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News Archive

  • Advanced Computer Solutions has to widen dollar loan pricing in weak market

    Advanced Computer Solutions, the UK software and IT services provider, has widened pricing on the dollar tranches of its £498.5m acquisition loan, in response to weak market conditions in the US.

    29 Jan 2015

  • Whoops! Lukashenko shanks it sparking Belarus sell-off before ministry admits mistake

    Comments from Belarus’ president Alexander Lukashenko that the country may hold debt restructuring talks this year, sent Belarus’ 2015 Eurobond crashing 26 cash points. However the Ministry of Economy later clarified that Belarus fully intends to service its debt and that the president had accidently said restructuring when he meant to say refinancing.

    29 Jan 2015

  • Bank of England flags limits to regulation in markets review

    Andrew Hauser, director of markets strategy at the Bank of England said on Thursday that market discipline must lie at the heart of attempts to fix conduct in wholesale markets.

    29 Jan 2015

  • RBI aims for 20% asset cut, with Russian lending in the crosshairs

    Raiffeisen Bank International will cut its risk-weighted assets by 20%, in a move aimed at reducing its exposure to Russia and bolstering its capital buffer.

    29 Jan 2015

  • IB profits collapse at Nomura as fixed income declines

    Nomura reported a sharp decline in investment banking revenues and profits for the final quarter of 2014 — the third quarter of the bank’s 2014/2015 fiscal year — on Thursday. The Japanese bank suffered from plummeting revenues in its fixed income business, particularly in EMEA and the Americas.

    29 Jan 2015

  • Citi and CS lead first rated P2P consumer loan securitization by Blackrock and Prosper

    Citi and Credit Suisse have bagged lead underwriting roles for Blackrock's securitization of unsecured consumer loans originated through online marketplace lender Prosper, the first such deal to be assigned a public rating.

    29 Jan 2015

  • Slovakia’s Eustream mandates for euros, Russia link batted aside by leads

    Slovakia’s Eustream, a crucial pipeline that carries Russian gas to Europe, has mandated Citi, ING, Société Générale and UniCredit to arrange a series of fixed income investor meetings in Europe starting on Monday.

    29 Jan 2015

  • Belarus restructuring talks indicative of EM contagion

    Belarus’ president Alexander Lukashenko has suggested that the country may hold debt restructuring talks this year, just weeks after the country sent out an RFP for a new Eurobond. The news sent Belarus’ 2015 Eurobond crashing 26 cash points. Emerging market bankers warned of a contagion effect in EM debt restructuring.

    29 Jan 2015

  • Issuers keep away from primary baffled by market sentiment

    European FIG issuers are keeping their distance from the primary market as they try to decipher whether bullish sentiment brought on by the European Central Bank’s upcoming quantitative easing programme is outweighing fears of contagion stemming from political and fiscal uncertainty in Greece.

    29 Jan 2015

  • Analysts sceptical on Russian bad bank plans

    Russian officials are due to present plans for a bad bank to the government on Friday, as part of a range of measures unveiled on Wednesday aimed at combating the sharp economic downturn. But the creation of a bad bank is the most uncertain of all the proposed measures, said Russian bank analysts, and has attracted opposition from high ranking ministers.

    29 Jan 2015

  • TLAC takes shape as HK has second consultation

    Hong Kong has published its second consultation paper (CP2) on a resolution regime for financial institutions, as it readies itself for a new set of capital requirements – Total Loss Absorbing Capacity (TLAC). Market participants expect bond volumes to go up as banks prepare for the new regime, although for that to happen, the government will need to come up with answers to some tough questions, writes Rev Hui.

    29 Jan 2015

  • China inches closer to Reit market launch but doubts linger over small print and yields

    A long-stalled proposal to allow real estate investment trusts (Reits) in China re-emerged this week. The plan, slated for the first half of this year, is expected to help de-gear the balance sheets of Chinese homebuilders and tide them over a possible liquidity crunch. But as the plan has been on ice for a decade, questions abound as to its effectiveness — and whether it will find willing buyers and sellers, writes John Loh.

    29 Jan 2015

  • Russell-Davison to lead DCM at StanChart

    Standard Chartered has promoted Aaron Russell-Davison to the newly created role of head of debt capital markets as it continues to develop its bonds franchise.

    29 Jan 2015

  • K Wah limits syndication for HK$3bn facility

    K Wah Financial Services has hit the market for a dual tranche fundraising of HK$3bn ($387m), with seven banks in the lead position. The mandated lead arrangers and bookrunners have invited only a limited number of banks to join, as the borrower is not looking for a big syndicate.

    29 Jan 2015

  • Loan gaffe won’t take sheen off Pelindo II

    Pelabuhan Indonesia II (Pelindo II) surprised loans bankers this week with its decision to limit a $1bn borrowing to just over half that amount, causing the cancellation of general syndication. This was just the latest twist for a loan that has been anything but straightforward, though the outcome is unlikely to hurt the borrower in the long run.

    29 Jan 2015

  • Indonesia Eximbank looks for $600m in two tranches

    Indonesia Eximbank has sent out requests for proposals for a $600m dual tranche facility that comes with the option of increasing the loan size to $750m.

    29 Jan 2015

  • Akbank pushes longer tenor at start of Turkish loan wave

    Akbank is using a novel loan tenor structure as it leads the first wave of Turkish bank refinancings this year, in a move that could set a benchmark for peer borrowers.

    29 Jan 2015

  • US helps CAR hit Asian high yield highway in popular debut

    China Auto Rental (CAR) broke new ground when it became the first Asian car rental company to sell an offshore bond on January 28. Strong demand from investors allowed it to increase the deal and bankers hope its success will encourage some much needed diversification in the high yield market, writes Narae Kim.

    29 Jan 2015

  • US pair to kick off European CLOs’ quest for €20bn year

    US based asset managers Pramerica and Carlyle are working on what may prove to be the first European CLO deals of the year. Investor demand lower down the capital structure remains a concern for the market but some players think relative value arguments could help solve that problem and help drive issuance towards €20bn in 2015.

    29 Jan 2015

  • Haier International breezes to $360m as nine come in

    Chinese consumer electronics appliance maker Haier International has allocated its three year facility at a larger-than-launch size of $360m. The borrower’s relationship banks came in with big tickets, encouraged by the company's growth potential and leading position in China.

    29 Jan 2015

  • Deutsche defies fixed income doubters

    Deutsche Bank’s fourth quarter numbers show the firm defying doubters who questioned the wisdom of its recommitment to fixed income trading. The bank reported fourth quarter debt sales and trading revenues up 13% to €1.15bn, against a backdrop of its US peers reporting drops of 16% (Citi) to 30% (BAML).

    29 Jan 2015

  • Petrobras widens again as no write-downs extend uncertainty

    Petrobras’ debt curve sold off on Wednesday after the company disappointed investors by not including write-downs from a corruption investigation into its contracting practices in its delayed Q3 2014 results released on Tuesday night.

    29 Jan 2015

  • Intercorp to bring Peruvian supply with LM plan

    Peruvian conglomerate Intercorp will begin a roadshow with international bond investors on Thursday as the company looks to raise new debt to fund the buyback of its existing 2019s.

    29 Jan 2015

  • StanChart names new DCM chief

    Standard Chartered has promoted Aaron Russell-Davison to the newly created role of head, debt capital markets as it continues to develop its bonds franchise.

    29 Jan 2015

  • New Angel Oak platform to bolster non-QM market

    Angel Oak Mortgage Solutions is launching an online platform to underwrite non-QM loans which are expected to serve as collateral for new securitizations.

    28 Jan 2015

  • OneMain upsizes consumer loan ABS

    Citigroup subsidiary OneMain Financial launched its first consumer loan securitization of the year on Wednesday, upsizing the deal from to $1.229bn from its initial target of $737.5m.

    28 Jan 2015

  • Deutsche loses FX trading bigwig

    Benoy Raveendran, head of options, exotics and cross-currency swaps trading at Deutsche Bank in London, has left the firm.

    28 Jan 2015

  • First STACR first-loss piece priced at 1150bp over Libor

    Freddie Mac’s first risk-sharing transaction to offer part of its first loss piece to investors was oversubscribed across all tranches, an individual close to the deal told GlobalCapital. The $880m deal, priced on Wednesday, is Freddie’s first STACR issuance of the year.

    28 Jan 2015

  • RMBS and ABS head takes over CLOs after Deutsche trading exodus

    Deutsche Bank’s head of non-agency RMBS and consumer ABS trading has taken over CLO trading after the departure of Richard Rizzo last week. People familiar with the situation at the bank, which just priced its first US CLO of the year, say it is still fully committed to the business, but some investors are sceptical.

    28 Jan 2015

  • Elis launches €750m Paris IPO

    Elis, the French workwear laundry company owned by Eurazeo, today launched its initial public offering in Paris, as it hopes to raise €750m to reduce its debt levels.

    28 Jan 2015

  • Cades lands bumper Renminbi deal

    France’s Caisse d’Amortissement de la Dette Sociale sashayed into the offshore Renminbi market in style on Wednesday, becoming the first French public sector issuer to print CNH — and printing the biggest ever deal from a European agency.

    28 Jan 2015

  • Exchange chief departs LCH.Clearnet

    Alberto Pravettoni, managing director and global head of exchanges at LCH.Clearnet in London, has left the firm.

    28 Jan 2015

  • FX volume in the US hits record high of $1 trillion

    The average daily volume total for over-the-counter FX instruments in the US was up by 35% in October 2014 versus April 2013 surpassing $1tr, the highest volume recorded since the survey began in 2004.

    28 Jan 2015

  • Full steam ahead for IPOs, despite Greece and US wobble

    Greece’s general election was one of the big risks to equity capital markets on the calendar since the year began – but markets have shaken off the triumph of an anti-austerity coalition that wants huge debt relief. Markets outside Athens, that is – the ASE Index has fallen 12.7% over two and a half days, led by the banks.

    28 Jan 2015

  • Greek contagion worries played down as periphery readies auctions

    Periphery eurozone sovereign yields rose on Wednesday as a freshly elected Greek government hinted that it is prepared to take a bullish stance in relations with its European Union partners. But rather than being a result of contagion fears from Greece to the rest of southern Europe, SSA bankers blamed the yield increases on technical factors — boding well for a pair of auctions on Thursday.

    28 Jan 2015

  • Investors flood UK linker tap despite negative yields

    Investors flocked to a tap of a long dated inflation-linked Gilt on Wednesday, with books hitting £7bn in 10 minutes, despite the yield on offer dropping to nearly minus 90bp.

    28 Jan 2015

  • Belgium harbours long end ambitions after ECB exceeds expectations

    The Kingdom of Belgium is mulling the possibility of printing its longest ever bond syndication this year, after the European Central Bank unveiled a programme of sovereign bond buying that crushed even further already low European government bond yields.

    28 Jan 2015

  • Strabag takes tight price but the devil is in the retail

    Austrian construction firm Strabag has taken advantage of favourable market conditions to issue a €200m 7 year bond with a 1.625% coupon, but the low absolute yield hit retail interest in the deal.

    28 Jan 2015

  • Solenis closes €85m loan with increase and tight OID

    Solenis, the US chemicals producer, has closed books on an €85m six year term loan that backs its acquisition of Clearwater Specialties, increasing the facility by €10m.

    28 Jan 2015

  • Nasdaq prepares automated individually segregated accounts

    Nasdaq OMX is working on a new model for collateral management at its clearing house, which could revolutionise the way clearing members handle the operational hurdles of individually segregating each client’s cash and collateral.

    28 Jan 2015

  • JPX, SGX launch direct network for listed derivs

    The Japan Exchange and The Singapore Exchange have launched a co-location direct service to offer straight through international network connectivity between data centres in either country following a letter of intent signed between the two exchanges last December.

    28 Jan 2015

  • QE optimism could boost loans in 2015, after record year in 2014

    European investment grade syndicated lending last year reached its highest volume since 2007, at $716.9bn, according to Dealogic data. More mergers and acquisitions are needed to maintain such high volumes in 2015, bankers agree, and QE could be a driving force for M&A.

    28 Jan 2015

  • Moulton makes no apology to MPs for using secured loan for City Link

    Jon Moulton, founder of Better Capital, gave a robust defence of his firm's handling of the collapse of City Link, the UK deliveries company, before a parliamentary committee on Tuesday.

    28 Jan 2015

  • Greece plays Russian sanctions card, but is it a trump?

    Greece's new government on Tuesday said that the EU did not have their consent for the statement released condemning Russia's alleged involvement in the Ukraine crisis and calling for broader sanctions. Analysts see the move as one designed to put pressure on the EU for a re-profiling of the country’s debt and has raised questions around whether the EU will now be able to escalate Russian sanctions without giving in to Greece.

    28 Jan 2015

  • Tunisia’s 10 year a landmark in its bond market rehabilitation

    A strong reception to a 10 year Eurobond from Tunisia this week — its first conventional bond since the Arab Spring — marks a large step towards Tunisia’s political and economic rehabilitation, said emerging markets bankers.

    28 Jan 2015

  • Sarens shows small HY deals still work with €125m hit

    Sarens Group, a Belgian heavy lifting specialist, has priced its debut bond issue 25bp tighter than guidance after almost doubling its size.

    28 Jan 2015

  • More sub debt set to hit screens after Achmea print

    A weaker credit market on Wednesday failed to dent demand for a perpetual deal from Dutch insurer Achmea, with the issuer commanding a large order book. Subordinated supply could continue tomorrow, with Italy’s SACE concluding a roadshow for a hybrid deal today. Barclays, Citi, Deutsche Bank, HSBC and UniCredit organised the roadshow for the issuer.

    28 Jan 2015

  • No quick comeback for Créd Ag as it retains Ginkgo deal

    Crédit Agricole Consumer Finance has got French ABS supply off to a familiar start in 2015 after deciding to retain all €750m of notes in its latest consumer loan-backed transaction, Ginkgo Personal Loans 2015-1.

    28 Jan 2015

  • Vakifbank, Tunisia at the fore of breakthrough week for EM

    It has been a week of breakthroughs for the CEEMEA bond market — the Republic of Tunisia made its standalone return to the capital markets on Tuesday with its first non-agency guaranteed bond since the Arab Spring, and Vakifbank printed the first ever Turkish Basel III compliant tier two bond on Monday.

    28 Jan 2015

  • Greek concerns, secondary dislocation stalls SSAs

    After the rest of the SSA market — bar Greece itself — all but shrugged off the result from the weekend’s election result in the Hellenic Republic, there were greater signs of concern on Wednesday, leading to a slightly softer market tone.

    28 Jan 2015

  • Swedish property ‘up to 30% overvalued’

    The two decade long bull market in Swedish property has left it 20%-30% overvalued, according to research from Scope Ratings, which believes exposure to domestic real estate presents a key risk to the Swedish banks it rates.

    28 Jan 2015

  • BNP Paribas puts senior syndicate and DCM bankers at risk

    BNP Paribas has placed several senior syndicate and DCM bankers — all involved in the firm's SSA business — at risk, GlobalCapital understands.

    28 Jan 2015

  • How long can the cool in FIG last while Greece boils?

    Greece’s ruling Syriza party has taken back up the aggressive anti-Troika rhetoric that many thought would die a quiet death once it took office after Sunday’s Parliamentary elections, but so far the FIG market reaction seems contained.

    28 Jan 2015

  • Tunisia picks five year tenor for debut sukuk

    The Republic of Tunisia is planning a five year dollar denominated sukuk in the third quarter of this year and is considering what assets to use, Hakim Ben Hammouda, the country’s finance minister, told GlobalCapital Emerging Markets.

    28 Jan 2015

  • Stanbic Uganda signs oversubscribed debut loan

    Stanbic Bank Uganda, a unit of South Africa’s Standard Bank, has signed an $85m debut loan with banks.

    28 Jan 2015

  • Baosteel gears up for maiden euro outing

    Baoshan Iron & Steel (Baosteel) is looking to issue its first euro-denominated bond after mandating seven banks for a series of investor meetings starting on February 3.

    28 Jan 2015

  • Malaysia Airports takes off for $370m rights issue

    Malaysia Airports Holdings (MAHB) has priced its MR1.32bn ($370.47m) rights offering at MR4.78 a share, bolstering its capital ahead of a $323.59m acquisition of a Turkish airport.

    28 Jan 2015

  • Corporate debt vaults over Greece, investors hungry for risk

    Europe’s corporate bond market has reacted with cautious optimism to Syriza’s victory in the Greek general election on Sunday.

    28 Jan 2015

  • Jasmine to take orders from institutions next week

    Jasmine Broadband Internet Infrastructure Fund, a spin-off from Thailand’s Jasmine International Public Co, will start bookbuilding for institutional investors on its Bt36.67bn-Bt38.50bn ($1.12bn-$1.17bn) IPO on February 4. The retail tranche opened on Wednesday.

    28 Jan 2015

  • Dial’s heavily covered debut enlivens Asian HY market

    Delhi International Airport (Dial) attracted a strongly oversubscribed book for its debut in the international bond market. The $288.75m seven year bullet was more than 17 times covered and traded up on Wednesday.

    28 Jan 2015

  • Security Bank secures $300m with dollar debut

    Philippines lender Security Bank made its mark on the dollar debt market for the first time on January 27, raising $300m from an order book that was close to six times covered. The good reception was a result of a tidy new issue premium and the country’s status as a safe haven from recent market volatility.

    28 Jan 2015

  • Mauritius makes an RMB move

    A surge in RMB activity in Africa could be set to get under way soon. The Mauritius central bank recently argued that the country was ready to become Africa’s first RMB hub. Others, such as Kenya and South Africa, have already stepped up their involvement in RMB internationalisation over the past few years via FX reserves and the dim sum bond market. But so far, Chinese regulators have shied away from any official moves towards setting up clearing arrangements.

    28 Jan 2015

  • RMB up to fifth in global payments, overtakes Canadian and Australian dollars

    The renminbi became the fifth world payments currency in November 2014, according to new data just released by the Society for Worldwide Interbank Financial Telecommunication (Swift), overtaking the Canadian and Australian dollars.

    28 Jan 2015

  • Morgan Stanley mulls debut Formosa, second RMB bond

    Morgan Stanley is mulling issuing a debut Formosa bond in Taiwan, eyeing a five year transaction with a size of no more than Rmb600m ($96m), two sources told GlobalCapitalAsia's sister publication GlobalRMB this week. If a deal emerges, it would be the first Formosa from a US issuer, and only the second from a non-Chinese or Taiwanese bank.

    28 Jan 2015

  • Ton Yi brings 2015's second Formosa, but demand tepid

    Cayman Ton Yi Industrial Holdings Limited (Cayman TY), a subsidiary of Taiwan headquartered Ton Yi Industrial Corp, has issued a small Formosa bond, several Taiwan DCM bankers have told GlobalRMB. The three year deal has been priced to yield 4.20% with a final size of Rmb142m ($22.6m), according to two of the sources.

    28 Jan 2015

  • Tata Motors to seek greenlight for $1.2bn rights issue

    Tata Motors is gearing up to pitch a Rp75bn ($1.22bn) fundraising plan to shareholders as it seeks to pare debt and shore up capital for growth.

    28 Jan 2015

  • CAR on the road for offshore bond debut

    China Auto Rental (CAR) finally started taking orders on Wednesday, January 28, for what looks to be the first offshore bond by an Asian auto rental company. Due to its strong North American ties, the borrower waited until the US markets looked favourable and is hoping to see US funds jump in its maiden outing in the offshore bond market.

    28 Jan 2015

  • State Bank of India makes inroads for $2.4bn capital increase

    State Bank of India is to seek the consent of its shareholders to raise Rp150bn ($2.43bn) of equity capital by way of a public issue.

    28 Jan 2015

  • Chinese property primes for comeback with Sino-Ocean

    Chinese property developer Sino-Ocean Land Holdings is looking to become the first from the much maligned sector to tap the international bond market this year, opening books to a dual tranche offering on January 28.

    28 Jan 2015

  • Seven banks tipped for K Wah HK$3bn facility

    K Wah Financial is due to hit the market for a fundraising of over HK$3bn ($387m) and is said to have mandated seven banks for the syndication. The deal is likely to be in general as early as this week, said bankers.

    28 Jan 2015

  • Peru’s Alicorp extends early bird for tender to cut dollar exposure

    Peruvian consumer goods company Alicorp is looking to persuade more bondholders of its 3.875% 2023 to sell their paper after investors owning just over half of the $150m maximum purchase amount set by the company agreed to tender their bonds before Monday’s early bird deadline.

    28 Jan 2015

  • ICAP, Wood Info pair to offer offshore financials to China

    ICAP Information Service has paired with Wood Information Company, a Shanghai-based market data provider, to offer a multi-faceted renminbi and Treasury data service to investors and market participants in China. The partnership will result in the first ever continuous, offshore financial data provision to Chinese markets.

    28 Jan 2015

  • Sleepy sterling market flocks en masse to Southern Gas Networks' £350m

    UK gas distribution company Southern Gas Networks issued a £350m 10 year bond on Tuesday after an investor call on Monday.

    27 Jan 2015

  • Citi sub marketing ABS amid its own sale

    Citigroup subsidiary OneMain Financial is marketing its first securitization of the year, a $737.5m deal backed by nonprime and subprime consumer loans.

    27 Jan 2015

  • Goldman trades EFG-Hermes block under quirky Egyptian rules

    With many US equity bankers and investors working from home today because of heavy snowfalls on the east coast, typical European block trades would have been hard to execute today. Getting a response from the US would have taken a couple of hours longer than normal, one banker said. Attention turned instead to a very different trade: a rare Egyptian block trade.

    27 Jan 2015

  • Single stock vanillas scooped after Greek election

    Institutional investors have been trading single stock options following a rebound in European equity markets. Despite concerns of turmoil ahead of a potential Greek exit from the eurozone following the country's elections, options trading appeared to be unaffected, with equity derivatives analysts tipping this to continue until action by other leftist parties in eurozone countries becomes clearer.

    27 Jan 2015

  • Fast money sell at-the-money vol on QE news

    Fast money investors have been seen selling at-the-money volatility on iTraxx Main in the aftermath of the European Central Bank’s asset purchasing announcement last week, following a trend for buying gamma prior to the meeting.

    27 Jan 2015

  • FHFA's Watt battles House over "race to the bottom"

    Federal Housing Finance Agency director Melvin Watt fought off inquisitions into the agency’s move to loosen underwriting standards at Fannie Mae and Freddie Mac during a hearing in front of the Housing Financial Services Committee on Tuesday.

    27 Jan 2015

  • Tawreeq provides Shariah platform for SME financing

    Tawreeq Holdings has launched a Shariah-compliant supply chain finance platform, which it believes to be the world’s first. The platform is aimed at small and medium enterprises in the Middle East and north Africa.

    27 Jan 2015

  • Oil price fears no bar to Eni getting strong demand for €1bn 11 year

    Italian oil and gas company Eni shrugged off any concerns around falling oil prices to issue a €1bn 11 year bond on Tuesday that was five times oversubscribed.

    27 Jan 2015

  • Carrefour bags €750m 10.3yr bond easily after Greek election

    Carrefour, the French supermarket chain, found strong investor demand for a €750m 10.3 year bond on Tuesday, when it became one of the first European companies to issue bonds after left wing anti-austerity party Syriza’s victory in the Greek general election on Sunday.

    27 Jan 2015

  • Meif Renewables brings £190m bond to refinance UK biogas plants

    Meif Renewables, the Macquarie European Infrastructure Fund Renewable Energy UK, is marketing its first bond issue.

    27 Jan 2015

  • Unilever exploits rarity to issue 7yr bond with 0.5% coupon

    Unilever, the Anglo-Dutch consumer goods company, capitalised on its status as a rare issuer and a highly recognisable name to price a €750m seven year bond very tight to its notional curve today, with a coupon of just 0.5%.

    27 Jan 2015

  • Ico exceeds expectations with first social bond

    A bulging book allowed Instituto de Crédito Oficial on Tuesday to print one of the largest socially themed bonds — and the first from a Spanish SSA. The success of the deal could spur other issuers to diversify their bond supply away from green bonds and into the social sector, said bankers.

    27 Jan 2015

  • ECB must slow covered bond purchases or risk the market’s longer term damage

    Faced with shrinking yields, covered bond investors have been deserting the market. Unless the ECB moves out of the way and switches to sovereign purchases fast, there is a real risk that these buyers will not be there when the extraordinary stimulus measures now being delivered are taken away.

    27 Jan 2015

  • Troika needs to soften its stance on Greece – it isn’t working

    A lot of ink has been spilt over the moral hazard of allowing Greece to restructure its €240bn in Troika debt with haircuts. But seeing Greece's struggle with debt as an essentially moral problem leads to a stubbornness that precludes pragmatism.

