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News Archive

  • CME to launch futures on novel repo indices from BNY

    CME group plans to launch futures on tri-party repurchase agreement indices developed by BNY Mellon, providing investors with a novel tool to hedge their interest rate risk.

    21 Nov 2014

  • Demand for $/ ¥ topside options surge, strikes oddly cheap

    Funds have increasingly been buying topside options on the dollar against the yen as the Japanese unit continues to depreciate, however, high strikes on the currency pair are anomalously cheap despite the fact that both volatility and spot have continued to increase.

    21 Nov 2014

  • SFL’s 7yr euro scrapes through as BASF’s short sterling hits the spot

    Thursday was a busy day for European investment grade corporate bonds, with €4.9bn issued in euros and sterling. But with a great deal of diversity of issuers, maturities and currencies, the market had more appetite for some than for others.

    21 Nov 2014

  • Pension funds spur growth in ETFs, futures on minimum vol factor indices

    Institutional investors such as pension funds are showing increasing interested in futures and exchange traded funds on MSCI minimum volatility factor indices based off its equity market indices, including the MSCI emerging market futures index.

    21 Nov 2014

  • Draghi urgency peps periphery ahead of Italian auctions

    It might not quite rank with his “whatever it takes” speech from 2012 in terms of slashing eurozone periphery sovereign yields, but European Central Bank president Mario Draghi’s claim on Friday that the central bank will do “what we must to raise inflation and inflation expectations as fast as possible” had an instant effect on periphery performance. Italy is first in line to benefit, with a series of sales lined up for next week.

    21 Nov 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.

    21 Nov 2014

  • Wienerberger stacks up a €400m revolver

    Wienerberger, the world’s largest brick maker, has replaced two lines of credit with a €400m five year revolver.

    21 Nov 2014

  • CBM prints rouble sub at sky high yield

    Credit Bank of Moscow has printed its Rb5bn 10.5 year non-call 5.5 year subordinated bond at par with a coupon of 16.5%, the highest ever for a Russian bond, according to Dealogic data. The deal was sold to a small group of investors that drove the transaction and pricing.

    21 Nov 2014

  • Santander yanks euro print at last stage as market turns sour

    Santander Consumer Bank made the decision to postpone a three year senior unsecured print on Thursday, capitulating in the face of torrid market conditions. While the process was well advanced — with order books closed and final terms set — the issuer and leads ultimately decided not to price the trade.

    21 Nov 2014

  • FirstRand is latest CEEMEA casualty

    South Africa’s FirstRand bank was the latest in a long line of pulled deals from CEEMEA on Thursday when it pulled a five year dollar bond on Thursday after announcing initial price thoughts.

    21 Nov 2014

  • Sanctioned VEB prints rouble bond with Raiffeisen on the mandate

    Vnesheconombank printed a Rb9bn one year domestic bond on Thursday with Raiffeisen Russia, a subsidiary of Austria's Raiffeisenbank International, on the mandate alongside Russian banks Gazprombank and Sberbank.

    21 Nov 2014

  • Referendum risk remains for Scottish credits as Wheatley HA prices 30yr

    When Wheatley Group, a Scottish association of social housing providers, sold £250m of 30 year bonds on Thursday, the big question for investors was how to price in the possibility of a ‘Yes’ vote in a possible second Scottish independence referendum.

    21 Nov 2014

  • Israel Chemicals makes impressive bond debut as others fall flat

    Israel Chemicals pulled in a $4.3bn book for its debut bond on Thursday, proving that quality still sells in a market where several deals have been pulled this week, including by KazStroyService on Monday and South Africa’s FirstRand Bank on Thursday.

    21 Nov 2014

  • Secondary pricing update: featuring KfW's dollar whopper

    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.

    21 Nov 2014

  • Protelindo’s CGIF-backed Singapore Debut bond rakes in S$180m

    Protelindo Finance scored a number of firsts with Credit Guarantee and Investment Facility (CGIF)- backed bond. As well as being the first Singapore dollar trade under the scheme it is also the only ten year as well as marking the borrower’s maiden outing in the international capital markets.

    21 Nov 2014

  • National Agricultural eyes placements worth $145m

    National Agricultural Holdings is embarking on several placements of primary shares that could rake in up to HK$1.13bn ($145.06m).

    21 Nov 2014

  • Reverse enquiry tempts unrated Fluxys Belgium to add 20yr to long bond

    Fluxys Belgium, the gas transmission system operator, priced a €250m 15 year bond on Thursday, but demand for longer dated unrated paper was so strong that the company decided to add a €100m 20 year tranche in response to reverse enquiry.

    21 Nov 2014

  • US investors get a new RMB option as China Merchants launches CDs

    China Merchants Bank’s (CMB) New York branch has launched the first renminbi denominated certificate of deposit (CD) in the US from its new global CD programme. Proceeds of the Rmb50m ($8.16m) one month offering will be used to support transactions in the US-China trade corridor.

    21 Nov 2014

  • HC Intl suffers in secondary after $100m hedge-fund heavy CB

    Chinese B2B e-commerce company HC International raised HK$780m ($100.5m) on Thursday night by selling a convertible bond, opting to tap the equity-linked market to save on costs that it might otherwise have to shell out for high yield debt. But the CB’s heavy reliance on hedge funds was reflected in Friday morning’s trade when shares plummeted as investors shorted their equity.

    21 Nov 2014

  • Alibaba draws $55bn of orders for landmark debut $8bn bond

    Alibaba amassed a whopping $55bn of orders from investors for its landmark $8bn deal which ranks as the biggest G3 bond from an Asian ex Japan issuer. But some investors opted to stay on the sidelines after pricing was tightened up to 27bp across the six tranches.

    21 Nov 2014

  • China rainmaker Cai may leave Deutsche Bank

    Veteran Chinese dealmaker Henry Cai is said to be considering leaving Deutsche Bank after four years with the firm.

    21 Nov 2014

  • Fate of Tata Motors’ $250m loan unknown in light of bond success

    Tata Motors, which mandated DBS, Standard Chartered and State Bank of India for a $250m seven year new money deal, may opt not to do the loan at all, following the success of a $750m dual tranche bond it priced in October.

    21 Nov 2014

  • Formosa $1.2bn seven year open at four levels

    Formosa Group Cayman Islands launched a $1.2bn seven year loan into general syndication on November 12 with three arrangers, which are syndicating it on a best efforts basis.

    21 Nov 2014

  • Louis XIII plans equity raising for Macau project

    Louis XIII Holdings, which is building a luxury hotel in Macau, is looking to tap the ECM market to fund some of the construction and is mulling a combination of placement, convertible bonds and a rights issue.

    21 Nov 2014

  • Sembcorp takes double dose of Singapore dollar bonds

    Sembcorp Financial Services priced a pair of Singapore dollar bonds this week raising a combined S$250m ($192m). The issuer originally planned to sell a two tranche deal, but found it could get more competitive pricing by splitting the trade between two banks.

    21 Nov 2014

  • Mah Sing flags rights issue to raise $187m

    Malaysia’s Mah Sing Group is looking to raise MR630m ($187.1m) in a rights issue to finance land acquisitions.

    21 Nov 2014

  • Tata Steel receives $750m in commitments

    Syndication for the $3.2bn portion of Tata Steel’s $5.6bn borrowing is progressing well, with the deal already receiving $750m worth of commitments, said a banker. Nine banks have committed so far and a handful more are expected to join before close.

    21 Nov 2014

  • BMO’s LGM homes in on Greater China with new equities chief

    LGM Investments, subsidiary of BMO Global Asset Management, has named Stephen Ma as its head of Greater China equities. He joins as LGM plans to launch a China-focused Ucits vehicle for investors in Asia, the Middle East and Europe.

    21 Nov 2014

  • Record demand for 10y tranche as MoF CNH auction sees curve flatten

    China’s Ministry of Finance’s (MoF) second auction of offshore China government bonds (CGBs) this year priced in line with market predictions on Thursday, with the curve flattening from the previous auction in May on the back of easing expectations, and spreads narrowing versus onshore paper. Particularly notable was the demand for the three and 10 year tranches, resulting in subscription levels of 4.32 times and 3.85 times, respectively.

    21 Nov 2014

  • Non-Brazil trio fetch blow outs in resilient LatAm

    A trio of heavily oversubscribed and tightly priced corporate deals from Latin America on Thursday showed that Petrobras’ problems were only for Brazilian issuers and no one else, as Mexicans Elementia and Gruma, and Chilean Angamos, fetched huge order books in spite of Alibaba’s $8bn jumbo.

    20 Nov 2014

  • Brazil faces barren period as Petrobras scandal hits bonds

    Corporate debt from Brazil was among the worst performing sectors in LatAm this week, said traders, as the fallout from a corruption investigation at Petrobras threatens to halt new issue supply from Latin America’s largest economy.

    20 Nov 2014

  • BBVA raises €2bn in accelerated trade to up Garanti stake to 40%

    BBVA raised €2bn of fresh equity on Wednesday evening, to finance its acquisition of a 14.89% stake in Turkey’s Garanti Bank — taking its stake in the bank to 39.9%. The €2bn will pay for the whole stake.

    20 Nov 2014

  • Mexico hails game changing CACs but no price paid

    New collective action clause language used by Mexico in its latest bond issue should make sovereign restructurings much easier, said the borrower, but there is still no evidence investors will demand a premium for the changes.

    20 Nov 2014

  • Loan banks fear clampdown on communication after FX scandal

    Bankers are becoming worried that the syndicated loan market could be scrutinised by regulators, after swingeing fines on banks for foreign exchange and Libor rigging, writes Dan Alderson.

    20 Nov 2014

  • AT&T follows IBM into hot euro market with €3.8bn whopper

    Two US blue chips issued a combined €4.8bn of bonds a day apart this week, demonstrating the euro market's attractiveness to US issuers and its capacity to absorb large amounts of paper. Bankers expect more US companies to dive in soon, while the swap market remains favourable.

    20 Nov 2014

  • Seven year itch draws Deutsche bank to krona

    Deutsche Bank tapped into growing demand for yield pick up among Nordic investors on Wednesday, returning to the Swedish krona market for the first time since 2007.

    20 Nov 2014

  • Korea Expressway prices tight for Swiss debut

    Korea Expressway Corp made up for its recent disappointment in dollars with a tightly priced Swiss franc debut on Tuesday.

    20 Nov 2014

  • Ocwen allows free access to loan-level data

    Ocwen Financial is allowing open access to its re-launched loan-level database. Investors, and anyone else who signs up for the platform, can analyse Ocwen-serviced loans that back RMBS.

    20 Nov 2014

  • AT&T's €3.8bn whopper biggest in euros since 2009, tightens dollar curve

    AT&T, the US's largest telecoms company, returned to the euro bond market on Thursday, a day after technology firm IBM, this time with a whopping €3.8bn three tranche deal.

    20 Nov 2014

  • Cabei comes back for longer dated Swiss

    The Central American Bank for Economic Integration (Cabei) tapped the Swiss franc market for the second time in less than two weeks on Wednesday with a Sfr115m ($120m) long eight year.

    20 Nov 2014

  • Enel expands base offer in Endesa stake sale

    Italian power utility firm Enel has decided to raise the number of shares it is selling in Endesa after finding strong demand from investors.

    20 Nov 2014

  • Covered bond spreads hit record lows as ECB buys more

    Three issuers from France, Belgium and Germany raised €2.5bn in the covered bond market this week, and another €1bn transaction was expected from a Finnish issuer on Friday. The deals were all remarkable for the fact that the funding levels set new records for all issuers as the ECB’s allocation continued to grow, squeezing out other investors.

    20 Nov 2014

  • Investment grade loans, news in brief - November 20, 2014

    United Internet — Vimpelcom — Geberit

    20 Nov 2014

  • Erste Group USD500m 5.5% May 25 T2

    20 Nov 2014

  • KBC EUR750m 2.375% Nov 24 T2

    20 Nov 2014

  • To A$4bn and Beyond for Aussie ABS

    While European ABS issuance was impatiently waiting for the entrance of the European Central Bank this week, Australian issuance was ploughing on with another two banks having mandated for RMBS transactions.

    20 Nov 2014

  • Yildiz fleshes out terms for £985m United Biscuits loan

    Yildiz Holding, the Turkish food manufacturer, has announced details of the debt package that will back its buyout of United Biscuits, in advance of a London bank meeting on Friday.

    20 Nov 2014

  • DriveTime order a warning for auto ABS

    The Consumer Financial Protection Bureau (CFPB) announced an $8m enforcement action against the auto dealer DriveTime on Wednesday. The action raised concerns among market participants that auto lending investigations might not be as priced in for new ABS issuance as was previously thought.

    20 Nov 2014

  • EBRD nips in for $1bn after World Bank epic

    A short window of issuance is open for borrowers with dollar benchmarks to do ahead of the Thanksgiving holiday next week that heralds the traditional close of the market.

    20 Nov 2014

  • Delta Lloyd looks to tighten curve into ECB driven rally

    Delta Lloyd issued price guidance on the A2 and A3 notes of its second swapless RMBS transaction well inside its first this week, but was met with an enthusiastic response for the novel structure from investors who had the deal well covered by Thursday afternoon.

    20 Nov 2014

  • Corporates dash for dollars ahead of Alibaba and predicted M&A deluge

    High-grade issuers swamped the dollar market in the early part of the week trying to get in before Alibaba’s debut $8bn offering on Thursday while expecting a deluge of M&A related financings.

    20 Nov 2014

  • BNP Paribas Cardif EUR1bn 4.032% Perp NC11 T2

    20 Nov 2014

  • P2P securitization ‘problematic’ in Europe but groundwork being laid

    The US market may be moving towards its first rated securitization of marketplace lending consumer loans and mainstream acceptance, but attendees at the LendIt Conference in London this week were cautious on the outlook for a similar breakthrough in Europe.

    20 Nov 2014

  • FCC is ready for restructuring after capital increase gets the go ahead

    Fomento de Construcciones y Contratas's shareholders approved a €1bn capital increase at an extraordinary shareholders meeting on Thursday in Barcelona, allowing the Spanish building and environmental services company to begin restructuring a €4.5bn loan.

    20 Nov 2014

  • Fresenius closing book on its $4.2bn refi with IG-like pricing

    Fresenius Medical Care, the US subsidiary of German global healthcare group Fresenius, is closing books on a $4.2bn refinancing loan this week, offering margins at a level more familiar to investment grade borrowers than those in the double-B pocket.

    20 Nov 2014

  • Iccrea Banca EUR500m 1.875% Nov 19

    20 Nov 2014

  • PSB draws eight banks with $120m one year loan

    Promsvyazbank this week signed a $120m-equivalent loan with international lenders. Although a smaller size than some bankers expected, the deal was warmly received following a similar sized deal for Russian peer Otkritie Financial Corp (formerly Nomos Bank) last week.

    20 Nov 2014

  • Deutsche Bank USD1.5bn 7.5% Perp NC 10 AT1

    20 Nov 2014

  • Pulsant completes £90m Oak Hill acquisition loan

    Pulsant, the UK IT business services company, has syndicated leveraged loans backing its buy-out by Oak Hill Capital Partners.

    20 Nov 2014

  • Jury out on ECB as it pulls trigger on ABS purchases

    The European Central Bank could be buying primary European ABS from securitization bankers in the next few trading sessions after signing its purchase programme into law this week. But a worrying number of those bankers think the purchases will drive private investors out of the market, while an even greater number say the positive effects will not be enough to combat the regulatory barrier to more issuance.

    20 Nov 2014

  • People Moves in Brief

    Agarwal to co-head CS markets group - Giesen quits RBS EM team - Nomura boss resigns after 18 months

    20 Nov 2014

  • Liquid Telecom and Standard Bank join African rush

    African loan bankers have picked up the pace as the window to complete deals before the end of the year starts to close. Among others, Liquid Telecom has come to market, while South Africa’s Standard Bank is looking for its second deal of recent months.

    20 Nov 2014

  • KBC and BNP Cardif succeed despite shaky market for subordinated debt

    Belgium’s KBC Bank and BNP Paribas Cardif — an insurance subsidiary of the French bank — navigated a tricky sub debt market this week, selling oversubscribed tier two bonds while recent issues traded down and other new issues floundered.

    20 Nov 2014

  • Sekerbank first for loan from EBRD/CTF energy facility

    The European Bank for Reconstruction and Development and the Clean Technology Fund have created a $350m financing facility aimed at boosting investment in energy efficiency improvements in Turkish homes, to help residents in the country reduce their energy bills.

    20 Nov 2014

  • Ico hopes for swift sterling return after first deal since 2010

    After a lengthy absence from sterling, Instituto de Crédito Oficial is keen to reestablish itself as a permanent name in the currency. The Spanish agency sold its first new issue in the sterling bond market in five years this week, while Finland came soon after with a five year.

    20 Nov 2014

  • UniCredit CPT revival offers boost for periphery banks

    UniCredit Italy has revitalised hopes for the conditional pass through (CPT) covered bond structure which was pioneered by NIBC over a year ago and was at risk of being ignored by everyone else. The Italian national champion has restructured one of its covered bond programmes from a soft bullet maturity and intends to sell bonds from it next year.

    20 Nov 2014

  • Iccrea and Santander shoot for aggressive pricing in euros

    Two European banks took to the senior unsecured market to sell tightly priced euro deals this week, as Italy’s Iccrea Banca sold a five year note and Santander Consumer Bank a three year. While Iccrea drew together a fully subscribed order book despite aggressive tactics, demand seemed stunted for Santander.

    20 Nov 2014

  • Op risk avalanche starts to roll with RBS fines

    Fines UK authorities imposed on Royal Bank of Scotland could herald a much greater focus from bank overseers on operational risk — and the willingness to use penalties to keep banks in line.

    20 Nov 2014

  • Deutsche hits AT1 target, but sub mart struggles on supply bulge

    Turbulence hit a subordinated debt market that seemed to be about to hit its stride this week, as deals from Deutsche Bank and Erste Group slumped in the secondary market straight after sale.

    20 Nov 2014

  • Crédit Agricole goes large with four tranche samurai

    Crédit Agricole priced the year’s largest deal from a European financial issuer in samurai format on Thursday, raising a total of ¥135.5bn ($1.15bn) from a four-tranche, fixed-floating rate transaction.

    20 Nov 2014

  • Citi, Westpac go short as long-end wanes

    Heavyweight borrowers Citigroup and Westpac Banking Corp printed deals tailored to capture investor preference for short-dated paper in the US market this week.

    20 Nov 2014

  • Dubai Parks’ institutional slice oversubscribed early

    Dubai Parks and Resorts, a subsidiary of Meraas Holding, has received more than enough demand to complete the institutional tranche of its initial public offering, just three days after the deal was launched and a week before the deadline for commitments.

    20 Nov 2014

  • Auctions set to provide bulk of euro supply as ESM shuns deal window

    Auctions will be the main source of euro issuance from sovereigns, supranationals and agencies for the rest of the year, after the European Stability Mechanism this week opted against sounding banks for a syndication during its last deal window next week. But the market was strong for issuers that did come this week, with a pair of deals priced at the tight end of initial price thoughts.

    20 Nov 2014

  • Eris swap futures reach $14bn in notional

    Open interest in dollar-denominated interest rate swap futures on Chicago-based futures bourse Eris Exchange has reached $14bn in notional, a new record all-time high.

    20 Nov 2014

  • Pay more in bonuses and let bankers bear the risks

    To nobody’s surprise, the UK has dropped its challenge to the European bonus cap, after the European Court of Justice looked set to throw it out. After the UK’s objections were overruled in the drafting of the law, the challenge was a last roll of the dice — a desperate attempt to be rid of the cap by any means necessary. That is a shame because, regardless of how deserved bankers' compensation is — which is surely what should really be debated — the more it is awarded on a discretionary basis, the better for everyone.

    20 Nov 2014

  • Enel increases retail portion of Endesa stock sale

    Italian power utility firm Enel will sell about 50% more Endesa shares to Spanish retail investors than it had originally planned, after strong demand for that tranche led to a 1.7 times oversubscription of the book.

    20 Nov 2014

  • EBRD $1bn 1.75% Nov 19

    20 Nov 2014

  • Floodgates open for institutional investors to buy RPL RMBS

    Credit Suisse subsidiary DLJ Mortgage Capital is sponsoring the first rated issuance of RMBS backed by re-performing mortgages, as RPL RMBS issuers look to tap a larger investor base which has been boxed out of the booming asset class until now.

    20 Nov 2014

  • Los Angeles CLO manager close to S&P and Volcker doc change

    West Gate Horizons is close to Volckerising one of its 2013 collateralised loan obligations, as well as modifying the documentation to reflect changes in Standard & Poor’s recovery ratings. The move comes as Volckerisation efforts are slowing because of a less refi-friendly environment — although some sources say equity investors are more receptive to such changes as they may enhance liquidity.

    20 Nov 2014

  • Sovereign support lifts Flydubai sukuk debut

    Flydubai printed a debut sukuk on Wednesday, receiving more than $3bn in orders for its five year dollar deal.

    20 Nov 2014

  • Turkey places 10 year sukuk within a whisper of conventional curve

    The Republic of Turkey raised $1bn with a 10 year sukuk on Tuesday, closing the gap between its conventional and Islamic funding costs to just a handful of basis points. Despite some disagreement over just how close the issuer got to conventional levels, the tight pricing provides ammunition for debt bankers trying to tempt other sovereigns into the Islamic market.

    20 Nov 2014

  • Sukuk helps take Mumtalakat flat to govvies

    Bahrain’s sovereign wealth fund, Mumtalakat, priced a seven year debut sukuk on Tuesday which debt bankers said came flat to or even inside the sovereign curve. They put this down to credit quality, scarcity value and exceptional liquidity in the Middle East but added that the additional rarity of the sukuk format was also a contributing factor, which other potential issuers should do well to note.

    20 Nov 2014

  • mBank pays 10bp-15bp NIP to extend to seven years

    mBank was back in the euro market on Thursday with a €500m seven year note. The Polish bank is looking to become a regular issuer and took the opportunity to extend its curve, printing with a 10bp-15bp new issue premium.

    20 Nov 2014

  • Hedge funds scoop euro/dollar puts with RKO

    Hedge funds have been picking up puts on the euro against the dollar with reverse knockouts following increased volatility on the currency pair and a gradual strengthening of the latter currency over the past month.

    20 Nov 2014

  • Last day to vote in GlobalCapital Loans Awards

    The poll for GlobalCapital’s Syndicated Loans Awards is still open, but not for long – the cut off for voting is this Friday, November 21.

    20 Nov 2014

  • Plenty of pulled deals but the CEEMEA market is working fine

    On the surface, it's been a torrid past few weeks in the CEEMEA primary markets. A string of names postponed bonds, and one printed at a yield a whopping 150bp wide of initial price thoughts. But these events don't indicate a foundering market — rather they are a sign of investors taking realistic decisions about what they want to invest in and at what price.

    20 Nov 2014

  • African private placements to flourish within the next year

    MTN issuance in Africa could be set for a boom over the next six to 12 months, as dealers receive an increasing number of reverse enquiries.

    20 Nov 2014

  • MTN Leak: Inter-Luton

    Tokai Tokyo’s Pav Sagoo might not be quite at the heartthrob level of Hollywood’s Matthew McConaughey, but when it comes to adventures in dangerous places the MTN man leaves the actor far behind.

    20 Nov 2014

  • Israel Chemicals debut awaits market reaction

    Israel Chemicals has released initial price thoughts for a 10 year note, copying the form set by Israel Electric — which printed the same tenor on November 5.

    20 Nov 2014

  • United Biscuits announces currency split on £985m acquisition loan

    UK biscuit maker United Biscuits has given guidance on the currency split of the £760m-equivalent term loan ‘B’ slice of its leveraged buyout by Yildiz.

    20 Nov 2014

  • Northampton first uni to use UK wrap

    The University of Northampton became the first university to make use of the UK's Infrastructure Guarantee scheme when it issued a £231.5m 40 year bond guaranteed by the government on Wednesday.

    20 Nov 2014

  • Shanghai-HK Stock Connect spurs arbitrage strategies

    The mutual exchange offering between Hong Kong and Shanghai stock exchanges may drive Chinese and Hong Kong equity product trading, innovative derivatives strategies and growth in other Southeast Asian markets.

    20 Nov 2014

  • Agarwal and Williams to co-head Credit Suisse’s market solutions group

    Sandeep Agarwal, head of EMEA debt capital markets and Nick Williams, head of EMEA equity capital markets, will become co-heads of the EMEA global markets solutions group (GMSG), the wider structure that includes ECM, DCM, leveraged finance, equity derivatives, debt derivatives, restructuring, liability management and ratings advisory.

    20 Nov 2014

  • French region unveils debut MTN

    France's Région Bretagne printed its first ever medium term note on Wednesday, in a move to diversify its investor base and achieve more competitive terms on its debt.

    20 Nov 2014

  • Gérardin stamps authority on CIB at BNPP

    Bankers who have made their name in Asia feature heavily in the new CIB chief’s reshuffle, writes David Rothnie

    20 Nov 2014

  • Nomura’s EMEA boss Bennett quits

    Jeremy Bennett, Nomura’s EMEA CEO, resigned from the bank this week to pursue other opportunities in the charitable sector and in emerging markets.

    20 Nov 2014

  • Geberit completes Sfr1.3bn Sanitec loan with Swiss and foreign banks

    Geberit, the Swiss bathroom fittings maker, has allocated its Sfr1.29bn (€1.07bn) loan for the purchase of Sanitec, a Finnish competitor. Five Swiss and five foreign banks are in the deal.

    20 Nov 2014

  • Hapag-Lloyd shows HY alive with €250m drive-by bond

    Hapag-Lloyd, the German container shipping company, jumped into the high yield bond market on Thursday for a drive-by sale of a €250m bond, to refinance a deal maturing next year.

    20 Nov 2014

  • DCM veteran returns to the market to co-head UBS corporates

    A veteran primary markets banker has returned to the market after a 20 month hiatus to co-head EMEA corporate debt capital markets at UBS.

    20 Nov 2014

  • Belden taps for €200m, buyers ignore resulting downgrade

    Belden, the US cable maker, has tapped its 2023 bond for €200m, triggering a one notch downgrade by Moody's to Ba2 — but investors shrugged off the change.

    20 Nov 2014

  • Sovereign support lifts Flydubai sukuk

    Flydubai printed a debut sukuk on Wednesday, receiving over $3bn in orders for its five year dollar deal.

    20 Nov 2014

  • SGX on fire as Universal mulls first oil storage trust S$1bn IPO

    Universal Terminal is set to provide investors with a unique story as it eyes raising a whopping S$1bn ($770m) IPO on the Singapore Exchange next month. If successful, the company will become the largest listing in the city-state this year — and the very first oil and gas storage trust to sell shares in Asia. Despite the firsts, the IPO will be a big test of the market’s appetite for size, business trusts and oil-related stocks, writes Rashmi Kumar.

    20 Nov 2014

  • More Chinese provincial SOEs to go offshore for funding

    Centrally controlled state-owned enterprises from China have been a regular feature of G3 bond markets, but they are now facing competition from their provincial counterparts. But a question remains over whether provincial entities are willing to adopt the structural innovation of their bigger peers, writes Narae Kim.

    20 Nov 2014

  • Credit Bank of Moscow offers highest ever Russian coupon

    Credit Bank of Moscow has released price guidance at a yield of 16%-17% for a 10.5 year non-call 5.5 year subordinated rouble-denominated Eurobond. The final coupon on the note could be the second highest ever offered in the CEEMEA region for an internationally sold fixed rate note and the highest ever from a Russian issuer, but is largely being sold to a small group of investors that have already been identified.

    20 Nov 2014

  • Alibaba on course for $8bn Asia bond record

    Alibaba was due to price its landmark bond in the early hours of Friday having launched final price guidance after Asian markets closed the night before. Bankers were staying tight lipped but investors said the deal could easily reach $10bn though debate was divided about what is fair value, write Lorraine Cushnie and Narae Kim.

    20 Nov 2014

  • NDF clearing could finally herald cross-border cooperation

    Lawyers on both sides of the Atlantic hope that the creation of a clearing obligation for non-deliverable forwards (NDFs) could herald unprecedented regulatory cooperation between the Commodity Futures Trading Commission (CFTC) and the European Securities and Markets Association (ESMA).

    20 Nov 2014

  • Fed oversharing could lead to swinging equity volatility

    The Federal Open Market Committee has developed a reputation in recent years as a stalwart foe of market volatility. That reputation has been justly earned, but recent comments suggest that the committee may be adopting a different attitude.

    20 Nov 2014

  • Santander Consumer Bank struggles to gather demand for three year print

    Santander Consumer Bank was the sole issuer to tap the euro market on Thursday, selling a short dated print, but struggled to draw demand as some syndicate bankers expressed concern that markets were turning sour.

    20 Nov 2014

  • Spain passes 2014 goal as costs near this year's lows

    Spain breezed past its 2014 funding target for the year at an auction on Thursday and at levels close to its lows for the year. Meanwhile, Ireland held its first bill auction with a tenor longer than three months since 2010.

    20 Nov 2014

  • IFC plots R$ curve extension after Brazil lifts issuance cap

    The International Finance Corp is planning to extend its Brazilian real maturity curve early in 2015 after the Brazilian government allowed it to issue an unlimited amount in offshore and onshore bond markets.

