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News Archive

  • ESMA publishes MiFID II implementing rules

    The Markets in Financial Instruments Directive took a leap forward today with the publication of technical advice and a consultation by the European Securities and Markets Authority that set out the implementation of transparency and trading requirements to a broad range of asset classes and products.

    19 Dec 2014

  • Secondary pricing update: featuring Guernsey, L-Bank and Ico

    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.

    19 Dec 2014

  • Funding scorecard: Scandinavian agencies

    This week's scorecard features updates on the funding progress of selected Scandinavian agencies. Read on to see which issuers hit the lower end of their targets.

    19 Dec 2014

  • FCA outlines 2015 EMIR priorities

    The Financial Conduct Authority is focusing its risk-based oversight efforts in four critical areas of the European Market Infrastructure Regulation for 2015 – trade reporting quality, clearing services provision continuity from clearing members, market readiness for the clearing obligation, and the bilateral requirements for non-cleared trades. This comes as February marks the first year anniversary of trade reporting under the regulation.

    19 Dec 2014

  • EC grants ESMA much needed frontloading delay

    The European Commission has agreed to postpone the start of the frontloading requirement for cleared interest rate derivatives as proposed in the regulatory technical standards submitted by the European Securities and Markets Authority.

    19 Dec 2014

  • CGIF ends 2014 with a bang

    The Credit Guarantee Investment Facility (CGIF), added Indonesia’s Astra Sedaya Finance to its guarantee portfolio, making it the fifth transaction for the CGIF this year.

    19 Dec 2014

  • Shengjing Bank prices $1.4bn IPO near bottom of range

    Shengjing Bank has priced its IPO close to the bottom of an indicative range, raising HK10.43bn ($1.35bn) in Hong Kong’s last billion dollar listing for the year.

    19 Dec 2014

  • Yunnan Water Files for HK IPO

    China-based wastewater treatment company, Yunnan Water Investment Company, has filed a prospectus with the Hong Kong Stock Exchange on Thursday.

    19 Dec 2014

  • Canvest’s IPO raises $151m on Asian demand

    Canvest Environmental Protection Group, a waste-to-energy (WTE) firm, raised HK$1.17bn ($150.92m) in an IPO supported mostly by Asian investors.

    19 Dec 2014

  • Special Briefing on China market access, Part I: the future of RQFII

    China’s renminbi qualified foreign institutional investors (RQFII) programme and the recently-launched Shanghai-Hong Kong Stock Connect initiative have made some of the biggest contributions so far to tearing down the Great Wall surrounding China’s capital markets, while simultaneously providing a springboard for the broader adoption of China’s currency around the globe.

    19 Dec 2014

  • Low liquidity pinches Beijing Energy’s CNH

    Beijing Energy Investment Holding (BEIH) issued what looks to be Asia’s last dim sum bond in 2014 on December 16. Despite the issuer’s status as an SOE wholly owned by the municipal government of Beijing, it was not able to tighten guidance by much due to low liquidity in the market.

    19 Dec 2014

  • RMB round-up: December 19, 2014

    In this round-up, China cross border RMB settlement is down 0.5% in November, Taiwan RMB deposits were stable in November, China signed an RMB swap line with Kazakhstan and the Royal Bank of New Zealand (RBNZ) said it would include RMB in its trade index.

    19 Dec 2014

  • Lippo Malls takes home S$180m four year loan

    Lippo Malls Indonesia Retail Trust has net a loan of S$180m ($137m) from a group of three lenders, with the first drawdown of the facilities expected to occur before the year ends.

    19 Dec 2014

  • BT tantalises market receptive to rights issue, but blocks likely later

    British Telecommunications has declined to confirm press reports that it is planning a £2bn rights issue as part of its financing for the £12.5bn takeover of EE, the UK mobile phone group. However, the market barely flinched at the news, suggesting a deal, if it comes, will not be a challenge.

    18 Dec 2014

  • Rate cut dims Swiss franc appeal for foreign corporates

    Domestic borrowers are tipped to dominate the Swiss market in the first weeks of 2015 following the central bank’s announcement on Thursday of plans to impose negative interest rates.

    18 Dec 2014

  • Schuldschein banks go hunting in UK, despite tough deals

    Schuldschein bankers are hoping to continue the market's expansion in 2015 to include more borrowers from outside German-speaking countries, even though some recent international deals have not gone according to plan.

    18 Dec 2014

  • Dark year end as risks gather for 2015

    It’s an ugly end to 2014. The last four weeks have turned a good year into a disappointing one for many equity and bond markets.

    18 Dec 2014

  • BT tantalises receptive market over rights issue plans

    British Telecommunications has declined to confirm press reports that it is planning a £2bn rights issue as part of its financing for the £12.5bn takeover of EE, the UK mobile phone group. However, the market barely flinched at the news, suggesting a deal, if it comes, will not be a challenge.

    18 Dec 2014

  • Coalmine canary Jefferies starts coughing

    Jefferies, which reports a month before the major US houses, had a shocking quarter in September, October and November, suggesting dismal numbers in the post for the rest of the industry.

    18 Dec 2014

  • Five Oaks taps Credit Suisse for next jumbo RMBS

    Five Oaks has partnered with Credit Suisse to issue a $272m RMBS deal backed by prime jumbo mortgages. The real estate investment trust partnered with JP Morgan to bring previous deals.

    18 Dec 2014

  • MTN Leak: Holding the Christmas flag

    Although the Christmas season is a time for joy, this story begins with a tale of woe.

    18 Dec 2014

  • Russia is in pain — but remember Ukraine

    Suddenly, Russia is suffering. In the last few days, with the oil price collapsing and a collapse in the rouble exchange rate, many in the West have started to suggest that it is time to rethink sanctions.

    18 Dec 2014

  • Only 39 corporate bonds are liquid, posing challenge for MiFID rules

    Electronic bond trading provider MarketAxess has identified only 39 corporate bonds it considered liquid in the third quarter this year, from a universe of around 200,000, a ratio that poses huge challenges to the European Securities and Markets Authority’s attempt to introduce equity-like transparency to the fixed income market as part of the Markets In Financial Instruments Directive.

    18 Dec 2014

  • Small rally for Greece but election woes linger

    Greek yields fell on Thursday after the first round of a presidential vote in the country’s parliament, but SSA bankers warned that it was far from a sign that investors are expecting a win for the ruling coalition. The government’s candidate failed to win enough votes, meaning the opposition party Syriza — which wants to write off much of the country’s debt and rollback austerity measures — could win power in the New Year.

    18 Dec 2014

  • Bankers optimistic for January, but treasurers must learn lessons

    FIG bankers remain optimistic for January despite the market going through a torrid patch in late November and December. However, funding officials will also need to take a pragmatic path and learn lessons from a string of postponed senior unsecured trades at the tail end of November.

    18 Dec 2014

  • Bumper IBD year ends with a whimper

    It has been one of the best years on record for revenues in investment banking, according to Dealogic, with FIG and sponsor exits driving performance. But the fourth quarter has fallen flat, with revenues the lowest since 2011.

    18 Dec 2014

  • LatAm bonds bounce in time for January rush

    LatAm DCM and syndicate bankers were breathing sighs of relief on Thursday after the secondary market bounced following a torrential start to the week as bond markets reflected oil price volatility.

    18 Dec 2014

  • SSA market braces for volatility as Federal Reserve rate rises loom

    US Federal Reserve interest rate hikes and potential European Central Bank sovereign bond buying are the leading factors expected to make 2015 issuance calendars more difficult to negotiate than 2014’s for sovereign, supranational and agency borrowers. Bankers are warning that printing at the short end of the dollar curve could get tough at times.

    18 Dec 2014

  • UK to dribble up to £3bn Lloyds stake into market via MS

    The UK government will sell the next chunk of Lloyds Bank shares using an unusual dribble-out trading plan, in which shares will be sold piecemeal in the secondary market, rather than in a large block, as it has done twice before.

    18 Dec 2014

  • Spanish regions plan mid to long-dated euro issuance in 2015

    A pair of Spanish regions plan to print euro syndications at the belly to long end of the curve in 2015 — for one region a deal will be its first in over five years.

    18 Dec 2014

  • Commodity linked Russian corps struggle in dire week

    The rouble crisis hurt Russian corporates hard this week, but several companies took an even bigger hit because of their exposure to sinking commodity prices. While immediate repayment risks remain fairly benign for most, a deterioration of oil prices or the rouble could lead to covenant breaches.

    18 Dec 2014

  • German Bundesrat pauses threat to bank, corporate hybrids

    German hybrid capital instruments, from both financial institutions and companies, have escaped - for the time being - a serious threat from a tax proposal by the Bundesrat, the upper house of Germany's parliament, writes Richard Metcalf.

    18 Dec 2014

  • RBS to sell AT1 and Lloyds to call ECNs after stress tests

    Lloyds and Royal Bank of Scotland were quick to react to the results of the Bank of England’s stress tests on Tuesday, with RBS announcing plans to sell £2bn to boost its capital ratio — despite passing the tests — and Lloyds revealing its intention to call several series of enhanced capital notes (ECNs) that the BoE’s Prudential Regulatory Authority did not count as contributing towards the bank’s common equity tier one ratio.

    18 Dec 2014

  • Bumper take-up for Evraz bond buyback

    The Russian economic crisis this week boosted participation in a tender offer for Evraz's 2015 bond. Investors accounting for $278m of Evraz's $576.7m 2015 notes agreed to a company buyback of the note at just over par.

    18 Dec 2014

  • Banks avoid mass costs in rollback of swaps push-out

    Banks operating with large swaps trading operations will no longer be required to relocate their trading to a separate legal entity that is not federally insured following the rollback of Section 716 of the Dodd-Frank Act. As a result, banks will avoid incurring significant expenses, while saving time and personnel, according to lawyers.

    18 Dec 2014

  • German corporate hybrids hit by tax turmoil

    German hybrid capital instruments, from both financial institutions and companies, are under threat from a tax proposal of the Bundesrat, the upper house of Germany's parliament.

    18 Dec 2014

  • Ukraine's Agroton secures vote to delay next payment

    Agroton Public, the Ukraine based agricultural company, has further delayed interest payments on its $50m notes due 2019 after bondholders voted in favour of the extraordinary resolution on Monday. The company’s operations have been severely impacted by the fighting in eastern Ukraine and analysts say its financial outlook is dire.

    18 Dec 2014

  • Supras and telcos popular for year end Africa loans

    Strong deals from Liquid Telecom, Fidelity Bank, Lake Turkana Wind Power and Africa Finance Corp in recent weeks have highlighted the popularity of supranational and telecoms deals in Africa.

    18 Dec 2014

  • Oman to issue international sukuk after domestic debut

    The Sultanate of Oman has picked banks for a local currency sukuk debut, as the country’s Capital Markets Authority awaits feedback on draft legislation for Islamic bond issuance.

    18 Dec 2014

  • JPM CMBS widening exemplifies trend of weaker collateral

    JP Morgan’s latest CMBS deal represents a market trend in which issuers have sold investors cheaper deals backed by weaker collateral, market participants say.

    18 Dec 2014

  • Russian rouble collapse leaves bond market on edge

    The beating that Russia’s markets took this week wasn’t on the same scale as the 1998 crisis but it was nevertheless shocking even for veterans of the earlier collapse, who were left slack-jawed at the free-fall of the rouble on Tuesday, writes Francesca Young. Even after the authorities got their act together and produced a package of stabilising measures and interventions on Wednesday, investors are now acutely aware of the heightened risk of defaults next year as weakness cascades through the economy.

    18 Dec 2014

  • Co-op the only casualty of BoE's stress tests

    The Bank of England’s Prudential Regulatory Authority released the results of its latest round of stress tests this week, revealing that of the eight largest UK banks and building societies only the Co-operative Bank had ran afoul of its adverse scenario. Bankers and analysts have taken the results as a sign that the UK’s financial system is robust, though some have warned that future stress tests may become trickier to navigate.

    18 Dec 2014

  • KfW scores rare floating rate structure

    KfW has sold a rare, privately placed note with a step-up inverse floating rate structure, which dealers said could be a sign of other similar trades to come.

    18 Dec 2014

  • Bankers hope for winds of change as Peruvian prices first LatAm green bond

    DCM bankers hope that this week’s first ever green bond issue from Latin America will be the first of many, with the potential for growth in renewable energy a source of possible new deals.

    18 Dec 2014

  • US high yield defaults to rise as oil fall bites, but pain to be local

    The biggest source of stress for US credit markets in 2015 will come from the energy sector, analysts believe, as the oil price has fallen 50% since July.

    18 Dec 2014

  • US regulators lambast levfin banks for ever worsening underwriting standards

    The Office of the Comptroller of the Currency, one of the top financial regulators in the US, said this week that risk within US leveraged lending had slipped to levels last seen in 2006, in the lead-up to the financial crisis.

    18 Dec 2014

  • People Moves in Brief

    Orcel and Soanes to head UK at UBS - JPM syndicate banker lands at Itau - Amundi hires for EM debt

    18 Dec 2014

  • Solar securitization looks for its big bang in 2015

    As the use of solar energy increases in the US, issuance of securitizations of various financing products for the technology is set to increase, with several new names set to print deals in 2015. But despite progress in 2014, legislation continues to be an obstacle to the growth of this market.

    18 Dec 2014

  • Ostchem troubles raise threat of Ukrainian defaults

    Gazprombank is demanding full repayment of an $842.5m loan to a Ukrainian company, Ostchem, before year end. Ostchem might become the first of many Ukrainian companies to default on loans to Russian banks in the coming months.

    18 Dec 2014

  • Rabobank Samurai creates new option for capital

    Next year is going to be a big one for bank capital, with supply predicted to reach as much as $375bn, or 50% more than in 2014. More supply means banks are going to need more investors — so treasury officials should then be thanking their colleagues at Rabobank, who ended the year with a bang by opening the Samurai market for tier two debt.

    18 Dec 2014

  • Stay of execution could change the face of derivs trading

    The implementation of a stay on the contract termination rights of derivative counterparties by global regulators could change the face of derivatives trading, forcing counterparties to look at amending their agreements away from the prevalent two-way payment system, according to lawyers.

    18 Dec 2014

  • Santander tweaks Holmes to match LCR needs

    Santander UK has restructured the Holmes master trust to make sure its bonds meet the standards for the European Banking Authority’s Liquidity Coverage Ratio, so that banks will be able use Holmes RMBS notes in category “2B” of their liquidity buffers.

    18 Dec 2014

  • SocGen adds ForexClear to client clearing service

    Société Générale’s Newedge prime services business has added LCH.Clearnet’s ForexClear as a new central counterparty clearing houses to its client over-the-counter clearing offering, allowing it clients to clear non-deliverable forwards.

    18 Dec 2014

  • France mulling long dated benchmark

    The French sovereign could be busy in the long end of the curve in 2015, after the Agence France Trésor revealed plans for a possible 15 to 20 year benchmark on Thursday.

    18 Dec 2014

  • US bond market firm as storm clouds gather

    High grade credit is set for a challenging 2015, as the US Federal Reserve prepares to raise interest rates for the first time since before the financial crisis, while falling oil prices threaten stability and the credit of energy companies.

    18 Dec 2014

  • Titan 2006-2 crystallises loss on Margaux

    Proceeds from the largest loan left in Titan 2006-2 will flow through to noteholders in January, but the hefty costs of enforcing the loan and selling the property means noteholders are likely to see losses. The property sold for €268m almost a year ago, but CMBS noteholders are only set to recover around €239.5m, 90.58% of the outstanding loan amount.

    18 Dec 2014

  • Shire signs $2.1bn loan with core banking group

    UK based bio-pharmaceutical company Shire signed a $2.1bn loan last week. The five year loan has two one-year extension options and comprises multi-currency revolving and swingline facilities.

    18 Dec 2014

  • Spanish region eyes public return for 2015

    The Spanish Autonomous Community of País Vasco may issue its first public bond in over five years in 2015.

    18 Dec 2014

  • Spain breaks yield record as periphery enjoys mini rally

    Spain shunted its 10 year borrowing costs down to a record low on Thursday as it overshot its maximum €2.5bn at an auction of medium to long term debt. The result mirrored the wider eurozone periphery, as sovereigns enjoyed falling yields in secondary trading.

    18 Dec 2014

  • Investment grade loans, news in brief — December 18, 2014

    Terna — Vattenfall — Gamesa

    18 Dec 2014

  • Emerging market loans, news in brief — December 18, 2014

    Africa Finance Corp — Lake Turkana Wind Power — Alrosa

    18 Dec 2014

  • Volatility is coming to town

    Despite a last minute upswing, 2014 is poised to conclude as one of the least volatile years in recent memory.

    18 Dec 2014

  • Positive skew returns to credit indices

    If one were to look at the week-on-week change of the main credit indices, it would be perfectly understandable to assume that it was another uneventful few days in the markets. The Markit iTraxx Europe was trading at 61.5bp on December 18, just 1.5bp wider than the previous week. The Markit CDX.NA.IG was 3bp tighter at 66bp over the same period.

    18 Dec 2014

  • HSBC’s UK push — this time it’s different

    HSBC’s UK investment banking revolution will gain momentum in 2015, going beyond its previous narrow attempt to build a global M&A business, writes David Rothnie.

    18 Dec 2014

  • Outlook remains bright for January FIG deals despite frosty December conditions

    A difficult December has failed to dent the optimism of the FIG market's syndicate bankers, with many of them predicting that the traditional January rush will be unimpaired by volatility that saw deals held back in the final month of this year.

    18 Dec 2014

  • RSB slips in surprise buyback of 2017s

    Russian Standard Bank is continuing its debt management programme and surprised analysts with an early buyback of its 2017s on Monday.

    18 Dec 2014

  • Haitong reshuffles the pack with Tan to head DCM

    Haitong International Securities is hoping to make even bigger strides in 2015 after rejigging its capital markets team and appointing David Tan as head of DCM.

    18 Dec 2014

  • KazMunaiGas’ Urikhtau loan will not close before year end

    KazMunaiGas is still arranging its $600m loan through operating subsidiary, Urikhtau. The deal will likely close early next year, said a banker on the deal. A banker away from the deal said the deal may be struggling.

    18 Dec 2014

  • Lake Turkana Wind Power gets €625m loan

    Lake Turkana Wind Power, the Kenyan wind power project, has signed a $625m loan, the largest single private investment in Kenya.

    18 Dec 2014

  • Evraz gets bumper take-up for bond buyback as Russian volatility hits

    The Russian economic crisis this week boosted participation in a tender offer for Evraz's 2015 bond. Investors accounting for $278m of Evraz's $576.7m 2015 notes agreed to a company buyback of the note at just over par.

    18 Dec 2014

  • BNP Paribas names Peter Kwok as China CEO

    BNP Paribas has appointed Peter Kwok as chief executive of BNPP (China) on the back of rising demand from clients in China for sophisticated financial services. Kwok started in his new role on December 11.

    18 Dec 2014

  • European banks seize the day to jump into Asian loans

    Loans bankers in Asia are preparing for a very competitive 2015, with European lenders expected to turn up the heat as they increase their exposure to borrowers in the region. Asia's borrowers will be the biggest winners, able to take advantage of a deeper pool of liquidity to push pricing down even further, writes Rashmi Kumar.

    18 Dec 2014

  • Long road ahead for Indian muni bond plan

    An attempt by Indian regulators to develop a framework for municipal bond issuance has been welcomed as a step in the right direction to meet the country’s infrastructure needs. However, analysts warn that the any framework would do little to boost municipal bond use in the short term.

    18 Dec 2014

  • CORPORATE BOND PRICED DEALS TABLE

    GlobalCapital's handy table of recently priced corporate bond issues, with links to the stories about them.

    18 Dec 2014

  • Amundi hires from Pioneer and RBS for emerging market debt

    Amundi has hired two people for its emerging markets debt team — Esther Law and Abbas Ameli-Renani.

    18 Dec 2014

  • Asia G3 bonds set for strong 2015 on declining oil prices and refinancing

    Asia’s G3 bond markets are set for another record year in 2015, with seven out of eight syndicate desks questioned by GlobalCapital Asia predicting volumes will rise, or at least match 2014. Cheaper global commodity prices and heavy refinancing needs will ensure issuers are active throughout the year, writes Narae Kim.

    18 Dec 2014

  • Goodwill to all men and clients

    I don't mean to sound like a Grinch, but Christmas, with all its singing and shopping and TaiTai insisting on bringing the in-laws along to the golf can mean that it seems less like the season of goodwill and more like the season of when-will-it-be-over?

    18 Dec 2014

  • Hong Kong ends on high note as Wanda closes $3.7bn debut

    Dalian Wanda Commercial Properties pulled off one last hurrah for Hong Kong’s IPO market this week, raising HK$28.8bn ($3.7bn) in the city’s largest listing for more than three years. The property developer, owned by Chinese billionaire Wang Jianlin, priced its shares on December 16 at HK$48.00, near the top end of guidance, despite niggling fears about China’s cooling property sector, writes John Loh.

    18 Dec 2014

  • EUROPEAN CORPORATE BOND PIPELINE

    GlobalCapital's latest information on forthcoming and planned corporate bond issues in the European market.

    18 Dec 2014

  • Russia skewers foreign rating agencies with sanctions threat

    Russian authorities are mulling forcing international rating agencies to continue rating all Russian entities, including borrowers subject to US and EU sanctions.

    18 Dec 2014

  • Linekong to raise $94m in downsized IPO

    Linekong Interactive Co is now likely to raise HK$724.91m ($93.49m) in its IPO on Hong Kong’s Growth Enterprise Market (Gem) board, following a decision by its shareholders not to cash out of the company. One of its three cornerstone investors has also pulled out of the deal.

    18 Dec 2014

  • Alsacia gets green light on restructuring without bondholder haircuts

    Chilean bus operator Alsacia has left Chapter 11 bankruptcy four months after beginning a restructuring of its senior secured notes. Bondholders of the company’s outstanding notes escaped with no principal haircut.

    18 Dec 2014

  • Servicer advance securitizations expected to pick up next year

    Market participants are expecting increased issuance of servicer advance securitizations by non-bank servicers in 2015, as regulatory pressures continue to squeeze margins for non-bank servicers like Ocwen Financial, the target of yet another investigation.

    17 Dec 2014

  • LCH approved as a DCO following CFTC review

    The Commodity Futures Trading Commission has permanently approved LCH.Clearnet as a derivatives clearing organisation under the Commodities Exchange Act, after reviewing and amending the clearing houses’s original authorisation.

    17 Dec 2014

  • RGA brings first reinsurance ABS since crisis

    Reinsurance Group of America (RGA) closed the first issuance of reinsurance backed ABS since the financial crisis on Tuesday. The deal was $100m larger than originally expected.

    17 Dec 2014

  • Man Group fires starting pistol on CLO manager consolidation

    UK hedge fund giant Man Group’s decision to buy Silvermine Capital, the US collateralised loan obligation manager, makes Silvermine "immune to risk retention" and could be the first acquisition of many as onerous risk retention rules threaten smaller CLO managers, said market participants.

    17 Dec 2014

  • Deloitte sets up London high yield team to channel US money

    Deloitte is recruiting high yield specialists for its debt advisory practice in London, to cater to what it expects to be a stream of US alternative lenders searching for lending opportunities in Europe.

    17 Dec 2014

  • UK to dribble Lloyds stake into the market via Morgan Stanley

    The UK government will sell the next chunk of Lloyds Bank shares using an unusual ‘dribble-out’ trading plan, in which shares will be sold piecemeal in the secondary market, rather than in a large block, as it has done twice before.

    17 Dec 2014

  • Russia, Greece and oil make some dents in IG corp bonds

    Some investment grade corporate bonds and credit default swap spreads have been rocked in the past weeks by the collapse in the Russian currency and political instability in Greece, but investment grade oil companies’ bonds are holding up relatively well.

    17 Dec 2014

  • Spanish peer-to-peer SME lender has high hopes for growth

    LoanBook, a peer-to-peer lending company set up in Barcelona by a group of former bankers and investment professionals, believes it can quadruple its lending in 2015 and grow another sixfold by 2018.

    17 Dec 2014

  • TriOptima completes first CCS lira compression cycle

    TriOptima has completed the first cross currency swap compression cycle for US dollar/Turkish lira, eliminating $213 billion notional.

    17 Dec 2014

  • Orcel and Soanes take on UK management for UBS

    Andrea Orcel, head of UBS Investment Bank, will become chief executive of UBS Ltd and UBS London branch, while David Soanes, head of financial institutions will become UK Country Head.

    17 Dec 2014

  • Negative basis trading to return in 2015

    Société Générale is expecting negative basis trades to return in 2015, in contrast to the consensus view among investors and other market commentators who believe that tight credit spreads in cash could tighten even further if the European Central Bank goes ahead in buying corporate bonds as part of a quantitative easing programme.

    17 Dec 2014

  • Covered bonds take stress tests on the chin

    The UK's Prudential Regulatory Authority’s stress tests of its eight major banks and building societies has not spooked covered bond investors, despite the near failures of Royal Bank of Scotland and Lloyds.