    27 Jan 2015

  • Cades opens books on debut renminbi deal

    Caisse d'Amortissement De La Dette Sociale has set guidance and opened books on its debut offshore renminbi deal, which could be priced as early as Wednesday.

    27 Jan 2015

  • The EFSI is a force for good – but cannot cure infrastructure’s biggest blockage

    The European Commission’s ‘Juncker Plan’ to boost investment by €315bn is welcome. Scepticism that it cannot work because it only has €21bn of capital is unwarranted. The European Investment Bank is putting its shoulder to the wheel, and should not be underestimated. But don’t expect this to solve Europe’s infrastructure investment problems. Money is not the problem. The real obstacle is government indecision about what infrastructure it wants, and how investors will make a return.

    27 Jan 2015

  • Saxony-Anhalt eyes steady flow of PPs

    The Federal State of Saxony-Anhalt has sold its third ever sterling private MTN and is looking to print nearly half of its 2015 funding target through private placements, in any liquid currencies it can find.

    27 Jan 2015

  • EBRD hits rupees with bumper tap

    Investors piled into the European Bank for Reconstruction and Development’s tap of a long one year Indian rupee line on Tuesday, creating one of the largest ever single tranche deals in the currency’s offshore bond market.

    27 Jan 2015

  • SocGen takes 11 from RBS for new CMBS platform

    GlobalCapital can reveal the names of at least 10 bankers that Société Générale has transplanted from Royal Bank of Scotland's withering stateside headquarters to run a new CMBS platform at the French bank, its first in the US since the financial crisis.

    27 Jan 2015

  • Sunrise hopes UK, US demand for IPO will make up for any euro shortfall

    Sunrise Communications Group, the Swiss telecoms firm, has today set the price range for its Sfr1.35bn Zurich IPO at Sfr58-Sfr78 a share, less than a fortnight after the Swiss National Bank unexpectedly dropped the Swiss franc’s exchange rate ceiling against the euro.

    27 Jan 2015

  • Finding alpha in high grade bonds? NIP it in the bud

    JP Morgan’s investor survey found 19% of high grade investors think new issue premium is the best source of alpha in the year ahead. With yields on the floor, it makes sense, but it is sign of a deep malaise in the fixed income market.

    27 Jan 2015

  • Barratt refinances £850m of debt as housebuilders thrive

    UK housebuilder Barratt Developments has amended and extended a £700m revolving credit facility, a £100m term loan and $80m (£48m) of private placement notes.

    27 Jan 2015

  • Italy and Spain break records at short term auctions

    Italy and Spain showcased what can be achieved in the new world of eurozone sovereign quantitative easing, as they hit record low yields at their first auctions since the European Central Bank announced its QE programme last week. With two more days of auctions ahead of it, Italy could break even more records this week.

    27 Jan 2015

  • Wittur guides pricing at bank meeting as Bain wins TI Automotive

    Wittur, the German lift components producer, set price guidance for its €285m acquisition loan at a London bank meeting on Monday, only a day before its new private equity owner, Bain Capital, added TI Automotive to its portfolio.

    27 Jan 2015

  • TDR ups stake in Norway's Hurtigruten with €455m bond

    Silk Bidco, an investment vehicle backed by TDR Capital, has launched a three day roadshow to sell €455m of high yield bonds to back its acquisition of a larger stake in Hurtigruten, the Norwegian cruise ship operator.

    27 Jan 2015

  • Second lien gets kicking from unitranche, but US offers hope

    The European second lien leveraged loan market has had a rough start to the year. Its low volumes, due to unattractive pricing and competing junior debt products, have made it a tough sell to subordinated debt investors.

    27 Jan 2015

  • Shire fuels hope for pharma M&A, as NPS bet pays off

    M&A deals driven by pharmaceutical companies betting on the prospects of their targets' late pipeline assets look set to be a recurrent theme in 2015. An early case has appeared, as US authorities have approved NPS Pharma’s pipeline drug Natpara - a payoff for the UK's Shire, which agreed to pay a high price for NPS Pharma last week.

    27 Jan 2015

  • CME Europe lists cocoa futures

    Hedging the cocoa market will be enhanced by a euro-denominated futures contract available from CME Group from March 30, marking the exchange’s first foray into deliverable soft commodities.

    27 Jan 2015

  • Loomis adds EM global strategist to London office

    Loomis, Sayles & Company, a US investment management firm, has hired Esty Dwek as emerging markets global strategist.

    27 Jan 2015

  • Legal framework for Russian loans much improved, but disputes persist

    Economic and political barriers deterring international banks from lending to Russian companies continue to rise - yet at the same time, the legal framework and sanctions language for such deals has become much more robust and well understood over recent months.

    27 Jan 2015

  • RMBS newcomer Charter Court launches bank

    Charter Court Financial Services limited, which priced the third securitization under its Precise Mortgage Funding programme in November, has gained approval from the UK regulator to set up a retail savings bank, a move which the firm described as “only positive” for its RMBS programme.

    27 Jan 2015

  • Tunisia launches first standalone bond since the Arab Spring

    Republic of Tunisia made its standalone return to the capital markets on Tuesday with its first non-agency guaranteed bond since the Arab Spring.

    27 Jan 2015

  • Long prints from MS and Rabo find favour

    The senior market was back in flow on Tuesday after a brief hiatus at the start of the week as market participants evaluated the results of the Greek election. A Syriza victory in the election was not enough to dull demand for FIG paper, with both Morgan Stanley and Rabobank drawing large order books for long dated deals.

    27 Jan 2015

  • Vakifbank prints first Turkish Basel III tier two, but PONV structure cost still unclear

    Vakifbank priced the first ever Basel III compliant tier two bond on Monday, a $500m 10 year non-call five. But though bankers estimated that the bond paid around 115bp-116bp over its old style tier two bullet 2022s, they said it was difficult to strip out the cost of the addition of point of non-viability features.

    27 Jan 2015

  • Revived transaction tax could collapse on legal issues

    The revived attempt to pass a financial transaction tax in Europe could end up caught between a rock and a hard place — a relief for market participants which have seen the tax as yet another potential restriction on trading businesses grappling with a raft of other regulatory burdens.

    27 Jan 2015

  • S&P downgrades Russia but Ukraine violence spooks investors more

    Standard & Poor’s downgrading of Russia to junk made plenty of headlines on Monday but much of the pasting that Russian bonds took on Tuesday was in response to escalating tensions with Ukraine, with the downgrade having been expected.

    27 Jan 2015

  • Akbank leads Turkish loan charge after bond

    The first wave of Turkish bank loan refinancings this year will kick off next week, say bankers, with Akbank expected to lead the charge.

    27 Jan 2015

  • Special Briefing on China market access, Part IV: Shanghai's Free Trade Zone — China’s promised land

    The Shanghai pilot free trade zone (FTZ) initiative provoked an unhealthy mix of early-days chest-thumping by Chinese authorities and dismayed booing on the part of disappointed foreign observers in 2014. In December emotions surrounding the FTZ were finally beginning to quieten down, but then came the announcement of not one, but three new FTZs.

    27 Jan 2015

  • CMBS bankers wait for QE boost as second Italian deal nears

    Bank of America Merrill Lynch has issued price guidance on its private equity sponsored Taurus CMBS, which will be the second transaction backed by Italian assets already this year. Bankers expect tightening yields on more mainstream products will have a positive impact on the CMBS market in the coming months.

    27 Jan 2015

  • 3SBio eyes comeback listing in Hong Kong this year

    Chinese biotech company 3SBio, which was formerly listed on the Nasdaq, is making a return to the equity capital market, this time with a listing in Hong Kong.

    27 Jan 2015

  • ANZ hires head of European debt capital markets

    ANZ has hired a banker from RBC Capital Markets as its new head of debt capital markets in Europe.

    27 Jan 2015

  • Mapletree and Gallant Venture warm up Sing dollar bonds

    Singapore-based property companies Mapletree Commercial Trust and Gallant Ventures have returned to Singapore dollar bonds, bringing some much needed activity to a market that’s had a slow start to the year.

    27 Jan 2015

  • Asian high yield finally wakes up with Dial

    There is some overdue activity taking place in the Asia ex Japan high yield bond market with Delhi International Airport (Dial) sounding investors out for a seven year bullet on January 27. If successful, this could be the first major transaction for a sector that has been missing in action since the start of the year.

    27 Jan 2015

  • Texhong spins $90m three year into general

    Hong Kong listed Chinese company Texhong Textile Group has opened up a $90m three year fundraising, picking three banks as leads.

    27 Jan 2015

  • Indonesia Exim returns with $600m RFP

    Indonesia Eximbank has issued a request for proposals for a $600m dual-tranche facility, with an option of increasing the loan size to $750m.

    27 Jan 2015

  • Back to the drawing board for Chemara’s $182m Spac

    Malaysia’s regulator is understood to have turned down a bid by Chemara Palmea Holdings to list as a special purpose acquisition company (Spac), dashing for now its hopes of becoming Asia’s first plantation-based Spac.

    27 Jan 2015

  • The Yanks are coming! US issuers will muscle out Asian names in euros

    Asian investment grade bond issuers have made their presence felt in the euro market in recent years as they seek diversification. With the European Central Bank’s quantitative easing programme set to lower rates, now would seem the be the ideal opportunity for more Asian names to target eurozone investors. But with US large caps also eyeing euros, Asian credits are likely to get pushed aside.

    27 Jan 2015

  • Security Bank offers safe bet with dollar bond

    The Republic of Philippines status as a safe haven from the recent bout of macro concerns has prompted renewed investor interest in the county. The increased optimism was reflected by Rizal Commercial Banking Corp’s (RCBC) bond two weeks ago, and another lender, Security Bank Corp is now looking to do the same after opening books on January 27.

    27 Jan 2015

  • HSBC positions for rise in Asian distressed debt

    HSBC is preparing for a rise in distressed debt situations in Asia, hiring Sergio Morita as its first head of sourcing in the region. The bank expects more opportunities in special situations and distressed debt will arise from the increased stress on Asian companies following the downturn in commodity prices and defaults in China’s property sector.

    27 Jan 2015

  • Total Derivatives: Currency move backs short-end CNY bid

    Short-end CNY swaps have been bid as currency weakness has more than offset easing liquidity concerns. Underperformance in the belly of the curve has backed some disinversion momentum in the 1s/5s NDIRS slope, writes Deirdre Yeung.

    27 Jan 2015

  • Venezuela to make March payments as Maduro plans FX adjustment

    President Nicolás Maduro’s delayed annual address to the Venezuelan National Assembly last week brought potentially positive news for bondholders but plans for an economic adjustment still lack detail and could be too little, too late, analysts have warned.

    27 Jan 2015

  • Early amortization in store for Ocwen-backed notes

    Investors in servicer advance securitizations by Ocwen affiliate Home Loan Servicing Solutions (HLSS) will see their notes amortized early if allegations by investment firm BlueMountain Capital prove true, market participants said on Monday.

    26 Jan 2015

  • RMBS holders take another swing at Ocwen

    Investors in RMBS backed by mortgages serviced by troubled special servicer Ocwen Financial made allegations of their own last week, as investment firm BlueMountain claimed that some Ocwen-serviced notes had defaulted.

    26 Jan 2015

  • Strong oversub for SoFi’s latest ABS

    San Francisco marketplace lender SoFi sold its fourth and largest yet securitization of student loan refinancings on Friday, pulling in almost $900m of orders and pricing around 3bp inside where its last deal was trading on the secondary market, according to a person at the firm.

    26 Jan 2015

  • Rates trading dips modestly following multi-week rises

    Overall interest rate derivatives trading that was reported to swap data repositories last week decreased by 12% from the previous two weeks, according to data from the International Swaps and Derivatives Association.

    26 Jan 2015

  • Funds profit on stocks vs CDS after Syriza victory

    Hedge funds took profit on a long stocks, short credit default swaps relative value trade on Monday after Syriza's victory in the Greek election failed to dampen expectations in equities, while the iTraxx wobbled slightly wider.

    26 Jan 2015

  • Buoyant markets bring clear-outs of Gaztransport, Bavarian Nordic

    Two clear-out block trades are being conducted this evening, after a third strong day in a row for European equities.

    26 Jan 2015

  • Aena starts bookbuild on largest Spanish IPO since 2007

    The bookbuild began today for the Spanish government's flotation of 49% of Aena, one of the largest airport operators in the world, in a deal that could top €4bn at the top end of the price range.

    26 Jan 2015

  • GrandVision launches bookbuild, IPO could reach nearly €1.3bn

    Optical retailer GrandVision today published the prospectus for its IPO and announced the price range. It will be the first flotation in Amsterdam this year and only marginally smaller than the largest Dutch IPOs of 2014.

    26 Jan 2015

  • Tikehau makes big name hire with Jean-Pierre Mustier

    After more than a decade at the forefront of European investment banking, Jean-Pierre Mustier has become one of five partners at Tikehau, the French investment fund. The hire will bring Tikehau a new level of prominence after a period during which it has grown in the expanding field of direct lending.

    26 Jan 2015

  • Issuers hold fire as QE effect ripples out and US storm builds

    Despite a strong backdrop for issuance this week few SSAs are willing to bring benchmark deals in euros, as issuers wait until the full effect of the European Central Bank’s quantitative easing announcement last week plays out. Meanwhile, the next meeting of the US Federal Reserve’s Federal Open Market Committee and a winter storm approaching New York are limiting dollar issuance windows.

    26 Jan 2015

  • Techniplas's €135m bond is still a no-show

    Progress on the European high yield issue by Wisconsin’s Techniplas appeared to have gone quiet on Monday afternoon.

    26 Jan 2015

  • UK plans Wednesday linker tap as investors mull changes

    The UK is set to price a tap of its March 2058 inflation linked Gilt on Wednesday, while investors suggested that the case for a new type of inflation linked bond is growing stronger.

    26 Jan 2015

  • Corporate bond market sees green light after Greek elections

    Corporate bond bankers and investors are taking Syriza’s victory in Sunday’s Greek general election in their stride.

    26 Jan 2015

  • Cades in offshore RMB play

    Caisse d'Amortissement de la Dette Sociale is set for a market first this week, after mandating banks on Monday for what will be the first offshore renminbi bond from a French public sector issuer.

    26 Jan 2015

  • ECB firewall protects periphery auctions from Greek volatility

    The European Central Bank’s larger than expected quantitative easing programme provided a bulwark to eurozone periphery sovereign yields outside Greece on Monday, boding well for a string of auctions this week. The countries’ set to auction this week are enjoying yields close to the record lows they hit after the QE announcement at the end of last week, despite a clear win for anti-austerity party Syriza in the weekend Greek election that pushed that country’s yields much higher.

    26 Jan 2015

  • Southern Gas Networks aims for 10yr sterling with first bond since 2011

    UK gas distribution company Southern Gas Networks has mandated four banks for its first bond since 2011. A spokesman said the company was aiming for a 10 year sterling deal, which could be priced tomorrow.

    26 Jan 2015

  • High yield hopes undimmed, though Greek bonds widen

    The aftermath of Sunday’s general election in Greece has made only a soft imprint on the European high yield market. Greek bonds weakened a bit, but bankers are confident the issuance agenda continues unchanged.

    26 Jan 2015

  • Loan Ranger: Record volumes ahead in every sector (honestly)

    Loan bankers are a lovely, optimistic bunch who just want to get on with doing some deals whatever the weather, so the last thing they need is a scandalous naysayer peddling click-bait doom about their market, even if Russia is going to the wall (and it’s not of course).

    26 Jan 2015

  • Spain's ACS and Sacyr near close on their €2bn loans

    Spanish construction and engineering companies ACS and Sacyr are close to finalising large loan refinancings, and have not felt any impact from the election in Greece that has brought to power an anti-austerity government.

    26 Jan 2015

  • SIFI designation under FSOC inherently flawed, lawyers say

    The Financial Stability Oversight Council has announced changes to the classification process of firms designated as systemically-important financial institutions, prompting concern about the government's extended remit over insurance, clearing and other non-financial organisations. Having yet to release a hard set of rules and procedures for the new classification system, lawyers are concerned that the statute is ambiguous, inherently flawed and non-transparent.

    26 Jan 2015

  • For loans, Greece means: keep calm and carry on

    Loans bankers are confident their market will not be stopped in its tracks by Syriza coming to power in Greece, though if relations with the EU turn sour, pricing for peripheral borrowers might not continue to tighten as expected this year.

    26 Jan 2015

  • ISDA: CCP recovery preferable to resolution

    Clearing houses should avoid resolution at all costs, according to a recovery framework published by the International Swaps and Derivatives Association today, which asserts that even when pre-funded resources such as member contributions have been exhausted, recovery of a clearing house is always preferable to closure.

    26 Jan 2015

  • CVC hires top ING banker to lead Dutch drive

    CVC has hired Ivo Lurvink as a partner in its Amsterdam office, where he will head the private equity firm’s Dutch operations.

    26 Jan 2015

  • Wittur starts marketing €485m loan, bond for buyout

    Wittur, a German lift components maker, is holding a London bank meeting today as it markets a €485m debt package to investors.

    26 Jan 2015

  • IHS loan 'going well' but Afren troubles fuel Nigeria fears

    Nigerian telecom towers group IHS continues to progress well with an $800m loan and should sign it within the week, bankers say. But there is mounting concern about the prospects for Nigerian financial institution and oil-related loans after fears rose of a default by Afren.

    26 Jan 2015

  • More ABS reaches investors in 2014 - just

    New securitization data from the Association for Financial Markets in Europe shows European issuers placed €1.8bn more paper with investors in 2014 than the previous year, though they retained a greater proportion of their own notes.

    26 Jan 2015

  • European stocks and ECM issuance unfazed by Syriza

    The main European stockmarket indices rose this morning, and equity issuers pressed ahead with their IPO plans, even as Greece’s Syriza formed a coalition with fellow anti-austerity party Independent Greeks.

    26 Jan 2015

  • Vakifbank tightening expected for breakthrough Basel III compliant tier two

    Vakifbank has released price guidance for the first ever Basel III compliant tier two trade from Turkey at 7% area. Bankers are expecting tightening as the deal offers 120bp-140bp over the trading of the bank’s old style tier two 2022s.

    26 Jan 2015

  • Greek verdict leaves CEEMEA undaunted

    Central and Eastern European bond bankers shrugged off the results of Sunday's Greek election, which last week was flagged as a major risk event. While EM opened slightly softer on Monday, down from the quantitative easing induced rally at the end of last week, bankers say any contagion effect from the election of an anti-austerity party in Greece is strictly limited. Indeed the market was constructive enough to support Vakfibank, which has opened guidance on Turkey’s inaugural Basel III bond this morning.

    26 Jan 2015

  • Commitments scaled back on Stanbic Uganda loan debut

    Stanbic Uganda will hold a signing ceremony this week for its debut syndicated term loan facility, which bankers involved say has been oversubscribed.

    26 Jan 2015

  • Australia’s day in securitization as Macquarie lines up RMBS

    Macquarie Securitisation Limited celebrated Australia Day by launching a roadshow for what may be the first Australian RMBS to price in 2015, well over a month since the last supply from the country.

    26 Jan 2015

  • QE keeps SSAs on track but Greek volatility set to grow

    Greek government bond yields shot up on Monday morning after the country’s general election at the weekend, but the European Central Bank’s new quantitative easing programme acted as a strong firewall for the rest of the eurozone periphery, said SSA bankers. But while markets are stable for SSA issuers outside Greece, volatility could grow as the next deadline of Troika support approaches at the end of February.

    26 Jan 2015

  • For corporate debt, Greece means: keep calm and carry on

    Corporate debt bankers and investors are taking Syriza’s victory in Sunday’s Greek general election in their stride.

    26 Jan 2015

  • FIG bankers sound caution over Greek result

    FIG bankers gave a subdued reaction on Monday morning to the victory of Alexis Tsipras's Syriza party in Sunday's Greek, with spreads largely unmoved over the weekend Friday. However, while the outlook for near term issuance is encouraging, bankers cautioned that the market's full reaction cannot be judged until February at the earliest.

    26 Jan 2015

  • BPCE finds new audience with tier two Samurai

    French lender BPCE sold the second ever Basel III compliant subordinated Samurai deal on Friday, pricing a triple tranche ¥48.3bn ($409.8m) trade. The new format allowed the issuer to diversify its Japanese following, drawing in many investors which do not traditionally participate in senior unsecured transactions.

    26 Jan 2015

  • Indonesia's Pelindo II scraps general, cuts loan size

    In the latest twist in the saga of port services provider Pelabuhan Indonesia II’s $1bn loan, the borrower has decided to scrap general syndication and limit the deal to $550m which had already been prefunded by the seven banks leading the transaction.

    26 Jan 2015

  • Shanghai Haohai plans $200m IPO in second quarter

    Shanghai Haohai Biological Technology is scheduled to start investor education for its $200m IPO in Hong Kong after the Chinese New Year holidays.

    26 Jan 2015

  • CVC pares down Matahari stake in $296m block sale

    Private equity firm CVC offloaded an 8% stake in Indonesia’s Matahari Department Store on Friday night, netting it Rph3.67tr ($296.13m) in a block deal that was short on time but still enjoyed robust demand.

    26 Jan 2015

  • Kingboard winds up upzised loan at HK$4bn

    Kingboard Laminates Holdings has raised the size of its latest facility to HK$4bn ($516m) from HK$3bn, as existing lenders piled in to the deal, which pays better returns than a 2014 loan by the borrower. The dual currency loan netted HK$2.59bn in the Hong Kong dollar tranche and $181.6m in the US dollar tranche.

    26 Jan 2015

  • To the MAX: Indonesian gas specialist fires up first bond

    Indonesia industrials are returning to the dollar bond market with MAXpower Group and Tower Bersama Infrastructure readying new deals.

    26 Jan 2015

  • Total Derivatives: CNY 1s/5s inversion to correct?

    Recent cash injections by the People's Bank of China (PBoC) have supported lower fixings and light receiving in short-dated CNY swaps. With the 1s/5s NDIRS slope still inverted, there is potential for this week's US Federal Reserve meeting to accelerate a corrective move, writes Deirdre Yeung of Total Derivatives.

    26 Jan 2015

  • India's Biocon to list research services unit

    India’s Biocon plans to spin off its drug research arm Syngene International via an offer for sale of secondary shares and is in the process of appointing bankers.

    26 Jan 2015

  • Chan heads up UOB Hong Kong’s DCM unit

    Odella Chan, who left ICBC Asia at the end of last year, has resurfaced as UOB Hong Kong’s head of DCM.

    26 Jan 2015

  • HSBC advises Hutchison Whampoa on £6bn O2 takeover

    Hong Kong's Hutchison Whampoa has engaged HSBC as M&A adviser as it seeks £6bn of loans to buy UK mobile phone operator O2 for £10.25bn ($15.4bn) from Telefónica of Spain.

    23 Jan 2015

  • Italy's Terna prices €1bn super-tightly in market electrified by QE

    Terna, the Italian electricity grid company, sold a €1bn seven year bond on Friday, profiting from strong demand after the announcement of European quantitative easing on Thursday to price with a minimal new issue premium.

    23 Jan 2015

  • Enagás's cautious 10yr bond rides QE wave to €6bn book

    Enagás, the Spanish gas grid operator, priced a €600m 10 year bond on Friday. A strong bid for corporate bonds, fuelled by news of the new eurozone quantitative easing scheme, helped the issuer to achieve very tight pricing.

    23 Jan 2015

  • Funding scorecard: Scandinavian agencies

    This week's scorecard features updates on the funding progress of selected Scandinavian agencies. Read on to see which is over 30% done for the year already.

    23 Jan 2015

  • High yield tops big week with €4.8bn Portugal Telecom bond roadshow

    One of the most anticipated high yield bond issues of the year so far, Altice’s transaction to refinance its buyout of Portugal Telecom, was announced on Friday, again confirming the market's vigorous health this January.

    23 Jan 2015

  • Supranational preps climate impact reporting

    One of the biggest players in sustainable and responsible capital markets is working on adding impact reporting on the projects backed by its green bond programme.

    23 Jan 2015

  • Secondary pricing update: just what did QE do?

    The runaway winners in this week’s selection of deals in secondaries were those from the eurozone periphery — especially at the far end of the curve — after the announcement of ECB sovereign quantitative easing on Thursday led to plunging yields.

    23 Jan 2015

  • European CDS spreads tighten on ECB purchase plans

    European credit default swap indices tightened yesterday on news that the European Central Bank would buy €60bn worth of bonds a month until September 2016 or later, with the iTraxx Main closing 3bp tighter at 54.7bp and the Crossover also tightening approximately 3bp to 303.1bp.