    20 Nov 2014

  • Ayala raises $275m in sought-after top up placement

    Philippine conglomerate Ayala Corp’s blue chip reputation helped it net Ps12.35bn ($275m) in a hotly-received top-up placement on November 19, leading to the final offer being increased from an initial Ps8.98bn.

    20 Nov 2014

  • Metinvest extends deadline for exchange

    Metinvest has extended the deadline to accept the proposed bond exchange offer for its $500m 10.25% 2015s to 24 November. Bondholders of 76% of the notes have already accepted the offer.

    20 Nov 2014

  • Basis swap and redemptions to drive activity in sterling as Westpac sells FRN

    The outlook for the sterling market in the coming weeks looks bright, with a conducive basis swap out of the currency and a hectic redemptions schedule likely to encourage issuers to follow in the footsteps of ING and Westpac, both of which sold short dated FRNs in the currency this week.

    20 Nov 2014

  • Vimpelcom signs $1bn loan with Chinese banks

    VimpelCom, the Russian telecommunications company, has signed a $1bn credit agreement with Chinese banks.

    20 Nov 2014

  • Grenke grows deal to €125m after three times oversubscription

    Grenke, the German IT leasing company, issued a 4.5 year bond on Wednesday. An order book of €300m allowed it to grow from an expected €100m to €125m.

    20 Nov 2014

  • mBank back for longer euro bond

    mBank was back in the euro market on Thursday with a seven year note. The Polish bank is looking to become a regular issuer and is taking the opportunity to extend its curve this time round.

    20 Nov 2014

  • Supply aplenty: 38 sign up to Mercuria’s refi revolver

    Commodity trader Mercuria signed its latest refinancing on November 18, with 28 banks joining during general syndication. Although the loan was oversubscribed by about 60%, Mercuria decided to cap the borrowing at its launch size of $1bn.

    20 Nov 2014

  • National central banks to take on ECB’s ABS purchases

    The European Central Bank can begin buying asset backed securities as early as Friday after signing its purchase programme into law on Wednesday. The published documents showed the eurozone's national central banks will take over from the ECB later on in the programme.

    20 Nov 2014

  • KCC Corp block flies off shelf on Cheil link

    Hyundai Samho Heavy Industries has offloaded all of its shares in industrial materials producer KCC Corp to net W415.2bn ($374m). Investors were extremely eager to get their hands on KCC’s stock because of its association with Cheil Industries, the de facto holding company of Samsung Group that is preparing for a chunky IPO.

    20 Nov 2014

  • Financial Policy Committee’s Taylor skewers AT1

    Martin Taylor, an external member of the Bank of England’s Financial Policy Committee, on Wednesday night delivered a broadside attacking the additional tier one market as it exists today, in a speech to the Oliver Wyman Institute.

    20 Nov 2014

  • Dividend recaps no longer a no-go for lenders in Asia

    Dividend recapitalisations are picking up in Asia, with a number of private equity firms tapping the loan market in recent months. Asian lenders have traditionally been reluctant to lend for such purposes, but have become more familiar with PE sponsors and more comfortable with the structure. It helps that such deals are offering juicy margins at a time when top tier credits are paying peanuts, writes Shruti Chaturvedi.

    20 Nov 2014

  • Olam $2.475bn triple trancher gets 19 banks

    Agricultural products supplier Olam International has mandated 19 banks for a $2.475bn triple tranche refinancing of a $2.22bn bridge loan that it sealed in May.

    20 Nov 2014

  • Security Bank to hit road with first dollar bond

    The Philippines’ Security Bank Corporation is due to hold investor meetings for its debut dollar bond, the lender’s first move to tap into broader capital markets in dollars.

    20 Nov 2014

  • Reignwood hits pause button on $160m debut offshore loan amid better cash flow

    Chinese beverage manufacturer Reignwood Group, which launched its maiden offshore syndicated loan in September, has decided to defer the fundraising to December or early next year as its need for the money is no longer imminent amid improved cash flow.

    20 Nov 2014

  • MSCI inclusion the next milestone for Shanghai

    The newly-minted Shanghai-Hong Kong Stock Connect has made some progress in opening up China’s capital markets, but the next level would be inclusion into the MSCI indexes, said analysts.

    20 Nov 2014

  • Reliance Jio Infocomm dials up $1.5bn refi with 26

    Reliance Jio Infocomm’s $1.5bn dual tranche loan that opened in September has been allocated among 26 lenders, 11 of which joined during general syndication. Thin pricing did not stop Taiwanese, Japanese and Middle Eastern lenders from piling into the deal, as it gave them a chance to form a relationship with India’s biggest private sector company.

    20 Nov 2014

  • Chinese firms Maple Leaf and Q Technology set for HK

    Maple Leaf Educational Systems and Q Technology opened books this week for IPOs on the Hong Kong Exchange, with both companies securing cornerstone investors ahead of launch.

    20 Nov 2014

  • Aussie state first as NSW debuts dim sum

    The Australian state of New South Wales priced a landmark debut offshore renminbi bond late in the evening Sydney time on November 19, riding the momentum from this week's establishment of an Australian RMB hub to shave 10bp off initial guidance and hit its target size and funding cost.

    20 Nov 2014

  • Champagne, gongs, confetti and power

    It’s not every day an old dinosaur like me gets invited to market moving events, so you can imagine my surprise in receiving an invitation to attend the launch ceremony of the Shanghai-Hong Kong Stock Connect.

    20 Nov 2014

  • ThaiBev said to be forming bank group for $1.4bn loan to back Vietnamese acquisition

    ThaiBev is said to be establishing a group of lenders for a loan of about $1.4bn to back its purchase of a stake in Vietnamese state-owned Saigon Beer Alcohol Beverage Corp (Sabeco).

    20 Nov 2014

  • UBS’s Vashistha named new head of India ECM at Citi

    Citi India has appointed UBS veteran Arvind Vashistha as head of equity capital markets for India.

    20 Nov 2014

  • Autohome gets warm reception for $361m follow-on

    New York-listed Autohome, an online platform for car consumers, has wrapped up its follow-on offering of $361.25m. The deal received a positive reaction from the market, with the Chinese company’s stock climbing on the last day of bookbuilding — after having declined 7.7% since launch.

    20 Nov 2014

  • UK’s bonus cap challenge binned

    The UK’s challenge to European Union’s bonus cap for bank employees has been ditched, after the advocate general for the highest court in the EU said the law was valid. UK authorities had fought against the limits, with the Bank of England arguing that it made banks weaker by raising fixed costs.

    20 Nov 2014

  • Israel Chemicals debut awaits market reaction

    Israel Chemicals is out with initial price thoughts for a 10 year note and follows hot on the heels of Israel Electric which printed the same tenor on November 5.

    20 Nov 2014

  • IFFIm holds final meetings ahead of ethical sukuk

    The International Finance Facility for Immunisation (IFFIm) will conduct a final two day roadshow ahead of its first ever sukuk transaction — a ground-breaking Islamic deal that will fund vaccine and immunisation procurement.

    20 Nov 2014

  • CDP €750m 1% Jan 18

    20 Nov 2014

  • Australian ABS will withstand weaker assets, says Moody’s

    A deterioration in the quality of new collateral in an environment of low interest rates and buoyant house prices will be no barrier to continued strong performance from Australian RMBS and other ABS, according to Moody’s.

    20 Nov 2014

  • Chongqing Yufu AM overcomes headwinds for Rmb500 debut

    Chongqing Yufu Assets Management managed to raise Rmb500m ($81m) through its debut bond in offshore renminbi on November 19 but struggled to get investor attention amid a raft of competing supply. As well as being its first outing in the international bond market it is also the first offshore issue from the Chongqing state-owned enterprise.

    20 Nov 2014

  • Indian quasi-sovereign NTPC’s $500m thrives on scarcity

    Investors showed they were keen to get exposure to the India story, with orders flooding in for NTPC’s 10 year outing on November 19. US investors in particular, made up a good chunk of the book for the Reg S bond from India’s largest power generation company, which offered some much needed diversity away from China.

    20 Nov 2014

  • Investors still keen on China broker dim sums, as Orient prices debut

    Dim sum investors are showing plenty of appetite for Chinese brokerages, with Orient Securities this week becoming the fourth issuer in the sector and securing a book of more than Rmb2.2bn ($360m) before printing a Rmb900m three year bond, its first in CNH.

    20 Nov 2014

  • Non-Brazil LatAm pipeline expected to emerge unscathed

    The market disruption as a result of a corruption investigation at Petrobras that saw Brazilian meatpacker Marfrig cancel a liability management exercise on Wednesday (see separate story) should not affect other LatAm credits lining up to issue, said syndicate bankers.

    20 Nov 2014

  • Petrobras scandal blamed as Marfrig cancels LM

    Bankers working on meatpacker Marfrig’s liability management exercise, which was pulled on Wednesday, blamed the fallout from Petrobras’ corruption investigation for the cancellation as Brazilian corporate bond prices suffer.

    20 Nov 2014

  • BoC Group Investment doubles up for return

    In a week that has already absorbed a rush of benchmark-sized supply from Chinese credits and is gearing up for the launch of Alibaba’s jumbo bond, Bank of China Group Investment still managed to pick a window where it was the only Chinese name in US dollars.

    20 Nov 2014

  • Keppel Infra Trust to raise $405m for power plant purchase

    A merger between CitySpring Infrastructure Trust and Keppel Infrastructure Trust to create Singapore’s largest infrastructure business trust will see the combined entity raising some S$525m ($404.57m) from the equity market. The funds will be used to buy a 51% stake in a power plant for S$510m cash.

    20 Nov 2014

  • US managers eyeing euros as CVC places Cordatus IV

    CVC Credit Partners priced its latest European CLO this week, with its senior notes printed at the sort of spread levels that bankers say are playing a part in attracting a fresh batch of US managers to the euro denominated market.

    20 Nov 2014

  • Investors weigh impact of housing recovery on SFR ABS

    Investors are considering the impact that a potential housing recovery could have on rental property vacancy rates in their analysis of single-family rental (SFR) ABS, as pricing guidance was released on another SFR ABS from American Homes 4 Rent.

    19 Nov 2014

  • ACA deal priced in wake of predatory lending investigation

    American Credit Acceptance priced its fourth subprime auto ABS issuance on Wednesday. Investors in the notes, backed by subprime used car loans, have not been greatly deterred by a new investigation of potential predatory lending by used car dealers, market participants said.

    19 Nov 2014

  • IBM tempted into euros, grabs €1bn through dollar curve

    IBM launched an opportunistic euro bond issue on Wednesday, taking advantage of strong market conditions to sell €1bn of 8.5 year bonds with a minimal new issue premium - and according to one banker, much tighter than its dollar curve.

    19 Nov 2014

  • Big Yellow raises £79m with no discount

    Big Yellow Group, the UK provider of self-storage space, on Wednesday successfully completed the placing of over 14m new ordinary shares at Tuesday's closing share price of £5.475.

    19 Nov 2014

  • BBVA’s €2bn capital increase for Garanti purchase ‘oversubscribed’

    BBVA is raising €2bn of fresh equity this evening to finance its acquisition of a 14.89% stake in Turkey’s Garanti Bank – taking its stake in the bank to 39.9%. The €2bn will pay for the whole stake.

    19 Nov 2014

  • Rare AstraZeneca 7 year 4x oversubscribed

    AstraZeneca, the Anglo-Swedish pharmaceutical company, priced a €750m seven year bond on Wednesday. It was four times oversubscribed and priced somewhere near the middle of the broad range suggested by the bonds of its peers.

    19 Nov 2014

  • Enel exercises greenshoe to sell 22% stake in Endesa

    Italian power utility firm Enel has decided to raise the number of shares it is selling in Endesa, after finding strong demand from investors.

    19 Nov 2014

  • A single name splash as Abengoa spreads oscillate wildly

    We’ve commented in recent weeks on volatility, but it’s been mainly a macro phenomenon. Geopolitics, Ebola and uncertainty over monetary policy have all contributed to spread oscillations.

    19 Nov 2014

  • Funds tap decompression on iTraxx Main and Cross

    Hedge funds have played the recent compression between iTraxx Crossover and iTraxx Main by entering a decompression trade between the two indices this week, expecting further divergence between investment grade and high yield valuations if the European Central Bank were to announce a buying programme involving corporate bonds at its upcoming December 4 meeting.

    19 Nov 2014

  • Ending of beer tie hits UK pubcos’ HY bonds

    Bonds of UK pub companies fell on Wednesday after the House of Commons passed a surprise amendment to a bill, which if it becomes law will mean pub tenants can no longer be obliged to buy beer from their owners.

    19 Nov 2014

  • Finland and Ico back in sterling

    Finland returned to the sterling bond market on Wednesday with its first new deal in over a year. It came hot on the heels of Instituto de Crédito Oficial, which on Tuesday sold its first new issue in the currency in five years.

    19 Nov 2014

  • Weekly CDS notional, interest rates trading both decline

    The overall interest rate derivatives trading volume reported to swap data repositories last week fell by 18% from the previous week, according to data from the International Swaps and Derivatives Association (ISDA). This follows a week of modest increases in trading volumes.

    19 Nov 2014

  • Sekerbank first for loan as EBRD and CTF team up on energy efficiency

    The European Bank for Reconstruction and Development and the Clean Technology Fund have created a $350m financing facility aimed at boosting investment in energy efficiency improvements in Turkish homes, to help residents in the country reduce their energy bills.

    19 Nov 2014

  • EBRD gets $1bn away in line with IPTs

    The European Bank for Reconstruction and Development attracted orders of about $1bn to a five year global on Wednesday afternoon, GlobalCapital understands, and priced the deal in line with initial price thoughts. The deal contrasts sharply with a 10 year from the World Bank a day before that was oversubscribed by more than $1bn and was priced at the tight end of guidance.

    19 Nov 2014

  • Spain approaches final sprint as CDP set for tight pricing

    Spain could wrap up its funding target for the year at an auction of three and five year debt on Thursday, but while the yield is likely to fall on the shorter bond the longer dated paper’s yield is set to rise. Meanwhile, Cassa Depositi e Prestiti looked set to pass its first syndication test since May after setting pricing on a January 2018 bond at the tight end of initial price thoughts on Wednesday.

    19 Nov 2014

  • Fresenius closing book on $4.2bn refi with IG-like pricing

    Fresenius Medical Care, the US subsidiary of Fresenius SE, is closing books on a $4.2bn refinancing loan today, offering margins at a level more familiar to investment grade borrowers than double-B credits like Fresenius.

    19 Nov 2014

  • Publicis picks just 10 of its relationship banks for $3.5bn M&A loan

    Publicis Groupe’s $3.5bn loan for acquisition of Sapient will have 10 relationship banks, led by Citigroup. Some banks with which Publicis previously had a banking relationship with are missing from the list.

    19 Nov 2014

  • OCC taps First Midwest chief as CFO

    Kimberly McGarry, ex-senior vp and chief accounting officer at First Midwest Bank, has joined the Options Clearing Corporation as senior vp president and chief financial officer.

    19 Nov 2014

  • Huge take-up for Numericable’s €4.7bn issue

    Numericable completed its €4.7bn capital increase this week, bringing to an end the financing for the French cable operator’s acquisition of SFR.

    19 Nov 2014

  • BNPP restructures CIB, Janbon steps back as fixed income head

    Yann Gerardin has overseen a radical restructuring of BNP Paribas's corporate and investment bank following his appointment as its head last month.

    19 Nov 2014

  • World Bank USD4bn 2.5% Nov 24

    19 Nov 2014

  • L-Bank EUR1bn 0.25% Nov 19

    19 Nov 2014

  • ING ends sterling hiatus with senior print

    ING was the sole player in the senior unsecured market on Wednesday, making a rare appearance in sterling to end a month and a half drought for senior unsecured issuance in the currency.

    19 Nov 2014

  • Frankfurt starts offshore RMB clearing

    This week's launch of RMB clearing in Germany and the completion of the first transactions shows that although there is a long term plan for an innovative clearing house structure in the country, for the moment the system is very much anchored to its first stage, clearing through Bank of China (BoC).

    19 Nov 2014

  • Erste tier two return fails to inspire as pricing falls at wide end of range

    Erste Bank added to a recent rush of tier two supply on Wednesday, selling a callable dollar print. Despite offering what bankers away from the deal judged to be a fair value the issuer ultimately priced at the wide end of its guidance range.

    19 Nov 2014

  • Kazakh banks complete consent solicitation after merger

    Bondholders have approved a consent solicitation which will enable Kazkommertsbank (KazKom) to assume the role of debtor for BTA’s $750m 2022s. Earlier this year KazKom obtained operational control of BTA.

    19 Nov 2014

  • PSB confirms lenders and tranches of $120m loan

    Russia’s Promsvyazbank has announced the terms of its $120m syndicated loan agreement with international lenders, confirming a report by GlobalCapital.

    19 Nov 2014

  • NSW hits size and price targets with first Australian state CNH

    The Australian state of New South Wales priced a landmark debut offshore renminbi bond late in the evening Sydney time on Wednesday, riding the momentum from this week's establishment of an Australian RMB hub to shave 10bp off initial guidance and hitting its target size and funding cost.

    19 Nov 2014

  • HKBN sounding out banks for HK$4.5bn; Hutchison Tel gets HK$5bn from 10

    CVC Capital Partners-owned internet service provider Hong Kong Broadband Network (HKBN) is sounding out banks for a loan of around HK$4.5bn ($580m), according bankers.

    19 Nov 2014

  • BPCE’s BRED retains €900m of RMBS

    BRED Banque Populaire has priced and fully retained its FCT Elide Compartiment 2014-1 mortgage-backed true sale transaction, its first securitization of mortgages since 2012.

    19 Nov 2014

  • Flydubai launches debut sukuk with JLMs buying too

    Flydubai has launched its $500m five year sukuk at 200bp over mid-swaps. The deal will be priced later on Wednesday afternoon, with the lead managers on the trade disclosing that they will be taking a piece of the sukuk.

    19 Nov 2014

  • Turkey drills 10 year sukuk down to conventional curve

    The Republic of Turkey raised $1bn with a 10 year sukuk on Tuesday, closing the gap between its conventional and Islamic funding costs to just a handful of basis points. Despite some disagreement over just how close the issuer got to conventional levels, the tight pricing provides ammunition for debt bankers trying to tempt other sovereigns into the Islamic market.

    19 Nov 2014

  • JSW Steel hunts for $250m five year bullet with Axis

    Indian company JSW Steel, which made a successful debut in the offshore bond market earlier this month, opened up a $250m fundraising in general syndication with sole bookrunner and mandated lead arranger Axis Bank.

    19 Nov 2014

  • Pertamina drills for $1.8bn loan in general

    Indonesian oil and gas company Pertamina, which mandated 12 lenders for its $1.8bn five year loan in October, launched the facility into general syndication on November 18.

    19 Nov 2014

  • Hat trick of Sukuk successes in CEEMEA

    Sukuk have taken over the CEEMEA bond market this week, with a trio of transactions offering Bahraini, Turkish and Dubai risk.

    19 Nov 2014

  • Sukuk format helps take Mumtalakat flat to sovereign

    Bahrain’s sovereign wealth fund Mumtalakat priced a seven year debut sukuk on Tuesday, which debt bankers said came flat to or even inside the sovereign curve. They put this down to credit quality, scarcity value and exceptional liquidity in the Middle East. But they felt that the additional rarity of the sukuk format was also a contributing factor, which other potential issuers should do well to note.

    19 Nov 2014

  • Australian ABS heads for A$4bn and Beyond

    While European ABS issuance is on hold as the market waits for the entrance of the European Central Bank, Australian issuance is ploughing on with another two banks having mandated for RMBS transactions.

    19 Nov 2014

  • Sub investors gain advantage as bank supply bulges

    Investors in financial institution subordinated bonds may gain the upper hand in the remaining weeks before the holiday season, as issuers look to dive into the market with deals.

    19 Nov 2014

  • Corporate bonds on a high with rush of diverse deals

    Europe’s corporate bond market is in overdrive. The pace of issuance is frenetic, and the diversity of issuers startling.

    19 Nov 2014

  • Public sector bonds on form as year end approaches

    Public sector borrowers looking to sneak in dollar bonds before the market traditionally closes for the year on Thanksgiving next week can step into a roaring hot market. The amount of cash available to be put to work has been resoundingly demonstrated by a pair of borrowers printing some of the largest deals ever at the long end of the curve.

    19 Nov 2014

  • Universal Terminal targets $770m SGX IPO

    Universal Terminal is seeking a S$1bn ($770m) IPO on the Singapore Exchange next month to become the largest listing in the city-state this year. If successful, the company will also become the first oil and gas storage trust to sell shares in Asia, say bankers.

    19 Nov 2014

  • Aspial responds to reverse enquiry for S$100m

    Aspial Corp completed a busy year of funding in the Singapore dollar market with a S$100m ($76.7m) bond that was driven by reverse enquiry. Meanwhile, Sembcorp Financial Services opened books on a new trade.

    19 Nov 2014

  • CNPC turns two tranches into three as guarantee drives demand

    China National Petroleum Corp (CNPC) may be a regular in the debt market, but it managed to reposition itself through its latest $1.5bn trade thanks to a first time guarantee from the parent. Such was the response from investors that it added a floating rate note during bookbuilding.

    19 Nov 2014

  • Metinvest may need to revise terms of exchange offer

    The deadline for approval for Metinvest’s proposed exchange offer has passed but analysts say it is not certain whether the majority of investors will accept the offer from Ukraine’s largest steelmaker.

    19 Nov 2014

  • Pertamina $1.8bn powers into general

    Indonesian oil and gas company Pertamina, which mandated 12 lenders for its $1.8bn five year loan in October, launched the facility into general syndication on November 18.

    19 Nov 2014

  • eHi falls on day one after $120m IPO

    China’s eHi Car Services made its debut on the New York Stock Exchange on November 18 after pricing its $120m IPO at the bottom of the range. The company’s shares then came under pressure on their trading debut, closing the day 2.5% below the issue price.

    19 Nov 2014

  • India’s NTPC looks to stand out amid Chinese supply

    NTPC launched bookbuilding for a ten year dollar bond on November 19 in its first outing for more than two years. The power company is hoping to capitalise on its status an Indian quasi-sovereign in a market that a market that is overrun by supply from China.

    19 Nov 2014

  • Hyundai Mipo nets $237m from Posco exit

    Hyundai Mipo Dockyard made its exit from Posco by raising W260bn ($237m) on Tuesday night, selling all of its shares in the steel company in a deal that received a rousing reception from the market — particularly from international investors.

    19 Nov 2014

  • Update: NSW launches first Australian state RMB bond

    The Australian state of New South Wales (NSW) has made good its intention of being the first Australian government entity to issue an offshore renminbi bond, with the NSW Treasury Corporation (TCorp) announcing on Tuesday that it had mandated banks for its debut issue and then launching the deal on Wednesday. The borrower is only the third non-China government entity to sell an RMB bond.

    19 Nov 2014

  • Agile’s $213m rights issue oversubscribed

    Agile Property Holdings’ delayed rights issue saw a massive oversubscription of 2.54 times after its controlling shareholder stepped in to underwrite the entire deal.

    19 Nov 2014

  • Chinese FIG pair prepare renminbi debuts

    A pair of Chinese financial firms have launched offshore renminbi bonds on Wednesday, just a day before China’s Ministry of Finance begins an auction of Rmb12bn ($1.9bn) of dim sum debt.

    19 Nov 2014

  • Mercuria makes slick exit for $1bn with 38

    Commodity trader Mercuria signed its latest refinancing on November 18, with 28 banks joining during general syndication. Though the loan was oversubscribed by about 60%, Mercuria decided to cap the borrowing at its launch size of $1bn.

    19 Nov 2014

  • Mexico sees tougher conditions ahead after pouncing on CAC landmark

    Alejandro Díaz de León, Mexico’s director of public credit, told GlobalCapital that the sovereign had opted to price a new 10 year benchmark bond on Tuesday despite having already completed its 2014 financing programme because he expects more volatility before the start of next year.

    19 Nov 2014

  • Barclays adds to Apac equities franchise

    Barclays has named two new heads for its Asia Pacific equities franchise, as the bank focuses investment in areas like cash execution, ETC and programme ETF trading and electronic equities trading.

    19 Nov 2014

  • Bank of China chosen as Australia RMB clearing bank

    Bank of China Sydney Branch has been appointed by the People's Bank of China (PBoC) to be an official offshore RMB clearing bank. The designation comes in a busy week for the Australian RMB business, with the two countries signing an MoU on RMB clearing and the state of New South Wales launching an RMB bond.

    19 Nov 2014

  • Ratings, and a new class of investors for RPL RMBS

    RMBS issuance backed by reperforming loans has picked up this year as issuers have securitized reperforming mortgages to finance ever more acquisitions of scarred loans. Market participants say a new class of investors is primed to jump into the asset class, as Kroll assigns ratings to an RPL deal for the first time.

    18 Nov 2014

  • Santander hit with yet another subprime auto subpoena

    Yet another regulator, the New York City Department of Consumer Affairs (NYCDCA), has subpoenaed Santander Consumer USA, the NYDCA announced on Monday.

    18 Nov 2014

  • Funds, real money extend Main volatility positions

    Hedge funds and real money investors have been extending volatility positions on iTraxx Main and CDX IG this week, as lighter flows return to the credit market and both calendars and smiles remain steep.

    18 Nov 2014

  • Rai Way IPO comes at bottom of range, trades well

    Shares in Rai Way, the broadcasting infrastructure arm of Italy’s state-owned radio and television station Rai, began trading this week, after the company priced its €280m IPO at the bottom end of the range.

    18 Nov 2014

  • Stolt-Nielsen block trade for Nkr396m nets keen demand

    An undisclosed institutional investor sold a 5.6% stake in Stolt-Nielsen, the Norwegian oil and gas shipping and storage company, today, through an accelerated bookbuild managed by ABG Sundal Collier.

    18 Nov 2014

  • Altice block trade increased to €338m as investors pile in

    Carlyle and Cinven, which launched a block trade on Monday night to sell a 2.2% stake in Altice, the French telecoms investment group, ended up increasing the sale after finding strong, though price-sensitive, demand.

    18 Nov 2014

  • Varde sells out of Crest Nicholson at tight discount

    Deutsche Bank and Barclays on Tuesday evening launched a block trade of a 10.09% stake worth £83m in Crest Nicholson, the UK housebuilder.

    18 Nov 2014

  • Kegoc announces big drop in profit during IPO roadshow

    State-owned Kazakhstan Electricity Grid Operating Co (Kegoc) on Tuesday released its financial results for the first nine months of 2014, registering a 48% profit drop year-on-year, as the firm shows its planned Almaty listing to investors around the country.

    18 Nov 2014

  • Informa forced to shrink equity raising for US acquisition

    Informa, the UK business-to-business publishing and events group, launched a cash box placing on Tuesday morning, hoping to raise about £275m to fully fund an acquisition of Hanley Wood Exhibitions, a US events business, which was announced simultaneously. Informa got the deal done, but only raised £207m after some top shareholders said they preferred a smaller deal.

    18 Nov 2014

  • Two banks lead FirstKey's first RMBS

    FirstKey has mandated two leads for its first RMBS issuance, a $286m deal backed by jumbo mortgages, as the non-agency RMBS market limps towards recovery.

    18 Nov 2014

  • L-Bank goes double digits through swaps

    L-Bank was able to price a €1bn five year at a double digit level through swaps on Tuesday, as another German issuer mandated to tap euros.

    18 Nov 2014

  • EBRD mandates as World Bank prints $4bn

    The European Bank for Reconstruction & Development has hired banks for a five year global as World Bank demonstrated the strength of demand at the long end of the dollar curve with a $4bn 10 year print that comes just days after KfW took $5bn out of the market.

    18 Nov 2014

  • GlobalCapital adds Benelux arranger to loans awards

    Following popular demand, GlobalCapital has added Best Arranger of Benelux Loans to its Syndicated Loans Awards for 2014. The poll is still open but not for long – the cut off for voting is this Friday, November 21.

    18 Nov 2014

  • Mercialys does €550m with small NIP, starts buyback

    Mercialys, the French property company spun off from supermarkets group Casino, priced a €550m 8.3 year bond on Tuesday, in conjunction with a buyback offer for its €650m 2019 bond, to extend its debt maturity profile.

    18 Nov 2014

  • United Internet's Schuldschein swells to €500m, one of deals of 2014

    United Internet will complete its Schuldschein deal on Friday, raising at least €500m, according to a banker on the deal.

    18 Nov 2014

  • IFC plots Brazilian real curve extension

    The International Finance Corporation is planning to extend its Brazilian real maturity curve early in 2015 following the Brazilian government granting it the ability to issue and unlimited amount in its offshore and onshore bond markets.

    18 Nov 2014

  • Investor taps sizeable AT&T put spread

    One institutional investor was seen picking up a sizeable put spread on AT&T following increased options activity in telecoms last week.

    18 Nov 2014

  • CVC makes Nordic hire

    CVC Capital Partners has hired Tomas Ekman as a partner in its Stockholm office.

    18 Nov 2014

  • Campofrio suspends €500m high yield bond after factory fire

    A fire in its largest factory in Spain has led meat processor Campofrio to abandon plans to issue a bond to refinance senior unsecured notes maturing in 2016.

    18 Nov 2014

  • MoF CNH auction preview: long end yields to compress

    Bankers expect the next auction of offshore RMB bonds in Hong Kong by China's Ministry of Finance (MoF) to come on Thursday, with analysts predicting a bumper response, particularly in the short dated tranches. Earlier this month the MoF said that the Rmb12bn ($1.9bn) sale, its second auction of the year, would come in the week of November 17.