    17 Dec 2014

  • More French OF downgrades likely from Fitch after CIF, CFF

    Obligations Fonciéres issued by Compagnie de Financement Foncier and CIF Euromortgage were downgraded one notch by Fitch this week following the rating agency’s downgrade of France’s long term rating to AA from AA+.

    17 Dec 2014

  • What Joseph Conrad might say about the bond markets

    Even if you have never sailed a boat through a storm, avoiding a potential one is the obvious choice. But investors in the European bond markets have been sailing into storms they knew were coming all year.

    17 Dec 2014

  • Kommuninvest eyes bulging 2015 funding target

    Kommuninvest plans to raise $2bn-$4bn more in 2015 than it did this year, as it expects its lending to increase in the coming year and has higher redemption volumes than in 2014.

    17 Dec 2014

  • Finanzagentur trims 2015 capital markets programme

    Deutsche Finanzagentur plans to raise €14bn less via nominal capital markets issuance in 2015 compared with its 2014 target.

    17 Dec 2014

  • Greek yields rise at auction as Spain readies bond sale

    Greek yields were calm on Wednesday after nearly two weeks of violent jumps, but the sovereign still suffered a rise in its short term borrowing costs at an auction. There was better news for Spain, whose 10 year yields fell slightly ahead of a bond auction on Thursday.

    17 Dec 2014

  • Sankaty tweaks CLO 2.0 structure for Rye Harbour

    Sankaty Advisors and Citigroup have priced Rye Harbour CLO, a €350m European CLO 2.0 with a few structural tweaks from the standard deal. Like most new-style collateralised loan obligations, the deal will be 90% senior secured, with strict limits on unhedged non-euro assets.

    17 Dec 2014

  • Lloyds structures chunky SME repo trade

    Lloyds Bank has structured Lingfield 2014 I, a £3.2bn SME ABS backed by secured loans to medium sized enterprises.

    17 Dec 2014

  • BTIG launches electronic FX trading platform

    BTIG has expanded its foreign exchange services with the addition of an electronic trading FX platform. The service, TradeSave FX, provides institutional investors direct access to competitive multi-dealer spot FX prices as well as advanced order matching and 24-hour liquidity aggregation.

    17 Dec 2014

  • Russian default risk inches higher but bond collapse not expected yet, say analysts

    Tuesday was the messiest day in Russian bond, equity and currency trading since the 1990s. But analysts and investors have come out of the storm on Wednesday saying that while risks exist and have increased, they are only moderately worried about Russian defaults next year.

    17 Dec 2014

  • Li Ning seeks to raise $219m in a rights issue

    China’s Li Ning Company is hoping to raise $HK1.7bn ($219m) in a rights issue for which the proceeds will be used as working capital.

    17 Dec 2014

  • Africa Finance Corp gets $300m term loan, twice subscribed

    Africa Finance Corp has obtained a $300m term loan from 23 banks. The deal received over $630m of commitments from investors.

    17 Dec 2014

  • Fitch raises alarm on LatAm credit as lower oil prices bite

    A series of pessimistic outlook reports for Latin American borrowers from Fitch this week will have done little to lift the mood as a record year in LatAm bond markets comes to an end on a gloomy note.

    17 Dec 2014

  • Oman to issue international sukuk after domestic debut

    The Sultanate of Oman has picked banks for a local currency sukuk debut, as the country’s Capital Markets Authority awaits feedback on draft legislation for Islamic bond issuance.

    17 Dec 2014

  • Rough December spoils equity returns, but confidence remains for 2015

    It’s proving a rough end to the year in equity markets, especially of course in Russia, but also in the UK, whose market has fallen 7% in 10 days, turning what was already a flat year into a losing one.

    17 Dec 2014

  • Bonds Without Borders: A history of the Eurobond Market — Chris O’Malley

    Looking for a present for the bond geek in your life? Maybe YOU are the bond geek in someone else’s life. Either way, a copy of Chris O’Malley’s history of the bond market, Bonds Without Borders: A History of the Eurobond Market, is a worthy addition to the Christmas stocking.

    17 Dec 2014

  • Stress test exclusion spurs Lloyds to exercise regulatory call on ECNs

    Lloyds announced on Tuesday that it hopes to exercise a regulatory call option in its enhanced capital notes (ECNs) after the Bank of England’s Prudential Regulatory Authority decided not take them into account when calculating the bank’s common equity tier one ratio as part of its stress testing of UK banks this week.

    17 Dec 2014

  • UK stress tests complete, Lloyds looks to call ECNs

    Investors took the results of the Prudential Regulatory Authority’s stress test of UK banks and building societies, which saw a failure by the Co-Operative Bank and close calls by Royal Bank of Scotland and Lloyds, in their stride on Tuesday. Much more important was the broader market chaos caused by Russia’s plunging ruble and the possibility of Greece’s Syriza party taking power in snap elections.

    17 Dec 2014

  • HSBC cautious on dim sum market growth, predicts Rmb500bn issuance in 2015

    Following a record year for offshore RMB (CNH) bond issuance in 2014, HSBC is expecting gross annual issuance for bonds and certificate of deposits to stabilise at around Rmb500bn ($80.8bn) next year.

    17 Dec 2014

  • SSA bankers holds breath as Greek MPs prepare to vote

    Greece’s funding prospects for 2015 are hanging on the outcome of a presidential vote in the country, the first round of which is set to take place later on Wednesday.

    17 Dec 2014

  • Storm breaks over Russian markets

    The Central Bank of Russia’s shock 650bp interest rate hike late on Tuesday night did nothing to save its plummeting currency. The economy is clearly in dire straits and the only people buying are the ones rushing to shops in Moscow. The CDS is widening and Russia’s Eurobonds continue to tank.

    17 Dec 2014

  • Corporates shape up for busy January – even in high yield

    Europe’s corporate bond new issue market is done for the year, but January is likely to be busy, right from the off.

    17 Dec 2014

  • VTB will renew focus on the Middle East, says regional CEO

    Makram Abboud is VTB Capital's chief executive officer, Middle East and Africa and vice-chairman, international. Dan Alderson spoke to him about how the bank is carving out its niche in these regions, which have become a focus for Western banks with the shut out of the Russian loan market in 2014. Abboud also discussed challenges and opportunities in the year ahead and the prospect of VTB issuing its first sukuk.

    17 Dec 2014

  • Dalian Wanda raises $3.7bn in largest HK IPO since 2011

    Dalian Wanda Commercial Properties pulled off one last hurrah for Hong Kong’s IPO’s market this week, raising HK$28.8bn ($3.7bn) in the city’s largest listing in nmore than three years before the market shuts down for Christmas.

    17 Dec 2014

  • Shinhan BNPP AMC preps Korea's first RQFII funds

    Shinhan BNP Paribas Asset Management Company is preparing three RQFII funds and could launch the first as soon as January 2015, according to Deogjin Jang, deputy CEO. In October Shinhan BNPP AMC became the first South Korean firm to be awarded an RQFII licence.

    17 Dec 2014

  • Huaneng winds up $225m in H-share placement

    Huaneng Renewables Corp netted HK$1.75bn ($225.22m) via a placement of H-shares to 10 investors on December 16, with the deal going mostly to long only funds and fundamental investors.

    17 Dec 2014

  • Bull and bear for Chinese property bonds in 2015

    Chinese property was firmly back on the menu at the end of the year, with issuers making the most of the bullish sentiment following a rate cut by the People’s Bank of China (PBoC). But while falling rates will benefit the sector’s biggest names, smaller borrowers could find conditions tougher in 2015.

    17 Dec 2014

  • BTMU loses one in Singapore loans team

    Huang Wei, who joined Bank of Tokyo Mitsubishi-UFJ’s loans team just over a year ago, is leaving the firm.

    17 Dec 2014

  • City Development builds S$1.5bn for Sentosa project

    Singapore conglomerate City Developments Ltd (CDL) is tapping the loan market for a S$750m ($574m) deal, which forms part of a bigger S$1.5bn investment in developing some of its properties in the city state.

    17 Dec 2014

  • SPY, VIX protection causes premium spike

    Volumes have nearly doubled over the past week in Chicago Board Options Exchange Volatility Index (VIX) call spreads as investors seek volatility protection, driving options premiums higher.

    16 Dec 2014

  • Dick Clark Productions ABS to rock in the new year

    Dick Clark Productions (DCP) is planning to securitize the fees and revenues from its group of televised event programmes ahead of this year’s Dick Clark’s New Year’s Rockin’ Eve with Ryan Seacrest.

    16 Dec 2014

  • TriOptima completes maiden compression with JSCC

    The Japanese Securities Clearing Corp has completed the first compression cycle for cleared yen interest rate swaps using TriOptima’s triReduce service, to eliminate notional principal and reduce risk.

    16 Dec 2014

  • Belgium’s Tessenderlo completes rights offering

    Tessenderlo Chemie, the Belgian chemicals company, has received enough demand from existing and new investors to complete a €174.8m rights issue.

    16 Dec 2014

  • BT’s bid for EE offers long term prospect of block trades

    Equity capital markets bankers hoping for a jumbo rights issue to finance British Telecommunications’ acquisition of EE, the UK mobile phone group, may be disappointed. But the deal will certainly create two large overhangs in BT’s stock, worth about £6.3bn at current prices, which could lead to some juicy block trades once lock-ups expire.

    16 Dec 2014

  • Wereldhave closes €550m rights issue to fund growth

    Wereldhave, the Dutch shopping centres and offices group, on Tuesday completed the €550m rights issue it launched on December 1, as it raises money to finance its acquisition of six shopping centres in France.

    16 Dec 2014

  • Hedge funds, CVA desks play Italy cash/CDS basis

    Hedge funds and credit valuation adjustment desks are playing the cash versus credit default swap basis on Italian government bonds after it was driven tighter by the performance of the 30 year swap, which went below 1.50% last week for the first time in its history.

    16 Dec 2014

  • A flight to quality for student loan ABS

    Uncertain macroeconomics and wary international investors have inspired a flight to US assets, including student loan ABS which market participants say has experienced an increase in secondary market trading along with solid and stable investor participation near year end.

    16 Dec 2014

  • Get your dollar funding hats on, but be prepared

    Dollar issuance from sovereign, supranational and agency borrowers is set to be a big theme next year as a negative euro/dollar basis swap, plus low rates in euros, encourages euro-funders to look across the Atlantic. But market participants should be prepared for a rough ride in a market which will remain vulnerable to volatility.

    16 Dec 2014

  • KfW scores rare floating rate structure

    KfW has sold a rare privately placed note that carries a step up inverse floating rate structure.

    16 Dec 2014

  • Hybrids on the way from Repsol, maybe BT

    Repsol will aim to issue hybrid bonds to finance an acquisition announced this week, with British Telecommunications widely expected to do the same to help finance its takeover of Everything Everywhere.

    16 Dec 2014

  • ZF Friedrichshafen Schuldschein could double ahead of bond deal

    ZF Friedrichshafen could increase its €300m ($368.2m) Schuldschein deal to €600m, having received strong support from investors. The German auto supplier is also expected to come to the bond market in the new year.

    16 Dec 2014

  • What Joseph Conrad might say about the European bond markets

    Even if you’ve never sailed a boat through a storm, avoiding a potential one is the obvious choice. But investors in the European bond markets have been sailing into storms they knew were coming all year.

    16 Dec 2014

  • Securitization shouldn’t over-promise on real economy benefits

    Securitization has come a long way in the past two years, not least in the minds of regulators. But the industry needs to start managing expectations. It is not going to solve Europe's problems on its own.

    16 Dec 2014

  • Award: European CLO of the Year 2014

    At IMN's London CLO Congress on March 9, GlobalCapital will be presenting 2014's European CLO of the Year Award to the winning manager and arranger, as voted by the market. Read on for more details.

    16 Dec 2014

  • Sovereigns set to launch auctions on choppy market

    Eurozone periphery sovereigns holding auctions this week will have to brave a volatile backdrop where Greek yields are thrashing around like a beached shark, while other periphery countries’ borrowing costs are bobbing more gently.

    16 Dec 2014

  • Final version of Theatre CMBS restructuring breaks cover

    The restructuring of two UK hospital property securitizations, Theatre (Hospitals) No 1 and 2, has finally been executed by most of the parties to the deal, with the restructuring adviser, Lazard, circulating the agreement to the final parties in a notice published on Tuesday.

    16 Dec 2014

  • Spie tightens pricing and adds a bank

    French engineering and construction services firm Spie this week cut margins on its €625m 4.5m year bullet term loan E and let another bank onto its arranging ticket.

    16 Dec 2014

  • Ostchem default could bring down Ukrainian oil supplies

    Gazprombank is demanding full repayment of an $842.5m loan to a Ukrainian company, Ostchem, before year end. Otschem could be the first of many Ukrainian companies to default on loans to Russian banks in the coming months. Some Ukrainian gas in storage is collateral for the loan.

    16 Dec 2014

  • Hedge funds snap up tranches on Crossover, Main

    Hedge funds are using synthetic leveraged credit structures, such as tranches on the iTraxx Main and Crossover indices, to meet return targets in the face of low credit spreads that are a consequence of European Central Bank policies.

    16 Dec 2014

  • RBS to sell AT1 after scraping pass in stress test

    Royal Bank of Scotland announced on Tuesday that it would issue £2bn of additional tier one capital in 2015, helping to boost its common equity tier one ratio after barely passing the Bank of England’s stress tests.

    16 Dec 2014

  • Nordgold puts excess cash to good use with bond buyback

    Gold producer Nordgold has completed a $50m buyback of its 2018 Eurobonds, a move that analysts said sends a positive signal in to the market.

    16 Dec 2014

  • There are only bears left in Russia

    In a bid to support the weakened rouble, the Central Bank of Russia surprised the market on Monday night, hiking its main policy rate by 650bp to 17%. But the move has failed and has only served to demonstrate that even Russia’s hardiest investors have finally given up.

    16 Dec 2014

  • ESMA criticises European RMBS ratings but won't name sinners

    The European Securities and Markets Authority has criticised the rating process for European mortgage securitizations after a study of the four largest rating agencies that it began in October 2013.

    16 Dec 2014

  • China takes strategic approach with proposed new FTZs

    Market participants have hailed China's recent decision to open up a second group of Free Trade Zones (FTZs) as further evidence of the country's determination to press ahead with the overhaul of its economic and regulatory framework. Prime minister Li Keqiang announced on December 12 that three new FTZs would be launched, in Guangdong, Tianjin and Fujian.

    16 Dec 2014

  • Leads see pricing advantage after first LatAm green bond

    ContourGlobal’s decision to refinance debt at its Peruvian subsidiary Energía Eólica with a green bond gave it a slight pricing advantage than if it had treated the deal as a normal EM issue, according to bankers working on the deal.

    16 Dec 2014

  • Linekong IPO to slim down after sellers opt out of offload

    Game developer Linekong Interactive is shrinking the size of its IPO to around $94m from its previous target of HK$1.09bn ($141m) after the selling shareholders decide not to offload any of their stakes.

    16 Dec 2014

  • Dalian Wanda may price $3.7bn IPO near top

    Dalian Wanda Commercial Properties is expected to price its IPO near the top of guidance to raise HK$28.8bn ($3.7bn) for Hong Kong’s largest listing this year.

    16 Dec 2014

  • Equity-linked: New Year needs new resolutions

    China Petrochemical Development Corp (CPDC) issued a convertible bond last week that was backed by not one but two SBLCs — allowing the company to join a very small list of issuers that have used unusual structures this year to pull off successful deals. The success of transactions with new features this year shows Asia needs more innovation if it wants to develop its equity-linked market

    16 Dec 2014

  • Ukraine's Agroton secures vote to delay payment

    Agroton Public, the Ukraine-based agricultural company, has further delayed interest payments on its $50m notes due 2019 after bondholders voted in favour of the extraordinary resolution on Monday. The company’s operations have been severely impacted by the fighting in eastern Ukraine and analysts say its financial outlook is dire.

    16 Dec 2014

  • Asian bond markets to be greener in 2015

    Asian bond issuers have been hesitant to jump on the green bond bandwagon, despite the growing trend of global issuance. This is largely because environmental sustainability still takes a back seat to economic growth. But there is growing interest across the region, according to a new report.

    16 Dec 2014

  • Vietnam’s Kumho seals $125m three year

    Kumho Asiana Plaza Saigon has signed its $125m three year amortising loan with a group of six banks, in a deal that was slightly oversubscribed in syndication but nevertheless did not increase in size.

    16 Dec 2014

  • UniTrust nets $152m after quick return to loans

    Chinese company UniTrust Finance & Leasing Corp, a subsidiary of Haitong Securities, has increased the size of its fundraising marginally to $152m from the launch size of $150m.

    16 Dec 2014

  • Moody’s warns HY investors about pre-dating

    Asian bond investors have been warned to start paying attention to high yield bond covenants, as they may not be as strong as they first appear. Moody’s said issuers are increasingly giving themselves more flexibility to pay shareholders rather than bondholders.

    16 Dec 2014

  • Tuniu puts the brakes on $100m follow-on

    Nasdaq-listed Tuniu Corp is no longer going ahead with a planned $100m follow-on after it agreed a $148m capital injection from a group of investors that included Chinese e-commerce firm JD.com.

    16 Dec 2014

  • Shanghai Haohai Biotech files for HK IPO

    Biomedical material manufacturer Shanghai Haohai Biological Technology is looking to list in Hong Kong.

    16 Dec 2014

  • Piramal’s DRG loads up $150m bridge refi

    Decision Resources Group, the US-based healthcare information firm acquired by India’s Piramal Healthcare in 2012, is tapping the debt market for a new $150m fundraising to repay the acquisition bridge loan.

    16 Dec 2014

  • CAO departure fails to dent Starwood SFR debut in secondary

    The resignation of Starwood Waypoint’s chief accounting officer (CAO) just after the pricing of the issuer’s first single family rental (SFR) securitization has been seen as a red flag by some market participants, but secondary market trading has not suggested a negative reaction to his departure.

    15 Dec 2014

  • Manager tiering could widen pricing for York’s CLO debut

    Investors may demand wider pricing than is currently being talked about for York Capital Management’s debut collateralised loan obligation, as incoming risk retention rules lead to increased price tiering between established managers and newer entrants, according to market participants.

    15 Dec 2014

  • Cantor Fitzgerald taps two for loan trading

    Cantor Fitzgerald has added two whole loan trading experts to its mortgage and mortgage-backed securities team, as part of a strategic expansion into whole loan trading.

    15 Dec 2014

  • CDS notional continues upward trend for second week

    Overall credit default swap notional that was reported to swap data repositories last week increased by 33% from the previous week, according to data from the International Swaps and Derivatives Association.

    15 Dec 2014

  • High yield outflows quicken, but investors will come back

    Outflows from European retail high yield bond funds have accelerated in December, but market participants still remain optimistic about 2015.

    15 Dec 2014

  • UK investment grade companies pick euros over dollars

    UK-based investment grade companies have made far more use of the euro bond market this year than in recent years, issuing the equivalent of $40.2bn so far in 2014. Much of that issuance appears to have replaced dollar-denominated bonds.

    15 Dec 2014

  • Kegoc shares to start trading this week

    State-owned Kazakhstan Electricity Grid Operating Co (Kegoc) expects its shares to start trading on Friday, December 19, as the firm completes its IPO after an initially lukewarm bookbuild.

    15 Dec 2014

  • Euro issuance set for drop as borrowers release targets

    Three of the largest euro funders in the supranational and agency market are set to reduce their issuance in the currency next year. But renminbi could form a bigger slice of at least one issuer's 2015 business.

    15 Dec 2014

  • RenoNorden raises €102m in Oslo IPO

    RenoNorden, the Norwegian waste collector, floated on Oslo’s stock exchange on Tuesday, as it raised Nkr963m (€102m) in what is set to be one of the last IPOs in Europe this year.

    15 Dec 2014

  • Russian RMBS leans on state with new assets planned for next year

    Despite the turmoil in the wider Russian markets, the Russian domestic asset-backed market may still have a bright long term future — but the asset class will need heavy support from state institutions.

    15 Dec 2014

  • European Investment Bank buys new Italian RMBS

    The European Investment Bank and Société Générale’s asset backed commercial paper conduit are buying parts of a new residential mortgage backed security for a group of Italian cooperative banks, according to a prospectus filed with the Central Bank of Ireland.

    15 Dec 2014

  • Louis Dreyfus signs $800m facility with large syndicate

    Louis Dreyfus Commodities Metals Suisse, a subsidiary of Louis Dreyfus Commodities, has signed an $800m dual tranche loan with a group of 46 banks.

    15 Dec 2014

  • Terna gets €750m loan, flurry of Italian deals expected

    Terna, the Italian electricity transmission system operator, signed a €750m credit facility last week. And more activity is expected soon in the Italian corporate loan market.

    15 Dec 2014

  • Aviva Investors hires Connolly from SWIP

    Aviva Investors has appointed Mark Connolly, formerly of Scottish Widows Investment Partnership, as chief investment officer for fixed income.

    15 Dec 2014

  • Siemens Audiology turns up volume with €785m loan

    Siemens Audiology Solutions, the hearing aid business of Siemens, closed the final part of its acquisition debt package with great success late last Friday (December 12), allocating the €785m leveraged loan on the same day as the deadline for commitments.

    15 Dec 2014

  • Spain up for tapping ultra long PP

    Spain is open to taps of its longest outstanding bond, a 50 year private placement, and demand could be strong as investors look at ever longer maturities in a hunt for yield. But a minimum deal size could limit the investor base able to buy the sovereign’s paper, said bankers.

    15 Dec 2014

  • BT/EE bid adds to UK acquisitions leadership

    BT's £12.5bn bid for mobile phone company EE has swelled the UK's lead in European M&A this year.

    15 Dec 2014

  • China: Reform challenge — a mountain still to climb

    From anti-corruption to RMB internationalisation, China's year was dominated by the reform agenda. But while progress has been made in a traditionally slow manner, questions remain over whether even that momentum can be sustained as the economy weakens, as Ian Driscoll reports.

    15 Dec 2014

  • China: CIC’s opaque offshore investment plans

    The Chinese sovereign investment fund’s moves are proving hard to predict, including whether or not it will let its domestically focused division begin investing offshore. Chris Wright reports.

    15 Dec 2014

  • Russia's Alrosa extends VTB loan and signs $300m with UniCredit

    Alrosa, the Russian diamond producer, has extended a $600m loan from VTB that was due to mature in 2015 until 2018, maintaining the deal at the same size.

    15 Dec 2014

  • India: Miles to go

    Modi-mania swept through India in the wake of this year's general elections. But the reform agenda is formidable. Markets have welcomed the new administration's stated aim to open up swathes of the economy to private capital, but many challenges remain. Elliot Wilson reports.

    15 Dec 2014

  • ASEAN Bonds: Stronger together?

    There is little doubt that southeast Asia's bond markets have plenty of room to grow in the coming years. But despite high hopes among senior bankers and policymakers, it seems likely that most of the growth will come from domestic buyers meeting domestic sellers — not from the much-discussed integration of capital markets in the region. Matthew Thomas reports.

    15 Dec 2014

  • Rabobank sells first Basel III compliant Samurai

    Rabobank leveraged its popularity with Japanese investors to sell the first Basel III compliant subordinated deal in Samurai format on Friday. Hitting the Samurai market allowed the issuer to diversify its investor base for capital trades, while securing an attractive cost of funding.

    15 Dec 2014

  • Japan: The sleeping giant awakes

    Japan's pent-up cash is on the move. Driven by a momentous change in strategy by the world's biggest pension fund, there is a flood of money moving out of the country. The result could be spectacular, as Peter McGill reports.

    15 Dec 2014

  • BAIC prices $1.42bn IPO in the middle

    BAIC Motor has raised HK$11.04bn ($1.42bn) after pricing its IPO — one of the last billion-dollar listings for Hong Kong in 2014 — just above the midpoint of guidance.

    15 Dec 2014

  • Mirth and mulled wine at the loan market's Church

    Lest anyone has lost sight of the fact that this time of year is not only a mad scramble to get deals signed before the window of opportunity frosts over, the Loan Syndicate Managers’ Forum reminded us last week that there are more dignifying causes to get behind. And that these causes come with mince pies.

    15 Dec 2014

  • Sovereign Bonds: Sovereigns to stay away in 2015

    Asian sovereigns were out in full force in 2014, taking advantage of a low interest rate environment to establish bond benchmarks for their corporate sectors. But with rates likely to go up, such exuberance is unlikely to be seen again in 2015, writes Rev Hui.

    15 Dec 2014

  • RSB increases consent fee for $350m tier two, as early birds fall short

    Russian Standard Bank has increased the late consent fee it is offering investors in a tier two capital bond to upgrade the security to new norms, after failing to entice enough investors before the early bird deadline.

    15 Dec 2014

  • Bank Capital: Basel III Bonds — Asia overcomes the bumps in the road

    It has been a successful year for Basel III bonds in Asia, with markets comfortably absorbing sizeable issuance, including the first additional tier one deals from China. But India’s lenders continue to struggle to meet their capital requirements and the wider region’s banks will find life tougher as they continue to grow, writes Lorraine Cushnie.