    23 Jan 2015

  • UBS will pay 2014 bonuses in AT1

    UBS said it would pay part of its 2014 bonus pool in additional tier one (AT1) capital, following two previous years of paying bonuses in tier two. It plans to issue around Sfr2.5bn ($2.9bn) in AT1 to its employees over the next five years.

    23 Jan 2015

  • Putt departs Al Rajhi Capital

    Simon Putt has left Saudi Arabian Al Rajhi Capital where he had been head of DCM since April last year.

    23 Jan 2015

  • Eskom mandates for 'likely' dollar benchmark

    Eskom Holdings is meeting investors for its first international bond since July 2013 and the first corporate CEEMEA bond of this year.

    23 Jan 2015

  • Originators ‘improve’ Greek RMBS performance

    Lender intervention has improved Greek RMBS performance as a significant portion of defaulted loans have reverted back to less critical delinquency or even performing status, according to a report from Fitch.

    23 Jan 2015

  • Grupo Senda to make it a hat trick of Mexican borrowers this year

    Grupo Senda, a Mexican bus transportation company, is meeting investors for its first international bond since 2007.

    23 Jan 2015

  • Sebi to allow taps of corporate bonds

    The Securities and Exchange Board of India (Sebi), has announced that it will allow companies to re-issue existing corporate bonds in an effort to improve the market’s weak liquidity.

    23 Jan 2015

  • CMBS steps out as Banca IMI and Cairn price fashionable deal

    Banca IMI and Cairn Capital priced and issued the first European CMBS transaction of the year this week, with the deal being used to refinance a luxury fashion complex in Milan.

    23 Jan 2015

  • Red Star and Hikvision eye $1bn Hong Kong listings

    Red Star Macalline Group, an operator of furniture malls in China, has set its sights on a $1bn IPO in Hong Kong for the first half of the year, said bankers.

    23 Jan 2015

  • Guolian targets first half IPO in Hong Kong

    Chinese brokerage firm Guolian Securities is eyeing a Hong Kong listing during the first half of this year in a deal led by ABC International and BOCOM International.

    23 Jan 2015

  • ICTSI swiftly wraps up $300m perp with tender offer

    International Container Terminal Services Inc (ICTSI) has convinced more than half of the holders of its outstanding subordinated perpetual bonds to exchange for senior perp as part of a liability management exercise by the Philippine company.

    23 Jan 2015

  • Short-term options surge as buyside seeks liquidity

    Hedge funds and asset managers are increasingly turning to short-term options and short-dated derivatives products as a means to maxise liquidity in an increasingly illiquid market, according to TABB Group.

    23 Jan 2015

  • India seeks divestments of BHEL, IOCL and Nalco, issues RFPs

    The Government of India has sent out requests for proposals for stake sales in Bharat Heavy Electricals, Indian Oil Corp and National Aluminium Company as part of its attempt to bulk up its reserves and bring down fiscal deficit. With many other names already in the queue, but very little action taken to execute the trades, bankers are increasingly worried that India will fail to meet its divestment target.

    23 Jan 2015

  • Take-up falls short for Pacific Andes $150m rights issue

    Pacific Andes Resources Development has wrapped up its S$195.5m ($150m) four-for-five rights offering, with the take-up from shareholders only translating to 93.68% of the total rights shares available.

    23 Jan 2015

  • RMB round-up: January 23, 2015

    In this round-up, Société Générale opens Shanghai Free Trade Zone sub-branch, CSOP launches an RQFII government bond ETF, and China Construction Bank is likely to be next European RMB clearing bank.

    23 Jan 2015

  • Comment: Time for China’s domestic players to jump aboard the RMB internationalisation train

    With China's central bank finally starting to use the phrase "RMB internationalisation" to describe its efforts to promote the currency, the process looks set to enter a new stage this year. In contrast to earlier measures, the government's latest initiatives are all about encouraging capital and investment to go out into the wider world. That means it's time for China's domestic players to take a bigger role.

    23 Jan 2015

  • Haitong Int rides ECB momentum to print $700m

    Haitong International received a helping hand from the European Central Bank on January 22, with the ECB’s much publicised asset purchase programme proving to be the key for the Chinese broker to achieve much better pricing as well as size for its 5.5 year dollar bond.

    23 Jan 2015

  • Aurobindo hands out $350m QIP dose to three

    India’s Aurobindo Pharma has received the go-ahead to raise up to $350m from a qualified institutional placement (QIP) of shares, following an extraordinary general meeting held this week.

    23 Jan 2015

  • Metropolitan Bank to boost capital ratios with $719m rights issue

    Philippines’ Metropolitan Bank is set to raise up to Ps32bn ($719.38m) in a rights offering to beef up its capital ratios.

    23 Jan 2015

  • Loans round up: Casetek, Cifi, Sun Hung Kai Properties

    Taiwanese computer casings maker Casetek’s $300m three year financing has attracted five banks in syndication.

    23 Jan 2015

  • Rate cuts draw Indian corporates to bond market

    The recent move by the Reserve Bank of India (RBI) to lower interest rates is likely to trigger an increase in bond issuance in India’s sluggish domestic corporate bond market, say market watchers. However regulators will need to act a number of reforms if they want to truly activate the bond market.

    23 Jan 2015

  • European QE: the view from the trading floor

    The European Central Bank made on Thursday its long-awaited announcement of quantitative easing. GlobalCapital rounded up views from across the financial markets as the announcement broke from one of the most hotly anticipated central bank meetings in years.

    22 Jan 2015

  • Draghi shows art of communication

    Buy the rumour and then buy the fact. That was the new twist on an old City adage on Thursday as the European Central Bank president, Mario Draghi, extracted maximum mileage from his announcement of quantitative easing in Europe.

    22 Jan 2015

  • Morgan Stanley, US Bank lead post-ECB rush

    Morgan Stanley and US Bank ensured a bumper end to the week in the dollar market after the European Central Bank unveiled its quantitative easing programme on Thursday.

    22 Jan 2015

  • Sub-sovereigns brave volatility to reopen Swiss market

    Domestic sub-sovereign borrowers re-opened the Swiss franc market this week with maturities of 10 years and longer as investors went on the hunt for yield.

    22 Jan 2015

  • Stage set for equity bull run as ECB wows market with QE

    The prospect of a new wave of European equity issues has risen with Thursday’s aggressive package of European Central Bank quantitative easing. The announcement triggered a strong rally in eurozone equity indices, supporting the dozen IPOs already launched in Europe this year.

    22 Jan 2015

  • KKR intercepts Trainline.com float with knockout all-equity bid

    KKR, the US private equity firm, surprised the UK equity markets on Thursday morning as it announced its takeover of Trainline.com, the train ticketing website that had a fortnight ago expressed its intention to float in London.

    22 Jan 2015

  • JP Morgan EUR1.5bn 1.5% Jan 25, EUR750m FRN Jan 20

    22 Jan 2015

  • Fed hints at bonus regulation

    Jerome Powell, a member of the Federal Reserve’s board of governors, said US financial regulators were preparing a new rule on compensation at financial institutions, which could include more deferral, delayed vesting and “the possibility of more robust forfeiture”.

    22 Jan 2015

  • Institutional investors wolf down Dunkin' Donuts securitization

    Strong demand from institutional investors allowed Dunkin’ Brands to upsize its whole business securitization by $200m to $2.6bn on Thursday, making it one of the largest such deals in recent memory.

    22 Jan 2015

  • Goldman Sachs EUR1bn 1.375% Jul 22, EUR300m FRN Jul 22

    22 Jan 2015

  • Kommuninvest USD1.25bn 1% Jan 18

    22 Jan 2015

  • Missing ECB corp bond buying scheme goes unmourned

    European corporate bond bankers were delighted with the market reaction to the European Central Bank’s announcement on Thursday of a bond buying programme of at least €1.08tr, much bigger than expected. And the fact that corporate bonds appear to have been left out of the programme, for now at least, did nothing to dampen their spirits.

    22 Jan 2015

  • CAF USD1bn FRN Jan 18

    22 Jan 2015

  • SSAs rejoice as ECB gets its wallet out

    The European Central Bank went beyond sovereign, supranational and agency market participants’ expectations this week with the announcement of a bond buying programme that does not stop at sovereign bond buying and takes in from two to 30 years on the curve — including bonds trading at negative yields.

    22 Jan 2015

  • QE could squelch banks unless growth follows

    While financial assets are off to the races following Thursday’s announcement of €60bn a month in eurozone quantitative easing, the banking system still needs growth to take off. The bond buying programme could hurt European banks by squashing the yield curve, and leave investment banks becalmed by low rates for longer.

    22 Jan 2015

  • Tele Columbus boosts confidence with midpoint IPO price

    Tele Columbus has priced its IPO in Frankfurt, the first of the year in Europe. The German cable company’s sale has been a success, and was priced at €10 a share, the midpoint of the €8-€12 range, and the top of the revised range.

    22 Jan 2015

  • Asian appetite draws SSAs back to Aussie

    Strong demand from Asian accounts continued to draw SSA borrowers to Antipodean currencies this week but low yields limited appetite for Canadian dollar paper.

    22 Jan 2015

  • Loan heads unmoved by ECB 'mood music'

    The European Central Bank’s announcement of an injection of at least $1.1tr into asset purchases has been widely hailed as a big boost for the Eurozone economy. But for loans bankers it provided little more than inspiration for poetic turns of phrase and colourful analogies to describe how minimal an impact it will have on their market.

    22 Jan 2015

  • Spain EUR9bn 1.6% Apr 25

    22 Jan 2015

  • QE makes market’s day but Greek election could spoil the weekend

    Greece’s temporary exclusion from the European Central Bank’s bond buying programme may have left it it feeling as lonely as a story not about European QE would on the front of a financial newspaper on Friday morning.

    22 Jan 2015

  • No mention of corporates by Draghi is no problem for FIG

    Corporate bonds did not feature in European Central Bank president Mario Draghi’s announcement of a full scale quantitative easing programme, but the FIG debt markets nonetheless rallied along with sovereigns and equities on Thursday.

    22 Jan 2015

  • Angus Chemicals makes euro shift on $505m loan

    Angus Chemicals, the US chemicals producer, is closing books on its $505m leveraged loan, the first of the year, having made a small shift in favour of euros on the crossborder transaction.

    22 Jan 2015

  • New housing drive to boost Indian RMBS

    An ambitious programme to provide all Indian citizens with housing by 2022 should help bolster India’s fledgling residential mortgage-backed securities (RMBS) market, which recorded issuance of just Rph53bn (€743m) in 2014. But Moody’s has warned there are tax obstacles for investors looking to participate.

    22 Jan 2015

  • SIG launches its €2.3bn loan, in first big buyout financing of 2015

    SIG Combibloc, the Swiss drinks carton maker, has launched the long-awaited €2.265bn loan backing its acquisition by Onex, in the largest European leveraged takeover financing of the year so far.

    22 Jan 2015

  • Complacency, Q4 earnings and QE stunt dollar supply

    US corporate new issues have plunged to multi year lows as issuers shrug off strong demand due to the cost of carry. Even Thursday’s confirmation of European Central Bank quantitative easing, which opened the floodgates for FIG issuers, could not move corporate borrowers off the sidelines.

    22 Jan 2015

  • Pace effect unclear as ABS is loaded into ECB bazooka

    European ABS players shrugged their shoulders on Thursday as European Central Bank president, Mario Draghi unveiled an apparently open ended programme of sovereign quantitative easing. Quoted bid levels for periphery paper were stronger, but investors were more focused on whether ABS purchases would fall by the wayside with €60bn a month being pumped into the markets.

    22 Jan 2015

  • Buyers jump on first fresh ABS to drive down VW’s auto level

    Starved investors have jumped on the first fresh European flow ABS supply of the year, pushing market stalwart Volkswagen Bank close to a three times subscription level for the top rated notes of its market opening auto loan-backed transaction.

    22 Jan 2015

  • Gatehouse markets Shariah compliant CMBS

    Shariah compliant lender Gatehouse Bank this week began a roadshow for its first commercial rental backed security (CRBS). The bank created the new Shariah compliant structure to break into the recovering European CMBS market, and the collateral features on the new product could eventually allow tighter pricing than conventional CMBS, a senior Gatehouse banker told GlobalCapital.

    22 Jan 2015

  • Top players lose share in CLOs, but not for long

    The top 10 CLO managers in the US lost market share in 2014, amid a rash of transactions from first time managers looking to cash in on a bull market in the asset class. But as the implementation of risk retention rules looms, more consolidation — such as Man Group’s acquisition of Silvermine Capital — is on the way.

    22 Jan 2015

  • Spanish supply hopes grow as SME CLO spreads tighten to viable levels

    Scope Ratings believes conditions are now favourable for a revival of publicly distributed Spanish SME CLOs, as the decrease in spreads being demanded for investment grade tranches allows for economically viable transactions once more.

    22 Jan 2015

  • Enoc and Tecom add to Dubai’s big loans ramp up

    Big name borrowers are continuing Dubai’s busy start to the year for loans, with Emirates National Oil Company (Enoc) in talks with banks on a $1.5bn deal, and Tecom Investments signing a Dh4bn ($1.1bn) loan.

    22 Jan 2015

  • Deutsche discounts Progress SFR ABS amid heavy supply

    Sole bookrunner Deutsche Bank may offer investors an extra 10bp on the senior tranche of Progress Residential’s latest single family rental securitization, if the deal prices in line with guidance released on Thursday.

    22 Jan 2015

  • Deutsche quits CP as volumes dive to 11 year low

    Euro commercial paper issuance dropped to its lowest level in 11 years in 2014, and the market faces a further threat from proposed bank-style regulation for money market funds.

    22 Jan 2015

  • Draghi delivers: historic QE plan smashes expectations

    It may have been one of the most telegraphed moves in central banking history, but on Thursday, European Central Bank president Mario Draghi finally gave the capital market punters what they wanted and dialled some big numbers. He has promised to “do whatever it takes” to save the euro since July 2012, but now, with the advent of sovereign quantitative easing he is at last walking the walk, to go with the talk.

    22 Jan 2015

  • Fresenius quick to cut loan margins right after winning investment grade

    Fresenius, the German medical care company, launched a loan refinancing project of around €3bn only two days after Standard & Poor’s upgraded it to investment grade.

    22 Jan 2015

  • Demand drives Dominican Republic bond to $2.5bn

    Dominican Republic harnessed investor appetite for long dated Latin American debt to bulk up its 10 and 30 year dual tranche offering to a record $2.5bn. While the leads declined to disclose the order book’s final size, it was comparable with the $8bn Mexico attracted to its similar deal last week.

    22 Jan 2015

  • Kazatomprom signs loan to pay down May bonds

    Kazakhstan’s state-owned nuclear holding company Kazatomprom has signed a $450m facility agreement with banks to pay down eurobonds maturing this year.

    22 Jan 2015

  • South Africa’s Investec plans $300m three year club loan

    Investec Bank is looking to sign a three year loan with international lenders.

    22 Jan 2015

  • Loan lenders stay snug in UPC as bond market picks up slack

    The loan portion of Liberty Global’s refinancing exercise has been reduced to around €690m, after lenders’ reluctance to roll into its merging Dutch subsidiary led the company to issue an €800m bond through Ziggo, one of the merging companies.

    22 Jan 2015

  • Covered bond issuers rush to price before the ECB

    Five covered bond borrowers issued benchmark deals in the first half of this week, fearing potential volatility from Thursday's European Central Bank announcement on its sovereign quantitative easing programme.

    22 Jan 2015

  • BNP Paribas inches toward levfin-high yield merger

    BNP Paribas is preparing a reorganisation of its leveraged finance and high yield teams, as part of the reordering of its corporate and institutional bank that has taken place since Yann Gérardin took over as its head in October. Market participants believe some job cuts are possible.

    22 Jan 2015

  • People Moves in Brief

    DCM bankers leave Erste — Borten heads to ANZ — SG splits top job — First Gulf names bond boss

    22 Jan 2015

  • KKR intercepts Trainline IPO with knockout all-equity bid

    KKR, the US private equity firm, surprised the UK equity markets this morning as it announced its takeover of Thetrainline.com, the train ticketing website that had a fortnight ago expressed its intention to float in London.

    22 Jan 2015

  • Trafigura launches syndication of $4.25bn facility

    Trafigura Beheer has launched a $4.25bn multicurrency facility with eight relationship banks. The commodity trader is refinancing a slightly larger loan of $4.73bn which was signed in March 2014.

    22 Jan 2015

  • NIBC shakes off investor worries to make senior return

    While US borrowers dominated senior unsecured issuance this week, Dutch lender NIBC Bank was also able to return to the euro senior unsecured market after an absence of almost three years.

    22 Jan 2015

  • Citi EUR1.25bn 1.75% Jan 25

    22 Jan 2015

  • Colombia achieves tightest ever 30 year coupon

    Colombia priced a long-dated dollar trade on Wednesday, a $1.5bn 30 year that followed the Dominican Republic's 10s and 30s dual trancher on Tuesday. A focus on price over size enabled Colombia to achieve its lowest ever coupon for a 30 year and although some investors felt pricing was tight, demand was over $5bn.

    22 Jan 2015

  • CCPs continue to skimp on skin in the game

    The controversial topic of skin in the game for clearing should focus largely on the contributions that each clearing member must make and not that of the central counterparty, said CME Group, firing back at those who say it is not contributing enough in its US business.

    22 Jan 2015

  • Ukraine PSI pushes bond prices up

    Ukraine on Wednesday said its ministry of finance would “consult with the holders of Ukrainian international sovereign debt so as to improve Ukraine’s medium term sustainability”, which analysts have taken to mean that a restructuring or reprofiling of the bonds is on the way. However, the country’s bonds sold off only around three points, as investors had already priced in the likelihood of the move, rebounding later in the day to finish two points higher.

    22 Jan 2015

  • Arguments for and against ECB’s bond buying

    GlobalCapital has outlined some of the reasons why sovereign QE is not the answer to the eurozone’s woes — and in the interests of fairness, we’ve provided one suggestion as to why it could be.

    22 Jan 2015

  • Forex failures caused by over-regulation, lawyers say

    Sharon Bowen, Commissioner at the Commodity Futures Trading Commission issued a statement on Thursday arguing that the retail FX market is the least regulated part of the derivatives industry, following the shock move on January 15 by the Swiss National Bank to abandon the Sfr1.20 euro/Swiss franc exchange rate. However, lawyers argue that retail FX is one of the most heavily regulated sectors, which may in fact be increasing risk.

    22 Jan 2015

  • EM mulls post-QE euro eruption, Russian rehab

    Russian credits could prove an unexpected beneficiary of European Central Bank quantitative easing despite the rapid depletion of the country’s reserves and the intensifying conflict in Ukraine. While bankers and investors see a pick up in euro new issues as QE’s main impact on emerging markets activity, Russian assets spreads were 15bp tighter after Thursday’s announcement.

    22 Jan 2015

  • European high yield falls for QE, with door ajar for single-B deals

    What a difference QE makes. Sentiment in Europe's high yield market has U-turned, from the uneasy, sluggish mood in the final months of last year, to an overtly optimistic January.

    22 Jan 2015

  • BlackRock pushes buyside trading plan in Europe

    MarketAxess and BlackRock have brought their trading alliance to Europe, launching an all-to-all trading platform for Eurobonds.

    22 Jan 2015

  • NIBC Bank EUR300m 2% Jul 18

    22 Jan 2015

  • Loans, news in brief — January 22, 2015

    Four Seasons Health Care — Gazprom — Angola — Addnode Group

    22 Jan 2015

  • Storm clouds gather as Jain plots new strategy

    The Deutsche Bank boss needs a new strategy as fixed income and capital concerns strengthen the hand of universal banking naysayers, writes David Rothnie.

    22 Jan 2015

  • Periphery yields plunge to new lows on Draghi bonus

    Spanish and Italian yields dropped to record lows on Thursday afternoon, after European Central Bank president Mario Draghi delighted SSA market participants with a larger than expected quantitative easing programme.

    22 Jan 2015

  • Kommuninvest trading tighter in secondary

    Kommuninvest’s three year benchmark — the only fixed rate benchmark in dollars this week — was trading tighter in secondary on Thursday afternoon, in contrast to some deals last week that traded around reoffer, or even wider, the day after pricing.

    22 Jan 2015

  • The SEC banned who from rating what?

    The Securities & Exchange Commission’s decision to suspend Standard & Poor's from rating conduit fusion CMBS deals for one year may seem dramatic, but will have little effect on issuers and investors. Market participants have already adapted to life without the ratings agency, which has seen its market share drop by a factor of 10 since 2007.

    22 Jan 2015

  • ABS wrapped into Draghi’s bazooka but pace effect unclear

    European ABS players shrugged their shoulders on Thursday as European Central Bank president, Mario Draghi unveiled an apparently open ended programme of sovereign quantitative easing. Quoted bid levels for periphery paper were stronger but investors were more focused on whether ABS purchases would fall by the wayside with €60bn a month being pumped into the markets.

    22 Jan 2015

  • CAF embraces FRN while Kommuninvest goes it alone in threes

    Kommuninvest this week was the only sovereign, supranational or agency issuer to print a dollar benchmark, embracing a lack of competing issuance to print an oversubscribed $1.25bn deal. Meanwhile, Latin American development bank Corporación Andina de Fomento, after giving investors the option to go for a fixed or a floating rate deal, plumped for the latter — a format that could become more popular as a US rate rise looms.

    22 Jan 2015

  • Lloyds continues US push with another London transfer

    UK-headquartered Lloyds Bank has transferred yet another senior banker to its New York outpost, as it attempts to win market share in carefully-selected parts of the US capital markets such as corporate debt and securitization. The new addition will focus on North American institutional investor coverage for the bank’s financial institutions team.

    22 Jan 2015

  • ZF Friedrichshafen issues record €2.2bn Schuldschein

    German car parts maker ZF Friedrichshafen has issued a Schuldschein of €2.2bn, the largest on record, worth nearly 20% of all issuance in 2014. Attractive pricing and ZF's reliable name as an issuer drove the size of the deal up, said bankers involved.

    22 Jan 2015

  • US issuers seize on low euro rates to grab funding arbitrage

    A trio of US banks found deep demand in the euro market this week, with Citi, Goldman Sachs and JP Morgan all drawing large order books for senior deals in the currency. A favourable cost of funding compared to dollars allowed the banks to offer up large new issue premiums to investors, calming the nerves of any investors concerned by the recent glut of supply or possible volatility from Thursday’s ECB meeting.

    22 Jan 2015

  • RSB back for capital update round two

    Russian Standard Bank is making a second attempt to secure investor support for its capital update after failing to generate enough interest first time round. RSB re-launched the consent solicitation for its 10.75% 2018s on January 19.

    22 Jan 2015

  • Ukrainian defaults continue with Ferrexpo

    Ukrainian corporate restructuring has resumed with Ferrexpo, a Ukrainian iron ore pellet exporter, which is looking to exchange its $500m notes due 2016. Analysts expect this to be the first of several such offers this year as political and economic uncertainty in the region continues.

    22 Jan 2015

  • SSAs left behind as total MTN volumes climb

    Sovereign, supranational and agency issuance volume of privately placed medium term notes hit a seven year low in 2014 and such declining figures could characterise MTN volumes this year as well, as tightening yields push investors down the credit curve toward banks and corporates issuing in the format.

    22 Jan 2015

  • Republic of Serbia to issue euro debut as part of plans to raise €1.5bn in 2015

    The Republic of Serbia plans to issue its debut euro-denominated international bond this year, Branko Drcelic, head of the Serbian Debt Management Agency said at a conference on Tuesday.

    22 Jan 2015

  • Loan lenders stay snug in UPC, while bond market picks up slack

    The loan portion of Liberty Global’s refinancing exercise has been reduced to around €690m, after lenders’ reluctance to roll into its merging Dutch subsidiary led the company to issue an €800m bond through Ziggo, one of the merging companies.

    22 Jan 2015

  • Gazprom agrees bilateral loans with Italian banks

    Gazprom has signed a €350m first ever bilateral loan with Intesa Sanpaolo, but its second in two months with Italian banks after agreeing a €390m deal with UniCredit in December.

    22 Jan 2015

  • Credit markets price in European risk

    Commentators on financial markets are sometimes prone to hyperbole, but it is surely no exaggeration to say that the next few days are crucial in determining sentiment for 2015 and beyond.

    22 Jan 2015

  • NordLB to revive Lettre de Gage with first benchmark

    NordLB Covered Finance Bank (NORD/LB CFB) is set to revive the sedentary Lettre de Gage (LdG) market and plans to issue its first benchmark sized covered bond. The issuer, which will take advantage of the recently updated Luxembourg legal framework, mandated leads for a European roadshow on Tuesday.