    18 Nov 2014

  • European exporters replace €/RMB options with forwards

    European exporters operating in China have been replacing option hedges with forwards on the euro against the offshore renminbi following a weakening of the former, offering investors good entry levels to lock in to a trade. The forwards typically have a duration in excess of one year.

    18 Nov 2014

  • Through Train may yet silence critics

    Whether because of delays or last-minute decisions, naysayers of the Shanghai-Hong Kong Stock Connect have had a field day berating it as little more than a half-hearted exercise. But such an ambitious task was never going to be without its problems. More credit should be given to what’s already been achieved.

    18 Nov 2014

  • Deutsche opts for dollars in second AT1 appearance

    Deutsche Bank announced its return to the additional tier one (AT1) market on Monday evening, releasing initial price thoughts for an SEC registered dollar print. Updates on the deal’s progress have been thin on the ground, while syndicate bankers away from the print have clashed on the amount of premium on offer.

    18 Nov 2014

  • BNP Cardif and KBC taste tier two success, but NIPs could rise

    Syndicate bankers warned on Tuesday that a bulging tier two pipeline means issuers will need to be pragmatic on the premium they are willing to offer investors. While BNP Paribas Cardiff and Belgium’s KBC were able to sell solid prints on Tuesday, the amount of supply expected in the asset class could give investors a strong bargaining position in the coming weeks.

    18 Nov 2014

  • Flydubai floats 'fair' price thoughts for first sukuk

    Dubai government owned airline Flydubai opened books on a five year dollar sukuk on Tuesday morning. The initial price thoughts represented a fair starting point with room to tighten, said bankers away from the deal.

    18 Nov 2014

  • PSB signs $120m loan

    Promsvyazbank has signed a $120m loan with international lenders, a smaller size than some bankers had expected but following hot on the heels of a similar size deal for peer Russian private bank Otkritie Financial Corp (formerly Nomos Bank) last week.

    18 Nov 2014

  • Scepticism reigns as ECB prepares to pull trigger

    The European Central Bank could begin buying European asset-backed securities on the secondary market as early as Thursday. But securitization bankers remain unconvinced that the central bank will have a lasting impact on issuance, however aggressive its approach.

    18 Nov 2014

  • African MTNS are worth the effort

    African MTNs may be on the verge of a boom. International banks are receiving an increasing number of reverse enquiries for privately placed MTNs, and these could finally provide African issuers with access to international bond markets in a size that suits them. Obstacles still remain but this business should be encouraged.

    18 Nov 2014

  • Iccrea opts for aggressive tactics on senior return

    Iccrea returned to the senior unsecured market after a year’s absence on Tuesday, selling an aggressively priced five year print. While the Italian lender was able to price the note flat to its secondaries, bankers away from deal judged that the lack of new issue premium likely stunted demand for the deal.

    18 Nov 2014

  • Mumtalakat plans modest size for first sukuk

    Mumtalakat will launch a debut sukuk deal on Tuesday afternoon. Debt bankers away from the deal felt that the final guidance range offered fair value, but were surprised that the issuer was not printing a larger deal.

    18 Nov 2014

  • Plenty of pulled deals but the CEEMEA market is working fine

    On the surface, the last few weeks has been a torrid one in the CEEMEA primary markets. A string of names postponed bonds, and one printed at a yield a whopping 150bp wide of initial price thoughts. But these events are not indicative of a foundering market — they are the result of investors taking realistic decisions about where they want to invest and at what price.

    18 Nov 2014

  • Turkey breaks into long dated sukuk with $1bn 10 year

    Turkey launched its first 10 year sukuk on Tuesday morning in an effort to create a proper Islamic curve. The $1bn deal was comfortable subscribed, with only marginal disagreement between debt bankers on and off the deal over the concession relative to Turkey's conventional debt.

    18 Nov 2014

  • FCC close to haircut deal with banks after Soros investment

    Fomento de Construcciones y Contratas, the Spanish building and environmental services company, is close to reaching agreement with its creditors on a debt restructuring, according to a spokesman for the company.

    18 Nov 2014

  • Reliance Jio finds strong signal for $1.5bn refi

    Reliance Jio Infocomm’s $1.5bn dual tranche loan that opened in September has been allocated among 26 lenders, 11 of which joined during general syndication. Thin pricing did not stop Taiwanese, Japanese and Middle Eastern lenders from piling into the deal, as it gave them a chance to form a relationship with India’s biggest private sector company.

    18 Nov 2014

  • JSW Steel fires up $250m in general

    Indian company JSW Steel, which made a successful debut in the offshore bond market earlier this month, opened up a $250m fundraising into general syndication with sole bookrunner and mandated lead arranger Axis Bank.

    18 Nov 2014

  • P2P securitization still ‘problematic’ for European platforms

    The US market may be moving towards its first rated securitization of marketplace lending consumer loans and mainstream acceptance, but attendees at the LendIt Conference in London on Tuesday were cautious on the outlook for a similar breakthrough in Europe.

    18 Nov 2014

  • Q Tech snaps up two cornerstones for $116m HK IPO

    Books opened today for Q Technology’s HK$900m ($116m) listing in Hong Kong, which has already secured two cornerstones ahead of bookbuilding.

    18 Nov 2014

  • PBs dig into Shui On Development $500m three year

    Shui On Development raised $500m via a bond sale as the borrower continues a year-long liability management exercise.

    18 Nov 2014

  • CDB Leasing to visit investors for dollar bond

    China Development Bank’s financing arm CDB Leasing is set to kick off a series of meetings with investors starting this week in Asia and Europe for a senior unsecured dollar bond issue.

    18 Nov 2014

  • Roadshows kick off for $2.75bn ONGC sale

    Management roadshows have started this week for the Indian government’s divestment of a 5% stake in Oil and Natural Gas Corp (ONGC), expected to fetch around Rp169.50bn ($2.75bn) based on its market capitalisation.

    18 Nov 2014

  • CNPC powers up guarantee, upgrades for new dual trancher

    China National Petroleum Corp is back in the market, launching a deal on the same day and sticking its formula of launching a multi-tranche trade in dollars but unlike previous trades that have used a keepwell agreement, the new bond will have a guarantee from the parent which has led to an upgrade from the ratings agencies.

    18 Nov 2014

  • Rarity drives Axis Bank to savings on $500m return

    Axis Bank this week made a successful return to the bond market after more than two years away. While the borrower was not in need of funds it took advantage of tightening spreads to price through its rivals' curves, although US participation in the 144A trade was limited.

    18 Nov 2014

  • UAF makes rapid return as HK$2bn dual trancher hits senior

    United Asia Finance (UAF) has launched a HK$2bn ($258m) dual tranche loan into senior syndication with two banks. The borrower is making a rapid return to the loans market, having sealed its last financing as recently as April.

    18 Nov 2014

  • Malaysia ECM heats up as 1MDB moves closer to $3bn IPO

    1Malaysia Development (1MDB) has filed a preliminary IPO application with the country’s regulator for a $3bn-plus listing of its energy assets, in what is the first step towards paving the way for a rare large transaction for the Malaysian ECM market.

    18 Nov 2014

  • Total Derivatives: resumption in CNY 5y bid expected

    Profit-taking offers have emerged in five year swaps after the recent sell-off, but market participants expect a resumption in the bid, partly due to the flatness of the curve, writes Deirdre Yeung of Total Derivatives.

    18 Nov 2014

  • Trans-cab $88m IPO grinds to a halt

    Singapore taxi operator Trans-cab decided to pull its S$114.2m ($88.4m) IPO just a day before retail bookbuilding was set to close, citing an unforeseen payment of additional insurance premium.

    18 Nov 2014

  • Citi bolsters India with new ECM chief

    Citi India has appointed UBS veteran Arvind Vashistha head of equity capital markets for India.

    18 Nov 2014

  • Feiyu presses play on $100m HK IPO

    Feiyu Technology International Company, a Chinese mobile game developer, is gauging investor appetite for a Hong Kong IPO of around $100m and is predominantly targeting Asia to drive the trade.

    18 Nov 2014

  • Marfrig eyes LM as Brazil sell-off continues

    Brazilian meatpacker Marfrig Global Foods will hold another day of investor calls on Tuesday ahead of a planned dollar deal that will be used to buy back existing bonds.

    18 Nov 2014

  • Asiamoney's Brokers Poll - Detailed Results

    18 Nov 2014

  • Private-backed auto deal leads strong ABS pipe

    Auto ABS issuance is expected to pick up this week with two prime and two subprime deals in the pipe, and another subprime deal to settle. A deal by privately-held American Credit Acceptance (ACA) could present the biggest challenge to underwriters.

    17 Nov 2014

  • Wells could be stuck with controversial MSR portfolio

    Wells Fargo will have to decide whether to retain the $39bn in mortgage servicing rights (MSRs) it had planned to sell to Ocwen Financial or find a new buyer, following the announcement last Friday that the parties had cancelled the transaction.

    17 Nov 2014

  • Orchard partners with Duff & Phelps for ‘seamless’ P2P valuations

    Orchard Platform, which connects institutional investors with marketplace lending platforms to enable them to buy whole loans, has partnered with valuation firm Duff & Phelps. Institutional investors are increasingly turning to the asset class as the sector shifts from ‘peer-to-peer’ to an ‘institution-to-peer’ model that is soon expected to yield its first rated securitization of consumer loans.

    17 Nov 2014

  • Think the primary markets are clean? Prove it.

    The latest round of grubby trader banter released into the world, with its trail of monster fines and possible criminal prosecution, should make everyone sit up and pay attention. The primary markets might be cleaner and more civilised than spot FX, but it won’t be enough just to say so.

    17 Nov 2014

  • BSkyB raises €850m, £750m for acquisitions in solid but cool sale

    British Sky Broadcasting, the UK pay TV company, priced €850m and £750m of listed bonds on Monday over three maturities to fund its acquisition of Sky Deutschland. The deal was no blowout — one tranche was priced at the level of initial price thoughts, the others only 5bp tighter — but with an additional €400m from a private placement on the same day, Sky says it has now completed the financing for its acquisitions.

    17 Nov 2014

  • Carlyle, Cinven sell 2% block of Altice amid PorTel battle

    Goldman Sachs and JP Morgan have launched this evening a block trade in Altice, the French telecoms investment group that has grabbed headlines this year for its takeover of French mobile phone company SFR – and which is now in a takeover battle for Portugal Telecom.

    17 Nov 2014

  • Ico plots sterling return

    Spain’s Instituto de Crédito Oficial is set to open its first new line in sterling in over five years this week.

    17 Nov 2014

  • Investors scoop dollar/yen calls as pair rises

    Market participants have been picking up calls on the dollar against the yen on the back of expectations that the pair will continue to move higher following the Bank of Japan’s decision to increase its monetary stimulus at the beginning of November.

    17 Nov 2014

  • B2R brings on first CEO as multi-borrower deal eludes market

    B2R Finance hired Jason Hogg as its first CEO on Monday. His appointment comes amid anticipation for a multi-borrower single-family securitization from B2R.

    17 Nov 2014

  • New equity access, arb strats emerge as Shanghai-HK Stock Connect opens

    The mutual exchange offering between Hong Kong and Shanghai stock exchanges will drive Chinese and Hong Kong equity product trading, innovative derivatives strategies and growth in other Southeast Asian markets.

    17 Nov 2014

  • Thermo gets €640m with debut euro bond

    US medical equipment manufacturer Thermo Fisher Scientific on Monday issued its first public bond in euros, a €640m transaction maturing in April 2025.

    17 Nov 2014

  • World Bank targets retail buyers with green index-linker

    World Bank opened subscriptions for its first green bond targeted at retail investors in Europe on Monday.

    17 Nov 2014

  • Turkey to float Borsa Istanbul next year

    Turkey’s Council of Ministers has decided to sell a substantial stake in Borsa Istanbul, the Turkish Stock Exchange, in what could be one of the country’s largest IPOs next year.

    17 Nov 2014

  • World Bank mandates for 10 year after KfW blockbuster

    World Bank has hired four banks to run a 10 year global syndication, starting the pricing process with initial price thoughts 1bp inside where KfW priced an oversubscribed $5bn deal last week.

    17 Nov 2014

  • Dubai Parks launches $688m public offering

    Dubai Parks and Resorts, a subsidiary of Meraas Holding, today began the bookbuilding phase of its planned IPO on the Dubai Financial Market.

    17 Nov 2014

  • Publicis soon to allocate its $3.5bn loan for Sapient takeover

    Publicis Groupe's $3.5bn loan for its acquisition of Sapient, the marketing and consulting company, is near closing, according to a banker working on the deal. A syndicate of relationship banks has been invited.

    17 Nov 2014

  • Pulsant completes syndication of £90m acquisition loan

    Pulsant, the UK IT business services company, has syndicated leveraged loans backing its buyout by Oak Hill Capital Partners.

    17 Nov 2014

  • Yildiz fleshes out £985m non-recourse loan for United Biscuits

    Yildiz Holdings, the Turkish food manufacturer, has announced details of the debt package that will back its buyout of United Biscuits, ahead of a London bank meeting on Friday.

    17 Nov 2014

  • Giesen quits RBS, starts new job in January

    Marc Giesen has quit Royal Bank of Scotland, having been promoted to head of CEEMEA debt capital markets only two months ago. He will start a new job at another bank in January.

    17 Nov 2014

  • Liquid Telecom and Standard Bank join African loans rush

    African loan bankers are picking up the pace as the window to get deals done before the end of the year starts to close. Among others, Liquid Telecom is in the market, while Standard Bank in South Africa is looking to come again with its second deal of recent months.

    17 Nov 2014

  • Sub pipeline builds despite shaky market

    Tier two supply is set to be heavy this week, as KBC and Veneto Banca mandated for tier two prints on Monday. While subordinated debt, including Aareal Banks' recent additional tier one (AT1) print, was trading down on Monday syndicate managers expect the market to make a quick recovery.

    17 Nov 2014

  • KazStroyService stalls amid high yield woes

    KazStroyService Global postponed its Eurobond offering on Monday, becoming the latest high yield corporate in CEEMEA to fall foul of waning investor appetite and softer markets.

    17 Nov 2014

  • Uralsib Bank roadshows tier two via brace of banks

    Russia's Uralsib Bank is roadshowing a tier two bond via JP Morgan and UBS, according to a source close to the deal. Meetings for the deal take place on Wednesday and Thursday this week in London and Switzerland.

    17 Nov 2014

  • Turkey eyes Tuesday finish for 10 year sukuk

    The Republic of Turkey opened books on a 10 year dollar sukuk on Monday morning. Some bankers away from the deal felt the initial price thoughts were on the cheap side, but also that there was plenty of room to tighten before pricing scheduled for Tuesday.

    17 Nov 2014

  • UniCredit roadshows Czech and Slovak covered bond

    UniCredit Bank Czech Republic and Slovakia has mandated its own investment bank for a roadshow later this month and expects to issue a euro benchmark deal. The transaction follows the successful placement of a Czech covered bond from Raiffeisen’s subsidiary in October, and a domestically targeted deal from UniCredit subsidiary a year ago.

    17 Nov 2014

  • Mumtalakat picks seven years for first taste of sukuk

    Bahrain’s sovereign wealth fund Mumtalakat opened books on a seven year dollar debut sukuk on Monday, and will price a benchmark transaction on Tuesday.

    17 Nov 2014

  • Tunnel of Love

    He might be “The Boss” to an army of fawning public sector origination bankers, but Frank Czichowski, treasurer of KfW, made no secret of his admiration for Bruce Springsteen.

    17 Nov 2014

  • Loan Ranger: You can’t hurry loans

    It is a truth universally acknowledged that the important parts of any financial conference typically take place off the stage rather than on it.

    17 Nov 2014

  • Newly rated high yield companies overconfident, Moody’s data shows

    Most high yield companies in Europe newly rated since 2010 have fallen short of their own growth forecasts, Moody's has found, and economic conditions spell further challenges in 2014.

    17 Nov 2014

  • Maple Leaf secures three cornerstones ahead of IPO bookbuilding

    Books for the IPO of Maple Leaf Educational Systems, China’s largest operator of international schools, are already covered one day into bookbuilding, said bankers.

    17 Nov 2014

  • US managers eyeing Europe as CVC guides

    CVC Credit Partners has issued guidance on its latest European CLO, at the sort of spread levels that bankers say are playing a part in attracting a fresh batch of US managers to the euro denominated market.

    17 Nov 2014

  • eHi to price US IPO at bottom half of range

    China’s eHi Car Services, which failed to price its $140m IPO last week following allegations of wrongdoing by individuals, is now guiding investors towards the bottom half of the price range of the deal.

    17 Nov 2014

  • Ashurst adds one to Asia finance team

    Law firm Ashurst has hired Clifford Chance’s Chin Chuan Chen as a partner in its finance team in Beijing and Singapore.

    17 Nov 2014

  • Masan Group opens books CGIF backed 10 year

    Vietnam’s Masan Group has opened books on what will be the longest bond issued under the Asian Development Bank’s debt guarantee scheme. It is one of two companies with bonds out under the scheme.

    17 Nov 2014

  • Health Care Reit’s 20y revives long sterling

    Health Care Reit, the Ohio-based real estate investment trust, issued a £500m 20 year bond on Friday October 14. It is the longest sterling bond to be issued by a company other than a housing association since the Wellcome Trust's 45 year deal in May.

    17 Nov 2014

  • Australia gets RMB clearing MoU and RQFII; clearing bank to follow

    The People's Bank of China (PBoC) and the Reserve Bank of Australia (RBA) on November 17 signed a Memorandum of Understanding (MoU) to establish official renminbi clearing arrangements in Australia. The country was also awarded a Rmb50bn ($8.1bn) quota for the Renminbi Qualified Foreign Institutional Investors (RQFII) scheme and a clearing bank is on the cards soon.

    17 Nov 2014

  • PetroVietnam gets four for $200m

    Vietnamese oil and gas firm PetroVietnam, which mandated DBS and Sumitomo Mitsui Banking Corp for a $200m fundraising in September, is due to close the loan with four lenders joining the original two mandated lead arrangers and bookrunners.

    17 Nov 2014

  • Investors eye TRS on new Markit CoCo index

    Institutional investors looking for exposure to contingent convertible (CoCo) bonds are showing interest in total return swaps on a new CoCo index launched by Markit on Monday.

    17 Nov 2014

  • Liberty hits 100bp in senior RMBS

    Australian mortgage lender Liberty Financial printed its second RMBS transaction of the year on Friday, with the non-conforming portion of its portfolio ensuring the deal was priced slightly wider than other recent RMBS trades contributing to a A$3bn-plus run of Aussie dollar supply.

    17 Nov 2014

  • ThaiBev in talks with banks for $1.4bn loan

    ThaiBev is said to be in the process of establishing a group of lenders for a loan of about $1.4bn to back its purchase of a stake in Vietnamese state owned Saigon Beer Alcohol Beverage Corp (Sabeco).

    17 Nov 2014

  • British Columbia FinMin stresses China commitment after dim sum return

    Its recent return to the offshore renminbi bond market and its new status as Canada's hub for RMB trade settlement have seen the Province of British Columbia (BC) reinforce its commitment to China and its support for the RMB as a global currency, Michael de Jong, BC’s Minister of Finance, has told GlobalRMB during a visit to Hong Kong.

    17 Nov 2014

  • CGN powers up $3bn IPO with pre-marketing

    CGN Power started pre-marketing its IPO of around $3bn on Monday, November 17, as the company prepares to take the gong for the second-largest Hong Kong listing of this year.

    17 Nov 2014

  • Shanghai Huayi to roadshow; China Singyes shines in RMB

    Shanghai Huayi Company, is due to kick off three-day investor meetings this week in Asia and Europe for its inaugural dollar bond issue. It joins the growing list of provincial SOEs that coming to the offshore debt market.

    17 Nov 2014

  • Updated: Shui On caps busy year with a return to dollars

    [First published 06.15, November 17, 2014. Updated with the final price.] Shui On Development came back to the dollar bond market on Monday in what has been a busy year for the borrower. The Chinese developer has made multiple outings in 2014 as part of a liability management exercise.

    17 Nov 2014

  • Scandal hammers Petrobras bonds but Rio prices oil bond

    LatAm traders said that spreads on Brazilian state oil company Petrobras’ bonds hit historical wides versus US Treasuries on Friday after the issuer announced on Thursday evening that it would delay publication of its third quarter results due to a corruption scandal.

    17 Nov 2014

  • Thru Train’s northbound track hits quota

    Northbound trades on the Shanghai-Hong Kong Stock Connect hit their daily quota before 2pm on its maiden trading day, in a blowout success for at least one half of the landmark trading link.

    17 Nov 2014

  • Axis Bank ends two year absence as books open on US$ bond

    Bankers working on Axis Bank’s new dollar bond are expecting a strong response from investors as the issuer makes its first appearance in two years. A lack of Indian bank supply combined with positive sentiment towards the country is likely to work in its favour.

    17 Nov 2014

  • Aryzta tests market for unrated hybrids

    Aryzta, the Irish-Swiss frozen bread and baked goods supplier, issued its first hybrid bond in euros on Friday October 14. The company is unrated and has no other bonds in euros, giving investors plenty to think about.

    15 Nov 2014

  • CS eyes euro/Swiss call spreads on back of gold referendum

    Investors should look at buying call spreads on the euro against the Swiss franc following a recent spike in volatility on the pair, which has driven spot down to 1.20 – the lowest level since 2012, according to strategists at Credit Suisse.

    14 Nov 2014

  • Reimann family holdco JAB makes €750m bond debut with Baa1 rating

    JAB Holding, the investment company of the Reimann family, has issued a debut €750m seven year bond. Real money investors took 96% of the allocations and the bond was priced inside the secondary level of Wendel, the French investment company, though it softened slightly in the secondary market.

    14 Nov 2014

  • Abengoa recovers partly after recourse row

    Abengoa’s shares and bonds have bounced back this week, after their dizzying falls at the end of last week, when investors were alarmed that the Spanish renewable energy company had classified its recent green bond issue as non-recourse debt. But the securities are not right back to their previous levels, suggesting concerns linger about the company.

    14 Nov 2014

  • ADB USD1bn 2.125% Nov 21

    14 Nov 2014

  • KfW USD5bn 2.5% Nov 24

    14 Nov 2014

  • Agency execution needed for package trades

    Agency trading is an important tool for avoiding basis risk in package trades, especially for the more complex structures that are yet to be made available to trade on swap execution facilities (SEFs), according to speakers at the Sefcon V conference in New York.

    14 Nov 2014

  • ADB squeezes out tightly priced seven year

    Asian Development Bank priced a $1bn 2021 bond on Friday at a level in line with initial price thoughts and guidance, in a markedly different approach to KfW a day before. The German agency started with a decent concession and was able to ratchet pricing in and sell the largest 10 year dollar deal in the SSA sector outside the United States.

    14 Nov 2014

  • Goodman's Gelf returns with better ratings for second euro bond

    Goodman European Logistics Fund (Gelf) priced a €400m seven year bond in a crowded market on Friday, but managed to stand out enough to get a €1bn book.

    14 Nov 2014

  • Secondary pricing update: featuring Ireland’s 15 year blockbuster

    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.

    14 Nov 2014

  • Funding scorecard: Scandinavian agencies

    This week's scorecard features updates on the funding progress of selected Scandinavian agencies. Read on to see which have room to do more funding.

    14 Nov 2014

  • Finnish meatball maker HKScan pockets €100m bond debut

    HKScan, the unrated Finnish meat product maker, priced its debut bond on Friday, offering investors a generous deal to lay a solid foundation for future issuance.

    14 Nov 2014

  • Generali and StanChart cap busy week for FIG with tier two prints

    A flood of financial institution bond issuance this week concluded on Friday with a brace of tier two deals, from Standard Chartered and Italy’s Generali.

    14 Nov 2014

  • Stock Connect decides on taxes

    The Shanghai-Hong Kong Stock Connect, which goes live on Monday, is temporarily waiving taxes on capital gains for users of the landmark trading scheme, although dividends will be levied a 10% tax.

    14 Nov 2014

  • Euroget prices 'hairy' SPV repack well wide of starting point

    Egypt's Euroget de Invest ended a six day execution on Thursday night, printing a secured amortizing dollar deal at a higher yield and lower size that it had originally targeted. Debt bankers on the bond put the tricky execution down to a complex SPV structure, which they said pushed up the premium buyers demanded.

    14 Nov 2014

  • ICICI takes advantage of CNH for tight pricing

    The CNH market got a welcome dash of diversification on November 13 with India’s ICICI Bank making a rare appearance in that currency via a three year bond. The variety that ICICI brought to the market, coupled with an abundance in liquidity, meant the issuer was able to raise capital at a favourable funding level.

    14 Nov 2014

  • DB survey finds German corps cautious on RMB

    German companies are not yet taking full advantage of the opportunities being brought about by the internationalisation of the renminbi, Deutsche Bank said this week, after a survey of treasury departments at German companies conducted by the bank and local trade journal Der Treasurer.

    14 Nov 2014

  • Autohome seeks $368m from follow-on

    China’s Autohome, an online platform for automobile consumers, has opened books for a follow-on offering of 8.5m American Depositary Receipts (ADSs), which could raise proceeds of as much as $368.10m.

    14 Nov 2014

  • Security Bank to hit road with first dollar bond; China Singyes targets first CNH

    Philippines’ Security Bank Corporation is due to hold investor meetings next week for its debut dollar bond, the lender’s first move to tap into broader capital market in dollars.

    14 Nov 2014

  • Beijing Infrastructure constructs $1bn dual-tranche bond

    Beijng Infrastructure Investment has been a regular in the offshore debt market this year, and printed its third bond on November 13. But there was a strategy behind its frequent appearances, the first two testing the water ahead of a much larger trade this time around.

    14 Nov 2014

  • Formosa $1.2bn seven year in general syndication

    Formosa Group Cayman Islands launched a $1.2bn seven year loan into general syndication on November 12 with three arrangers, which are syndicating it on a best efforts basis.

    14 Nov 2014

  • Protelindo Finance looks to issue CGIF guaranteed bond

    Indonesian wireless tower operator Protelindo Finance is seeking to issue a Singapore dollar bond backed by the Asian Development Bank’s Credit Guarantee and Investment Facility (CGIF). If the bond goes head, Protelindo will become just the third issuer to use the facility.

    14 Nov 2014

  • Temasek’s Cairnhill nets $94m with Citic sale

    Cairnhill Investments (Mauritius), a wholly-owned unit of Singapore investment firm Temasek, has made HK$727.2m ($94m) by selling some of its holding in Citic Securities, having first invested in the company back in 2011.

    14 Nov 2014

  • Bank of East Asia prints dollar tier two

    Bank of East Asia raised $500m in its first Basel III deal, managing to attract a huge order book which allowed bankers to tighten guidance by 30bp.

    14 Nov 2014

  • eHi postpones pricing US IPO after wrongdoing allegations

    China’s eHi Car Services, which was scheduled to close books for its $140m New York IPO on Thursday evening, is now looking to price the trade next week following allegations made by individuals that the issuer provided false information in its prospectus.

    14 Nov 2014

  • Shelter Afrique delays Eurobond plans for at least 18 months

    Cote d'Ivoire's Shelter Afrique will not tap the Eurobond market for at least another 18 months, said Godfrey Waweru, director of finance for the housing finance company.

    14 Nov 2014

  • South Africa sets international borrowing target for 2015

    Having used the proceeds of its recent landmark sukuk deal for pre-funding its 2015 borrowing requirement, South Africa is only planning to issue $1bn in the international debt capital markets next year.

    14 Nov 2014

  • Africa private placements set to boom

    Banks are receiving more and more reverse enquiries for MTNs and the smaller sizes and potentially less onerous documentation would suit many African issuers better than benchmark funding at this stage. The combination of these factors means that African MTN issuance is set to boom in the next six to 12 months, said Matt Duggan, a syndicate official at Absa/Barclays in Johannesburg.

    14 Nov 2014

  • No Nigerian Eurobond next year, but Nwankwo reveals plans

    Nigeria is not planning to tap the international debt capital markets in 2015, but its next conventional dollar bond will likely be a 30 year and the country is also considering other markets such as Asian currencies and sukuk, Abraham Nwankwo, director general of the country’s debt management office told GlobalCapital.

    14 Nov 2014

  • SEF registration, no-action letters slows business

    The Commodity Futures Trading Commission needs to grant permanent registration for swap execution facilities in order to avoid hindering the evolution of businesses following the implementation of Dodd-Frank. Additionally, the slew of continuing no-action letters is resulting in regulatory uncertainty, according to speakers at SEFCON V in New York.

    13 Nov 2014

  • Latin trio line up but no rush expected

    Three borrowers are aiming to add to already record yearly issuance volumes in Latin America but there is reason for borrowers to hurry to market before the end of the year, say bond bankers.

    13 Nov 2014

  • Mexico CAC move to set trend but bankers question importance

    LatAm bond bankers said Mexico was sensible to include updated collective action clauses (CAC) in its new sovereign bond prospectus, but said the fact that investors were unlikely to demand a premium for the clauses suggested their relevance was limited.

    13 Nov 2014

  • Investment bank profits poor at Italian pair

    Investment banking profits look poor at the two big Italian banks, UniCredit and Intesa’s investment bank Banca IMI.