    15 Dec 2014

  • Bank Capital: Asian loan provisions — a wild ride

    Loan losses are a fact of life. How banks prepare for them is crucial to their well-being and that of their shareholders, but there are wild differences in provisioning across Asia. Daniel Tabbush, former head of Asian bank research at CLSA and now an independent analyst, thinks that the north is worse placed than the southeast — and with its exposure to Chinese loans, it cannot afford to be.

    15 Dec 2014

  • Frequently mistaken identities

    “What's in a name? That which we call a rose by any other name would smell as sweet,” wrote William Shakespeare.

    15 Dec 2014

  • Hong Kong/Singapore IPOs: Different Strokes

    The equity markets of Hong Kong and Singapore have both had to contend with challenges this year. While Hong Kong had to face up to the loss of a few big transactions, and failures of others, Singapore has had to face liquidity that continues to pale in comparison to even some southeast Asian neighbours. Mark Baker reports.

    15 Dec 2014

  • Equity-Linked: In repricing mode

    Asia’s equity-linked market finally sprang back into life in 2014, with volumes at a level not seen since 2010. The comeback saw little in terms of structural innovation, as issuers stuck to tried and tested formulae. But that was not enough to stop some deals falling sharply in secondary, meaning there is likely to be a repricing of the market heading into 2015, writes Rashmi Kumar.

    15 Dec 2014

  • Leveraged Loans: Asian LBO loans evolve but suffer growing pains

    LBO financings in 2014 showed that aggressive levels of leverage are achievable in Asia and that banks are getting more comfortable when it comes to Chinese holdco structures. But volumes remain low despite these developments, as a lack of precedents and a diverse regulatory backdrop pose big challenges to the evolution of the sector, writes Shruti Chaturvedi.

    15 Dec 2014

  • Canvest launches $151m IPO with three cornerstones

    Canvest Environmental Protection Group has started bookbuilding for an up to HK$1.17bn ($150.92m) IPO in Hong Kong that will close on Thursday.

    15 Dec 2014

  • Moody’s downgrades Merck after hybrid bond

    Moody’s downgraded Merck KGaA from A3 to Baa1 on Friday December 12, just four days after the German pharmaceutical company had issued €1.5bn of hybrid bonds as part of the funding of its acquisition of US life sciences company Sigma-Aldrich.

    15 Dec 2014

  • GlobalCapital Asia/Asiamoney Capital Markets Awards 2014: Full Coverage

    Over a period of two months, the GlobalCapital Asia team conducted pitch meetings with banks and interviews with other market participants to decide the most impressive capital markets transactions and advisers in Asia in 2014. A summary of the results appears below and the detailed write-ups of each award are in the following pages. Our thanks to all those teams that took the time to discuss their business with us.

    15 Dec 2014

  • Wealth Management: A home away from home

    China's wealthy are spreading their wings — and their wealth — overseas more enthusiastically than ever. Some countries are making it easier for them to do so, although others are having to take steps to stem the tide. But wherever the millions of new citizens settle, it is property that they want, as Ellen Sheng writes.

    15 Dec 2014

  • Wealth Management: DBS hopes for a perfect fit with SocGen

    In October this year, Singapore's DBS completed the acquisition of Société Générale's private banking business in Asia, in what was billed as a complementary deal that would see the DBS franchise strengthened in areas where it previously had little presence. Tan Su Shan, group head of consumer banking and wealth management at DBS, tells Asiamoney that the move fits well with the group's objectives.

    15 Dec 2014

  • Development Bank of Mongolia seals bigger $300m loan

    The Development Bank of Mongolia, whose loan has been in the works since July this year, has finally wrapped it up at a larger size of $300m.

    15 Dec 2014

  • Brokers Poll 2014: UBS rises to the top as China gets increasing focus

    Investors in Chinese stocks took a big hit in 2013, hurt by a volatile market that ended the year down around 7%. But things have recovered this year, and after some profitable tips from analysts at UBS, those investors decided the Swiss bank was the rightful winner of this year's Asiamoney Brokers Poll. Matthew Thomas reports.

    15 Dec 2014

  • Asiaray tests demand for $150m Hong Kong IPO

    Asiaray Media Group, a provider of out-of-home advertising services in China and Hong Kong, has started gauging investor appetite for a possible $150m listing ahead of bookbuilding slated for the final week of 2014.

    15 Dec 2014

  • Brokers Poll 2014: The top analysts in Asia

    Asia's equity market is crowded with analysts trying to impress clients with their unique views and brave calls. But few have the insight to maintain their appeal for long. The following winners of Asiamoney's 2014 Brokers Poll have proved that they have what it takes to impress their clients all year round.

    15 Dec 2014

  • Fixed Income Poll 2014: Ambitious ANZ dominates

    There has been a mixture of stability and surprises in Asiamoney’s largest ever Fixed Income Poll, as an enterprising Australian bank makes its mark in the region. Anthony Chan reports.

    15 Dec 2014

  • Corporate Governance Poll 2014: Setting the standard for corporate governance

    Taiwan's best names shone brightly in this year's Asiamoney Corporate Goverance Poll, even if they are not representative of the wider state of governance there. Singapore tops the overall country rankings, followed by Hong Kong and Australia, as Anthony Chan reports.

    15 Dec 2014

  • London’s RMB deposits, forex business surged in H1 2014

    London experienced a near doubling of its RMB deposit base in the first half of 2014, according to a report commissioned by the City of London Corporation and published on December 15. RMB-denominated foreign exchange trading also increased by 116% to $54tr, while RMB trade finance grew by 79% to Rmb26.5bn ($4.3bn).

    15 Dec 2014

  • Citi’s Apac head of debt syndicate becomes MD

    Citi has promoted its head of Asia Pacific debt syndicate, Duncan Phillips, to managing director, a move that will come into effect at the start of 2015, according to a bank spokesman.

    15 Dec 2014

  • Sarana builds $150m loan via 18 banks

    Indonesia’s Sarana Multi Infrastruktur has wrapped up its debut $150m syndicated loan, raking in commitments from a total of 18 lenders across the various ticket levels.

    15 Dec 2014

  • Red Sena seeks $115m in Spac listing

    A new special purpose acquisition vehicle (Spac) is looking to raise money in Malaysia, this time in the food and beverage sector. Red Sena has filed a draft prospectus with the country’s Securities Commission for a MR400m ($115m) listing expected in the first half of 2015.

    15 Dec 2014

  • Contour preps LatAm's first green bond as Fitch grants IG rating

    Energía Eólica is expected to bring some life to Latin America’s cross-border bond markets by pricing the region’s first ever green bond this week.

    15 Dec 2014

  • Haier takes $250m loan into general

    Chinese consumer electronics appliance maker Haier International has launched its $250m loan into general syndication after just a few days in senior. But the short time to gather banks at the top level was still more than enough with three banks joining during the senior phase.

    15 Dec 2014

  • Investors tap Euro/Swiss puts on peg speculation

    Market participants have been buying put options on the euro against the Swiss franc as potential quantitative easing from the European Central Bank could signal some downward movement in spot on the currency pair, raising speculation over the Swiss National Bank's floor at Sfr1.20.

    12 Dec 2014

  • CCP capital requirements delayed by European Commission

    The European Commission has extended the mandatory capital standards for exposures to central counterparties under the Capital Requirements Regulations. Recognising that CCP authorisation and compliance requires more time to complete, regulators have extended the deadline by six months.

    12 Dec 2014

  • Starwood Waypoint CAO resigns after just 4 months

    Starwood Waypoint Residential Trust filed an SEC notice on Friday stating that the company’s chief accounting officer John Farias resigned from his post on Monday. His resignation comes as Starwood Waypoint seeks to finalise its first single-family rental securitization.

    12 Dec 2014

  • Funding scorecard: sovereigns (including 2015 targets)

    This week's funding scorecard looks at European sovereigns and, for those available, provides their funding targets for 2015.

    12 Dec 2014

  • Permira resumes Hugo Boss selldown with €500m ABB

    Permira today resumed its gradual exit from Hugo Boss, as it sold 4.9m shares in the company for a total of €500m, in what could be one of the last large accelerated bookbuilds in Europe this year.

    12 Dec 2014

  • Supras’ euro hopes dimmed for 2015

    The African Development Bank is facing a funding requirement next year almost 40% higher than its 2014 level, GlobalCapital understands, and is likely to use some of the roomier requirement to explore sustainable and responsible capital markets further. But for AfDB, and many other supranationals, a euro benchmark will be off the cards unless the euro/dollar basis swap drastically improves.

    12 Dec 2014

  • Gamesa signs €750m refi without Bankia

    Gamesa, the Spanish wind turbine manufacturer, has signed a €750m syndicated revolver with a single bullet repayment in December 2019. The banks are the same as those on Gamesa’s loan signed in March, except for Bankia, which is no longer participating.

    12 Dec 2014

  • Asset managers push out maturity on Crossover CDS

    Asset managers are extending their maturities in credit default swaps on iTraxx indices to benefit from wider spreads on seven year and 10 year trades.

    12 Dec 2014

  • Secondary pricing update: featuring Guernsey and the Greek fallout

    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.

    12 Dec 2014

  • Vattenfall recharges with €2bn refi loan

    Swedish power company Vattenfall has signed a €2bn five year revolving credit facility with 15 banks, with strong support from its banking syndicate.

    12 Dec 2014

  • South African bill on bank resolution spooks investors

    Investors are bemoaning proposed amendments to South Africa’s Banks Act, which grant regulators the power to amend a bank’s capital structure.

    12 Dec 2014

  • Itau BBA hires former JPM syndicate banker

    Elena Garcia Hernandez has been hired by Itau BBA to work on its syndicate desk in London, focusing on LatAm debt syndication. She had been at JP Morgan since 2007, but was put at risk of redundancy by JP Morgan in October. She started at Itau this month.

    12 Dec 2014

  • Gramercy boosts sovereign investment capabilities

    Emerging markets specialist Gramercy Funds Management is extending its sovereign risk capabilities and has hired Sarah Glendon for a newly created role as sovereign economist.

    12 Dec 2014

  • Shareholders approve Huatai Sec Hong Kong IPO

    Shanghai-listed brokerage Huatai Securities has secured the approval of its shareholders to dual-list its shares on the Hong Kong Stock Exchange.

    12 Dec 2014

  • RMB round-up: December 12, 2014

    In this round-up, a Shanghai-Hong Kong Gold Connect may be in the works, the United Arab Emirates could activate its currency swap line with China soon, and two Chinese asset managers raise funds for the first Stock Connect-linked ETFs to be launched in the mainland.

    12 Dec 2014

  • India paves way for $26bn bank equity issuance

    The Indian government has approved capital increases by state-backed banks that will see the government's stakes diluted but will help the lenders meet their capital requirements under Basel III rules. The move is expected to bring in Rp1.61tr ($25.81bn) of new capital.

    12 Dec 2014

  • CCCC Int'l seals $1.1bn facility for John Holland acquisition

    Four banks have supplied a $1.1bn 365 day loan that helped China Communication Construction Co International (CCCC International) clinch Leighton Holdings’ construction asset John Holland for A$1.15 bn ($954m).

    12 Dec 2014

  • BNPP IP sets up new asset management operation in FTZ

    BNP Paribas Investment Partners (BNPP IP), the asset management arm of of the French bank, has opened a subsidiary in the Shanghai Free Trade Zone (FTZ), to complement its two branches there and its existing onshore joint venture.

    12 Dec 2014

  • BNP Paribas appoints Peter Kwok as China CEO

    BNP Paribas has appointed Peter Kwok as chief executive officer of BNPP (China) on the back of rising demand from clients in China for sophisticated financial services. Kwok’s new role will take effect from December 11.

    12 Dec 2014

  • Pakistan nets $142m from Allied Bank divestment

    Pakistan’s Privatisation Commission raised Rp14.4bn ($142m) on Thursday night from its sale of shares in Allied Bank, with most of the demand for the stock coming in at the strike price of Rp110 each.

    12 Dec 2014

  • Shengjing Bank launches $1.4bn yearend IPO with 5 cornerstones

    Chinese lender Shengjing Bank has opened books on its up to HK$10.78bn ($1.39bn) IPO in Hong Kong with five cornerstone investors taking up half of the deal, which is slated to close a week before Christmas.

    12 Dec 2014

  • Haitong seeks $368m three year refi in senior

    Hong Kong incorporated Haitong International Holdings (HIH) has opened a $368m refinancing into senior syndication. The borrower is offering lenders plenty of comfort in terms of recourse, providing a letter of undertaking from its Chinese parent and collateral in the form of its shares in UniTrust.

    12 Dec 2014

  • China Orient ditches 10yr on strong demand for five

    China Orient Asset Management opened books for a tap to a five and 10 year dual trancher late last week. But it decided not to price the longer bond as it was content with the strong reception for the five year.

    12 Dec 2014

  • UBS appoints M&A head for Apac

    UBS has appointed Alison Harding-Jones as its Asia Pacific head of M&A advisory, according to an internal memo seen by GlobalCapital Asia.

    12 Dec 2014

  • Linekong to price $141m IPO at the bottom of range

    Game developer Linekong Interactive is guiding investors to the bottom of the price range for its IPO, which will now raise HK$1.09bn ($141m) on the Growth Enterprise Market (Gem) board, as the sluggish performance of the technology sector leads to a lukewarm response from investors.

    12 Dec 2014

  • LatAm set for early holiday after JBS pulled

    LatAm bankers in New York say now is the time to take extra holiday as falling oil prices, Brazil contagion from the Petrobras scandal and weak high yield markets mean there is no incentive for borrowers to come to market.

    11 Dec 2014

  • Default discussions hit Venezuela as Maduro claims financial plot

    With CDS levels indicating an almost 90% chance of default in Venezuela, a tumbling oil price and renewed hostile rhetoric from president Nicolás Maduro has bondholders weighing up potential restructuring scenarios — even if there are reasons to believe the bond sell-off may have gone too far.

    11 Dec 2014

  • Fiat Chrysler $3.5bn mission accomplished despite share plunge

    Fiat Chrysler Automobiles raised $3.46bn on Wednesday, when it priced its $2.5bn mandatory convertible bond and $957m share offering, designed to strengthen its balance sheet and gain a new investor base in the US.

    11 Dec 2014

  • Greece leaves Draghi in a tough spot

    Keeping the eurozone together is proving to be very much a Sisyphean task for European Central Bank president Mario Draghi. Just as he was about to push the boulder of sovereign quantitative easing to the crest of the hill of German intransigence, it started rolling back down at the same pace as Greek bonds plunged this week.

    11 Dec 2014

  • Step forward for ELTIFs

    The Council of the European Union has approved regulation for European long term investment funds (ELTIFs) this week. The funds are designed to increase the pool of capital available for long term investment in Europe.

    11 Dec 2014

  • Edsouth Services planning student loan ABS

    Edsouth Services is planning a $302.8m student loan securitization backed by rehabilitated FFELP loans, according to a Fitch presale published on Wednesday.

    11 Dec 2014

  • No Russian off in a hurry

    It’s no secret that Russia right now is not great for business. Tough sanctions and terrifying fines have led many banks to conclude that it is not worth keeping expensive bankers covering clients which will not be doing deals until Putin or the West back down.

    11 Dec 2014

  • York Capital aims for CLOs with debut deal

    Credit Suisse has been handed arranger duties on a new collateralised loan obligation from debut New York issuer York Capital Management, according to a person familiar with the situation.

    11 Dec 2014

  • European SSAs bring new Uridashi flavour as investors hunt yield

    Europe’s most frequent issuers in the Japanese Uridashi market are testing new structured products as investors increasingly look to equity linked paper to enhance yields.

    11 Dec 2014

  • Dollar market takes pause after hitting December high

    The US market slowed down after the previous week’s blockbuster but a handful of smaller trades were sufficient to take December's haul to a record. Four corporate trades worth $2.8bn pushed issuance to $43bn, making it the busiest December ever.

    11 Dec 2014

  • SRI bonds on the agenda for supranationals in 2015

    The pioneering spirit of supranationals in the green bond market will be just as strong in 2015 as this year, with many looking to expand their reach in the asset class.

    11 Dec 2014

  • La Mondiale EUR500m 5.05% Perp NC11 T2

    11 Dec 2014

  • The ECB’s ABS purchases may be over before they’ve begun

    Since making its decision to purchase asset backed securities, the policy message from the European Central Bank has floated somewhere between credit easing and quantitative easing. One won’t work, and the other should have nothing to do with ABS.

    11 Dec 2014

  • Intesa Sanpaolo Vita EUR750m 4.75% Perp NC10

    11 Dec 2014

  • Emerging market loans, news in brief — December 11, 2014

    Standard Bank — Bulgaria

    11 Dec 2014

  • Sogecap EUR800m 4.125% Perp NC11

    11 Dec 2014

  • NewDay cards mean sterling ends on a high

    UK credit and store card provider NewDay priced what is likely to be the last sterling denominated ABS of the year this week, ensuring the currency ends the year on a high after a tricky run in recent weeks. The deal also offers hope of increased issuance next year for UK credit card ABS.

    11 Dec 2014

  • Varied ABS in 2015 as Italy hits €6bn

    This year’s European ABS issuance volumes have only just crept above those of 2013, but there has been a greater variety of deals encouraged by tighter spreads and the resurgence of certain asset classes. Banca Popolare dell’Alto Adige’s resale of RMBS notes this week exemplified a trend that is set to strengthen in 2015 as deal economics improve.

    11 Dec 2014

  • Fear over cheer for ABS as Basel sticks to its guns

    The Basel Committee on Banking Supervision spoiled ABS experts’ quiet December for the third year in a row this week, proposing criteria for ‘high quality’ securitizations at the same time as finalising capital rules for the product that bankers argue will strangle the market.

    11 Dec 2014

  • Three of five priced wide for B&A Bank as MyState plans more regular RMBS

    Bendigo and Adelaide Bank sold a full stack of Australian RMBS notes this week, its second mortgage backed deal of the year, with three tranches sold at the wide end of guidance and one tranche inside guidance.

    11 Dec 2014

  • More seats to fill at Fitch amid US structured credit boom

    Fitch Ratings has grown its structured credit ratings team in the US significantly over the past 18 months or so and is continuing to do so, with several more positions to fill as the market grows, especially in collateralised loan obligations.

    11 Dec 2014

  • Sovereign bond QE edges closer as Greek election fears spook Europe

    Although the eurozone sovereign debt market shrugged off a collapse in Greek bonds this week after the country brought presidential elections forward, other periphery countries could still see sell-offs around their own votes next year, bankers warned this week.

    11 Dec 2014

  • KazMunaiGas pushes for Urikhtau loan

    Kazakhstan state-owned oil and gas company KazMunaiGas is looking to close a loan of as much as $600m through its operating subsidiary Urikhtau before the end of the year, said bankers involved with the deal.

    11 Dec 2014

  • State Street, Goldman look to cap record year in FIG

    State Street and Goldman Sachs found US bond investors were still in a receptive mood after a record year for dollar FIG issuance, and despite choppy market conditions.

    11 Dec 2014

  • In tier one land, no one heard Erste scream

    When warning your bondholders isn’t enough to alert them to a risk, what else can be done?

    11 Dec 2014

  • IHS Towers launches loan amid African year end rush

    IHS Towers, the African mobile telecommunications infrastructure firm, has launched an $800m loan into the market. The deal, which has been in discussion for some time, comes as a number of African borrowers look to complete signings in the next week.

    11 Dec 2014

  • Dubal draws 20 bank orders for underwritten $1.8bn loan

    Dubai Aluminium (Dubal) has set pricing terms and drawn in up to 20 banks for a $1.8bn seven year loan.

    11 Dec 2014

  • EGPC comes back for $1.5bn loan for first time in four years

    Egyptian General Petroleum Corp is seeking a three year $1.5bn term loan in the first syndicated loan it has obtained from local and foreign banks since 2010, said a banker on the deal.

    11 Dec 2014

  • Wendel sneaks in €200m tap before year end

    French investment company Wendel issued a €200m tap of its October 2024 bond on Wednesday, and has reduced the amount of its revolving credit facilities.

    11 Dec 2014

  • No on the run trading for new timeshare ABS

    A timeshare backed ABS issuance by Gold Key Resorts this week was fully subscribed, mostly by a group of smaller insurance companies, market participants said. The notes are expected to remain with primary investors, unlike deals by more regular issuers that have seen a lot of on the run trading by larger money managers.

    11 Dec 2014

  • Gunvor refis $1bn revolver with smaller banking group

    Two subsidiaries of Gunvor Group have signed a $1bn revolving credit facility with a syndicate of 25 banks, down from 38 on its $1.5bn loan a year ago.

    11 Dec 2014

  • Corp pipeline pushed into 2015: ‘This year is over!’ say bankers

    After an impressive year for European investment grade corporate bond issuance, with full year forecasts of over €200bn, and a very busy fourth quarter, with November accounting for more than a fifth of the total, syndicate bankers are finally calling time on new supply in 2014.

    11 Dec 2014

  • Investors seek options protection as energy sell-off continues

    Institutional investors have been picking up protection via options on energy-linked stocks driven by a decline in energy markets. Market participants were seen both selling calls and/or buying puts.

    11 Dec 2014

  • Litigation horrorshow set to ramp up next year

    Banks are set for another tough year of fines and litigation charges, according to analysts who have revised previous estimates of the scale of the damage.

    11 Dec 2014

  • GTech cuts bridge while some shareholders exit

    GTech, the Italian gambling equipment maker, has further reduced its bridge facility for the acquisition of US competitor International Game Technology (IGT), to $6bn.

    11 Dec 2014

  • E.ON Portugal and Spain offer €315m taster

    The Spanish and Portuguese electricity businesses of E.ON are teasing the leveraged loan market with a pre-launch glimpse of €315m of loan facilities backing their €2.5bn buyout by Macquarie and Wren House Infrastructure Management, owned by the Kuwait Investment Authority.

    11 Dec 2014

  • Moody’s cuts Spie rating due to refi

    Moody’s has downgraded the corporate rating of Spie, the French engineering and communications services firm, from B1 to B2 in response to a €2bn refinancing exercise.

    11 Dec 2014

  • Blurred lines between middle market and broadly syndicated CLOs

    Loosening language around what types of assets collateralised loan obligations can hold could lead to more middle market loans making their way into broadly syndicated loan CLOs, market participants told GlobalCapital this week.

    11 Dec 2014

  • Investment grade loans, news in brief - December 11, 2014

    NCC — US dollar loans record

    11 Dec 2014

  • United Biscuits cuts margins on loan

    United Biscuits has cut the margins and rejigged the structure of the £985m-equivalent loan package it is seeking to finance its takeover by Turkish foods group Yildiz Holding.

    11 Dec 2014

  • Mid-market funds drive Groupe Salins buyout

    The march of private debt funds into mid-market lending, from which some believe banks are retreating, continued this week.

    11 Dec 2014

  • Spectrum trims pricing after reverse flex on levloan

    US consumer products conglomerate Spectrum Brands has tightened pricing on the €150m loan slice of a debt bundle that it will use for a planned acquisition and general corporate purposes.

    11 Dec 2014

  • Private equity to Nordic high yield bankers: give us bridge

    Private equity sponsors at the Euromoney third annual Nordic high yield bonds conference have implored Nordic bankers to provide easier access to bridge loans if the LBO bond market is to prosper in the region.

    11 Dec 2014

  • Ukraine on the brink as IMF finds $15bn shortfall

    Fears that the Ukraine may suffer a sovereign default have intensified after the IMF found the country needed an additional $15bn to avoid financial collapse. While the IMF and US may get the country through the current liquidity crisis, its longer term outlook is now very weak — with one research house putting the likelihood of its 2017 debt being rescheduled at 70%.

    11 Dec 2014

  • Akbank AG postpones euro, little expected next week

    Turkey Akbank’s German subsidiary, Akbank AG, has postponed its planned euro denominated bond. Uralsib is now the only EM issuer in the pipeline that has completed investor meetings and not officially delayed its bond. The Russian bank finished meetings for a subordinated bond on November 20 via JP Morgan and UBS. Bankers away from that deal say that the note is unlikely to be printed before the end of the year but there may be one other new issue next week.

    11 Dec 2014

  • Insurance capital finds favour despite frozen FIG markets

    Insurance capital is finding unexpected favour even as most other European debt markets are stopped in their tracks. With insurers rushing to take in fresh subordinated debt ahead of new EU regulations next month, and investors increasingly receptive to higher yielding instruments from a less volatile sector than banks, more than €2.3bn ($2.85bn) of deals emerged this week. And as Nathan Collins and Graham Bippart report, more could emerge in the coming days.

    11 Dec 2014

  • Goldman goes global for syndicated Kiwi debut

    Goldman Sachs raised funding in New Zealand dollars in global format for the first time on Tuesday in the second such deal from a US bulge bracket bank in less than six weeks.

    11 Dec 2014

  • Siemens Audiology’s trimmed acquisition bond sold at 8%

    Hearing aid maker Siemens Audiology Solutions this week priced a €275m high yield bond, as part of the financing package for its buyout from Siemens by EQT Partners.