    22 Jan 2015

  • Enel swaps new €1.46bn 10yr for six old bonds

    Italian electricity company Enel has priced a €1.46bn 10 year bond, to be issued to the holders of six shorter dated bonds, after 25% of the investors accepted an exchange offer.

    22 Jan 2015

  • Ukraine restructuring is no surprise, say analysts

    Ukraine on Wednesday said that the Ministry of Finance will “consult with the holders of Ukrainian international sovereign debt so as to improve Ukraine’s medium term sustainability”, which analysts have taken to mean that a proposed restructuring or reprofiling of the bonds is on its way. The country’s bonds only sold-off around three points though as investors had already priced in the likelihood of this move.

    22 Jan 2015

  • FIG market reacts well to ECB rumours, but downside risk sharpens

    The FIG market looked robust on Thursday morning in the wake of encouraging rumours on the scale of European Central Bank quantitative easing, with the bank's president, Mario Draghi expected to announce the bond buying programme later in the day. Market participants have warned that the ebullient market reaction means any disappointment on Thursday afternoon could prove painful.

    22 Jan 2015

  • Colombia 30 year hits spot for duration hunters

    Colombia priced the Latin America's second long-dated dollar trade on Wednesday, following the Dominican Republic, with a $1.5bn 30 year. Borrowers are rushing to lock in long-dated borrowing costs before the US raises rates.

    22 Jan 2015

  • All aboard Adif AV’s slightly delayed 10yr

    Adif Alta Velocidad, the Spanish high speed rail track operator, priced a €1bn 10 year bond on Wednesday, its second ever issue. The company had originally intended to launch the deal last year.

    22 Jan 2015

  • Ruggiero to run DCM at First Gulf

    First Gulf Bank has hired Giuseppe Ruggiero from National Bank of Abu Dhabi to head its debt capital markets business.

    22 Jan 2015

  • Wagamama’s debut bond to wipe out all bank loans

    Restaurant chain operator Wagamama will cancel its banking debt with the €150m (£174.35m) senior secured bond it sold on Wednesday, a debut issue for the company.

    22 Jan 2015

  • Richmond Housing Partners to follow PCGH into social housing bond market

    Richmond Housing Partnership has mandated two banks for a roadshow that could lead to the second debut bond from a UK housing association this year.

    22 Jan 2015

  • Essar Oil drills advance payment based loan

    Oil offtaker Oil Bridge is in the market for a $180m 23 month loan. The proceeds will go to Indian integrated oil company Essar Oil, which has entered into an advance payment agreement with the offtaker. The loan comes backed by an export performance bank guarantee from State Bank of India.

    22 Jan 2015

  • Malaysia Airports €500m takes off in general

    Malaysia Airports opened a €500m ($579m) seven year loan into general syndication on January 21, picking two European banks and one Malaysian bank to lead the deal. A portion of the loan will be used to finance the borrower’s acquisition of Turkey's Istanbul Sabiha Gökçen (ISG) International Airport.

    22 Jan 2015

  • ANZ cost-saving CNH B3 bond to inspire non-Chinese FIGs to follow suit

    Australia and New Zealand Bank priced the first offshore renminbi-denominated Basel III bond from a non-Chinese bank on January 21. Not only did the Australian borrower achieve the size and pricing levels it was aiming for, but it also proved that funding in CNH can be cheaper than dollars, potentially triggering more non-Chinese lenders to follow suit, writes Narae Kim.

    22 Jan 2015

  • Reliance Industries gets the ball rolling for India in 2015

    International bond investors welcomed back Reliance Industries for the first time in two years as the Indian conglomerate priced a $1bn 10 year offering on January 21. The deal notched up a number of landmarks, being the first Indian credit to come to market in 2015 and achieving the lowest coupon ever for the issuer in the offshore market.

    22 Jan 2015

  • Indonesian Royal Industries plants $300m facility

    Privately-owned Royal Industries Indonesia is firming up a senior group of lenders for a $300m fundraising. The pricing on the deal is said to be similar to a $300m loan it sealed in 2013.

    22 Jan 2015

  • Legend eyes $3bn Hong Kong IPO in second half

    Lenovo owner Legend Holdings is looking to list in Hong Kong during the second half of 2015 in a $2bn-$3bn IPO, with its size and diversified business expected to drive investor interest.

    22 Jan 2015

  • Dutch RMBS spreads hit fresh lows but tightened lending rules to slow recovery

    Triple-A Dutch RMBS spreads in the three to five year bucket hit their lowest level since 2007 this week, helped by a stronger than expected rally in the housing market at the end of last year. But tighter lending criteria are expected to dampen a more widespread recovery in larger properties.

    22 Jan 2015

  • Philippine blocks keeps southeast Asia alive

    Philippine issuers are leading the way among their southeast Asian counterparts in the block trade market, having already raised more than $600m since the start of 2015. The latest to hit the screens was JG Summit Holdings, which netted Ps8.8bn ($200m) from a top-up placement of shares on January 21.

    22 Jan 2015

  • HSBC hires two for credit situations loan sourcing

    HSBC has boosted its global loan sourcing capabilities with two senior appointments in newly created roles.

    22 Jan 2015

  • Thailand set to blaze IPO trail in southeast Asia

    Thailand is shaping up to be one of southeast Asia’s busiest destinations for IPOs this year, with the pipeline of deals of above $100m building faster than in any of the country's peers in the region. A lot of the kudos for this goes to Thailand's Securities and Exchange Commission (SEC), which is actively working towards boosting the equity capital market by expediting the listing process for issuers, writes John Loh.

    22 Jan 2015

  • Far East Horizon shoots $200m bullet with three

    Financial and leasing services company Far East Horizon, which wrapped up a three year loan in December, is already back for a $200m borrowing. Like its last fundraising, the latest bullet has a margin pegged to China’s state-owned Sinochem’s shareholding in the company.

    22 Jan 2015

  • MTN Leak: Nobody puts Botta in a corner

    There are few things banks like to tout more than their cross-asset credentials, but Leak has learned of a pair of bankers with a cross-asset relationship.

    22 Jan 2015

  • Asian bankers greet eurozone stimulus with scepticism

    The financial world was keenly awaiting news of the European Central Bank’s bond buying programme as GlobalCapital Asia went to press on Thursday evening. But whether or not the outcome is enough to assuage markets, Asia’s bankers are not expecting it to have the same impact on the region as US quantitative easing did. Many think the effects will be confined to some unwelcome but short term volatility, write GlobalCapital Asia reporters.

    22 Jan 2015

  • Red hot Baosteel pulls in 8x covered deal

    Baosteel Resources International (BRI) had a barnstorming debut on January 21, hitting the market with a five year dollar bond that was eight times covered. The strong demand was a testament to the deal’s pricing, according to bankers on the trade.

    22 Jan 2015

  • Reverse enquiry drives Bain exit from Gome

    Bain Capital Glory exited Gome Electrical Appliances on January 21 via a HK$1.04bn ($134.16m) overnight block, taking advantage of the last available window to execute the trade before the company goes into a blackout period. The stock was sold close to the bottom of the price range, as the private equity firm opted to keep one long-only account happy and ensure good aftermarket performance, rather than push for a higher price.

    22 Jan 2015

  • Goldman Sachs names chairman of HK IB

    Goldman Sachs has promoted investment banking veteran Stephen Wong to the newly created role of chairman of IB for Hong Kong.

    22 Jan 2015

  • Pakistan takes first steps in the Reit direction

    The Securities and Exchange Commission of Pakistan (SECP) has given its go-ahead to launch the country’s first real estate investment trust, with Arif Habib Dolmen Reit Management preparing an IPO for the second quarter of 2015. Interest is already strong and bankers are hoping Arif’s success will pave the way for more such listings to boost the Pakistan equity capital market.

    22 Jan 2015

  • Asian ECM news in brief, January 23, 2015

    India seeks NMDC divestment – PP Properti picks five for Indo IPO – Yello sends out RFP – HKBN to pre-market $600m listing in February

    22 Jan 2015

  • China’s State Grid completes dual tranche euro debut

    The world’s largest utility State Grid Corp of China issued its first euro-denominated bond on January 19, with a €1bn ($1.2bn) deal comprising seven and 12 year notes.

    22 Jan 2015

  • HKBN connects for HK$3.1bn loan in general

    A HK$3.1bn ($400m) portion of a HK$4.46bn fundraising by CVC sponsored Hong Kong Broadband Network (HKBN) has hit general syndication, said bankers.

    22 Jan 2015

  • CNS returns for refi after acquisition flop

    Taiwanese cable television operator China Network Systems (CNS) is in the market with a NT$46.742bn ($1.53bn) seven year multi-tranche loan. CNS’s sponsor MBK had originally picked Taiwan’s Wei family to acquire the company in August last year but subsequent scandals surrounding the buyer prevented the deal from going through.

    22 Jan 2015

  • Succeed Venture to raise $300m onshore

    Succeed Venture is looking to raise a $300m secured loan. In addition to offering security based on a hotel building in Shanghai, the fundraising comes backed by provisions related to the loan-to-value ratio, using the hotel’s valuation as a basis, said a banker.

    22 Jan 2015

  • MMI International hunts for $580m five year loan via senior syndication

    KKR-sponsored precision engineering company MMI International is cementing the top group of lenders for a $580m five year refinancing, which will pay a margin based on a leverage grid.

    22 Jan 2015

  • Damned if you do, damned if you don’t

    Although I don’t have much to do most days and life is one long holiday, I was still quite chuffed to leave Hong Kong’s stale air behind as I took off for a long awaited trip to New Zealand with the missus.

    22 Jan 2015

  • Risk premiums diverge in the political mire

    In recent months, risks have been emerging from nearly every corner of the market. 'Policy divergence' may sound academic, but the effects of changing flows may prove all too real.

    22 Jan 2015

  • RSB back for second attempt

    Russian Standard Bank is making a second attempt to secure investor support for its capital update after failing to generate enough interest first time round. RSB re-launched the consent solicitation for its 10.75% 2018s on January 19.

    22 Jan 2015

  • Zurich gets RQFII quota, signs MoU on RMB clearing

    The Swiss National Bank announced on January 21 that it had received an Rmb50bn ($8.05bn) RMB qualified foreign institutional investors (RQFII) quota. Switzerland is the fourth European country to receive a quota, bringing the full size of the programme to Rmb820bn.

    22 Jan 2015

  • OCC taps AIG bigwig as chief of risk

    John Grace, ex-senior managing director at AIG, has joined the Options Clearing Corporation as executive vice president and chief risk officer.

    22 Jan 2015

  • Skies clear for Haitong International’s dollar return

    Chinese broker Haitong International is taking advantage of a quiet Asian primary market by opening books to a five and a half year dollar bond on January 22.

    22 Jan 2015

  • Esoteric ABS surge continues

    A trend of more esoteric ABS issuance continued this week with three deals marketing, one backed by timeshares, another by shipping containers and the third by railcar equipment.

    21 Jan 2015

  • Another shot for MBS investors in trustee lawsuits

    Lawsuits against MBS trustees over bad mortgages originated before the financial crisis might still have a chance of being considered, after a petition filed in a US federal appellate court on Tuesday.

    21 Jan 2015

  • Largest SoFi ABS yet gets upgrade despite lower FICOs

    DBRS has awarded West Coast marketplace lender SoFi a small ratings upgrade for its fourth and largest yet securitization of student loan refinancings, despite noting slightly weaker collateral backing the deal.

    21 Jan 2015

  • Tele Columbus gets IPO year off to solid start with mid-range pricing

    Tele Columbus is on the verge of pricing its IPO, the first of the year in Europe. The German cable company’s sale has been a success, and will be priced at €10 a share, the midpoint of the €8 to €12 range, and the top of the revised range.

    21 Jan 2015

  • Snam's tiny NIP irks some, but tap gets big book

    Snam, the Italian natural gas transmission company, tapped its April 2023 bond for €250m on Wednesday. The new notes were priced with a very small pick-up, putting some investors off, but the transaction was still more than three times subscribed.

    21 Jan 2015

  • FirstRand does $463m block in Johannesburg

    Bancassurer FirstRand on Tuesday sold 102m of its shares and 23.8m shares of its affiliate, the insurer MMI, in an oversubscribed accelerated bookbuild.

    21 Jan 2015

  • Lucas Bols sets range for Amsterdam IPO

    Lucas Bols, the Dutch company that claims to be the world's oldest distiller of branded spirits, on Wednesday opened the offer period, and set the price range, on its €125m Amsterdam initial public offering.

    21 Jan 2015

  • Adif’s high speed €1bn bond arrives with slight delay

    Adif Alta Velocidad, the Spanish high speed rail track operator, priced a €1bn 10 year bond on Wednesday, its second ever issue. The company had originally intended to launch the deal last year.

    21 Jan 2015

  • Ziggo prices €800m intraday bond inside guidance

    Liberty Global’s subsidiary Ziggo launched and priced on Wednesday €800m of senior secured notes, only a week after selling an unsecured bond. Both are linked to its merger with its sister company UPC Netherlands.

    21 Jan 2015

  • Portugal cuts costs amid early repayment bid

    Portugal wiped several basis points from its short term funding costs on Wednesday, as the country’s government outlined plans to follow Ireland’s lead and repay its debt to the International Monetary Fund ahead of schedule.

    21 Jan 2015

  • Kommuninvest surfs Sweden success to print at tight end

    Kommuninvest priced a $1.25bn three year at the tight end of guidance on Wednesday afternoon, after scooping up over $1.5bn of orders.

    21 Jan 2015

  • Institutions lead as Solairedirect wins €255m project financing

    Solairedirect, a French independent solar power producer, has agreed €255m of project financing for photovoltaic plants in France, Chile and India.

    21 Jan 2015

  • SIG launches €2.3bn loan, first big buyout financing of 2015

    SIG Combibloc, the Swiss drinks carton maker, has launched the long-awaited €2.265bn loan backing its acquisition by Onex, the largest European leveraged takeover financing of the year so far.

    21 Jan 2015

  • CAF to print $1bn in line with guidance

    Latin American development bank Corporación Andina de Fomento is set to price an oversubscribed $1bn three year floater in line with guidance on Wednesday afternoon, having sounded investors on Tuesday with the option of a fixed or floating rate deal in that maturity.

    21 Jan 2015

  • TCW hires two for credit research and trading

    Los Angeles asset management firm TCW Group has hired two new senior vice presidents, with extensive experience in US credit markets and collateralised loan obligations.

    21 Jan 2015

  • Earnings jitters see US bank CDS spreads widen

    The credit spreads of five major US banks have widened since they posted fourth quarter earnings results, regardless of whether the earnings posted were above or below expectations, according to a new report by Markit. The report suggests that credit market participants are showing caution on US financial names as regulatory charges heighten investors' awareness of credit risk.

    21 Jan 2015

  • StormHarbour reveals third deal for Energias de Portugal

    StormHarbour arranged an electricity tariff deficit sale for Energias de Portugal just before Christmas, the third such transaction it has structured for the energy company but also the smallest.

    21 Jan 2015

  • Dominican Republic takes $2.5bn but pays up for the privilege

    Dominican Republic increased the size of its dual tranche offering to $2.5bn on Wednesday after strong demand from investors. The sovereign had originally been looking to raise $1.5bn but despite a good reception from the buyside, it paid up to 35bp NIP for the 10 year note, according to bankers.

    21 Jan 2015

  • B-rated Eden Springs prices bond at tight end

    The €160m high yield bond issue from Eden Springs, the Swiss-based provider of water and coffee dispensers for the workplace, had a price guidance of 8.75% to 9%.

    21 Jan 2015

  • Investec lines up three year loan

    South Africa’s Investec Bank is looking to sign a three year loan with international lenders.

    21 Jan 2015

  • Serbia to issue euro debut

    The Republic of Serbia plans to issue its debut euro-denominated international bond this year, head of the Serbian Debt Management Agency said at a conference on Tuesday.

    21 Jan 2015

  • Arbitrage keeps US banks active in euros

    Citi added to a spree of euro issuance from US banks on Wednesday, following Goldman Sachs and JP Morgan to hit the market for a 10 year senior print. The low rate environment in Europe means US banks can offer investors attractive spreads while still saving against their cost of funding in dollars.

    21 Jan 2015

  • CAF opts for floater

    Latin American development bank Corporación Andina de Fomento has opened books on a three year floating rate benchmark in dollars, having sounded investors on Tuesday with the option of a fixed or floating rate deal in that maturity.

    21 Jan 2015

  • Market awaits solution it doesn’t think will work

    European participants in the capital markets are waiting, with bated breath, for Thursday’s European Central Bank meeting and the expected announcement of quantitative easing, as well as the outcome of Greece’s Parliamentary elections on Sunday. But an interesting dynamic has set in around what were once thought to be two of the most important events of the start of 2015: no one seems to care much about either anymore.

    21 Jan 2015

  • New measures to boost tiny Indian RMBS market

    An ambitious programme to provide all Indian citizens with housing by 2022 should help bolster India’s fledgling residential mortgage-backed securities (RMBS) market, which recorded issuance of just Rph53bn (€743m) in 2014. But Moody’s has warned there are tax obstacles for investors looking to participate.

    21 Jan 2015

  • Polish funding plan puts dollars first

    The Polish sovereign will prioritise dollar bond issuance when it finally taps the market this year, Ministry of Finance officials told GlobalCapital Emerging Markets.

    21 Jan 2015

  • Americans take the stage while Europe waits for QE

    US banks have been said to be magnanimous on new issue premiums this week, as they fill in for absent European issuers in the euro-denominated FIG market, with many in earnings blackouts or otherwise sitting out the week as the European Central Bank’s January meeting and Greece’s Parliamentary elections approach.

    21 Jan 2015

  • CEEMEA issuance to resume after ECB announcement

    CEEMEA bond issuance has been distinctly muted this year but with the European Central Bank (ECB) meeting tomorrow and oil prices stabilising, improved market conditions may be on the horizon to allow more primary activity.

    21 Jan 2015

  • Tensions mount in SSA sector ahead of big ECB meeting

    The traditional whirlwind of sovereign, supranational and agency issuance in January had all but ground to a halt by Wednesday as issuers, bankers and investors pause ahead of a European Central Bank meeting on Thursday when the bank is widely expected to announce sovereign bond buying. Another brake on supply and demand is a general election in Greece at the weekend that will provide some steer on the country’s future in the eurozone.

    21 Jan 2015

  • It's official! PBoC wording formalises 'RMB internationalisation' target

    In what was its first ever official use of the term, the People’s Bank of China (PBoC) said in a statement on January 21 that it would promote "RMB internationalisation" in an orderly manner. This is the very first time that the PBoC has used the phrase in one of its formal communications, and the significance of its use has been recognised by market participants as indicating that the Chinese government may be ready for the process to enter a new stage.

    21 Jan 2015

  • ECM dealflow mounts as ECB QE approaches

    Issuers remain active in the equity capital markets this week, with IPOs and blocks moving apace, even as markets eagerly await the European Central Bank’s expected announcement on Thursday that it will launch a large-scale bond purchase programme.

    21 Jan 2015

  • Companies eye ECB — but risk appetite is high already

    The European Central Bank’s meeting on Thursday is the first thing corporate bond specialists have to consider this week when weighing the prospects for their market — and many see more risk of downside than upside.

    21 Jan 2015

  • Bain seeks to exit Gome via $137m block

    Just six months after Bain Capital Glory shed some of its stake in Gome Electrical Appliances, the private equity firm is back to the ECM market. This time it is looking to completely exit from the Hong Kong-listed firm via a block trade that could earn it as much as HK$1.06bn ($137m).

    21 Jan 2015

  • VW pushing 3x as investors climb on fresh bonds

    Starved investors have jumped on the first fresh European flow ABS supply of the year, pushing market stalwart Volkswagen Bank close to a three times subscription level for its market opening auto loan-backed transaction.

    21 Jan 2015

  • Malaysia Airports lands for €500m in general

    Malaysia Airports opened a €500m ($579m) seven year loan into general syndication on January 21, picking two European banks and one Malaysian bank to lead the deal. A portion of the loan will be used to finance the borrower’s acquisition of Turkey's Istanbul Sabiha Gokcen (ISG) International Airport.

    21 Jan 2015

  • Zhouheiya Food cooks up $500m IPO

    Chinese snackfood maker Hubei Zhouheiya Food, backed by private equity firms Tiantu Capital and IDG Capital Partners, plans to raise $500m in an IPO in Hong Kong.

    21 Jan 2015

  • Reliance Industries woos US with new bond

    A good market window brought Reliance Industries bank to the bond market on January 21 with the Indian conglomerate appointing a large syndicate to reward banks who have worked on its loans.

    21 Jan 2015

  • HKEx's Li puts Stock Connect at heart of financial markets 'Walmart'

    The Shanghai-Hong Kong Stock Connect initiative should be framed within a broader agenda to set up a Walmart-style “mutual market” for China and Hong Kong, said Hong Kong Exchanges and Clearing (HKEx)’s chief executive Charles Li, speaking at the Asian Financial Forum on January 20.

    21 Jan 2015

  • First Gen nets $168m from tightly priced block

    First Gen Corp raised Ps7.5bn ($168m) through a placement of shares on January 20 as support from the company’s parent helped drive demand for the trade, even allowing the issuer to price its deal at one of the tightest discounts for a Philippine block.

    21 Jan 2015

  • Cades EUR3bn 0.5% May 23

    21 Jan 2015

  • OCC increases liquidity resources via repo facility

    The Options Clearing Corporation (OCC) has established a pre-funded $1bn committed repurchase facility with a leading pension fund in order to increase the central counterparty’s overall liquidity resources from $2bn to $3bn.

    21 Jan 2015

  • Investors eye SX5E options through QE speculation

    Investors have been looking at buying call spreads on the Euro Stoxx 50, funded with out-of-the-money put spreads based on high volatility and expectations of quantitative easing announcements at the European Central Bank meeting on January 22.

    21 Jan 2015

  • Superman strikes again as two-step pricing nets Cheung Kong $599m

    Asia’s richest man, Li Ka-shing, has made headlines again. First came the announcement that Cheung Kong Holdings and Cheung Kong Infrastructure (CKI) were acquiring the UK’s Eversholt Rail Group in a multi-billion dollar deal. Then, just hours later, CKI raised HK$4.64bn ($599m) to part-fund the acquisition through a top-up placement, in a deal priced close to the top of guidance thanks to momentum driven by an order from a single global long-only fund.

    21 Jan 2015

  • Baosteel Resources takes orders for debut dollar bond

    Baosteel Resources International (BRI) is making its first entry in the international debt market having opened books for a dollar transaction on Wednesday, January 21.

    21 Jan 2015

  • Total Derivatives: Inverted curve to extend CNY bid

    Liquidity concerns and firm data have supported paying in CNY swaps. However, the current 1s/5s inversion is expected to limit short-end paying and extend the bid towards five years, writes Deirdre Yeung of Total Derivatives.

    21 Jan 2015

  • ANZ on track to landmark Basel III dim sum

    Australia and New Zealand Bank (ANZ) started book building for a Basel III tier two dim sum bond on Wednesday, January 21. The deal will be a landmark as the first CNH-denominated Basel III trade from a non-Chinese bank.

    21 Jan 2015

  • MoU signed for Chinese gold market

    The Shanghai Gold Exchange (SGE) and the World Gold Council (WGC) last week signed a Memorandum of Understanding (MoU) on a comprehensive strategic co-operation agreement. The WGC hopes that the joining of hands between the two will support the development of domestic and international gold trading in China by leveraging the opportunity provided by the internationalisation of the Chinese gold market through the Shanghai Free Trade Zone (FTZ).

    21 Jan 2015

  • HSBC strengthens loan sourcing with senior hires

    HSBC has beefed up its global loan sourcing capabilities with two senior appointments in newly created roles.

    21 Jan 2015

  • Auto performance down but pipeline still strong

    Regular auto ABS issuers are not expected to encounter much difficulty launching new deals in the prime or subprime space, despite declining performance, as Credit Acceptance Corp leads a pack of auto lenders marketing new deals this week.

    20 Jan 2015

  • Cadwalader names securitization expert as managing partner

    Law firm Cadwalader, Wickersham & Taft has named Patrick Quinn, an expert on the securitization market, as managing partner.

    20 Jan 2015

  • Rates derivs trading continues upward trend

    Overall interest rate derivatives trading that was reported to swap data repositories last week increased by 14% from the previous week, according to data from the International Swaps and Derivatives Association.

    20 Jan 2015

  • FirstRand launches ABB in self and MMI, book oversubscribed

    FirstRand, the South African bank, today launched an accelerated bookbuild for 102m of its shares and 23.8m shares of its affiliate, the insurer MMI. The blocks are worth about R4.93bn ($424m) and R700m ($60m) respectively.