    13 Nov 2014

  • Navient deal to launch amid reports of government servicing takeover

    A new student loan ABS issuance by Navient was announced on Thursday, amid reports that the government might opt to internalize its servicing operations for the asset class rather than outsource servicing to third parties.

    13 Nov 2014

  • First FX fines drop but worries remain

    Regulators have agreed a first round of fines over rigging the G10 FX markets, but with big beasts such as the US Department of Justice conspicuous by their absence from the settlement, there could be plenty more to come.

    13 Nov 2014

  • People News in Brief

    Smit quits at BNPP — Clutch of Goldman partnerships in levfin — Sofat switches at Lloyds

    13 Nov 2014

  • Virgin Money gives hope for IPOs as £312m float succeeds

    Virgin Money, the UK challenger bank backed by Richard Branson and Wilbur Ross, succeeded in pricing its £312m IPO on Wednesday, though at the bottom of the price range. The sale brought the former Northern Rock back to the stockmarket, six and a half years after it was nationalised after suffering a deposit run in 2007.

    13 Nov 2014

  • Alfa Bank reopens Russian bank market with new T2

    Alfa Bank Russia priced a long awaited subordinated dollar deal on Thursday, pushing on with its first new style tier two despite a sharp fall in the rouble’s value and intensifying conflict with Ukraine.

    13 Nov 2014

  • The insidious impact of CBPP3

    The European Central Bank's covered bond purchase programme is lowering funding costs but its price distorting effect is slowly but surely crowding out private demand. Recent deals from BNP Paribas and BPCE attracted less than 50 investors, when usually they would have attracted closer to 100. Central bank participation in primary books has more than doubled to 40% and, as bonds tighten further in the secondary market, private investors will be encouraged to take profit and sell to the only buyer in the Street.

    13 Nov 2014

  • Euroget fails to emerge despite widening

    Egypt's Euroget de Invest failed to price its inaugural Eurobond this week despite widening price guidance to 12%.

    13 Nov 2014

  • Freddie Mac raises its stake in CMBS market

    Freddie Mac is launching a new securitization product that will increase its role in multifamily CMBS just as market participants have touted Freddie’s divestment of risk in RMBS.

    13 Nov 2014

  • CFTC extends relief for swaps, agency MBS package trades

    The US Commodity Futures Trading Commission has issued a no-action letter extending relief that was previously granted for package transactions involving a swap component and an agency mortgage-backed security component.

    13 Nov 2014

  • Russia gears up for domestic loan surge with LMA docs

    The shut-out of international banks from lending to Russia due to US and EU sanctions has spurred a range of measures in the country aimed at developing the domestic loan market. This comes as Russian banks gear up for an expected surge in home syndicated deals next year.

    13 Nov 2014

  • Market questions techno future for bond syndication

    Market participants at the International Capital Markets Association’s primary markets forum on Wednesday questioned the value of technological developments in the syndication process that could remove human contact from the process. But regulatory and cost pressures will make technology all the more important, and arguably the last decade of bond market growth could not have happened with using technology to accelerate the new issue process.

    13 Nov 2014

  • Relative value leads CLO mezz tighter, but risk retention vexes

    Pricing of mezzanine tranches in new CLOs has tightened in recent weeks as the asset class’s relative value has increased, and the pipeline of deals looking to get done before the Thanksgiving holiday is bulging. But as lawyers wrangle with the details of risk retention rules, investors say they are already discriminating between managers based on how they plan to deal with the rules.

    13 Nov 2014

  • Cattolica shares plunge as €500m 21-for-10 rights issue gets going

    Società Cattolica di Assicurazione, the Italian insurance company undertaking a €500m rights issue, looks set to provide its underwriters with a nervy few weeks. The shares began trading ex-rights on Monday and have already fallen to within 14% of the subscription price.

    13 Nov 2014

  • UK’s Playtech issues €297m convertible bond to back expansion

    Playtech, the UK gaming software developer, on Wednesday completed a €297m senior, unsecured convertible bond due 2019.

    13 Nov 2014

  • Rentenbank comes back to C$ in size, Cabei prices inside Swiss franc curve

    A busy week in non-core markets saw Rentenbank return to the Canadian dollar market in size, the Central American Bank for Economic Integration (Cabei) price a new Swiss franc deal inside its curve and a quartet of SSAs access the kangaroo market.

    13 Nov 2014

  • Newly rated SAP gets €11bn book

    German IT company SAP today priced €2.75bn of the €4bn bonds it said it would issue to fund its acquisition of US expenses software firm Concur. The deal generated huge demand, with order books across the three tranches bulging to €11bn.

    13 Nov 2014

  • Poland’s Lotos launches Z1bn rights issue

    Lotos, the Polish oil refiner, on Thursday set pricing on a Z1bn ($294m) rights offer that it has been planning to finance investments in its refineries and oil fields.

    13 Nov 2014

  • MTN Leak: Something about Christmas

    The cards have arrived, the lucky few (hundred?) chosen and all that’s left is to prepare livers and make sure the lounge suits are freshened up for the opening shindig in the MTN Christmas party season.

    13 Nov 2014

  • Sovereign debt boss slams full QE as intervention prospects grow

    The European Central Bank’s room to manoeuvre is being crushed as more and more voices call for it to embark on full scale quantitative easing by way of the purchase of sovereign bonds. But a senior sovereign funding official for one of the countries most likely to benefit from further spread compression in the eurozone offered a scathing assessment of the disruptions such a programme could cause.

    13 Nov 2014

  • Barclays and MSCI launch green bond index

    Barclays and MSCI have launched a green bond index family, which will run alongside their existing environmental, social and government fixed income indices.

    13 Nov 2014

  • EFSF busts swaps bar while ECB buying could push down SSA costs

    The European Financial Stability Facility was able to price its tightest ever 10 year benchmark this week, while sovereign, supranational and agency officials cast doubt on whether European Central Bank covered bond buying would have much knock-on effect on SSA bond spreads when supply surges in January.

    13 Nov 2014

  • Syndicated loans - news in brief, November 14, 2014

    Endemol - Zenith Bank - 3i - Faurecia

    13 Nov 2014

  • BPCE finely tunes supply to demand

    The covered bond market has started to lose some of the energy and excitement that followed the announcement of the European Central Bank’s purchase programme. This week, BPCE issued a finely tuned deal that was sized precisely to demand.

    13 Nov 2014

  • Otkritie breaks Russian loan drought while Promsvyazbank waits

    Russian private bank Otkritie Financial Corp Bank (formerly Nomos Bank) this week became the first Russian bank to achieve a loan with international lenders since the EU and US imposed a deeper round of sanctions – specifically targeting loans to Russia – on September 12.

    13 Nov 2014

  • ADB mandates after KfW prints blockbuster 10 year dollar global

    Asian Development Bank became the second issuer to hit dollars this week, mandating for a seven year bond as KfW priced the largest 10 year global of any SSA issuer bar the US agencies. A pair of borrowers are tipped for possible deals next week, which will be the last full week of issuance ahead of the dollar market’s traditional close at Thanksgiving.

    13 Nov 2014

  • UK RMBS trades keep coming despite stubborn sterling

    Precise Mortgages managed to fully cover its latest UK RMBS this week. But the trade had to combat the same investor apathy that has afflicted a string of sterling trades of late, just as Permanent TSB is lining up a return to UK RMBS through CHL Mortgages.

    13 Nov 2014

  • Veneto Banca tightens curve again with ECB set to intensify periphery squeeze

    Veneto Banca priced its second resale of Claris 2011 RMBS paper of the year this week, bringing its funding costs in the asset class well inside 100bp over Euribor. And with the European Central Bank set to begin ABS purchases next week, bankers expect the market to become even more attractive to periphery credits.

    13 Nov 2014

  • Oil companies lead dollar gush as Alibaba preps

    The November deluge of dollar supply continued as companies from across the high-grade spectrum printed a total of $25bn in three days of issuance this week, led by nervous energy and resources companies.

    13 Nov 2014

  • ABS bankers eye CB gains as ECB targets next week

    ABS bankers have been looking at the recent positive effects on funding levels in the covered bond market as they prepare for purchases by the European Central Bank, which executive board member Yves Mersch has confirmed will begin next week. But they remained concerned about the crowding out of private investors.

    13 Nov 2014

  • Liberty and Resimac join A$3bn party

    Liberty Financial has been marketing its second Australian RMBS transaction of the year this week, looking to place up to A$400m of bonds in a market that has absorbed over A$3bn of supply in the last two weeks.

    13 Nov 2014

  • Delta Lloyd swapless in public as it widens audience for rate cap

    Delta Lloyd is taking the swapless RMBS concept public after mandating banks to broadly syndicate its second Arena NHG prime Dutch RMBS of the year, which will again feature an interest rate cap provided by ABN Amro instead of a traditional swap.

    13 Nov 2014

  • ANZ issues tightest Australian covered bond in euros

    Australia and New Zealand Bank on Wednesday issued the tightest ever deal issued by an Australian bank in euros. The five year bond nevertheless offered a decent pick-up to where covered bonds issued by eurozone banks have been priced, and to the issuer’s curve.

    13 Nov 2014

  • Senior fx options trader departs Nomura

    Ian White, managing director and senior fx options trader at Nomura in New York has left the firm.

    13 Nov 2014

  • Altice hogs top tier banks in Portugal Telecom bidding war

    Apax and Bain Capital made their move for Portugal Telecom’s Portuguese assets this week, but rival bidder Altice is more than ready for its challenger, having signed the banks behind its bid on an exclusive basis some weeks ago.

    13 Nov 2014

  • Verbund green bond prices through curve

    Verbund, Austria’s leading electricity company, launched its first green bond on Thursday – and the first from a company in the German-speaking region.

    13 Nov 2014

  • Santander 20 year joy but ECB may drive covered volatility

    Santander returned to covered bonds this week with its first deal in nearly two years which, by virtue of its sheer size and duration, was remarkable. The two tranche deal included a 20 year piece that has not been seen in covered bonds for seven years. This was targeted to asset managers and insurers in the private sector — in sharp contrast to many other deals such as a €250m four year tap from LBBW that the Bundesbank mostly bought. The trades rammed home the distortion the European Central Bank's purchase programme (CBPP3) is causing the covered bond market which market makers said had potential to cause considerable mark to market pain.

    13 Nov 2014

  • BMW issues £300m five year as short sterling issuance surges

    BMW became the latest in a string of international and non-UK companies to issue short dated sterling bonds recently, when it priced a £300m five year on Thursday.

    13 Nov 2014

  • Playtech issues €297m convertible bond

    Playtech, the UK gaming software developer, on Wednesday completed a €297m senior, unsecured convertible bond due 2019.

    13 Nov 2014

  • Green Verbund launches greener bond – through its curve

    Verbund, Austria’s leading electricity company, launched its first green bond on Thursday – and the first from a company in the German-speaking region.

    13 Nov 2014

  • Fed criticises leveraged loan market, but its bark is still worse than its bite

    US regulators have yet again reminded leveraged finance bankers that they are watching the market. The Federal Reserve and others criticised underwriting standards and lender optimism over Ebitda projections in a statement on Friday.

    13 Nov 2014

  • Geberit's loan to buy Sanitec is 'a blowout'

    The syndication for Swiss bathroom fixtures maker Geberit’s Sfr1.29bn (€1.07bn) loan to buy Sanitec of Finland will be allocated next week, said a banker on the deal.

    13 Nov 2014

  • Aareal targets real money as third crack at AT1 succeeds

    The third time worked the charm for Aareal Bank, when on Thursday it sold what is likely to be its only additional tier one deal after having twice postponed sales this year amid spikes in market volatility.

    13 Nov 2014

  • Goldman partner list honours EMEA levfin

    Goldman Sachs has promoted three members of the EMEA leveraged finance group to partner, as well as syndicate veteran Jonathan Fine, now working on US investment grade.

    13 Nov 2014

  • YBS breaks back into tier two with callable sterling

    Sterling investors got a rare treat on Thursday from Yorkshire Building Society, which re-entered the tier two market for the first time in years, building a four times oversubscribed book.

    13 Nov 2014

  • Rare Pirelli draws even central banks

    Pirelli, the Italian tyre producer, launched its first bond for two years on Thursday, and its first in euros since February 2011, and achieved a tremendous blowout, with a book of well over €5bn before reconciliation.

    13 Nov 2014

  • Popularity of self-arranged deals eats into loan banks’ fees

    European companies are increasingly approaching the loan market with the help of consultants and lawyers, instead of asking banks to arrange and coordinate loans.

    13 Nov 2014

  • Lloyds draws monster order book in busy week for senior

    Lloyds took centre stage in the senior unsecured FIG market this week, drawing an order book of around €7bn for a seven year bond, as it made the most of the noise surrounding regulators' plans to implement a total loss absorbing capital (TLAC) measure.

    13 Nov 2014

  • Mumtalakat to broaden benchmark sukuk universe

    Bahrain’s sovereign wealth fund Mumtalakat started a roadshow this week ahead of its first benchmark dollar sukuk. Investors are happy to see a new international sukuk issuer in the market, but are concerned that Mumtalakat's support for struggling airline Gulf Air will be a drain on resources.

    13 Nov 2014

  • Lloyds Bank EUR1.5bn 1% Nov 21

    13 Nov 2014

  • Morgan Stanley EUR1.25bn FRN Nov 19

    13 Nov 2014

  • Flydubai debut places dollar sukuk record in sight

    Dubai government owned airline flydubai has set roadshow dates for its first benchmark dollar sukuk. The borrower will be ready to launch its deal next week, as the sukuk market draws closer to a record year for dollar issuance.

    13 Nov 2014

  • Rare Pirelli €600m draws huge book – even from central banks

    Pirelli, the Italian tyre producer, launched its first bond for two years today, and its first in euros since February 2011, and achieved a tremendous blowout, with a book of well over €5bn before reconciliation.

    13 Nov 2014

  • Mediobanca EUR1.25bn 0.875% Nov 17

    13 Nov 2014

  • CNP Assurances EUR500m 4% PNC10 tier two

    13 Nov 2014

  • Danske Bank EUR1bn FRN Nov 18

    13 Nov 2014

  • Poland’s Lotos launches Z1bn rights issue

    Lotos, the Polish oil refiner, on Thursday set pricing on a Z1bn rights offer that it has been planning to finance investments in its refineries and oil fields.

    13 Nov 2014

  • AT&T goes large and long for Swiss debut

    AT&T made a ground-breaking debut in Swiss francs on Wednesday, printing not only the largest corporate deal of the year but also the longest ever tranche in the currency from a corporate issuer.

    13 Nov 2014

  • KWSA postponement adds to Polish high yield casualty list

    Kompania Weglowa became the third Polish high yield name to pull a debut eurobond issue in less than four months on Wednesday when it announced plans to postpone a planned five year dollar benchmark.

    13 Nov 2014

  • Emirates prints $1bn five year with ease

    Emirates NBD printed a $1bn five year deal with a minimal new issue premium and minimum of fuss on Wednesday, enjoying smooth execution and a strong secondary performance.

    13 Nov 2014

  • Time to end derivatives data disaster

    European regulators have published a new consultation updating the rules governing trade reporting of derivatives. Market participants have welcomed further guidance on how to report data. But the consultation shies from the crux of the problem: without global oversight, the point of trade reporting — to identify systemic risk in derivatives markets before it becomes too large — eludes regulators. There must be a super-repository created to take control of the mess.

    13 Nov 2014

  • Swiss franc buyers snap up rare Norwegian senior

    Swiss franc investors took advantage of a rare opportunity to buy Norwegian senior unsecured financial paper this week when Sparebanken Nord-Norge made its debut in the currency.

    13 Nov 2014

  • CNP reveals deep appetite for insurance paper

    CNP Assurances drew a blowout order book for a perpetual non-call 10 deal this week, providing encouragement for — though a difficult precedent to beat — for a brace of insurance companies also expected to tap the market in the immediate future.

    13 Nov 2014

  • Lloyds draws regional demand on Samurai return

    Lloyds Bank returned to the Samurai market for the first time in more than three years on Thursday with a ¥48bn ($415m) five year deal.

    13 Nov 2014

  • SEFCON V: SEF registration, no-action letters slows business

    The Commodity Futures Trading Commission needs to grant permanent registration for swap execution facilities in order to avoid hindering the evolution of businesses following the implementation of Dodd-Frank. Additionally, the slew of continuing no-action letters is resulting in regulatory uncertainty, according to speakers at SEFCON V.

    13 Nov 2014

  • Rocky reporting could lead to derivatives data disaster

    Reporting of over-the-counter and exchange traded derivatives to repositories is floundering in its aim to make trading more transparent, some seven months since reporting started in Europe. Market participants say a broken system consisting of multiple trade repositories could harbour risk, rather than reduce it.

    13 Nov 2014

  • ADB hires for sevens as KfW sells 10 year blow-out

    Asian Development Bank announced a seven year deal on Thursday as KfW wrapped up a $5bn 10 year that drew over $7bn of orders.

    13 Nov 2014

  • Finnvera returns to euros for last deal of 2014

    Finnish export credit agency Finnvera priced a third and last issue of the year on Thursday, with what is only its second deal in euros.

    13 Nov 2014

  • Spain nears finish as Italy breaks 15 year record

    Spain can afford to cancel one or more of its remaining three bond auctions this year, after a sale of inflation linked debt on Thursday took it to within a few billion euros of its target for the year. Italy’s yields fell to a euro-era low at a sale of 15 year debt, but it was a different story for the sovereign at the shorter end of the curve.

    13 Nov 2014

  • 'Political' TLAC plan disappoints as crucial questions left hanging

    The Financial Stability Board has published its hotly anticipated paper on the final round of new bank capital requirements — Total Loss Absorbing Capacity, or TLAC. But the consultation paper, rushed out ahead of the G20 meetings in Brisbane this weekend, leaves the most important questions unanswered.

    13 Nov 2014

  • Updated: Alibaba picks banks for dollar bond

    Alibaba has mandated banks for its first international bond in a jumbo deal that will see it try to refinance all of the $8bn loan it took last year. The trade will be its first in the international market and comes just months after its landmark IPO.

    13 Nov 2014

  • UniCredit targets HY push with syndicate hire

    UniCredit has hired Maximilian Biagosch, former head of finance at Permira, as its new head of high yield syndicate.

    13 Nov 2014

  • Endemol closing books for $300m loan add-on

    Endemol, the Dutch television programme producer, is closing for commitments on a $300m-equivalent add-on to the €1.35bn refinancing loan it raised in July.

    13 Nov 2014

  • LMA introduces levfin super-senior documentation

    The Loan Market Association has drawn up new documentation for use in leveraged acquisition financings which use super-senior revolving credit facility, senior secured note and high yield note structures.

    13 Nov 2014

  • Sterling stays stubborn for Precise RMBS

    Precise Mortgages managed to fully cover its latest UK RMBS by pricing on Wednesday afternoon, but the trade had to combat the same investor apathy that has afflicted other recent sterling trades.

    13 Nov 2014

  • PE firms head for the door as new opportunities to cash out of Indian companies come knocking

    Private equity names are lining up to exit from Indian companies, as the country’s booming stock market provides a conducive environment finally to take profits on long held investments. The number of exits has grown in the past six months and is expected to rise even further as PE firms position themselves to take full advantage of the opening of the issuance window, writes Rashmi Kumar.

    13 Nov 2014

  • Ukraine CDS widens but will it default?

    Geopolitical risk was all the rage earlier this year, and played a major part in credit spreads widening in several short, sharp bursts. Monetary policy soon resumed its role as the main driver of sentiment, but there were indications this week that it may have to move aside again.

    13 Nov 2014

  • Alfa Bank set to price deal tight despite limited demand

    Alfa Bank looked to have opted for price over size for its new style tier two subordinated deal as the yield was set at the tight end of guidance of 9.5%-9.75% on Thursday morning.

    13 Nov 2014

  • Permanent TSB back with UK RMBS restructuring

    Permanent TSB’s UK arm is set to securitize a portfolio of UK buy-to-let mortgages originated before it halted lending during the financial crisis, as the Irish lender continues to manage capital after failing the European Central Bank’s stress test last month.

    13 Nov 2014

  • Spotlight back on CNH with November deal rush

    Offshore renminbi bonds sprang back into life this week, with a rush of deals hitting the market. While the frantic pace of issuance is unlikely to last until the end of the year, the pick-up shows the CNH market is developing fast and sets the scene for a stronger 2015, writes Rev Hui.

    13 Nov 2014

  • KWSA joins list of Polish high yield casualties

    Kompania Weglowa became the fourth Polish high yield name to pull a debut eurobond issue in less than four months on Wednesday when it announced plans to postpone a planned five year dollar benchmark.

    13 Nov 2014

  • Senior trio keep FIG supply coming

    FIG supply continued apace on Thursday, with Credit Suisse and JP Morgan hitting screens with self-led euro prints, while France’s Caisse Centrale du Credit Immobilier de France (3CIF) sold its third government guaranteed print of the year.

    13 Nov 2014

  • Mustier’s legacy poses growth conundrum

    UniCredit’s outgoing CIB chief has delivered a more profitable, stable division for his successor. But it’s a low key handover, writes David Rothnie.

    13 Nov 2014

  • Zenith Bank joins Nigerian loan fray

    Lagos-based Zenith Bank launched an international syndicated loan on Thursday, extending a wave of loans for Nigerian borrowers.

    13 Nov 2014

  • IFC cooks up ‘Masala’ debut as demand for rupees rockets

    The International Finance Corporation has scored a double first in its efforts to further the internationalisation of Indian rupee bond markets by issuing the longest dated offshore deal in the currency and listing it in London.

    13 Nov 2014

  • Yorkshire set to rebuild tier two curve

    Yorkshire Building Society is set to sell its first tier two bond in years, building a substantial book for a £250m 10 year non-call five year.

    13 Nov 2014

  • Sometimes all the straws are short

    We all know that Chinese corporates like to act like a circus ringmaster, with banks running around them performing party tricks, jumping through flaming hoops and generally doing as they are told. There was some of that even when I was back in the business, but it was nothing like as bad as it is now.

    13 Nov 2014

  • South Africa receives new ALM head for Christmas

    Anthony Julies will take over as the South African National Treasury’s head of asset and liability management before the end of the year.

    13 Nov 2014

  • CCB prices landmark four-tranche triple listing Formosa

    China Construction Bank (Asia) has priced the biggest ever Formosa bond, selling Rmb3.3bn ($540m) on November 11 through four tranches in what was its debut in this market. The two, five, seven and 10 year bonds will be listed in Taiwan, Hong Kong and Luxembourg.

    13 Nov 2014

  • New group aims to promote Singapore Reits

    The Reit Association of Singapore (Reitas) will become Singapore’s first representative body for the industry when it launches next week. Keeping Singapore a competitive financial hub for real estate investment trusts (Reits) is one of the association’s goals, according to its CEO.

    13 Nov 2014

  • Keppel pre-markets $392m Reit

    Singapore’s Keppel Telecommunications & Transportation started pre-marketing the S$505.4m ($392m) IPO of its real estate investment trust on Tuesday, November 11, with bookbuilding tentatively scheduled for the end of the month.

    13 Nov 2014

  • Indonesia's Pelindo II $1bn attracts eleven in general

    Banks are lining up for Pelabuhan Indonesia II’s $1bn loan that opened into general syndication in October. State ownership and its operation in a strategic industry has helped the company attract a good response.

    13 Nov 2014

  • A toast to Carabao: $216m IPO prices at top of range

    Energy drinks maker Carabao Group has raised Bt7bn ($216m) from its IPO by pricing the trade at the top of the offered range. With books around 10 times covered, the deal received strong support from both international and domestic institutional investors eager to buy into the Thai company’s story.

    13 Nov 2014

  • At last! Shanghai-HK Stock Connect decides start date

    The long-delayed Shanghai-Hong Kong Stock Connect (SHKSC) will finally get off the ground next week, with trading set to begin on November 17, opening the floodgates to China’s $3.9tr A-share market.

    13 Nov 2014

  • Pricing delayed on Euroget despite wide guidance

    Egypt's Euroget de Invest failed to price its inaugural Eurobond on Wednesday despite widening price guidance to 12%.

    13 Nov 2014

  • Taiwan lenders move to secure SE Asia foothold via acquisitions

    Limited opportunities for growth at home and a desire to diversify their portfolios are driving Taiwanese banks to strengthen their presence in southeast Asian countries. One part of their strategy is to acquire stakes in mid-tier local banks, with the aim of gathering enough deposits to support loan growth, writes Shruti Chaturvedi.

    13 Nov 2014

  • Bain nets $400m from Hero MotoCorp, double target

    Bain Capital made Rp24.6bn ($400m) on November 6 by selling a chunk of its shares in India’s Hero MotoCorp in what was one of the largest block trades from the country this year. Strong appetite, particularly from long-only investors, meant the private equity firm raised almost double its initial target.

    13 Nov 2014

  • Archi digs up $371m Indonesian IPO

    Gold miner Archi Indonesia is looking to raise Rph4.6tr ($371m) from its IPO on the domestic stock exchange, with bankers on the trade confident of a good response despite launching with no cornerstones or anchor orders.

    13 Nov 2014

  • CHST debuts dim sum with Rmb650m

    China High Speed Transmission (CHST) Equipment Group tapped into the dim sum market for the first time on November 12, raising more than it was targeting, with a Rmb650m ($106m) trade.

    13 Nov 2014

  • Sime Darby mandates four for $800m loan

    Malaysian conglomerate Sime Darby has picked four banks to supply the funds for its latest loan. The size of the fundraising is around $800m and it is split into a revolver and a term loan.

    13 Nov 2014

  • Waste Italia pays 12.625%, but gets bond

    Waste Italia, a waste management subsidiary of Italy's Gruppo Sostenya, priced its debut bond on Thursday afternoon in New York time, though it had to sweeten the terms for investors.

    13 Nov 2014

  • Delta Lloyd goes swapless in public

    Delta Lloyd is taking the swapless RMBS concept public after mandating banks to broadly syndicate its second Arena NHG prime Dutch RMBS of the year, which will again feature an interest rate cap provided by ABN Amro instead of a traditional swap.

    13 Nov 2014

  • Bank of East Asia launches tier two bookbuilding

    Bank of East Asia has launched its first Basel III bond, opening book building for a tier two dollar offering on Thursday. It becomes the second Hong Kong bank this year after Dah Sing Bank at the start of 2014.

    13 Nov 2014

  • Third time looks like the charm for Aareal AT1

    Aareal Bank, whose plans to repay a loan to the German government by raising additional tier one capital were derailed by capital markets volatility in July and September, is hoping the third time is the charm as it announced a €300 million perpetual non-call five year AT1 on Thursday morning.

    13 Nov 2014

  • Geberit loan for Sanitec 'a blowout'

    The syndication for Swiss bathroom fixtures maker Geberit’s Sfr1.29bn (€1.07bn) loan to buy Sanitec of Finland will be allocated next week, said a banker on the deal.

    13 Nov 2014

  • Soechi Lines prices IPO below target

    Soechi Lines, the Indonesian shipping company, has priced its IPO below the targeted range at Rph550 ($0.045) a share, even as the Jakarta Composite Index bounced back from its October low.

    13 Nov 2014

  • KDB picks banks for first sterling bond in eight years

    Korea Development Bank has mandated banks for its first sterling bond in eight years as Korean names start to reappear in the currency, drawn by attractive funding costs.

    13 Nov 2014

  • Wanhua Chem puts together maiden offshore bond

    China’s Wanhua Chemical successfully completed its first foray into the offshore debt market on November 12, pricing a three year dim sum bond.

    13 Nov 2014

  • Rio state pension fund to return with oil-backed bond

    The state pension fund of Rio de Janeiro has mandated BB Securities and BNP Paribas for a possible further $1bn of senior secured notes issue via SPV Rio Oil Finance Trust.

    13 Nov 2014

  • Chile’s Angamos powers up for bond debut

    AES Gener-owned Empresa Eléctrica Angamos is planning an $800m 14.5 year amortising senior secured bond to refinance project finance loans, according to sources close to the deal and rating agency reports.

    13 Nov 2014

  • Beijing Infrastructure building for dollar return

    Beijing Infrastructure Investment is looking to cement its place in the international market by tapping it for the third time this year. But unlike its previous attempts, the company has now opted for a slightly funkier structure via a dual-tranche offering on November 13.

    13 Nov 2014

  • China Citic banker to lead StanChart financial markets

    Standard Chartered has appointed China Citic Bank veteran Woody Chan as head of financial markets for Hong Kong. He replaces John Tan, who was appointed CEO for Taiwan in April.

    13 Nov 2014

  • Rates trading finally sees uptick following steady slump

    The overall interest rate derivatives trading volume reported to swap data repositories last week was up 27% from the previous week, according to data from the International Swaps and Derivatives Association. This follows several weeks of consistent decline in the figures.

    12 Nov 2014

  • Credit hubs act as single point of failure, SEFCON says

    Some derivatives market participants are weary of using credit hubs as they act as one single point of failure if a transaction were to fail because many parties are involved, according to panellists at the SEFCON V conference in New York on Wednesday. Parties at risk include swap execution facilities, clearing houses, futures commission merchants as well as their clients, the conference heard.

    12 Nov 2014

  • Has the Saudi Arabian put option expired?

    The risk reflected in options on crude oil is near the highest levels since the commodity began selling off in July, according to one estimate.

