to repeat the success of Spain, which added to its linker curve this week.

    09 Oct 2014

  • Rarity boosts euro appeal of Germany’s Bertelsmann

    Scarcity value helped German media group Bertelsmann attract more than €2bn of demand for a new 10 year benchmark on Wednesday.

    09 Oct 2014

  • Two new issues in HY but bankers still wary of launching deals

    Two issuers completed intraday bonds on Tuesday, raising hopes of renewed activity in the primary high yield market, following a week in which not a single new deal was priced. But bankers said leveraged firms were still wary of launching transactions, and apart from those two, no other deal was issued this week.

    09 Oct 2014

  • MTN Leak: A quiz to end all quizzes

    The best and brightest in capital markets media turned out for Société Générale's legendary quiz night on Wednesday, this year held at McQueen bar in sunny Shoreditch.

    09 Oct 2014

  • GM powers back on five year euro

    General Motors' finance arm made a triumphant return to the euro market for the first time since the financial crisis on Wednesday, attracting more than six times oversubscription for a €500m five year deal.

    09 Oct 2014

  • Melbourne Airport soars on the back of French demand

    Strong demand from French insurers helped swell books for Melbourne Airport’s 10 year euro market return to more than €1.9bn on Wednesday.

    09 Oct 2014

  • GS debut offers lessons for conventional sukuk

    Goldman Sachs’ sukuk has provided a useful lesson for other conventional borrowers looking at the asset class. Opinions are divided on the merits of non-Islamic borrowers testing the market, but bankers both close to and away from the deal agree that a wider distribution would be better for future debuts.

    09 Oct 2014

  • The hangover, part n

    For the best part of two years, ECM bankers haven’t been able to believe their luck. But just as they were starting to enjoy themselves, they find they're in a re-run of less happy times.

    09 Oct 2014

  • Tunisia requests proposals on dollar debut sukuk

    The Republic of Tunisia looks set to join the growing number of sovereign borrowers to issue a debut sukuk in 2014, having requested proposals from banks for a five year deal before the end of the year.

    09 Oct 2014

  • Telefónica’s 15 year euros draw a crowd

    Telefónica attracted more than €3.3bn of demand for its longest dated senior euro deal in more than a decade on Tuesday.

    09 Oct 2014

  • Atrium prices a second euro issuance in range

    Atrium European Real Estate, an operator of shopping malls in central and eastern Europe, priced its second euro-denominated bond in line with guidance on Thursday.

    09 Oct 2014

  • Sovereigns may be slow to follow Kazakhstan's CAC breakthrough

    Kazakhstan this week issued the first sovereign bonds featuring the latest boilerplate language designed to prevent defaults being hijacked, Argentina-style, by holdout creditors, writes Francesca Young. The $2.5bn deal was a huge success, with a bulging order book and tight price, but progress towards universal take-up of ICMA recommendations across emerging markets will take time, said bankers and analysts.

    09 Oct 2014

  • Merck & Co wins plaudits for its €2.5bn issue and launches buyback on dollars

    Merck & Co, the US pharmaceutical company, launched its first bond in euros for seven years on Monday, just days after its €1.5bn deal from 2007 had matured. With markets recovering after a queasy time last week, the €2.5bn issue was widely seen as a success by rival bankers.

    09 Oct 2014

  • People Moves in Brief

    Dean returns to Barclays - UBS's Pierre to join Mitsubishi - Kiselevich cut at BAML - CS hires Hentschel for loans

    09 Oct 2014

  • Belfius brings Belgian public first

    Although this week’s primary covered bond supply was limited to three deals and the near term outlook is limited by AQR results and Q3 reporting blackouts, demand reached a substantial €5.4bn of orders. Notable activity included the first public sector issue under Belgium’s covered bond law and the tightest ever Canadian euro print.

    09 Oct 2014

  • RMBS supply picks up despite softer tone

    New issue momentum picked up in the RMBS market this week as one Dutch deal was priced and another was announced, along with a sterling deal from a UK bank. However, pricing softened as euphoria over the ECB’s purchase programme began to wane.

    09 Oct 2014

  • Austrian bid supports strong euro demand for Voestalpine

    Strong domestic support allowed unrated Austrian metals group Voestalpine to increase its seven year euro market return to €400m on Wednesday, despite substantial price tightening.

    09 Oct 2014

  • US investment grade holds firm after rollercoaster ride

    High grade borrowers were thin on the ground in the US market this week as volatility roiled equities and earnings blackouts loomed large.

    09 Oct 2014

  • Agencies print Kiwi amid dwindling supply

    The New Zealand dollar market has quietened down since the summer and is likely to slow more in coming weeks but Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO) and Korea Eximbank found five year demand this week. Elsewhere in non-core currencies investors flocked to a rare appearance by the Province of Lower Austria in Swiss francs.

    09 Oct 2014

  • Steady issuance and stable spreads for agency risk-sharing MBS

    Market participants expect spreads to remain stable for agency risk-sharing MBS offerings as more and more of the notes are issued.

    09 Oct 2014

  • Deutsche Wohnen agrees loans totalling €1.36bn

    Deutsche Wohnen, the German residential property company, has agreed loans totalling €1.36bn with two German banks, completing a €1.76bn refinancing process that began with its €400m seven year convertible bond issue at the beginning of September.

    09 Oct 2014

  • Solar fund increases flexibility with share issue programme

    NextEnergy Solar Fund, an alternative power investor, said on Thursday that it is to begin a placing programme that could see it issue up to £260m of new shares in a structure finding favour with similar infrastructure funds.

    09 Oct 2014

  • EBA warns issuers on AT1 complexity

    The European Banking Authority fired a warning shot at issuers of alternative tier one capital, making plain its distaste for structural features that it thinks are overly complex or non-standard. Dynamic triggers, regulatory calls and anything that mitigates against shareholder dilution are among the features in its sights.

    09 Oct 2014

  • Quebec breaks benchmark record on return

    Investors flocked to Quebec’s first dollar benchmark in nearly two years this week. Although the province had intended to issue $1bn, the scale of the demand enabled it to print its largest ever deal in the currency.

    09 Oct 2014

  • Romania’s four banks for long euro bond revealed

    Romania is planning to issue a long euro benchmark and has picked four banks for the deal.

    09 Oct 2014

  • Apax makes its move on Exact

    UK private equity firm Apax Partners has made a €730m buyout offer for Exact Holding, the Dutch accounting software company.

    09 Oct 2014

  • Standard Chartered bucks CEEMEA loans trend

    As syndicated loan volumes in central and eastern Europe dwindled in the first nine months of the year, hit by conflict in Ukraine and sanctions on Russian banks and energy companies, Standard Chartered has emerged at the top of the bookrunner league tables.

    09 Oct 2014

  • Abbey breezes through return

    Abbey National returned to the sterling senior unsecured market for the first time since 2010 this week. Although the market had softened, the Santander-owned UK bank’s 15 year deal performed well.

    09 Oct 2014

  • IPOs start to fall as equity investors turn selective on new deals

    Two European IPOs were pulled this week, even as the other two deals that began bookbuilding were quickly covered, demonstrating an increased sensitivity to risk and cyclical stocks among investors.

    09 Oct 2014

  • TSKB mandates banks for dollar bond debut

    Turkiye Sinai Kalkinma Bankasi (TSKB) has picked banks for its inaugural dollar bond and kicks off investor meetings next week.

    09 Oct 2014

  • Investment grade and emerging markets loans, news in briefs — October 10, 2014

    United Internet — Vitol — Mol

    09 Oct 2014

  • Russian banks reach for hard currency via domestic debt

    Russia’s liquidity-parched banks are ready to sidestep their exclusion from international capital markets by issuing domestic bonds in foreign currency. While the local non-rouble market is still in its infancy, sizes of up to $1bn are under discussion for the new issues — with the country’s sovereign wealth fund a potential buyer.

    09 Oct 2014

  • NBAD can pull off global push but needs deep pockets

    Raising one’s game from regional bank to global is a risky strategy at the best of times, so for National Bank of Abu Dhabi to attempt the move when other firms are retrenching is is bound to draw some scepticism.

    09 Oct 2014

  • Styrolution goes again with €1.05bn term loan

    German styrenics supplier Styrolution held a London bank meeting on Tuesday for a €1.05bn-equivalent five year term loan ‘B’, which marks the company’s return to the market after pulling a larger facility in the summer.

    09 Oct 2014

  • Raiffeisenbank set to issue first public Czech covered bond in euros

    Czech Raiffeisenbank has mandated leads for the first publicly distributed euro-denominated benchmark Czech covered bond, which is expected to be launched following a roadshow. The transaction, which is eligible for repo with the European Central Bank and documented under English law, is likely to be followed by a string of other euro denominated Czech covered bond benchmarks.

    09 Oct 2014

  • Lukoil looks for PXF deal in effort to tempt Western lenders

    Private sector Russian oil company Lukoil has requested proposals from European banks on a possible pre-export finance deal, said bankers.

    09 Oct 2014

  • Walt Disney to help Paris park subsidiary with €1bn recapitalisation

    Euro Disney, the company that owns French theme park Disneyland Paris, is preparing to launch a €1bn recapitalisation supported by the Walt Disney Company, the parent that could assume ownership of the whole company if the deal fails.

    09 Oct 2014

  • CIBC gets cheapest ever euro funding for a Canadian bank

    Canadian Imperial Bank of Commerce has funded itself at the cheapest ever level for any Canadian bank in the euro market. The issuer, which this week priced a five year €1bn covered bond, dispensed with setting guidance and went straight from initial price thoughts to the final spread.

    09 Oct 2014

  • Don't draw CAC conclusions from Kazakhstan blowout

    Kazakhstan this week became the first country to fully adopt ICMA’s recommendations for a collection action clause in its sovereign bond issue. But the new issue was such a blowout that it cannot be used to draw conclusions about the costs of doing so — other borrowers may have to pay up to include the clause.

    09 Oct 2014

  • Equity capital markets, news in brief — October 10, 2014

    09 Oct 2014

  • Schaeffler guides price on €1.8bn term loan 'B'

    German ball bearing producer Schaeffler has set price guidance on its €1.8bn-equivalent term loan ‘B’.

    09 Oct 2014

  • Atrium prices second euros in range

    Atrium European Real Estate, an operator of shopping malls in central and eastern Europe, priced its second euro-denominated bond in line with guidance on Thursday.

    09 Oct 2014

  • Infra Foch finds ample demand for first euro outing

    Infra Foch, a company formed to buy French car park operator Vinci Park, attracted more than €4bn of orders for a dual-tranche bond market debut on Thursday.

    09 Oct 2014

  • Smorgasbord of European ABS follows ECB

    A wide variety of deals have been announced or priced in the European ABS market in the week following the ECB Governing Council meeting, which revealed more details about the central bank’s plans to buy European ABS.

    09 Oct 2014

  • Lloyds replaces Boz with ex-Barclays FIG boss

    Lloyds Bank has hired Allen Appen from Barclays to fill a new role created after the departure of Robert ‘Boz’ Plehn, Lloyds’ former head of asset-backed securities, earlier this year.

    09 Oct 2014

  • Buysiders shift new T+2 settlement responsibility to dealers

    New rules requiring market participants to settle fixed income securities transactions in two days, instead of three, are leading some buyside firms to pass on the new responsibilities to their dealers in return for a fee. Settlement deadlines in 28 European countries moved to T+2 on October 6.

    09 Oct 2014

  • Spie IPO collapses as markets turn increasingly selective

    French building firm Spie pulled its IPO on Thursday, as increasingly selective investors avoided the deal amid falling equity markets.

    09 Oct 2014

  • Power Construction building for perp offering

    Power Construction Corp of China (PowerChina) is meeting investors on October 10 over the possibilities of a US dollar perpetual bond in what could be its second offshore issuance this year.

    09 Oct 2014

  • Lloyds prepares to pay off market-opening Perma deal

    Lloyds has made a cash injection into its Permanent UK RMBS master trust, paying off the loan tranches related to Permanent 2009-1, the deal which reopened the RMBS market in Europe after the crisis.

    09 Oct 2014

  • Good morning Vietnam! Country’s ECM market wakes up

    The Vietnamese ECM market is finally going to see some action, with dates finalised for Vietnam Airlines’ VND1.1tr ($51m) IPO and other state-owned enterprises given the green light to follow. The challenges facing the government’s privatisation plans are plenty, but the deals come at a time when investors are slowly but steadily warming to the country, writes Rashmi Kumar.

    09 Oct 2014

  • UK launches landmark debut RMB bond

    The UK government on Thursday launched its much-heralded debut RMB denominated bond, the first ever from a sovereign that is not China. The deal is expected to mark a big increase in profile for the Chinese currency among international issuers and investors.

    09 Oct 2014

  • French hotel investment firm plots cap hike

    French hotel investment firm Foncière des Murs is set to raise €200m through a capital raise announced on Thursday.

    09 Oct 2014

  • Asia ex Japan DCM news in brief, October 9, 2014

    ABC HK tapping market with $300m bond — Greenland returns with 2017s — Bohai Steel offers three year dim sum — Energy Earth digs up Thailand’s first dim sum

    09 Oct 2014

  • Asset managers change swap docs fearing capital charges from non-EU CCPs

    Asset managers are scrambling to amend swap documents so that they clear derivatives with EU clearing houses before the expiry of a December 15 deadline. If the EU decides not to recognise other countries' clearing houses by that date, or doesn't extend the deadline, then firms that clear trades with non-EU clearing houses will face sky-high capital requirements.

    09 Oct 2014

  • FWD exits HKT Trust with $141m block amid volatility

    FWD Life Insurance Company has made HK$1.09bn ($141m) by selling its entire stake in HKT Trust and HKT Limited, in a block that drew strong demand despite turbulent market conditions when the trade was launched.