    20 Jan 2015

  • Tele Columbus tightens range as IPO pricing nears

    Tele Columbus has tightened the price range for its IPO, suggesting that the deal will be priced above the bottom end of the range.

    20 Jan 2015

  • Ashley picks Goldman for regular Sports Direct sale

    Mike Ashley, founder of the UK sportswear retailer Sports Direct, on Tuesday sold a block of shares in the company for £110.9m.

    20 Jan 2015

  • Italy EUR6.5bn 3.25% Sep 46

    20 Jan 2015

  • BGC overtakes CME with GFI bid exceeding $6/share

    BGC Partners has retaliated once more within hours of CME Group announcing an increased two-tier, front end-loaded tender offer for GFI Group at $5.85 per share, with the interdealer broker offering a fully financed, all-cash tender offer of $6.10 per share.

    20 Jan 2015

  • Progress pricing similar to Invitation Homes, but less leverage

    Progress Residential is marketing its first single-family rental (SFR) securitization of 2015. Initial price thoughts for the issuance are comparable to a deal that Invitation Homes priced last week, even though Progress’s deal is less leveraged.

    20 Jan 2015

  • Spain in effortless debt sale ahead of key ECB meeting

    The lowest ever coupon on a Spanish 10 year euro benchmark was not enough to deter investors from piling into an April 2025 syndication from the sovereign on Tuesday, with books more than twice subscribed.

    20 Jan 2015

  • KfW hits minimum target size in Canadian dollars

    KfW priced a C$500m ($417.7m) five year bond on Tuesday afternoon in line with initial price thoughts. The deal is smaller than its last effort in the currency, which one of the leads attributed to the lower yields on offer.

    20 Jan 2015

  • Morgan Stanley negotiates difficult quarter but still on track

    Morgan Stanley reported lower than expected fourth quarter profits on Tuesday. Earnings per share, excluding accounting adjustments, fell from 50 cents in the fourth quarter 2013 to 39 cents, which was short of consensus expectations of about 50 cents. Despite this, the bank says it is on track to benefit from a continued fall in funding costs, further falls in risk weighted assets and compensation ratios.

    20 Jan 2015

  • Kommuninvest, CAF out in dollars

    Kommuninvest is sounding investors on a three year dollar benchmark at a level 1bp back from where fellow Nordic issuer KommuneKredit printed a similar maturity at the beginning of the year. Meanwhile, Corporacion Andina de Fomento (CAF) has hired banks to run a deal at the short end of the curve in dollars.

    20 Jan 2015

  • CLS, TriOptima to deliver FX compression tool

    CLS Group and TriOptima have teamed up to offer an FX forward compression service in order to address the regulatory requirement for financial counterparties to have procedures in place to analyse the possibility of portfolio compression for non-centrally cleared over-the-counter derivatives.

    20 Jan 2015

  • Five against one — arguments for and against QE

    With even French president Francois Hollande saying earlier this week that the European Central Bank will announce sovereign quantitative easing on Thursday, there can be little doubt that ECB boss Mario Draghi is fitting the latest rocket into his bazooka as we write. Hollande may have had to embarrassingly backtrack since — with his office saying he was only talking hypothetically — but one can be certain that the flip flop is more down to a breach of etiquette, rather than an error.

    20 Jan 2015

  • When regulators try to do credit analysis

    The European Commission wants credit ratings left out of financial regulation — a great move, if it can find something good to replace them. But it’s making the right decision for the wrong reason.

    20 Jan 2015

  • Addnode Group signs Skr200m loan with Nordea

    Addnode Group, a Swedish information technology firm, has signed a Skr200m ($24.6m) revolving credit facility with Nordea.

    20 Jan 2015

  • CME ups the ante once again in GFI bid

    CME Group has once again increased its two-tier, front end-loaded tender offer for GFI Group to $5.85 per share, matching BGC Partners’ contingent $5.85 per share all-cash offer announced on 15 January. This price escalation represents the newest development in a nearly eight month bidding war for the firm, and nearly a $0.40 per share escalation since 15 January.

    20 Jan 2015

  • DBJ and BNG prep dollar prints

    The Development Bank of Japan has teed up the last international syndication of its financial year and is set to open books for a deal in the belly of the curve on Wednesday. Meanwhile, Bank Nederlandse Gemeenten is also preparing a dollar deal for the same day, but is aiming at the short end of the market.

    20 Jan 2015

  • VW testing tighter with ECB to come

    Volkswagen Bank is ready to set a tight benchmark for the rest of the European ABS market to follow on Wednesday after tightening guidance on its Driver Thirteen German auto ABS to a minimum spread of 25bp on Tuesday.

    20 Jan 2015

  • Turkey’s central bank still needs to prove its independence

    Turkey’s central bank has had to fight hard to win respect as an institution independent of political pressure. With the country on firmer economic footing the central bank took its chance to cut rates — which will have delighted Turkey’s president. But the bank’s still shaky credibility and Turkey’s vulnerability to capital market vagary means there is more at stake.

    20 Jan 2015

  • Four Seasons Health Care flips revolver into £40m term loan

    Four Seasons Health Care, the UK private health care provider, has switched an undrawn revolving facility into a £40m super-senior three year term loan.

    20 Jan 2015

  • Germany's VTG sells €250m debut hybrid for AAE buy-up

    German railway wagon leasing company VTG priced a €250m hybrid bond on Tuesday, the proceeds of which will be used to part-fund its acquisition of rival Ahaus Alstätter Eisenbahn.

    20 Jan 2015

  • Eurofins pays up to sell 2015's first unrated snr bond

    French food and drugs tester Eurofins Scientific priced a €500m seven year bond on Tuesday, following a roadshow last week. The first unrated senior corporate bond deal of the year, it was three times subscribed.

    20 Jan 2015

  • Chances of El Corte Inglés IPO weaken after HY bond

    El Corte Inglés, the privately-owned Spanish retail group, has raised €600m from the high yield bond market, in a move that investors believe makes it less likely that the company will follow through on the idea of floating in Madrid.

    20 Jan 2015

  • Fast money position for credit index squeeze post-ECB

    Fast money investors have been positioning for a post-quantitative easing squeeze on European credit default swap indices, according to strategists at Citigroup in London, who have noted large net long positioning in iTraxx Main and a small net short non-dealer position in Crossover.

    20 Jan 2015

  • CEEMEA makes slow start but improved outlook ahead

    Only four CEEMEA bond deals have been priced so far this year with issuance volumes down to 40% from the same period in 2014. Turbulent market conditions have kept the number of issuers rushing to market to a minimum this year but the upcoming European Central Bank (ECB) meeting as well as stabilising oil prices is improving market outlook — though it won't be a case of 0mph-60mph in three seconds.

    20 Jan 2015

  • DCM bankers exit Erste

    Philipp Heim and Christoph Ilgner have left debt capital markets positions at Erste Bank and moved to other firms.

    20 Jan 2015

  • Angola tops up funds with $500m of loans

    Angola has agreed two loans worth $250m each with Goldman Sachs and Gemcorp Capital as it looks to weather the financial strain caused by recently plummeting oil prices.

    20 Jan 2015

  • Uncertain outlook keeps premiums high in senior as JPM sells 10 year

    Borrowers have had to extend their run of offering attractive new issue premiums in the senior unsecured market on Tuesday, as JP Morgan offered investors a juicy level for long dated euro paper. A softer market and concerns over volatility are necessitating more enticing premiums in the asset class, according to syndicate managers.

    20 Jan 2015

  • Kazatomprom signs $450m loan to refinance bonds

    Kazakhstan’s state-owned nuclear holding company Kazatomprom has signed a $450m facility agreement with banks to pay down eurobonds maturing this year.

    20 Jan 2015

  • Cambridge MTN prices S$55m tap

    Cambridge MTN raised S$55m ($40m) through a tap of its 3.5% 2018s, making it the first investment grade issuer and first Reit to tap the Singapore bond market this year.

    20 Jan 2015

  • S&P forecasts record Indian bond vols for 2015

    Indian borrowers are set to raise a record amount in offshore bonds this year as companies step up their capex spending in response to the economic reforms being introduced by the new government, according to Standard & Poor’s.

    20 Jan 2015

  • HSBC adds one to loan syndications team

    HSBC has boosted its loan syndications team with a new appointment, according to an internal memo seen by GlobalCapital Asia.

    20 Jan 2015

  • China Galaxy eyes HK$17.7bn from private placement

    China Galaxy Securities has set its sights on raising funds via a private placement of shares, following in the footsteps of other brokers such as Citic Securities and Haitong Securities, both of which announced deals in December. The news of Galaxy’s transaction, which could raise as much as HK$17.7bn ($2.30bn) based on today's share price, comes as the Chinese regulator cracks down on margin lending by brokerage houses.

    20 Jan 2015

  • Spanish supply hopes grow as SME CLO spreads tighten

    Scope Ratings believes conditions are now favourable for a revival of publicly distributed Spanish SME CLOs, as the decrease in spreads being demanded for investment grade tranches allows for economically viable transactions once more.

    20 Jan 2015

  • MMI International firming up senior group for $580m

    KKR sponsored precision engineering company, MMI International, is cementing the top group of lenders for a $580m five year refinancing, which will pay a margin based on a leverage grid.

    20 Jan 2015

  • Samson Paper and Formosa upsize loans

    Hong Kong listed company Samson Paper, which opened an HK$500m ($64.5m) loan into general in January, is likely to raise the facility size to HK$750m after receiving positive feedback for the borrowing.

    20 Jan 2015

  • Korea’s Yello Mobile sends out RFP for IPO

    South Korea’s Yello Mobile has issued a request for proposals to banks as it prepares for an IPO, with bidders expected to make a presentation to the issuer on Thursday, January 22.

    20 Jan 2015

  • CSRC margin crackdown is a shrewd move

    China’s ECM market had a tough start to the week, after measures by the regulator to clamp down on excessive margin lending by brokerages took their toll on stock markets, with equities plunging the most in years. But investors that fell victim to this volatility should take it in their stride. The China Securities Regulatory Commission’s stringent approach is smart — and bodes well for stronger markets in the longer term.

    20 Jan 2015

  • Together again: re-merged KDB outlines funding plans

    The re-merger of Korea Development Bank (KDB) and Korea Finance Corporation (KoFC) came into effect at the start of the year and with plenty of post-integration work still to be done the policy bank is not looking to rush back to the debt capital markets. But an increased funding requirement for the enlarged entity means that, when it does return, it will be more active than in the past.

    20 Jan 2015

  • India's Gateway Distriparks to spin off rail logistics unit

    Gateway Distriparks, an Indian logistics firm, is listing its rail transport arm Gateway Rail Freight (GRF) in a domestic IPO at the behest of private equity fund Blackstone.

    20 Jan 2015

  • RMB to have another landmark year in Hong Kong, says HKMA

    China’s capital account liberalisations have set the stage for the next chapter of RMB internationalisation and its increased success as an investment currency, said panellists at a session of the 2015 Asian Financial Forum (AFF), currently being held in Hong Kong.

    20 Jan 2015

  • Legend mandates two for $3bn IPO in Hong Kong

    Lenovo owner Legend Holdings is looking to list in Hong Kong during the second half of the year in a $2bn-$3bn IPO, with its size and diversified business expected to drive investor interest.

    20 Jan 2015

  • HKBN wires HK$3.1bn loan into general

    An HK$3.1bn ($400m) portion of an HK$4.46bn fundraising by CVC sponsored Hong Kong Broadband Network (HKBN) has hit general syndication, said bankers.

    20 Jan 2015

  • Tele Columbus IPO covered, price range may narrow

    Tele Columbus’s IPO is oversubscribed, with demand coming in at a variety of levels within the €8 to €12 a share range.

    19 Jan 2015

  • John Laing preps £130m London float

    John Laing, the infrastructure project firm, will seek to float in London to raise £130m of primary proceeds, less than a year after successfully floating its environmental business for £160m.

    19 Jan 2015

  • Funds tap relative value trade on Italian bank CDS

    Hedge funds have been trading the relative value between credit default swaps on Italian banks UniCredit and Intesa Sanpaolo as UniCredit’s spreads gap wider because of exposure to Russia and Ukraine. On Monday, five year subordinated CDS on UniCredit were trading at 296bp while Intesa Sanpaolo sub CDS traded at 195bp.

    19 Jan 2015

  • China’s State Grid adds 12 year tranche to €1bn euro debut

    State Grid Corp of China, which claims to be the world's largest utility, issued its first euro bond on Monday, a €1bn deal comprising seven and 12 year notes.

    19 Jan 2015

  • KfW seeks C$500m in 'super-attractive' Canadian dollars

    KfW is set to delve into the Canadian dollar bond market for the first time since October, after mandating banks for a deal on Monday.

    19 Jan 2015

  • Credit Suisse moves fixed income bosses as Corson takes “blue sky” role

    Credit Suisse has reshuffled senior members of its fixed income department, freeing up Chris Corson, the former global head of emerging markets, for a role understood to be about “blue sky thinking across the business”.

    19 Jan 2015

  • Spain slips in for 10 year benchmark as QE day looms

    Spain is likely to have the full attention of investors when it sells a new benchmark bond on Tuesday, as few issuers are expected to come during what could be a defining week in the history of the eurozone.

    19 Jan 2015

  • FMS-W back in sterling

    FMS Wertmanagement tapped a 2018 sterling line on Monday, following a host of private placements in the currency from other euro funding issuers taking advantage of a favourable cross currency basis swap.

    19 Jan 2015

  • Fresenius quick to cut loan margins after winning investment grade

    Fresenius, the German kidney dialysis company, has seized the day, launching a loan refinancing project of around €3bn only two days after Standard & Poor’s upgraded it to investment grade.

    19 Jan 2015

  • Gatehouse preps Shariah compliant structure for CMBS breakthrough

    Shariah compliant lender Gatehouse Bank kicked off a roadshow on Monday for its first commercial rental backed security (CRBS). The bank created the new Shariah compliant structure in order to break into the recovering European CMBS market, and the collateral features on the new product could eventually allow tighter pricing than conventional CMBS, a senior Gatehouse banker told GlobalCapital.

    19 Jan 2015

  • It’s raining roadshows, Hallelujah!

    Five high yield companies were roadshowing for bond issues in Europe on Monday, as banks in the market have refound their confidence and are ready to begin bringing deals in earnest.

    19 Jan 2015

  • Scandella to co-head Barings' global EM fund

    Jean-Louis Scandella, head of equities at Baring Asset Management, is to co-head the firm’s flagship global emerging markets fund after the departure of Staffan Lindfeldt at the end of last year.

    19 Jan 2015

  • Enel sets minimum spread on new 10 year bond for exchange offer

    Enel, the Italian electricity company, has set the minimum spread for its new 10 year benchmark euro bond at 115bp over mid-swaps, which one banker described as a "very investor-friendly" level.

    19 Jan 2015

  • BPCE follows Rabo with Samurai sub deal

    France’s BPCE opened order books on Monday for the second ever Basel III compliant Samurai deal, opting for a triple tranche structure. Only Rabobank has previously sold a similar trade, enjoying healthy arbitrage versus its cost of selling tier two paper in both dollars and euros.

    19 Jan 2015

  • NIBC Bank ends senior hiatus

    Dutch lender NIBC Bank returned to the euro senior unsecured market after an absence of almost three years on Monday, opening books on what is just its second non-government guaranteed senior trade since the financial crisis. Goldman Sachs will also price euro paper on Monday, selling a dual tranche fixed and floating 7.5 year print.

    19 Jan 2015

  • Giles Borten joins ANZ’s big push

    Giles Borten, former head of EMEA levfin at UBS, has joined ANZ as global head of funds and insurance.

    19 Jan 2015

  • SG splits top jobs, Bini Smaghi joins as chairman

    Société Générale said on Monday that it would split the roles of chief executive and chairman. Frédéric Oudéa will drop the chairman role but stay on as CEO, while veteran central banker Lorenzo Bini Smaghi will join as chairman of the board.

    19 Jan 2015

  • Further Ukrainian corporate defaults expected as Ferrexpo launches exchange offer

    Ukrainian corporate restructuring has resumed with Ferrexpo, a Ukrainian iron ore pellet exporter, which is looking to exchange its $500m notes due 2016. Analysts expect this to be the first of several such offers this year as political and economic uncertainty in the region continues.

    19 Jan 2015

  • GC Blog: Foxed by financing

    Confusion hit Blog Towers late last week after a press release arrived in our inbox about Macquarie arranging financing for LDC to buy the NEC Group from Birmingham City Council.

    19 Jan 2015

  • UK group sells motorway services CMBS

    Extra MSA Group, which owns a portfolio of 18 motorway service areas (MSAs) in the UK, has securitised half of them in a private £220m commercial mortgage-backed bond just before Christmas.

    19 Jan 2015

  • REC and PFC await government nod for $580m divestment

    Bankers handling the divestments of India’s Rural Electrification Corp (REC) and Power Finance Corp (PFC) have completed international roadshows for both companies and are now waiting on the government to give the greenlight for the share sales.

    19 Jan 2015

  • Reginald D Hunter Rex and the birth of loan awards tragedy

    When a loans banker starts talking about comedy nights lingering in the memory either for being really great or really terrible, GlobalCapital has grown used to the name Reginald D Hunter following soon afterwards. So it was with some trepidation last week that Loan Ranger witnessed a re-opening of that old can of worms.

    19 Jan 2015

  • Two out of three is bad for Tesco CMBS

    Standard & Poor’s became the second ‘big three’ ratings agency to cut UK supermarket group Tesco to junk status last week, and its commercial mortgage-backed debt is suffering the consequences.

    19 Jan 2015

  • Succeed Venture builds $300m secured loan

    Succeed Venture is looking to raise a $300m secured loan. In addition to offering security based on a hotel building in Shanghai, the fundraising comes backed by provisions related to the loan-to-value ratio, using the hotel’s valuation as a basis, said a banker.

    19 Jan 2015

  • Myanmar's Yoma to raise $124m in rights issue

    Singapore-listed, Myanmar-based Yoma Strategic Holdings expects to net S$163.86m ($123.58m) from a rights offering, its first follow-on since June last year.

    19 Jan 2015

  • CSRC plans reform of IPO rules

    The China Securities Regulatory Commission (CSRC) is planning to simplify the country’s IPO rules to make it easier for Chinese companies to list at home and overseas, according to its chairman.

    19 Jan 2015

  • IndoExim to raise $1.3bn in offshore bonds and loans in 2015

    Indonesia Eximbank is eyeing its first appearance in dollar bonds since 2012, as part of its plans to raise as much as $1.3bn from the offshore debt markets.

    19 Jan 2015

  • Switzerland to become RMB hub with Rmb50bn RQFII quota

    China is set to establish an offshore renminbi hub in Switzerland during a visit by prime minister Li Keqiang on January 20-21, according to domestic Chinese media reports. A Memorandum of Understanding (MoU) of official RMB clearing arrangements is expected, along with a Rmb50bn ($8.05bn) quota for the Renminbi Qualified Foreign Institutional Investors (RQFII) scheme.

    19 Jan 2015

  • RMB payments share leaps, says Bank of China

    The latest dataset for Bank of China’s Cross-border RMB Index (CRI) is out, showing a monthly rise of 2.4% in November to 251 points. The result is the second highest on record and also indicates the RMB might have overtaken the Australian and Canadian dollar to be the fifth most used currency for payments.

    19 Jan 2015

  • Asiamoney Australia Awards 2014: Results Announced

    Asiamoney is pleased to announce the winners of the 2014 Australia Awards. After suggestions by bankers from global and domestic institutions, we weighed the most impressive deals and banks in the market last year. The results are listed below, and full write-ups of the winners will be published online and in print in late February.

    19 Jan 2015

  • Fitch downplays Chinese property refinancing fears

    The first offshore bond default from a Chinese property developer had market participants fretting over the financial stability of the sector, which has huge refinancing needs this year. But in a new report Fitch said that companies under its watch are financially sound enough to refinance their outstanding debt.

    19 Jan 2015

  • Centurion eyes Reit listing in Singapore

    Centurion Corp, which owns, develops and manages accommodation assets, is considering setting up a real estate investment trust (Reit) in Singapore. The move comes as the company with a S$420m ($316.3m) market capitalisation looks to further grow its worker accommodation business.

    19 Jan 2015

  • HKBN to connect for $600m IPO in February

    HKBN, or Hong Kong Broadband Network, plans to start gauging investor appetite for its IPO of around $600m in early to mid-February, say bankers on the listing.

    19 Jan 2015

  • Indonesia’s Royal harvests $300m loan in senior

    Privately owned Royal Industries Indonesia is firming up a senior group of lenders for a $300m fundraising. The pricing on the deal is said to be similar to a $300m loan it sealed in 2013.

    19 Jan 2015

  • Bankers unsure on LatAm conditions despite Mexican success

    Debt capital market bankers covering Latin America say it is still unclear just how welcoming new issue conditions are for most borrowers from the region even though the Mexican sovereign and Pemex clinched widely praised deals last week.

    18 Jan 2015

  • Banco del Estado de Chile returns to Japan

    State-owned Chilean lender Banco del Estado de Chile (BancoEstado) raised ¥31bn ($264m) on Friday in the first Japanese yen-denominated issue from a Latin American borrower in 2015.

    18 Jan 2015

  • Thomas Cook ticks refi boxes with €400m 6.75% bond

    Thomas Cook, the UK travel agency, has launched and priced on Friday the first European high yield bond of the year from a single-B-rated borrower. It encountered the after-shocks from the Swiss National Bank's shock change of exchange rate policy on Thursday, but the company achieved its refinancing goals.

    16 Jan 2015

  • Hong Kong, EMIR equivalence not enough, lawyers say

    A memorandum of understanding from the European Securities and Markets Authority recognising the Hong Kong clearing regime as equivalent to the European regime under European Markets Infrastructure Regulation is not enough to avoid fragmenting the market, according to lawyers, who said ESMA must prioritise the key issue of US clearing house equivalence.

    16 Jan 2015

  • Isolux Corsán plans €600m public listing as Spanish IPO market comes to life

    Isolux Corsán, the Spanish energy and construction firm, plans to float on Spain’s main stock markets in a deal that could be worth €600m.

    16 Jan 2015

  • Goldman rules in M&A but equity underwriting slides

    Goldman Sachs fourth quarter results, announced on Friday, were buoyed by an increase in activity in mergers and acquisitions, a sector in which the bank led the market with $1tr worth of announced and completed deals over 2014.

    16 Jan 2015

  • Secondary pricing update: featuring Belgium, Ireland and KfW

    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.

    16 Jan 2015

  • Funding scorecard: European supranationals and agencies

    Read on to see how selected European supranationals and agencies are progressing through their 2015 funding programmes after the year's second full week of issuance.

    16 Jan 2015

  • Ico to roadshow for debut SRI bond

    Instituto de Crédito Oficial will meet sustainable and responsible capital markets investors next week, ahead of becoming the first Spanish issuer to print a socially themed benchmark.

    16 Jan 2015

  • Swedish Match gets Skr1.5bn facility with relationship banking group

    Swedish Match, which makes the tobacco product, snus, has secured a Skr1.5bn (€158m) multicurrency revolving facility. The loan will refinance a Skr1.6bn loan signed in 2010.

    16 Jan 2015

  • LDC signs loans for $307m buyout of Birmingham's NEC Group

    Private equity company LDC has obtained financing from banks for its £307m acquisition of exhibition venue operator the NEC Group from Birmingham City Council.

    16 Jan 2015

  • ISDA responds to cross-border issues with reshuffle

    The International Swaps and Derivatives Association has reshuffled its organisational structure to better respond to cross-border issues. Steven Kennedy, ex-head of strategy, research and communications at ISDA, is now global head of public policy. ISDA has also created a regulatory and legal practice group based in Washington DC in addition to a non-cleared margin implementation initiative.

    16 Jan 2015

  • Deutsche AWM starts first euro ETF for short tenor high yield

    Deutche Bank’s wealth management arm, Deutsche AWM, this week launched a new exchange-traded fund tracking a basket of 97 euro corporate high yield bonds with tenors of one to three years.

    16 Jan 2015

  • Special Briefing on China market access, Part III: Mutual Recognition, the next big thing?

    The China-Hong Kong Mutual Recognition scheme, which will allow funds in China to team up with funds in Hong Kong to market each other's products in their respective markets, could prove to be a crucial part of China's capital account opening. When it finally launches, it will open up a Rmb30tr ($4.8tr) industry to foreign fund managers. And for domestic buyers, mostly retail, it will create a new offshore channel.