    12 Nov 2014

  • OnDeck hands IPO underwriting mandate to Deutsche, among others

    Online small business lender OnDeck has filed for an initial public offering, handing underwriting duties to a handful of banks including some that supply the group’s credit lines and one that has underwritten a previous securitization. OnDeck is the latest online marketplace lender to go public, following others like Lending Club and SoFi.

    12 Nov 2014

  • Market participants say uncertainties remain for RMBS

    Market participants cited the finalization of regulatory rulemaking initiatives as a relief for private label RMBS issuers and investors on Wednesday during a conference in New York, but potential liabilities related to reps and warranties and mortgage servicing remain murky.

    12 Nov 2014

  • Crusade for benchmark private label RMBS too ambitious, say bankers

    Michael Stegman, counsellor to the US Treasury secretary, this week continued his push for a benchmark transaction that could resurrect the private label securities (PLS) market but some market participants say his pitch is a little too ambitious.

    12 Nov 2014

  • Be hard on originators to fix private label RMBS, say panellists

    Small investors are coming back to the private label RMBS market, but deep structural reforms that "hold originators' feet to the fire" are needed to tempt larger buyers back, said panelists at a conference on Wednesday.

    12 Nov 2014

  • Hot demand for Essentra and Workspace cash-box placings

    Two UK companies completed cash-box placings on Wednesday, and both found plenty of demand. Essentra, which makes small components and packaging products, raised £168.8m of new capital, while Workspace Group, the provider of serviced offices in London, raised £96.5m.

    12 Nov 2014

  • Virgin Money gets IPO away at second attempt

    Virgin Money, the UK challenger bank backed by Richard Branson and Wilbur Ross, succeeded in pricing its IPO today, though at the bottom of the price range.

    12 Nov 2014

  • EFSF EUR1.5bn 1.75% Jun 24 tap

    12 Nov 2014

  • Funds race to sell volatility post-ECB meeting

    Hedge funds and real money investors were fast to sell volatility on iTraxx Main and Crossover after the European Central Bank meeting on November 6, causing the volatility calendar and the volatility smile to steepen.

    12 Nov 2014

  • BG Group prices tight eight and 15 year clips

    British oil and gas company BG Group issued €775m eight and €800m 15 year bonds on Wednesday, in a week of strong issuance of European investment grade corporate bonds.

    12 Nov 2014

  • EFSF breaks through mid-swaps barrier

    The European Financial Stability Facility on Wednesday joined an elite gaggle of issuers able to raise 10 year cash at levels through mid-swaps.

    12 Nov 2014

  • KfW hits dollars with long dated mandate

    KfW has hired a trio of banks to run a 10 year global. Market participants expect the deal to fly given the attractive pricing on offer.

    12 Nov 2014

  • Total follows sterling with €1.85bn twin trancher

    Total on Wednesday priced a €1bn floating rate note and an €850m fixed rate bond, just a day after it issued a six year sterling deal.

    12 Nov 2014

  • Gas Natural’s €1bn deal restores confidence in riskier hybrid sales

    Spain's Gas Natural issued its first hybrid capital bond on Wednesday, raising €1bn, after a two day roadshow.

    12 Nov 2014

  • Blackstone’s Alliance Auto gets €325m HY

    Alliance Automotive has issued a two tranche bond to fund the French-UK car parts distributor’s buyout in August by Blackstone and the company's founders from Weinberg Capital Partners.

    12 Nov 2014

  • Italy and Spain poised for cost falls at auction

    Italy could break its euro era low yield for a 15 year bond auction on Thursday if secondary levels from Wednesday hold, while Spain looks set to wipe around 60bp from its 10 year inflation linked borrowing costs.

    12 Nov 2014

  • GlobalCapital's Loans Awards heat up: Vote now!

    Votes are rolling in to decide this year’s winners of the GlobalCapital Syndicated Loans and Leveraged Finance Awards. There is still time to complete the poll, but the deadline is fast approaching.

    12 Nov 2014

  • Otkritie pips Promsvyazbank to the post with door-opening loan

    Russian private bank Otkritie Financial Corp Bank (formerly Nomos Bank) has surprised the market by beating peer Promsvyazbank to sign a syndicated loan. In doing so, it becomes the first Russian bank to achieve a loan with international lenders since the EU and US imposed a deeper round of sanctions – specifically targeting loans to Russia – on September 12.

    12 Nov 2014

  • Private equity makes its move on Portugal Telecom

    Apax Partners and Bain Capital have made their move for the Portuguese assets of Portugal Telecom today, with a €7.075bn offer buy the assets from Oi.

    12 Nov 2014

  • Lloyds funding vet switches jobs

    A veteran of funding and hybrid capital at Lloyds Banking Group has switched to the investment side, taking the reins of the group's portfolio of assets to ensure it is in compliance with the liquidity coverage ratio.

    12 Nov 2014

  • Emirates NBD prices three times subscribed five year

    Emirates NBD priced a $1bn five year bond on Wednesday, after drawing over $3bn of orders.

    12 Nov 2014

  • Indications of interest cover third of Veneto Banca’s remaining stock

    Lead managers on Veneto Banca’s Claris 2011 RMBS resale have collected over €300m in indications of interest for the deal, which leaves the Italian bank on track to offload a third of the bonds it still holds from the previously retained transaction.

    12 Nov 2014

  • CNP reveals depth of insurance appetite ahead of BNP Cardif, Generali prints

    CNP Assurances benefited from a lack of insurance supply when selling a perpetual tier two deal on Wednesday, setting the stage for other insurers to tap the market over the coming week.

    12 Nov 2014

  • Intesa Sanpaolo IB takes Q3 results hammering but group beats consensus

    Intesa’s corporate and investment banking arm, Banca IMI announced third quarter profit of €58.5m on Monday, nearly half the €119.7m it reported in Q3 2013, driven down by high operating costs.

    12 Nov 2014

  • Senior market comes back to life after slow start

    The senior unsecured market made up for a slow start to the week on Wednesday as three deals hit screens. Lloyds was able to draw a hefty order book for a seven year fixed rate print, while Danske Bank and Morgan Stanley sold floating rate notes.

    12 Nov 2014

  • Alfa Bank Russian sub surfaces

    Alfa Bank Russia opened books on a long awaited subordinated dollar deal on Wednesday, pushing on with its first new style tier two despite a sharp fall in the rouble’s value and an intensifying conflict in Ukraine. The deal comes less than a week after Gazprom priced the first international Russian benchmark since July. But Alfa has been planning its sale for months, and was not pulled to market by a pathfinding corporate bond, said bankers on the deal.

    12 Nov 2014

  • Israel Chemicals eyes debut dollars

    Israel Chemicals has picked banks for its first ever bond deal, and starts investor meetings on Thursday to support the long-dated dollar benchmark.

    12 Nov 2014

  • RMB product boost expected as HK conversion cap scrapped

    Monday November 17 is looking set to be a busy day for Hong Kong's RMB business. Not only is it the official launch date for the Shanghai-Hong Kong Stock Connect (SHKSC) and the first possible date for the next auction of Chinese government dim sum bonds in Hong Kong, but now it will also mark the first opportunity for residents of the SAR to convert funds into renminbi with no daily limit.

    12 Nov 2014

  • Liberty Financial RMBS joins Australia’s A$3bn party

    Liberty Financial mandated banks for its second Australian RMBS transaction of the year on Tuesday, looking to place up to A$400m of bonds in a market that has absorbed over A$3bn of supply in the last two weeks.

    12 Nov 2014

  • SSAs eager to capitalise on covered bond compression

    Christmas could be coming early for any sovereign, supranational or agency issuer willing to tap the euro market in the next few weeks, after the European Central Bank’s covered bond buying programme opened up the chance to screw in swap spreads a few basis points further on what has been a year of ever tightening pricing. At least two issuers are expected to hit screens in euros later on Wednesday.

    12 Nov 2014

  • Dubai Parks and Resorts plans $680m IPO

    Dubai Parks and Resorts, a subsidiary of Meraas Holding, has announced plans for an IPO of Dh2.5bn ($680m), to fund the construction of a multi-theme park project at Jebel Ali.

    12 Nov 2014

  • Ukraine Eurobond restructurings on the rise

    Eurobond restructuring has followed bleak third quarter results from Ukrainian companies, as military conflict in the country intensifies. First Ukrainian International Bank (FUIB) is asking investors for permission to restructure Eurobonds maturing in December. The bank joins metals and mining holder Metinvest, which is trying to restructure a $500m deal that matures in 2015.

    12 Nov 2014

  • Bullishness is back as companies pump out bonds

    November is set to fulfil its promise as a busy month for corporate bond issuance, as companies are coming to the market in quick succession, and more are lining up to take their turns.

    12 Nov 2014

  • Two of a kind for Bohai, Universal Leasing CNH taps

    China’s Bohai Steel Group and Universal International Leasing made it a busy day for the CNH market on November 11 as reverse enquiry from investors led the issuers to tap their existing bonds for a combined Rmb1.1bn ($179m).

    12 Nov 2014

  • China Transmission gets fair wind for debut RMB bond

    China High Speed Transmission Equipment Group, the nation’s largest manufacturer of wind power transmission gearboxes, had already more than enough orders for its maiden offshore renminbi bond by late afternoon Wednesday.

    12 Nov 2014

  • Welcomed bump in supply hits senior and sub marts

    The FIG primary market took off on Wednesday morning, with an insurance company's subordinated bond, three senior deals and some covered bond supply to boot, marking the full return of market participants from two days of holidays that began the week.

    12 Nov 2014

  • CEEMEA duo show full price spectrum

    The CEEMEA market’s breadth is on display this week with a single-A rated UAE financial name and a double-digit yielding Egyptian corporate rubbing shoulders. A scarcely less diverse pipeline is still building, with Polish, Kazakh and Bahraini credits all planning deals.

    12 Nov 2014

  • SME access to finance unchanged, says ECB

    A European Central Bank survey of over 10,000 small and medium sized enterprises showed no change in the proportion of businesses listing ‘access to finance’ as their main concern, while they also complained of more stringent collateral and other requirements from lending banks.

    12 Nov 2014

  • IOI Properties eyes $307m from rights issue

    Malaysia’s IOI Properties is looking to raise MR1.03bn ($306.51m) in a rights issue to finance the development of a golf course-based resort city near the central administrative capital.

    12 Nov 2014

  • Trans-cab nets $88m from SGX IPO

    Singaporean taxi operator Trans-cab has raised S$114.2m ($88.4m) with strong demand from investors leading to books closing a day earlier than scheduled.

    12 Nov 2014

  • Allocations out for Alibaba’s $3bn five year revolver

    E-commerce firm Alibaba Group, which signed a $3bn revolving facility with four lenders on August 30, has allocated the financing following a limited syndication. The loan, which features looser covenants than Alibaba’s last fundraising, has set a precedent for future financings by the company, as well as for revolving credit facilities in Asia.

    12 Nov 2014

  • Pelikan trims German rights issue to $117m

    Following an independent valuation, Malaysia-based stationery maker Pelikan International Corp has shrunk the size of a rights issue that it will use to fund a restructuring.

    12 Nov 2014

  • Loans veteran Kempton to leave StanChart after 35 years

    Veteran loans banker David Kempton has taken early retirement from his role at Standard Chartered Bank, where he has been employed since the last 35 years.

    12 Nov 2014

  • Wanhua Chem reaching out to investors with debut

    One of the world’s largest plastics manufacturer, Wanhua Chemical, started taking orders for a CNH bond offering on November 12 as it looks to issue in the international debt market for the first time.

    12 Nov 2014

  • Mexico SEC registration promises CAC breakthrough

    Prospects in the Latin America bond market for universal collective action clauses (CAC) in sovereign bonds that would have avoided the Argentine debt fiasco took a turn for the better this week after Mexico showed its willingness to put ICMA recommendations on the matter into practice.

    12 Nov 2014

  • Universal Robina seeks NZ$750m in senior

    Philippine consumer food and beverage company Universal Robina Corp launched a NZ$750m ($586m) loan for its acquisition of New Zealand’s Griffin's Foods into senior syndication on November 11.

    12 Nov 2014

  • CCB (Asia) sets record with four-tranche triple listing Formosa

    China Construction Bank (Asia) has priced the biggest ever Formosa bond, selling Rmb3.3bn ($540m) on November 11 through four tranches in what was its debut in this market. The two, five, seven and ten year bonds will be listed in Taiwan, Hong Kong and Luxembourg.

    12 Nov 2014

  • Redwood changes tack as first risk-sharing deal nears

    Redwood Trust is shifting its focus towards originating more conforming loans to take advantage of a securitization partnership with Fannie Mae, in line with the GSE’s risk-sharing program.

    11 Nov 2014

  • Lending Club data cuts force P2P code rewrite

    An unexpected move by Lending Club to reduce the number of data points it publishes about its loans has rattled the peer-to-peer investment community. The changes could make it harder for institutional investors — some of which have securitized these assets — to generate better returns by using coding technology to select the loans they want.

    11 Nov 2014

  • Ocwen could drag down Ginnie Mae MBS

    The performance of mortgage-backed securities backed by loans serviced by Ocwen Financial is expected to take a hit due to ongoing liquidity concerns and increased scrutiny over mortgage liquidations.

    11 Nov 2014

  • Lifco’s Skr4bn IPO covered after first day

    Lifco, a Swedish company whose interests range from dental supplies to demolition equipment, has got its IPO off to a flying start. The deal was covered after the first day of bookbuilding on Monday. The sale could reach Skr4.216bn (€457m).

    11 Nov 2014

  • Mortgage Advice Bureau completes Aim flotation

    Mortgage Advice Bureau, the UK mortgage broker network, priced its IPO on Aim on Tuesday morning at 160p a share, valuing the company at £80.8m.

    11 Nov 2014

  • Hella Hueck debuts after second IPO leg

    Hella Hueck, the family-owned German car lights and electronics maker, made its stock market debut on Tuesday and traded up by 2.3%.

    11 Nov 2014

  • Jefferies nabs second Just Eat block for Californian venture capitalists after IPO

    Jefferies traded on Tuesday evening a block of 12.5m shares in Just Eat, the UK-based online takeaway food ordering service that floated in London in April for £360m.

    11 Nov 2014

  • PSB can open doors where Gazprom failed

    Bankers working on a loan for Promsvyazbank believe the hotly anticipated deal is imminent – and that it will do more to reopen the international market to Russian borrowers than Gazprom did with its bond last week.

    11 Nov 2014

  • UniCredit Group eyes profit target but CIB lags

    UniCredit Group’s €2bn profit target for 2014 is within grasp after a decent set of third quarter results, which showed an improvement over last year at the group level. But the investment bank’s profits are still down on last year, despite an improvement in loan values for the first time in two years.

    11 Nov 2014

  • ESMA suggests UTI sticking plaster for trade reporting woes

    The European Securities and Markets Authority (ESMA) has asked market participants if it should prescribe which counterparty should be responsible for the creation and transmission of the unique trade identifier (UTI) in trade reporting. The UTI allows two counterparties to pair and match two sides of the same trade at a trade repository, however confusion over how one is generated has blighted reporting since it became mandatory earlier this year.

    11 Nov 2014

  • EFSF to crown 2014 with 10 year tap

    The European Financial Stability Facility has mandated three banks to run a long-dated tap that will complete its 2014 funding programme. It is likely to knock a double digit figure off its tightest spread to swaps on a 10 year so far, said bankers off the mandate.

    11 Nov 2014

  • Gas Natural close to hybrid issue as interest starts to come in

    Gas Natural Fenosa, the Spanish gas and electricity company, is expected to launch its first hybrid capital issue as early as tomorrow (Wednesday).

    11 Nov 2014

  • IFC prints first London listed Indian rupee bond

    The international Finance Corporation has taken another step in furthering the internationalisation of Indian rupee bond markets by issuing the first London listed bond in the currency. The deal also marks the longest dated offshore Indian rupee bond.

    11 Nov 2014

  • Rentenbank to print largest C$ benchmark in seven years

    Rentenbank is set to return to the Canadian dollar market for the second time this year on Wednesday, with what will be its largest benchmark in the currency since 2007.

    11 Nov 2014

  • Hedge fund taps butterfly on Main

    A London hedge fund has put on a butterfly trade based on the iTraxx Main three to seven year section of the yield curve, going long risk at the five year point, and short risk the three and seven year points, to play the recent divergence between the three-five-seven year butterfly and the market levels.

    11 Nov 2014

  • Total's £300m drives sterling momentum

    French oil company Total priced a £300m six year bond on Tuesday, paying a small new issue premium, according to bankers. The deal follows a spate of recent deals in the currency from Walgreen, Ford and Intu Properties.

    11 Nov 2014

  • Faurecia refinances debt with €1.2bn revolver

    Faurecia, the French car parts manufacturer, has refinanced a €1.15bn undrawn loan facility, hiring 10 banks.

    11 Nov 2014

  • UniCredit hires new head of high yield syndicate

    UniCredit has hired a new head of high yield syndicate from a private equity firm.

    11 Nov 2014

  • 3i makes first close on €250m European mid-market loan fund

    3i, the UK private equity and investment fund, has closed a mid-market loan fund for the first time after receiving commitments of €250m.

    11 Nov 2014

  • Why carving China's banks out from TLAC is wrong

    Journalists sometimes have to choose between being fast and being right. The Financial Stability Board, with its Total Loss Absorbing Capacity (TLAC) plans, has chosen to be fast, and a weaker financial system will be the result.

    11 Nov 2014

  • Genworth downgrade threatens RMBS ratings

    Some 153 tranches of antipodean RMBS are facing Standard & Poor’s rating cuts following the agency’s downgrade of mortgage insurance provider Genworth earlier this month.

    11 Nov 2014

  • Emirates NBD sets price thoughts for five year

    Emirates NBD has set initial price thoughts for its dollar benchmark five year bond at 165bp over mid-swaps. The bond is expected to be priced on Thursday.

    11 Nov 2014

  • Rabo mandates for Basel III-compliant Samurai, Lloyds hits market ahead of senior surge

    Rabobank mandated banks for the first Basel III-compliant Samurai bond on Tuesday, with a deal expected by the end of this year or in early 2015. Lloyds is also in the Samurai market and is expected to sell a senior deal later this week, with other banks expected to follow.

    11 Nov 2014

  • Euroget widens talk as SPV structure sparks debate

    Egypt's Euroget de Invest, has widened price guidance to 12% yield for a $258m bond, proceeds of which will be used to build nine hospitals in Ghana. The deal is expected to be priced on Wednesday with books going subject at 10am in New York.

    11 Nov 2014

  • Polish mBank roadshows for euros

    mBank, Commerzbank's Polish unit previously known as BreBank, is roadshowing a euro-denominated bond via Barclays, Commerzbank, Credit Suisse and JP Morgan.

    11 Nov 2014

  • Promsvyazbank loan is imminent, say bankers

    Promsvyazbank, the privately owned Russian bank, looks set to sign a one year loan imminently, according to bankers with knowledge of the deal.

    11 Nov 2014

  • Flydubai debut puts dollar sukuk record in sight

    Dubai government owned airline Flydubai has set roadshow dates for its first benchmark dollar sukuk. The borrower will be ready to launch its deal next week, as the sukuk market draws closer to a record year for dollar issuance.

    11 Nov 2014

  • Max’s Group to delay $102m RTO of Pancake House

    Max’s Group’s backdoor listing of Filipino casual dining chain Pancake House will be pushed back as regulatory approvals have yet to be granted. As a result, books will open later than scheduled in December.

    11 Nov 2014

  • Telefónica rings up $859m from China Unicom block

    Excitement around the Shanghai-Hong Kong Stock Connect combined with Hong Kong-listed China Unicom’s lagging share price to help Telefónica Internacional net HK$6.7bn ($859m) from the sale of a 2.5% stake in the company via a block trade on November 10, one of Asia's largest this year.

    11 Nov 2014

  • COFCO Land fetches huge order book for debut bond

    The property arm of Chinese conglomerate COFCO Group, COFCO Land Holdings, completed a successful debut bond offering on November 10, with books more than 6.5 times covered.

    11 Nov 2014

  • BlueCrest snaps up UBS derivs trader

    Tim Sharp, ex-FX options trader at UBS in Zurich, has joined BlueCrest Capital Management as a portfolio manager, based in London.

    11 Nov 2014

  • ABS looks to CB gains as ECB targets next week

    ABS bankers have been looking at the recent positive effects on funding levels in the covered bond market as they prepare for purchases by the European Central Bank, which executive board member Yves Mersch has confirmed will begin next week. But they remained concerned about the crowding out of private investors.

    11 Nov 2014

  • Malaysia Airports checks in for $396m rights issue

    Malaysia Airports Holdings (MAHB) is looking to raise around MR1.32bn ($396m) via a rights issue which will go towards funding its acquisition of an airport in Turkey.

    11 Nov 2014

  • StanChart hires China Citic banker to head financial markets

    Standard Chartered has appointed China Citic veteran Woody Chan as head of financial markets for Hong Kong. Chan replaces John Tan, who was appointed CEO for Taiwan in April.

    11 Nov 2014

  • Exotix takes Christensen from EC

    Exotix, a frontier, emerging market and illiquid debt merchant bank, has hired Jakob Christensen as a director and senior economist.

    11 Nov 2014

  • Commitments pour in for Indonesia's Pelindo II $1bn loan

    Banks are lining up for Pelabuhan Indonesia II’s $1bn loan that opened into general syndication in October. State ownership and its operation in a strategic industry has helped the company get a good response.

    11 Nov 2014

  • Food for Thoughts: Angler, with Lance Uggla, founder and CEO, Markit

    For anyone who works outside the rarefied world of financial markets, Markit might sound like something an errant tomcat gets up to. But after listing his company for $1.5bn on Nasdaq in June just eleven years after founding it in his garden, CEO Lance Uggla is unlikely to be suffering much angst about his choice of name.

    11 Nov 2014

  • Keppel pre-markets $392m Reit IPO

    Singapore’s Keppel Telecommunications & Transportation started pre-marketing the S$505.4m ($392m) IPO of its real estate investment trust on Tuesday, November 11, with bookbuilding tentatively scheduled for the end of the month.

    11 Nov 2014

  • Tower Bersama back for $1bn loan

    Indonesian telecom infrastructure provider Tower Bersama, which sealed its last loan as recently as July, is back in the market for a $1bn borrowing. The company has made a rapid return to take advantage of the downtrend in pricing for major Indonesian credits that began after the election uncertainty subsided.

    11 Nov 2014

  • Bloomberry gambles to make $126m from top-up

    Philippines-based Bloomberry Resorts Corp raised Ps5.655bn ($126m) on Monday evening via a top-up placement of shares, taking advantage of the slight improvement in market sentiment to push its deal past the finish line.

    11 Nov 2014

  • Argentina issues pari passu risk warning

    There are 102 holders of non-restructured defaulted Argentine debt that are ready to demand a par repayment of their bonds based on the pari passu principle, taking advantage of the $1.6bn judgement in favour of hedge fund holdout creditors made in the US courts.

    11 Nov 2014

  • China Singyes, Orient Securities to meet investors for debut dim sum

    China Singyes Solar Technologies Holdings plans to kick off a series of investor meetings as it seeks buyers for its maiden offshore RMB-denominated notes.

    11 Nov 2014

  • Carabao cheers as $216m IPO priced at top

    Energy drinks maker Carabao Group has raised Bt7bn ($216m) from its IPO by pricing the trade at the top of the offered range. With books around 10 times covered, the deal received strong support from both international and domestic institutional investors eager to buy into the Thai company’s story.

    11 Nov 2014

  • Malaysia and China sign RMB MoU, clearing bank expected

    Malaysia is on its way to becoming the second ASEAN country to be designated as an offshore renminbi hub. The People's Bank of China (PBoC) and Bank Negara Malaysia (BNM) signed a memorandum of understanding (MoU) on RMB clearing arrangements in Malaysia on November 10. Singapore became the first RMB hub in the region in February 2013.

    11 Nov 2014

  • Don't shut the door on China's SME borrowers yet

    A spate of restructurings and defaults by Chinese companies has spooked the syndicated loans market and some banks are now saying there will be a flight to quality. However, by squeezing lending to mid-cap names, banks could miss out on funding the next Xiaomi or Alibaba. Instead they should improve their credit checks and look for more innovative solutions.

    11 Nov 2014

  • Mexico’s RCO gets double upgrade on refinancing

    Fitch and S&P upgraded Mexican road concessionaire Red de Carreteras de Occidente’s (RCO) senior-secured peso-denominated notes by one notch to BBB and BBB+ respectively on Monday on the back of the issuer’s plans to lower its refinancing risk through a MP4.1bn ($302m) local market bond.

    11 Nov 2014

  • AmeriCredit subprime ABS expected to launch without a blip

    GM Financial subsidiary AmeriCredit is planning its fourth subprime auto ABS of 2014. The issuer is not expected to have much trouble getting the deal through despite a recent disclosure by GM Financial that it had received more subpoenas related to its subprime loans and securitizations.

    10 Nov 2014

  • CSAM to make new London credit hire

    Credit Suisse Asset Management is looking for a new credit analyst to join its credit investments group in London, as it gears up to issue its first euro CLO of the year.

    10 Nov 2014

  • Angel Oak sets sights on non-QM RMBS

    Angel Oak Capital plans to launch a non-qualified mortgage (non-QM) RMBS transaction in the first quarter of 2015, the firm's head of capital markets told GlobalCapital on Monday. The specialty financier is in talks with banks to underwrite the deal.

    10 Nov 2014

  • Walgreen completes Boots financing with tight sterling and euro trades

    US pharmacy chain Walgreen completed the bond financing of its acquisition of Alliance Boots on Monday with sterling and euro bonds totalling some €1.5bn. Strong demand for US credits allowed the bonds to be priced tightly, with the euro tranche considerably inside Walgreen's dollar bonds, according to one lead manager.

    10 Nov 2014

  • Cattolica rights begin trading as issue begins

    Rights and shares in Societa Cattolica di Assicurazione, the Italian insurance company, began trading separately today for the first time.

    10 Nov 2014

  • Serco hammered on £550m rights issue news

    Serco, the UK outsourcing group, had a horrible day in the stockmarket on Monday, as its shares plummeted by 32% after it announced £1.5bn of impairment charges and a £550m rights issue. After that, the shares remained stable for the next three days.

    10 Nov 2014

  • OeBB-Infrastruktur €1bn 1% Nov 24

    10 Nov 2014

  • Four year euros attractive as OMV launches first bond for a year

    Austrian oil and gas company OMV came to the euro bond market on Monday for the first time for almost a year, and priced a €750m four year deal.

    10 Nov 2014

  • Goldman trades €233m Kion block for itself and KKR after pop in share price

    Goldman Sachs and KKR sold an 8.1% stake in Kion Group, the German forklift truck maker, on Monday evening, through an accelerated bookbuild.

    10 Nov 2014

  • CFTC deference needed for EC to recognise US clearing houses

    The European Commission is discussing its rules on anti-procyclicality — measures to prevent the build up of margin required in times of stress — with the Commodity Futures Trading Commission in an effort to grant equivalence to US clearing houses. However, the US must look to reciprocate by acting with deference to other country’s regimes, according to Patrick Pearson, head of financial markets infrastructure at the EC.

    10 Nov 2014

  • Finnvera and EFSF wait in wings as OeBB breezes through

    Finnvera looks set to join the euro benchmark pipeline for the rest of the year after hiring banks to hold investor calls on Monday. The European Financial Stability Facility is set to bring a deal this week after circulating requests for proposals last week, while OeBB-Infrastruktur was first out of the blocks in euros on Monday.

    10 Nov 2014

  • Buyside concerned over MAT process

    Buyside firms are concerned that some swap execution facilities (SEFs) may make certain derivatives instruments made-available-to-trade (MAT), which competing SEFs or clearing houses will not have the ability to support, therefore negatively impacting the portfolios that they manage.

    10 Nov 2014

  • Periphery performs ahead of auctions

    Portuguese and Italian spreads over Bunds narrowed on Monday ahead of a busy week of auctions for countries in the eurozone periphery.

    10 Nov 2014

  • Cabei prices inside Swiss curve

    The Central American Bank for Economic Integration returned to Swiss francs for the first time in nearly a year on Monday, selling a four year deal, which was priced inside where its outstanding bonds in the currency trade.

    10 Nov 2014

  • Fed criticises leveraged loan market, but bark still worse than bite

    US regulators have yet again reminded leveraged finance bankers that they are watching the market. The Federal Reserve and others criticised underwriting standards and unjustified lender optimism over Ebitda projections in a statement on Friday.

    10 Nov 2014

  • Mumtalakat to broaden benchmark sukuk universe

    Bahrain’s sovereign wealth fund, Mumtalakat starts a roadshow this week ahead of its first benchmark dollar sukuk. Investors are happy to see a new international sukuk issuer in the market, but are concerned that Mumtalakat's support for struggling airline Gulf Air will be a drain on resources.

    10 Nov 2014

  • Jordanian photovoltaic projects wins $100m EBRD and Proparco loans

    The European Bank for Reconstruction and Development (EBRD) and the French Development Finance Institution (Proparco) have agreed to provide $100m in loans to fund three photovoltaic generation plants in Jordan.

    10 Nov 2014

  • Mediobanca reopens senior market for southern Europe

    Mediobanca rounded out a week of revival for the senior market on Friday, selling a three year euro benchmark. The deal replicated the success of several other prints earlier in the week, allowing the Italian bank to sell the first senior print from southern Europe in almost half a year.