    11 Dec 2014

  • People Moves in Brief

    IMI picks Dixon for US syndicate — Rad joins Crédit Agricole to trade covered — Pakistan bolsters Islamic finance push — KKR closes converts as others open

    11 Dec 2014

  • Low TLTRO take up is good for covereds

    A lower than expected take up of the Targeted Long Term Refinancing Operation is positive for covered bond supply and should also lead to an expansion in covered bond demand, as the rising probability of a sovereign quantitative easing (QE) programme and resulting sovereign rally improves relative value.

    11 Dec 2014

  • Hybrids flourish as M&A tool as Annington follows Merck

    Two German companies used hybrid bonds to finance acquisitions this week, underlining how corporate hybrid capital has come into its own in 2014 as a useful instrument in the corporate finance toolbox, especially for acquisitions. Merck's €1.5bn deal was its first hybrid, while Deutsche Annington's €1bn issue came just nine days after it had announced its acquisition, writes Richard Metcalf.

    11 Dec 2014

  • Muted TLTRO take-up boosts sovereign QE prospects

    The take-up of the European Central Bank’s Targeted Longer Term Refinancing Operation, widely seen as an indicator of whether the ECB will look to buy sovereign, supranational or agency paper in 2015, on Thursday was at the lower end of expectations — meaning that the ECB is more likely to expand its bond buying operations.

    11 Dec 2014

  • Lev loans could eat high yield’s lunch in 2015

    Europe's high yield bond market has achieved record issuance every year since 2009. But repeating the trick in 2015 will be difficult, some high yield specialists admit — and one of the reasons is the health of the leveraged loan market.

    11 Dec 2014

  • German real money hunts yield with ultra long callable zero

    German insurance companies and pension funds are looking at longer and longer tenors as they hunt for return in Europe’s low yield environment. World Bank was able to satisfy some of this demand with a 50 year callable zero private placement and more such long dated callable zeros could be on the cards.

    11 Dec 2014

  • Covered bonds soften as ECB buys more

    The absence last week of primary issuance meant that the European Central Bank had to increase its purchases of covered bonds in the secondary, but its buying barely had any impact on the market which remains offered as cornerstone investors like MEAG switch into sovereign bonds.

    11 Dec 2014

  • GTech cuts acquisition bridge as shareholder exits materialise

    GTech, the Italian gambling equipment maker, has further reduced its bridge facility for the acquisition of US competitor International Game Technology, down to $6bn.

    11 Dec 2014

  • Dubai Aluminium draws big order book for $1.8bn loan

    Dubai Aluminium (Dubal) has set pricing terms and drawn as many as 20 banks for a $1.8bn seven year loan.

    11 Dec 2014

  • DekaBank replaces legacy bond with two tranche AT1

    Germany’s DekaBank has quietly replaced a silent participation that was not compliant with Basel III capital rules with a new issue €473.6m additional tier one that would be written down if the bank’s common equity tier one ratio falls below 5.125%.

    11 Dec 2014

  • United Biscuits cuts all margins thanks to strong demand

    United Biscuits has cut the margins and rejigged the structure of the £985m-equivalent loan package it is seeking to finance its takeover by Turkish foods group Yıldız Holding (Yildiz).

    11 Dec 2014

  • Possible swaps push-out repeal win for derivs market

    The US Congress is scheduled to consider a proposal included in the government funding bill which would allow banks to keep swaps trading units, rescinding a provision in Dodd-Frank that forces banks to spin off certain derivatives trading activities into another legal entity.

    11 Dec 2014

  • Armenian bank debuts in international capital markets

    Armenia’s Ardshinbank has become the first private sector entity from the country to issue a private placement and its CFO said it will “definitely” be back again.

    11 Dec 2014

  • ESMA cannot ‘fix’ rules, Swinburne says

    Kay Swinburne, Conservative co-ordinator for economic and monetary affairs, has hit back at the idea that the more controversial aspects of the Markets in Financial Instruments Directive can be fixed when the European Securities and Markets Authority writes its technical standards.

    11 Dec 2014

  • More varied ABS supply for 2015 as Italy hits €6bn

    This year’s European ABS issuance volumes have only just crept above those of 2013, but there has been a greater variety of deals encouraged by tighter spreads and the resurgence of certain asset classes. Banca Popolare dell’Alto Adige’s resale of RMBS notes this week exemplifies a trend that is set to strengthen in 2015 as deal economics improve.

    11 Dec 2014

  • More fear than hope for ABS as Basel serves up December double

    The Basel Committee on Banking Supervision spoiled ABS experts’ quiet December for the third year in a row on Thursday, proposing criteria for ‘high quality’ securitizations at the same time as finalising capital rules for the product that bankers argue will strangle the market.

    11 Dec 2014

  • Credit volatility stabilises, but for how long?

    Volatility was the name of the game earlier in the first quarter as credit was swept up in the maelstrom affecting other asset classes, particularly US Treasuries and equities. The main credit indices spiked upwards and the Markit VolX Europe, which tracks realised volatility in European investment grade CDS, spiked upwards to 75%, its highest level since the taper tantrum of 2013.

    11 Dec 2014

  • Bulgaria set to pay 90bp over Libor on €1.5bn bridge loan

    Bulgaria has disclosed terms of a €1.5bn bridge loan it is signing with international banks, ahead of an expected Eurobond issue in the first half of 2015.

    11 Dec 2014

  • Report skewers FCA as chief supervisor quits

    The Financial Conduct Authority has apologised for mistakes made and shortcomings in systems which allowed it to leak price-sensitive information about a review of the insurance sector to The Telegraph, a UK newspaper. Certain senior leaders at the regulator will get no bonus for the year, while three business heads announced their departure on Monday.

    11 Dec 2014

  • Akbank AG postpones euro bond

    Turkey Akbank’s German subsidiary, Akbank AG, has postponed its planned euro denominated bond.

    11 Dec 2014

  • Mid-market debt funds drive Groupe Salins buyout

    The march of private debt funds into the mid-market lending space from which some believe banks are retreating continues.

    11 Dec 2014

  • Sweden's NCC takes €400m credit facility

    Swedish construction company NCC, by way of NCC Treasury, has signed a €400m loan facility to replace a smaller facility signed in 2012.

    11 Dec 2014

  • Agrokor to sneak in a short one before Christmas

    Croatian food retailer Agrokor has mandated banks for a Euro-commercial paper (ECP) deal and is hoping to price it next week before the markets close for Christmas.

    11 Dec 2014

  • Evraz Group seeks opportunistic buyback

    Russian steelmaker Evraz Group is offering to buy back its 2015 bonds at just over par. While the offer is reckoned to be on the tight side, analysts expected investors will jump at the opportunity as Russian risk continues to increase.

    11 Dec 2014

  • CPDC seals $132m convertible with rare backing from two SBLCs

    China Petrochemical Development Corp (CPDC) netted $132m this week from a zero coupon convertible bond, taking advantage of the cheaper pricing on offer in the equity-linked market over straight debt. Six months in the making, the Taiwanese company’s deal was one of a kind in Asia ex-Japan, carrying standby letters of credit from not one, but two local banks. And with a chunky amount of asset swap, the trade had features that benefited both the chemicals company and investors, writes Rashmi Kumar.

    11 Dec 2014

  • Xiabuxiabu prices $138m IPO at midpoint

    Xiabuxiabu Catering Management Holdings priced its Hong Kong IPO in the middle of guidance to raise HK$1.07bn ($137.68m), with a book that was heavy on long only funds and fundamental investors and light on hedge funds.

    11 Dec 2014

  • Ex-Deutsche man takes CEO job at VTB Capital plc

    Nick Hutt has been appointed as CEO of VTB Capital plc, VTB Capital’s international operations. Hutt, who is based in London, had been interim CEO of VTB Capital plc since July 2014 and before that had been working as its CFO. He replaces Atanas Bostandjiev, who left to pursue other business opportunities.

    11 Dec 2014

  • La Mondiale rounds out lively week for insurance capital

    La Mondiale became the third insurer to sell perpetual sub debt this week on Thursday, hitting its minimum spread target for a non-call 11 year deal despite choppy market conditions.

    11 Dec 2014

  • Egypt's Commercial International Bank agrees $50m EBRD trade facility

    Commercial International Bank in Egypt has obtained a $50m trade facility from the European Bank for Reconstruction and Development, under the EBRD’s Trade Facilitation Programme.

    11 Dec 2014

  • Cheil $1.4bn IPO crowns strong year for Korea

    Cheil Industries became the biggest listing from South Korea since 2010 when it priced its W1.52tr ($1.4bn) IPO at the top of the range on the evening of December 5. The blockbuster demand for the trade posed a big challenge during allocations, with a handful of investors ending up with no stock at all while many bidders received just token allocations.

    11 Dec 2014

  • Hong Kong ECM on fire with Wanda, Linekong

    The Hong Kong IPO market was off to a busy week, with Dalian Wanda Commercial Properties and Linekong Interactive rushing to complete chunky deals before the markets break for Christmas. But the flood of activity also left one victim in its wake, as M800 chose to delay bookbuilding until January rather than compete with its rivals for investor attention.

    11 Dec 2014

  • Investors get a stern lesson in tier one from Erste Group's deferral

    Austria's Erste Group Bank followed through on a warning it issued to investors earlier this year when it announced on Tuesday that it would not be paying coupons on its outstanding upper tier two and tier one instruments.

    11 Dec 2014

  • Korean bond spreads set to get even tighter in 2015

    Korean credits have experienced a rough couple of months, with bonds falling in secondary and others failing even to price. Blame is being laid at too tight pricing, driven by the rise of domestic investors in Korean offshore bonds. And this trend is likely to continue, writes Narae Kim.

    11 Dec 2014

  • Zhejiang Longsheng finds seven for $300m facility

    Shanghai-listed textile dye maker Zhejiang Longsheng Group (Lonsen) has raised a $300m loan from a club of seven banks, said a banker on the deal.

    11 Dec 2014

  • Natixis add Liu to Asia Pacific debt origination team in HK

    Natixis has hired Ken Liu for its debt origination team in Hong Kong. Liu joins the French lender from GE Capital, where he spent the past seven years and was most recently head of structured and corporate finance.

    11 Dec 2014

  • Mums are way tougher than bosses

    You know the festive season has arrived when every single conversation you hear in the Hong Kong Club is about the Maldives or some other exclusive beach paradise.

    11 Dec 2014

  • Morgan Stanley brings in new co-heads for China IB

    Morgan Stanley has appointed Richard Chen and Jing Qian as co-heads of its investment banking business in China.

    11 Dec 2014

  • M800 calls off HK IPO amid busy period for ECM

    While Dalian Wanda and Linekong are hoping for success with their IPOs, M800 has a different story to tell. It was looking to close an up to $150m IPO in Hong Kong before the end of the year, but has postponed the deal to avoid going up against Dalian and BAIC Motor, which wrapped up its IPO this week.

    11 Dec 2014

  • Kepco sells down LG U+ stake in $190m block trade

    Korea Electric Power Corp (Kepco) has raised W211.2bn ($190m) by exiting LG U+, selling its remaining 4.4% stake in the telecommunications company via a block trade on December 8. The deal, widely expected by investors, comes four months after the South Korean conglomerate halved its holding through another transaction that drew a good response from the market.

    11 Dec 2014

  • China borrowers head to Taiwan with new facilities

    Two Chinese borrowers are in the market with Taiwan targeted loans. China Food Packaging and Phoenix Healthcare Group have recently launched borrowings, seeking a total of around $250m between them, said bankers away from the deals.

    11 Dec 2014

  • China’s Wuxi Pharma looks for $150m dose in senior

    New York-listed Chinese medical technology provider Wuxi Pharmatech is cooking up a $150m dual tranche loan with one mandated lead arranger and bookrunner.

    11 Dec 2014

  • China’s Founder Group hits market for $150m loan

    Eden Capital Management, a subsidiary of Chinese conglomerate Founder Group, is tapping the loan market for a $150m three year financing that has one bank as the lead.

    11 Dec 2014

  • Momo prices $216m Nasdaq IPO despite allegations

    Alibaba-backed dating app Momo, which has been forced to defend itself against allegations of misconduct levied at its CEO, has priced its $216m Nasdaq IPO in the middle of the range.

    11 Dec 2014

  • CICC makes offshore debut with $150m syndicated loan

    China International Capital Corp (Hong Kong) has made its debut in the offshore syndicated market, with a $150m three year term loan that was launched into general on December 8.

    11 Dec 2014

  • Standard Bank signs $700m loan, with AFC set to close

    South Africa’s Standard Bank has signed a $700m three year term loan, while Nigeria headquartered Africa Finance Corporation looks set to close general syndication of its $300m deal by Friday.

    11 Dec 2014

  • India kicks off divestment plan with $277m Sail

    India’s divestment plan is off to a good start, with the government offloading a 5% stake in Steel Authority of India (Sail) on December 5 to raise around Rp17.15bn ($277m) in a day-long trade that was well received by institutional and retail investors.

    11 Dec 2014

  • Germany should at least get out of the way

    This week, the German Federal Statistical Office reported that the country’s current account surplus rose to €23.1bn for October. Allowing for the September estimate, which was revised higher, this represents the third-highest level on record. While German competitiveness has explained, historically, some of the surplus, International Monetary Fund and European Commission officials have long warned that the country’s current account imbalance amounts to a policy of needlessly importing demand in a world already starved of it.

    11 Dec 2014

  • Gulf banks to curb liquidity for Asia loans on oil decline

    This year saw Middle Eastern banks provide some diversity in retail liquidity, opening their books to syndicated loans for Chinese and Indonesian names after having long been contributors to deals from India’s oil and gas sector. But their appetite could well be rocked by the precipitous decline in oil prices, as their deposits are heavily reliant on the natural resource, writes Shruti Chaturvedi.

    11 Dec 2014

  • MTN Leak: Terminal hangover

    The younger MTN generation might think that Christmas is all about festive jumper days and secret Santas, but for the more seasoned crowd, it’s all about more traditional, well, traditions. And one MTN banker is about to be living one.

    11 Dec 2014

  • New France head for Mediobanca

    Mediobanca has hired a senior banker to run its France and Benelux operations, filling a crucial position for the Italian investment bank that has been vacant since the departure of Marc Vincent in 2012 to head coverage and advisory for Natixis.

    11 Dec 2014

  • Moody’s upgrades Philippines to Baa2

    The Republic of the Philippines got a boost ahead of its expected return to the international debt market after Moody’s upgraded the sovereign’s rating by one notch to Baa2 from Baa3 on December 11.

    11 Dec 2014

  • Uphill struggle for Indian muni bond proposal

    An attempt by Indian regulators to develop a framework for municipal bond issuance has been welcomed as a step in the right direction to meet the country’s infrastructure needs. However, analysts warn that the any framework would do little to boost municipal bond usage in the short term.

    11 Dec 2014

  • LatAm bankers eye 2015 as issuance winds down

    With little sign of the Latin American borrowers that were considering issuing new debt in December, syndicate bankers covering the region are already preparing themselves for what could be a very busy start to 2015.

    11 Dec 2014

  • China Tuna cans $150m IPO

    China Tuna Industry Group has withdrawn its application to list on the Hong Kong Stock Exchange in what would have been a $150m IPO following allegations by environmental NGO Greenpeace that its fishing practices were unsustainable.

    11 Dec 2014

  • China Orient returns for second dip with dual tranche tap

    China Orient Asset Management has opened books for a tap to a dual trancher it issued in August, when the borrower made a stellar return to dollars with the five and 10 year issue.

    11 Dec 2014

  • CBOE partners with MSCI to list index options

    The Chicago Board Options Exchange (CBOE) has partnered with MSCI to offer options trading on six MSCI indices. The move comes with broad based asset managers devoting more of their portfolios to non-US exposure for diversification purposes.

    10 Dec 2014

  • CPS to tap cheap financing in latest subprime deal

    Consumer Portfolio Services (CPS) is taking advantage of low benchmark rates to launch a new deal cheaply despite wider spreads, market participants say.

    10 Dec 2014

  • Auto issuance expected to defy headwinds in 2015

    Market participants are expecting 2015 to be an even bigger year than 2014 for prime and subprime auto ABS issuance, even as rising delinquencies and strong competition among issuers push up yields for new transactions.

    10 Dec 2014

  • Investors profit on OPEC FX options trade

    Investors have been taking profit on FX options trades that were entered into ahead of the OPEC meeting that took place on November 27.

    10 Dec 2014

  • Guernsey channels sterling cash into low yielding debut

    The States of Guernsey has entered the bond market for the first time, having been tempted to bring a deal by ultra low Gilt yields.

    10 Dec 2014

  • Meda has full subscription on €214m rights issue

    Meda, the Swedish pharmaceuticals firm listed in Stockholm, has successfully completed a Skr2.027bn (€214m) rights issue for 10% of its existing share capital. It had a 99.7% take-up rate, with heavy oversubscriptions.

    10 Dec 2014

  • Deutsche Annington issues speedy second hybrid for Gagfah acquisition

    German property company Deutsche Annington has issued a €1bn perpetual non-call seven year bond to fund its €9.4bn acquisition of its rival Gagfah, less than two weeks after the takeover was announced on December 1.

    10 Dec 2014

  • Kegoc IPO oversubscribed after initial struggles

    State-owned Kazakhstan Electricity Grid Operating Co (Kegoc) has received enough demand to complete its initial public offering in Almaty, having initially struggled to generate investor interest in the deal.

    10 Dec 2014

  • Bonus cap not to blame for devastation of Russia staff

    Despite some bankers insisting that the raised fixed cost of staff must have played a part in forcing banks to slash Russia business this year, recruitment professionals told GlobalCapital this week that capital and liquidity costs have been more of a driver than the EU’s bonus cap.

    10 Dec 2014

  • Buysiders turn to index derivs, futures

    Asset managers, including hedge funds and others, are increasingly using equity index derivatives and futures to better allocate capital, minimise transaction costs and execute international exposure strategies, according to a report by market research firm TABB Group.

    10 Dec 2014

  • Centerview eyes UK as boutiques ride high

    The top-ranked M&A boutique of 2014 is aiming to replicate its US success in Europe, writes David Rothnie.

    10 Dec 2014

  • CS prices near-record five tranche Samurai in rare return

    Credit Suisse returned to the Samurai market after a four year absence on Tuesday to sell a five tranche deal. The issuer’s scarcity in the format allowed it to generate strong investor interest and price the second largest ever Samurai print from a European bank.

    10 Dec 2014

  • Castle Harbour hires Citigroup CB veteran for new fund

    Castle Harbour Securities, a boutique merchant bank and asset manager based in London and Bermuda, has hired Eric Daniel, former head of equity derivatives and convertible bond sales at Citigroup in Paris, to co-manage a new convertible bond fund.

    10 Dec 2014

  • Germany auctions two year at minus 4bp

    Deutsche Finanzagentur printed €4bn of two year bonds through an auction at negative yields on Wednesday. Yields were up 1bp from the last auction of the tenor but the bid to cover ratio also rose.

    10 Dec 2014

  • Periphery sovereigns take hit at auction

    A pair of eurozone periphery sovereigns suffered rising yields at short end auctions on Wednesday, as the region’s bonds sold off for a second straight day in secondaries.

    10 Dec 2014

  • UniCredit Leasing Croatia agrees €30m loan with EBRD

    UniCredit Leasing Croatia has obtained a €30m loan from the European Bank for Reconstruction and Development. This will support the access of small and medium-sized enterprises to lease finance for equipment, light commercial vehicles, trucks and trailers.

    10 Dec 2014

  • Spectrum reverse flexes on €150m leveraged loan

    US consumer products conglomerate Spectrum Brands has tightened pricing on the €150m loan slice of a debt bundle that it will use for a planned acquisition and general corporate purposes.

    10 Dec 2014

  • FNG’s debut bond to back EM growth

    FNG Group, a Belgian women's and children's fashion company, on Wednesday launched its debut bond to finance its growth plans in emerging markets and to make brand acquisitions.

    10 Dec 2014

  • Dollar loans in EMEA rise back to 2008 levels

    Loans issued in EMEA that have been marketed in dollars are at their highest levels since 2008, according to Dealogic data. Moreover, those from leveraged borrowers are at the highest volume on record .

    10 Dec 2014

  • Retail, asset managers short vol via ETFs, ETNs

    Retail investors and asset managers have been shorting volatility via exchange-traded funds and exchange-traded notes, building up a short position of more than $135m in vega, the highest short net position in ETFs and ETNs to date. That is a potential source of instability.

    10 Dec 2014

  • Intesa Vita overcomes tricky conditions to sell sub print

    Intesa Sanpaolo Vita continued the flow of insurance capital trades on Wednesday, hitting the market to sell its second ever deal. A generous new issue premium allowed the issuer to overcome a volatile market and the recent downgrade of the Italian sovereign to draw a hefty order book.

    10 Dec 2014

  • Pressure mounts on EC for clearing equivalence

    Pressure is mounting on the European Commission to judge the clearing house regimes of other jurisdictions equivalent, as the clearing mandate edges closer in Europe.

    10 Dec 2014

  • Stock Connect should look at ASEAN and primary market for expansion, say experts

    The Shanghai-Hong Kong Stock Connect, the mutual trading programme that allows investors in Hong Kong and Shanghai to each buy stocks listed in the other market, should consider pushing into new areas once it has bedded down, say experts. In particular, a connection to an existing market link-up between ASEAN countries could offer exciting possibilities.

    10 Dec 2014

  • IMF likely to step up support for Ukraine say analysts

    The International Monetary Fund (IMF) estimates that Ukraine needs to find an additional $15bn to avoid financial collapse. News of this funding deficit has sent shockwaves through the market, but analysts are confident that Ukraine will have funding options and that it is too early to fear default.

    10 Dec 2014

  • iTraxx vol trading continues around ECB meets

    Fast money investors had been buying short-dated volatility in iTraxx Main in the run up to the European Central Bank meeting on December 4, with sellers of volatility returning afterwards. This a theme that has been recurring in the credit options market pre- and post-ECB meetings.

    10 Dec 2014

  • GlobalCapital Asia/Asiamoney regional capital markets awards 2014, Part IV: M&A and Investment Bank

    In the final part of our 2014 awards, we present our picks for Best M&A Deal, Best M&A Adviser and Best Investment Bank.

    10 Dec 2014

  • Banca IMI hires head of US syndicate

    Banca IMI Securities, a subsidiary of Intesa SanPaolo, has hired Brian Dixon to head its US debt syndicate desk and further their efforts in the US — and Latin America — debt capital markets.

    10 Dec 2014

  • State Bank of Pakistan hires veteran Islamic finance specialist

    The State Bank of Pakistan has added to its Islamic finance push with the hire of a well known market specialist.

    10 Dec 2014

  • Armenian bank debuts in capital markets

    Armenia’s Ardshinbank has broken ground in the international capital markets, becoming the first private sector entity from the country to issue a private placement bond.

    10 Dec 2014

  • Fiat drives for finish line on $2.5bn convertible

    Fiat Chrysler Automobiles has set the price guidance on its $2.5bn two year mandatory convertible bond, amid a US roadshow for the deal, which it hopes to price and close on Wednesday.

    10 Dec 2014

  • Abu Dhabi bank prints rare callable zero

    Abu Dhabi Commercial Bank found demand for a $50m callable zero, its third such trade of the year.

    10 Dec 2014

  • Levfin fizzes as E.On unveils Spanish taster, TDC talk mounts

    The late-year surge in leveraged finance activity continues, confirming rumours that private equity executives were cancelling holiday plans this Christmas.

    10 Dec 2014

  • Greece woes weigh on SSA sentiment

    Sovereign, supranational and agency issuers that were thinking of saving some cheeky basis points through arbitrage deals in the days leading up to the Christmas holidays may now have to hold off from issuing until next year, given the recent political storm that has whipped up in Greece.

    10 Dec 2014

  • Early shutdown for EM as secondaries creep wider, Ukraine default possible

    There have been no new issues yet this week from CEEMEA or LatAM and several EM bond desks say they have shut down for the year.

    10 Dec 2014

  • Insurers find an open market in FIG

    The market was thought to be all but closed until 2015, but insurance companies are keeping the primary pulse going this week, with Sogecap selling an €800m perpetual on Tuesday via parent Société Générale and Intesa Sanpaolo Vita looking to sell its own perpetual notes on Wednesday.

    10 Dec 2014

  • Nirvana wraps ups $261m HK IPO

    Nirvana Asia has priced its Hong Kong IPO at the bottom of the price range to raise HK$2.02bn ($261m), with retail investors coming in huge numbers and forcing the funeral services company to trigger the second level of clawback.

    10 Dec 2014

  • Shengjing Bank and Canvest start IPO pre-marketing

    China’s Shengjing Bank began pre-marketing an up to $1.3bn IPO in Hong Kong this week alongside waste-to-energy (WTE) firm Canvest Environmental Protection Group, which is eyeing a $170m float. Both deals are being brought to the market by sole lead China Merchants Securities.

    10 Dec 2014

  • Tata Steel closes with over $1bn in commitments

    A $3.2bn piece of Tata Steel’s $5.6bn multi-trancher has attracted a whopping $1.089bn in commitments during general syndication. The response follows a successful senior phase, which saw eight banks pile in.

    10 Dec 2014

  • MyState plans more regular RMBS issuance

    MyState Financial plans to issue RMBS transactions every 12 to 15 months from now on, after releasing guidance for the latest deal from its ConQuest platform on Wednesday.