    09 Oct 2014

  • Solar power fund begins share issue programme

    NextEnergy Solar Fund, an alternative power investor, said on Thursday that it is to begin a placing programme that could see it issue up to £260m of new shares.

    09 Oct 2014

  • Apax makes move on Exact

    US private equity firm Apax Partners has made a €730m buyout offer for Exact Holding, the Dutch accounting software company.

    09 Oct 2014

  • Santander Consumer Bank adds Finnish deal to pipeline

    Santander Consumer Bank Finland has announced Kimi 3, a new Finnish auto ABS, which it is considering selling down to class C for the first time.

    09 Oct 2014

  • Kazakh CAC adoption heralds new era for sovereign debt restructuring

    Kazakhstan returned to the international bond markets after a 14 year absence this week, becoming the first sovereign to adopt new collective action clauses in its documentation. The deal was well received but whether the new CAC clauses helped is unclear

    09 Oct 2014

  • Destination Africa: investors prepare for capital markets boom

    Global investors are looking at southern Africa as the outlook for the region’s economic growth is revised upwards

    09 Oct 2014

  • Romania’s four banks for long euro bond revealed

    Romania is planning to issue a long euro benchmark and has picked four banks for the deal.

    09 Oct 2014

  • Goldman sukuk underperforms as financials falter

    Recent Middle East financial bond issues have had mixed fortunes in the secondary market, but Goldman Sachs’s debut sukuk has notably underperformed since its mid-September pricing – with some investors and bankers away from the deal suggesting that this resulted both from exaggerated orders and from a persistent uneasiness the market has with borrowers it considers "un-Islamic”.

    09 Oct 2014

  • Senior demand in good health as CS prints another floater

    Credit Suisse was the only issuer in the European FIG market on Thursday with its fourth benchmark senior since August, bringing in healthy demand to print with a slight new issue premium.

    09 Oct 2014

  • Lukoil approaches banks for possible PXF deal

    Private sector Russian oil company Lukoil has requested proposals from European banks on a possible pre-export finance deal, said bankers.

    09 Oct 2014

  • MOL shrinks to $169m as macro factors hit IPO

    Southeast Asia’s largest e-payment firm, MOL Global, has priced its $168.75m Nasdaq IPO at the bottom of the price range, in a deal that was slashed in size after a poor macro backdrop sent investors into a spin.

    09 Oct 2014

  • Adif AV seeks new syndicated loan, plans second bond issue

    State owned Spanish high speed rail operator Adif Alta Velocidad is seeking a new syndicated loan to replace bilateral loans agreed during the euro crisis. The company is also planning to issue a bond before the end of the year.

    09 Oct 2014

  • RBC turns to Europe after US success

    Buoyed by progress in US corporate finance where it has become a top ten player for the first time, RBC is building its European business as well, writes David Rothnie

    09 Oct 2014

  • Indonesia's Pelindo, Delta Dunia head into general

    Pelabuhan Indonesia II’s $1bn loan opened into general syndication on October 3. The loan was a long time coming, having been around since May as the borrower awaited regulatory approvals.

    09 Oct 2014

  • Korean Reinsurance on road for DCM debut

    Korean Reinsurance (Korean Re), the world's ninth largest reinsurer, started meeting investors for a proposed US dollar subordinated capital offering on October 6. If it goes ahead with a deal the borrower will become only the second Asian insurer to issue sub debt offshore.

    09 Oct 2014

  • WH Group makes strong return to loans market with $1.5bn refi

    Chinese pork producer WH Group has had an eventful year. In July it finally managed a successful debut on the Hong Kong Stock Exchange after two abortive attempts. Now it is back in the capital markets, with a $1.5bn refinancing for a controversial loan it raised last year for its acquisition of Smithfield. Fortunately for the borrower, the new deal looks like it will go without a hitch, writes Shruti Chaturvedi.

    09 Oct 2014

  • Bangkok Airways lifts off for $527m listing

    Bangkok Airways Public Company kicked off its Bt16.9bn ($527m) IPO on Monday, October 6, on a day when the Stock Exchange of Thailand Index dropped by almost 2%.

    09 Oct 2014

  • Asean corporates get ready for 2015 dollar debt comeback

    Domestic markets flush with liquidity have meant that southeast Asian companies have been largely absent from the G3 bond markets. But with local interest rates starting to move up in preparation for a US rate hike, southeast Asian names are primed for a 2015 international comeback, writes Rev Hui.

    09 Oct 2014

  • Equities and bonds deliver Asia IB revenue revival

    Record volumes of bonds and equities globally have boosted Asia Pacific investment banking revenues close to their record. The first three quarters of the year generated a total of $10.5bn, a double digit increase on the same period last year, according to Dealogic.

    09 Oct 2014

  • Pertamina mulls raising size of $1bn five year facility

    Indonesian power company Pertamina, which sent out a request for proposals for a $1bn loan in September, is considering increasing the size of its borrowing by at least $500m after it received a strong response from banks.

    09 Oct 2014

  • STP hunts for $800m loan for 3,500 Axiata towers

    Indonesian telecom tower operator Solusi Tunas Pratama is considering a loan of over $800m for its Rph5.6tr ($460.5m) purchase of 3,500 towers from Axiata Group subsidiary XL, as well as for refinancing existing debt.

    09 Oct 2014

  • EBA warns issuers on AT1 complexity

    The European Banking Authority fired a warning shot at issuers of alternative tier one capital, making plain its distaste for structural features that could be construed as overly complex or non-standard. Dynamic triggers, regulatory calls and anything that mitigates against shareholder dilution are among the features in its sights.

    09 Oct 2014

  • K-water makes long awaited return with $300m bond

    State owned Korea Water Resources Corporation (K-water) has returned to the offshore debt market for the first time in nine years, pricing a $300m bond on October 8.

    09 Oct 2014

  • Office views and CEO spies

    Gone are the days of mere 15-floor office blocks in Hong Kong. Now, when I make my way down to the city, I dare not strain my neck looking up at all the cloud-level pillars. Fortunately, from my usual perch on The Peak I don’t have my view obstructed by what are basically huge battery farms for bankers.

    09 Oct 2014

  • Sinobiz fires up $1.5bn loan with 11 banks

    Sinobiz Holdings has mandated a group of 11 banks to lead its latest $1.5bn commodity prepayment financing and refinancing loan.

    09 Oct 2014

  • All covered as Blue Bird makes stop for $307m Indo IPO

    Indonesian taxi operator Blue Bird Group opened books on October 3 for a Rph3.7tr ($307m) IPO. The deal, which was covered within two hours of launch, will become the largest listing in the country this year.

    09 Oct 2014

  • India finalises rules for real estate investment trusts

    The Securities and Exchange Board of India (Sebi) has published the final regulations for newly approved real estate investment trusts (Reits) and infrastructure investment trusts (InvITs).

    09 Oct 2014

  • Kimree kicks off investor education for $125m US listing

    Chinese e-cigarette maker Kimree, which is looking to list on Nasdaq with a $125m-plus IPO, started pre-marketing its deal to investors on Wednesday, October 8.

    09 Oct 2014

  • Credit Suisse hires for EM loan syndication

    Credit Suisse has hired an experienced banker to its loan syndication business in London.

    09 Oct 2014

  • Korean bank to win race for first Seoul-issued RMB bond

    A domestic South Korean name is now expected to be the first credit to bring a locally issued and listed RMB bond in Seoul, several sources have told GlobalRMB. Two of the sources suggested that KB Kookmin Bank was the most likely candidate and that a deal could come within the next week.

    09 Oct 2014

  • Structured chief heads to Mitsubishi

    Mitsubishi UFJ Financial Group has hired a well-known credit structurer to play a senior role in its structured products business

    09 Oct 2014

  • Total Derivatives: CNY bid on IMF upgrade

    CNY swaps have been better bid as the International Monetary Fund's upgraded economic outlook for China has more than offset the post-holiday improvement in liquidity conditions. Hong Kong dollar swaps also picked up a bid as the market responded to the Occupy Central pro-democracy protests, writes Deirdre Yeung of Total Derivatives.

    09 Oct 2014

  • Don't scoff at talk of AT1s repricing HY

    Anyone playing down the chances of a repricing of Asian high yield bonds amid the upcoming flood of Chinese additional tier one capital (AT1) transactions will be in for a shock if a recent investor survey turns out to be true. And with expectations high that AT1s will be included in global indices, the problem cannot be overlooked.

    09 Oct 2014

  • SPT Energy nets $104m from 8

    Integrated oilfield services provider SPT Energy has issued allocations for its three year facility, increasing the size of the borrowing to $104m from the launch size of $100m as Taiwanese lenders piled in.

    09 Oct 2014

  • REC's $170m loan closes with 15

    Indian company Rural Electrification Corp has closed syndication of the $170m greenshoe of its larger $230m five year fundraising, with 14 lenders coming on board during general.

    09 Oct 2014

  • PacRub exchange acceptance below a third

    Colombian private sector oil company Pacific Rubiales said it had met its target for an exchange offer even though less than a third of bondholders participated.

    09 Oct 2014

  • BTMU, Mizuho, SMBC tipped for Indian Oil C$600m mandate

    Indian Oil Corp is understood to have mandated three Japanese megabanks for a C$600m ($541m) loan. The state owned refiner is thought to be seeking the money for the acquisition of a stake in a liquefied natural gas port in Canada.

    09 Oct 2014

  • BNP Paribas EUR750m 2.625% Oct 27 T2, USD1bn 4.25% Oct 24 T2

    09 Oct 2014

  • Crédit Agricole Assurances debuts with caution in nervous subs market

    Crédit Agricole’s wholly owned insurance subsidiary Crédit Agricole Assurances made its subordinated debt debut this week, taking care not to cadge too much from investors who have been spooked by recent underperformance in financials sub debt.

    09 Oct 2014

  • Crédit Agricole Assurances EUR750m 4.5% Perp NC11

    09 Oct 2014

  • BNPP also taps US with first dollar tier two in a decade

    BNP Paribas took advantage of improving sentiment and strong demand from US investors to print its first dollar tier two trade since 2005, while also issuing in euros (see separate story).

    09 Oct 2014

  • BlueBay looks to launch Coco focused fund as AT1 bulge nears

    With a flood of additional tier one issuance on the way and an investor base some say is too small to take it all down, BlueBay Asset Management is looking to take advantage of pricing inefficiencies in the volatile market with a new fund that will focus on new style contingent convertible bank debt, including AT1 and tier two Cocos.

    09 Oct 2014

  • Helvetia rushes to reopen landmark hybrid

    Strong investor demand brought Helvetia back for a tap of its innovative Swiss franc hybrid on Wednesday – less than a week after the original issue.

    09 Oct 2014

  • BNPP rides crest of rally to sell tier two

    BNP Paribas on Monday leaped through a narrow window and avoided a souring in sentiment later in the week to sell its second tier two deal in euros this year.

    09 Oct 2014

  • Abbey National Treasury GBP500m 3.875% Oct 29

    09 Oct 2014

  • Credit Suisse EUR1bn FRN Oct 19

    09 Oct 2014

  • Discover draws on better card delinquency

    With delinquency rates falling, Discover Bank plans to launch a $500m credit card ABS deal this week.

    08 Oct 2014

  • Prime auto deals pumped up

    Three prime auto ABS issuers increased deals this week to take advantage of strong demand. Spreads have tightened in the asset class since widening along with the subprime auto sector in August, when regulators and the US Department of Justice announced weaker lending standards at the lower end of the credit spectrum.

    08 Oct 2014

  • Market trades yard of euro topside options

    Market participants have been trading very short-dated options on the euro against the dollar in a bid to hedge other cash positions that they still have on the currency pair.

    08 Oct 2014

  • Onex hires for growing European CLO market

    Onex Credit Partners, the collateralised loan obligation manager arm of Canada’s Onex Corporation, is making a push into the expanding European CLO market with a new hire, the firm announced today. The move comes amid a growing trend of US managers trying to access European investors.

    08 Oct 2014

  • Unibail hits price target for eight year euros

    Unibail-Rodamco, the French property company, achieved tight pricing on its latest eight year euro issue thanks to strong demand from across continental Europe.

    08 Oct 2014

  • GM Financial emerges with first post-crisis euros

    GM Financial, the finance arm of General Motors, finally emerged with its long-awaited euro debut issue on Wednesday.

    08 Oct 2014

  • Bertelsmann bags €500m 10 year

    Bertelsmann, the German media group, made a rare return to the bond market on Wednesday with a new 10 year benchmark.

    08 Oct 2014

  • Austrian bid supports demand for Voestalpine euros

    Strong domestic support allowed unrated Austrian metals group Voestalpine to increase its seven year euro market return to €400m on Wednesday despite substantial price tightening.

    08 Oct 2014

  • Markit: Fundamentals Widen EM spreads

    We remarked last week that volatility had returned to the credit markets, and the spread oscillations this week suggests the trend is set to continue.

    08 Oct 2014

  • Exotix continues hiring push

    Exotix Partners has made its second new hire in two weeks, appointing Anthea Alexander to lead its coverage of South African consumer stocks as the emerging markets specialist merchant bank increases its focus on sub-Saharan Africa.

    08 Oct 2014

  • New role for Dean at Barclays

    Sam Dean, who took a sabbatical from his role as Barclays’ head of global equity capital markets in December, is to return to the bank in a new role.

    08 Oct 2014

  • Melbourne Airport adds to Aussie infra euro supply

    Melbourne Airport returned to the euro market on Wednesday with a €350m 10 year that attracted more than five times oversubscription.

    08 Oct 2014

  • United Internet loan to close oversubscribed next week

    The syndication of €1.38bn of loans for German internet service provider United Internet is expected to close oversubscribed next week.