    10 Nov 2014

  • FSB outlines concrete TLAC plan

    The Financial Stability Board, which is chaired by Bank of England Governor, Mark Carney, has offered its thoughts on the final round of new bank capital requirements — Total Loss Absorbing Capacity, or TLAC. This capital measure includes gone-concern capital, which absorbs losses once a bank has collapsed, protecting depositors and taxpayers, as well as existing going concern capital such as equity and additional tier one.

    10 Nov 2014

  • Oil price drop pushes busy Norway high yield market wide

    Spreads of EU and US high yield corporate bonds began to tighten in November, yet their Norwegian counterparts have continued widening, pushed by the current global oil price depression. Many issuers in Norway's busy high yield market are linked to the offshore oil industry.

    10 Nov 2014

  • KWSA deal still live, say leads

    Books for Poland coal firm, Kompany Weglowa’s bond closed on Friday but with no update as yet on pricing, bankers away from the deal have become curious as to whether the deal has been postponed. But the bond is still live, said a syndicate official on the note.

    10 Nov 2014

  • Italians dominate ABS pipe with ECB lurking

    Agos Ducato has added an Italian consumer ABS to the European ABS pipeline, while Veneto Banca’s latest RMBS resale is being marketed this week. However, it is unclear whether the European Central Bank will have its ABS purchase plan ready in time to participate in either transaction.

    10 Nov 2014

  • Pakistan pulls OGDCL sale after investors demand deeper discount

    The Islamic Republic of Pakistan has ditched plans to sell some of its shares in Oil & Gas Development Corp (OGDCL) as investors shunned the paper due to discontent with the pricing.

    10 Nov 2014

  • KGI and Yuanta price first securities house Formosa bonds

    KGI Securities and Yuanta Securities, two Taiwan local securities firms, will formally issue their debut Formosa bonds on November 11 and November 18, respectively, several bankers working on the deals have told GlobalRMB. The two deals will mark the first two renminbi-denominated bonds from securities houses in Taiwan.

    10 Nov 2014

  • Loan Ranger: "Girly" syndications in the pipeline

    Last week’s record falls for the rouble and diminishing hopes for a return of international banks to Russian lending in 2015 has put increasing focus on Russian banks to increase local market loans business next year.

    10 Nov 2014

  • HSBC China Multi Asset Income Fund Overweight in Equities

    HSBC Global Asset Management has launched its China Multi-Asset Income Fund. The fund, which invests in both stocks and bonds in onshore and offshore Chinese markets, as well as H-shares, is slightly skewed towards equities.

    10 Nov 2014

  • Resimac securitizes pre-crisis mortgage portfolio

    Resimac has took no time at all on Monday to price its Avoca Series 2014-1 RMBS, a securitization of loans selected from a portfolio the specialised mortgage lender acquired from RHG Limited earlier this year.

    10 Nov 2014

  • Telefónica in the market with $875 China Unicom block

    The Hong Kong equity market has a fairly large deal to contend with on November 10 with Spanish telecom giant Telefónica Internacional in the market to sell a HK$6.78bn ($875m) stake in China Unicom (Hong Kong).

    10 Nov 2014

  • Senior MTN trader quits BNPP

    A senior medium term note and private placement trader has resigned his position at BNP Paribas.

    10 Nov 2014

  • GC Blog: Virgin? What virgin?

    In the course of our crusading financial journalising, Blog receives our fair share of odd messages from sources. One this week beat them all, however. We opened an email one morning which read simply: “Virgin, I am free.”

    10 Nov 2014

  • Santander to retain €7.5bn of high LTV prime RMBS

    Banco Santander has structured a giant RMBS transaction backed by prime mortgages originated in Spain by it and subsidiary lender Banco Espanol de Credito (Banesto), but the group will retain the transaction.

    10 Nov 2014

  • HK-Shanghai Stock Connect to begin trading next week

    The long-delayed HK-Shanghai Stock Connect will finally get off the ground next week, with trading set to begin on Nov 17, opening the floodgates into China’s $3.9tr A-share market.

    10 Nov 2014

  • Beijing Infrastructure set to go on the road for debut

    Beijing Infrastructure Investment Hong Kong is due to kick off a series of investor meetings as it seeks buyers for its maiden offshore dollar bond to finance its capacity expenditure and general corporate purposes.

    10 Nov 2014

  • Toronto gets RMB hub, ICBC gets another clearing bank role

    Fresh from designating the first offshore renminbi hub in the Middle East on November 4, the People’s Bank of China (PBoC) announced just a few days later a currency swap agreement with Canada and the appointment of an RMB clearing bank for the country.

    10 Nov 2014

  • Rosy looking books for COFCO Land debut

    COFCO Land Holdings, the property arm of conglomerate COFCO Group, started receiving bids for its debut offshore offering on November 10. Demand for the bonds are strong with the order book in excess of $1bn by mid-morning.

    10 Nov 2014

  • Mizuho wins mandate for Oil India $125m

    Mizuho is understood to have won the mandate for Oil India’s $125m five year refinancing loan.

    10 Nov 2014

  • Momo connects for $300m US IPO

    Beijing-based Momo, a mobile-based social networking platform, is looking to raise at least $300m from an IPO on the Nasdaq and has filed a preliminary prospectus with the Securities and Exchange Commission.

    10 Nov 2014

  • Ping An gets nod for $5bn private placement

    Ping An Insurance Group has obtained approval from the China Securities Regulatory Commission to undertake a private placement in Hong Kong, in a deal which could raise the company as much as HK$37.5bn ($5bn).

    10 Nov 2014

  • Sunway paves way for demerger of construction arm

    Malaysia’s Sunway group has inked a conditional share sale agreement with its subsidiaries for the demerger of its construction arm, Sunway Construction Group (SCG). The listing is set to take place in May next year.

    10 Nov 2014

  • The Thru Train track needs clearing

    With unanswered questions still cluttering the track of the Thru Train or Stock Connect, many are hoping regulators will use the launch delay to clarify the implementation of capital gains taxes on China-A shares. In order for the northbound track to truly take off, China regulators should clear uncertainty from the tracks and remove the tax altogether.

    10 Nov 2014

  • Bancomer sub trades up after offering tight Basel III premium

    BBVA Bancomer’s subordinated tier two 15 year non-call 10 bond, which was priced on Thursday, provides a tight benchmark for Basel III issues as the market weighs up what should be an appropriate premium for the extra risk taken for purchasing the new securities, said bankers.

    10 Nov 2014

  • CBOE capitalises on rates vol fears with novel futures

    Investors with large exposures to US interest rates are looking at new futures on the Chicago Board Options Exchange Futures Exchange 10 year US Treasury note volatility index, which will give them the means to manage interest rate volatility risk now that the US government has wound up its quantitative easing programme. From November 13, the so called VXTYN futures will allow investors to hedge pure interest rate volatility risk based on US government debt in a single product for the first time.

    07 Nov 2014

  • Bayer gets big book as euro market hots up

    Bankers marvelled last week at just how eager European investors were to buy very highly rated corporate paper - as evidenced by a rarely intense period of issuance by double-A rated firms. Another high grade deal came on November 7 to reinforce those feelings: Bayer launched a €500m bond and got a €4bn book.

    07 Nov 2014

  • Nestlé extends €5bn revolver, takes new €6bn short term loan

    On Friday Nestlé extended by a year €5bn five year revolving credit facility it had signed in October 2013. The Swiss foods producer also replaced a €5bn-equivalent short term facility with a new facility of €6bn.

    07 Nov 2014

  • Portugal outlines next move

    Portugal has revealed the details of its next bond sale, where — if secondaries stay stable — the auctioned paper is likely to be priced roughly in line with its last auction in June, but is 30bp off its 2014 lows after a sell-off last month.

    07 Nov 2014

  • Funding scorecard: European supranationals and agencies

    This week's scorecard features updates on the progress of selected European supranationals and agencies through their funding targets for the year. Read on to see which have room for one more benchmark in 2014.

    07 Nov 2014

  • Secondary pricing update: featuring NRW.Bank's green bond and the latest UK tap

    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.

    07 Nov 2014

  • Alliance Automotive starts roadshow for €325m bond

    Alliance Automotive, the French-UK car parts distributor, is set to issue €325m of high yield bonds to refinance its acquisition by Blackstone and the company's founders from Weinberg Capital Partners in August.

    07 Nov 2014

  • It’s finally back: Vietnam cuts cost with blowout switch

    The Socialist Republic of Vietnam made a rare appearance in the international debt market on November 6, selling a $1bn 10 year bond that was a blowout with investors. The oversubscription allowed the sovereign to switch large chunks of investors out of costlier existing debt and into the new trade.

    07 Nov 2014

  • Rongshi allocates $150m debut offshore loan

    Allocations are out for State Development and Investment Corp (SDIC) subsidiary Rongshi International Holding Co’s $150m three year offshore debut. The deal, which launched into limited syndication in October, was oversubscribed closed swiftly thanks to the borrower's strong credentials as its parent is centrally owned.

    07 Nov 2014

  • Taiwan banks' Mainland branches to get extra RMB help

    Bank of China (BoC) Taiwan Branch, the official renminbi clearing bank for Taiwan, has been approved to participate in China’s interbank lending market and has agreed to help Taiwan banks’ mainland China branches and subsidiaries with interbank RMB funding, the central bank of Taiwan said this week.

    07 Nov 2014

  • Bain makes $400m from Hero MotoCorp sale

    Bain Capital has made Rp24.6bn ($400m) by selling a chunk of its shares in India’s Hero MotoCorp in what is one of the largest block trades from the country this year. Strong investor appetite, particularly from long onlys, meant the private equity firm raised almost double its initial target.

    07 Nov 2014

  • Dim sum round-up: HNA makes it a hat trick; Wanhua Chem and China High Speed on the road

    HNA Group, the owner of Hainan Airlines, priced the group’s third bond in three weeks on Thursday. The deal follows Hong Kong Airlines and Hainan Airlines which issued dim sum and Singapore dollars respectively.

    07 Nov 2014

  • StanChart takes RMB cross-border sweeping beyond the FTZ

    Standard Chartered (StanChart) has set up a pan-China RMB cross-border sweeping scheme for a number of its clients, taking advantage of the latest round of reforms announced by the People’s Bank of China (PBoC) that expanded on liberalisations first tested in the Shanghai pilot free trade zone (FTZ).

    07 Nov 2014

  • Barclays adds five to Apac IB team despite wider cuts

    Barclays may be in the middle of restructuring its global investment banking operations and cutting 7,000 jobs across the globe, but that has not prevented it from making five senior hires for newly created positions across DCM, FIG and M&A, it said on November 7.

    07 Nov 2014

  • Indiabull barges into China high yield shop; SK E&S proposes perp

    Indiabulls Real Estate priced the first offshore property bond out of India on Thursday. A pair of roadshows helped with the price discovery process and the bond raised $175m.

    07 Nov 2014

  • France, UK and Singapore firms get new RQFII quotas

    China's State Administration of Foreign Exchange (Safe) added Rmb11.1bn ($1.8bn) to its RMB qualified foreign institutional investors (RQFII) programme in October. In Europe, Investec, BNP Paribas Investment Partners (BNPP IP) and the Carmignac Group took home individual RQFII quotas to start investing in China’s capital markets.

    07 Nov 2014

  • Sunway targets $200m with construction arm IPO

    Malaysia’s Sunway is expecting to raise around $200m from the IPO of its construction unit, after first announcing the plans back in September.

    07 Nov 2014

  • RMB round-up: November 7, 2014

    In this round-up: the Chinese Ministry of Finance flags its next auction of RMB bonds in Hong Kong; RMB trade settlement in Hong Kong was up sharply in the first nine months of this year, while monthly RMB clearing and quarterly China RMB trade settlement fell; October was another record month for RMB trading volumes on the Moscow Exchange.

    07 Nov 2014

  • Reliance Jio $1.5bn gets $280m in general

    Reliance Jio Infocomm’s $1.5bn dual tranche loan that opened in September has received around $280m in commitments from five lenders during general syndication. At least five more banks are processing approvals for the loan and the deadline for commitments has been extended to November 24 to allow them to come in.

    07 Nov 2014

  • Bancomer makes Basel III debut as LatAm pushes on

    With one eye on a potential bout of volatility but pricing deals comfortably, the Latin America bond market continued to climb towards record yearly volumes this week with Mexico the centre of attention.

    06 Nov 2014

  • Venezuela bonds lose gains as oil worries take over

    Bond prices in Venezuela took another tumble this week as rumours of economic adjustments were dashed and global oil prices continued to fall, cancelling out gains made last week in a relief rally following the $3.135bn maturity and interest payments made on PDVSA bonds.

    06 Nov 2014

  • Diamond Resorts deal comes amid tighter timeshare yields

    Diamond Resorts Corporation is planning its first securitization of 2014 in what has become a booming market for timeshare deals, as a new investor base hungry for yield has pushed spreads tighter

    06 Nov 2014

  • Bond strength pays off for BNPP as SG slips

    BNP Paribas’s traditional strength in fixed income paid off in its third quarter numbers, as the return of volatility in September allowed it to turn in a solid performance in FX and rates. Meanwhile French rival Société Générale had a tougher quarter thanks to sliding equity volumes, though it still reported strength in its market-leading equity derivatives business.

    06 Nov 2014

  • Time for banks to wise up to P2P

    The term 'sharing economy' might elicit groans from many corners of the banking industry, which have thrived for years on sharing as little as possible.

    06 Nov 2014

  • Macquarie non-QM securitization could exploit CFPB loophole

    Macquarie Group is planning to issue its first securitization of non-qualified mortgage (non-QM) consumer loans by the middle of 2015, through a partnership with Impac Mortgage Holdings. But new issuance from the partnership is believed to tread regulatory lines and could potentially be viewed as a sneaky workaround of ability-to-repay standards under the Dodd-Frank Act.

    06 Nov 2014

  • People & Markets News in Brief

    BMO pushes for US mid-cap growth — Deutsche hires JPM clearing head — Serone partner heads to DB

    06 Nov 2014

  • Demand for protection wanes following swings in SPX, Treasury vol

    The growth scare of October has given way to a relatively sanguine outlook for equities into the year’s end, based on the cost of tail risk around the world. While option premiums remain high in some markets, investors have quickly reduced their demand for short-term protection in U.S. and Chinese stocks and in Treasuries.

    06 Nov 2014

  • Chilean BCI returns for fourth Swiss helping

    Chilean lender Banco de Crédito e Inversiones (BCI) became the first bank to issue a senior Swiss franc bond in more than a month on Thursday.

    06 Nov 2014

  • CAF goes long in Sfr, KDB goes down under

    Corporacion Andina de Fomento (CAF) extended its Swiss franc curve to January 2028 on Wednesday in the longest deal in the currency by a non-Swiss borrower since April 2013.

    06 Nov 2014

  • IPOs return as market recovers from month of hell

    Two of the IPOs that were pulled in the midst of tough markets in October have been relaunched and other new listings are going live as primary equity markets pick themselves up after a torturous spell.

    06 Nov 2014

  • GlobalCapital Loans Awards poll open: your chance to vote!

    GlobalCapital has opened the poll to decide the winners of its Syndicated Loans & Leveraged Finance Awards. These awards are the only ones decided by the loan market itself and they are based solely on the public vote.

    06 Nov 2014

  • Nomura EUR750m 1.5% May 21

    06 Nov 2014

  • National Australia Bank EUR750m 2% Nov 24 tier two

    06 Nov 2014

  • Banks hold breath as ECB takes over supervision

    The European Central Bank took over direct supervision of the eurozone’s largest banks on Tuesday, a big step forward for what is already a powerful institution — and likely to be a force to be reckoned with for banks in its charge.

    06 Nov 2014

  • MTN Leak: A Mexican wave hello

    There are many ways to welcome a team member from far flung shores to London — a round of English ales, a visit to the Tower of London or even a trip to a Premier League game. But the Société Générale team decided that the UK is best showcased by offering up a Mexican flavour.

    06 Nov 2014

  • Citi EUR1bn FRN Nov 19

    06 Nov 2014

  • Corporate bonds host riot of deals, though Areva pulls hybrid

    Europe’s corporate bond market is throbbing with deals, and bankers are dismissing the capital markets turmoil of a fortnight ago as a blip that was barely noticed in investment grade credit.

    06 Nov 2014

  • DVB Bank EUR750m 0.875% Nov 19

    06 Nov 2014

  • Abbey National Treasury Services EUR1bn 0.875% Jan 21

    06 Nov 2014

  • Turkish delight as Yildiz borrows for buyout

    Yildiz joined the glut of Turkish food companies looking for loans this week, as it eyed as much as £900m to back its £2.1bn acquisition of Jaffa Cake maker United Biscuits. The loan adds to Ülker Biscüvi and Yıldız subsidiary Ak Gıda, which were set to close conventional and Islamic deals this week.

    06 Nov 2014

  • P2P loans close to securitization explosion

    As the peer-to-peer or marketplace lending sector matures, it is becoming increasingly involved in the capital markets, with SoFi this week attracting five times oversubscription for its third securitization. But as institutional investors clamour for the asset class, there are fears of originate-to-distribute risk resurfacing amid a hunt for yield.

    06 Nov 2014

  • CEB thumbs nose at five year haters after Sweden sets tone

    Council of Europe crowned a week of tightly priced deals from high quality issuers in dollars with the first benchmark to reach the five year point of the curve since the dollar market was engulfed in volatility in mid-October. Sweden kicked off proceedings with an oversubscribed three year that came at the deepest level through mid-swaps for a deal of that tenor all year.

    06 Nov 2014

  • Ireland works on core with curve extension as QE hopes mount

    Ireland took a firm step towards joining the eurozone core this week by extending its curve to 15 years with a bond that market participants said was the clearest sign yet that it was pulling away from the rest of the periphery. But the gap between Europe’s top borrowers and weakest names may be about to narrow further very soon. This could be in response to moves by European Central Bank president, Mario Draghi, who opened the door a little further to full blown quantitative easing.

    06 Nov 2014

  • Wave of UK RMBS put on hold as sterling investors keep cash

    Tight-fisted sterling investors tested the nerve of securitization issuers this week, and though there is more UK asset-backed supply imminent, bankers now fear the poor state of the market has virtually destroyed their chances of placing an anticipated wave of deals from the country’s large banks before Christmas.

    06 Nov 2014

  • AMCo moves debt into an amortising tranche, reducing loan size to £863m

    Amdipharm Mercury, the UK generic pharmaceuticals company, has reduced the size of its £984m refinancing and recapitalisation loan and split the debt into amortising and bullet tranches.

    06 Nov 2014

  • Italian issuers re-emerge as ECB keeps foot on gas

    Veneto Banca has mandated lead managers for its second re-offering of Claris ABS 2011 notes this year, while another Italian deal backed by consumer loans could also hit the market as soon as next week as the European Central Bank’s impending purchases keep downward pressure on periphery ABS spreads.

    06 Nov 2014

  • IHS joins Fidelity in Nigerian loan push

    Loans for Nigerian borrowers IHS Towers and Fidelity Bank are progressing well, said bankers this week. But while scheduled to close before the end of November, there is a strong chance they will run into December, loans officials conceded.

    06 Nov 2014

  • Gazprom showed guts but fell short of glory

    Gazprom’s $700m one year deal this week was brought to market with the best of intentions. The company wanted to re-open the international dollar bond market for other Russian issuers and felt that it was its duty to do so, being the only big state-owned borrower not subject to capital market sanctions.

    06 Nov 2014

  • SEB and NAB leverage solid reputations to re-open AT1 and T2

    SEB got the additional tier one market back on to a strong footing on Thursday, selling the first AT1 from a European bank for almost two months to a rapturous reception. National Australia Bank was also active in the subordinated market, overcoming concerns over a novel structure to sell the first Basel III-compliant tier two deal from an Australian issuer in euros.

    06 Nov 2014

  • Intu makes solid sale of £350m secured bond for UK malls

    Intu, the UK shopping centres company, sold a £350m bond this week to finance the transfer of two more malls into its secured funding vehicle.

    06 Nov 2014

  • UBS CDO case 'story of greed and corruption'

    A court case in the UK High Court over credit protection, which the Leipzig water company sold to UBS, has been described as a “sorry story of greed and corruption from which neither [party] emerges with credit”, according to the judge presiding over the case.

    06 Nov 2014

  • Euro market proves solid for LeasePlan in fleet lease ABS

    In a week when the sterling market has been showing its ugly side, LeasePlan’s return to fleet leasing ABS has given those involved in the deal hope that it can stabilise a euro market that has also given ABS syndicates a few headaches in the past few weeks.

    06 Nov 2014

  • Altice and private equity begin the battle for Portugal Telecom

    French telecoms group Altice announced its €7bn offer to buy the Portuguese assets of Portugal Telecom from Oi, the Brazilian telecoms company, on Monday, firing the first round in what looks to be a political bidding war.

    06 Nov 2014

  • Vue in €70m FRN tap for Space Cinemas

    UK cinema chain Vue has issued €70m of six year senior secured floating rate notes to back its acquisition of Space Cinemas.

    06 Nov 2014

  • Equity capital markets, news in brief — November 7, 2014

    06 Nov 2014

  • Investment grade loans, news in brief - November 6, 2014

    United Internet — Marine Harvest — Heathrow

    06 Nov 2014

  • GTech wins $2.6bn revolver after IGT deal puts it near brink of junk

    Gambling equipment provider GTech SpA and its subsidiary GTech Corp have completed a $2.6bn five year multicurrency revolving facility in dollars and euros.

    06 Nov 2014

  • Citi goes for global format in Kiwi return

    Citi made a rare appearance in New Zealand dollars on Monday, selling a N$300m ($233.1m) five year in an equally unusual global format.

    06 Nov 2014

  • NCB's record-breaking IPO draws $58bn of demand

    Saudi Arabia’s National Commercial Bank on Sunday closed the offer period for its Sr22.5bn ($6bn) fixed price IPO, having attracted huge demand from its local retail market.

    06 Nov 2014

  • Fraud claims torpedo OW Bunker less than a year after IPO

    Danish shipping fuel supplier OW Bunker this week became the second firm listed this year to see the value of its stock collapse after a dramatic event.

    06 Nov 2014

  • Kazakhstan’s Kegoc launches People’s IPO roadshow

    State-owned Kazakhstan Electricity Grid Operating Co (Kegoc) this week started its roadshow of the sale of a 10% minus one share stake in the business to local retail investors.

    06 Nov 2014

  • MTN wins $3bn book from IG crossover accounts

    South African telecoms company MTN built a $3bn book for a $750m 10 year bond on Monday. Leads printed the maximum size that the company was considering as emerging market and investment grade buyers scrabbled for the diversification that the debut name offered.

    06 Nov 2014

  • EFSF sends RFPs for last deal of 2014 while EU mulls print

    The end of the year could take on a supranational flavour in euros as a pair of issuers mull deals. The European Financial Stability Facility is expected to bring a deal in its next window — next week — while the European Union told GlobalCapital this week it could return to the capital markets to pick up funding for Ukraine.

    06 Nov 2014

  • RAC gets its £1.25bn loan after only a small OID flex

    RAC, the UK car recovery breakdown firm, has allocated its £1.25bn refinancing and recapitalisation loan after flexing the facility’s original issue discount in investors' favour.

    06 Nov 2014

  • Mubadala GEC gets big US bid for $500m bond

    Mubadala GE Capital priced its $500m five year bond on Wednesday from a book of $1.3bn, having won large demand from accounts in North America looking for exposure to GE.

    06 Nov 2014

  • Israel Electric prints its $1.25bn flat to curve

    Israel Electric Company on Wednesday printed a $1.25bn 10 year bond at the tight end of price guidance and flat to the company’s existing curve. The book was $3bn.

    06 Nov 2014

  • KPN cuts €1.8bn from debt as big bond buyback pleases market

    Koninklijke KPN, the Dutch telecoms company, has bought back €1.8bn of bonds in a successful tender offer, to cut gross debt after its sale of E-Plus, its German mobile phone business.

    06 Nov 2014

  • BoE idea for Islamic lines is great — so it should hurry up

    The Bank of England's unveiling of plans to look into providing Shariah liquidity facilities for UK Islamic banks was one of the highlights at last week’s World Islamic Economic Forum in Dubai. It’s a great idea, but there’s just one problem — this should have been done ages ago.

    06 Nov 2014

  • Leveraged loans, news in brief, November 7, 2014

    Siemens Audiology Solutions - Famar - Christ

    06 Nov 2014

  • CEEMEA corporate deluge as six print and more to come

    CEEMEA investors saw their wishes come true this week as the market was inundated with the corporate paper they have been crying out for all year. Six deals had been printed by Thursday evening: Russian gas giant Gazprom’s $700m, Dubai’s DIFC Investments’ $700m, Israel Electric Company’s $1.25bn, Mubadala GE Capital’s $500m and South Africa telecommunications company MTN’s $750m and Turkish Global Ports’ $275m high yield note.

    06 Nov 2014

  • DNA ups second unrated, unlisted bond to €150m

    DNA, the unrated, privately owned Finnish telecoms company, issued its second bond on Wednesday, a €150m 6.3 year deal, after an extensive European roadshow.

    06 Nov 2014

  • Alternative finance PEPP-ed up by private placements

    European companies are lining up alternatives to bank funding, helping to push privately placed debt further into the mainstream, according to a report by Allen & Overy. However, the pan-European private placement (PEPP) market is still in its infancy and providing only a small fraction of corporate funding.

    06 Nov 2014

  • Swedish investors desperate for yield

    Kommuninvest found strong demand for a short four year Swedish krona benchmark, as tightened spreads drove typical short end investors out along the maturity curve. Meanwhile, the City of Stockholm reacted to investors’ desire for yield when it printed its two longest ever issues this week.

    06 Nov 2014

  • Covered bond relative value goes topsy-turvy on ECB buying

    The European Central Bank's covered bond purchase programme (CBPP3) turned relative value upside down this week, with a French deal pricing inside a similar Swedish offering, among a crop of four new issues.

    06 Nov 2014

  • AkzoNobel prices rare €500m tightly

    Dutch paint and chemicals company AkzoNobel beat the rush to the euro market, which has been busy this week, by bringing a rare €500m 10 year bond last Friday.

    06 Nov 2014

  • Cassa del Trentino jumps in on BTP rally

    Cassa del Trentino showed one of the big advantages of an MTN programme when it nipped in to take advantage of a one day rally in Italian government bonds and save precious basis points on its funding costs.

    06 Nov 2014

  • Barclays moves towards single point of entry with five year dollar from HoldCo

    Barclays took advantage of favourable conditions this week to print its first senior secured dollar deal through its holding company since the financial crisis, as it looked to move its funding to a single point of entry.

    06 Nov 2014

  • Deutsche snags clearing head from JPM

    Elizabeth Nolan, ex-head of global client services and client onboarding for markets and investor services at JPMorgan in London, is set to join Deutsche Bank as head of custody and clearing, also in London, effective January 2015.

    06 Nov 2014

  • Non-banks go systemic as BoE backs clearing houses

    The Bank of England is to provide a liquidity back-stop to central counterparty clearing houses and brokers deemed critical to the stability of the UK financial system, shoring up so-called ‘too big to fail’ clearing houses in times of crisis.

    06 Nov 2014

  • Walgreen's $8bn bonanza cracks Boots target, shrinks € megadeal

    Alliance Boots’ £12bn leveraged buyout in 2007 was a titanic and totemic deal, which symbolised the height of the pre-crisis LBO wave. This week, the financing was done that will remove the UK pharmacy group’s name from the corporate landscape, merging it with US chain Walgreens into WBA — Walgreens Boots Alliance.

    06 Nov 2014

  • Gazprom bond not enough to reopen Russia, say bankers

    Gazprom’s dollar deal on Wednesday may have grabbed the attention of emerging markets bankers eager to see Russian borrowers back in bonds, especially as it was twice subscribed. But any hopes of a flurry of Russian comeback issuance were shot down by bankers away from the deal in London who said a number of factors dented the trade's credentials as a pathfinder for the energy giant's compatriot borrowers.

    06 Nov 2014

  • FCE takes £400m on second sterling outing

    Ford Credit Europe Bank, the American car maker’s UK-based European financing vehicle, came to the sterling unsecured bond market for the second time this year to issue a £400m five year on Thursday.

    06 Nov 2014

  • Abengoa’s YieldCo relaunches €200m bond in dollars to finance green assets

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

    06 Nov 2014

  • Senior market back on track post-AQR

    The senior market awoke this week following a brief hiatus in the aftermath of the European Central Bank and European Banking Authority’s comprehensive assessment of Europe’s banks. While covered supply has been robust during the intervening period, a lack of recent senior issuance helped Abbey, Citi, DVB Bank and Nomura back into the market.

    06 Nov 2014

  • Generali announces tender offer and new perp print

    Generali is to buy back three series of outstanding perpetual bonds alongside the issuance of a new perpetual tier two deal. The transaction will be the second liability management exercise of November, following an exchange completed by Axa on Thursday, as insurers look to fine tune their capital structures ahead of Solvency II.

    06 Nov 2014

  • GlobalCapital's Loans Awards poll is open: Vote now!

    It’s the moment you have all been waiting for. More hotly anticipated than the reopening of the Russian loan market, GlobalCapital has opened the poll to decide the winners of its Syndicated Loans & Leveraged Finance Awards.

    06 Nov 2014

  • Fraud claims torpedo OW Bunker eight months after IPO

    Danish shipping fuel supplier OW Bunker yesterday became the second recently listed firm this year to see the value of its stock collapse after of a dramatic event.