    10 Dec 2014

  • Pakistan targets $135m from Allied sale

    Just three months after the Pakistan Privatisation Commission ditched the sale of its shares in Oil & Gas Development Corp, the government is now back in the ECM market with books opening on Wednesday morning for a Rp13.8bn ($135m) divestment from Allied Bank Limited (ABL).

    10 Dec 2014

  • CR Land seeks $965m to fund acquisitions in China

    China Resources Land (CR Land) plans to raise HK$7.48bn ($965m) in a rights issue following the acquisition of five property development projects in China from its parent.

    10 Dec 2014

  • Bad to worse for Venezuela as PDVSA suffers huge intraday fall

    One bond investor said Venezuelan debt suffered its “worst day in memory” in spite of a very slight rebound in oil prices on Tuesday as investors increasingly expect there will come a time when the South American country will not be able to pay its debt.

    10 Dec 2014

  • Oh leaves Mizuho’s South Asia syndication team

    Wei Jing Oh, a senior officer in the debt structuring and syndication team for south Asia at Mizuho in Singapore, has left the bank.

    10 Dec 2014

  • Beijing Energy to visit investors with CNH

    Beijing Energy Investment Holding (BEIH) has arranged a series of meetings with fixed income investors starting this week for a dim sum bond issue.

    10 Dec 2014

  • S&P recovery ratings offer hope as Invesco Volckerises

    Invesco has agreed to Volckerise one of its 2013 collateralised loan obligations, as well as modifying it to include changes to Standard & Poor’s recovery ratings that could benefit equity investors. The S&P changes could provide a crucial window for Volckerisations as refinancing activity winds down, say market participants.

    09 Dec 2014

  • Buy and holds expected for First National Holdings' tax lien ABS

    Asset managers are expected to buy and hold all of a $90m tax lien ABS by First National Holdings, due to the relative stability but small size of the asset class.

    09 Dec 2014

  • Trading volumes on Tradition rates platform exceed $1 trillion

    Trad-X, the interest rate swaps trading platform run by Tradition, has reached record trading volumes for dollar IRS, with volumes exceeding $1 trillion since their launch and the number of trades executed hitting 25,000.

    09 Dec 2014

  • ING IM hires Avoca’s convertible bond team

    ING Investment Management has hired Tarek Saber and Jasper van Ingen from Avoca's Convertible Select Global Fund.

    09 Dec 2014

  • Greece: what difference do two months make?

    Greece’s yield curve inverted on Tuesday, and its comeback five year bond reached its highest yield since it was priced back in April. All of this seems to have been because the country’s prime minister called a snap presidential election. But it is hard to fathom why this should suddenly concern investors holding Greek debt that matures in 2016 and beyond, considering the election was going to happen in a couple of months anyway.

    09 Dec 2014

  • Questions on IFFIm sukuk book miss the point

    The recent debut sukuk by the International Finance Facility for Immunisation (IFFIm) has rightly been hailed as a breakthrough for the Islamic finance market. Questions about the small order book are misplaced – the deal was a remarkable result.

    09 Dec 2014

  • RenoNorden on course to close IPO books this week

    Norwegian waste collection firm RenoNorden has received enough demand from investors to float in Oslo on December 16, as planned.

    09 Dec 2014

  • Greek yields rocket as sovereign prepares auction

    Greece’s yields went spiralling into orbit on Tuesday ahead of an auction of the country’s short term debt on Wednesday, with the yield on its five year comeback syndication from earlier this year reaching its highest level yet.

    09 Dec 2014

  • The ABS purchase programme could be over before it’s even begun

    Since making its decision to purchase asset backed securities, the policy message from the European Central Bank has floated somewhere between credit easing and quantitative easing. One won’t work, and the other should have nothing to do with ABS.

    09 Dec 2014

  • NWB Bank squeezes out short-dated dollar tap

    Nederlandse Waterschapsbank was able to tap a March 2016 dollar benchmark on Tuesday at the mid-market level at which the bond was trading before the tap was announced.

    09 Dec 2014

  • TDC expanding cable ambitions

    Danish telecoms firm TDC, which acquired Norwegian cable provider Get in October, is reported to be planning another acquisition in the cable sector. TDC will need to carefully consider acquisition financing options to maintain its investment grade status, said credit analysts.

    09 Dec 2014

  • UK GEMMs and investors favour long-dated linker

    UK investors and Gilt Edged Market Makers met with the sovereign’s Debt Management Office on Monday to discuss Gilt issuance for the next quarter. Gilt buyers and GEMMS recommended the DMO’s final syndication of the year be a long-dated one.

    09 Dec 2014

  • KazMunaiGas pushes to sign Urikhtau loan by year-end

    State owned oil company KazMunaiGas is looking to close a loan of as much as $600m through its operating subsidiary Urikhtau before the end of the year, said bankers involved with the deal.

    09 Dec 2014

  • How banks pay matters more than when they pay

    Moody’s argued on Tuesday that compensation at global investment banks was a credit negative for the banks’ bondholders. But the agency focuses on the wrong parts of the debate over pay. Poor compensation structures can surely make a bank riskier, but it is how banks pay, not when or what they pay which matters most.

    09 Dec 2014

  • Belgium, Sweden outline expected business for 2015

    Next year’s funding picture for European sovereigns became a little clearer on Tuesday, as a pair of issuers unveiled increased debt raising burdens for 2015.

    09 Dec 2014

  • E.On Spain and Portugal offer €315m taster for bigger deal

    The Spanish and Portuguese electricity businesses of E.On are teasing the leveraged loan market with a pre-launch glimpse of €315m loan facilities backing their €2.5bn buyout by Macquarie and Wren House Infrastructure Management, owned by the Kuwait Investment Authority.

    09 Dec 2014

  • Publicis gets €1.2bn with 7yr and 10yr

    Publicis, the French PR and advertising firm, issued €1.2bn of bonds on Tuesday, equally split between seven and 10 year tranches. The proceeds will be used to fund its acquisition of US marketing and consultancy company Sapient.

    09 Dec 2014

  • Nasdaq chief weighs in on CCP risk debate

    Central counterparties have a duty to work on CCP risk, however, the European Market Infrastructure Regulation recovery and resolution framework is sufficient to prevent the buildup of systemic risk as clearing houses become vital to derivatives market infrastructure with the start of clearing in Europe next year.

    09 Dec 2014

  • Total Derivatives: CNY well bid but 5y correction due

    Weak Chinese trade data backed good paying in CNY swaps on Tuesday and built expectations for further easing measures from the People's Bank of China (PBoC). Sources say the rise in five year rates is looking overdone and that profit-taking flow will emerge soon, writes Deirdre Yeung of Total Derivatives.

    09 Dec 2014

  • StanChart’s RMB index hits new high in October

    Standard Chartered's RMB Globalisation Index (RGI) surpassed the 2,000 mark in October, on the back of slowing but persistent growth in offshore RMB deposits and cross border RMB payment volumes, the bank said.

    09 Dec 2014

  • GlobalCapital Asia/Asiamoney regional capital markets awards 2014, Part III: Bonds

    For the third part of our annual awards, we cover Best Local Currency Bond, Best Securitization, Best High Yield Bond, Best Investment Grade Corporate Bond, Best Financial Bond, Best Sovereign Bond, Best Local Currency Bond House and Best G3 Bond House.

    09 Dec 2014

  • CDS, credit options to benefit as bonds squeezed by QE

    Investors may switch from corporate bonds to credit default swaps next year if the European Central Bank goes ahead with plans to buy up bonds.

    09 Dec 2014

  • Luxembourg enhanced through RMB clearing, says Mackel

    The launch last Thursday of renminbi clearing in Luxembourg via the country's official RMB clearing bank, Industrial and Commercial Bank of China (ICBC) Luxembourg, marked another big step in the development of its local RMB market. Those doing business there hope the greater efficiency and speed achievable through local clearing will help to promote RMB use there.

    09 Dec 2014

  • Agrokor to sneak in a short one before Christmas

    Croatian food retailer Agrokor has mandated banks for a euro commercial paper (ECP) deal and is hoping to price it next week before the markets close for Christmas.

    09 Dec 2014

  • Sogecap offers juicy pick-up for sub print

    An attractive pick-up over the parent company and a strong bid for insurance paper bode well for a subordinated deal from Société Générale's insurance subsidiary Sogecap on Tuesday, according to bankers away from the deal. A successful print from Sogecap will be encouraging for issuers like La Mondiale and Intesa Sanpaolo Vita, which are both expected to sell sub debt of their own in the near future.

    09 Dec 2014

  • Investor enthusiasm allows CS to price second largest deal in Samurai return

    Credit Suisse returned to the Samurai market after a four year absence on Tuesday to sell a five tranche deal. The issuer’s scarcity in the format allowed it to generate strong investor interest and price the second largest ever Samurai print from a European bank.

    09 Dec 2014

  • A-share rally shrinks Stock Connect quota usage

    The northbound track of the Shanghai-Hong Kong Stock Connect programme saw more sell trade than buy orders at noon on December 9, the first time for such a dynamic since the programme launched on November 17, reports GlobalRMB.

    09 Dec 2014

  • European banks ‘committed’ to ABCP despite MMF fears

    Asset backed commercial paper issuance by European banks should remain stable next year despite the impeding effects of incoming money market fund regulations on the make-up of conduit portfolios, according to Fitch.

    09 Dec 2014

  • IHS Towers launches $800m loan amid African rush

    IHS Towers, the African mobile telecommunications infrastructure firm, has launched an $800m loan into the market. The deal, which has been in discussion for some time, comes as a number of African borrowers look to complete signings in the next week.

    09 Dec 2014

  • Enforcement on top at FCA as supervisory head quits

    Tracey McDermott, director of enforcement, will run a major reorganisation of the UK’s Financial Conduct Authority as Clive Adamson, director of supervision, announced his departure. Two other senior FCA staff members, Victoria Raffe, director of authorisations, and Zitah McMillan, head of communications, will also leave.

    09 Dec 2014

  • S&P cuts 61 antipodean RMBS ratings

    Standard & Poor’s has lowered ratings on over 40% of the Australian and New Zealand RMBS tranches placed on negative watch after the agency’s downgrade of mortgage insurance provider Genworth last month.

    09 Dec 2014

  • HK government to streamline debt issuance programme

    The Hong Kong Monetary Authority will be streamlining its debt issuance for next year as it looks to minimise overlapping maturities for bonds issued under its Exchange Fund Bills and Notes (EFBN) and the Hong Kong Government Bonds (GB) programmes.

    09 Dec 2014

  • Vietnam powers up $245m project financing

    Citi has closed a $245m 13 year financing for power transmission projects in south Vietnam, it said in a release on Monday.

    09 Dec 2014

  • Three out of five wide for Australia’s B&A Bank

    Bendigo and Adelaide Bank sold a full stack of Australian RMBS notes on Tuesday, its second mortgage-backed deal of the year, with three tranches were sold at the wide end of guidance and one tranche inside guidance.

    09 Dec 2014

  • Landmark ICBC AT1 is no benchmark for RMB bonds

    Industrial and Commercial Bank of China (ICBC) took plenty of plaudits last week, with a unique triple currency additional tier one (AT1) transaction that included a record-breaking offshore renminbi tranche. While some say that the trade was a testament to the depth of the CNH market, that is an argument too far. This was anything but a conventional trade.

    09 Dec 2014

  • China’s Hikvision eyes Hong Kong listing

    Hikvision Digital Technology, which is already listed on the Shenzhen Stock Exchange, has now received approval from its board of directors to also sell its shares in Hong Kong.

    09 Dec 2014

  • Hsin Chong eyes rights, placement to raise $339m

    Hsin Chong Construction Group has finalised the terms of its rights issue and placement combo which is expected to raise HK$2.63bn ($339.28m).

    09 Dec 2014

  • Infosys families make $1.05bn from block

    Members of the founding families behind Indian company Infosys have raised a whopping Rp64.81bn ($1.05bn) by cashing in a chunk of their shares in the technology giant. Executed in the early hours of December 8, the deal was sold at a fixed price to investors because of some unusual challenges that had to be overcome.

    09 Dec 2014

  • PICC P&C completes $1.18bn rights issue

    PICC Property and Casualty Company has raised HK$9.15bn ($1.18bn) in a rights issue of both H- and A-shares that was heavily oversubscribed.

    09 Dec 2014

  • Kepco nets $190m from LG U+ sale

    Korea Electric Power Corp (Kepco) has raised W211.2bn ($190m) by exiting from LG U+, selling its remaining 4.4% stake in the telecommunications company via a block trade on Monday night. The deal, widely expected by investors, comes four months after the South Korean conglomerate halved its holding in LG U+ also via a transaction that drew a good response from the market.

    09 Dec 2014

  • Oil and Petrobras contagion put paid to JBS LM

    LatAm bond syndicate bankers said that the immediate future was bleak for Brazilian companies’ borrowing prospects after meatpacker JBS cancelled a planned new issue and tender offer blaming debt market conditions on Monday.

    09 Dec 2014

  • First for Thai baht as Laotian corporate makes its debut

    Laotian power company EDL Generation Public Company (EDL Gen) has priced a Bt6.5bn ($197.3m) deal, making it the first Mekong corporate to issue a bond in Thai baht. The trade follows issues by the Lao Ministry of Finance and comes as other Mekong sovereigns are considering issuing debt in Thailand.

    09 Dec 2014

  • India ends on a high with $200m ICICI tap

    ICICI Bank made an opportunistic return to the offshore debt market on December 8 with a well-received $200m tap of its $500m 3.5% 2020s, reversing the ill-fated trades of Reliance Communications (RComm) and Lodha Developers last week.

    09 Dec 2014

  • Wuxi prepares $150m dual tranche loan in senior

    New York listed Chinese medical technology provider Wuxi Pharmatech is cooking up a $150m dual tranche loan with one mandated lead arranger and bookrunner.

    09 Dec 2014

  • MS China restocks IB leadership with new co-heads

    Morgan Stanley has appointed Richard Chen and Jing Qian as co-heads of its investment banking business in China in a move to bolster leadership in a country that has seen a record high IB fees this year.

    09 Dec 2014

  • Natixis beefs up Apac debt origination

    Natixis is hoping to play a more active role in the Asian debt market through the hiring of Ken Liu who will be part of the bank’s origination team in Hong Kong.

    09 Dec 2014

  • CCP standardisation could increase risk

    Commodity Futures Trading Commission commissioner Mark Wetjen claimed that central counterparty risk mitigation and management strategies need more coordination and harmonisation. But legislative bodies should take note of the potential negatives associated with harmonisation and the centralisation of counterparty risk before pursuing new rules, said lawyers.

    08 Dec 2014

  • CDS notional, interest rates trading rebounds

    Overall credit default swap notional that was reported to swap data repositories last week increased by 48% from the previous week, according to data from the International Swaps and Derivatives Association. Overall interest rate derivatives trading that was reported was also up by 54% from the previous week, following a week of moderate decreases in trading for both CDS and rates.

    08 Dec 2014

  • Javelin lobbies CFTC on MAC, IMM swaps

    Javelin, a swaps execution facility, has asked the Commodity Futures Trading Commission for a reduction of the liquidation time required for market agreed coupon swaps and international money market swaps that are cleared on SEFs in an effort to promote better liquidity and higher competitive trading volumes.

    08 Dec 2014

  • All new management at BancABC after Atlas Mara takeover

    BancABC has announced a new executive management team following its acquisition by Atlas Mara in August 2014. Atlas Mara and BancABC’s board of directors announced the changes on December 8.

    08 Dec 2014

  • Fiat sets price guidance on $2.5bn US convert

    Fiat Chrysler Automobiles (FCA) has set the price guidance on the 2016 mandatory convertible bond it is issuing in the US, two days ahead of the deal’s expected completion.

    08 Dec 2014

  • PE still active in Scandi ECM, as Apax launches Evry takeover

    Apax Partners this week said it plans to buy Evry, the IT services provider listed in Oslo, while several private equity-owned firms could be heading in the opposite direction in the coming months.

    08 Dec 2014

  • Regulatory uncertainty poses risks for Canadian markets

    A lack of clarity over Canadian rules and regulatory oversight between provincial regulators has posed some challenges for derivative market participants. As Canada looks to fulfil components of the G20 reform mandate for OTC derivatives trading — including trade reporting, clearing and margin requirements — a lack of uniform compliance among participants and rulemaking differences between regulators pose hurdles for the market.

    08 Dec 2014

  • Merck's €1.5bn hybrid carries record coupon

    German pharmaceutical company Merck issued its first hybrid bond, a €1.5bn dual tranche deal, on Monday, less than a week after Volvo issued its first piece of hybrid capital. Merck's notes carry a 2.625% coupon, a record low for corporate hybrid issuance.

    08 Dec 2014

  • European agency in for sterling

    One of the few European agencies with room left in its 2014 funding programme has opted to reopen a sterling line this week.

    08 Dec 2014

  • Moody’s downgrades Spie as a result of €911m refi

    Moody’s has downgraded the corporate rating of Spie, the French engineering and communications services firm, from B1 to B2 in response to a €2bn refinancing exercise.

    08 Dec 2014

  • Cades aims for short end with renminbi first

    Caisse d'Amortissement de la Dette Sociale is likely to print at the short end of the curve when it brings a debut offshore renminbi bond, the agency’s chairman has told GlobalCapital. But any deal will be subject to movements in the euro/RMB cross-currency basis swap, which SSA syndicates managers warned is still very volatile.

    08 Dec 2014

  • Danske Bank hires for new leveraged loans position

    Danske Bank has hired Paul Smith from Cohen & Co.

    08 Dec 2014

  • Turkish corporates tap dollar/lira puts

    Turkish corporates and high net wealth individuals are buying downside puts on the dollar/Turkish lira currency pair with expiries of between three and 12 months, expecting the lira to rally as low oil prices benefit importers.

    08 Dec 2014

  • NewDay sitting comfortably in top four with card ABS

    Demand for NewDay Cards’ UK credit card securitization has jumped since Friday, with the top four classes of the £300m transaction now comfortably covered.

    08 Dec 2014

  • GlobalCapital Asia/Asiamoney regional capital markets awards 2014, Part II: Equity

    In the second part of our 2014 awards, we present the winners for Best Equity-Linked Deal, Best IPO, Best Follow-on/ABB and Best Equity House.

    08 Dec 2014

  • Holidays and credit work make BPAA wait

    An Italian public holiday could keep Banca Popolare dell’Alto Adige from pricing its secondary reoffering of RMBS notes until the middle of this week, with accounts also taking time to do credit work on the rare name.

    08 Dec 2014

  • Morganti heads upstairs as Mitsubishi UFJ lures Citi's Young

    Citi's Paul Young, head of EMEA debt capital markets and syndicate, has left his job to lay his hat at Mitsubishi UFJ Securities, his new home. Paul Morganti, the present international head of capital markets, will become vice chairman of capital markets when Young joins the firm in March.

    08 Dec 2014

  • Christmas conundrum

    Don't the bankers mislead you about the meaning of Christmas, come to the Loan Syndicate Manager’s Forum carol service and sing away the blues.

    08 Dec 2014

  • CEEMEA sovereigns stand firm in face of European QE

    CEEMEA sovereign bond issuance plans are unaltered despite expected European Central Bank government bond buying next year and the potential this brings for further spread compression in CEEMEA, said four EM bankers.

    08 Dec 2014

  • Evraz looks for opportunistic buy-back

    Russian steelmaker Evraz Group is offering to buy back its 2015 bonds at just over par. While the offer is reckoned to be on the tight side, analysts expected investors will jump at the opportunity as Russian risk continues to increase.

    08 Dec 2014

  • Investors tap iBoxx TRS for credit exposure

    Hedge funds are increasingly using iBoxx total return swaps to gain exposure to corporate credit markets through a more faithful proxy than CDS. Real money investors are also aping TRS to increase their exposure to the high yield bond market while they wait for supply.

    08 Dec 2014

  • Books fully covered for BAIC’s $1.57bn IPO

    Daimler-backed carmaker BAIC Motor capped a busy Monday for the Hong Kong equity capital markets and its first day of bookbuilding with a HK$12.15bn ($1.57bn) IPO that had secured enough demand from cornerstone and anchor investors to cover the book in full. Investors flocked to the listing after seeing that the company was willing to price at a decent range.

    08 Dec 2014

  • Paragon to add 10% to latest RMBS portfolio

    Paragon Mortgages is set to add £23.4m of prefunded loans to the portfolio backing its 21st residential mortgage backed transaction this week, though the move will not affect the deal’s ratings.

    08 Dec 2014

  • EGPC back in the market for $1.5bn loan

    The Egyptian General Petroleum Corp is seeking a three year term loan for $1.5bn, the first syndicated loan it has obtained with local and foreign banks since 2010, said a banker on the deal.

    08 Dec 2014

  • Esure adds to insurance pipeline, La Mondiale sets minimum spread

    An already busy pipeline for subordinated debt from insurers grew on Monday as the UK’s Esure announced plans to issue a sterling deal to finance an acquisition, while Luxembourg’s La Mondiale announced the minimum spread for its new perpetual euro notes, expected to be priced later this week.

    08 Dec 2014

  • Siemens Audiology's €315m acquisition bond expected on Friday

    Auris Luxembourg, a holding company for Siemens Audiology Solutions, launched on Monday the high yield bond part of the financing package for the hearing aid maker's takeover by EQT Partners.

    08 Dec 2014

  • FX changes mooted as oil price punishes Venezuela

    Venezuela’s oil export basket hit its lowest price since 2009 last week as analyst predict that the government will be forced to make economic adjustments — in partciular with regards to the convoluted exchange rate system.

    08 Dec 2014

  • Hsin Chong adds second underwriter to rights issue

    Hsin Chong Construction Group, which in late November announced plans to raise around HK$904.1m ($116.6m) from a rights offering, has now added a second underwriter to the issuance after one of its existing shareholders failed to sign up for its rights shares entitlement on time.

    08 Dec 2014

  • CICC launches debut offshore syndication into general

    China International Capital Corp (Hong Kong) has made its debut in the offshore syndicated market, with a $150m three year term loan that launched into general on December 8.

    08 Dec 2014

  • Arrears will rise with rates, warns BoE

    The Bank of England has warned that raising interest rates from their record low of 0.5% could increase the number of UK mortgage borrowers at risk of falling into arrears by a third, as stagnant incomes remain a key concern for the UK economy.

    08 Dec 2014

  • More delays for Jasmine infrastructure fund IPO

    Jasmine Broadband Internet Infrastructure Fund has again postponed its Bt38.5bn ($1.2bn) IPO after approvals from the regulator came later than expected.

    08 Dec 2014

  • Dalian Wanda launches $3.8bn IPO with strong support

    Dalian Wanda Commercial Properties has built strong momentum for its HK$29.76bn ($3.8bn) Hong Kong IPO, which launched to the market on Monday morning, bringing in 11 cornerstone investors to take up nearly $2bn of the trade. With the deal coming to the market very close to the end of the year, the presence of big-name institutions and sovereign wealth funds at the top helps support the company’s story, say bankers.

    08 Dec 2014

  • Desperate attempts to grasp the meaning of Christmas

    Christmas : every year the season comes a little bit earlier. And though an agreeable effect of this fact is that we all get to hear the WHAM! Christmas classic “Last Christmas” endlessly churned through department store speakers until the choral phrase “Last Christmas, I gave you my heart” begins to take on gruesome surgical connotations, one of the side effects is that the holiday spirit gets….well — stretched a little thin.

    08 Dec 2014

  • CLSA set for growth as it hires head of international IB

    CLSA has taken the next step on the build out of its capital markets business with the hire of a veteran banker run to run investment banking. The brokerage has been steadily building up its IB expertise since the merger with Citic Securities.

    08 Dec 2014

  • Guernsey GBP330m 3.375% Dec 46

    08 Dec 2014

  • Linekong presses on with $187m IPO in busy day for Hong Kong

    Game developer Linekong Interactive Co is seeing traction for its $187m IPO on the Growth Enterprise Market (Gem) board after opening books on Monday and is having to share the limelight with two of Hong Kong’s biggest listings this year.

    08 Dec 2014

  • Lonsen raising $300m from club of 7; Hebei Iron allocates $100m

    Shanghai listed textile dye maker Zhejiang Longsheng Group (Lonsen) has raised a $300m loan from a club of seven banks, said a banker on the deal.

    08 Dec 2014

  • Cheil leaves many empty handed after oversubscribed $1.4bn IPO

    The blockbuster demand for Cheil Industries’ W1.52tr ($1.4bn) South Korean IPO, which priced at the top on Friday evening to become the country’s largest listing since 2010, has led to a handful of investors ending up with no stock at all while many bidders have received just token allocations.

    08 Dec 2014

  • India sees strong support for $277m Sail divestment

    India’s divestment plan has got off to a good start with the government offloading a 5% stake in Steel Authority of India (Sail) on Friday to raise around Rp17.15bn ($277m), in a day-long trade that was well received by both institutional and retail investors.

    08 Dec 2014

  • BoC Paris launches RMB clearing service, signs MoU with Cades

    Bank of China Paris Branch (BoC Paris) officially launched RMB clearing in France on December 3. The Chinese bank also signed on the same day a memorandum of understanding with French agency Caisse d'Amortissement De La Dette Sociale (Cades).