    16 Jan 2015

  • Citi offers regulated funds a way into Stock Connect

    Alternative Investment Funds (AIFs) and funds governed by European Union directives on Undertakings for Collective Investment in Transferable Securities (Ucits), can now trade A-shares through the Shanghai-Hong Kong Stock Connect scheme thanks to the development of a solution at Citi's depositary bank business, the firm said on January 16.

    16 Jan 2015

  • Platinum Group vies for $200m Thailand IPO

    Platinum Group, which owns Thailand’s wholesale Platinum Fashion Mall in Bangkok, is looking to raise $200m in a domestic-only offering.

    16 Jan 2015

  • PTT’s energy unit eyes Thai listing

    Thai state-backed oil and gas giant PTT is selling 25% of its flagship energy arm Global Power Synergy in an IPO on the domestic stock exchange.

    16 Jan 2015

  • Sinopec targets $4bn in year-end HK listing

    ECM bankers are preparing for what could be one of the largest IPOs in Hong Kong this year, as China Petroleum & Chemicals Corp, also known as Sinopec, gets the ball rolling for the roughly $4bn listing of its retail unit.

    16 Jan 2015

  • RMB round up: January 16, 2015

    In this round-up, Taiwan deposits rise 0.5% in December 2014, China cross-border trade settlement is up 10% in the last month and the Stock Connect see two consecutive days of negative net trading this week.

    16 Jan 2015

  • Far East Horizon makes rapid return for $200m

    Financial and leasing services company Far East Horizon, which wrapped up a three year loan in December, is already back for a $200m borrowing. Like its last fundraising, the latest bullet has a margin pegged to China’s state-owned Sinochem’s shareholding in the company.

    16 Jan 2015

  • Nanxiang targets March for $300m HK IPO

    Nanxiang Holding, which filed for a Hong Kong IPO at the end of December, is planning to start investor education for the listing in March and has set its sights on raising between $200m and $300m.

    16 Jan 2015

  • Citi’s head of Greater China CIB retires

    Citi’s Greater China head of corporate and investment banking (CIB), Roger Zhu, has retired, GlobalCapital Asia understands.

    16 Jan 2015

  • MCT Consortium plans $129m backdoor listing of GW Plastics

    Malaysian property firm MCT Consortium is set to raise $129m in a reverse takeover of plastics maker GW Plastics.

    16 Jan 2015

  • Two-way sweeping gets rolling outside FTZ

    Two international banks announced this week that they had helped clients complete two way RMB sweeping transactions outside the Shanghai pilot free trade zone (FTZ). Chinese regulators expanded the pilot scheme to the entire country in November 2014.

    16 Jan 2015

  • Baosteel Resources gears up for maiden dollar bond

    Baosteel Resources International (BRI) will meet investors next week ahead of a potential US dollar bond after mandating six banks.

    16 Jan 2015

  • Cambridge MTN hits the road for a Singapore dollar deal

    Cambridge MTN has mandated RBS to arrange a roadshow for a potential Singapore dollar issue.

    16 Jan 2015

  • Tata Steel allocates $3.1bn among 34 lenders

    A $3.1bn piece of Tata Steel’s $5.6bn multi-trancher was signed in December with 34 lenders. The deal has been singled out for praise by many loans bankers for its structuring that led to success despite the borrower operating in the troubled steel sector.

    16 Jan 2015

  • Kommuninvest strikes out in C$ as SSAs go crazy for Kangaroos

    Kommuninvest swam against the tide this week, issuing its first Canadian dollar public bond, as its supranational, sovereign and agency peers flocked to the Kangaroo market.

    15 Jan 2015

  • SSAs: nowhere to go as dollar and euro sour

    You have to pity sovereign, supranational and agency funding officials in Europe.

    15 Jan 2015

  • SNB’s wake-up call: central banks can shock

    Perhaps it was stimulus envy — years of taking a back seat in the popular mind to the central banks of the US, the European Union, Japan and the UK.

    15 Jan 2015

  • Colombian oil company rebounds on 'overdone' covenant worries

    Bond investors said a sell-off in Colombian oil company Pacific Rubiales Energy was overdone, saying fears that the borrower was going to breach its covenants on the back of low oil prices were misguided.

    15 Jan 2015

  • DLJ Mortgage Capital to bring jumbo RMBS

    DLJ Mortgage Capital is partnering with Credit Suisse to bring an RMBS issuance backed by 525 jumbo mortgages totaling $381.6m in principal.

    15 Jan 2015

  • EFSF EUR3bn 0.5% Jan 23

    15 Jan 2015

  • Portugal EUR3.5bn 2.875% Oct 25, EUR2bn 4.1% Feb 45

    15 Jan 2015

  • FMS-W EUR1.5bn 0.125% Apr 20

    15 Jan 2015

  • Ontario EUR1.25bn 0.875% Jan 25

    15 Jan 2015

  • MuniFin USD1bn 1.5% Mar 20

    15 Jan 2015

  • AFD USD1bn 1.625% Jan 21

    15 Jan 2015

  • KfW USD3bn 1% Jan 18

    15 Jan 2015

  • ADB USD1.75bn 1.5% Jan 20, USD1.25bn 2% Jan 25

    15 Jan 2015

  • Raters stop short of Ocwen RMBS downgrades

    Ratings agencies are monitoring the possibility of a mortgage servicing right (MSR) fire sale in California closely, but they have stopped short of downgrading structured products tied to the beleaguered servicer.

    15 Jan 2015

  • Macquarie EUR500m 1.125% Jan 22

    15 Jan 2015

  • MTN Leak: Getting your Jaws into a pickle

    Just when the MTN market thought it was safe to go back in their inboxes, a very unsettling and scary email was waiting.

    15 Jan 2015

  • Deutsche Pfandbriefbank EUR500m 0.875% Jan 17

    15 Jan 2015

  • Covered bond issuers supply across the curve

    Covered bond issuers from outside the Eurozone launched deals this week denominated in sterling and Australian dollars. But a bigger proportion were from the Eurozone where borrowers launched deals in the single currency in maturities that ranged from four to 20 years. The transaction were priced generously and enjoyed a solid reception, with central banks taking a back seat.

    15 Jan 2015

  • Prudential GBP300m 1.375% Jan 18

    15 Jan 2015

  • SSAs celebrate coming QE but political risks sap spirit

    Investors flooded into new sovereign, supranational and agency bond issues this week, convinced that the European Central Bank is about to announce a programme of government bond buying. But political risks are mounting across the eurozone, which have the potential to derail the market at a dangerously early stage of the year when so many issuers have so much of their funding programmes left to do.

    15 Jan 2015

  • Crédit Agricole EUR1.5bn 0.875% Jan 22

    15 Jan 2015

  • Commonwealth Bank of Australia EUR1bn FRN Jan 20

    15 Jan 2015

  • ING EUR1.5bn 0.7% Apr 20

    15 Jan 2015

  • Rabo AT1 debut may herald a more modest market in 2015

    Rabobank’s inaugural additional tier one marked not only the first such deal from a Dutch issuer, but the first AT1 deal of the year. Though the deal was priced into a market full of uncertainty, its sturdy reception, if less ecstatic than previous trades, suggests that investors are approaching the asset class with more sobriety than in 2014.

    15 Jan 2015

  • Metlife EUR850m 0.875% Jan 22

    15 Jan 2015

  • UniCredit EUR1bn FRN Feb 20

    15 Jan 2015

  • Nationwide stars as frequent funders fail to inspire

    The start of US bank reporting season produced a much-needed surge in big-ticket US FIG issuance, which is enduring its worst start to the year since the financial crisis.

    15 Jan 2015

  • BPE EUR500m 2% Feb 20

    15 Jan 2015

  • Caisse Centrale Desjardins du Quebec EUR500m FRN Jan 20

    15 Jan 2015

  • Autos to open year for Europe but issuers wary ahead of ECB

    Auto ABS will provide two of the first clutch of European ABS deals of 2015 after mandates this week from Volkswagen Bank and Santander Consumer UK. But bankers say the pipeline remains patchy for this month as issuers see no need to hurry ahead of an anticipated launch of sovereign bond buying from the European Central Bank next week.

    15 Jan 2015

  • German group slams ECB and claims purchases are ‘subsidy programme’

    Stiftung Familienunternehmen, an organisation representing family-owned companies in Germany and Europe, has criticised the European Central Bank’s asset backed securities purchase programme, saying it oversteps the bounds of the central bank’s mandate and is designed to help banks in the continent’s weaker economies.

    15 Jan 2015

  • Litigation and trading still skewering US banks

    The first full year results for the major US investment banks show that little changed in Q4 — litigation costs and poor trading revenues, particularly in fixed income, are still causing most of the pain.

    15 Jan 2015

  • NAB sets record in first Samurai of 2015

    A strong bid for Australian paper from Japanese investors allowed National Australia Bank to price the tightest ever spread ever for a 10 year Samurai from a FIG issuer on Friday, the first print in the format of 2015.

    15 Jan 2015

  • Fitch has vote of confidence for mortgages

    The outlooks for European residential mortgage markets have either improved or stayed the same compared with a year ago, said Fitch in a report this week. But the ratings agency also warned that the housing recovery in Europe’s periphery is “fragile and uneven”.

    15 Jan 2015

  • UST rally makes next week dicey for SSAs

    Sovereign, supranational and agency issuers were able to raise $10.5bn of bonds in dollars this week, despite volatility in US rates and Treasury yields plunging ever lower.

    15 Jan 2015

  • CLOs rue oil exposure

    Of the 68 US loan borrowers that have suffered price drops of more than 5 percentage points in the past 30 days, some 35 are in the oil and gas industry or related sectors, compared to just five two months ago, Morgan Stanley analysts wrote on Wednesday.

    15 Jan 2015

  • FIG market struggles as senior flood leaves market oversupplied

    After a frantic week of senior unsecured issuance, euro senior volumes for 2015 have already outstripped the entirety of last January. However, the impressive volumes cannot mask problems in the market. Syndicate bankers are nervously whispering about oversupply as the week’s deals trade wider, a problem exacerbated by currency volatility on Thursday as the Swiss National Bank scrapped the currency ceiling on the Swiss franc.

    15 Jan 2015

  • EU work on HQS ‘not done’ after October phase-in call

    Delegated acts that contain Europe’s first regulatory action designed to promote high quality securitizations will begin to take effect in October, after the European Parliament and Council gave their backing to the rules.

    15 Jan 2015

  • ‘Reeling’ CLO market searches for first pricing

    The US CLO market was still yet to see its first deal pricing of 2015 on Thursday, with a confluence of regulatory and market-driven factors putting serious pressure on demand. But that isn’t stopping some banks from taking an aggressive stance on new issuance.

    15 Jan 2015

  • Juncker’s EFSI to get going soon, as EIB scours Europe for viable projects

    The European Investment Bank will soon begin working on the first projects to be financed by the European Fund for Strategic Investments, the new EU initiative to unlock €315bn of investment over the next three years.

    15 Jan 2015

  • Investors urged to jump in to euro ABS as tightening trend starts to re-emerge

    While some ABS market participants remain extremely unimpressed by the pace of European Central Bank purchases so far, many are now expecting the scheme to gather pace as the process becomes more streamlined and are urging any investors not positioned for a another rally to become so.

    15 Jan 2015

  • HSBC becomes first foreign bank to print Chinese ABS

    HSBC has completed the first issuance of asset backed securities by a foreign bank in China, at a time when the government is trying to foster more issuance from domestic banks.

    15 Jan 2015

  • Private equity hot for tech, investors unsure

    European leveraged finance investors are having to get to grips with a new and challenging sector, as a spate of buyouts of technology companies is coming to market - and some investors are anxious that they lack the skills to analyse these credits.

    15 Jan 2015

  • Slovak deal stands out with speed and style

    A €5.5bn order book helped the Slovak Republic price its new 12 year euro bond in a record 2.5 hours on Tuesday morning. Strong credit fundamentals, which led to a rally across Slovakia’s curve, have enabled the borrower to price at its lowest ever yield for a long dated euro bond.

    15 Jan 2015

  • Tunisia plans conventional but sukuk still in sight

    Tunisia has picked banks for a 144A/Reg S conventional dollar deal and starts investor meetings on Friday. The lead manager line-up contains some of the same banks that were attached to a debut sukuk the sovereign had intended to launch in 2014. But that transaction — although still planned — has been delayed while Tunisia tweaks its sukuk legislation, said debt bankers.

    15 Jan 2015

  • Investors gulp Virgin Media, Ziggo restructuring bonds

    Dutch cable company Ziggo accelerated its dual currency bond issue to price it on Wednesday after its sister company, Virgin Media of the UK, had sold the first bond of a restructuring plan involving four Liberty Global cable subsidiaries.

    15 Jan 2015

  • FMS-W prints first sterling bond under ICMA pricing guide

    FMS Wertmanagement has become the first sovereign, supranational or agency to price a sterling benchmark following the adoption by some banks of pricing guidelines from the International Capital Markets Association. The guidelines, among other things, require sterling benchmark bonds to be priced against a Gilt with the nearest maturity to that of the bond.

    15 Jan 2015

  • Exact Holdings negotiates European tech scepticism

    Exact Holdings, the Dutch software company, held bank meetings for its $460m acquisition loan in New York on Monday, and then presented the deal to European investors in London on Wednesday, a lender base that is usually more chary of the tech sector than its US peer.

    15 Jan 2015

  • Sky Bet improves odds on £390m cov-lite loans

    Online gambling business Sky Bet laid out price guidance on its £390m ($591.6m) acquisition loan at a bank meeting on Tuesday, where some investors were swayed after initially being sceptical of the deal.

    15 Jan 2015

  • Sabanci cancels loan for cement assets acquisition

    The decision of Sabanci Holding, the Turkish industrial and financial conglomerate, not to pursue its bid for assets owned by Lafarge and Holcim has resulted in a loan deal being pulled at a late stage, say bankers.

    15 Jan 2015

  • Loan to Nigeria's IHS will be a 'cracker' say bank officials

    A bank meeting this week in London for Nigerian telecom towers group IHS Holding was well attended, according to bankers on the deal, with as many as 30 institutions taking part.

    15 Jan 2015

  • LMA claims good feedback on first PP deal using docs

    The first private placement transaction to be documented using a recently launched template prepared by the Loan Market Association has taken place. The LMA says it has received favourable feedback on the documents.

    15 Jan 2015

  • Turkish trio spy chance to print in flight to low volatility

    Encouraged by the strong response to Turkey’s $1.5bn tap last week, a trio of the country's banks picked up the bond market baton this week — Akbank priced a $500m five year Eurobond while Turkiye Vakiflar Bankasi (Vakifbank) and Sekerbank announced investor meetings.

    15 Jan 2015

  • Corporate bond party could be pooped if ECB disappoints

    A week of plentiful supply of investment grade corporate debt has met with strong demand from investors, especially for names offering increased yield such as those in the European periphery. But bankers say a European Central Bank announcement on bond buying next week could trigger a sell-off if it fails to satisfy the market.

    15 Jan 2015

  • Peoples Moves in Brief

    Moulds revives COO job at Barclays — Smiecench quits SG — Turnbull heads to StormHarbour — Chheda rejoins RBS

    15 Jan 2015

  • Covered bonds get seven in the seven year

    The covered bond market enjoyed its busiest week in the last three years as 16 borrowers launched benchmarks with a nominal value of €13.5bn ($15.70bn) across a range of currencies and tenors. But investors clearly showed a preference for the seven year — of which there were seven deals, accounting for half of this week’s supply.

    15 Jan 2015

  • Old shareholders back Tele Columbus IPO

    Tele Columbus’s existing shareholders have placed orders for just under two thirds of the new shares to be sold as part of the German cable provider’s IPO.

    15 Jan 2015

  • Oil slump sparks Gulf loan volume fears

    The collapse of oil prices and blow out of credit spreads for Dubai borrowers has got some loan bankers worried about the outlook for dealflow in the region. Project financings and loan repricings are likely to take the first hit, they reckon.

    15 Jan 2015

  • Host Europe sweetens £535m Intergenia loan with covenant

    German online hosting provider Host Europe set out price guidance on £535m-equivalent of leveraged loans on Thursday, as part of its acquisition of Intergenia.

    15 Jan 2015

  • Volatility shrinks US corporate bond sales but buyers are keen

    A volatile market backdrop deterred many companies from issuing dollar bonds this week, but those that braved the conditions were mostly rewarded with strong demand and single digit new issue concessions.

    15 Jan 2015

  • Liberty Global shifts UPC loans to Ziggo for merger

    Liberty Global, the European cable investment group, on Tuesday laid out to lenders the terms of a complex refinancing process which will combine the debt of two merging Dutch subsidiaries, UPC Netherlands and Ziggo.

    15 Jan 2015

  • Dubai looks set to face challenging market in 2015

    Dubai World's announcement this week that it is closing in on another restructuring of its $14.6bn debt promise a big and timely kick of the can down the road for the emirate. But the overall picture for Dubai is deteriorating, structural problems remain and investors should strap themselves in for the bumpiest ride since the financial crisis.

    15 Jan 2015

  • NRW.Bank gets sterling MTN start and is open for more

    NRW.Bank found demand to increase its largest ever sterling private placement, sold this week, and it is up for more deals in the currency.

    15 Jan 2015

  • Air France exits Amadeus in tight Citi block trade

    Air France KLM sold its last remaining shares in Amadeus IT Holding on Thursday evening, at a price very close to a record high for the stock.

    15 Jan 2015

  • Société Générale hires co-head of German corporate finance

    Société Générale has hired a new co-head of corporate finance and head of German mergers and acquisitions to replace Jan Caspar Hoffmann, who left last year for Moelis & Co.

    15 Jan 2015

  • UPDATE: BGC fires back with GFI counteroffer within hours

    BGC Partners has retaliated within hours of CME Group announcing an increased tender offer for GFI Group at $5.60 per share, offering a non-contingent $5.75 per share offer that can increase up to $5.85 should the tender offer be accepted by the extended 29 January 2015 deadline. This price escalation represents the newest development in a nearly eight-month bidding war for the firm.

    15 Jan 2015

  • Citi hopes for trading rebound and a drop in repositioning costs

    Citigroup disclosed on Thursday that it missed earnings expectations as trading revenues in its institutional clients group declined and repositioning charges along with another round of regulatory actions hit the global bank’s profits. Market share gains among institutional clients, along with low oil prices, could turn things around in 2015.

    15 Jan 2015

  • Slovak Republic EUR1.5bn 1.325% Jan 27s

    15 Jan 2015

  • Cades passes tough test after SNB surprise

    The Swiss National Bank’s shock decision to unpeg its currency from the euro on Thursday morning made selling a new May 2023 bond a tougher than normal task for Caisse d'Amortissement de la Dette Sociale, although the deal still hit full subscription, according to one of the leads. With the European Central Bank expected to announce sovereign quantitative easing next week, the window for eurozone issuers to print is getting smaller — although a new agency is known to be looking.

    15 Jan 2015

  • Italy shrugs off Swiss worries to print 30 year

    Italy hammered in a new point at the far end of its curve on Thursday, as the fallout from the Swiss National Bank’s decision to unpeg the Swiss franc from the euro failed to affect demand or pricing. Elsewhere, Spain broke records at an auction.

    15 Jan 2015

  • Banks worry over Belarus bond pitch

    Banks have two weeks to decide whether to pitch for a $1bn bond for Belarus, having spurned the eastern European country’s last attempt to access investors in 2012, writes Francesca Young.

    15 Jan 2015

  • DIB sukuk perp reopens MENA bond market

    Dubai Islamic Bank proved that Middle East bond issuers can launch successful deals even in a difficult market, said syndicate officials on the $1bn tier one perpetual sukuk. But the structure made it difficult to discern what kind of new issue premium the borrower had paid, and the bond has traded down in the secondary market.

    15 Jan 2015

  • Sweden raises $2.5bn amid Swiss induced volatility

    Sweden was able to price a three year dollar benchmark at the tight end of guidance on Thursday despite volatility in US Treasuries after the Swiss National Bank announced that it was scrapping a cap on the Swiss franc.

    15 Jan 2015

  • Oil price slump sparks fears for Gulf project finance and loan volumes

    The collapse of oil prices and blow-out of credit spreads for Dubai borrowers has got some loan bankers worried about the outlook for deal flow in the region. Project finance and loan repricing business is likely to take the first hit, they reckon.

    15 Jan 2015

  • Swiss franc shock to cripple earnings at Credit Suisse and UBS

    The Swiss National Bank’s decision to abandon its euro peg on Thursday is likely to cripple earnings at Switzerland’s two international investment banks. But it could deliver an unexpected capital boost as well, changing the game as the two institutions race to meet onerous capital rules imposed in the “Swiss finish”.

    15 Jan 2015

  • Austria’s bond programme down on 2014

    Austria could this year register a drop of more than 30% on its 2014 government bond issuance. It announced its 2015 issuance plan on Thursday and RAGB issuance will be down at least €3bn on 2014.

    15 Jan 2015

  • Real money investors tap payer spreads on Main

    Real and fast money investors were seen buying payers spreads with February and March expiries in iTraxx Main, as flows in credit options this week suggested market participants have ruled out a substantial widening of credit default swap index spreads.

    15 Jan 2015

  • High yield swings back with €3bn of deals: now for single-B issuers

    European high yield is back. That is the unequivocal conclusion of market participants after a strong week of issuance has broken the market's five month dry spell, writes Victor Jimenez. Now, the market is ready to return to full functionality — which will be marked by the return of single-B rated issuers.

    15 Jan 2015

  • Sunrise to press ahead for Zurich IPO amid Swiss market chaos

    Sunrise Communications Group, the Swiss telecom firm, decided on Thursday to press ahead with its Sfr1.35bn initial public offering, even as the Swiss stock market fell nearly 9% after the Swiss National Bank unexpectedly abandoned its ceiling for the Swiss franc against the euro.

    15 Jan 2015

  • Restructuring is the best option for Ukraine’s failing economy

    Ukraine needs to restructure its hard currency sovereign debt, and it needs to do it now.

    15 Jan 2015

  • Enel plans 10yr benchmark for up to €5.5bn exchange offer

    Enel, Italy's leading power company, announced on Wednesday that it would issue a benchmark 10 year bond in an exchange offer for up to €5.5bn of existing bonds, as part of a liability management exercise. The transaction is meant to extend Enel's maturity profile.

    15 Jan 2015

  • Loans, news in brief — January 15, 2015

    Cinven — Stanbic Uganda — Pirelli — Huhtamaki

    15 Jan 2015

  • Shire loads up with loans for NPS Pharma takeover

    Shire has raised over $3bn in loans in the last month for its $5.2bn takeover of NPS Pharma. The bio-pharmaceutical company is paying a high premium for NPS’s assets, but Shire may also be loading up on debt to deter takeover bids from rivals, said bankers.

    15 Jan 2015

  • Bay area PM approaching new ABS fund launch

    A San Francisco Bay area portfolio manager is readying his firm’s first dedicated securitized asset fund, focusing on esoteric ABS, as well as RMBS and CMBS and some CLOs.

    15 Jan 2015

  • Panic erupts as SNB abandons floor causing euro/Swiss to tank

    The Swiss National Bank shocked markets on Thursday when it abandoned its Sfr1.20 floor on the euro and cut the interest rate on sight deposit balances to minus 0.75%. The SNB and some investor portfolios will suffer big losses.

    15 Jan 2015

  • Bidding war continues as CME, BGC go tit-for-tat

    CME Group has increased its two-tier, front end-loaded tender offer for GFI Group to $5.60 per share, matching BGC Partners’ $5.60 per share all-cash offer announced on 14 January. This price escalation represents the newest development in a nearly eight-month bidding war for the firm.

    15 Jan 2015

  • SIG Combibloc sets bank meetings for levfin’s first jumbo deal of 2015

    After a flurry of mid-market leveraged financings, investors are now preparing for the first large cap deal of the new year. SIG Combibloc, the Swiss drinks carton maker, has invited lenders to bank meetings in London and New York.

    15 Jan 2015

  • Thomas Cook launches €400m bond in market comeback week

    UK travel operator Thomas Cook is set to price its €400m high yield bond on Friday, riding a wave of successful high yield issues this week.

    15 Jan 2015

  • Professional services join corporate finance fray

    Professional services firms will continue to beef up their corporate finance offerings in 2015, but that doesn’t mean they are looking to compete with investment banks, writes David Rothnie.

    15 Jan 2015

  • LMA claims good feedback from first PP deal using new docs

    The first private placement transaction has been documented using a recently launched template document prepared by the Loan Market Association - and the LMA says it has received favourable feedback on the documents.

    15 Jan 2015

  • Spire to unveil new euro CLO platform

    Spire Partners has hired a European investment bank to arrange its inaugural European collateralised loan obligations (CLO) transaction, as fellow US managers consider their own debuts.