    06 Nov 2014

  • United Internet's Schuldschein oversubscribed, may grow

    German internet services provider United Internet is marketing a €300m Schuldschein, which is understood to be already oversubscribed.

    06 Nov 2014

  • Markets hit at SocGen as cost savings improve profits

    Société Générale have posted what it called a “resilient” quarterly performance in global markets, with revenue down -12.5% against the third quarter last year, in line with other European peers. The French bank also cut operating expenses in global markets by 10.2% against the same quarter last year, giving them a return on investment of 13.9% in the period despite poor growth at home.

    06 Nov 2014

  • Spain chips away at 10 year funding cost

    Spain screwed down its 10 year borrowing costs at an auction on Thursday, but was still a few basis points off the 2014 low it hit in early October. But the sale — which included three year and nine year debt — sparked strong demand and took it within touching distance of its funding target for the year.

    06 Nov 2014

  • Virgin Money IPO covered within a day of bookbuilding

    UK challenger bank Virgin Money has received enough demand from investors to list in London next week, only a day after the start of bookbuilding.

    06 Nov 2014

  • EU could be back before year end

    The European Union could have room for one more syndication this year to fund a loan to Ukraine, the issuer told GlobalCapital. If it does come, the supranational will be hoping for a repeat performance of a deal this week that, despite offering less yield than OATs, drew strong demand from French investors and attracted bank treasuries to a tenor further out the curve than their comfort zone.

    06 Nov 2014

  • UBM to launch rights issue to fund peer purchase

    British media and events firm UBM is set to raise about £565m through a rights issue that will part fund its acquisition of a peer, Advanstar.

    06 Nov 2014

  • Buyers out in force for DIFCI sukuk return

    DIFC Investments built an order book of over $3bn for a $700m 10 year sukuk that it priced on Tuesday. The deal pulled other Dubai sukuk tighter in its wake, and enjoyed a strong response from Asian and SSA accounts.

    06 Nov 2014

  • Deutsche Annington raises €450m for new flats

    German property firm Deutsche Annington Immobilien completed a €451m capital increase on Thursday, which it will use to buy new apartments.

    06 Nov 2014

  • SEB's debut puts AT1 back on track

    SEB re-opened the AT1 market on Thursday after an almost two month hiatus in supply for the asset class. While the market was hit with severe volatility in October, SEB’s high credit quality allowed the issuer.

    06 Nov 2014

  • New Zealand prints curve extending inflation linker

    The New Zealand Debt Management Office extended its inflation linked bond curve with a 15 year issue on Wednesday.

    06 Nov 2014

  • EQT buys Siemens Audiology Solutions with €1.06bn debt package

    EQT, the private equity fund, has entered into an agreement to acquire Siemens Audiology Solutions, the hearing aid division of Siemens.

    06 Nov 2014

  • Investors wise up after an issuer-friendly covenant year

    High yield investors are becoming fussier, after a year when weakly covenanted deals have proliferated.

    06 Nov 2014

  • Costs and August capital markets dent Credit Ag Q3

    Higher costs and provisions around retail business in Ukraine and Italy as well as litigation has meant that analyst predictions for Credit Agricole’s third quarter results have proved too optimistic. But the French bank’s profits rose 25.8% from the same period last year to €967m, while it is up 2% for the first nine months of its financial year with profits of €2.4bn.

    06 Nov 2014

  • Vietnam makes long awaited comeback with 10 year

    The Socialist Republic of Vietnam is returning to the international market for first time in four years as it tries to swap investors out of its two existing dollar bonds via an accelerated switch offer.

    06 Nov 2014

  • Gazprom leaves US investors begging for more with book twice subscribed

    Gazprom’s potentially market re-opening $700m one year bond has been twice subscribed. US investors have even been calling the company to complain about being scaled back in the allocation process on the Reg S/144A deal, signalling a u-turn in investor appetite for Russian risk.

    06 Nov 2014

  • Volatility boosts Commerzbank’s C&M division

    Commerzbank’s corporates and markets division posted third quarter pretax profits almost double those of the same period in 2013, after increased volatility in interest rates and currency markets pushed up revenues in the bank's fixed income and currency businesses.

    06 Nov 2014

  • Generali announces buyback and new sub issue as AXA completes exchange

    Generali is to buy back three series of outstanding perpetual bonds alongside the issuance of a new perpetual tier two deal. The transaction will be the second liability management exercise of November, following an exchange completed by Axa on Thursday, as insurers look to fine tune their capital structures ahead of Solvency II.

    06 Nov 2014

  • Mubadala GE Capital gets big US interest for $500m five year

    Mubadala GE Capital priced its $500m five year bond on Wednesday from a book of $1.3bn, having won large demand from accounts in North America looking for exposure to GE.

    06 Nov 2014

  • IEC prints $1.25bn flat to curve

    Israel Electric Company on Wednesday printed its $1.25bn 10 year bond at the tight end of price guidance and flat to the company’s existing curve. The book for the note was $3bn.

    06 Nov 2014

  • ICBC NY slips triple tranche $2.25bn under the radar

    ICBC NY sneaked a triple tranche dollar bond into the market on Wednesday while most attention was concentrating on well flagged issues from Bank of China and China Construction Bank. ICBC took a hefty $2.25bn with the US targeted senior trade, proving that global appetite for Chinese bank debt is still unsated.

    06 Nov 2014

  • No sign of Dougan successor in CS reshuffle

    A revamp of the leadership of Credit Suisse’s investment bank has led many to believe that a succession plan is emerging. That’s not the case, argues David Rothnie.

    06 Nov 2014

  • EBRD arranges $80m loan for Georgian hydroelectric plant

    The European Bank for Reconstruction and Development (EBRD) is arranging an $80m syndicated loan to JSC Dariali Energy in Georgia to develop, build and operate a greenfield hydroelectric power plant.

    06 Nov 2014

  • Real bankers don’t sweat compliance

    It is funny to meet the younger generation of the Street’s finest because while they might look all ballsy on the outside, on the inside they’re just plain wimps.

    06 Nov 2014

  • Indonesia to restrict funding access for B rated corps

    Indonesian corporates rated below BB will not be able to issue foreign debt in the international capital markets after 2016, if a recent proposal by Bank Indonesia is implemented in full. The bank is taking several measures to reduce Indonesian corporate exposure to dollars as quantitative easing comes to an end, but critics say the move will hurt the high yield market, writes Virginia Furness.

    06 Nov 2014

  • Indiabulls out with maiden bond after double roadshow

    One of India’s largest property developers, Indiabulls Real Estate, is in the market with its debut bond. The deal follows hot on the heels of fellow Indian high yield issuer JSW Steel.

    06 Nov 2014

  • Investors light up Huaneng $405m placement

    Huaneng Power International raised HK$3.14bn ($405m) on November 5 through a private placement of shares to nine investors. While wall-crossing efforts went on for just 24 hours, the recent rally in the company’s share price meant some of the investors had to be walked up to the final pricing.

    06 Nov 2014

  • China’s eHi Car steers investors to $140m NYSE listing

    China’s eHi Car Services opened books for its $140m New York IPO on November 4, with plenty of anchor support.

    06 Nov 2014

  • Loans news in brief, November 7, 2014

    Forterra signs $512.7m loan — CNNC Niger entity seeks extension — Chinachem clubs seven for HK$5.225bn — CNOOC refiner seals $300m

    06 Nov 2014

  • Asia ECM news in brief, November 7, 2014

    SiS to spin off IT unit in Bangladesh — GIC exits Sunway with block

    06 Nov 2014

  • Vietnam’s Kumho Asiana Plaza launches $125m three year loan into 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 as it comes backed by two guarantors and a security against the rental proceeds of the commercial complex.

    06 Nov 2014

  • Indian corps in demand with JSW debut

    Investors looking to diversify into India received their second opportunity in as many weeks when JSW Steel tapped the market with its maiden offshore bond on November 5. While the transaction did not get as much attention as Tata Motors did last month, it still resonated well with investors and ended up with a more than three times covered book.

    06 Nov 2014

  • Taiwan banks face scrutiny at home and in HK

    Regulators are stepping up their oversight of Taiwan bank exposure to China, with both Taiwan’s Financial Supervisory Commission (FSC) and the Hong Kong Monetary Authority launching investigations.

    06 Nov 2014

  • Syndey rail link $2bn debt draws banks

    Banks are in talks with MTR Corp and other project operators for a $2bn debt financing for the North West Rail Link in Sydney, Australia.

    06 Nov 2014

  • China bank deluge as BoC raises $3bn on 144A roadtrip

    Chinese banks issued $5.7bn of debt on Wednesday and Bank of China (BoC), never one to take a back seat, stole the show with a $3bn bullet Basel III-compliant tier two offering. The enormous demand suggested that investors just cannot get enough of Chinese bank capital, and by venturing into the 144A market the bank has set a strong benchmark to help the pricing of remaining supply, writes Virginia Furness.

    06 Nov 2014

  • Shenzhen International tops up placement to $250m

    Shenzhen International Holdings raised $250m via a top-up placement on the evening of November 4, managing to exercise an increase option thanks to two days of wall-crossing ahead of the trade.

    06 Nov 2014

  • Investors drink in Carabao $216m Thai IPO

    Energy drinks maker Carabao Group has started bookbuilding for its Bt7bn ($216m) Thai IPO, with the rarity value of the transaction driving strong support from investors ahead of the launch.

    06 Nov 2014

  • Pakistan fires up $678m OGDCL sale despite hiccups

    The Islamic Republic of Pakistan is set to raise at least Rp69.7bn ($678m) from the sale of some of its holding in Oil & Gas Development Corp (OGDCL), having set the floor price for the offering at Rp216 a share.

    06 Nov 2014

  • Foreign banks line up to fund infrastructure in Myanmar

    Myanmar’s decision to allow nine foreign banks to conduct wholesale operations in the country has opened up a new avenue for syndicated loans in the region. Banks are taking a long term view, however, with most opportunities for lending expected to come from project finance and infrastructure, writes Shruti Chaturvedi.

    06 Nov 2014

  • Monte Paschi gets underwriting on €2.5bn AQR response cap hike

    Monte dei Paschi di Siena, Italy's oldest bank, is to launch a €2.5bn fully-underwritten rights issue as part of its response to the Comprehensive Assessment's finding of a capital shortfall.

    06 Nov 2014

  • Olam looks to tap new liquidity for $2.5bn multiple tranche refinancing

    Agricultural products supplier Olam International has approached lenders for a $1.8bn-$2.5bn refinancing of a $2.22bn bridge loan it sealed in May.

    06 Nov 2014

  • Sime Darby draws up shortlist for $830m dual tranche fundraising

    Malaysian conglomerate Sime Darby is shortlisting banks for a dual tranche financing of roughly $830m, said bankers eyeing the deal.

    06 Nov 2014

  • Trans-cab to pick up passengers for S$120m SGX IPO

    Singaporean taxi operator Trans-cab opened books for its IPO on November 5, just one day after it filed a preliminary prospectus, and is aiming to raise S$120m ($92.6m).

    06 Nov 2014

  • Euro market proves solid for LeasePlan’s fleet ABS

    In a week when the sterling market has been showing its ugly side, LeasePlan’s return to fleet leasing ABS has given those involved in the deal hope that it can stabilise a euro market that has also given ABS syndicates a few headaches in the past few weeks.

    06 Nov 2014

  • Investors pour into CCB’s CNH tier twos

    China Construction Bank (CCB) priced what was only the second ever tier two bank capital transaction to be issued in offshore renminbi (CNH) this week. The November 5 trade proved to be a hit with investors, even though they had trouble finding comparables for it.

    06 Nov 2014

  • IBS heralds comeback of Indian names to US IPOs

    IBS Software Services is considering a US IPO when it looks to go public early next year. If that happens, it will become the first Indian company to list in the US since 2010. Investors are clamouring for any piece of the India story they can get their hands on, and that could even provide opportunities for non-tech names, writes Rashmi Kumar.

    06 Nov 2014

  • SDS draws blockbuster demand for $1.1bn IPO

    Samsung SDS priced its W1.2tr ($1.1bn) IPO at the top of the range on October 31 to become the largest South Korean IPO in years. With final books 40 times covered, the trade has paved the way for the next big South Korean listing — that of Cheil Industries, which is looking to raise W1.52tr.

    06 Nov 2014

  • Alibaba $3bn revolver limited syndication completed

    E-commerce firm Alibaba Group, which signed a $3bn revolving facility with four lenders on August 30, has completed a limited syndication of the financing. The facility features looser covenants than its last loan and marked the first US style revolver in Asia, said a banker on the deal.

    06 Nov 2014

  • SDSC halts SBLC decline with well-received debut bond

    A debut deal for Shandong Shipping Corporation (SDSC) on November 5 proved it is possible to get credit enhanced bonds away in spite of the poor reception some have received over the past few months.

    06 Nov 2014

  • Citi doubles up as Macquarie hits A$1bn

    Citibank Australia had more than doubled the size of its comeback Australian RMBS by the time it was priced overnight, while firm bids for Macquarie Leasing’s SMART auto and equipment ABS now top A$1bn.

    06 Nov 2014

  • Sterling slump ruins UK banks’ Q4 RMBS plans

    An anticipated wave of UK RMBS from the country’s large banks in the fourth quarter of this year is now unlikely to materialise, according to ABS bankers. The last two UK RMBS prints have met with underwhelming responses with sterling investors apparently holding on to cash, while a big sale of legacy RMBS from the UK’s bad bank last month widened the market and reduced appetite.

    06 Nov 2014

  • Yong to head BTMU SE Asia loan distribution

    Mee Ching Yong will be joining Bank of Tokyo Mitsubishi UFJ to head loan distribution for Southeast Asia.

    06 Nov 2014

  • French clearing house to pave way for 'Eurorenminbi' market, says BoC Paris

    The planned offshore renminbi clearing house in Paris will mark the first step towards the establishment of a broad offshore RMB ecosystem independent of central banks and reminiscent of the Eurodollar market, according to Peng Wei, deputy general manager of Bank of China Paris branch (BoC Paris), the firm that is at the heart of preparations for the launch of the system next year.

    06 Nov 2014

  • Santander Chile prepping deal as Kio trades up

    A source close to Santander Chile said that the lender's “non-deal” roadshow will lead to a new issue in the coming days as the LatAm bond market maintains impetus.

    06 Nov 2014

  • Morgan Stanley IM adds senior hire to EM debt team

    Jens Nystedt has joined Morgan Stanley Investment Management as managing director in the emerging markets debt team, where he will focus on local market debt and strategy development.

    06 Nov 2014

  • SC names Karoonyavanich as new equity syndicate head

    Anuruk Karoonyavanich has taken over as Standard Chartered’s new global head of equity syndicate, after his predecessor Tom Welch retired at the end of last week.

    06 Nov 2014

  • LarrainVial appoints DCM head as new CEO

    Chilean investment bank LarrainVial has appointed Andrés Trivelli González as the new chief executive of its brokerage arm, LarrainVial Corredora de Bolsa, after the resignation of Manuel Bulnes Muzard. In September, Bulnes was one of eight LarrainVial employees fined a total of $164m by the Chilean regulator for alleged illegal share trades.

    06 Nov 2014

  • HSBC boosts Apac equity research with new head

    HSBC’s global research division has hired a Deutsche Bank veteran to serve as the head the bank’s equity research for Asia Pacific.

    06 Nov 2014

  • ANZ picks BAML banker as new China CEO

    ANZ has moved to strengthen its China franchise by appointing a senior banker from Bank of America Merrill Lynch as its new CEO of China and head of Greater China. Huang Xiaoguang joins in January 2015 and will report to Farhan Faruqui, CEO of international banking.

    06 Nov 2014

  • SoFi gets 5x oversub for third securitization

    Morgan Stanley and Goldman Sachs pulled in more than $1.5bn of orders for San Francisco online lending platform SoFi's third securitization of student loan refinancings on Wednesday, GlobalCapital understands.

    06 Nov 2014

  • Hercules launches first revolving venture capital ABS

    Hercules Technology Growth Capital priced the first venture capital securitization backed by a revolving pool of loans on Tuesday, a structure the firm's CEO said reduces prepayment risk. The firm intends to 'pursue' the securitization market more regularly, he added.

    05 Nov 2014

  • Floorplan ABS defies auto noise as Ally upsizes

    Steady issuance for auto dealer floorplan ABS is expected following the upsizing of Ally Financial’s latest floorplan deal on Tuesday, despite wider spreads for the asset class.

    05 Nov 2014

  • Investors hot for Hawaii with green energy ABS

    Goldman Sachs pulled in an oversubscribed orderbook for the State of Hawaii’s first green energy rate reduction ABS on Monday. The $150m deal will help finance clean energy technologies for low and moderate income homeowners, renters and non-profit organisations in Hawaii.

    05 Nov 2014

  • Market divided on impact of GOP victory on CLOs

    CLO market participants could not agree on the potential impact of a Republican majority in the Senate on risk retention and the Volcker rule — two of the regulatory developments that have weighed on the market this year.

    05 Nov 2014

  • CFTC: Clearing houses do not eliminate risk, need supervision

    Regulators must work together to oversee clearing houses because, although they diminish risk they do not do away with it, Timothy Massad, chairman of the Commodity Futures Trading Commission, has said.

    05 Nov 2014

  • DNA ups second bond to €150m, but pays for unrated, unlisted nature

    DNA, the unrated, privately owned Finnish telecoms company, issued its second bond today, a €150m 6.3 year deal, after an extensive European roadshow.

    05 Nov 2014

  • 3M sells €1.25bn super tight with FRN

    US conglomerate 3M Co visited the euro bond market on Wednesday — the latest in a string of highly rated US firms to tap what has become a very attractive market.

    05 Nov 2014

  • Intu makes solid sale of £350m secured bond for Derby, Norwich malls

    Intu, the UK shopping centres company, sold its £350m bond today to finance the transfer of two more malls into its secured funding vehicle.

    05 Nov 2014

  • FIA Expo: CFTC will extend no-action relief on package trades

    The US Commodity Futures Trading Commission is going to extend the no-action relief that was previously provided for trading certain package transactions on swap execution facilities, said Timothy Massad, CFTC Chairman at the 30th annual Futures & Options Expo in Chicago on Wednesday.

    05 Nov 2014

  • Credit volatility is back — but for how long?

    It is apparent to all market participants that volatility, so long dormant during the quantitative easing-saturated era, has returned in recent weeks.

    05 Nov 2014

  • CEB $1bn 1.75% Nov 19

    05 Nov 2014

  • EU €660m 1.375% Oct 29

    05 Nov 2014

  • MSCI-based listed futures and options hit record levels

    MSCI has announced record levels of listed futures and options based on its indices in 2014, noting that changes in the market including global equities, passive management and increased regulation of over-the-counter instruments have brought with them new users.

    05 Nov 2014

  • Ontex's €250m bond seals Moody’s upgrade

    Ontex, the Belgian nappy maker, priced on Wednesday its €250m high yield bond at par with a 4.75% coupon, as part of a debt restructuring that made Moody’s upgrade its rating one notch to Ba3.

    05 Nov 2014

  • Carlyle to buy Dealogic, Euromoney wins 15.5%

    Carlyle Group is buying Dealogic, the financial markets data and systems provider, for an enterprise value of about $700m, in a leveraged buyout that will include some debt financing.

    05 Nov 2014

  • Buyside firms switch into ETFs in beta hunt

    Institutional investors such as asset managers and some pension funds looking to track benchmarks are switching out of futures and into exchange traded funds (ETFs), which are increasingly offering better liquidity and lower trading costs, as banking regulation increases the cost of trading futures contracts.

    05 Nov 2014

  • CEB ratchets in pricing to print flat to EIB

    Council of Europe was able to price a $1bn no grow five year on Wednesday at a level 2bp inside the initial price thoughts level, as bank treasuries lapped up high quality paper paying a spread over mid-swaps.

    05 Nov 2014

  • EFSF takes soundings as EU and Berlin price

    The European Financial Stability Facility is likely to be one of the few issuers to test demand in euros next week, having sent out requests for proposals for a benchmark on Wednesday. Other issuers with euro needs are more likely to indulge in arbitrage plays next week, said SSA bankers, although a pair of borrowers printed small euro benchmarks on Wednesday.

    05 Nov 2014

  • Virgin Money sets terms on resurrected IPO

    Virgin Money set terms on its IPO on Wednesday, a day after resurrecting the flotation. It was pulled in mid-October amid plunging markets and regulatory worries.

    05 Nov 2014

  • Paragon prices at wide end in ‘ugly’ sterling market

    Paragon Mortgages priced its buy-to-let RMBS at the wide end of revised guidance on Tuesday, and though the deal was comfortably covered it was another example of sterling investors refusing to chase primary deals tighter in recent weeks.

    05 Nov 2014

  • Basis swap move boosts KfW Kanga tap

    KfW took advantage of moves in the Australian dollar/euro basis swap to tap a January 2019 Kangaroo on Wednesday. The agency also raised £150m with a tap of a December 2017 sterling line.

    05 Nov 2014

  • GTech wins $2.6bn revolver after IGT deal puts it on brink of junk

    Casino equipment provider GTech SpA and its subsidiary GTech Corp have completed a $2.6bn five year multicurrency revolving facility in dollars and euros.

    05 Nov 2014

  • AMCo moves debt into amortising tranche and reduces loan size

    Amdipharm Mercury, the UK generic pharmaceuticals company, has reduced the size of its £984m refinancing and recapitalisation loan and split the debt into amortising and bullet tranches.

    05 Nov 2014

  • Christ offers covenant to 3i's lenders for €220m

    A €220m loan backing the buyout of German jewellery chain Christ by 3i, the UK private equity and investment firm, will be marketed to lenders at a meeting in Frankfurt today.

    05 Nov 2014

  • German robot maker to sell shares for Swisslog buy

    German robotics firm Kuka is set to raise funds through a sale of new shares to finance its acquisition of a Swiss logistics firm.

    05 Nov 2014

  • NAB wins solid book for first new-style Aussie tier two in euros

    National Australia Bank is set to sell the first Basel III-compliant tier two capital issue from an Australian bank in euros on Wednesday.

    05 Nov 2014

  • Cut-price new cars to shorten German auto ABS

    Shorter contract terms and falling interest rates to support new car sales in Germany could increase payment rates and reduce the cash flow cushion provided by interest rate spreads for some securitizations, according to DBRS.

    05 Nov 2014

  • Gazprom plans one year dollar bond

    Gazprom is planning a one year dollar bond and has released price guidance at a yield of 4.75%-5%.

    05 Nov 2014

  • Abbey and upgraded Nomura join senior bond revival

    Senior bank debt issuance picked up on Wednesday after Citigroup and DVB Bank had re-opened the European market on Tuesday after the European Central Bank's Asset Quality Review.

    05 Nov 2014

  • Mubadala GE Capital guides with big pick up to owners

    Mubadala GE Capital has released initial price guidance for its $500m no grow five year bond of 150bp-162.5bp over mid-swaps.

    05 Nov 2014

  • Natixis takes hit in capital markets but asset management grows

    Natixis posted solid third quarter results on Wednesday, with a 21% rise in net income, partly driven by bigger asset management revenues, but its capital markets business dropped sharply year on year.

    05 Nov 2014

  • KWSA uses index eligibility and high yield to drive demand

    Kompany Weglowa has released initial price thoughts for a dollar benchmark five year bond at 9% yield area. As the company is 100% state-owned, this will make the bonds eligible for JP Morgan’s EMBIG (Emerging Market Bond Index Global) index. Syndicate officials away from the deal praised leads for having made this clear early as they said this, together with the bond's juicy yield, would likely drive demand higher.

    05 Nov 2014

  • Turkish biscuit firms go crackers for loans with Yıldız joining Ak Gıda and Ulker

    In a busy run for Turkish food company loans, Ülker Biscüvi and Yıldız subsidiary Ak Gıda are set to close conventional and Islamic deals this week. Meanwhile, Yıldız itself has asked HSBC to underwrite a leveraged loan backing its $2bn acquisition of Jaffa Cake maker United Biscuits.

    05 Nov 2014

  • Israel Electric releases 10 year pricing around 15bp back of 2023s

    Israel Electric has released initial price thoughts at 275bp area over mid-swaps for a 10 year dollar benchmark. The guidance equates to around a 15bp premium over the company’s 2023s, which were trading around 260bp-261bp over mid-swaps.

    05 Nov 2014

  • Alibaba $3bn revolver completes limited syndication

    E-commerce giant Alibaba Group, which signed a $3bn revolving facility with four lenders on August 30, has completed a limited syndication of the financing. The facility got sealed with looser covenants than its last loan and marked the first US style revolver in Asia, said a banker on the deal.

    05 Nov 2014

  • Record offshore hub RMB payments, says Swift

    International renminbi payments between offshore trading centres have grown in value by 837% over the past two years, reaching a share of 3.25% of total international RMB payments in September 2014, according to the latest data from the Society for Worldwide Interbank Financial Telecommunication (Swift).

    05 Nov 2014

  • GIC exits Sunway with $146m block

    GIC, or the Government of Singapore Investment Corp, has offloaded its entire stake in Malaysia’s Sunway Berhad making MR482m ($144.5m) in the process — more than what it had originally planned.

    05 Nov 2014

  • Italian utility Enel to dispose of €3.4bn Endesa stake

    Italian power utility firm Enel is set to sell part of its stake in Spanish peer Endesa for up to about €3.4bn, through an underwritten secondary public placement.

    05 Nov 2014

  • Back to the good times as euro beckons for Apple, 3M

    The nasty feelings of a fortnight ago, when credit investors suddenly remembered what bad markets were like, have not been forgotten in the European corporate bond market, but they are fading.

    05 Nov 2014

  • Global Ports prices bond at low 8% range

    Turkish port operator Global Liman İşletmeleri (Global Ports) on Thursday reduced its debut bond issue by $25m to $250m and priced it at with an 8.125% coupon at a reoffer price of 99.345.

    05 Nov 2014

  • Wall-crossing efforts net Shenzhen International $250m

    Shenzhen International Holdings raised $250m via a top-up subscription on the evening of November 4, with the company managing to exercise a greenshoe option thanks to a two-day wall-crossing process ahead of the trade.

    05 Nov 2014

  • Korea announces direct RMB trading, but Won convertibility issues remain

    The addition this week of South Korea's Won to the list of direct trading currency pairs with China's renminbi (CNY) throws up challenges not seen so far in similar arrangements with other currencies. Unlike sterling, euros and Singapore dollars, the Won is itself not fully convertible, meaning that direct quotes between the two currencies in China's onshore market will not be possible.

    05 Nov 2014

  • SMART guidance unchanged as interest builds

    Macquarie Leasing has maintained its price guidance on the single tranche of notes it has offered investors in its latest SMART auto and equipment ABS, with the Class As more than twice covered by indications of interest.

    05 Nov 2014

  • Sweden USD3bn 1% Nov 17

    05 Nov 2014

  • CDC USD1bn 1.125% Nov 17

    05 Nov 2014

  • SSAs aim for narrow window of issuance in dollars

    Buoyed by a strong response to dollar benchmarks this week, supranational and agency issuers are eyeing the next available window — next week. But it will be a short one, truncated by a holiday in the US on November 11.

    05 Nov 2014

  • FIG market back in gear as supply restarts

    Primary supply from financials is back in full swing again this week, following a brief hiatus in the wake of the European Central Bank and European Banking Authority releasing the results of the Comprehensive Assessment on October 26.

    05 Nov 2014

  • Trans-cab pulls up for S$120m Singapore IPO

    Singaporean taxi operator Trans-cab has opened books for its IPO, just one day after it filed a preliminary prospectus. The company is aiming to raise S$120m ($92.6m), according to bankers.

    05 Nov 2014

  • Mercuria Asia $1bn revolver set to go up in size

    Mercuria Energy Group that launched its $1bn triple tranche revolving loan into general in September, will likely increase the size of its borrowing.

    05 Nov 2014

  • Afreximbank plans non-deal Swiss roadshow

    Afreximbank has unveiled plans for a non-deal roadshow in Switzerland this week.

    05 Nov 2014

  • CEEMEA goes corporates crazy

    The great CEEMEA stream of corporate bond pricing has begun. So far this week South Africa's MTN has printed its $750m and DIFCI sold a $700m 10 year sukuk. On Friday Kazmunaigas printed a $1.5bn dual trancher and Evraz North America bagged a $350m five year non-call 2.5 year deal (from its original $500m target).

    05 Nov 2014

  • Chinese banks galore as CCB opens for CNH tier two

    Bond investors have plenty of choices of which Chinese bank to put their money into after China Construction Bank (CCB) joined two of its peers in opening books on November 5.

    05 Nov 2014

  • BNP Paribas to retain Opera RMBS

    BNP Paribas is set to retain over €1bn of RMBS notes backed by French residential mortgages, as spreads in the asset class remain too high to tempt French issuers away from covered bonds for funding purposes.

    05 Nov 2014

  • A-shares the 'elephant in the investment room', says Amundi

    The delayed Shanghai-Hong Kong Stock Connect programme, when it finally launches, will be a milestone development for the Chinese A share market and will offer new opportunities to yield-starved investors from Europe and Japan, says French asset manager Amundi.

    05 Nov 2014

  • Ireland EUR3.75bn 2.4% May 30

    05 Nov 2014

  • BoC keeps focus tight with dollar only tier two

    Bank of China is well underway with its debut Basel III compliant tier two, opting for a single dollar bullet. The deal follows in quick succession the bank’s $6.5bn additional tier one (AT1) preference shares which it sold on October 15.