    08 Oct 2014

  • Secondary illiquidity bites as Napier Park prices fifth Regatta CLO

    Napier Park Global Capital has priced the fifth collateralised loan obligation in its Regatta series, with the significantly wider pricing levels of the triple-A tranche showing the effect of poor secondary liquidity in senior CLO paper on primary supply.

    08 Oct 2014

  • Fiat mandates Italian auto deal

    Fiat and Credit Agricole joint venture FGA Capital has mandated banks for A-BEST 10, a new Italian auto loan ABS.

    08 Oct 2014

  • Penarth set to price tomorrow

    Lloyds Bank is set to price its Penarth 2014-2 UK credit cards deal on Thursday, after going subject in line with initial price thoughts of 37bp earlier on Wednesday.

    08 Oct 2014

  • Hedge funds sell volatility on iTraxx roll

    Hedge funds have been selling volatility in the old series of iTraxx Main and Crossover, mostly with November and December expiries, after the iTraxx indices roll from series 21 to 22 that took place on Monday.

    08 Oct 2014

  • Hibernia returns with acquisition funding cap hike

    Hibernia REIT, an Irish property investment firm, is set to raise around €300m to buy new properties through a firm placing and placing and open offer launched on Monday evening.

    08 Oct 2014

  • Jimmy Choo covered on shoe float

    Luxury accessories maker Jimmy Choo is covered on its IPO, which could value it at up to £700m, only two days into bookbuilding.

    08 Oct 2014

  • Two deals in one day, as high yield awakes from slumber

    Two issuers completed intraday bonds on Tuesday, raising hopes of renewed activity in the primary high yield market, following a week in which not a single new deal was priced.

    08 Oct 2014

  • SG loans syndicate MD retires

    Annie McMahon has retired from her job as managing director in structured finance Emea loan syndication at Société Générale.

    08 Oct 2014

  • BlueBay closes in on launch of new style Coco focused fund

    With a flood of additional tier one issuance on the way and an investor base some say is too small to take it all down, BlueBay Asset Management is looking to take advantage of pricing inefficiencies in the volatile market with a new fund that will focus on new style contingent convertible bank debt, including AT1 and tier two Cocos.

    08 Oct 2014

  • Deutsche CEEMEA trader to depart

    Josh Silver, head of CEEMEA special situations and distressed debt trading at Deutsche Bank is leaving the firm to start his own distressed debt investment fund.

    08 Oct 2014

  • Schaeffler sets price guidance on €1.8bn term loan 'B'

    German ball bearing producer Schaeffler has set price guidance on its €1.8bn-equivalent term loan ‘B’.

    08 Oct 2014

  • Italian telecoms firm launches IPO as peer cancels

    Italian telecoms firm Rai Way launched a €400m IPO on Wednesday, the same morning that internet company Italiaonline pulled its deal.

    08 Oct 2014

  • Turkey bonds fall on clashes but supply still expected

    Escalating tensions in Turkey overnight led to a softening in bond prices on Wednesday, adding to a month long sell-off in the country. But bankers aren't expecting primary supply to be affected, with financial issuers likely to be opportunistic.

    08 Oct 2014

  • StanChart loans head retires

    Standard Chartered Bank's director of loan syndications in London, Pamela Green, has retired. The vacant position will be filled internally, the bank said.

    08 Oct 2014

  • Nomura to lose head of rates structuring, hires in equity

    The head of rates and solutions structuring at Nomura in London is set to leave the firm after being put "at risk".

    08 Oct 2014

  • Here at last! Bank of China hits road for jumbo AT1

    The much talked about Bank of China (BoC) additional tier one capital (AT1) transaction is finally taking shape, with Asian and European roadshows scheduled to begin on October 10, according to bankers on the trade.

    08 Oct 2014

  • StanChart bucks CEEMEA loans trend

    As syndicated loan volumes in central and eastern Europe dwindled in the first nine months of the year, hit by conflict in Ukraine and sanctions on Russian banks and energy companies, Standard Chartered has emerged at the top of the bookrunner league tables.

    08 Oct 2014

  • Investors dig in to FIG deals despite volatility

    October is usually a jittery month for markets, but with Germany hovering on the edge of recession, the International Monetary Fund warning of the weakness of the global recovery and the Asset Quality Review approaching, the signs are that it could be more volatile than ever.

    08 Oct 2014

  • EIB and KfW kick off green dollar curves

    The evolution of the green bond market took another big step forward this week as two of Europe’s biggest borrowers launched dollar benchmarks in green format for the first time — and another European agency prepared a second green bond in euros.

    08 Oct 2014

  • K-water sets final guidance for $300m return

    State-owned Korea Water Resources Corporation has returned to the offshore market following a nine year absence, setting final guidance at 110bp over Treasuries for the 3.5 year bond.

    08 Oct 2014

  • High yield makes tentative return

    The high yield new issues market switched back on yesterday, with two deals pricing in quick succession following a week without any supply.

    08 Oct 2014

  • Correction: BAML makes cut in Russia

    Alexander Kiselevich, a managing director in corporate banking in Moscow, left Bank of America Merrill Lynch at the end of September.

    08 Oct 2014

  • Kazakh comeback

    Emerging markets bankers are this week hailing the return of Kazakhstan to the bond market, as the country printed its first deal for 14 years, a $2.5bn 10 and 30 year note priced from a $10bn book. But as well as sating demand the that had been building for nearly a decade, the country also broken new ground, issuing the first deal incorporating ICMA’s full set of recommendations for a collective action clause.

    08 Oct 2014

  • Pertamina loan size likely to increase

    Indonesian power company Pertamina, which sent out a request for proposals for a $1bn loan in September, could increase the size of its borrowing by $500m or more after it received a strong response from banks.

    08 Oct 2014

  • Oil India issues RFP for $125m loan

    State-owned Oil India has issued a request for proposals for a $125m five year loan that it plans to use to refinance existing debt.

    08 Oct 2014

  • KEB prices tight to Hana’s tier two

    Korea Exchange Bank (KEB) priced the third US dollar tier two bond from the country on October 7, coming in only slightly wider than peer Hana Bank.

    08 Oct 2014

  • Taiwan securities firms plan Formosa double debut

    Two Taiwan local securities firms, Yuanta Securities and KGI Securities, are planning to issue their debut Formosa bonds in the next few weeks, two DCM bankers have told GlobalRMB. They would be the first renminbi-denominated bonds from securities houses in Taiwan.

    08 Oct 2014

  • Tat mulls IPO of China crane business

    Singapore’s Tat Hong, which supplies cranes and heavy equipment, is considering spinning off its tower crane rental business in China via an IPO.

    08 Oct 2014

  • Times Property overcomes real estate sell-off with dim sum tap

    Guangdong based Times Property Holdings completed its fourth appearance in the debt market this year by tapping its existing offshore renminbi bond for an extra Rmb600m ($98m) on October 7. But the trade proved to be tougher than expected as a result of a sell-off in Chinese property bonds.

    08 Oct 2014

  • FWD nets $141m via HKT sell-down in turbulent conditions

    FWD Life Insurance Company has made HK$1.09bn ($141m) by selling its entire stake in HKT Trust and HKT Limited, in a block trade that saw strong demand despite turbulent market conditions overnight.

    08 Oct 2014

  • CNH liquidity measures needed ahead of Stock Connect

    Net dim sum primary issuance had its third strongest month this year in September, but China macro data woes and RMB liquidity constraints risk spoiling the Stock Connect launch party later this month.

    08 Oct 2014

  • Chow for now: HSBC loses senior leveraged loans banker

    Senior loans banker Aaron Chow has left HSBC after six years, GlobalCapital Asia understands.

    08 Oct 2014

  • InRetail goes tight as LatAm momentum strengthens

    Peruvian retail group InRetail Consumer sold a heavily oversubscribed $300m seven year non-call four bond on Tuesday as LatAm new issues once again begin to resemble those deals sold during the bull market of midsummer.

    08 Oct 2014

  • Growth and opportunities

    By Bjarni Benediktsson, Minister of Finance and Economic Affairs

    07 Oct 2014

  • Westlake's second subprime deal expected to come cheaper

    Westlake Services’ $400m subprime auto ABS deal is expected to price between 50bp and 55bp over EDSF for the deal’s triple-A tranche in accordance with guidance released on Tuesday.

    07 Oct 2014

  • Iceland enters new era

    By any stretch of the imagination, Iceland’s economic recovery has been impressive. The big challenge now will be to make sure this post-crisis era of growth is sustainable.

    07 Oct 2014

  • Explicit PACE consent could mitigate potential risk to CMBS

    CMBS documentation should require the explicit consent of mortgage lenders for commercial properties to take on property-assessed clean energy (PACE) financing for energy efficiency improvements, said Moody’s this week. The ratings agency argued that commercial PACE financing - which has made its way into one securitization to date - can increase leverage and risk in commercial real estate loans.

    07 Oct 2014

  • Guðmundsson’s next challenge: securing recovery

    Már Guðmundsson was appointed governor of Sedlabanki Islands (Iceland’s central bank) from August 2009, and was recently invited to serve a second five year term at the helm. In this interview with GlobalCapital, Guðmundsson shares his views on the challenges that are likely to arise over that period.

    07 Oct 2014

  • NBAD's global push can work but needs deep pockets

    Raising one’s game from regional bank to global is a risky strategy at the best of times, so for National Bank of Abu Dhabi to attempt the move when other firms are retrenching and streamlining their businesses is bound to draw some scepticism.

    07 Oct 2014

  • Where will all the risk-takers come from?

    When the G20 finalises the next round of bank capital requirements at its Brisbane meeting in November, few things are certain. But regulators are united in a push to keep whatever new loss-bearing liabilities out of the hands of retail investors – raising the question of who, if anyone, should be on the hook for bank failure.

    07 Oct 2014

  • Telefónica’s 15 year euros draws a crowd

    Telefónica attracted more than €3.3bn of demand for its longest dated senior euro deal in more than a decade on Tuesday.

    07 Oct 2014

  • THEAM targets €/$ put butterfly in bullish greenback bet

    THEAM, a €40bn asset management division of BNP Paribas, plans to buy a nine-month put butterfly on the euro against the dollar to express a bullish dollar position in the coming weeks.

    07 Oct 2014

  • Euronext offers Dutch and Belgian equity options to US investors

    Euronext plans to start offering Dutch and Belgian equity options to eligible US investors following notice from the US Securities and Exchange Commission of new class no-action relief for foreign options markets.

    07 Oct 2014

  • Voestalpine looks to mid-100s for euro return

    Voestalpine, the Austrian metals group, held an investor call on Tuesday ahead of a planned sub-benchmark euro market return.

    07 Oct 2014

  • Primary ABS picks up pace as ABN announces

    The primary ABS market picked up momentum sharply on Tuesday as Dutch RMBS Saecure 15 was priced and ABN’s Dolphin 2014-3 was announced, while initial price thoughts on Lloyds’ UK credit card deal, Penarth, were announced. Finally, in the CMBS market, Westfield Stratford City Finance was priced.

    07 Oct 2014

  • Standard Life calls on Nationwide veteran to head new infrastructure debt team

    Standard Life Investments has tapped Nationwide’s head of project finance, Jeremy Allcock, to head up its new infrastructure debt team.

    07 Oct 2014

  • Citi adds RMBS distribution head

    Citi has added the new role of head of RMBS distribution to its mortgage and credit structuring business.

    07 Oct 2014

  • CMBS servicer workloads increase, says Fitch

    About half of commercial loan assets backing CMBS that were due to mature this year and last are still awaiting resolution, according to Fitch’s third quarter EMEA commercial mortgage market report. As a consequence the workload of servicers has increased considerably, said the agency in the report published on Monday.

    07 Oct 2014

  • British business communications firm completes AIM IPO

    Gamma Communications, a British company that provides communication equipment to businesses, completed an AIM IPO on Tuesday that valued it at £165m.

    07 Oct 2014

  • Unitymedia kindles hope of renewed high yield issuance

    Unitymedia Kabel BW, the German cable operator, has launched €725m-equivalent of senior notes to refinance outstanding debt. It is the first high yield transaction since last Tuesday, as issuers have stayed away from a tumultuous primary and secondary market.

    07 Oct 2014

  • Styrolution goes again with term loan 'B'

    German styrenics supplier Styrolution held a London bank meeting on Tuesday for a €1.05bn-equivalent five year term loan ‘B’, which marks the company’s return to the market after pulling a larger facility during summer.

    07 Oct 2014

  • Vitol's revolver refinancing grows from $5.5bn to $7.5bn

    The Swiss-headquartered oil trader Vitol has signed $7.5bn of revolving credit facilities to refinance $7bn of loans signed in October 2013 and for general corporate purposes. The syndication was launched at $5.5bn and brought in some $8bn of orders.

    07 Oct 2014

  • CrédAg’s insurance unit debuts with caution in sub market

    Crédit Agricole’s wholly owned insurance subsidiary Crédit Agricole Assurances is set to price its inaugural subordinated bond — and the first subordinated debt from a new market entrant since the recent selloff — following big demand from BNP Paribas’ dual tranche tier two on Monday.

    07 Oct 2014

  • Abbey returns to sterling in senior after long absence

    Abbey National returned to the sterling market in senior for the first time since 2010, printing a long-dated deal that was snapped up by investors amid a dearth of senior supply.

    07 Oct 2014

  • Kazakhstan meets high expectations with $10bn bond book, breaks new ground with ICMA CAC

    The Kazakhstan sovereign printed its $2.5bn dual tranche bond on Monday, finally sating demand that had built for the country’s bonds over the last decade and re-pricing the curves of its quasi-sovereign borrowers. Leads built an $11bn book for the bond despite pricing inside emerging markets behemoth Brazil and being the first ever sovereign to adopt ICMA’s full range of recommendations for a collective action clause.