    08 Dec 2014

  • HCP $360m dividend recap nets $96m from 5

    Cosmetics packaging company HCP Global's $360m dividend recapitalisation loan for sponsor TPG has attracted commitments worth $96m from five banks.

    08 Dec 2014

  • M800 delays to $150m IPO to January

    M800, which had been looking to close an up to $150m IPO in Hong Kong before the end of the year, has postponed the deal to avoid going up against BAIC Motor and Dalian Wanda.

    08 Dec 2014

  • India's ICICI Bank back to tap 2020 bond

    ICICI Bank has started taking orders for a tap to a bond it issued in September. Even though two debut Indian high yield corporates were forced to pull deals last week, as a regular in the market ICICI is not expected to struggle.

    08 Dec 2014

  • Quanta International seeks $700m refi loan

    Quanta Computer subsidiary Quanta International is in the market with a $700m loan to refinance a $660m facility it sealed in 2010.

    08 Dec 2014

  • Zhuhai Da Heng Qin bags Rmb1.5bn from SBLC-backed debut

    The list of provincial government-linked Chinese entities making their offshore debuts this year added a new name when Zhuhai Da Heng Qing printed a Rmb1.5bn ($244m) dim sum bond on December 4.

    08 Dec 2014

  • Sadbhav Engineering to list unit in $97m IPO

    India’s Sadbhav Engineering will spin off its 77.42%-owned unit in an IPO that is expected to fetch at least Rp6bn ($96.93m).

    08 Dec 2014

  • GlobalCapital Asia/Asiamoney regional capital markets awards 2014, Part I: Loans

    In the first instalment of our 2014 awards, we present the winners for Best Project Financing, Best Leveraged Financing, Best Investment Grade Loan and Best Loans House.

    07 Dec 2014

  • Gunvor refinances $1bn credit facility with diminished banking group

    Gunvor International and Gunvor SA, subsidiaries of Gunvor Group, have signed a $1bn revolving credit facility with a syndicate of 25 banks, down from 38 on its $1.5bn loan a year ago.

    05 Dec 2014

  • Guernsey exploits low Gilt yields with debut deal

    The States of Guernsey entered the bond market for the first time on Friday, having been tempted to bring a deal by ultra low Gilt yields.

    05 Dec 2014

  • ESMA, ASIC agree to first MoU under EMIR

    The European Securities and Markets Authority (ESMA) signed a memorandum of understanding (MoU) with the Australian Securities and Investments Commission (ASIC), which grants Australian authorities access to derivative contracts data from EU trade repositories (TRs) outside of their jurisdiction.

    05 Dec 2014

  • Orchard launches first marketplace loan database

    Orchard Platform on Friday launched the first marketplace lending database to streamline the due diligence process for institutional investors in marketplace loans. Efficiencies and loan data standardisation from the platform could bolster the securitization market for marketplace loans.

    05 Dec 2014

  • Funding scorecard: supranationals

    This week's scorecard features updates on the progress of selected supranationals through their funding programmes.

    05 Dec 2014

  • Secondary pricing update: featuring EDC and Ico

    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.

    05 Dec 2014

  • Constellium sells bonds for Wise at wide end

    Constellium, the Paris-headquartered aluminium producer, launched a €535m-equivalent bond on Friday December 5, to back its plans to buy US drinks can sheet manufacturer Wise.

    05 Dec 2014

  • Abengoa equity investors bring criminal case in green bond row

    A group of investors is suing Abengoa, the Spanish renewable energy company, which they accuse of having triggered a rush of sales of its stock in November when it publicly changed the way it reported its corporate leverage.

    05 Dec 2014

  • Asia LCY bond markets in need of diversification: ADB

    Liquidity has improved in emerging East Asian bonds over the past year but in local currency markets there is still a need for greater investor diversity, according to an annual survey from the Asian Development Bank. And liquidity conditions could worsen next year as a result of Basel III.

    05 Dec 2014

  • Mixed feedback from Rosinterbank roadshow as Russia economy worries grow

    Russia’s Rosinterbank held a roadshow on the morning of December 5 in Hong Kong for its inaugural renminbi-denominated bond, which comes shortly after a series of one-on-one investor meetings in Hong Kong and Singapore earlier in the week. While potential buyers concede that the bank is growing fast, they are also worried about possible systemic risks associated with a poor performing Russian economy and US sanctions.

    05 Dec 2014

  • Chinese borrowers seek $350m in Taiwan targeted loans

    Two Chinese borrowers are in the market with Taiwan targeted loans. China Packaging and Phoenix Healthcare Group have recently launched borrowings, seeking a total of $350m between them, said bankers away from the deals.

    05 Dec 2014

  • Corrected: Chinese borrowers seek Taiwan targeted loans

    Two Chinese borrowers are in the market with Taiwan targeted loans. China Food Packaging and Phoenix Healthcare Group have recently launched borrowings, seeking a total of around $250m between them, said bankers away from the deals.

    05 Dec 2014

  • Westpac opens sub-branch in FTZ, looks to capitalise on Aussie hub status

    Westpac Banking Corporation (Westpac) this week opened its first sub-branch in the Shanghai Free Trade Zone (FTZ) in what is the latest attempt by the Australian bank to leverage the opportunities expected to come from China’s economic and financial market liberalisation.

    05 Dec 2014

  • RMB round-up: December 5, 2014

    In this round-up, Hong Kong and South Korean RMB deposits fell, Hong Kong cross-border RMB trade settlement was also down in October, Westpac and BNP Paribas have expanded their presence in the Shanghai Free Trade Zone, while the Intercontinental Exchange is planning to launch RMB futures in Singapore.

    05 Dec 2014

  • Cheil prices jumbo $1.4bn IPO at the top

    Cheil Industries has become the biggest listing from South Korea since 2010 after pricing its W1.52tr ($1.4bn) IPO at the top of the price range on Friday evening. Massive oversubscription in the books now mean that allocations will be a challenge with investors unlikely to get their hands on as much stock as they’d like.

    05 Dec 2014

  • South Korean ministry nets $279m from IBK divestment

    Strong interest from long only funds and local investors helped South Korea’s Ministry of Strategy & Finance price a block in Industrial Bank of Korea (IBK) at the top of guidance to raise W310.31bn ($279m).

    05 Dec 2014

  • India sets Sail with $277m divestment

    The Indian government has finally kicked off its divestment programme for the fiscal year, opening books for the sale of shares in Steel Authority of India Ltd (Sail) on Friday morning as it looks to add millions of dollars to its coffers.

    05 Dec 2014

  • Chalco repeats success with $500m SBLC bond

    Aluminium Corporation of China (Chalco) raised $500m with its second international bond of the year after drawing a order book that was six times covered.

    05 Dec 2014

  • India mulls liquidity boost with new rules

    The Securities and Exchange Board of India (Sebi) is contemplating the possibility of allowing corporate issuers to re-issue existing bonds in a bid to boost liquidity in its domestic market, according to its latest proposal on December 4.

    05 Dec 2014

  • YOFC nets $152m in HK listing

    Yangtze Optical Fibre and Cable (YOFC) has raised HK$1.18bn ($152m) by pricing its Hong Kong IPO at the bottom of guidance, with demand coming in from investors across all regions as the strong credentials of the owners of the company wooed bidders.

    05 Dec 2014

  • Qualitas nurses plans for up to $300m IPO in Malaysia

    Qualitas Healthcare Corp is preparing for an IPO that could raise between $100m-$300m, making it the second healthcare-related issuer to seek a listing in Malaysia over the past week.

    05 Dec 2014

  • Keppel allocates S$513m Reit IPO with top pricing

    Keppel Telecommunications & Transportation, which has priced its S$513m ($393.8m) real estate investment trust IPO at the top of the range, has now allocated a large chunk of the deal to long only investors, leaving very little on the table for other bidders.

    05 Dec 2014

  • Ng to head ANZ Asia specialised finance syndications

    Australia and New Zealand Bank has appointed Damien Ng as head of loan syndications – specialised and acquisition finance for Asia as it looks to grow its business in the sector.

    05 Dec 2014

  • Chile offers euro to dollar premium but breaks coupon record

    Chile sold the tightest ever 10 year bond from an emerging market issuer on Wednesday although investors swapping the euro denominated deal back into dollars could have earned between 15bp-30bp by buying the euro tranche instead of a simultaneous dollar offer, said bankers.

    04 Dec 2014

  • LatAm oil giants keep up capex during price slump

    Latin America’s three largest oil companies are maintaining hefty investment programmes despite tumbling oil prices, thanks to their low production costs and comfortable profit margins. Yet that is about as far as the similarities go for Venezuela's PDVSA, Brazil's Petrobras and Mexico's Pemex.

    04 Dec 2014

  • YPF heard lining up for LatAm but brakes hit Brazil

    Joaquim Levy’s welcomed appointment as Brazil's finance minister was not enough to lift the brakes on new debt capital market activity in the country as contagion from the Petrobras corruption investigation continues to affect the country’s issuers.

    04 Dec 2014

  • SSAs beware ECB happy pills

    More dovish comments this week from European Central Bank president, Mario Draghi added further conviction to the consensus that the ECB will turn its attention to buying sovereign bonds next year, but borrowers in the sovereign, supranational and agency sector should be worried about the long term effects.

    04 Dec 2014

  • UK budget to back alternative finance revolution

    The UK chancellor of the exchequer, George Osborne's Autumn Statement, announced a major boost for alternative finance through peer-to-peer (P2P) markets. Retail investors could soon use the tax exempt individual savings allowance wrapper to put money into P2P, unlocking a pool of capital worth more than £400bn for the sector.

    04 Dec 2014

  • UK withholding tax exemption for PPs to let issuers woo emerging market investors

    George Osborne, UK chancellor of the exchequer, announced a tax measure to stimulate the private placement market in his Autumn Statement this week, writes Elly Whittaker.

    04 Dec 2014

  • More blocks as Ontex increased, Merlin and Bank Zachodni priced tight

    Another rash of block trades appeared in the European market on Wednesday evening, though not as many as Tuesday’s seven. The crop of four deals was led by a trade of €347m in Belgian nappy maker Ontex, where private equity groups TPG and Goldman Sachs are selling down after its IPO in June.

    04 Dec 2014

  • CPS planning subprime auto ABS

    Consumer Portfolio Services (CPS) is planning a $267.5m auto ABS backed by subprime auto loans originated by the specialty finance company’s network of partnering auto dealers.

    04 Dec 2014

  • Burst of block trades as sellers race for year’s last window

    After many days in which bankers wondered why more sellers were not bringing block trades to what were very strong equities markets, this week a burst of accelerated bookbuilds hit the screens.

    04 Dec 2014

  • Antipodean currencies appeal to SSAs

    Antipodean currencies attracted sovereign, supranational and agency investors this week, despite the year-end slowdown, allowing a trio of issuers to take tightly priced taps of existing lines.

    04 Dec 2014

  • African and leveraged loans step on the gas while others snooze

    While some parts of the loan and bond markets show signs of settling themselves for the end of year slowdown, African and leveraged loans business is instead picking up the pace with a number of deals closing and in the works.

    04 Dec 2014

  • BPCE comes back for samurai seconds

    BPCE returned to the samurai market for the second time this year on Tuesday, printing a JPY47.6bn ($397m) five year fixed rate note.

    04 Dec 2014

  • SocGen scoops Citi EQD chief

    Daniel Petherick, ex-managing director and head of equity derivative flow sales for Europe, Middle East and Africa at Citigroup in London, has joined Société Générale as head of European flow derivatives sales, also based in London.

    04 Dec 2014

  • Ethiopia makes savvy $1bn debut, sets strong tone for future issuers

    Ethiopia made an impressive debut on Thursday, December 4, amid less than ideal market conditions. The recent sell-off in African sovereign bonds was of little concern to the sovereign which received strong investor feedback on account of its strong growth story and JP Morgan Emerging Market Bond Index (EMBI) eligibility. In addition, investors came away satisfied that the bond was priced sensibly.

    04 Dec 2014

  • ECB keeps lid on Pandora’s box of corp bond buying, for now

    At the press conference following the European Central Bank meeting on Thursday, ECB president Mario Draghi made no mention of corporate bonds specifically, to the relief of bankers at European investment banks. However, he did say the ECB was considering buying “sovereign bonds, but also other types of bonds” leaving the door open for corporate bond buying when the ECB reassesses its stimulus measures next year.

    04 Dec 2014

  • DTCC connects with TriOptima to reconcile repository data

    The Depository Trust and Clearing Corporation has partnered with TriOptima, enabling daily reconciliation of over-the-counter derivatives trades that are reported to DTCC’s European trade repository via triResolve, as mandated by the European Market Infrastructure Regulation.

    04 Dec 2014

  • Fitch: ECB will boost SME CLO volumes

    While the majority of the European ABS market is shuddering at the thought of the European Central Bank crowding out private investors with its purchase programme, Fitch expects SME CLO activity to be buoyed by the central bank’s actions.

    04 Dec 2014

  • Barclays warns ABS mezzanine may not jump

    European ABS bankers believe the success of the European Central Bank’s ABS purchase programme (ABSPP) in improving real economy lending is all down to whether its actions will stimulate sales of mezzanine bonds to free up bank capital. But Barclays’ analysts were not holding their breath this week.

    04 Dec 2014

  • SSAs in dread at prospect of sovereign QE in Europe

    Sovereign and agency borrowers, convinced the European Central Bank will start buying sovereign bonds early next year, are becoming increasingly fearful that the arrival of an investor with very deep pockets will drive down SSA spreads to the point where it creates price distortion and long term damage.

    04 Dec 2014

  • Europe braces for P2P securitization as KLS signs up

    Europe’s first securitization of peer-to-peer (P2P) loans could be in investors’ hands within months, after KLS Diversified Asset Management signed a landmark deal with UK based platform Funding Circle this week that will see the fund manager invest £132m ($206.9m) in small British businesses and thrust the product into the capital markets. Tom Porter reports.

    04 Dec 2014

  • B&A and Mystate to build on Westpac’s jumbo RMBS

    New mandates from Bendigo and Adelaide Bank and MyState Financial this week showed Australian issuers are not taking their foot off the RMBS gas in the run-up to Christmas, despite the Australian dollar investor base absorbing another A$2.7bn of supply from Westpac on Thursday.

    04 Dec 2014

  • Euros dominate in Clydesdale’s UK RMBS as supply winds down

    Clydesdale Bank’s Lanark 2014-2 RMBS transaction was priced this week with a euro portion €250m larger than the issuer’s previous offering, reflecting a large bid for euro denominated UK RMBS as investors snapped up some of the last supply of the year.

    04 Dec 2014

  • Spie lays out its price guidance on €911m loan at bank meeting

    Spie, the French engineering and communications firm, gave price guidance for its €911m loan at a London bank meeting on Monday.

    04 Dec 2014

  • K’s Holding sells overseas CB in wake of deal for Oita Bank

    K’s Holding, the consumer electronics retailer, launched and priced a ¥30bn ($260m) 2019 convertible bond Thursday, just two days after fellow Japanese issuer Oita Bank completed a $100m convertible bond with the same maturity.

    04 Dec 2014

  • MTN Leak: What happened in Happenstance

    There was a fair degree of nostalgia this week as Leak caught up with Mitsubishi UFJ’s David Morland in the opulent and reverential surroundings of the City's Ludgate Hill.

    04 Dec 2014

  • Canadian banks RBC and TD see stark contrast in IB

    The two major Canadian investment banks, Royal Bank of Canada (RBC) and TD, reported fourth quarter and full year results this week, and demonstrated starkly differing performances in their wholesale divisions.

    04 Dec 2014

  • Targets limited as ECB limps to €368m

    The European Central Bank’s first foray into the European ABS market predictably underwhelmed market participants this week, and the central bank will have precious few opportunities to add to its meagre tally before Christmas. But some of those looking at the covered bond market are saying a slower rate of purchase may be no bad thing.

    04 Dec 2014

  • Cinven sells last slice of Gondola, makes 2.4 times investment

    Cinven has exited from two of its portfolio restaurant companies, Ask and Zizzi, in a £250m secondary buyout deal with Bridgepoint.

    04 Dec 2014

  • BCA guides pricing on its £270m refinancing loan after pulling IPO

    British Car Auctions, the UK secondhand car seller, marketed £270m of secured leveraged loans at a bank meeting on Tuesday, as part of refinancing of its debt structure.

    04 Dec 2014

  • K’s Holding sells overseas CB in wake of deal for Oita Bank

    K’s Holding, the consumer electronics retailer, launched and priced a ¥30bn ($260m) 2019 convertible bond today, just two days after fellow Japanese issuer Oita Bank completed a $100m convertible bond with the same maturity.

    04 Dec 2014

  • Fiat picks four banks for $2.5bn equity and CB combination

    Fiat Chrysler Automobiles will imminently launch a deal of up to $2.5bn comprising both an equity offering and a mandatory convertible bond.

    04 Dec 2014

  • Citizens scores debut as dollar mart stays open

    Royal Bank of Scotland subsidiary Citizens Bank scored a hit on its senior debt issuance debut amid strong supply from the US financial sector this week.

    04 Dec 2014

  • Volatile pricing for Starwood's first SFR ABS

    Price guidance for the senior tranche of Starwood Waypoint’s first single family rental securitization was released on Thursday, and it was 10bp higher than bank syndicates’ initial price thoughts. Widening for the senior tranche was offset by tighter than expected guidance at the bottom of the deal’s waterfall.

    04 Dec 2014

  • Goldcar sets off, guiding €275m buyout loan price

    Goldcar, the Spanish car hire provider, set price guidance for a €275m ($341.95m) 5.5 year term loan ‘B’ at a bank meeting on Monday, to back its buyout by Investindustrial.

    04 Dec 2014

  • UK set to up borrowing in next financial year but remit still below 2009 peak

    The UK Debt Management Office is preparing to take on a large increase to its funding over the next four financial years.

    04 Dec 2014

  • Fiat picks four banks for $2.5bn equity and CB combination

    Fiat Chrysler Automobiles will imminently launch a deal of up to $2.5bn, comprising both an equity offering and a mandatory convertible bond.

    04 Dec 2014

  • Spectrum Brands markets loans while pricing bonds for €400m debt package

    Spectrum Brands, the US consumer products conglomerate, held a lender call on Tuesday for the €150m loan portion of a €400m-equivalent debt bundle that it will use for acquisitions and general corporate purposes.

    04 Dec 2014

  • Afme fleshes out capital markets union

    The Association for Financial Markets in Europe (Afme) has tried to put flesh on the bones of the capital markets union concept, recommending the European Commission set firm targets to boost Europe’s stock market capitalisation and level of market debt finance.

    04 Dec 2014

  • Altice wins Portugal Telecom with €7.4bn offer on the table

    Altice made a firm step towards adding to its European telecoms portfolio on Sunday, when Brazilian telco Oi accepted a raised €7.4bn offer from the French company for the Portuguese assets of Portugal Telecom.

    04 Dec 2014

  • BNPP says no to Ethiopia, but caution not expected to cripple EM

    BNP Paribas declined the mandate for Thursday's Ethiopia bond for compliance reasons, according to three sources familiar with the situation. The exact reason for the French bank's refusal is unclear, but emerging market bankers in London say it is unlikely to indicate more widespread caution over the bond business, writes Francesca Young.

    04 Dec 2014

  • Investment grade loans, news in brief - December 4, 2014

    Angel Trains — Meda

    04 Dec 2014

  • National Australia Bank goes green with climate bond, considers return

    National Australia Bank (NAB) attracted substantial interest from domestic investors for a certified climate bond on Thursday, the first in the format from an Australian lender.

    04 Dec 2014

  • EBA launches MREL consultation, little detail divulged

    The European Banking Authority said in a consultation paper that it expects that the Minimum Requirement for Own Funds and Eligible Liabilities (MREL), to be applied to EU banks, to be “compatible” with the Financial Stability Board’s proposal for Total Loss Absorbing Capacity (TLAC).

    04 Dec 2014

  • RSB BIII update is a divisive but innovative approach

    Russian Standard Bank is hoping to take a short cut to Basel III — using a consent solicitation to add write-down language to its old tier two debt. For investors worried about getting caught on the wrong side of the vote, RSB's proposal looks aggressive. But the function of bank capital is to protect the bank, not to simply reward investors without risk.

    04 Dec 2014

  • Medtronic’s $17bn swells M&A bond frenzy

    Medtronic grabbed the record for the biggest high grade corporate bond issue of 2014 this week, as investors returned from their Thanksgiving breaks keen to put cash to work in one of the busiest weeks of the year.

    04 Dec 2014

  • Volvo gets €7.4bn bid for debut hybrid after lightning roadshow

    Volvo joined the growing group of corporate issuers of hybrid capital on Wednesday, when it priced its first hybrid bonds. The deal was popular with investors, generating €7.4bn of orders.

    04 Dec 2014

  • Quiet rumbles in the subs with AT1 pricing, perp roadshow

    The recently quiet subordinated market — excepting Industrial and Commercial Bank of China's thunderous additional tier one (see Asia section) — saw a bit of action this week as UK challenger bank Aldermore privately placed a small additional tier one deal and Société Générale’s insurance subsidiary announced a roadshow for a perpetual bond.

    04 Dec 2014

  • Draghi keeps investors waiting but Spain wastes no time in breaking records

    Some gentle flirting rather than a promise of a sure fire thing from European Central Bank president Mario Draghi was enough to make investors lust after eurozone periphery sovereign paper this week, with Spain the luckiest in love as it sold debt at record low yields on Thursday.

    04 Dec 2014

  • Private bank demand drives BMW return to Kiwi bonds

    BMW Finance returned to the New Zealand dollar bond market for the first time in more than three years on Monday with a NZ$100m ($78m) three year deal.

    04 Dec 2014

  • SocGen sees spike in CLNs as oil plummets

    Société Générale has issued credit-linked notes on oil industry single names such as Transocean in response to demand from private banks.

    04 Dec 2014

  • Quarter of insurers would fail Japan scenario, says EIOPA

    The European Union’s insurance companies are particularly vulnerable to a prolonged low interest rate environment like the one seen in Japan in recent years, according to the results of a stress test of EU insurers by the European Insurance and Occupational Pensions Authority.

    04 Dec 2014

  • Santos delays hybrid after oil price fall knocks spreads

    Santos, the Australian upstream oil and gas company, has postponed its planned hybrid bond, after Opec’s decision to maintain production levels amid falling oil prices caused spreads to widen for energy companies.

    04 Dec 2014

  • New sub-sovereign channels sterling demand

    Sterling investors worried about a drop in Gilt supply from the United Kingdom this financial year after Wednesday’s autumn statement received some good news on Thursday, as a new issuer mandated banks on Thursday for a debut bond.

    04 Dec 2014

  • Dutch finally open gates for AT1 issuers, insurance ruling next

    Dutch banks have been given the official green light to issue additional tier one bonds, after the country’s First Chamber of Parliament voted to pass a proposal allowing additional tier one coupon payments to be tax deductible.

    04 Dec 2014

  • Canadian derivs markets take off, interest tipped to spike

    Demand in the Canadian derivatives markets is increasing as investors are drawn to the country’s financial stability, creditworthy banking system, proximity to the US and strong regulatory infrastructure. There has accordingly been a substantial growth in futures markets tied to the country’s natural resources and commodities trade, driven by both domestic and international investors.

    04 Dec 2014

  • Danfoss debut nets €500m for Vacon buy

    Danfoss, the Danish mechanical and electronic engineering company, issued its first public bond on Thursday, to fund its €1bn acquisition of Finnish rival Vacon.

    04 Dec 2014

  • We should welcome volatility to prepare for brittle regime

    In its 2014 annual report, the US Treasury’s Office of Financial Research (OFR) highlighted three threats to financial stability. One of these deserves investors' closest attentions.

    04 Dec 2014

  • People Moves in Brief

    Deutsche CEEMEA banker at risk - SocGen scoops Citi EQD chief - HSBC's Ahmad quits - A&O bets on high yield

    04 Dec 2014

  • Loans market divided over expectations for growth in 2015

    Loan Market Association (LMA) members are broadly optimistic about growth in syndicated loans next year, with an LMA survey showing around 45% of them expect an increase of 10% or more EMEA volumes. But 41.5% of participants expect volumes to remain rather unchanged, with these respondents increasing by nearly 7% from when the poll was conducted in 2013.

    04 Dec 2014

  • Sovereign CDS of oil exporters in the firing line

    The big story in the global economy as 2014 comes to an end is undoubtedly the sharp fall in the oil price. Brent crude has dipped below $70 a barrel, the lowest for about five years.

    04 Dec 2014

  • ICE to list Eris swap futures

    Intercontinental Exchange will list Eris futures and options from the first quarter of next year, heralding the onset of swap futures trading on the exchange.

    04 Dec 2014

  • CVC puts money on £800m Sky Bet acquisition

    CVC Capital Partners has bought Sky Bet, the online betting and gaming business of Sky, from the broadcasting group for £800m.