    05 Nov 2014

  • Sime Darby firming up $830m dual trancher

    Malaysian conglomerate Sime Darby is in the process of shortlisting banks for a dual tranche financing of roughly $830m, said bankers eyeing the deal.

    05 Nov 2014

  • JSW Steel rides Indian corporate revival; Korea East-West meets investors

    The Indian high yield bond market is finally getting its act together following a stop-start year with JSW Steel going live with a five year dollar bond on November 5.

    05 Nov 2014

  • Less Through Train, more Slow Train

    Surprise, surprise. The launch of the Shanghai-Hong Kong Stock Connect scheme, which had been in the works for months, has recently been delayed. The Through Train has been derailed.

    05 Nov 2014

  • SDSC navigates busy market with SBLC-backed bond

    State-owned Shandong Shipping Corporation (SDSC) started receiving bids for a $200m capped bond on November 4 as the issuer looks to trump a busy market with a standby letter of credit (SBLC) provided by one of the joint global co-ordinators.

    05 Nov 2014

  • Kio shows life in LatAm HY despite warnings

    Mexican IT service provider Six Sigma Networks (Kio) sold a $500m seven year deal on Tuesday well inside price talk to show that the market is wide open for LatAm high yield despite rating agency warnings this week that the region’s sub-investment grade borrowers will be more affected than most by changing external conditions.

    05 Nov 2014

  • PICC opts for chunky $1.17bn rights issue

    PICC Property and Casualty Company is looking to raise HK$9.13bn ($1.17bn) through a 0.9-for-10 rights issue using a combination of both H-shares and domestic shares.

    05 Nov 2014

  • ICBC NY out with senior triple trancher

    Industrial and Commercial Bank of China New York is out in the market with a triple tranche senior dollar, as fellow Chinese big banks China Construction Bank and Bank of China market tier two bonds.

    05 Nov 2014

  • Lev ratio could drive firms out of derivs market

    The leverage ratio, and the negative impact it is having on futures commission merchants' balance sheets, is increasing costs which are ultimately going to be passed down to the end user, and could force market participants to exit the derivatives business, according to panelists at the 30th annual Futures & Options Expo in Chicago on Wednesday.

    05 Nov 2014

  • First Investors subprime auto faces private equity exam

    Scrutiny of deals originated by private equity companies could hamper the progress of a subprime auto deal from First Investors Financial Services.

    04 Nov 2014

  • Auto ABS unfazed by new subpoenas

    Another round of auto lending subpoena announcements that emerged this week is not expected to impact auto ABS spreads in the secondary market or pricing for new issuance, as the market adapts to a consistent stream of negative sentiment around the sector.

    04 Nov 2014

  • Ally edges wider with latest floorplan deal

    Ally Financial is marketing a $500m auto floorplan ABS, Ally Master Owner Trust Series 2014-5, backed by floorplan loans originated by Ally to dealers franchised by GM, Chrysler and other auto manufacturers.

    04 Nov 2014

  • Apple’s €2.8bn debut thrills euro investors

    Apple’s first European bond issue was not the megadeal some might have hoped for — but at €2.8bn it was still large, and in the level of demand and its keen pricing, it did not disappoint.

    04 Nov 2014

  • Autoroutes Paris-Rhin-Rhône cruises to €1.4bn, its biggest bond

    Though everyone in the European bond market knew Apple’s long-awaited debut was coming today, Société des Autoroutes Paris-Rhin-Rhône was not deterred from launching a big deal of its own on the same day.

    04 Nov 2014

  • Vontobel hires APAC deritrade head

    Anup Gupta, ex-Asia Pacific distribution head for Barclay’s structured products e-trading platform, has joined Vontobel as regional head Asia Pacific for the firm's structured products multi-issuer platform, deritrade, based in Singapore.

    04 Nov 2014

  • BMO targets mid-cap growth in US

    BMO Capital Markets has appointed a new global head of investment and corporate banking and a new global head of trading products, as it ‘commits’ to increasing its US market share in the mid-cap space. The bank has also appointed new heads of US and Canadian investment and corporate banking.

    04 Nov 2014

  • Cassa del Trentino shows wonders of MTNs

    Cassa del Trentino has showed one of the major advantages of nurturing a medium term note programme by nipping in to take advantage of a one day rally in Italian government bonds to save precious basis points on its funding costs. As a small, infrequent issuer, the borrower showed some of its peers what can be achieved by taking the MTN route.

    04 Nov 2014

  • BoE Islamic lines are great idea – so hurry up with them

    The Bank of England's unveiling of plans to look into providing Shariah liquidity facilities for UK Islamic banks was one of the highlights at last week’s World Islamic Economic Forum in Dubai. It’s a great idea, but there’s just one problem – this should have been done ages ago.

    04 Nov 2014

  • MPS board considers cap hike in AQR response

    The board of Monte dei Paschi di Siena, the world's oldest bank, is considering a capital increase to cover its entire €2.1bn shortfall, flagged up by the comprehensive assessment last week.

    04 Nov 2014

  • Investment banks should be the long term winners

    There’s a distressing tendency among equity analysts to underplay investment banking, especially when it comes to once proud universal banks like Barclays and RBS. CEOs play up their retail banking credentials, but the investment banks will have the last laugh.

    04 Nov 2014

  • Tiptoeing HY investors push back on unusual issuers

    European companies from beleaguered industries, new to the market or under investor pressure had better think twice before they enter a high yield market willing to teach them a lesson before the year ends.

    04 Nov 2014

  • Arcadis completes €174m rights offering

    Arcadis, the UK engineering consultancy, has raised €174m by selling new ordinary shares in a rights offering.

    04 Nov 2014

  • Hedge funds, real money scoop payer spreads on Main

    Hedge funds and real money players have been snapping up payer spreads on iTraxx Main following the Bank of Japan’s unexpected announcement that it would increase monetary stimulus spending, resulting in a steepening of the payer smile.

    04 Nov 2014

  • Vue launches €70m FRN tap to buy Space

    UK cinema chain Vue has issued €70m of six year senior secured floating rate notes to back its acquisition of Space Cinemas.

    04 Nov 2014

  • Molecular Partners completes resurrected Swiss IPO

    Swiss biotech firm Molecular Partners competed its relaunched IPO on Tuesday, a day after resurrecting the IPO that had been pulled two weeks ago.

    04 Nov 2014

  • After Bank of England help, Virgin Money reignites IPO plans

    UK challenger bank Virgin Money today restarted its planned London IPO, after having put the deal on hold last month, as a keenly awaited decision from the Bank of England reassured the issuer.

    04 Nov 2014

  • Lindorff sells €250m tap for Sabadell NPLs

    Lindorff, the Norwegian debt collection group, launched on Tuesday a €250m tap of two of its bonds, with proceeds mainly destined to fund the recent purchase of a debt recovery unit from Spain’s Banco Sabadell.

    04 Nov 2014

  • Yen options back in vogue as BoJ strikes again

    Options trading volumes on the dollar against the yen has continued to spike following the Bank of Japan’s unexpected announcement that it would ramp up its monetary stimulus in another round of quantitative and qualitative easing.

    04 Nov 2014

  • 'Story of greed and corruption' in Leipzig and UBS CDO case

    A court case in the UK High Court over credit protection, which the Leipzig water company sold to UBS, has been described as a “sorry story of greed and corruption from which neither emerges with credit”, according to the judge presiding over the case.

    04 Nov 2014

  • Investors pile into Ireland's 15 year

    Ireland's longest dated benchmark in five years is more than twice subscribed, allowing leads to set pricing at the tight end of guidance.

    04 Nov 2014

  • CEB hits belly of curve while Sweden, CDC stick to short end

    Council of Europe Development Bank (CEB) has hired lead managers to run the first five year dollar syndication since a pair of deals failed to cross the line three weeks ago amid strong volatility in US Treasuries. Sweden and Caisse des Dépôts et Consignations brought deals with more conservative maturities.

    04 Nov 2014

  • Green bonds are thriving – but the cutting edge is elsewhere

    The $32bn green bond market grows ever stronger, as NRW.Bank pricing last week’s deal through its curve proves. But the real innovations in green finance are much further from the mainstream – like Hawaii’s solar panel ABS and Electricité de France’s plans for a green private equity fund.

    04 Nov 2014

  • River and Mercantile launches micro cap fund IPO

    Asset managers River and Mercantile launched an IPO of a new fund on Tuesday, which will invest in micro cap firms.

    04 Nov 2014

  • Fever-Tree enters London IPO mix

    Fever-Tree, a British firm that makes high end tonics for drinks, completed an IPO on London's AIM on Tuesday.

    04 Nov 2014

  • Repo rate cut boosts bank bid for Kommuninvest

    Kommuninvest found strong demand for a short four year Swedish krona benchmark on Tuesday, as tightened spreads drove bank treasury investors out along the maturity curve.

    04 Nov 2014

  • Thule starts roof box IPO

    Swedish private equity owned roof box maker Thule launched an IPO on Tuesday that could value the firm at as much as $1.2bn.

    04 Nov 2014

  • Ludwigshafen readies roadshow for debut bond

    The City of Ludwigshafen has hired banks to run a roadshow for what will be its debut syndication. Meanwhile, City of Berlin picked banks to lead a deal that is set to be priced on Wednesday.

    04 Nov 2014

  • EU set for rare October 2029 print

    The European Union will this week sell its longest-dated deal in two years, after mandating banks for a €660m October 2029 on Tuesday afternoon.

    04 Nov 2014

  • Paragon to be priced as Precise lines up

    Paragon Mortgages 21 was set to be priced on Tuesday afternoon, via Lloyds, Macquarie, Morgan Stanley and Natixis, while Charter Court lines up another non-bank UK RMBS, Precise 2014-2, arranged by Credit Suisse.

    04 Nov 2014

  • Indian corporates beware: not everyone is a Tata

    The Asian bond market got a rare slice of diversification away from Chinese credits recently, when Tata Motors issued a $750m dual trancher that was easily covered by a $4.5bn order book. It is certainly encouraging to see Indian corporates getting such a hot reception, but others will need to take a more calculated approach to offshore financing.

    04 Nov 2014

  • Bumper subject ahead of Wednesday pricing

    Books on LeasePlan’s new Dutch auto deal, Bumper 6, are set to go subject at 4pm UK time, with execution set for Wednesday.

    04 Nov 2014

  • RAC gets £1.25bn loan after only a small OID flex

    RAC, the UK car recovery breakdown firm, has allocated its £1.25bn refinancing and recapitalisation loan after flexing the facility’s original issue discount in investors' favour.

    04 Nov 2014

  • Marine Harvest nets larger facility with loyal banks

    Marine Harvest, the Norwegian seafood company, has increased its five year multicurrency revolving loan facility from €425m to €555m.

    04 Nov 2014

  • They think it's coal over: JSW bond postponed but KWSA remains

    One of two Polish coal company deals on Tuesday disappeared off of screens as Jastrzębska Spółka Węglowa postponed its bond issue. That left Kompany Weglowa (KWSA) in the market with bankers away from the remaining deal apprehensive about the levels of demand. This was despite a banker on the deal saying the success of either company in the bond market would have no bearing on the other.

    04 Nov 2014

  • ICBC becomes RMB clearing bank for Qatar, first for MidEast

    The sixth offshore RMB clearing bank appointment of the year was unveiled on Tuesday, when the People’s Bank of China (PBoC) announced that it had picked Industrial and Commercial Bank of China (ICBC) Doha Branch as the renminbi clearing bank for Qatar. The move is the first such appointment in the Middle East and follows similar announcements this year in London, Frankfurt, Seoul, Paris and Luxembourg.

    04 Nov 2014

  • MTN wins $3bn book with little inflation as investors pile in

    South African telecommunications company MTN built a $3bn book for its $750m 10 year bond on Monday. Leads printed the maximum size that the company was considering as emerging market and investment grade buyers scrabbled for the diversification the debut name offered.

    04 Nov 2014

  • KazStroyService roadshows with VTB on the mandate

    KazStroyService has mandated four banks for its debut dollar bond, one of which is VTB Capital. Bankers at Russian firms are hoping that the deal could be a step in helping Russian arrangers return to business as usual in the bond markets.

    04 Nov 2014

  • Locals out in force for DIFCI sukuk

    DIFC Investments built an orderbook of over $3bn for a $700m 10 year sukuk that it priced on Tuesday. UAE buyers short of fresh paper — and sukuk in particular — took the bulk of the deal, which pulled other Dubai sukuk tighter in its wake.

    04 Nov 2014

  • Asiamoney Brokers Poll: delving into the data

    Behind the stability of the top ranks, there are surprises in this year’s Brokers Poll from Asiamoney, as banks and brokers jostle for position in an intensely competitive equities market.

    04 Nov 2014

  • EBRD agrees loans for Trans-Oil and National Bank of Egypt

    The European Bank for Reconstruction and Development (EBRD) has provided a $25m loan to Moldovan agricultural commodities trader Trans-Oil Group and agreed a $30m credit line to National Bank of Egypt (NBE).

    04 Nov 2014

  • Kazakhstan’s Kegoc launches People’s IPO roadshow

    State-owned Kazakhstan Electricity Grid Operating Co (Kegoc) will tomorrow start roadshowing the sale of a 10% minus one share stake in the business to local retail investors.

    04 Nov 2014

  • Total Derivatives: CNY offered on lower fix, 1s/3s seen flat

    CNY NDIRS were well offered on Tuesday, on a lower fixing and expectations of further easing by the People's Bank of China (PBoC). At current levels sources say the 1s/3s swap curve slope is too flat, writes Deirdre Yeung of Total Derivatives.

    04 Nov 2014

  • Bright Food to close €120m loan with three

    China’s Bright Food, which announced in October that it was acquiring a majority stake in Italian olive oil manufacturer Salov, is wrapping up a loan of around €120m ($152m) with three lenders.

    04 Nov 2014

  • Clearing platform puts France one step closer to RMB leadership, says Europlace

    France's landmark RMB clearing house could start operations as early as the start of 2015, according to Europlace CEO Arnaud de Bresson. The structure is set to offer strong competition to Frankfurt and London in their ambitions to become Europe’s principal renminbi business hub, he said.

    04 Nov 2014

  • DIFCI squeezes guidance again on $700m sukuk

    DIFC Investments has squeezed the pricing on its offering of a 10 year benchmark dollar sukuk, tightening the spread range for a second time to 185bp-190bp over mid-swaps at final guidance. DIFCI expects to price the Reg S sukuk within that range.

    04 Nov 2014

  • Santander profit highest in 10 quarters

    Santander has built on a strong showing in the European Central Bank’s comprehensive assessment with an impressive set of third quarter results, which included a big rise in earnings for its UK unit and investment bank.

    04 Nov 2014

  • Slick return for China Oil & Gas with 11x covered bond

    Piped gas operator China Oil and Gas Group made a memorable return to the debt market on November 3 with a $300m-capped bond that was more than 11 times subscribed. With such a huge order book, the issuer was able to take advantage to price through its existing dollar curve.

    04 Nov 2014

  • BlueFocus eyes Hong Kong listing after board go-ahead

    Public relations company BlueFocus Communication Group, which is already listed in Shenzhen, has obtained approval from its board of directors to sell shares on the Hong Kong Stock Exchange.

    04 Nov 2014

  • Citigroup, DVB reopen senior with five year pair

    Citigroup and DVB Bank were selling five year deals in floating and fixed rate format, respectively, on Tuesday, to the relief of FIG syndicates and investors who have not had any senior unsecured supply to cast their eye over since mid-October.

    04 Nov 2014

  • Fuyao Glass breaks for HK IPO

    Chinese automotive window manufacturer, Fuyao Glass, has filed a preliminary prospectus with the Hong Kong Stock Exchange. The company hopes to raise $600m, said a banker close to the deal.

    04 Nov 2014

  • eHi starts the engine on $140m NYSE IPO

    China’s eHi Car Services has started driving up to investors for its $140m New York IPO, opening books for the transaction on November 4 with plenty of anchor support.

    04 Nov 2014

  • NIBC back in private senior

    NIBC Bank has mandated banks for what would be only the second publicly syndicated senior unsecured bond it has printed without a government guarantee since 2009.

    04 Nov 2014

  • Olam seeks $2.5bn to refi bridge

    Agricultural products supplier Olam International has approached lenders for a $1.8bn-$2.5bn refinancing of a $2.22bn bridge loan it had sealed in May.

    04 Nov 2014

  • Argentina hope emerging despite new default

    Growing expectations of a financial market friendly government by the end of next year and occasional indications that the finance ministry may negotiate with holdout creditors once the RUFO clause expires in January mean that many observers maintain a constructive view on Argentina despite another default on its restructured bonds.

    04 Nov 2014

  • Nexteer steers in the right direction with US marketed bond

    Nexteer Automotive Group, which has operations in China but is headquartered in Michigan, is marketing its debut dollar bond.

    04 Nov 2014

  • Banks eyeing $2bn Sydney rail link financing

    Banks are in talks with MTR Corp and other project operators for a $2bn debt financing for the North West Rail Link in Sydney, Australia.

    04 Nov 2014

  • Carabao energises investors with $216m IPO

    Energy drinks maker Carabao Group has opened bookbuilding for its Bt7bn ($216m) Thai IPO, with the rarity value of the transaction driving strong support from investors ahead of the launch.

    04 Nov 2014

  • COFCO Land plans debut full of Joy

    COFCO Land Holdings, which is soon to be known as Joy City Property, is marketing its debut dollar bond. The borrower has mandated eight banks to arrange investor meetings which start this week.

    04 Nov 2014

  • CNH PLPs to reinforce Hong Kong as leading RMB hub

    Seven banks have been designated as Primary Liquidity Providers (PLPs) for the offshore renminbi market in Hong Kong by the Hong Kong Monetary Authority (HKMA), the regulator said on November 3. The designation will allow the PLPs access to a dedicated repo facility of Rmb2bn ($327m) from the HKMA, to facilitate more efficient liquidity management and promote Hong Kong as a global RMB hub.

    04 Nov 2014

  • Common Securitization Platform is go as first CEO named

    US government-owned mortgage guarantors Fannie Mae and Freddie Mac on Monday signed an agreement to capitalise and operate a new entity to operate the Common Securitization Platform, which will eventually sell a single type of security pooling mortgage loans from both firms.

    03 Nov 2014

  • AH4R eyes more houses for third deal

    American Homes 4 Rent is planning to buy more single-family rental properties to back another fixed rate securitization, but only if the price is right, the company’s executives said during an investor conference call on Monday.

    03 Nov 2014

  • IH comes wider but SFR deals still 'too tight'

    Invitation Homes’ fourth single-family rental (SFR) securitization was priced at 130bp over Libor on Monday — some 20bp wider than the issuer's last deal. Spreads have widened in the asset class over the last few months but some analysts think investors are still underestimating operational risks.

    03 Nov 2014

  • CDS and rates trading notionals continue slide

    Overall credit default swap notional that was reported to swap data repositories last week decreased by 21% from the previous week, according to data from the International Swaps and Derivatives Association. Overall interest rate derivatives trading that was reported, also saw a decrease of 17% from the previous week.

    03 Nov 2014

  • Shell wins flat curve with big demand for 12 year as investors pile into top names

    Royal Dutch Shell, like most oil companies a dollar-based issuer, had already blessed the euro market with a €2bn issue this year, in March.

    03 Nov 2014

  • Europe’s bite at Apple comes at last, with possible $5bn bond

    For six months, investors and salespeople have been hounding Goldman Sachs and Deutsche Bank to know when Apple – the world’s most glamorous consumer electronics group – would launch its first bond in euros.

    03 Nov 2014

  • Ontex follows IPO with €250m bond, loan to refi notes

    Ontex, the Belgian producer of disposable hygienic products for babies and adults, is beginning on Tuesday a roadshow in London for a €250m high yield bond, after completing its IPO in June.

    03 Nov 2014

  • Intu seeks £350m to add two shopping centres to secured bonds

    Intu, the UK property company formerly called Capital Shopping Centres, is to hold a bond investor call on Tuesday November 4, to prepare for a £350m new issue from its secured group funding structure.

    03 Nov 2014

  • Three is the magic number for SoFi’s third securitization

    San Francisco-based online lending platform SoFi has picked three ratings agencies for its third securitization of student loan refinancings, which will be just over $303m in size and should be priced next week. The only triple it missed out on was a triple-A rating.

    03 Nov 2014

  • Hella sets price range for second leg of Frankfurt IPO

    Hella Hueck, the family-owned German car lighting and electronics maker, has set the price range on 5.75m of its shares at between €25 and €28, or €144m at the bottom of the range.

    03 Nov 2014

  • Funds, real money eye long lira/ruble trade

    Hedge funds and real money investors are targeting a long spot position on the Turkish lira against the Russian ruble, on the back of expectations that the ruble will continue to weaken. This comes following the decision from the Central Bank of Russia not to shift to a free-floating or discretionary intervention currency strategy at its monetary meeting on October 31.

    03 Nov 2014

  • National Commercial Bank's record-breaking IPO draws $58bn of demand

    Saudi Arabia’s National Commercial Bank closed on Sunday the offer period for the sale of 300m of its shares, having attracted huge demand from its local market by offering a big discount.

    03 Nov 2014

  • Sweden picks banks for dollar bond as other issuers watch

    Sweden has mandated banks for a new three year dollar benchmark bond, set to be priced on Tuesday. Two other issuers are also believed to be looking at the currency, although they might use Sweden’s deal as a guide on whether to come this week, said bankers.

    03 Nov 2014

  • Ireland mandates for longest bond for five years

    Ireland is this week set to price its longest-dated benchmark since its international bailout in 2010. Proceeds, coincidentally, are earmarked to pay off one of its bailout creditors. Fellow eurozone periphery countries Spain and Greece will join Ireland in the market this week with auctions.

    03 Nov 2014

  • Cassa del Trentino grabs BTP rally chance as CDP lines up roadshow

    The Province of Trento’s funding arm Cassa del Trentino came to market early with a long dated medium term note to take advantage of strong performance in Italian government bonds. Meanwhile, Cassa Depositi e Prestiti mandated banks for a roadshow.

    03 Nov 2014

  • Molecular Partners returns, smaller and at a fixed price

    Molecular Partners, the firm that pulled its IPO two weeks ago, has brought back the deal at a smaller size, fixed price and a shortened subscription period.

    03 Nov 2014

  • Greece's Famar closes €150m loan in line with guidance

    Famar, the Greek pharmaceuticals manufacturing and packaging group, has completed its €150m refinancing loan, splitting the deal into amortising and bullet tranches.

    03 Nov 2014

  • Another deal for Altice as it swoops for Portugal Telecom

    French telecoms group Altice has announced an offer to buy the Portuguese assets of Portugal Telecom from Oi, the Brazilian telecoms company, for €7bn.

    03 Nov 2014

  • Citi RMBS comeback sized at A$500m

    Citibank Australia has structured its first Australian RMBS transaction for more than three years, opting for a three tranche structure, but the issuer has not yet indicated whether it will sell below the senior layer of the deal.

    03 Nov 2014

  • Macquarie launches auto-heavy SMART trade

    Macquarie Leasing has set initial price thoughts on the single tranche of notes it will be offering investors in its fourth SMART securitization of the year.

    03 Nov 2014

  • Heathrow bags £2.15bn of new loans from 22 banks

    Heathrow has signed a £2.15bn refinancing of its revolving credit and liquidity facilities with a syndicate of 22 banks. The loan comprises a £1.4bn revolving credit facility and a £750m standby liquidity facility.

    03 Nov 2014

  • Nigeria's IHS Towers signs $2.6bn equity and loan raising

    IHS Towers, the African mobile telecommunications infrastructure firm, has signed agreements for a $2.6bn capital raising, comprising $2bn of private equity and a $600m loan facility, the company said on Monday.

    03 Nov 2014

  • KMG CoC shows size of ownership doesn’t matter as books hit $9bn, prices inside curve

    Combined books for Kazmunaigas’s dual tranche $1.5bn dollar bond had reached $9bn at their peak before pricing on Friday inside its own curve, despite KMG having cut the change of control clause in its bond documentation to 75% state ownership.

    03 Nov 2014

  • Waste Italia braves cautious market with roadshow for €200m bond

    Gruppo Sostenya’s subsidiary Waste Italia is hoping to issue its first bond late next week, once it has completed a roadshow that began on Monday in London with Jefferies as bookrunner.

    03 Nov 2014

  • Forterra Trust signs $512.7m dual tranche loan

    Singapore based China real estate player Forterra Trust has sealed refinancing facilities totalling $512.7m with two banks.

    03 Nov 2014

  • DIFCI starts sukuk return inside Jafza curve

    DIFC Investments opened books for a 10 year benchmark sukuk issue on Monday morning, with pricing scheduled for later this week. Investors predicted the deal would be priced slightly inside the curve of Jebel Ali Free Zone Authority. But the DIFCI leads have already boldly set the starting spread inside Jafza's sukuk curve.

    03 Nov 2014

  • Cagamas debuts offshore private MTN

    Malaysian state-backed mortgage lender Cagamas Berhad has sold its first ever privately placed MTN in a foreign currency.

    03 Nov 2014

  • MTN's low debt an advantage as dollar bond debut nears

    South African telecommunications company MTN has released price talk for its benchmark 10 year dollar bond at 240bp area over mid-swaps.

    03 Nov 2014

  • Casual debate at RBS

    What is it they say about good intentions? Royal Bank of Scotland invited Loan Ranger and colleagues to evening drinks last week with hopes of talking about its new streamlined strategy. But only a couple of beers in and the room was instead awash with debate.

    03 Nov 2014

  • AXA sets min spreads on sub exchange

    AXA has informed holders of certain deeply subordinated notes of the minimum spreads they will receive by swapping into new bonds in its exchange offer, which will reduce four outstanding notes in euros and sterling down to two.

    03 Nov 2014

  • SEB and two Australians to test post-AQR bid for bank capital

    Skandinaviska Enskilda Banken has begun a roadshow for its debut additional tier one capital issue. Along with a potential pair of capital trades from Australian banks, it will provide the FIG market’s first true test of investor risk appetite since the European Central Bank’s banking system health check.

    03 Nov 2014

  • Mars and Camael get hands on Bank of Cyprus UK mortgages

    Bank of Cyprus has completed the sale of its £289m UK loan portfolio to Mars Capital and Camael Mortgages, with bankers predicting more divestments from Europeans as they look to boost their capital positions in the wake of the European Central Bank’s health check.

    03 Nov 2014

  • HSBC results flat as it swallows US and UK penalties

    HSBC’s third quarter profits and revenues were flat on last year's, as a punchy performance from the markets division was swallowed up by yet more conduct charges, including a $701m provision for payment protection insurance, a $550m US mortgage settlement, and a $378m provision against the Financial Conduct Authority’s foreign exchange investigation.

    03 Nov 2014

  • Investors to sup on Carabao's $214m IPO this week

    Thailand’s Carabao Group is set to add to ECM volumes from the country as the energy drinks maker prepares to open bookbuilding for an IPO that could raise as much as Bt7bn ($214.2m).

    03 Nov 2014

  • Cheil starts pre-marketing $1.4bn IPO

    Cheil Industries, the de facto holding company of South Korean conglomerate Samsung Group, started pre-deal investor education for its W1.52tr ($1.4bn) IPO on Monday, November 3, with bookbuilding set to begin at the end of the month.

    03 Nov 2014

  • Total Derivatives: PMI offers; CNY curve seen steeper

    A weak Chinese PMI report supports receiving the belly of the CNY swap curve. The 1s/5s curve slope is expected to correct steeper from current levels. Elsewhere, KRW is the latest currency to become directly tradeable against CNY.

    03 Nov 2014

  • CCB (Asia) attempts to reverse Chinese bank fortunes in euros

    China Construction Bank (Asia) is meeting European investors from Wednesday November 5 in what looks to be busy week for the franchise as parent CCB readies itself to issue a CNH denominated tier two bond.

    03 Nov 2014

  • China Oil & Gas returns with $300m bond

    China Oil and Gas Group launched a $300m-capped bond on November 3 as the company seeks a return to the debt market following a near 20-month absence.

    03 Nov 2014

  • Peru buys back debt after bond return

    Existing bondholders switching into new notes will add some Pen4.162bn ($1.46bn) to the issue size of the Republic of Peru’s new sol-denominated 2024 bonds as the sovereign cleans up its near term debt profile.

    03 Nov 2014

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Nov 2014
1 JPMorgan 298,805.91 1181 8.14%
2 Barclays 268,207.66 919 7.30%
3 Citi 262,519.94 1020 7.15%
4 Deutsche Bank 259,366.94 1042 7.06%
5 Bank of America Merrill Lynch 253,285.00 906 6.90%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Nov 2014
1 Deutsche Bank 50,391.33 134 7.40%
2 BNP Paribas 47,024.00 196 6.90%
3 Citi 37,662.62 104 5.53%
4 HSBC 32,812.42 174 4.82%
5 Credit Agricole CIB 32,328.17 135 4.75%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Nov 2014
1 JPMorgan 24,215.02 117 9.07%
2 Goldman Sachs 23,224.16 78 8.70%
3 Deutsche Bank 20,943.82 79 7.85%
4 UBS 20,462.41 83 7.67%
5 Bank of America Merrill Lynch 19,151.02 70 7.17%