    07 Oct 2014

  • Russian banks plan hard currency domestic bonds

    Russian banks are coming under increasing pressure because of liquidity constraints and with the international markets all but closed, several have announced plans to issue foreign denominated domestic bonds.

    07 Oct 2014

  • SocGen partners with local French authorities to process derivs

    A union of French local authorities has signed up to Société Générale Securities Services and Newedge to process its derivative transactions.

    07 Oct 2014

  • Banks await terms of Mol club deal

    Hungarian oil and gas firm Mol has told banks it has received more than enough interest in its proposed $500m-$1bn loan to proceed with the deal, after the deadline for submissions expired last week.

    07 Oct 2014

  • Loans round-up: Gaw Capital, GDH, Rabobank hire

    Private equity firm Gaw Capital Partners has allocated the $526m three year loan it took to fund its acquisition of Pacific Century Place in Beijing.

    07 Oct 2014

  • Walt Disney to help Paris park subsidiary with €1bn recapitalisation

    Euro Disney, the company that owns French theme park Disneyland Paris, is set to launch a €1bn recapitalisation supported by the Walt Disney Company, the parent that could assume ownership of the whole company if the deal fails.

    07 Oct 2014

  • Turkey to lead next wave of dollar sukuk

    Any lull in the international sukuk market after September’s record monthly issuance is set to be brief, say bankers, with the Republic of Turkey looking likely to be at the front of the next flurry of deals.

    07 Oct 2014

  • Cabei debuts in Formosa market with Rmb500m bond

    The Central American Bank for Economic Integration (Cabei) priced its second offshore RMB (CNH) bond on Monday, October 6, opting this time for a Rmb500m ($81m) debut in Taiwan's Formosa market.

    07 Oct 2014

  • Don't draw CAC conclusions from Kazakhstan blowout

    Kazakhstan this week became the first country to fully adopt ICMA’s recommendations for a collection action clause in its sovereign bond issue. But the trade was such a blowout that it cannot be used to draw conclusions about the costs of doing so — other borrowers may have to pay up to include the clause.

    07 Oct 2014

  • Kazakhstan illustrates the impact of a sovereign curve

    Investors have been waiting for Kazakhstan’s sovereign bond for nearly a decade and its arrival this week left no-one in doubt about demand for the issue. But its re-pricing of the curves of Kazakh borrowers is also a reminder to the emerging markets of the importance of sovereigns themselves coming to market and the need for strong lead management when they do.

    07 Oct 2014

  • Medical Reit preps for $200m placement

    Global Medical Reit, a subsidiary of Hong Kong-listed Heng Fai Enterprises, has started roadshows for a $200m placement of shares to fund acquisitions that will eventually help it upgrade to the Nasdaq.

    07 Oct 2014

  • Vital Mobile starts dialling for HK IPO

    Vital Mobile Holdings has taken the first step to listing on the Hong Kong Stock Exchange, filing a preliminary IPO prospectus on October 6.

    07 Oct 2014

  • Times Property on tap for more dim sum

    Several enquiries from yield hungry investors have prompted Times Property Holdings to tap its existing Rmb900m ($146m) dim sum bond on October 7.

    07 Oct 2014

  • Kimree set to pre-market $125m US IPO

    Chinese e-cigarette maker Kimree, which is looking to list on the Nasdaq with a $125m-plus IPO, is set to start pre-marketing its deal to investors from Wednesday, October 8.

    07 Oct 2014

  • KEB opens books for $300m tier twos

    Sentiment surrounding Korean bank capital transactions is high following Hana Bank’s sucessful Basel III tier two last week. Trying to ride that wave of optimism is Korea Exchange Bank (KEB), which opened books to its own tier two bond on October 7.

    07 Oct 2014

  • HK investors positive but cautious on China A-shares, says BlackRock survey

    Hong Kong investors are not expecting the launch of the Shanghai-Hong Kong Stock Connect to provide them with sparkling gains compared to local stocks, as concerns regarding Chinese property markets and local government debt weigh on the prospect of increased exposure.

    07 Oct 2014

  • BlackRock hopes for more bucks from their Bang

    BlackRock has appointed Edward Bang as its head of multi-asset strategies for Asia Pacific.

    07 Oct 2014

  • Pemex pounces as risk-on returns to LatAm

    A sharp rally in Brazilian debt led a return to risk-on sentiment among investors in LatAm after the presidential candidate seen as the most market-friendly made it to the second round against incumbent Dilma Rousseff in the first round of Brazil’s presidential elections on Sunday.

    07 Oct 2014

  • Pelindo $1bn sails into general

    Pelabuhan Indonesia II’s $1bn loan that had been in gestation since May, opened into general syndication on Friday.

    07 Oct 2014

  • Peru’s InRetail eyes high 5% for seven year

    Peruvian retail group InRetail Consumer may price a seven year non-call four bond as soon as Tuesday after completing a roadshow on Monday with bookrunners Citi and Credit Suisse.

    07 Oct 2014

  • Japan to the rescue as triple-A and equity struggle hits CLOs

    Japanese investors are helping CLO managers price their deals as the end of the year approaches, filling a gap left by US triple-A investors that don’t have room left for new deals. Amid widening triple-A spreads and secondary market volatility, equity returns are suffering — but widening spreads in the underlying leveraged loan market may help offset that decline.

    06 Oct 2014

  • CDS notional continues uptrend for fifth consecutive week

    Overall credit default swap notional reported to swap data repositories last week increased by 17% from the previous week, according to data from the International Swaps and Derivatives Association. This follows four weeks of a consistent uptick in CDS notional, with a combined increase of 102%.

    06 Oct 2014

  • Securitization data bulletin: September

    In this month's securitization data bulletin, we look at a milestone 10th issue in the emerging single family rental market as well as efforts to revive the moribund private label RMBS asset class.

    06 Oct 2014

  • Exceed out with ETFs, mutual funds Q1 2015

    New York-based boutique financial services firm Exceed Investment is preparing a first quarter 2015 launch of exchange-traded and mutual funds on its latest range of beta indices, which are based on structured notes that track the S&P 500.

    06 Oct 2014

  • TriOptima, SwapClear complete maiden rand compression cycle

    Derivatives market participants have eliminated $284.3bn in notional principal in the first compression cycle for cleared South African rand interest rate swaps using TriOpima’s triReduce and LCH.Clearnet’s SwapClear services.

    06 Oct 2014

  • Merck & Co wins plaudits for €2.5bn issue, launches dollar buyback

    Merck & Co, the US pharmaceutical company, launched its first bond in euros for seven years today, just days after its €1.5bn deal from 2007 had matured. With markets recovering after a queasy time last week, the €2.5bn issue was widely seen as a success by rival bankers.

    06 Oct 2014

  • Don’t expect rush to follow Lux sukuk

    Luxembourg’s debut in the sukuk market last week was a great advert for the asset class and rounded off a run of ground-breaking deals from new borrowers. But despite bankers reporting interest from other European sovereigns in the aftermath – and suggestions the Grand Duchy itself will return next year – it is unlikely that its western neighbours will follow soon.

    06 Oct 2014

  • Lloyds announces new credit card trade

    Lloyds Bank has mandated BAML and its own primary markets operation for Penarth 2014-2, a new UK credit card ABS.

    06 Oct 2014

  • Jimmy Choo kicks off bookbuilding on London IPO

    Jimmy Choo began bookbuilding on Monday for an IPO that could value the British luxury shoe and handbag maker at up to £702m.

    06 Oct 2014

  • Bucher promoted to head of syndicated loans at LBBW

    Landesbank Baden-Württemberg has announced that Rainer Bucher will be its new head of syndicated loans from January 1, 2015.

    06 Oct 2014

  • Covenant hires new PM as second deal nears

    Covenant Credit Partners, which is about to price its second collateralised loan obligation, has hired a new portfolio manager to join its management team.

    06 Oct 2014

  • Westfield Stratford pricing shades inside previous attempt

    The relaunch of Westfield’s Strat 2014 CMBS, which finances the Westfield Stratford shopping centre, looks set to price inside the guidance offered when the deal was first marketed.

    06 Oct 2014

  • iTraxx outperforms equity after roll to new series

    Credit analysts are recommending investors take profit on relative value trades playing the iTraxx series 21 index against equity markets, following the roll to series 22 on Monday. The roll has triggered significant outperformance of iTraxx indices relative to equity markets.

    06 Oct 2014

  • Three French consumer ABS dominate the week

    Three new French consumer ABS deals should be priced this week, all from regular visitors to the European market.

    06 Oct 2014

  • ISDA credit definition protocol succeeds, despite initial uncertainty

    A protocol automatically upgrading credit default swaps from old definitions to an updated 2014 set came into force on Monday, after more than 1,400 market participants signed up by the deadline of September 17.

    06 Oct 2014

  • Deutsche Wohnen agrees €1.36bn of loans with two relationship banks

    Deutsche Wohnen, the German residential property company, has agreed loans totalling €1.36bn with two German banks, completing a €1.76bn refinancing process that began with its €400m seven year convertible bond issue at the beginning of September.

    06 Oct 2014

  • High yield secondaries stabilise, giving hope of fresh deals

    High yield bond prices steadied in the secondary market today, after more than a week of deals both old and new trading down. Some bonds had underperformed because of the issuers' poor financial results, others for reasons harder to identify.

    06 Oct 2014

  • Norway launches privatisation IPO of Entra property vehicle

    The Norwegian state has launched a Nkr6bn ($950m) IPO of Entra on Monday, in which most of the commercial property firm will be privatised.

    06 Oct 2014

  • Aegon to test RMBS demand

    Dutch lender Aegon Hypotheken has opened books and released initial price thoughts for Saecure 15, a prime RMBS that is backed by a high proportion of guaranteed mortgage loans. This will be the first RMBS since details of the European Central Bank’s ABS purchase programme were announced, and could prove a litmus test of prospective demand.

    06 Oct 2014

  • Schaeffler continues refinancing project with €1.8bn term loan 'B'

    German ball bearing producer Schaeffler has launched a €1.8bn-equivalent six year term loan ‘B’ to refinance debt raised earlier this year.

    06 Oct 2014

  • Tunisia prints ¥50bn Samurai, adds juice over Turkey

    The Central Bank of Tunisia printed a ¥50bn 10 year bond on Wednesday from a ¥110bn book. The note was priced at par with a coupon of 1.61% to give a spread of 90bp over swaps — a much wider spread than Turkey paid for its own Japan Bank for International Cooperation-backed deal in September.

    06 Oct 2014

  • BNPP jumps on Monday rally for €750m tier two

    After a volatile few weeks, BNP Paribas took advantage of improved sentiment on Monday morning to launch a benchmark size tier two capital issue at what bankers away from the deal said was an attractive initial level for investors.

    06 Oct 2014

  • Xiaomi nets commitments from seven

    Mobile phone maker Xiaomi’s $1bn dual tranche loan has netted commitments from seven lenders that made it in time for the loan’s early bird deadline in general. These banks will earn an early bird fee of 15bp for getting commitments in by October 6.

    06 Oct 2014

  • At last! Kazakhstan gives bond guidance, set to absorb Russian demand

    Kazakhstan released price guidance for 10 and 30 year bonds on Monday morning and expects to print the $2bn deal, eagerly anticipated for nearly a decade, later today. Bankers are expecting the absence of Russia from international bond markets this year to intensify demand.

    06 Oct 2014

  • Bangkok Airways departs for $527m IPO

    Bangkok Airways Public Company took off for its Bt16.9bn ($527m) IPO on Monday, October 6, on a day that saw the Stock Exchange of Thailand Index dropped by 1.3%.

    06 Oct 2014

  • Anything but early

    London transport, it’s always a pleasure. But when you’re on your way to meet a senior debt banker over from the United Arab Emirates, seeing your journey time triple because of the unannounced closure of a tube line can be the occasion for a fantastic mix of stress and embarrassment.

    06 Oct 2014

  • Swiss hybrids ‘step out of infancy’ as institutions pour into Helvetia

    Issuers of subordinated debt are likely to benefit from a wider range of investors in Swiss francs in the future. A Sfr525m deal from insurer Helvetia drew unprecedented institutional demand on Thursday, despite volatile trading conditions last week.

    06 Oct 2014

  • Canvest Environmental Protection and Nirvana Asia file for HK IPO

    The waste-to-energy (WTE) provider Canvest Environmental Protection Group looks to list on the Hong Kong Stock Exchange and has filed a preliminary prospectus.

    06 Oct 2014

  • Investors see fair value for Chinese AT1s at 7.16%: MS

    Investors are pricing in fair value for additional tier one capital (AT1) preference shares for China’s big four banks at an average of 7.16%, according to a Morgan Stanley survey.

    06 Oct 2014

  • THHE mulls $138m rights issue as Bumi Armada wraps up

    Malaysia’s TH Heavy Engineering is looking to raise up to MR450m ($138.1m) from a rights issue, with timing for the deal still up in the air as the company waits for a good window to launch the trade.

    06 Oct 2014

  • KEB sets sight on tier twos; Woori picks six for dollar bond

    Korea Exchange Bank (KEB) is looking to become the third Korean lender to tap the dollar market with a tier two bond, mandating four banks to handle the transaction.

    06 Oct 2014

  • K Wah seals HK$3.85bn club with five

    K Wah International has wrapped up its HK$3.85bn ($497m) financing for a construction project in Hong Kong with a club of five banks.

    06 Oct 2014

  • Trinidad Cement defaults on loan, seeks restructuring

    Trinidad Cement, the Caribbean building materials company, which as recently as May roadshowed for an international bond, has halted payments on its loan agreements and therefore missed a debt service payment due on September 30.