    15 Jan 2015

  • Geopolitical blips weigh heavy on markets

    What began as a curious geopolitical squall has become a major storm, affecting not just the markets on which it falls but the weather in other asset classes as well. Risk premiums that remained low until the end of 2014 have finally responded to the pressure.

    15 Jan 2015

  • Derivatives reporting to converge under multiple EU regimes

    The way that firms report trade and transaction data under the European Market Infrastructure Regulation and the Markets in Financial Instruments Directive could converge before the implementation of MiFID II in January 2017.

    15 Jan 2015

  • Rabo surprises with generous AT1 debut

    Rabobank opened the additional tier one market for 2015 on Thursday, selling its debut in the format. The much anticipated deal was expected to sell well as a result of Rabobank’s high credit quality, but some bankers away from the deal were surprised to see the bonds sold at what was judged to be a generous level.

    15 Jan 2015

  • Upgrades loom as UK non-conforming story improves

    The performance of UK non-conforming residential mortgage-backed securities market improved in the three months ending November 2014, according to Moody's, which has a positive view on the country’s housing market and is eyeing upgrades to 17 trades.

    15 Jan 2015

  • Arkea and Berlin Hyp deals boost senior volumes further

    Bond sales from Crédit Mutuel Arkea and Berlin Hyp on Thursday built on a frantic start to the year for the FIG market, helping volumes for the first two weeks of the year to rise higher than the whole of January 2014.

    15 Jan 2015

  • JP Morgan plans to keep getting bigger… if it’s allowed

    America’s biggest bank had a rough fourth quarter in 2014 and continues to face regulatory uncertainty over its size, but JP Morgan’s chief executive Jamie Dimon says the bank will continue to grow as part of its strategy to deliver shareholder value, unless regulators force it to do otherwise.

    15 Jan 2015

  • Turkish tier two clarity unleashes Vakif at last

    Turkiye Vakiflar Bankasi (Vakif Bank) has picked bookrunners for a long-awaited Basel III tier two transaction — the first ever from a Turkish bank.

    15 Jan 2015

  • Swiss franc soars but CEE banks look solid

    Hungary and Poland’s banks should be able to ride through the Swiss franc storm largely unscathed, despite the large volume of loans still outstanding in the currency in these two countries, said two analysts in London.

    15 Jan 2015

  • Sekerbank closes in on first international bond

    Sekerbank is holding investor meetings for a covered bond which will be the bank’s first ever international bond issue. It will also be the first ever public Turkish covered bond.

    15 Jan 2015

  • LatAm needs corps after Mexico reopening

    Mexico’s first dollar deal of 2015 on Monday may have been a big success for the borrower but it has only partially re-opened the LatAm bond markets, say debt bankers.

    15 Jan 2015

  • Tunisia turns to conventional, sukuk still planned

    Tunisia has picked banks for a 144A/Reg S conventional dollar deal and starts investor meetings on Friday. The lead manager line-up contains some of the same banks that were attached to a debut sukuk the sovereign had intended to launch in 2014. But that transaction — although still planned — has been delayed while Tunisia tweaks its sukuk legislation, said debt bankers.

    15 Jan 2015

  • Comment: RQDII gives a vital exit route for China’s renminbi

    The renminbi has grown as an international trade, investment and reserve currency at breakneck speed over the past few years. But in many eyes, the very programmes set up to loosen capital account restrictions are now working against very purpose of creating offshore RMB liquidity – key to the currency’s internationalisation. A couple of developments this year may help.

    15 Jan 2015

  • DIB reopens MENA bonds but premium unclear

    Dubai Islamic Bank proved that Middle East bond issuers can launch successful deals even in a difficult market, said syndicate officials on the $1bn tier one perpetual. But the structure made it difficult to discern what kind of new issue premium the borrower had paid, and the bond has traded down in the secondary market.

    15 Jan 2015

  • Hyundai block failure puts spotlight on chaebols as investors tread with caution

    The failure of the Chung family to divest some of its holdings in Hyundai Glovis this week has brought the restructurings of many South Korean family-owned conglomerates into the spotlight. The pressure on these businesses to simplify their cross-shareholdings has raised expectations of more ECM activity this year. But the negative precedent set by Hyundai has also ignited fears that investors will now view these transactions with more caution, write Rashmi Kumar and John Loh.

    15 Jan 2015

  • 1MDB IPO: A chance to get it right

    Just when it looked like state-backed 1MDB was finally ready to put its energy assets on the market for Malaysia’s biggest IPO in years, the listing has come up against another delay. That hardly inspires confidence in the sovereign wealth fund. But with a new president in place, there is now a chance to set things straight — not only for the country’s capital markets but also for the sovereign itself.

    15 Jan 2015

  • Dozen climb on board to fund SHK’s HK$10bn facility

    Sun Hung Kai Properties (SHK) is due to sign a HK$10bn ($1.29bn) loan on January 16. The company, a top-rated borrower with assets across Hong Kong, managed to raise its latest borrowing at a margin lower than a HK$14bn loan it signed in January last year, according to a banker.

    15 Jan 2015

  • Kexim times it right with $2.25bn dual bond

    Export Import Bank of Korea (Kexim) staged a successful return to the international debt market on January 12, selling a SEC registered dual tranche deal that drew over $6bn of demand. Amid high levels of volatility since the start of the new year, bankers chose a good window for the Korean issuer, which achieved its goals for size and pricing.

    15 Jan 2015

  • Henderson Land back for HK$6bn refi loan

    Property company Henderson Land Development has sent out invitations for a refinancing loan of HK$6bn ($773.8m). The deal has a lot of things going for it, said bankers, noting its juicy pricing and good timing, as banks look to build their books at the beginning of the year.

    15 Jan 2015

  • Ayala Land nets $356m from first block of 2015

    Philippine real estate company Ayala Land raised Ps16bn ($356.2m) through a top-up placement of shares on the evening of January 9, in what was the first large Asian block trade of the year. Driven by reverse enquiry, the deal saw strong demand from the market soon after books opened, with shares holding up well in secondary.

    15 Jan 2015

  • Cheung Kong reorganisation gives rise to HK$55bn loan

    A HK$55bn ($7bn) bridge loan for Cheung Kong Property, newly-formed from the consolidation of the property businesses of Cheung Kong Group (CK Group) and Hutchison Group, will be syndicated by the two banks supplying the funds.

    15 Jan 2015

  • Updated: HSBC, BOC International make ECM appointments

    HSBC has picked Ehren Vokes as its new head of ECM southeast Asia following the departure of Matthew Song, according to sources.

    15 Jan 2015

  • Huarong, CRSC eye multi-billion HK IPOs

    China Huarong Asset Management and China Railway Signal & Communication Corp (CRSC) are lining up to take the Hong Kong market by storm this year, with both companies looking to bring multi-billion dollar IPOs soon.

    15 Jan 2015

  • Taiwan electronic part makers plug in to raise $410m

    Taiwanese computer casings maker Casetek and semiconductor company Pan Jit have hit the loan market for borrowings totalling $410m.

    15 Jan 2015

  • Indonesia toughens rules for dollar debt

    Bank Indonesia has published a stricter set of rules for companies looking to borrow in dollars as the central bank looks to rein in its corporate sector’s exposure to the currency.

    15 Jan 2015

  • Jasmine infrastructure fund to relaunch $1.2bn IPO

    Thailand’s Jasmine Broadband Internet Infrastructure Fund expects to re-open books on its Bt36.67bn-Bt38.50bn ($1.12bn-$1.17bn) IPO in the first week of February and list before Chinese New Year, which falls on February 19.

    15 Jan 2015

  • Japanese banks clinch mandates for two Indian deals

    India’s Bharat Petroleum Corp (BPCL) and Steel Authority of India (Sail) have mandated one Japanese bank each for their loans, according to bankers.

    15 Jan 2015

  • Shareholders offload $100m stake in Luye Pharma

    Three shareholders in Luye Pharma Group have raised a collective HK$775.6m ($100m) by selling some of their shares in the company, which made its debut on the Hong Kong Stock Exchange in July last year. Books for the block only remained open for an hour, but that was long enough for the deal to be multiple times covered despite the stock being offered at a very tight discount.

    15 Jan 2015

  • Indonesia snags a bargain with cheaper dual-trancher

    The Republic of Indonesia started 2015 in style on January 8 with a $4bn dual trancher that was five times subscribed. The overwhelming demand meant the sovereign was able to shave 150bp off its funding costs.

    15 Jan 2015

  • PetroBras financials could bring Brazil issuance closer

    DCM bankers say that Petrobras must comply with its intention to release third quarter results on January 27 to give bond investors the stability necessary for issuance from the country to resume.

    15 Jan 2015

  • ANZ steps up in acquisition fin as Asian M&A into Oz revs up

    Australia and New Zealand Bank is making a concerted push into acquisition finance in the region as it looks to capitalise on the trend of Asian companies acquiring Australian targets. Underlining the importance of this business, the firm has promoted Damien Ng to head of loan syndications — specialised and acquisition finance.

    15 Jan 2015

  • Akbank catches CEEMEA flight to quality

    Akbank TAS is out in the market with a new dollar bond, a week after the Turkish sovereign made its 2015 debut. The bank is making an opportunistic move to take advantage of tight spreads caused by a flight to less volatile credits across CEEMEA.

    15 Jan 2015

  • Hang in there, you are there... almost

    How time flies. I was sipping a scotch the other night on the terrace at Sevva and looking around to see who I could spot. There is usually some cohort of bankers yammering about their lack of sleep, their rivals and each other, but there was barely a soul to be seen.

    15 Jan 2015

  • Onshore demand saves the day as BOCOM bags $750m

    Bank of Communications (BOCOM) priced a three year bond on January 9, relying on strong onshore investor demand to push through a slow bookbuilding process.

    15 Jan 2015

  • Bigger deals are the new normal for Asian bonds

    Larger deals and bigger new issue premiums will be the new normal for Asia ex-Japan as issuers adjust their debt funding strategies in the face of volatile markets. A pair of high profile bonds in the past week clearly illustrated this size-over-price approach, although bankers said that while it will become increasingly common, not everyone will adopt it, writes Rev Hui.

    15 Jan 2015

  • Oil price drop could bring bigger fees for syndicated loans

    Banks are keeping a close watch on the fall in commodity prices, which, if it carries on, could cause problems for borrowers in the upstream oil and natural resource sectors in producer economies like Indonesia. However, this decline could also bring higher fees for banks in the second half of the year, as lending to commodity companies gets riskier, writes Shruti Chaturvedi.

    15 Jan 2015

  • Santander to double down in Vegas

    Santander Consumer UK has lined up a series of meetings with investors at ABS Vegas in February, to discuss what would be the fourth dual sterling and dollar offering of auto ABS from its Motor programme in as many years.

    15 Jan 2015

  • Food for Thoughts: Hawksmoor Guildhall with Martin Scheck, chief executive officer, International Capital Market Association

    The week Martin Scheck and I met had not been a good one for capital markets. Newspapers were full of the chatroom banter of FX traders. If the consequences for the reputation of the City and the perception of OTC markets in general in the wake of the Libor scandal had not been so serious, these revelations, full of music hall mockney, would have been laughable. Sadly for these latter day Artful Dodgers, regulators around the world had been, “reviewing the situation”.

    15 Jan 2015

  • Third country end users face clearing challenges under EMIR

    Derivatives end users in the US and Asia are likely to face the biggest hurdles complying with the clearing mandate under the European Market Infrastructure Regulation when it kicks in towards the end of this year, according to lawyers.

    15 Jan 2015

  • Woori overcomes weak demand to trade well in secondary

    South Korea’s Woori Bank raised smaller-than-expected $350m with its first dollar bond of 2015 on January 14. Due to the smaller order book size and slower bookbuilding process than usual, the South Korean lender had to settle for the lower end of what it aimed to raise, but has been enjoying a good performance in the secondary market.

    15 Jan 2015

  • ANZ seeks landmark Basel III offshore RMB bond

    Australia and New Zealand Bank (ANZ) has mandated five banks to run meetings with fixed investors for what looks to be the first Basel III bond from a non-Chinese bank in the offshore renminbi market.

    15 Jan 2015

  • Pemex stuns market with $6bn after sovereign success

    Oil company Pemex and its owner the Mexican government each set different records with their inaugural bond issues of 2015 — and the first two of the year from Latin America — as plummeting US Treasury yields offset the effects of extreme market volatility for investment grade borrowers.

    15 Jan 2015

  • Shock SNB move to reshape Swiss primary bond market

    Lesser rated corporates and emerging market names could be the biggest primary market beneficiaries of the Swiss National Bank’s shock decision to dump its exchange rate ceiling and cut interest rates on Thursday, writes Lucy Fitzgeorge Parker.

    15 Jan 2015

  • Learning Curve: From EMIR to eternity

    2014 continued to be an active year for financial regulation in the EU, with a push to finalise much of the outstanding primary legislation on the regulatory reform agenda and to move towards implementation of regulation already in place. The derivatives market will be particularly affected by the new regulatory landscape and the market will face many new challenges in 2015 and beyond.

    14 Jan 2015

  • Bubble talks not expected to burst AmeriCredit's new deal

    GM Financial’s subprime auto ABS issuance by AmeriCredit Financial Services was priced at 50bp over swaps on Wednesday. Demand for the notes should be high, in spite of the latest round of subprime auto bubble predictions, market participants reckon.

    14 Jan 2015

  • Invitation Homes opens big year for SFR ABS

    Invitation Homes is marketing the first single family rental (SFR) securitization of 2015, a $540.854m deal backed by a single first-lien, interest-only loan.

    14 Jan 2015

  • SGX, EBS join forces for FX futures offerings

    The Singapore Exchange and ICAP’s electronic FX business, EBS, have teamed up to develop a new range of Asian currency products and services which will strengthen the liquidity in the FX over-the-counter derivatives and futures markets in Asia.

    14 Jan 2015

  • Two Harbors comes but jumbo RMBS still small-time

    Jumbo RMBS issuance in the US is trending upward as Two Harbors markets its first deal of the year, but market participants say a lot more volume is needed before a secondary market can develop in the sector.

    14 Jan 2015

  • New TIG fund targets esoteric ABS

    US hedge fund TIG Advisors has launched a new fund to target illiquid securitized products that do not quite fit into its Securitized Asset Fund, with a focus on esoteric asset classes like aircraft ABS and peer-to-peer loan securitizations.

    14 Jan 2015

  • CLO moves: Gulf Stream CLO manager leaves Apollo

    A portfolio manager mainly focused on CLOs acquired from Gulf Stream in 2011 has left Apollo Global Management, GlobalCapital understands. Separately, Apollo is marketing its first US CLO of 2015, ALM 12, with Morgan Stanley as arranger.

    14 Jan 2015

  • Five issuers price €4bn in big day for European corporate bonds

    Investment grade corporate bond issuance soared on Wednesday with a €1.75bn ($2.03bn) dual tranche deal from Toyota Motor Credit; benchmark bonds from Iberdrola and Evonik; and debuts from US Reit WP Carey, and UK charity the Wellcome Trust. In total, €4bn of bonds were issued.

    14 Jan 2015

  • Ambiguous MiFID II to impact commodity derivs markets

    Under MiFID II, forward contracts as currently defined will be considered financial instruments, which is raising significant concerns for commodity derivatives market participants as they will be subject to regulation that they weren’t previously.

    14 Jan 2015

  • Switzerland's Sunrise joins IPO seekers, with M&A expected

    Sunrise Communications Group, the Swiss telecom firm based in Zurich, intends to float on SIX Swiss Exchange in the first half of this year, as it joins the long list of issuers that have announced this week their intentions to float.

    14 Jan 2015

  • Cinven trades £126m block of Spire after 2014 guidance

    Bank of America Merrill Lynch, JP Morgan and Morgan Stanley traded on Wednesday evening a block of shares in Spire Healthcare Group, the UK private hospital company.

    14 Jan 2015

  • Making equity derivatives pay at BNP Paribas: Gérardin’s first project

    New BNP Paribas investment bank boss Yann Gérardin is an equity derivatives man through and through, having built the business from scratch since he joined in 1987.

    14 Jan 2015

  • Banca Imi hires CB sales head from Barclays

    Banca Imi has hired a senior Barclays convertible bond salesman to head its equity-linked sales drive.

    14 Jan 2015

  • PCHG's 32 year debut gets a record low coupon

    Paragon Community Housing Group has issued its debut bond, pricing a £250m ($379.41m) 32 year on Wednesday. The bond carries a 3.625% coupon, which Paragon’s finance director said was the lowest ever on a UK housing association bond of that tenor.

    14 Jan 2015

  • Wells Fargo wholesale banking income stutters

    Wells Fargo finished 2014 slightly up on 2013 with a pre-tax pre-provision profit of $35.3bn, up 1% for the full year. But its wholesale banking unit, which includes its capital markets arm, reported net income of $1.97bn, down $141m, or 7% compared to the fourth quarter of 2013.

    14 Jan 2015

  • Italy in long dated euro play as Greece takes hit at short end

    Duration is for the second time this week the choice for a periphery eurozone sovereign, after Italy mandated banks for a 30 year benchmark on Wednesday. But there was more woe for Greece at the very short end, as yields on its 13 week bills rose by 25bp at auction.

    14 Jan 2015

  • Sweden out in threes as MuniFin wraps up five year amid volatility

    Sweden is sounding investors on a three year dollar deal at the same level at which KfW raised $3bn in that maturity on Tuesday. Meanwhile, Municipality Finance found demand to print a deal in the belly of the curve, but volatility in US Treasuries meant that it fell just shy of full subscription.

    14 Jan 2015

  • What does the falling oil price mean for CDS?

    The precipitous decline in the oil price has taken some of the attention away from Greece, albeit until the elections next week. Less than four months ago the price of West Texas Intermediate crude was more than $100 a barrel; now it is languishing below $50.

    14 Jan 2015

  • Authoritarian bond issuers: not just Belarus

    Belarus's request for proposals this week for a $1bn bond issue has once again highlighted the ethical dilemmas investment banks face when working in and for countries with tarnished human rights records.

    14 Jan 2015

  • Cades in for eight years in euros

    Caisse d'Amortissement de la Dette Sociale took a lead from the European Financial Stability Facility on Wednesday, mandating banks for a novel eight year deal. The announcement came the same day as the French agency unveiled its funding target for 2015.

    14 Jan 2015

  • SG hires director for EM loan and project finance sales

    Société Générale has added to its European loan sales team with a hire, the bank confirms.

    14 Jan 2015

  • Debt capital markets chiefs forecast the year ahead

    GlobalCapital’s Toby Fildes interviewed the heads of debt capital markets at 18 of the top 25 investment banks, on their expectations for 2015. Here is what they think.

    14 Jan 2015

  • Liberty Global shifts UPC loans to Ziggo as units merge

    Liberty Global, the European cable investment group, laid out to lenders yesterday the terms of a complex refinancing process, which will combine the debt of two Dutch subsidiaries, UPC Netherlands and Ziggo, which are merging.

    14 Jan 2015

  • NRW.Bank off to sterling start

    NRW.Bank has taken advantage of strong short end demand and a favourable basis swap to print its largest ever sterling private placement — and it is up for more deals in the currency.

    14 Jan 2015

  • SSA Kanga volumes hit record high

    Sovereign, supranational and agency Kangaroo issuance in 2015 so far reached over A$4bn ($3.3bn) this week, topping volumes in the format for the whole of January 2014. The news comes as Nederlandse Waterschapsbank announced a new Kangaroo line and KfW reopened a five year bond in the currency.

    14 Jan 2015

  • ESMA’s RFQ battle could hinder derivs trading

    Concerns are rising among market participants that the European Securities and Markets Authority is showing a lack of understanding of request-for-quote and other trading protocols as it prepares new rules. If ESMA imposes overly-restrictive transparency regulations on these technical systems, market participants may refrain from using them, according to lawyers.

    14 Jan 2015

  • From EMIR to eternity: the challenges for derivatives in 2015 and beyond

    2014 continued to be an active year for financial regulation in the EU, with a push to finalise much of the outstanding primary legislation on the regulatory reform agenda and to move towards implementation of regulation already in place. The derivatives market will be particularly affected by the new regulatory landscape and the market will face many new challenges into 2015 and beyond, which we consider further below.

    14 Jan 2015

  • More US issuers on the way after WP Carey's euro debut

    US real estate investment trust WP Carey issued a €500m eight year bond on Wednesday, continuing the 2014 trend of non-European companies selling bonds in the currency.

    14 Jan 2015

  • Huhtamaki refinances €400m loan after selling its films business

    Huhtamaki, the Finnish producer of food and drink packaging, signed a €400m five year revolving facility last week. The company sold its plastic films business in December and is consolidating its business into food packaging.

    14 Jan 2015

  • Severstal launches buyback

    Russian steel company Severstal has announced a buyback of up to $600m in aggregate of its 2016s and 2017s via Citi and JP Morgan.

    14 Jan 2015

  • Belarus out to tempt banks with bond mandate — will they bite?

    Speculation is building over whether Western banks will pitch for a bond deal requested by Belarus. The eastern European country, a dictatorship with a poor human rights record, released a request for proposals at the end of last year. However, when Belarus last released an RFP for a bond in 2012 investment banks refused to get involved. The discussion is especially pertinent as Belarus has asked banks to highlight whether they are sanctioned by the US or EU, effectively ruling out business with the Russian state-owned banks.

    14 Jan 2015

  • Russia's Evraz completes buyback

    Evraz, the Russian steel and mining company, has closed the tender offer on its 2015 notes after investors accounting for $278m of Evraz's $576.7m 2015 notes agreed to a company buyback of the note.

    14 Jan 2015

  • Euro supply slows as market digests torrent of issuance

    The recent flood of euro denominated senior unsecured issuance slowed on Wednesday, with BPCE the only European financial to sell a deal in the currency. Toronto Dominion Bank took to the sterling market for a short dated FRN.

    14 Jan 2015

  • Slovak stands out with speed and style

    A €5.5bn order book helped the Slovak Republic price its new 12 year euro bond in a record 2.5 hours on Tuesday morning. Strong credit fundamentals which led to a rally across Slovakia’s curve have enabled the borrower to price at its lowest ever yield for a long dated euro bond.

    14 Jan 2015

  • ECB's route to bond buying eased as ECJ adviser clears OMT

    The skies were clear for the doves of the European Central Bank to launch a sovereign quantitative easing programme, after the European Court of Justice's advocate-general said on Wednesday morning that the central bank’s earlier attempt to shore up the currency bloc’s financial system — via Outright Monetary Transactions — was compatible with European Union law.

    14 Jan 2015

  • DIB perp reopens MENA bond market

    Dubai Islamic Bank priced the Middle East’s first international bond of the year on Wednesday afternoon, after receiving more than $2bn in orders for a $1bn tier one sukuk.

    14 Jan 2015

  • VW preps ABS market opener as supply lines up for February

    Volkswagen Bank has named leads for what will likely be the first European ABS print of 2015 next week. Bankers anticipate seeing only one or two more deals in January but they are preparing for a busy February and March.

    14 Jan 2015

  • Ziggo bond speeds up as investors back Liberty Global's strategy

    Dutch cable company Ziggo accelerated its €730m-equivalent dual currency bond and priced it today, after its sister company Virgin Media had yesterday priced tighter than guidance the first bond of a restructuring plan involving four Liberty Global cable subsidiaries.

    14 Jan 2015

  • Bank sub deals to fire up soon as senior slows

    After two days of heavy issuance of European financial institution bonds — €6bn of euro senior unsecured paper on Monday and €4.8bn on Tuesday — it looks like the market is beginning to settle into a more normal rhythm.

    14 Jan 2015

  • Inclusion of RMB in SDR would accelerate international monetary system reform, says BOCHK

    Ask analysts what would take the international presence of the renminbi to the next level, and many identify the currency's inclusion in the basket that determines the value of the International Monetary Fund's Special Drawing Rights (SDRs). Research this week from Bank of China (Hong Kong) not only said such a move would be a breakthrough but also noted that the lack of full convertibility should not prevent it.

    14 Jan 2015

  • Nigeria's IHS draws strong interest for $800m loan

    A bank meeting this week in London for Nigerian telecom towers group IHS Holding was well attended, according to bankers on the deal, with as many as 30 institutions taking part.

    14 Jan 2015

  • Slovakia sneaks in before ECJ statement, Mexico reopens LatAm

    The Slovak Republic was the only sovereign from CEEMEA to venture into the bond market this week, before the European Court of Justice’s preliminary statement on Wednesday regarding the legality of the European Central Bank’s government bond-buying programme.

    14 Jan 2015

  • Stanbic Uganda seeks debut loan, sets terms

    Stanbic Uganda has progressed with plans for a debut loan and looks set to sign the deal by the end of this month.