    04 Dec 2014

  • AfDB returns to offshore rand as funding alternatives dry up

    The African Development Bank has returned to the offshore South African rand bond market after 15 years away and is looking to enter the currency’s onshore market, as its typical forms of funding in the region have dried up.

    04 Dec 2014

  • Cariparma debut revitalises covered bond market

    A covered bond from Cassa di Risparmio di Parma e Piacenza (Cariparma) on Wednesday marked a shift in the European Central Bank’s pursuit of its purchasing programme of covered bonds. With bankers fretting that the eurosystem was killing the market, the official money showed up late and in smaller size meaning private investors had more of a look in than they have been used to, writes Bill Thornhill.

    04 Dec 2014

  • NAB goes green with climate bond

    National Bank of Australia priced the first Australian climate bond, exceeding its minimum target size for the deal by two times.

    04 Dec 2014

  • Leveraged loans in Christmas rush while high yield waits for New Year

    Loan lenders have been running between bank meetings this week as leveraged borrowers push the asset class into the market as close to Christmas as they can.

    04 Dec 2014

  • BNPP declined Ethiopia mandate

    BNP Paribas declined the mandate for Thursday's Ethiopia bond for compliance reasons, according to three sources familiar with the situation.

    04 Dec 2014

  • Two African financials set to close loans

    Two loans to African financials look imminent, said bankers on Thursday, with both Africa Finance Corporation in Nigeria and South Africa’s Standard Bank set to sign by next week.

    04 Dec 2014

  • ECB becomes a price taker

    This week the ECB scaled back buying in the primary covered bond market and gave the private sector a chance to set the price.

    04 Dec 2014

  • France in HY lead, Germany turns to banks

    France is likely to become the leading country in Europe for high yield issuance, Moody's has predicted, as the weakness of its banking system, relative to Germany's, will push issuers into the bond market.

    04 Dec 2014

  • Property upturn to boost Dalian Wanda $5.5bn IPO

    Sentiment towards China property companies took a positive turn this month after the People’s Bank of China (PBoC) cut its benchmark lending rate. Dalian Wanda Commercial Properties is primed to take advantage of the optimism and will open books for its IPO of around $5.5bn next week. But while equity investors are expected to welcome Dalian with open arms, others may not be able to attract the same following, write Rashmi Kumar and John Loh.

    04 Dec 2014

  • HSBC Turkey a Hulusi nation

    Hulusi Horozoğlu, previously head of global capital finance and debt finance at HSBC Turkey, has been promoted to assistant general manager, head of banking and capital financing. He is now responsible for all debt financing products as well as the bank’s investment banking operations which includes its M&A and equity capital markets business, global banking coverage, multinationals business and FIG.

    04 Dec 2014

  • Ethiopia launches $1bn debut offering

    Ethiopia has launched its debut offering at 6.625% after circulating initial price thoughts of 6.75% area on Thursday morning. Bankers say the starting point was generous based on the current trading levels of other African sovereigns.

    04 Dec 2014

  • Universal Terminals shelves $770m trust IPO for 2015

    Singapore’s Universal Terminals is shelving its S$1bn ($770m) IPO due to delays in completing certain procedural matters, but it could yet make a comeback next year.

    04 Dec 2014

  • Malakoff powers up $1bn IPO for next year

    Malaysian conglomerate MMC Corp is relisting its power arm, Malakoff Corp, in an IPO that could fetch over $1bn. The deal sets the stage for a showdown between two jumbo Malaysian listings of energy companies in the first half of 2015.

    04 Dec 2014

  • Leblanc plans exit from BNP Paribas loans

    Didier Leblanc, head of loan syndication and trading, Asia Pacific, at BNP Paribas, will leave the bank in January, according to a source.

    04 Dec 2014

  • Nirvana digs up investors for $294m Hong Kong IPO

    Nirvana Asia opened books for its HK$2.28bn ($294m) IPO on December 2, offering the shares at a level on a par with some of its closest comparables. And despite a busy week for the Hong Kong Stock Exchange, interest among investors for the Malaysian funeral services provider was strong right from the beginning.

    04 Dec 2014

  • Ping An prices chunky private placement

    Ping An Insurance Group has raised HK$36.8bn ($4.75bn) from a private placement of shares, with the tight pricing on the deal leading to the stock being allotted to the highest quality investors.

    04 Dec 2014

  • Lower tier two the sweet spot, says RBS

    Lower tier two debt is set to outperform in 2015, especially those of periphery banks, as investors begin to get selective on more deeply subordinated debt next year, according to Royal Bank of Scotland analysts.

    04 Dec 2014

  • Market unimpressed as FSC outlines reforms to revive Korea’s lacklustre equity markets

    South Korea’s Financial Services Commission (FSC) is trying to lift its anaemic stock market out of its slump with a raft of new measures, but market participants have been left underwhelmed.

    04 Dec 2014

  • European CLO leverage ‘at 2007 levels’

    Leverage levels of the single-B rated issuers that dominate European CLO portfolios are back to 2007 levels, according to Moody’s. But despite Europe’s continued deterioration of loan covenant quality and weak economic growth, the ratings agency still expects the asset class to perform strongly in 2015.

    04 Dec 2014

  • ICBC seals the deal with $5.7bn triple whammy

    Industrial and Commercial Bank of China’s additional tier one (AT1) bank capital trade was completed in style on December 3 as investors poured into the dollar, euro and offshore renminbi tranches. Like its predecessor Bank of China’s $6.5bn AT1 two months ago, the deal was highly oversubscribed at launch. But market participants were far more positive this time, lauding the issuer’s more market-driven approach, writes Rev Hui.

    04 Dec 2014

  • Singapore plots Asian bond trading platform

    The Singapore Exchange (SGX) is set to launch a dedicated over-the-counter (OTC) trading platform for Asian corporate bonds by the middle of 2015, the exchange has said.

    04 Dec 2014

  • UK bank tax shift lacks bite

    UK Chancellor of the Exchequer George Osborne’s promise to “ensure that all businesses and individuals pay their fair share, including by restricting the amount of banks’ profits that can be offset by carried forward losses”, is little more than window-dressing, which reschedules the use of deferred tax assets, but will have little impact in the long term.

    04 Dec 2014

  • 'Tis the season to be jealous

    The holiday season is something we all look forward to, but one thing about being in the game that I certainly don't miss is waiting for the yearly bonus. Now, don’t get me wrong, my charm and wit always ensured I was among the lucky ones in this regard. The problem was pretending to commiserate with my less fortunate chums.

    04 Dec 2014

  • Bond market in rate-cut-induced China property frenzy

    Chinese property developers are making the most of the bullish sentiment following China’s recent interest rate cut, with Logan Property Holdings and Yuzhou Properties Company pricing bonds this week.

    04 Dec 2014

  • Sebi to ease retail access to Indian stock markets

    The Securities and Exchange Board of India (Sebi) is making it easier for retail investors to participate in share sales, as some big government-led divestments line up to hit the market.

    04 Dec 2014

  • BoCom Taipei gets a helping hand from China rate cut

    China’s recent interest rate cut and a conservative approach to deal size helped Bank of Communications Taipei Branch price its Rmb2bn ($325m) Formosa bond tightly on November 27. The deal, which was only the second four tranche Formosa, was the first from a Chinese bank to feature a domestic Taiwan rating.

    04 Dec 2014

  • The death of the transformative bank merger

    FIG dealmaking will return in 2015, but it will be smaller and less exciting than it has been in the past, writes David Rothnie.

    04 Dec 2014

  • Argentina’s YPF heard planning tap before year end

    Argentine state oil and gas company YPF could tap its outstanding 10 year bonds any day now, according to a source close to the company.

    04 Dec 2014

  • Banks working on financings for Holcim Lafarge units

    Banks are working on financings for several bidders looking to acquire units of cement companies Holcim and Lafarge. The two cement companies, which are looking to merge, are spinning off assets in Europe, Asia and South America. Depending on the assets being targeted, bidders are looking for financing between $800m and $6bn.

    04 Dec 2014

  • Chile pays up for euro presence, renews 10 year in dollars

    Bankers close to Chile’s international bond market comeback said that the quality of the order book and long-term diversification meant it was worth the sovereign paying as much as 30bp more to sell 10 year debt in euros than it did in US dollars.

    04 Dec 2014

  • F&N lines up low pricing on S$1.3bn acquisition loan

    Pricing for a S$1.3bn ($991m) loan to back the acquisition of Vietnamese state owned Saigon Beer Alcohol Beverage Corp (Sabeco) has come in low, said bankers. Singaporean company Fraser and Neave (F&N), which is borrowing the money, has split the fundraising equally between a term loan and a bridge.

    04 Dec 2014

  • Taiwan political shift to pressure banks on China loan exposure

    Taiwanese lenders, already under increased regulatory scrutiny over their exposure to a slowing China, could face further headwinds after local elections in Taiwan, where the pro-Beijing Kuomintang (KMT) party lost in five of six large municipalities, writes Shruti Chaturvedi. Taiwan's banks are a key indicator of retail liquidity for loans in Asia, especially from China.

    04 Dec 2014

  • B&A Bank keeps Aussie RMBS rolling after Westpac jumbo

    Bendigo & Adelaide Bank added another A$600m (€409m) of Australian RMBS to the pipeline on Thursday, and though larger than the issuer’s previous offering this year the size pales in comparison to a deal from Westpac priced moments earlier.

    04 Dec 2014

  • Tough time for Indian high yield as two pulled on weak demand

    Indian high yield names have been some of the most sought-after credits this year as investor sentiment picked up following the election of pro-reform prime minister Narendra Modi. But that winning streak appears to have come to an end, at least temporarily, after Reliance Communications (RComm) and Lodha Developers pulled the plug on their deals this week, writes Narae Kim.

    04 Dec 2014

  • Far East Horizon signs upsized bullet loan at $272m

    Financial services company Far East Horizon has wrapped up a three year loan at a higher than launch size of $272m, with 16 banks. The bullet loan, which has been around since September, features a margin pegged to China’s state-owned Sinochem’s shareholding in Far East Horizon.

    04 Dec 2014

  • HPCL makes slick exit for $300m loan as 17 climb on

    India’s Hindustan Petroleum Corp has closed its $300m fundraising with commitments worth $225m pouring in from 12 lenders during general syndication. Although it got off to a slow start, the deal gained traction once lenders took into consideration the thinning in pricing for Indian state-owned names after it launched.

    04 Dec 2014

  • ASIMCO attracts three banks for $120m recap

    Three banks are looking to join a $120m dividend recap loan for diesel engine component maker ASIMCO Technologies. One has board approval for the transaction, while two have credit approval and are awaiting board approval, said a banker.

    04 Dec 2014

  • RBC posts record C$2.3bn profits in Q4 but takes capital markets hit

    Royal Bank of Canada made C$2.3bn of profits in its fourth quarter (August, September and October), an 11% increase that took its profit for the year to C$9bn. But the bank took a hit in its capital markets division, as revenues decreased 14% to C$1.49bn.

    04 Dec 2014

  • Kingboard launches HK$3bn refi into general

    Kingboard Laminates Holdings has returned to the market for an HK$3bn ($386.8m) refinancing of a deal from 2010. The company is paying a premium over its last fundraising, which it sealed at the beginning of the year, as it has been a frequent borrower and many banks already have exposure to it.

    04 Dec 2014

  • Sovereign links help Cagamas to shine in dollar debut

    The National Mortgage Corporation of Malaysia, or Cagamas, successfully embarked on its debut dollar bond on December 3, just two months after the Kuala Lumpur-based borrower made its debut in the dim sum market.

    04 Dec 2014

  • Keppel to price S$513m Reit IPO at the top

    Keppel Telecommunications & Transportation is set to price its S$513m ($393.8m) real estate investment trust at the top end of the price range, with institutional books more than comfortably covered, according to bankers.

    04 Dec 2014

  • Barings looks to RQFII for A share access

    The launch of the Shanghai-Hong Kong Stock Connect has not dampened enthusiasm for the Renminbi Qualified Foreign Institutional Investor (RQFII) scheme among asset managers looking to get access to Chinese markets. UK-based Baring Asset Management is the latest to have picked up an RQFII licence and it is eyeing the scheme as a way of investing in Chinese A shares.

    04 Dec 2014

  • Chalco goes live with credit-enhanced bond

    Aluminum Corporation of China (Chalco) is in the market for its second international bond of the year, opening books to a five year credit enhanced bond on December 4.

    04 Dec 2014

  • Rosinterbank tries again for debut CNH, but timing not easy

    Rosinterbank, a second tier Russian bank, has revived its plans for a debut renminbi-denominated bond, holding one-on-one investor meetings this week in Asia. The bank had appeared to be close to launching a bond back in August, but some bankers think it will not be much easier to get a deal away now, unless the borrower is prepared to price very generously.

    04 Dec 2014

  • Learning Curve preview: The big data challenge

    Regulators demand numerous know-your-customer checks to be performed and accurate client and counterparty data checks be made. Not only do firms need to make substantial changes to their internal processes to meet these requirements, they must ensure that the counterparty and client data they hold is accurate from the outset and then efficiently managed forevermore. Legal entity data management is far from a simple task, however, and with a swathe of risk management and investor transparency requirements due to come into force over the coming years, firms need to give this critical activity some serious attention. To read the full Learning Curve titled ‘The big data challenge: firms must act now’ written by Mark Davies, general manager and head of Avox, please go to www.globalcapital.com/derivatives/learning-curves.

    03 Dec 2014

  • DriveTime subprime auto ABS cheap for triple-A

    DriveTime’s subprime auto ABS was priced cheaper than recent subprime issuance, a development investors have attributed to rising delinquencies in subprime auto ABS and a recent enforcement action against DriveTime.

    03 Dec 2014

  • Investors fear jumbo RMBS despite strong collateral

    Jumbo RMBS issuance has picked up with new and repeat issuers coming to market with deals backed by strong collateral. However, while regular pre-crisis issuers are beginning to come back, the same cannot be said on the demand side where institutional investors are still wary of representations and warranties for new deals.

    03 Dec 2014

  • UK’s NewRiver Retail raises £75m in share placing

    NewRiver Retail, the UK retail property group, completed an intraday share placing on Wednesday to fund the acquisition of the 90% it does not already own, in a joint venture with LVS Luxembourg, a subsidiary of Pimco’s Bravo fund.

    03 Dec 2014

  • More blocks as Ontex increases, Merlin and Bank Zachodni price tight

    Another rash of block trades appeared in the European market this evening, though not as many as yesterday’s seven. The crop of four deals was led by a trade of €350m in Belgian nappy maker Ontex, where private equity groups TPG and Goldman Sachs are selling down after its IPO in June.

    03 Dec 2014

  • RenoNorden IPO covered within two days

    The initial public offering of RenoNorden, the Norwegian waste collection firm, had by Wednesday received sufficient demand from investors to get done within the price range, just two days after the deal was launched.

    03 Dec 2014

  • Allen & Overy hires Frankfurt partner in bet on high yield

    Allen & Overy is expanding its European high yield team by appointing a Germany-focused partner, who will also support the US corporate finance division.

    03 Dec 2014

  • Kegoc’s IPO struggles to garner support

    State-owned Kazakhstan Electricity Grid Operating Co (Kegoc) has extended the subscription period for its initial public offering to December 5, having managed to fill only a third of the book a day before the original deadline.

    03 Dec 2014

  • ACS aims to complete €2.2bn refi in January

    Grupo Actividades de Construcción y Servicios (ACS) of Spain is in talks with a group of banks to refinance €2.2bn of debt, and plans to complete the deal in January 2015.

    03 Dec 2014

  • Malaysian bourse launches new bond futures

    Bursa Malaysia Derivatives has launched enhanced five year bond futures, providing market participants with a tool to help manage risk in an environment governed by central bank interest rate policies.

    03 Dec 2014

  • Default would boost take-up of 2014 CDS defs

    A credit event similar to the 2013 default of SNS Reaal would test out new terms of derivatives contracts, and would be likely to convince some market participants to make the switch from credit default swap contracts governed by 2003 definitions, to the new rules implemented by the International Swaps and Derivatives Association earlier this year.

    03 Dec 2014

  • Volvo showered with €7.4bn book for debut hybrid after lightning roadshow

    Volvo joined the growing group of corporate issuers of hybrid capital on Wednesday, when it priced its first hybrid bonds. The deal was popular with investors, generating €7.4bn of orders.

    03 Dec 2014

  • Imerys sells 6 year tap and 10 year benchmark comfortably

    Imerys, the French industrial minerals supplier, tapped its 2.5% November 2020 bond for €100m ($124.34) and issued a new €500m 10 year on Wednesday.

    03 Dec 2014

  • CME, GFI revise strategic transaction to compete with BGC Partners

    CME Group has increased its offer for GFI Group to compete with a recent bid by BGC Partners. The exchange has now increased the consideration payable to GFI Group stockholders from $4.55 a share, to $5.25 a share, payable in a mix of CME Group Class A common stock and cash.

    03 Dec 2014

  • Funds sell vol on iTraxx as flows slow for winter

    Hedge funds and sophisticated real money accounts are cleaning up their credit option positions for year-end, which is resulting in sluggish flows on the indices.

    03 Dec 2014

  • UK cuts funding requirement

    The UK’s Debt Management Office has reduced its funding target for the 2014-2015 financial year by £1.3bn following the autumn statement by chancellor of the Exchequer George Osborne on Wednesday.

    03 Dec 2014

  • Business lending in Spain set to bounce back in 2015

    Spanish corporate borrowers have reached into the loan market to refinance in recent weeks, while business lending in Spain is set to bounce back, according to a report from Ernst & Young.

    03 Dec 2014

  • Siemens Audiology bags early orders for €745m loan

    Siemens Audiology Solutions has enjoyed early commitments and well attended bank meetings in New York and London to market its €1.06bn loan and bond package to lenders.

    03 Dec 2014

  • Sovereigns line up to lock in QE inspired prices

    Whether or not the European Central Bank announces a programme of sovereign quantitative easing at its next meeting on Thursday or — as many analysts predict — in the first quarter of next year, eurozone countries are already taking advantage of the plummeting borrowing costs generated by the expectation of central bank action.

    03 Dec 2014

  • Supranationals tap Antipodean long end as BNG prints in sterling

    International Finance Corporation is set to close a tap of an April 2025 Kangaroo, its longest dated line in Australian dollars. The deal comes shortly after World Bank tapped its longest dated Kauri bond.

    03 Dec 2014

  • Euros dominate in Clydesdale’s Lanark RMBS

    Clydesdale Bank’s Lanark 2014-2 RMBS transaction was priced on Wednesday afternoon with €250m more euro denominated notes than the issuer’s previous offering, while the sterling portion was £75m lower.

    03 Dec 2014

  • CEEMEA non-sovereigns prop up volumes as Russia absence hits home

    Emerging market bankers have increasingly come to rely on non-sovereign issuers outside of Russia in the CEEMEA region but even here, volumes are dwindling.

    03 Dec 2014

  • Dutch legislation heralds AT1 deals

    Dutch banks have been given the official green light to issue additional tier one bonds, after the country’s First Chamber of Parliament voted to pass a proposal allowing for the tax deductibility of additional tier one coupon payments.

    03 Dec 2014

  • Chile out with euros, dollars to follow

    Chile entered the market on Wednesday with its debut euro trade. It is also expected to announce a long dollar 10 year at the US open, which investors say could be printed at a yield of lower than 3%.

    03 Dec 2014

  • SocGen insurance subsidiary to roadshow perp

    Société Générale's insurance subsidiary Sogecap is looking to sell a euro denominated perpetual subordinated bond in the near future.

    03 Dec 2014

  • EM eyes on Ethiopia

    The CEEMEA and Latin America bond markets have made a slow start to December with no international bonds from either region yet printed. Instead all hopes rest on an African sovereign still on the road.

    03 Dec 2014

  • Sekerbank signs $50m trade finance line with EBRD

    Sekerbank will become the first Turkish bank to make use of the European Bank for Reconstruction and Development’s Trade Facilitation Programme (TFP), having agreed a $50m trade facility.

    03 Dec 2014

  • RBI hints at rate cut in 2015

    The Reserve Bank of India (RBI) has signaled that it may cut interest rates next year, depending on inflation and fiscal deficits.

    03 Dec 2014

  • Dollar mart remains open, ICBC to fathom euros for AT1

    The dollar market appears open to those issuers who don’t mind offering — initially at least — some extra spread to lure investors into order books.

    03 Dec 2014

  • Indian credits out in the cold as Reliance Comm and Lodha struggle to print

    Investor sentiment appears to have turned against India credits if the fate of two deals this week is anything to go by. Having extended its bookbuilding period there is still no sign of the debut from Reliance Communications while Lodha Developers is also giving investors more time to consider its trade.

    03 Dec 2014

  • Splurge of blocks brings ECM back to life

    Much improved conditions in the European equity markets, along with time pressure building at year end, yesterday triggered a minor landslide of block trades. Seven in European-listed stocks were launched on Tuesday night. An eighth, in Aercap Holdings, the Amsterdam-headquartered aircraft lessor, was being traded in the US.

    03 Dec 2014

  • Don’t expect much from ABS mezz, warns Barclays

    European ABS bankers believe the success of the European Central Bank’s ABS purchase programme (ABSPP) in improving real economy lending is all down to whether its actions will stimulate sales of mezzanine bonds to free up bank capital. But Barclays’ analysts aren’t holding their breath.

    03 Dec 2014

  • ICBC prices historic $5.7bn AT1 at 6%

    Asia is set for a hectic end to the year with Industrial and Commercial Bank of China (ICBC) set to complete its $5.7bn additional tier one (AT1) deal on December 3. While the deal is split into three currencies, dollar, euros, and offshore renminbi, pricing for all the portions will be the same, coming in at 6%.

    03 Dec 2014

  • No rest yet for corporate bonds, loans or levfin

    The pace in investment grade corporate bond market is a little easier than last week, after several weeks of heavy supply, with Monday and Tuesday producing just one new issue each after a quiet Friday. But the fun is not over yet. Mandates continue to pour in, boosted by the uptick in mergers and acquisitions in the second half of the year.

    03 Dec 2014

  • Issuers explore opportunities ahead of ECB verdict

    All eyes in the sovereign, supranational and agency market will be on the European Central Bank when it meets on Thursday, with eurozone sovereign yields hitting record lows in anticipation that further dovish measures will be unveiled — or at least hinted at. But while syndicated euro supply had all but dried up this week, there was still business to be done in non-core currencies.

    03 Dec 2014

  • Cosan buys back $365m perp ahead of bond

    Brazilian industrial conglomerate Cosan Indústria e Comércio will buy back at least $365m of its outstanding 8.25% perpetual deal after bondholders owning nearly three quarters of the existing notes agreed to tender their paper before the early bird deadline of December 1.

    03 Dec 2014

  • Tuniu makes plans for $100m follow-on

    Chinese online travel booking company Tuniu Corp, which counts Ctrip Investment Holdings and Qihoo 360 Technology as some of its shareholders, is eyeing a $100m follow-on offering before the end of the year.

    03 Dec 2014

  • Goldman moves in on Bankia real estate sell-off

    Goldman Sachs has got in on a recent surge of asset sales from Bankia, picking up a diverse portfolio of real estate loans from the nationalised Spanish lender.

    03 Dec 2014

  • Loans round-up: Kufpec, Medco Energi, China Petrochem, REC

    Kuwaiti oil company Kufpec has signed a $1bn five year term loan with a syndicate of banks.

    03 Dec 2014

  • CGN Power steals pole position with $3.2bn listing

    China’s largest nuclear power producer, CGN Power, has priced its IPO at the top of its range to raise HK$24.5bn ($3.2bn), thanks to overwhelming demand from institutional and retail investors. But final allocations have proved a challenge, with some bankers complaining about the lack of transparency.

    03 Dec 2014

  • Dalian Wanda builds momentum for $5.5bn IPO

    The Hong Kong ECM market is preparing for the largest IPO since 2011 with Dalian Wanda Commercial Properties hitting the road on Wednesday for its jumbo listing of around $5.5bn. Cornerstone investors are already queuing up and many international names are also putting in bids — a clear indication that the deal is not going to be a friends and family affair that is characteristic of many Hong Kong listings.

    03 Dec 2014

  • Cagamas takes orders for debut dollar bond

    The National Mortgage Corporation of Malaysia, or Cagamas, opened books on December 3 morning for its maiden dollar bond, just two months after it made its debut in the dim sum market.

    03 Dec 2014

  • Imperial Pacific completes $102m placement

    Hong Kong-listed food producer Imperial Pacific International Holdings has raised HK$791m ($102m) in a placement as the company readies funds to develop a casino resort.

    03 Dec 2014

  • Investors plunge into Chinese property as Sunac prices

    Sunac China Holdings joined the procession of Chinese property companies that have come to the market since China cut borrowing rates. The company raised $400m from a five non call three year bond on December 2.

    03 Dec 2014

  • JD.com shareholders net $619m from sell-down

    Shareholders in JD.com have raised $619m by selling some of their holdings in the Chinese online retailer, in a deal that was increased in size from the launch amount. There was no price sensitivity among investors, who clamoured for stock even as the share price spiked by 9% during bookbuilding.