    06 Oct 2014

  • BAML names Yacenda as HK country executive

    Bank of America Merill Lynch has promoted Richard Yacenda as its new country executive for Hong Kong, replacing Jayanti Bajpai who left for London earlier in the year, according to a memo seen by GlobalCapital Asia.

    06 Oct 2014

  • GalaxyCore, M800 connect for HK listings

    Technology companies GalaxyCore and M800 Group are mulling a listing on the Hong Kong Stock Exchange, as the market prepares for a busy rest of the year.

    06 Oct 2014

  • Brazil wants to join the RMB club, HK offers help

    Brazil obtained a Rmb190bn ($77.3bn) swap line last year, but since then there has only been one public dim sum bond from an issuer in the country. The solution to boost the local RMB market is to take advantage of the infrastructure that Hong Kong offers, says that city’s government.

    06 Oct 2014

  • Trafigura loan closes at $1.73bn as 29 pile in

    Commodities trading company Trafigura has wrapped up its latest fundraising at $1.73bn with an oversubscription for the dual currency loan propelled it well past the launch size of $1.3bn. The deal saw commitments pour in from a total of 29 lenders, including five first time lenders.

    06 Oct 2014

  • Korean Re on the road for DCM debut

    The world’s ninth largest reinsurer, Korean Reinsurance (Korean Re), is close to making its debut in the debt capital markets having started meeting investors for a proposed US dollar subordinated capital offering on October 6. If it goes ahead it will become only the secodn Asian insurer to issue sub debt offshore.

    06 Oct 2014

  • Natixis GAM hires Chang as head of Taiwan

    Natixis Global Asset Management has appointed Alex Chang as its new head of Taiwan.

    06 Oct 2014

  • eHi starts engine for $100m NYSE IPO

    There's no end to Chinese companies seeking US listings, with eHi Car Services looking to raise $100m from an IPO on the New York Stock Exchange.

    06 Oct 2014

  • Hong Kong IPOs: between a rock and a hard place

    2014 so far has been a bit of a bumper year for IPOs in Hong Kong, despite the well-publicised loss of Alibaba’s landmark listing to the New York Stock Exchange.

    06 Oct 2014

  • Markit: Could credit volatility be back?

    Credit markets are now accustomed to low volatility, but there have been signs over the third-quarter that the climate is changing.

    03 Oct 2014

  • Eiffage builds up revolver to €1bn with oversubscribed syndication

    Eiffage, the French construction and concessions company, has signed a €1bn five year revolving credit facility with 16 banks. The deal was 25% oversubscribed.

    03 Oct 2014

  • Rabobank makes senior hire in European DCM

    Rabobank has added to its European loan syndications business with a senior hire.

    03 Oct 2014

  • Aldermore begins bookbuilding on challenger IPO

    UK challenger bank Aldermore began bookbuilding on its £300m IPO on Friday, a day after peer Virgin launches its own deal.

    03 Oct 2014

  • Amvig allocates HK$2.6bn financing

    Cigarette package printer Amvig Holdings has allocated its HK$2.6bn ($335m) refinancing loan, following successful senior and general syndications, during which commitments poured in from nearly two dozen lenders.

    03 Oct 2014

  • Paul Hastings hires high yield partner

    Peter Schwartz is joining law firm Paul Hastings as a partner focusing on high yield, having previously been a partner in Milbank’s global securities team.

    03 Oct 2014

  • Electrolux closes $3.5bn GE Appliances loan, plans $2.5bn bond

    The syndication of the $3.5bn bridge facility for Electrolux's acquisition of GE Appliances has closed oversubscribed, according to a banker at one of the leads.

    03 Oct 2014

  • Delta Dunia weaves $150m loan in general

    Delta Dunia Tekstil has launched its $150m dual tranche loan into general via sole mandated lead arranger and bookrunner Standard Chartered.

    03 Oct 2014

  • Updated: WH Group signs up 11 for $1.5bn refi

    Pork producer WH Group has signed a $1.5bn facility that will refinance the outstanding principal on a $4bn acquisition loan it took in 2013. The borrower has been forced to return to the loan market after it failed to raise enough during its IPO earlier this year.

    03 Oct 2014

  • Mall operator Atrium opens doors for second bond

    Atrium European Real Estate, an operator of shopping malls in central and eastern Europe, is meeting investors next week for a euro bond.

    03 Oct 2014

  • Market shrugs off S&P corporate hybrid ruling

    Standard & Poor’s lowered the regional scale issue ratings on six corporate hybrids in Asia by one notch this week, prompting a slight sell-off in the instruments. While short term volatility is expected, the changes are unlikely to have any impact on future issuance.

    03 Oct 2014

  • Signed and sealed: Banks picked for Japan Post divestment

    The Ministry of Japan has picked the banks that will lead the IPO of Japan Post Holdings, in a deal that is expected to be in the region of $15bn-$20bn and add a sizeable chunk to ECM volumes from the country.

    03 Oct 2014

  • Beijing Enterprises Water loan rises to $288m

    Beijing Enterprises Water Group has wrapped up its ADB ‘B’ loan at $288m, nearly double the launch size of $120m, as the presence of the supranational and SOE backing proved to be big draws for banks.

    03 Oct 2014

  • Blue Bird drives up for largest 2014 Indo listing

    Indonesian taxi operator Blue Bird Group opened books on Friday, October 3 for a Rph3.7tr ($307m) IPO, in a deal which will be the largest listing in the country this year.

    03 Oct 2014

  • Direct euro-RMB trading launches, CIPS and offshore lending next

    The People’s Bank of China (PBoC) announced the launch of direct trading of RMB and Euro in the Shanghai interbank market on September 29. Market players are expecting tighter FX spreads, a longer swap curve and broader RMB adoption among European traders. A PBoC official was also on the record stating that the China International Payment System will formally be set up in Shanghai.

    03 Oct 2014

  • Apac IB revenue makes a comeback

    Record volumes of bonds and equities globally have boosted Asia Pacific investment banking revenues close to their record high. The first three quarters of the year generated a total of $10.5bn, a double digit increase on the same period last year, according to Dealogic.

    03 Oct 2014

  • Indonesia’s STP raising over $800m loan for Axiata towers

    Indonesian telecom tower operator Solusi Tunas Pratama is firming up a more than $800m financing to back its purchase of 3,500 towers for Rph5.6tr ($460.5m) from Axiata Group Berhad subsidiary XL. The proceeds of the fundraising will also be used in part to refinance existing debt.

    03 Oct 2014

  • Videocon connects for $114m listing

    Videocon d2h, the satellite television arm of India’s Videocon Group, has filed a preliminary prospectus to list on the country’s stock exchange, in a deal that will raise up to Rp7bn ($114m).

    03 Oct 2014

  • London keen to help investors adjust China exposure, says LSEG

    The London Stock Exchange (LSE) is looking to play the role of provider of key European infrastructure for investors looking to increase their China exposure, and for Chinese investors looking to raise funds in Europe in RMB or other currencies.

    03 Oct 2014

  • RMB internationalisation brings rich rewards for Chinese banks

    The advance of the RMB as an international trade and investment currency, accompanied by a robust programme of policy initiatives, is boosting Chinese banks' bottom line. The latest evidence of the trend comes from Agricultural Bank of China (ABC) and Industrial and Commercial Bank of China (ICBC), which have released data on their financial performance in the first half of 2014.

    03 Oct 2014

  • Kimree lights up $125m Nasdaq IPO

    Chinese e-cigarette maker Kimree has filed for a $125m IPO on the Nasdaq, following in the footsteps of increasing numbers of Asiancompanies that are seeking a US listing.

    03 Oct 2014

  • RMB round-up: October 3, 2014

    In this round-up, RMB deposits in Hong Kong stay flat, RMB cross border trade settlement falls 2.3%, Luxembourg RMB deposits rose 5% to Rmb67.2bn ($11bn) in the first half of the year, and Eurogiro launches direct RMB payments to China.

    03 Oct 2014

  • Standard Chartered boosts Asean with DCM, loans moves

    Standard Chartered has strengthened its presence in southeast Asia by adding seven new members to its Asean capital markets group, spread across DCM, high yield and loan syndications.

    03 Oct 2014

  • India finalises Reits and InvITs rules

    The Securities and Exchange Board of India (Sebi) has published the final regulations for newly approved real estate investment trusts (Reits) and infrastructure investment trusts (InvITs). After years of discussions around the state’s new instruments, a September 26 Sebi publication detailed the final regulations .

    03 Oct 2014

  • The last chance saloon

    Paris, December 2015. That is widely seen as the world’s last chance to save itself from devastating climate change. People all over the world can already feel its effects, and the prognosis is terrible. But as Jon Hay reports, the energy and creativity being deployed to fight climate change are immense, and encouraging. Nations must reach a deal — but there is plenty for everyone to be doing in the mean time.

    03 Oct 2014

  • What is a green bond? And who should decide?

    Green bond is a label that issuers attach to their deals. No one says who may use it, or on what kind of bond. But participants in the market have already evolved a set of conventions to guide its use. Exactly what counts as green, however, remains undefined. As Jon Hay reports, this is a hot topic of debate that will shape how the market evolves.

    03 Oct 2014

  • Bond investors get serious on ESG — and issuers respond

    Five years ago, if you asked a bond fund manager about ethical investing, the answer might have been ‘oh, that’s for the equity people’. You would not hear that today. Market forums on integrating environmental, social and governance analysis into bond investing are proliferating. As Craig McGlashan reports, it is leading to a much richer dialogue between investors and issuers — and to the growth of a whole new bond market.

    03 Oct 2014

  • Green bonds hit the big time

    If 2013 was the breakthrough year for green bonds, then 2014 is very much when they are becoming part of the mainstream. Volume is already more than double 2013’s figure, while new borrowers are joining the market and ever more sophisticated approaches are being taken to issuance. Craig McGlashan reports.

    03 Oct 2014

  • SSAs take pioneering spirit to new frontiers

    Supranational and agency borrowers have been the most important drivers of the green bond movement. Fostering that market until it reaches maturity is still a big part of their plans, but as Jonathan Breen reports, many issuers are also making big efforts to bring bonds focused on social and educational issues to the mainstream.

    03 Oct 2014

  • Public sector borrowers define the environment — and beyond

    Supranational borrowers gave birth to the sustainable bond market, but as it reaches adolescence supras risk being overshadowed by corporate borrowers printing big deals and stealing all the glory.

    03 Oct 2014

  • Asiamoney FX Poll 2014: detailed results download

    Asiamoney has published the detailed results of its latest FX poll. Please use the following links to access the related coverage.

    03 Oct 2014

  • Bold munis make long green strides, but most are far behind

    Cities and municipalities should be one of the most exciting areas of sustainable and responsible capital markets, but origination bankers have their work cut out if they want any but the most obvious candidates to come forward. Tessa Wilkie reports.

    03 Oct 2014

  • SRI bonds — forerunners of the new green generation

    Green bond issuance is accelerating and many market participants believe that 2014 is the year that the asset class will reach maturity. Not if maturity means it has all become plain sailing and uncontroversial. Market participants still have plenty of issues to debate. How much standardisation does the market need? Should the rating agencies move in? How should deals be priced? What is the value of third party analysis? And are issuers really gaining new investors?

    03 Oct 2014

  • Economic powerhouse could one day lead in ethical issuance

    The market for bond issues tailored to the specific needs of socially responsible investors has hit its stride since 2013. What had been a niche product for specialist investors suddenly became mainstream. However, banks — so often at the forefront of innovation — have so far been behind the curve. That looks like it’s about to change, as Nathan Collins finds out.

    03 Oct 2014

  • Projects and pricing: issuers and investors debate the future of Asian SRI

    Japan has played an important part in green finance, with its retail investors enthusiastic buyers of themed Uridashi bonds. But the institutional investor base there and in the broader Asian region has been slower to build.

    03 Oct 2014

  • Corporates take up the green bond baton

    This time last year, no corporate green bonds had been issued, and only one corporate SRI bond. Since then, a dozen companies have issued them, mostly in Europe. The flow of corporate green bonds has resembled a stream rather than a torrent, but as the product edges towards maturity, more and more companies are expected to join the ranks of green bond issuers. Richard Metcalf reports.

    03 Oct 2014

  • Roundtable: Well on the road to recovery: what next for Iceland?

    Iceland made a highly successful return to the euro market in July, printing a healthily oversubscribed €750m six year issue which will act as an important benchmark for Icelandic banks and companies looking to access the international capital market.

    03 Oct 2014

  • Tasty foreign food remains hard to stomach for local investors

    Japan’s bond investors have long been used to putting up with tight returns in the domestic market, but even they could be forgiven for thinking that things have just become silly now. The returns they can earn in the domestic bond market are, with only a few exceptions, paltry. It is high time they found a new source of returns. Going overseas might be one solution. But for Japanese investors, more than any others, that is easier said than done. Matthew Thomas reports.

    03 Oct 2014

  • Sukuk market offers structures to build with

    In world full of giant gaps in infrastructure financing the sukuk market offers an important tool to combat the shortfall. But bringing complex sukuk structures to market will not be easy, and in the cash-rich Middle East the case for infrastructure sukuk is far from clear. Steve Gilmore reports.

    03 Oct 2014

  • Old hands, new issuers adapt to evolving capital markets

    Over the last two years a number of debut issuers have appeared in the Samurai market — and many of them have been back within a year, sometimes less. They have been attracted by consistently improving pricing — which, with a benign basis swap, stays attractive when compared to euros or dollars — as well as the usual attractions of a diversified funding base. Indeed, demand has been so fervent that issuers have begun to cap their deals, something that was unheard of as recently as two years ago but which Japanese investors are also learning to tolerate. Pro-Bond, meanwhile, is still chiefly a market we associate with ING, but with other issuers waiting for their moment, we may be on the cusp of critical mass.

    03 Oct 2014

  • Bank capital springs into action

    Sukuk, with its emphasis on sharing upside and downside, is perfectly suited to new-style alternative tier one issuance, and the product has found an eager investor base. But there are also big opportunities in covered bonds and ABS, writes Philip Moore.

    03 Oct 2014

  • Sukuk market flings open doors to sovereigns

    The year 2014 will be remembered in the sukuk market as a year of sovereign breakthroughs with a variety of non-Islamic issuers having finally unlocked the investor base. But it’s just the tip of the iceberg, writes Francesca Young.

    03 Oct 2014

  • Political tensions scupper renminbi issuance

    Japanese issuers have never been among the region’s biggest issuers of renminbi bonds, despite the froth that surrounded the market a few years ago. That looks unlikely to change for now, given rising geopolitical tensions between Japan and China and increasingly attractive funding opportunities in the dollar market. Matthew Thomas reports.

    03 Oct 2014

  • Japanese issuers flirt with euros

    Japanese bond issuers have become much more prominent players in the global capital markets over the last five years, resulting in a several-fold rise in their dollar bond issuance. But their euro denominated issuance has not kept pace, and is still prone to long periods of inactivity. The opportunities are there, bankers say — but you have to be ready to work for them. Matt Thomas reports.

    03 Oct 2014

  • Asian Islamic finance: getting bigger and better

    Islamic finance has been growing in importance for Asian countries over the last decade, but one country stands out: Malaysia. The country is the biggest Islamic finance market in Asia, and looks likely to keep that title for many years to come. But policymakers across the continent — and, indeed, the world — are starting to wake up to vast opportunities of adding Islamic finance opportunities to their market infrastructure. GlobalCapital sat down with a distinguished panel of market experts to discuss the growing attempts of financial centres to become Islamic finance hubs, and to see what these countries can learn from the experience of Malaysia.

    03 Oct 2014

  • SSA Issuer Profiles

    03 Oct 2014

  • Sukuk appetite goes global

    The days of sukuk as a niche product are long gone. A growing pool of Islamic investors still makes up the bedrock of the sukuk buyer base, but conventional accounts are getting increasingly comfortable with the product. The conventional bid, however, is not as straightforward as it might seem. Steve Gilmore reports.

    03 Oct 2014

  • FIG issuers consolidate role in Japan’s capital markets

    FIG issuers continue to dominate the Samurai landscape – and if anything, their dominance is growing. Japanese investors trust international banks and are happy to buy their paper in order to secure a little more yield in an environment where returns are scarce; banks themselves gain competitive funding and useful diversification. An improvement in the basis swap has meant that banks don’t need to compromise on price in order to achieve a varied order book – but will there come a time when investors say enough is enough and start demanding some yield again?

    03 Oct 2014

  • Sovereigns and FIs point way for corporate sukuk

    Corporates tend to follow sovereigns and financial institutions into any new market, and sukuk is no different. With the pioneers having done the work in many regions, Andrew Griffin explores what is left for corporate issuers to do.

    03 Oct 2014

  • Losing control in an orderly fashion

    Capital controls have done their job. Now the challenge is to dismantle them without prompting a catastrophic flood of outflows and hurting the economy that they helped so effectively to protect.

    03 Oct 2014

  • Companies, banks highlight hidden value, prepare green bonds for climate mission

    A year ago there had been virtually no corporate green bonds. After several eye-catching deals, the product is now on the radar of many treasurers at blue chip companies in a wide range of sectors, and at banks.

    03 Oct 2014

  • Cities vie for focal point status

    Dubai wants to win the race to become the go-to financial hub for international Islamic finance but it has many rivals, including London, Luxembourg, Kuala Lumpur and Hong Kong. Philip Moore takes a look at the runners and riders.

    03 Oct 2014

  • Sukuk – a global offering

    An array of new entrants into the sukuk market has caught the eye this year, and with names like the United Kingdom, Luxembourg, Hong Kong and South Africa among those entrants it’s clear that the appeal of sukuk is now felt across the world. But can it keep up with the momentum, asks Dan Alderson.

    03 Oct 2014

  • Sukuk: why now and what is the potential?

    The sukuk market is close to the point where the instrument can move beyond its niche status to become a major funding tool with widespread use. But as it gains general acceptance worldwide as a substitute for conventional bond issuers and investors, the market risks losing sight of its roots, writes Dan Alderson.

    03 Oct 2014

  • Looking away from the magnifying glass

    Japanese banks and corporations are blessed with a domestic bond market that offers among the cheapest funding rates in the world, and one that has only become cheaper as the Bank of Japan has unleashed a torrent of monetary easing. But they realise that a sensible funding strategy — and a long-term future for their businesses — means that turning to the overseas debt markets is becoming ever more necessary. Matthew Thomas reports.

    03 Oct 2014

  • Yen grows in stature among SSA borrowers

    With global interest rates as they are, SSAs are finding it difficult to justify raising funds in vanilla yen, impeded by the basis swap back to their core currencies. But there is innovation and demand in the Uridashi markets, and highly rated borrowers find their issues in higher yielding currencies enormously popular with Japanese investors. Meanwhile, sovereigns still find good value and popularity in the Samurai markets.

    03 Oct 2014

  • Rebuilding Iceland’s banks: back to basics

    Iceland’s banking sector was on its knees in 2008. But after six years of hard labour, the country’s banks are transformed and beginning to walk with their heads held high and talk about future ownership and access to the international capital markets.

    03 Oct 2014

  • Glossary of Islamic financial terms

    03 Oct 2014

  • Volatility hits LatAm pipe as InRetail goes alone

    A returning bid for Latin American high yield and low-beta names on Thursday offered some respite to the region’s struggling bond market as new cross-border debt issuance continues to slow.

    02 Oct 2014

  • Argentina debt tumbles despite bond payment

    The Argentine government’s claims of dedication to paying its creditors are falling on deaf ears with international investors as the sovereign’s bonds tumbled in the wake of its attempt to make a coupon payment to exchange bondholders due September 30.

    02 Oct 2014

  • WinWater credit enhancement falls short, says Kroll

    Premium Point Investment’s securitization conduit WinWater Home Mortgage is marketing its second securitization since its launch in 2013. Credit enhancement was too low for Kroll Bond Ratings Agency to assign preliminary ratings in two of the deal’s tranches.

    02 Oct 2014

  • Exeter and Westlake brave the heat of under-fire subprime auto market

    Exeter Finance Corp and Westlake Services have received triple-A ratings for two new subprime auto deals, even as the sector fights a wave of negative sentiment driven by rising delinquencies and increased regulatory oversight.

    02 Oct 2014

  • Exeter and Westlake brave the heat of under-fire subprime auto market

    Exeter Finance Corp and Westlake Services have received triple-A ratings for two new subprime auto deals, even as the sector fights a wave of negative sentiment driven by rising delinquencies and increased regulatory oversight.

    02 Oct 2014

  • Covered bond issuers get great traction

    Four issuers launched covered bonds from Germany, Sweden, Norway and Austria this week. The transactions were all well subscribed and priced tightly but the greatest degree of price tension was seen in deals that are expected to be eligible for the European Central Bank’s purchase programme.

    02 Oct 2014

  • NBAD widens wholesale banking horizons with Canary Wharf move

    National Bank of Abu Dhabi will underscore its commitment to its wholesale banking business by splitting the UK part of its operations from its private banking arm and moving as many as 100 staff to Canary Wharf.

    02 Oct 2014

  • Austria EUR4bn 0.25% Oct 19

    02 Oct 2014

  • Naftogaz farce more than a near miss

    Naftogaz did itself few favours this week with its farcical approach to repaying holders of its $1.6bn Eurobond. When Ukraine’s state owned oil and gas company missed its bond payment on September 30, it risked more than a few irate investors.

    02 Oct 2014

  • Green secondary supply struggle — but primary still booming

    The lack of a securities lending market for green bonds could be stifling the ability of banks to make markets in the product, leaving the buyside struggling to pick up paper in secondaries, a leading investor told GlobalCapital this week. But on the primary side, green demand grows ever healthier, with another set of firsts from public sector borrowers on the way.

    02 Oct 2014

  • Covered bond harmonisation is no soft open-ended option

    Harmonising covered bond standards tends to make eyes glaze over. The myriad of different regimes and labyrinth of technicalities involved can seem baffling and trivial. But it would be a mistake to believe the project is an open-ended soft option that will never really happen. Harmonisation will materialise and progress will be monitored, suggesting everyone needs to be up to speed.

    02 Oct 2014

  • RBS loses covered bond profile as Walsh departs

    Jez Walsh has left Royal Bank of Scotland where he had been in charge of covered bond syndication for 15 years. His departure follows a string of high profile exits from the bank’s covered bond team including Allen Rad, Christoph Anhamm, Sophie Kwon, Frank Will and Jason Wolfe.

    02 Oct 2014

  • Widening in US CLOs takes toll on equity

    The US CLO market took a turn for the worse this week, with new issue spreads widening and a large proportion of secondary market bid lists failing to trade. Illiquidity in CLOs and a widening in the underlying leveraged loan market is now causing problems in the primary market, particularly for equity investors.

    02 Oct 2014

  • World Bank USD4bn 1.875% Oct 19

    02 Oct 2014

  • Periphery yields up as ECB disappoints but Ireland tipped for syndication joy

    Eurozone periphery yields rose late on Thursday after European Central Bank president Mario Draghi failed to excite market participants with hints of more dovish measures such as sovereign quantitative easing. But with rates still near historic lows, few funding officials will be worried — least of all in Ireland, which revealed plans for a possible syndication in the final quarter of the year.

    02 Oct 2014

  • German champion Adidas’ unrated €1bn slips in soggy market

    Adidas, the German sportswear maker, issued its first bond for five years on Wednesday. The company’s rarity, high perceived credit quality of around the single-A level and very strong brand name should have made this a triumphant deal – but in the treacherous conditions of this week it was a mess.

    02 Oct 2014

  • SocGen makes up ground as Russia dries out

    A particularly poor third quarter has seen CEEMEA bond issuance dwindle to a third of the amount in the same period last year. With Russia and Ukraine all but shut out of the capital markets, bankers have also been faced with choppy markets and poorly performing new issues.

    02 Oct 2014

  • German champion Adidas’s unrated €1bn slips in soggy market

    Adidas, the German sportswear maker, issued its first bond for five years on Wednesday. The company’s rarity, high perceived credit quality of around the single-A level and very strong brand name should have made this a triumphant deal, but in the treacherous conditions of this week it was a mess.

    02 Oct 2014

  • Top issuers print as hot SSA market stutters

    A pair of top quality issuers were the only borrowers in the sovereign, supranational and agency sector to get benchmarks away this week, as conditions that have been sizzlingly since the summer break showed signs of cooling.

    02 Oct 2014

  • MTN Leak: Three’s a crowd, four’s an army

    While the financial world has been enduring lay-offs and that ugly word “downsizing” at every turn over the last few years, Commerzbank’s Andrew Nicola has been fighting the tide by producing an army of mini-MTNers.

    02 Oct 2014

  • Fed targets Credit Suisse's LevFin business, other banks pressured

    Credit Suisse’s leveraged finance business has come under harsh scrutiny from the US Federal Reserve. The bank has received an especially stern letter from the financial regulator, but market participants say most institutions have been criticised severely for their risky lending practices.

    02 Oct 2014

  • Bankers mull Promsvyazbank as CEEMEA loans plummet

    Promsvyazbank continued to provide a glimpse of hope for Russian loans this week, with some banks looking to give feedback by close of business on Thursday to its request for proposals on a deal. But any optimism around the borrower was dampened by lengthening views on a timeline for the EU repealing Russian sanctions and quarterly figures showing a big hit to overall CEEMEA loan volumes.

    02 Oct 2014

  • People Moves in Brief

    HSBC picks capital financing heads - RBS lays out loans plan - CME Group plots expansion - Lloyds combines levfin

    02 Oct 2014

  • Supranationals and agencies pound through sterling deals

    Korea Eximbank was among several issuers to tap demand in sterling this week. Kexim took advantage of a window of issuance ahead of a European Central Bank meeting on Thursday and non-farm payrolls on Friday to bring its first fixed rate syndication in the currency.

    02 Oct 2014

  • Aegon looks to repeat Storm success in tight Dutch RMBS

    Dutch insurer and mortgage lender Aegon will look to emulate the success of compatriot Obvion in the RMBS market next week after mandating banks to conduct roadshows for the latest trade from its Saecure platform. Obvion set a post-crisis record tight with its latest Storm RMBS last week as investors piled into European ABS in anticipation of the European Central Bank making purchases.

    02 Oct 2014

  • Westfield CMBS relaunch follows Dutch landmark

    Crédit Agricole and Deutsche Bank this week relaunched the £750m Westfield CMBS they were forced to pull in the summer amid poor demand and regulatory concerns. The deal came the morning after Deutsche Bank priced the first multi-loan and multi-sponsor Dutch CMBS since the crisis.

    02 Oct 2014

  • September volatility set to fuel Q3 numbers

    Trading volume driven by volatility during September could mean a decent third quarter for trading focused investment banks. Meanwhile, the primary markets saw the best September on record for IPOs, and although the high yield machine has spluttered a little against a shakier backdrop, bank capital continues to deliver the goods for DCM teams.

    02 Oct 2014

  • Draghi reaches for junk but ABS and covered bankers unimpressed by size

    Sub-investment grade ABS and covered bonds will be on the European Central Bank’s shopping list when it begins the private sector purchase programme it hopes will revive real economy lending this month. But stakeholders in both markets remain unconvinced of the size the ECB can achieve and many now see the move as a mere stepping stone to full-blown quantitative easing.