    03 Dec 2014

  • Cheaper deal helps ABC HK to bigger bond

    Agricultural Bank of China (Hong Kong) was able to tap into a large order book this week to print a $500m bond that was nearly twice the size it had originally planned. The buoyant investor interest was driven by the deal’s pricing, as the issuer was willing to pay a slight new issue premium to push things through.

    03 Dec 2014

  • Archi drops $378m IPO as gold prices bite

    Archi Indonesia, the gold mining arm of the Rajawali group, has pulled the plug on its Rph4.6tr ($377.68m) IPO as tumbling gold prices thwarted investors.

    03 Dec 2014

  • Total Derivatives: Short-end CNY bid

    Anticipation of year-end liquidity pressure has backed paying interest in short-end CNY swaps. The 1s/5s NDIRS curve slope has flattened to sub-10bp levels but a correction is seen as unlikely in the near-term, writes Deirdre Yeung of Total Derivatives.

    03 Dec 2014

  • StanChart revamps research with new management

    Standard Chartered has promoted to Dave Murray to global head of research following the departure of Walkling. Meanwhile, Stewart Callaghan has been moved to fill Murray’s former position.

    03 Dec 2014

  • Aircraft ABS issuers learning to fly

    Aircraft ABS issuance has been strong over the last few weeks as investors have subscribed to new deals in what market participants call a vote of confidence for the US economy. Now two debut issuers have taken advantage of the strong market conditions.

    02 Dec 2014

  • Burst of blocks as sellers race for year’s last window

    After many days in which bankers have wondered why more sellers were not bringing block trades to what are very strong equities markets, today a burst of deals hit the screens.

    02 Dec 2014

  • Longer loans back Nissan's auto ABS

    Nissan is planning to issue its second auto ABS of the year backed by prime loans originated and serviced by the auto company’s captive finance arm. The transaction is the latest in a series of prime deals backed by longer term loans.

    02 Dec 2014

  • Contentious position limits back on CFTC agenda

    The US Commodity Futures Trading Commission has reopened the comment period for the much debated position limits following several years of deliberation, which is expected to result in new proposed rules or a new final rule, according to lawyers.

    02 Dec 2014

  • Regulatory harmonisation aids Canadian derivatives reporting

    Regulatory co-ordination between different authorities in Canada has helped market participants implement the trade reporting rules for over-the-counter transactions that came into effect on October 31.

    02 Dec 2014

  • France's Imerys mandates for tap and new issue

    Imerys, the French industrial minerals supplier, has mandated six banks for a tap of its 2.5% November 2020 bond and a new 10 year benchmark issue.

    02 Dec 2014

  • Casino returns for €650m 10.2 year in softer market

    French supermarket group Groupe Casino priced a €650m ($514.37m) 10.2 year bond on Tuesday, its third issue of the year. But its credit spreads have widened a little since its last deal on July 30.

    02 Dec 2014

  • AfDB back in rand after 15 year absence

    African Development Bank has sold its first international South African rand syndication since 1999 and may issue again in the currency before the year is out, GlobalCapital understands.

    02 Dec 2014

  • More haste, less ease

    It’s hard to find market participants that don’t think that a round of ECB sovereign bond buying is on the way. But the European Central Bank would be crazy to rush into another purchase programme without exhausting the other options.

    02 Dec 2014

  • BCA guides pricing on £270m refinancing loan after pulling IPO

    British Car Auctions, the UK second hand car seller, has marketed £270m of secured leveraged loans at a bank meeting today, as part of a refinancing of its debt structure.

    02 Dec 2014

  • Publicis mandates banks for euro bond to fund Sapient buy

    Publicis, the French advertising and PR firm, has mandated BNP Paribas and Citi to arrange a roadshow on Friday for a possible euro bond. The proceeds will be used as part of the funding for Publicis’s $3.7bn all cash acquisition of US company Sapient, announced on November 3.

    02 Dec 2014

  • Spie lays out price guidance on €911m loan at bank meeting

    Spie, the French engineering and communications firm, gave price guidance for its €911m loan at a London bank meeting on Monday.

    02 Dec 2014

  • Portugal to take hit on carry costs with large buffer

    Portugal plans to finish 2015 with a large cash buffer for the third year in a row, despite measly money market rates hiking the cost of holding money for pre-funding.

    02 Dec 2014

  • Spectrum Brands markets loans, prices bonds for €400m debt package

    Spectrum Brands, the US consumer products conglomerate, is holding a lender call today for the €150m loan portion of a €400m-equivalent debt bundle that it will use for acquisitions and general corporate purposes.

    02 Dec 2014

  • LCH reclassifies OTC commodity derivs as block futures

    LCH.Clearnet has partnered with Baltic Exchange and Cleartrade Exchange to clear OTC commodity derivatives as block futures in dry bulk freight forward agreements (FFAs). This move has been driven by market demand as participants adapt their trading strategies in the face of regulatory hurdles.

    02 Dec 2014

  • Goldcar sets off with price guidance on €275m buyout loan

    Goldcar, the Spanish car hire provider, set price guidance for a €275m 5.5 year term loan ‘B’ at a bank meeting on Monday, to back its buyout by InvestIndustrial.

    02 Dec 2014

  • Unitymedia breaks high yield torpor, then doubles deal to €1bn and $550m

    Heavy demand for Unitymedia's €785m bond issue on Tuesday turned it into a €1bn and $550m offer that still left some investors wanting more.

    02 Dec 2014

  • RSB's capital update is aggressive — but appropriate

    Russian Standard Bank is hoping to take a short cut to Basel III — using a consent solicitation to add write-down language to its old tier two debt. For investors worried about getting caught on the wrong side of the vote, RSB's proposal looks aggressive. But the function of bank capital is to protect the bank, not to simply reward investors without risk.

    02 Dec 2014

  • ECB opportunities limited as it limps to €368m of ABS

    The European Central Bank’s first foray into the European ABS market has predictably underwhelmed market participants, and the central bank will have precious few opportunities to add to its meagre tally before Christmas. But there are those looking at the covered bond market and saying a slower pace of purchases may be no bad thing.

    02 Dec 2014

  • HSBC senior Middle East levfin and M&A banker departs

    HSBC is to see a senior departure from its loans business in the United Arab Emirates.

    02 Dec 2014

  • Edwards appointed global head of EQD at UBS

    Shane Edwards, ex-global head of equities structuring at UBS in London, has been appointed head of global equity derivatives, effective this month.

    02 Dec 2014

  • Stan Chart hires new financials head for Europe

    Standard Chartered has hired Gwynne Master as head of financial institutions Europe within corporate and institution client coverage.

    02 Dec 2014

  • Challenger Aldermore sneaks into AT1 mart

    Deutsche Bank acted as sole bookrunner on an additional tier one deal from UK challenger bank Aldermore.

    02 Dec 2014

  • ECB purchases will boost SME CLO issuance, says Fitch

    While the majority of the European ABS market is shuddering at the thought of the European Central Bank crowding out their private investors with its purchase programme, Fitch expects SME CLO issuance to be buoyed by the central bank’s actions.

    02 Dec 2014

  • PBoC launches cross-border RMB loan initiative for FRPZ

    The People’s Bank of China (PBoC) Nanning central sub branch has released a set of pilot regulations on a cross-border renminbi loan initiative for corporates based in China's Yunnan Province-Guangxi Zhuang autonomous region financial reform pilot zone (Yunnan Guangxi FRPZ), which was launched by the PBoC in November 2013. According to a copy of the regulations obtained by GlobalRMB, corporates can now get RMB loans from banks to expand their business in the FRPZ.

    02 Dec 2014

  • CDS notional, rates trading declines week-on-week

    Overall credit default swap notional that was reported to swap data repositories last week decreased by 40% from the previous week, according to data from the International Swaps and Derivatives Association. Overall interest rate derivatives trading that was reported was also down by 18% from the previous week. This follows a week of sizeable increases in trading volumes in both CDS and rates.

    02 Dec 2014

  • The big data challenge: firms must act now

    In today’s regulatory environment there are numerous know-your-customer checks that need to be performed and accurate client and counterparty data checks that need to be made to ensure global regulatory obligations are met. Not only do firms need to make substantial changes to their internal processes to meet these requirements, they must ensure that the counterparty and client data they hold is accurate from the outset and then efficiently managed on an ongoing basis. Legal entity data management is far from a simple task, however, and with a swathe of risk management and investor transparency requirements due to enter into force over the coming years, firms need to give this critical activity the appropriate consideration.

    02 Dec 2014

  • Central China Real Estate seeks looser covenants on 2016s

    Central China Real Estate is hoping to amend the covenants on a bond it issued in 2012 to give the company more flexibility as it grows its business. It has sent out a consent solicitation to investors about the change.

    02 Dec 2014

  • Tata Steel gets $940m during general

    Syndication for the $3.2bn portion of Tata Steel’s $5.6bn borrowing has seen about 13 banks join with nearly $940m in commitments, said a banker. Allocations for the deal are due to be out soon.

    02 Dec 2014

  • NAB hits ‘last open market’ with fixed, floating pair

    National Australia Bank has announced a 144A/Reg S deal hoping to print in what may be the only safe primary market format to sell bonds in for the remainder of the year.

    02 Dec 2014

  • Structured shake-up at AXA IM

    AXA Investment Managers has combined its fixed income and structured finance divisions into one, with the structured finance team split into two platforms, which the fund manager says will make it more aligned with how clients think about their investments.

    02 Dec 2014

  • ABC HK seeks funding with 3yr bond

    Agricultural Bank of China (Hong Kong) is tapping the debt market for the second time this year, opening books for a three year transaction on December 2. But unlike its earlier trade, which was done in offshore renminbi, the issuer is engaging investors for dollars.

    02 Dec 2014

  • Xiabuxiabu launches $146m IPO with one cornerstone

    Chinese hotpot chain Xiabuxiabu Catering Management Holdings has started taking orders for its HK$1.13bn ($146m) IPO, with the company being pitched at a discount to its peers.

    02 Dec 2014

  • Won-yuan direct trading starts in Korea, but full convertibility needed

    South Korea officially kicked off its onshore Won (KRW) and renminbi (CNY) direct trading market on Monday (December 1) in Seoul, after the regulator announced the initiative last month. While the move is seen as another step in the building up of a local RMB market, Korean market participants said to GlobalRMB that the convertibility of the won in China’s onshore market is what would be needed to fully promote RMB internationlisation in Korea.

    02 Dec 2014

  • Lodha Developers building for debut offshore bond

    India’s largest residential property company Lodha Developers is in the market for its debut offshore bond, having started receiving orders on December 2.

    02 Dec 2014

  • Asian Healthcare plans $219m Spac IPO

    Special purpose acquisition companies (Spacs) are diversifying with talks to launch vehicles in sectors such as plantation and property. Asian Healthcare Group is now paving the way for a whole new industry after filing a draft prospectus for a MR750m ($219m) IPO on Bursa Malaysia.

    02 Dec 2014

  • CGN Power closes books early on stellar demand

    CGN Power has closed books a day earlier than scheduled after seeing massive oversubscription for its HK24.52bn ($3.16bn) IPO, with pricing now likely to be done overnight.

    02 Dec 2014

  • Chinese property enjoy winning streak with dollar bonds

    Chinese property developers are making the most of the bullish sentiment following the recent post-rate cut to price dollar bonds.

    02 Dec 2014

  • Southeast Asia Cement gets nod for share sale

    Southeast Asia Cement Holdings has received board approval to offer for sale or subscription new common shares by way of a public offering in the Philippines.

    02 Dec 2014

  • RComm extends bookbuilding for $255m bond

    The bookbuilding process for Reliance Communications’ (RComm) $255m bond has been extended until the end of December 2, according to bankers close to the trade.

    02 Dec 2014

  • Nirvana hits the market for $294m listing

    Nirvana Asia opened books for its HK$2.28bn ($294m) IPO on Tuesday, December 2, offering the shares at a level on par with some of its closest comparables. And despite the busy week for the Hong Kong Stock Exchange, interest among investors for the Malaysian funeral services provider is already very strong, say bankers.

    02 Dec 2014

  • Don't let the China bears spoil the IPO market

    The Hong Kong IPO market is on for a blazing end to the year, with chunky planned listings from the likes of BAIC Motor, CGN Power and Dalian Wanda. It should be a positive news story but the China bears are out in force. They aren't all wrong, but investors would do well to evaluate these deals on a case-by-case basis.

    02 Dec 2014

  • LatAm oil giants keep up capex in strikingly different circumstances

    Latin America’s three largest oil companies are maintaining hefty investment programmes in spite of tumbling oil prices, thanks to their low production costs and comfortable profit margins. Yet that is about as far as the similarities go for Venezuela's PDVSA, Brazil's Petrobras and Mexico's Pemex.

    02 Dec 2014

  • t-broad picks banks for $450m IPO

    South Korean internet broadcaster t-broad is targeting an IPO of as much as W500bn ($450m) on the domestic market in the second half of next year, and has appointed two banks to work on the listing.

    02 Dec 2014

  • HKEx launches RMB metal mini futures

    The Hong Kong Stock Exchange (HKEx) launched on December 1 three mini futures contracts denominated in RMB. Approximate notional value of the contracts traded in the first day of trading was Rmb187m ($30.4m).

    02 Dec 2014

  • M800 dials up investors for $150m HK IPO

    Hong Kong-based telecommunications company M800 has started investor education for its IPO, as it looks to raise $150m before the end of the year.

    02 Dec 2014

  • Prime jumbo RMBS at risk, Fitch says

    Prime jumbo RMBS is at risk of payment disruptions caused by borrower defaults on adjustable rate mortgages originated before the financial crisis, according to Fitch.

    01 Dec 2014

  • SGX derivs volumes spike post-Stock Connect launch

    The Singapore Exchange logged record volume of derivatives transactions in November with daily average trading volumes up 45% year-on-year, following the launch of the Shanghai-Hong Kong Stock Connect last month. This was primarily driven by FTSE China A50 futures and SGX FX futures in the Indian rupee and renminbi.

    01 Dec 2014

  • Société Générale names head of ECM for Poland

    Société Générale has appointed Jan Rekowski as head of equity capital markets in Poland, as it seeks to develop its brokerage activities on the Warsaw Stock Exchange.

    01 Dec 2014

  • Clifford Chance launches US RMBS practice

    Clifford Chance, the UK based global law firm, has tapped a team of five lawyers from Bingham McCutchen to bolster its structured finance practice in Washington, DC. The additions are a big move by Clifford Chance into both the RMBS and consumer ABS space.

    01 Dec 2014

  • Dubai Parks closes retail tranche of IPO after insto hit

    Dubai Parks and Resorts closed the subscription period for the retail tranche of its $688m public offering on the Dubai Financial Market on Sunday, November 30.

    01 Dec 2014

  • LCH.Clearnet appoints new CEO, COO

    Michael Davie, CEO of LCH.Clearnet Limited, has been appointed group chief operating officer in a newly created role. Martin Pluves, COO of the firm, will replace Davie as CEO.

    01 Dec 2014

  • Shionogi rides crest of Nikkei bull wave with ¥20bn CB

    Shionogi, the Japanese pharmaceutical company, took advantage of its share price reaching an all time high on Monday to launch a ¥20bn ($169.9m) convertible bond, to finance a share buyback.

    01 Dec 2014

  • Wereldhave launches €550m rights issue

    Wereldhave on Monday set the terms of its €550m rights issue, as the Dutch property company seeks money to finance its acquisition of six shopping centres in France.

    01 Dec 2014

  • Starwood Waypoint SFR to price wider

    Pricing information was released for Starwood Waypoint Residential Trust’s first single family rental (SFR) securitization on Monday.

    01 Dec 2014

  • German states tap market amid record low Bund yields

    A pair of German states jumped into the euro market at the start of the week, grabbing the opportunity to source cheap funding as speculation that the European Central Bank could start buying government bonds pushed Bund yields to record lows. But despite the luscious funding conditions, bankers are struggling to find supply.

    01 Dec 2014

  • Albemarle pays up for €700m euro debut

    Albemarle, the US speciality chemicals company, priced a €700m ($867.32m) seven year bond on Monday to finance its acquisition of Rockwood Holding, another US company. It is the latest in a spate of US corporate issues in euros, but Albemarle paid a high premium for its debut in the currency.

    01 Dec 2014

  • Spain set for record breaking auction as QE chatter mounts

    Spain is set to enjoy a record busting auction of 10 year debt on Thursday, after its secondary yields hit record lows on Monday amid speculation that the European Central Bank will give further hints towards — or even announce plans for — sovereign quantitative easing at its next meeting the same day.

    01 Dec 2014

  • Hybrid pipeline swells as Merck hits the road

    Merck KGaA, the Darmstadt-based pharmaceutical company, has mandated banks for a hybrid bond issue, as part of the refinancing of loans for its $17bn (€13bn) acquisition of Sigma-Aldrich, the US life sciences and high tech materials group.

    01 Dec 2014

  • Mapfre close to a deal on €1bn self-arranged amend and extend

    The Spanish insurance company Mapfre is near to completion on a loan refinancing deal with 11 banks.

    01 Dec 2014

  • Altice wins Portugal Telecom assets for €7.4bn

    Altice made a firm step towards adding to its European telecoms portfolio on Sunday, when Brazilian telco Oi accepted a raised €7.4bn offer from the French company for the Portuguese assets of Portugal Telecom.

    01 Dec 2014

  • Cinven sells last of Gondola, making 2.4 times its investment

    Cinven has exited from two of its portfolio restaurant companies, Ask and Zizzi, in a £250m secondary buyout deal with Bridgepoint.

    01 Dec 2014

  • PSB bond buy-back is positive signal, say analysts

    Promsvyazbank has repurchased just under 20% of its old style tier two 10.2% 2019s at market price. Analysts said this was a positive sign that the bank has liquidity and is comfortably capitalised.

    01 Dec 2014

  • Hermes boosts LatAm division

    Hermes Investment Management has boosted its emerging markets team with a senior hire in its Latin America division.

    01 Dec 2014

  • ISDA elects Eric Litvack as chairman of the board

    The International Swaps and Derivatives Association has elected Eric Litvack, managing director and head of regulatory strategy for Société Générale’s global banking and investor solutions business, as its new chairman. He will take over from current chairman Stephen O’Connor, on January 1, 2015.

    01 Dec 2014

  • Spate of African loans for December, likely to spill over to 2015

    African loans are set for a busy run to the end of the year, say bankers, with a number of deals likely to come in December, while others will spill over into the first quarter of 2015.

    01 Dec 2014

  • EBA launches MREL consultation

    The European Banking Authority said in a consultation paper that it expects that the Minimum Requirement for Own Funds and Eligible Liabilities (MREL), to be applied to EU banks, to be “compatible” with the Financial Stability Board’s proposal for Total Loss Absorbing Capacity (TLAC).

    01 Dec 2014

  • Virgin picks up £363m more in credit cards

    Virgin Money has acquired another chunk of credit card assets from Bank of America’s MBNA as it looks to build its footprint in the product, with the UK challenger bank set to take full control of its developing cards business next year.

    01 Dec 2014

  • Deutsche puts senior DCM banker at risk

    Natasha Isakova has been put at risk of redundancy by Deutsche Bank where she had been working in CEEMEA origination for around a year as a managing director.

    01 Dec 2014

  • Moody’s downgrades Japan to A1

    Moody’s has downgraded the Government of Japan’s debt rating by one notch from Aa3 to A1 with a stable outlook. The assessment comes on the tailwinds of mounting concerns over Japan’s ability to reduce fiscal deficit and the effectiveness of Abenomics.

    01 Dec 2014

  • Hoist by one's own petard

    Loan Ranger’s shameless attempts to drum up some controversy last week had a bigger, more immediate and ultimately self-defeating effect than even he expected.

    01 Dec 2014

  • Linekong shoots for $150m IPO on GEM

    Linekong Interactive Co, which started testing investor appetite on Monday, December 1 for a $150m IPO, has had to turn away cornerstone investors due to swelling demand for the game developer.

    01 Dec 2014

  • Mystate builds on return to RMBS funding

    Mystate Financial has hired banks for a new Australian residential mortgage-backed transaction, almost exactly a year since its last offering.

    01 Dec 2014

  • Kingboard returns for HK$3bn refi

    Kingboard Laminates Holdings has returned to the market for an HK$3bn ($386.8m) refinancing of a deal from 2010. The company is paying a premium over its last fundraising, which it sealed at the beginning of the year, as it has been a frequent borrower and many banks already have an exposure to it.

    01 Dec 2014

  • Quarter of insurers would fail Japan scenario, says EIOPA

    The European Union’s insurance companies are particularly vulnerable to a prolonged low interest rate environment like the one seen in Japan in recent years, according to the results of a stress test of EU insurers by the European Insurance and Occupational Pensions Authority.

    01 Dec 2014

  • Italy and Ireland join quickening run of retentions

    An SME ABS from Italy and an RMBS transaction from Ireland have taken retained transaction in Europe to €125bn for the year so far, around a quarter more than 2013’s total as deal economics remain prohibitive for many originators.

    01 Dec 2014

  • Peking University Resources plans $248m placement

    Peking University Resources will open books at the end of December for a HK$1.93bn ($248.47m) placement to fund the purchase of property development projects in China.

    01 Dec 2014

  • Indonesia's Pelindo II attracts 45 in general

    Pelabuhan Indonesia II’s $1bn loan that opened into general syndication in October, has attracted commitments worth $1.298bn from 45 banks.

    01 Dec 2014

  • Ping An nets $4.75bn from tightly priced private placement

    Ping An Insurance Group has raised HK$36.8bn ($4.75bn) from a private placement of shares, with the tight pricing on the deal leading to the stock being allotted to the highest quality of investors with a long term view on the company.

    01 Dec 2014

  • Indonesia targeting dollar, euro and yen in 2015

    One of Asia’s most consistent sovereign issuers, the Republic of Indonesia, is set to tap the market four times in three different currencies next year, according to a spokesperson for the country’s Directorate General of Debt Management.

    01 Dec 2014

  • Feiyu prices $98m IPO in the middle despite Weibo link

    Mobile game developer Feiyu Technology International Co priced its IPO in the middle at HK$2.20 ($0.28) a share to raise HK$659.21m, even as books were covered across the price range.

    01 Dec 2014

  • Momo connects to investors for $232m US IPO

    Mobile-based social networking platform Momo’s $232m Nasdaq IPO has been met with overwhelming demand on the first day into bookbuilding, as the company’s link to Alibaba Group led to investors rushing into the deal.

    01 Dec 2014

  • Vietnam ten year corp bonds make a comeback with Masan

    Mansan Consumer has priced its landmark 10 year bond that is backed by the Credit Guarantee Investment Facility (CGIF). The VND2.1tr ($98.6m) is Vietnam’s first corporate bond in the maturity since 2007.

    01 Dec 2014

  • Rate cut drives Chinese property bond rush

    Chinese property is back firmly on the menu this week two companies opened books and a second pair start roadshowing on Monday. Opportunistic borrowers piling into international bonds market to take advantage of the post-rate cut bullish sentiment.

    01 Dec 2014

  • RComm takes cue from soft markets with wider guidance

    Reliance Communications stated taking orders for a $255m bond on December 1 at a premium to its comparables as the telecom giant tries to navigate its way out of weak market conditions.

    01 Dec 2014

  • BAIC moves forward with $2bn HK IPO

    BAIC Motor Corp, which has joint ventures with brands such as Mercedes and Hyundai, has stared educating investors about its $1.5bn-$2.0bn Hong Kong IPO that is set to open books on December 8.

    01 Dec 2014

  • The reason for the season: ECM Christmas musings

    Forget about reindeer with shiny noses, fir trees and shopping mall carols. For those in the finance industry, the end of the year takes an altogether different meaning, writes Philippe Espinasse.

    01 Dec 2014

  • OPEC decision adds to Venezuela worries

    Venezuela needs to act in the face of falling oil prices after the price of a barrel of Brent crude slumped below $70 per barrel for the first time in four years in the wake of OPEC’s decision on Thursday to maintain output levels, analysts said.

    01 Dec 2014

  • Far East Horizon wraps up upsized loan at $272m

    Financial services company Far East Horizon has wrapped up a three year loan at a higher than launch size of $272m loan, with 16 banks. The bullet loan, which has been around since September, features a margin pegged to China’s state owned Sinochem’s shareholding in Far East Horizon.

    01 Dec 2014

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 15 Dec 2014
1 JPMorgan 342,922.92 1311 8.41%
2 Barclays 300,648.86 1032 7.37%
3 Citi 290,963.57 1128 7.14%
4 Deutsche Bank 287,219.96 1136 7.04%
5 Bank of America Merrill Lynch 282,489.76 1009 6.93%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Dec 2014
1 BNP Paribas 52,003.11 221 7.02%
2 Deutsche Bank 51,241.89 139 6.92%
3 Citi 40,105.19 112 5.41%
4 JPMorgan 36,476.66 84 4.92%
5 Credit Agricole CIB 36,447.56 151 4.92%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Dec 2014
1 JPMorgan 26,935.89 136 8.98%
2 Goldman Sachs 26,008.57 92 8.68%
3 UBS 23,085.08 92 7.70%
4 Deutsche Bank 22,844.76 91 7.62%
5 Bank of America Merrill Lynch 21,916.84 81 7.31%