    02 Oct 2014

  • EC rules ‘reinforce rating competition’

    The European Commission is set to issue new rules for European structured finance transactions that will see issuers post enhanced deal data on a website and require rating agencies to submit data on ratings and the fees charged to clients.

    02 Oct 2014

  • Luxembourg lures Islamic accounts despite low rates

    The Grand Duchy of Luxembourg paid a clear premium over its conventional curve to sell a €200m inaugural sukuk this week. But this concession was down to the small size and not the sukuk structure, said debt bankers involved. A much bigger problem with the debut deal was Islamic investors’ lack of familiarity with just how measly euro rates have become.

    02 Oct 2014

  • SocGen makes up ground as Russia dries out

    A particularly poor third quarter has seen CEEMEA volumes down almost threefold from the same period last year. With Russia and Ukraine all but shut out of the capital markets, bankers have also been faced with choppy markets and poor performing new issues.

    02 Oct 2014

  • All aboard for QE2

    The longer the European Central Bank waits to talk about sovereign quantitative easing, the closer sovereign QE seems to become.

    02 Oct 2014

  • UK issuers eye Q4 for long term funding

    Some of the largest UK banks and other mortgage lenders are preparing returns to the ABS market before the end of the year, with some market sources saying that keeping in touch with their investor base is no longer the main motive for using the asset class.

    02 Oct 2014

  • EBRD makes Ukraine trade finance top priority

    The European Bank for Reconstruction and Development has said it is stepping up its efforts in Ukraine and that the country will become its largest trade finance beneficiary by the end of the year.

    02 Oct 2014

  • BoE wants power to cap mortgage LTVs

    The Bank of England has set out new powers that would allow its UK regulators to restrict residential mortgage lending, including in the buy-to-let market, to “protect and enhance” financial stability.

    02 Oct 2014

  • Carrefour card deal joins busy French pipe

    Carrefour Banque has added to an unusually busy pipeline of French ABS transactions set to be priced in the next week or so, after mandating banks for its second credit card receivables securitization almost a year after its first.

    02 Oct 2014

  • RSA Insurance GBP400m 5.125% Oct 45 tier two

    02 Oct 2014

  • High yield on hold as turmoil wrecks primary market hopes

    The high yield new issue market is in tatters after a month of uninterrupted turmoil in both the primary and secondary markets. It should have been one of the busiest months of the year but most banks active in European leveraged finance have judged it anywhere from undesirable to impossible to launch high yield bond transactions, as they hunker down and wait for a return to more favourable conditions, writes Olivier Holmey.

    02 Oct 2014

  • Suncorp-Metway GBP250m FRN Oct 17

    02 Oct 2014

  • WMF widens €615m loan's pricing as US market riches lure investors

    WMF, the German kitchenware producer, widened pricing on its €615m leveraged acquisition loan this week, becoming the latest in a run of borrowers to do so in September as lenders find more lucrative opportunities in the US.

    02 Oct 2014

  • Naftogaz payment delay does Ukraine no favours

    Ukrainian state-run oil and gas company Naftogaz has confirmed the repayment of its $1.6bn eurobond after failing to meet its September 30 deadline. While the delay did not come as a surprise to many, bondholders were left with sweaty palms on Wednesday and whispers of default did not do the country’s capital market standing any favours.

    02 Oct 2014

  • After the splurge, the purge as AT1 market waits for November

    Bankers are preparing for a rush of additional tier one deals in November, with many issuers expected to tap the market after what is predicted to be a tepid October for issuance. While blackouts and the asset quality review (AQR) will keep banks away from the market in the coming weeks, supply is set to come back strongly once the AQR is out of the way.

    02 Oct 2014

  • Bankers split on Mol but loan timing praised

    Hungarian oil and gas company Mol has elicited a varied response among loans bankers after requesting proposals on a $500m-$1bn loan last week. But even those not looking to take part in the deal have agreed that Mol’s timing is good, given an absence of other deals in the region – with Russian borrowers notably absent.

    02 Oct 2014

  • Lucky Seven: Nigerian comeback signals end of HY horror show

    Seven Energy made a successful comeback in testing conditions on Thursday. While it certainly paid for the privilege, having already secured strong anchor orders before proceeding, the trade signals that the miserable high yield market may be improving.

    02 Oct 2014

  • Leveraged loans, news in brief — 3 October 2014

    Tele Columbus — Travelport — Lindorff — Certeum

    02 Oct 2014

  • Hungry banks crowd into Bestway's £725m loan, chasing after company's credit quality

    Bestway, the privately owned UK groceries wholesaler, has tightened pricing on £725m of loans amid high demand. The financing is for its £620m acquisition of the Co-operative Group's pharmacy division.

    02 Oct 2014

  • Three squeeze into narrow window as markets totter

    The overnight blocks business in Europe is feeling the effects of choppy markets, with deals bunching up as vendors rush for the same fleeting windows. This week that meant three big deals launched in one evening on Tuesday, but little else to speak of.

    02 Oct 2014

  • Bayer’s $7bn acquisition bond a $27bn hit in worst week of 2014

    Bayer, the German pharmaceutical and chemical company, braved the toughest credit market conditions of 2014 this week to complete its biggest bond deal, as investors lost their appetite for risk.

    02 Oct 2014

  • Babcock €550m debut flies over Gross angst

    European credit markets had a nasty turn today, which salespeople and analysts blamed on news that Bill Gross, the so-called “Bond King’”, had decided to leave Pimco, the world’s biggest bond investor – though perhaps just because they wanted something to blame. Yet Babcock International, the UK engineering services group, still managed to issue a €550m bond – its first in the European market.

    02 Oct 2014

  • Blackout and turmoil stems FIG tide

    Third quarter earnings blackout and choppy credit markets ensured a sedate start to the month for FIG issuers after a deluge of supply in September.

    02 Oct 2014

  • Aéroports de Paris lands safely in crosswinds

    Aéroports de Paris seized the opportunity presented by slightly stabler markets on Wednesday morning to price a €500m 10.5 year bond with what one banker said was its lowest ever coupon on such a long bond.

    02 Oct 2014

  • FinEx launches OTC commodities biz

    Integrated asset management, private equity and hedge fund shop FinEx Group, has launched a commodities boutique that will provide hedging and risk management services via derivatives and structured products to commodity producers and consumers globally.

    02 Oct 2014

  • Equity capital markets, news in brief — October 3, 2014

    02 Oct 2014

  • Investment grade loans, news in brief — October 2, 2014

    Hexagon — Norma Group

    02 Oct 2014

  • Sterling duo shrug off shaky credit markets

    In a week with no senior or subordinated issuance in euros, RSA Insurance and Suncorp-Metway took centre stage with sterling prints. Both financials were able to get successful deals away despite struggling with turbulent markets, though they did catch some flak for issuing in volatile conditions.

    02 Oct 2014

  • Guggenheim Securities buys broker in phase one of European expansion

    Guggenheim Securities has bought the European brokerage arm of Lazard Capital Markets, in a move which signals the start of the broker-dealer’s European expansion plans. The new entity will be branded Guggenheim Securities International.

    02 Oct 2014

  • Yapi signs $1.3bn near end of Turkish run

    Yapı Kredi Bank has signed a $1.3bn-equivalent one year loan, refinancing its $1.19bn deal from September 2013.

    02 Oct 2014

  • Iron condors ready to swoop on short VIX ETF

    Denver-based financial boutique IPS Strategic Capital is readying a novel out-the-money iron condor trade on the ProShares Short Volatility Index Short Term Futures Exchange Traded Fund, as a short term hedge against S&P500 drawdowns of between 5%-6%.

    02 Oct 2014

  • Bank of Oman debut bucks trend to perform in secondary

    National Bank of Oman launched its debut bond on Tuesday morning in less than ideal market conditions but the $500m deal was one of the few EM offerings which performed well in secondary this week.

    02 Oct 2014

  • Emaar Properties raises $1.6bn in pioneering Dubai malls float

    Emaar Malls raised $1.6bn through an IPO completed over the weekend, which bankers hope could open up what they have called one of the biggest liquidity hubs in the world.

    02 Oct 2014

  • Synthos sell off could have lasting impact

    Bonds newly issued by Polish chemicals firm Synthos had traded down more than two cash points by early this week, with some bankers blaming the deal execution and warning that the trade might have hurt the chances of other Polish firms wanting to access the market. Bankers on the deal defended the sale, saying the issuer had set a very ambitious price target.

    02 Oct 2014

  • Bank of Oman debut bucks trend to perform in secondary

    The National Bank of Oman launched its debut offering on Tuesday morning. Market conditions have been less than ideal for the issuer, but Oman’s bond is one of few which has performed well in secondary.

    02 Oct 2014

  • Ahli Bank doubles up with loan debut as lenders crowd in

    Qatar’s Ahli Bank has closed a $200m debut syndicated loan, increasing the size of the deal after its initial amount was oversubscribed.

    02 Oct 2014

  • Flagstar sets another milestone in servicing debacle

    Concerns around the performance of rapidly growing special mortgage servicing firms in the US grew again this week, as the Consumer Financial Protection Bureau (CFPB) took the unprecedented step of prohibiting Flagstar Bank from taking on any more mortgage servicing rights (MSRs) for delinquent loans, alongside a $37.5m enforcement order.

    02 Oct 2014

  • French car park group Infra Foch seeks triple-B bond

    Infra Foch, a new company formed to purchase French car park operator Vinci Park, has mandated banks for a European bond roadshow next week.

    02 Oct 2014

  • Esma rules spark confusion in swap market clearing rush

    Fresh challenges have surfaced for banks and other members of clearing houses as they prepare for the dawn of mandatory clearing, after final rules published on Wednesday redefined the categories of counterparties eligible for clearing in Europe. Hazel Sheffield reports.

    02 Oct 2014

  • FSB calls for bail-in clarity as HoldCo plan firmed up

    The Financial Stability Board called for clarity regarding bail-in debt to help resolve cross-border banks, ahead of a crucial G20 meeting which should set the final round of bank capital requirements.

    02 Oct 2014

  • S&P takes axe to sub debt

    Standard & Poor's on Monday said it had downgraded almost 90% of the European financial subordinated debt that it rates, as it responded to the new regulatory environment of higher coupon deferral and bail-in risks.

    02 Oct 2014

  • Draghi commits to buying junk ABS

    European Central Bank president Mario Draghi brought his determination to buy Greek and Cypriot ABS into the public sphere on Thursday as he said the intention was to include sub-investment grade paper in the purchase programme in a bid to make it as inclusive as possible.

    02 Oct 2014

  • Virgin Money joins Aldermore in year of challenger bank floats

    Virgin Money launched a long-awaited IPO on Thursday, making it the second challenger bank in the market.

    02 Oct 2014

  • Bad news for retail as Hema bonds drop in secondary

    Bonds issued by Hema, the Dutch discount retailer, traded down on Thursday after the publication of the company’s second quarter results.

    02 Oct 2014

  • Tele Columbus launches €500m refinancing loan amid IPO

    Tele Columbus, the German cable television operator, has today unveiled a €500m refinancing loan, which comes to the market two days after the company launched an IPO.

    02 Oct 2014

  • Emaar Malls trades up, giving fuel to Dubai listing fire

    Shares in Emaar Malls, the recently listed company that owns the Dubai Mall, surged on its first day of trading on Thursday, providing hope for bankers that had said the company's aftermarket performance could make or break Dubai's IPO reforms.

    02 Oct 2014

  • Lloyds combines levloans and high yield, names head

    Carlo Fontana has been made head of Lloyds’s EMEA leveraged debt capital markets team, which combines the bank’s leveraged loans and high yield businesses.

    02 Oct 2014

  • Emea syndicated loans for M&A double to €157.6bn

    Borrowers signed €157.6bn of acquisition loans in EMEA during the first nine months of 2014, more than double the €76.2bn raised in the same period last year, with bankers expecting the unusually busy summer to lead into a strong fourth quarter, too.

    02 Oct 2014

  • Lucky Seven: Nigerian corporate to make successful comeback

    Seven Energy is about to make it second time lucky, as it readies to price a seven year non-call four offering on Thursday.

    02 Oct 2014

  • RSA surprises with sterling tier two

    RSA Insurance hit the market on Thursday with a tier two sterling print, shrugging off recent volatility in the sub debt market. Bankers away from the deal judged it to offer a generous premium, though they conceded this was justified given recent market conditions.

    02 Oct 2014

  • Deadline for Promsvyazbank loan commitments arrives

    Responses to Promsvyazbank’s request for proposals on a loan were initially due back by close of business on Thursday, say loans officials. But banks may have asked for extensions until next week, to get internal sign-offs.

    02 Oct 2014

  • Sub issuance helps drive busiest year for FIG since 2009

    Issuance from financials in the first nine months of this year has reached its highest level in half a decade, according to figures released by Dealogic on Thursday.

    02 Oct 2014

  • Rocket Internet completes IPO, but hit by e-commerce plunge

    German e-commerce startup incubator Rocket Internet fell in the aftermarket after it completed its IPO on Thursday, getting caught up in a market-wide turn against online retail stocks.

    02 Oct 2014

  • Naftogaz delay does Ukraine no favours

    Ukrainian state run oil and gas company Naftogaz has confirmed the repayment of its $1.6bn Eurobond after failing to meet its September 30 deadline. While the delay did not come as a surprise to many, bond holders were left with sweaty palms on Wednesday and whispers of default did not do the country any favours.

    02 Oct 2014

  • Iceland’s borrowers back in the game

    Iceland is back in the debt markets, with the sovereign and banking sector making impressively speedy progress. However, memories of the country’s 2008 economic collapse and the capital controls that have been in place ever since, are holding Iceland’s issuers back. Many believe a sovereign upgrade is overdue and once that happens prices will begin to fall into line with the country’s peers.

    02 Oct 2014

  • EBA says resolution should ignore contractual features

    The European Banking Authority has tried to clear up ambiguity in the European bank resolution rules and the Capital Requirement Regulation by making it clear that the creditor hierarchy should define resolution treatment.

    02 Oct 2014

  • UK issuers eye Q4 ABS for long-term funding

    Some of the largest UK banks and other mortgage lenders are preparing returns to the ABS market before the end of the year, with some market sources saying that keeping in touch with their investor base is no longer the main motive for using the asset class.

    02 Oct 2014

  • Commodities come into the corporate finance fold

    Banks have shed trading platforms and physical assets but talk of a retreat is overdone, as the business becomes more tailored for the banking mainstream, writes David Rothnie.

    02 Oct 2014

  • SIG adds German bank with £250m refi

    SIG, a Sheffield-based specialist building products company, has refinanced a £250m revolving credit facility that was due to mature in May 2015.

    02 Oct 2014

  • BoE asks for powers to cap mortgage LTVs

    The Bank of England has set out new powers that would allow its UK regulators to restrict residential mortgage lending, including in the buy-to-let market, to “protect and enhance” financial stability.

    02 Oct 2014

  • Crisis-hardened companies look for growth

    Iceland’s companies reduced their debt sharply after the country’s financial crisis, with corporate debt now back to 2005 levels. There are signs, however, that the mood might be changing and that the bond market could play an important role. Phil Moore reports.

    02 Oct 2014

  • Plugging into the European energy market

    With only 20%-25% of Iceland’s available hydro and geothermal energy harnessed, the country’s energy potential is vast. The aluminium industry has thus far dominated, but the silicon industry could be the next to come onshore to take advantage of the cheap and plentiful power. Meanwhile, exciting plans to link up to the UK grid are taking shape.

    02 Oct 2014

  • LatAm bond volumes slowing, but still on course for record year

    DCM and syndicate bankers still expect 2014 to be a record year for cross-border bond issuance from Latin America and the Caribbean, despite volumes not maintaining the same breakneck pace during the third quarter.

    02 Oct 2014

  • Citi returns to top in LatAm

    Bank of America Merrill Lynch and Citi were the biggest climbers in the Latin America and Caribbean international bookrunner DCM league tables in last three months, with Citi replacing HSBC at the top and BofA Merrill breaking into the top four.

    02 Oct 2014

  • Iceland: caretaker of the Arctic

    Iceland’s long term commitment to developing its credentials as a North Atlantic economic hub is expected to strengthen, especially now that talks about membership of the EU have been broken off. Phil Moore reports.

    02 Oct 2014

  • What part of Eyjafjallajökull don’t you understand?

    The weather is often awful. Hotels and restaurants are still expensive, even after the devaluation of the króna. And when you’ve seen one geyser you’ve seen them all. So why is Iceland enjoying a tourism boom which has taken local economists by surprise?

    02 Oct 2014

  • GM Financial opens door for more Chinese auto ABS

    General Motors is planning to introduce its captive auto finance arm into the Chinese market later this year, paving the way for more issuance of auto loan securitizations in the world’s largest auto market. But concerns still remain around the asset class, in a country where securitization laws are relatively new.

    01 Oct 2014

  • Cantor hires in US CLOs, looks to replace in London

    Cantor Fitzgerald has hired a collateralised loan obligation trader in its New York office, as it seeks to build out its new issue CLO business. At the same time, it is looking to replace its head of euro CLO origination, who is no longer with the firm.

    01 Oct 2014

  • FTSE launches low vol index series

    Index provider FTSE Group and Research Affiliates have jointly launched a low volatility series of benchmarks that can be used as underlyings for structured products and other financial instruments.

    01 Oct 2014

  • ABS sales for LCR could be lower than expected

    Investors are expected to hoover up any ABS and CMBS that banks offload to meet regulatory requirements under the recently finalised liquidity coverage ratio (LCR). But they may have less paper to buy than initially expected.

    01 Oct 2014

  • Aéroports de Paris prices solid €500m 10.5 year

    Aéroports de Paris seized the opportunity presented by slightly stabler markets today to price a €500m 10.5 year bond with what one banker said was its lowest ever coupon on such a long bond.

    01 Oct 2014

  • Agnelli family’s Exor refreshes bond debt with €500m hit

    Exor, a principal holding company of the Agnelli family, which founded Fiat, on Wednesday issued its first bond since 2007. Despite shaky market conditions, the 10 year bond attracted ample demand, helped by the fact that it offered about 150bp of spread — not available every day on investment grade paper.

    01 Oct 2014

  • Prologis sells third euro bond this year to fund European expansion

    Prologis LP, a subsidiary of San Fransisco-based industrial real estate investment trust Prologis, priced on Wednesday a €600m six year bond, intending to use the proceeds to expand its European property portfolio.

    01 Oct 2014

  • Fast money tap straddle trades on Main as volatility leaps

    Fast money and pure volatility investors were seen selling volatility through a 60bp straddle trade on iTraxx Main as credit volatility reacted sharply to events this week.

    01 Oct 2014

  • Adidas dares 12 year unrated, but conditions not optimal

    Adidas, the German sportswear maker, issued its first bond for five years today, with a €1bn seven and 12 year offering. Adidas is a high quality name, but 12 years is an unusually long maturity for an unrated issuer, and with financial markets jittery again today, the deal may not have whizzed off the books as much as it might have in a more bullish atmosphere. Bankers said it widened sharply in the aftermarket.

    01 Oct 2014

  • France sells Orange stake, but busy market and investor suspicions dent demand

    The French state sold a €584m stake in telecoms firm Orange on Tuesday night, finding success on a busy evening for blocks.

    01 Oct 2014

  • HSBC appoints new global head of leveraged and acquisition finance

    Richard Jackson, co-head of leveraged and acquisition finance (LAF) at HSBC, has been made global head of that division.

    01 Oct 2014

  • Natixis scoops ex-SocGen equities bigwig

    Samuel Rosenberg, the ex-global head of financial engineering at Newedge in New York, has joined Natixis, also based in New York.

    01 Oct 2014

  • Bank Zachodni defies usual Polish tempo to price quickly

    Santander sold a stake in Polish Bank Zachodni WBK on Tuesday evening, finishing the deal quickly and at a slim discount in a country where quick to market deals tend to run relatively slowly.

    01 Oct 2014

  • Yapı Kredi refinances $1.2bn loan

    Yapı Kredi Bank has signed a $1.3bn-equivalent one year loan with banks, refinancing its $1.19bn deal from September 2013.

    01 Oct 2014

  • EBRD makes Ukraine top priority for trade finance

    The European Bank for Reconstruction and Development has said it is stepping up its efforts in Ukraine and that the country will become its largest trade finance beneficiary by the end of the year.

    01 Oct 2014

  • Lufthansa follows Air France's Amadeus block with second sale

    German airline Lufthansa sold its stake in Spanish holiday IT firm Amadeus through a block on Tuesday night, the second trade in the firm in recent weeks.

    01 Oct 2014

  • ECB purchases likely to start November, last four years

    The European Central Bank’s purchases of ABS and covered bonds may start next month and last four years.

    01 Oct 2014

  • Enterprise Inns' £250m HY bond shows rare secondary performance

    Enterprise Inns, the UK pub group, priced £249.521m of senior secured high yield bonds on Tuesday to yield 6%, as part of a liability management exercise.

    01 Oct 2014

  • Carrefour builds French pipe with small card ABS

    Carrefour Banque has added to an unusually busy pipeline of French ABS transactions set to be priced in the next week or so, after mandating banks for its second credit card receivables securitization almost a year after its first.

    01 Oct 2014

  • Hexagon lines up 'marginally oversubscribed' €2bn multicurrency RCF

    Hexagon, a Swedish company which makes precision measurement tools, has obtained a €2bn five year multi-currency revolving credit facility.

    01 Oct 2014

  • Abengoa syndicates €1.4bn loan after green bond

    Abengoa, the Spanish renewable energy and engineering firm, has allocated a €1.4bn refinancing loan, after issuing a €500m green bond last week.

    01 Oct 2014

  • Walsh leaves RBS

    Jez Walsh has left Royal Bank of Scotland where he had been in charge of covered bond syndication for 15 years. His departure follows Allen Rad who had traded covered bonds since 2008 and Christoph Anhamm who had been in charge of covered bond origination.

    01 Oct 2014

  • Moody’s upgrades Travelport to B2

    Moody’s has upgraded UK travel commerce platform Travelport’s corporate rating from B3 to B2, citing the company’s plans to use IPO proceeds to de-lever.

    01 Oct 2014

  • Finland's Certeum signs €500m property acquisition loan

    A new Finnish property investment company called Certeum has signed a €500m loan to fund the purchase of assets for its property portfolio.

    01 Oct 2014

  • Bankers look ahead to November AT1 rush

    While October is likely to be a quiet month for issuance of additional tier notes with the market hampered by a recent sell-off and the impending asset quality review, bankers are looking ahead to what is shaping up to be a busy November. Strong banks will be looking to benefit from favourable AQR results, while their weaker counterparts will have little choice but to tap the market

    01 Oct 2014

  • Pepper to issue new part prime non-conforming RMBS

    Pepper Australia is set to print its second non-conforming RMBS transaction of the year, spicing up the trade’s portfolio of loans to impaired borrowers with a sprinkling of prime mortgages.

    01 Oct 2014

  • CME eyes international expansion with leadership reshuffle

    William Knottenbelt, senior managing director; Europe, Middle East and Africa and ceo at CME Europe in London, has been promoted to senior managing director, international at the firm.

    01 Oct 2014

  • Borregaard gets bilaterals to optimise terms

    Borregaard, the Norwegian timber-based chemicals firm, has agreed new bilateral multi-currency revolving credit facilities totalling Nkr1.5bn (€185m) with its three relationship banks.

    01 Oct 2014

  • Scatec Solar finishes after cutting price, extending marketing

    Scatec Solar completed a Nkr794m ($123m) IPO on Wednesday, finding success with the deal after cutting the price and extending bookbuilding earlier in the week.

    01 Oct 2014

  • Seven Energy hopes to defy sell-off with return

    Nigerian oil and gas firm, Seven Energy is out with guidance for its comeback bond. The leads have set a wider guidance than was offered in July, when the borrower had to abort a deal, and will be hoping that the poor performance of this week’s markets doesn’t blight its return.

    01 Oct 2014

  • EBRD appoints Bosnia and Herzegovina head

    The European Bank for Reconstruction and Development has appointed Ian Brown as head of its office in Bosnia and Herzegovina, starting Wednesday.

    01 Oct 2014

  • New ABS disclosure rules to ‘reinforce rating competition’

    The European Commission is set to issue new rules for European structured finance transactions that will see issuers post enhanced deal data on a website and require ratings agencies to submit data on their ratings and the fees they charge clients.

    01 Oct 2014

  • Arbitrage on the menu as benchmark supply dries up

    Sovereign, supranational and agency issuers are primed to explore small prints in core currencies as well as looking to non-core currencies like sterling, as holidays in Asia will close benchmark supply in dollars after a storming month of new deals.

    01 Oct 2014

  • Shoots of recovery showing after sub sell-off

    There were signs of recovery in the FIG subordinated market on Wednesday, with some securities beginning to trade tighter after a torrid time of it over the last week. While supply will be minimal in the next few weeks, the improved tone bodes well for a busy November after the European Central Bank’s asset quality review.

    01 Oct 2014

  • Miserable markets mar EM pipeline

    New issuance in emerging markets has been overshadowed this week by the poor performance of last week's deals. However, bankers say that at the right price, there are still deals to be done.

    01 Oct 2014

  • Credit’s unease stalls high yield, not investment grade

    A few stomach qualms have been felt in corporate credit trading this week, as the iTraxx Europe Main index snapped out 4bp on Monday, its biggest widening since May and taking it back to early August levels. Bankers scoffed at the idea this was a reaction to Bill Gross leaving Pimco — more likely, investors are feeling nervous after a big bull run and heavy bond issuance in September.

    01 Oct 2014

  • KBC closes €25bn CDO book with final two sales

    KBC has collapsed the two remaining collateralised debt obligations (CDOs) in its portfolio, taking a loss on the value of the assets and closing the €25bn position it has been selling down over the last five years.

    01 Oct 2014

  • Argentina defies US again with bond payment

    For Argentina it is a sign of its dedication to paying creditors. For the US judge involved it is contempt of court. One thing is for sure: the South American state’s payment of its international bonds via a local account shows that a conclusion to Argentina’s debt saga is no nearer than it was when the sovereign defaulted on July 31.

    01 Oct 2014

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Oct 2014
1 JPMorgan 278,914.39 1111 7.98%
2 Barclays 251,894.67 869 7.21%
3 Citi 250,194.86 968 7.16%
4 Deutsche Bank 244,474.93 992 7.00%
5 Bank of America Merrill Lynch 240,849.72 857 6.89%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Oct 2014
1 Deutsche Bank 48,610.51 125 7.60%
2 BNP Paribas 45,308.93 185 7.08%
3 Citi 34,756.99 97 5.43%
4 Credit Agricole CIB 31,024.72 128 4.85%
5 JPMorgan 30,825.29 75 4.82%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Oct 2014
1 JPMorgan 23,809.73 114 9.33%
2 Goldman Sachs 22,933.11 77 8.98%
3 Deutsche Bank 20,595.54 76 8.07%
4 UBS 19,729.52 81 7.73%
5 Bank of America Merrill Lynch 19,079.80 69 7.47%