    14 Jan 2015

  • HSBC first foreign bank to print Chinese ABS

    HSBC has completed the first issuance of asset-backed securities by a foreign bank in China, at a time when the government is trying to foster more issuance from domestic banks.

    14 Jan 2015

  • Cheung Kong Property to syndicate HK$55bn loan

    Cheung Kong Property, a newly formed entity that will emerge from the consolidation of the property businesses of Cheung Kong Group (CK Group) and Hutchison Group, will syndicate an HK$55bn ($7.093bn) bridge loan that is being supplied by two banks.

    14 Jan 2015

  • Santander opens the way for a host of IPOs

    Europe’s equity capital markets are back in force this week, as a string of companies have launched IPOs after a successfully placed, record-breaking €7.5bn block trade from Santander last Thursday.

    14 Jan 2015

  • Moulds heads to Barclays as COO

    Jonathan Moulds, former EMEA president of Bank of America Merrill Lynch, will join Barclays as group chief operating officer, a newly created role.

    14 Jan 2015

  • All systems go as bonds, high yield, levloans hit full speed

    After a gentle start, corporate bond issuance is zooming ahead in top gear in Europe, with both spreads and yields at or near record lows.

    14 Jan 2015

  • Henderson Land digs for HK$6bn dual tranche loan

    Property company Henderson Land Development has sent out invitations to banks for a refinancing loan of HK$6bn ($773.8m). The deal has a lot of things going for it, said bankers, noting its juicy pricing and good timing, as banks look to build books at the beginning of the year.

    14 Jan 2015

  • Pemex could follow Mexico as LatAm corp conditions stay tough

    DCM bankers covering Latin America say that Mexican state-owned oil company Pemex may be the next borrower from the region to issue debt after the Mexican government’s successful bond market outing on Monday.

    14 Jan 2015

  • Philippines on fire as Ferronickel seeks $602m IPO

    Global Ferronickel Holdings, the Philippines’ third largest nickel producer in terms of volume shipped, is set to give a big boost to the country’s ECM market, having filed for a Ps27bn ($602m) IPO and setting the maximum price at which it will sell the shares.

    14 Jan 2015

  • Shenhua Energy bags $1.5bn with three-tranche debut

    State-owned coal supplier China Shenhua Energy successfully issued its maiden offshore bond market on January 13, fetching $1.5bn across three tranches. The size of the offering was relatively large for a debut issuer although weak commodities prices meant the company had to fork out a new issue concession.

    14 Jan 2015

  • Weak Norwegian krone sparks vanilla buying in low liquidity environment

    Market participants have been buying vanilla options on the Norwegian krone as the currency continues to weaken as a consequence of the oil price rout. Low liquidity is in turn widening bid-ask spreads.

    14 Jan 2015

  • Bad debt manager Huarong aims for $3bn IPO

    China Huarong Asset Management, which signed up eight pre-IPO investors in August last year for a stake worth around $2.4bn, is slowly moving forward with its Hong Kong listing plans. The IPO, expected to raise at least $2bn but which could go up to as much as $3bn, is set to receive a lot of attention from investors as peer China Cinda Asset Management has performed well since its own listing.

    14 Jan 2015

  • CRSC sets $2bn Hong Kong IPO into motion

    China Railway Signal & Communication Corp (CRSC), which helps to develop and control the country's railways industry, is seeking a Hong Kong IPO worth $1.5bn-$2bn in the middle of this year, with confidence already high that the response from the market will be more than positive.

    14 Jan 2015

  • Assured by Kexim, Woori hits market with dollar deal

    Woori Bank opened books to its first dollar bond this year on Wednesday, January 14, as the South Korean lender was encouraged by the relatively successful outcomes of compatriot Export Import Bank of Korea (Kexim) earlier this week.

    14 Jan 2015

  • Three banks to pitch for $84m Moil divestment

    India’s divestment unit has told the three banks shortlisted for the offer for sale of manganese producer Moil to make their pitches on Thursday.

    14 Jan 2015

  • FIF signs $225m JBIC guaranteed loan

    Indonesian automobile consumer financer Federal International Finance (FIF) signed a $225m loan in December. The syndicate for the loan, which was led by HSBC and Mizuho and came with a guarantee from the Japan Bank for International Co-operation, consisted entirely of Japanese lenders.

    14 Jan 2015

  • Zhejiang Hailiang plans CNH outing

    Copper manufacturer Zhejiang Hailiang is planning to meet investors this week for what could be the first dim sum bond out of Asia this year.

    14 Jan 2015

  • Ford increases ABS issuance as oil plunges lower

    Ford launched its first auto ABS deal of the year on Tuesday. The issuance was a lot larger than expected and priced on the tighter side of guidance, amid a boost in car sales prompted by the slide in oil prices.

    13 Jan 2015

  • Ocwen-exposed RMBS holders can't catch a break

    Performance shocks could be on the way for agency RMBS and servicer advance securitizations exposed to Ocwen Financial, following an investigation in California which could result in the offloading of Ocwen’s entire California servicing portfolio.

    13 Jan 2015

  • CBOE targets FX investors with currency VIX

    The Chicago Board Options Exchange is now publishing values for three new volatility indexes using the prices of CME Group’s FX futures options in response to client demand.

    13 Jan 2015

  • US Ex-Im Bank hires OPIC structured head

    The Export-Import Bank of the United States has hired the Overseas Private Investment Corporation’s former vice president of structured finance to oversee its structured finance transactions, according to a statement from the Ex-Im Bank.

    13 Jan 2015

  • Tele Columbus starts bookbuild for its Frankfurt IPO

    Tele Columbus today started building the book for its Frankfurt IPO, having set the price range at €8 to €12 a share on Monday.

    13 Jan 2015

  • Egypt’s Integrated Diagnostics seeks listing in London

    Integrated Diagnostics Holdings, an Egyptian company that offers diagnostic services and radiology in Egypt, Jordan and Sudan, began premarketing on Tuesday for a London IPO — the first by an Egyptian company since 2008.

    13 Jan 2015

  • Ex-Merck unit Poxel seeks IPO to finalise diabetes drug

    Poxel, a French pharmaceuticals company that was spun out of Merck Serono in 2009, has filed a document de base for an IPO.

    13 Jan 2015

  • MuniFin mandates as issuers splurge in dollars

    Finland’s Municipality Finance is next up to hit dollars this week, having hired banks to lead a deal in the belly of the curve. The mandate came as issuers brought $7bn of supply on Tuesday.

    13 Jan 2015

  • Investors rush into rare dual tranche deal from Portugal

    SSA bankers lauded Portugal on the timing and execution of a dual tranche benchmark deal on Tuesday, as investors ploughed into the offering. Elsewhere, Spain revealed its syndication plans for 2015 and Italy broke records at the long end of the curve.

    13 Jan 2015

  • Arkema sticks Bostik M&A financing with 10yr

    French chemical company Arkema has completed the long term financing of its acquisition of Bostik, with a €700m 10 year senior bond on Tuesday.

    13 Jan 2015

  • MiFID: Why not just stop?

    Why is a piece of regulation which nobody wants, which the massed sovereign debt offices of Europe oppose, and which the regulator itself admits will barely work pushing remorselessly ahead?

    13 Jan 2015

  • EFSF picks up €3bn with unusual eight year deal

    The European Financial Stability Facility began a funding programme that is just a shadow of 2014’s with a no grow €3bn eight year. While the choice of maturity surprised some bankers away from the deal, it allowed the supranational to entice investors with a positive spread to French government bonds.

    13 Jan 2015

  • Dubai investors should get set for challenging 2015

    Dubai World's announcement this week that it is closing in on another restructuring of its $14.6bn debt promise a big and timely kick of the can down the road for the emirate. But the overall picture for Dubai is deteriorating, structural problems remain and investors should strap themselves in for the bumpiest ride since the financial crisis.

    13 Jan 2015

  • Cinven buys Premium Credit for £462m

    Cinven has acquired Premium Credit, a UK company that helps clients spread the costs of insurance and fee payments, for £462m.

    13 Jan 2015

  • Santander’s block trade opens new avenue in capital raising

    Santander raised €7.5bn of new equity capital last week — an important deal under any circumstances. But most significantly, the deal was done as an accelerated bookbuild or block trade — something that had never been attempted on this scale outside the US. Equity bankers were impressed — and other issuers will be emboldened by Santander’s example.

    13 Jan 2015

  • Gas Natural’s 10yr prices inside other BBBs

    Gas Natural, the Spanish gas and electricity company, issued a €500m 10 year bond on Tuesday, attracting €4bn of orders and paying a minimal new issue premium.

    13 Jan 2015

  • Exact Holdings markets loan in US to more tech-savvy investors

    Exact, the Dutch software company, has returned from a New York bank meeting for its $460m acquisition loan on Monday, to prepare for a London presentation to European investors who are usually more chary of the tech sector than their US peers.

    13 Jan 2015

  • KfW to tap long Kanga as SSAs find Aussie success

    KfW opened books on a tap of a 10 year Kangaroo on Tuesday as issuers took over A$1bn ($841.6m) out of the Australian dollar market, with deals from Inter-American Development Bank, the Province of Manitoba and Rentenbank.

    13 Jan 2015

  • Euronext launches vanilla options on iShares ETFs

    Euronext has launched plain vanilla options on six of its iShares exchange-traded funds on the firm's Amsterdam derivatives market in response to investor demand.

    13 Jan 2015

  • Virgin Media's £925m bond the first step as Liberty Global tidies portfolio

    Virgin Media expects its leverage to remain within levels set by its parent company Liberty Global, after it raised a £925m-equivalent bond to finance a merger with another subsidiary, UPC Ireland.

    13 Jan 2015

  • Chheda joins RBS on hybrids

    Royal Bank of Scotland has re-hired former JP Morgan capital expert Veenay Chheda to its hybrid capital team.

    13 Jan 2015

  • Pirelli rolls out €1bn refi, three times oversubscribed

    Pirelli, the Italian tyre maker, has revved up the year's loan market business with a €1bn facility signed last week, that the company said was three times oversubscribed.

    13 Jan 2015

  • Senior FIG deals still flying, but with smaller wings

    Book sizes for Tuesday’s offerings of senior fixed rate deals have fallen sharply, compared to the unusually swollen orders placed for new issues in recent days, but the market is still steaming ahead.

    13 Jan 2015

  • Asset managers avoid peripheral CDS hedging on Grexit fears

    Asset managers are concerned about peripheral names in European credit given the potential for a Greek exit of the Eurozone, which could have unpredictable effects on the direction of markets.

    13 Jan 2015

  • Let Ukraine default

    Ukraine needs to restructure its hard currency sovereign debt, and it needs to do it now.

    13 Jan 2015

  • Slovak Republic opts for speedy execution with new 12 year

    The Slovak Republic has launched its new 12 year euro bond at 56bp over mid-swaps after a quick 2.5 hour execution process that began on Tuesday morning.

    13 Jan 2015

  • Dubai World claims it has backing for $10.3bn debt extension

    Dubai World, which is trying to restructure its $14.6bn debt burden for the second time in four years, has received the backing of more than two thirds of its creditors, the state-owned investment company has said.

    13 Jan 2015

  • Mexico re-opens LatAm with yield record amid volatility

    Mexico reaffirmed its status as one of the best EM borrowers on Monday after raising $2bn of new money and refinancing a further $2bn through an ambitious dual-tranche switch trade on another rocky day for markets.

    13 Jan 2015

  • CCDJ returns to senior market with five year floater

    Demand was robust for floating rate paper on Tuesday as Commonwealth Bank of Australia sold its first deal of 2015 and Caisse Centrale Desjardins du Quebec (CCDJ) returned to the senior unsecured euro market after an absence of almost five years.

    13 Jan 2015

  • CEEMEA is still too optimistic and not opportunistic enough

    CEEMEA sovereigns have not paid attention in class. The lesson EM issuers should have learned, especially in 2014, is that the future, even the near future, is unpredictable. Several CEEMEA sovereigns having announced deals early this year, but the great majority have chosen to wait until after the ECJ’s decision on Wednesday about the legalities of sovereign quantitative easing. They should have funded while the going was good.

    13 Jan 2015

  • German group slams ECB motives on ABS

    Stiftung für Familienunternehmen, an organisation representing family owned companies in Germany and Europe, has criticised the European Central Bank’s asset backed securities purchase programme, saying it oversteps the bounds of the central bank’s mandate and is designed to help banks in the continent’s weaker economies.

    13 Jan 2015

  • DIB finds fair value start for perpetual pricing

    Dubai Islamic Bank re-opened the Middle East international bond market on Tuesday morning, taking orders for a perpetual non-call six dollar sukuk. The starting point was slightly higher than some syndicate officials away from the deal had expected, but given the Basel III compliant structure one investor felt the initial price thoughts offered fair value.

    13 Jan 2015

  • Hyundai Glovis shelves $1.25bn block on lack of domestic interest

    The first major block deal out of Asia ex-Japan this year failed to get off the ground after South Korea’s Hyundai Glovis pulled a $1.25bn share sale due to insufficient demand from investors, despite the trade offering a hefty discount.

    13 Jan 2015

  • Thailand’s Egat plans $608m infrastructure fund IPO

    State-owned Electricity Generating Authority of Thailand (Egat) is planning to tap ECM investors in the first quarter by listing an infrastructure fund on the domestic market, in a deal expected to raise around Bt20bn ($608m) to become the biggest IPO since 2013.

    13 Jan 2015

  • CDS notionals, rates trading spikes by 400%

    Overall interest rate trading that was reported to swap data repositories last week increased by 420% from the previous week, according to data from the International Swaps and Derivatives Association. Overall credit default swap notional that was reported, also increased by 400% from the previous week.

    13 Jan 2015

  • Time for Asia to jump on the green bond-wagon

    Green bond sceptics have so far been proved right in their dire predictions for the take-up of this type of funding in Asia. But some important initiatives, combined with growing investor interest, mean that 2015 will be the year when Asia finally gets to grips with the green bond movement.

    13 Jan 2015

  • RCBC shines on the back of onshore investors

    Philippine bank Rizal Commercial Banking Corp (RCBC) priced its five year dollar bond on Monday, January 12. As onshore investors piled in to get a share of the popular credit, the Manila based lender effortlessly raised $200m despite competing supplies from bigger, more frequent issuers.

    13 Jan 2015

  • Taiwan's Pan Jit hunts for NT$3.5bn

    Taiwanese semiconductor maker Pan Jit International has sent out invitations for an NT$3.5bn ($109.68m) loan. Banks can participate in US dollars and Taiwanese dollars, earning a margin based on the company’s profit.

    13 Jan 2015

  • Ferronickel mines for $300m Philippine IPO

    Global Ferronickel Holdings, the Philippines’ third largest nickel producer in terms of volume of nickel shipped, is seeking an IPO of around $300m on the domestic stock exchange having filed a preliminary prospectus with the regulator.

    13 Jan 2015

  • Shenhua Energy hits market with triple-tranche debut

    State-owned coal supplier China Shenhua Energy is making its first foray into the international debt market in style by opening books to an ambitious triple tranche offering on January 13.

    13 Jan 2015

  • Demand for $/€ exotics increases as pair declines

    Investors have been picking up options on the euro against the dollar as the euro continues to depreciate amid uncertainty over what happens to Greece and the eurozone.

    13 Jan 2015

  • 'Perfect window' helps Kexim complete dual trancher in style

    Export Import Bank of Korea (Kexim) staged a successful return to the international debt market on Monday, January 12, selling a SEC registered dual tranche deal that drew over $6bn of demand. Amid high levels of volatility seen since the start of the new year, bankers carefully chose a good window for the Korean issuer, who achieved both its size and pricing goals.

    13 Jan 2015

  • CCBI pays up with new five year

    China Construction Bank International (CCBI) tapped the debt market for $700m on January 12 as it continued the trend of issuers having to fork out a new issue premium in order get deals done this year.

    13 Jan 2015

  • India tests investors for $301m PFC divestment

    With less than three months until India’s financial year comes to an end, the government is slowly trying to make some headway with its divestment plan. Pre-marketing kicked off on Monday, January 12, for the sale of the government’s stake in Power Finance Corp, which is expected to net the country some Rp18.71bn ($301m) based on the market capitalisation.

    13 Jan 2015

  • ANZ adds one to Australia loan syndications team

    Australia and New Zealand Bank has boosted its loan syndications team in Melbourne with an internal appointment.

    13 Jan 2015

  • Confirmed: Kaisa fails to pay $23m bond coupon

    Kaisa Group Holdings announced on January 12 that it has failed to pay a $23m coupon on one of its bonds, marking it the first time a Chinese real estate developer has defaulted on offshore debt.

    13 Jan 2015

  • GIC exits Pakuwon with $89m block

    GIC, or the Government of Singapore Investment Corp, made its exit from Indonesia’s Pakuwon Jati on Monday night, selling its entire stake for Rp1.128tn ($89.2m). Launched to the market with little visibility on demand, the deal priced at the bottom of guidance as a strong rally in the company’s share price over the past year meant investors were not willing to pay up for the stock.

    13 Jan 2015

  • UBS (China) launches debut RQDII product, offers exposure to US HY

    UBS (China) has launched the first product under China’s newly launched renminbi-denominated qualified domestic institutional investor (RQDII) scheme, spokespeople for the bank have confirmed to GlobalRMB. The product will make investments related to high yield credit-linked notes issued in North America, according to a memo issued by the bank last week.

    13 Jan 2015

  • Towd Point to bring second rated RPL RMBS since crisis

    Towd Point Mortgage Trust is marketing the second rated re-performing loan (RPL) RMBS transaction since the financial crisis, as yields have declined in the sector and new issuers have sought ratings to sweeten the deal for investors.

    12 Jan 2015

  • FHFA fee cut expected to hit RMBS investors

    The Federal Housing Finance Agency (FHFA) is believed to be considering a reduction in its conventional mortgage guarantee fees in a bid to win back business from the Federal Housing Administration (FHA).

    12 Jan 2015

  • JPM picks up Prudential mandate as CLOs lurch into life

    Prudential Investment Management has begun marketing its first Dryden CLO of 2015 with JP Morgan, as new US issuance struggles out of the starting blocks amid cautious trading sentiment. Elsewhere, Cutwater Investor Services has begun ramping a new CLO, with Royal Bank of Canada as arranger.

    12 Jan 2015

  • C-PACE pioneer leaves Connecticut Green Bank

    Jessica Bailey, who helped spearhead Connecticut’s property assessed clean energy (PACE) financing programme for commercial buildings, resulting in the first ever securitization of commercial PACE collateral, is leaving the Connecticut Green Bank after almost three years.

    12 Jan 2015

  • GrandVision leads 5 IPOs on super-Monday

    After the extraordinary fireworks of Santander’s €7.5bn block trade on Thursday January 8, the year’s more workaday business in European equity capital markets began in earnest on Monday, as five IPOs were launched.

    12 Jan 2015

  • Eltel Networks, Rocksource bring Scandi ECM to life

    The Scandinavian equity capital market awoke from its Christmas slumber today, as three new planned deals were announced in quick succession.

    12 Jan 2015

  • GE Capital digs €1.85bn out of euro market

    GE Capital issued an €850m five year floating rate note and a €1bn seven year fixed rate bond on Monday, bringing total public issuance by the company so far this year to over $7.1bn.

    12 Jan 2015

  • Telecom Italia €1bn wins its lowest coupon

    Telecom Italia, Italy’s largest telecommunications operator, on Monday brought to the high yield market the first €1bn issue of the year, as part of a plan to repay slices of four other bonds.

    12 Jan 2015

  • Gecina gets €5bn book on 'crazy' day for corp bonds

    Gecina, the French real estate investment trust, issued a €500m 10 year bond on Monday, attracting a vast order book and paying a small new issue premium.

    12 Jan 2015

  • MSCI update allows investors to identify crowding

    Hedge funds and broker dealers are set to benefit from the latest suite of updates to MSCI’s equity risk models, which gives equity derivatives investors the ability to track underlying securities and identify crowding that could cause volatility.

    12 Jan 2015

  • Lloyds staffs up loan markets team with four appointments

    Lloyds Bank has made four appointments to its loan markets team – the first since its recent merger of its leveraged loans and high yield businesses.

    12 Jan 2015

  • Swaps end-users eye margin rule reprieve

    End-users trading swaps could be exempted from posting margin on swaps not cleared by registered derivatives clearing organizations under a new Congressional rule amending the Dodd-Frank Act. Despite flaws in the original drafting, the amendment to the rule would be a substantive change to the legislation and would clarify the margin posting process, according to lawyers.

    12 Jan 2015

  • NBAD adds Wynce to win Asian business

    National Bank of Abu Dhabi has hired Wynce Low as its first head of debt origination and distribution for South East Asia. The firm has raced up the international sukuk league table in recent years, and is hoping to drum up new business in sukuk and conventional format in Asia, the bank’s global head of debt origination told GlobalCapital.

    12 Jan 2015

  • Host Europe hopes to rely on friendly banks with £535m Intergenia loan

    German online hosting provider Host Europe will launch £535m-equivalent of leveraged loans this week, most likely on Monday afternoon, as part of its acquisition of Intergenia.

    12 Jan 2015

  • EFSF picks novel maturity as Ontario prints 10 year euros

    The European Financial Stability Facility has opted for an unusual maturity with its first benchmark of the year — set to be priced on Tuesday — in an effort to attract bank treasury accounts. The EFSF follows a 10 year euro benchmark from the Province of Ontario on Monday.

    12 Jan 2015

  • Portugal plots 30 year return with rare dual tranche deal

    Portugal is set to visit the 30 year part of the curve for the first time since 2006, after mandating banks for a rare dual tranche deal on Monday. Italy and Spain are also rumoured to be looking at euro deals this week, which is already busy with auctions in the eurozone periphery.

    12 Jan 2015

  • KfW, ADB and AFD to bring dollars as US yields calm

    KfW, Asian Development Bank and Agence Française de Développement will sell dollar benchmarks on Tuesday in what SSA bankers said is a calmer backdrop than last week. Export-Import Bank of Korea was first to come to market in dollars this week and was set to price a dual tranche deal during the New York day on Monday as GlobalCapital went to press.

    12 Jan 2015

  • Shire bags $850m loan for NPS takeover

    Shire, the Dublin-headquartered biopharmaceutical company, has secured an $850m fully underwritten short term bank facility to help finance its takeover agreement for NPS Pharmaceuticals of the US.

    12 Jan 2015

  • Turkish loan to buy cement assets comes unstuck

    The decision of Sabanci Holding, the Turkish industrial and financial conglomerate, not to pursue its bid for assets owned by Lafarge and Holcim has resulted in a loan deal being pulled at a late stage, say bankers.

    12 Jan 2015

  • GAIN Capital scoops KCG global sales chief

    John Miesner, the ex-global head of sales at KCG Hotspot, has joined GAIN Capital as managing director, head of global sales for GTX, the firm’s institutional FX electronic communications network.

    12 Jan 2015

  • SSAs keep Kanga issues flowing

    Rentenbank opened books for a new five year Kangaroo bond on Monday, as Province of Manitoba and Inter-American Development Bank reopened Kangaroo lines.

    12 Jan 2015

  • Issuers and investors sit on hands as QE decision looms

    The secondary market for European ABS picked up towards the tail end of last week but the primary market remained devoid of activity on Monday, as bankers digested another day of European Central Bank policy prediction and a reported plan by the Italian government to guarantee mezzanine ABS.

    12 Jan 2015

  • BNPP sweeps up $91m for novel structured product

    The first green structured note linked to an equity index by a call option designed for retail investors closed last week with a total subscription amount of $91m, making it the largest public offer for a non-Euro denominated equity index linked bond in Belgium and Luxembourg in 2014. The green bond, a seven year structured note issued by the World Bank, was sold with a zero coupon plus a call option on a basket of stocks from ethical companies.

    12 Jan 2015

  • Eurofins Scientific to test market for possible senior bond

    Eurofins Scientific, the French food and drugs testing company, has mandated three banks for an investor roadshow that could lead to a senior unsecured bond.

    12 Jan 2015

  • VTG hires HSBC for hybrid to fund AAE purchase

    German railway wagon hire company VTG has mandated HSBC as sole bookrunner for a hybrid bond of at least €230m to part-fund its acquisition of competitor Ahaus Alstätter Eisenbahn.

    12 Jan 2015

  • East Capital defies EM downturn with new frontier fund

    East Capital, a specialist emerging markets equities fund manager, has launched a new frontier market-focused fund.

    12 Jan 2015

  • High FIG premiums stick as investors prepare for volatility

    A week before the European Central Bank is expected to announce a programme of quantitative easing and Greece elects its next president, investors are loading up on senior unsecured paper from top names in FIG, and being paid big new issue premiums. Investors are demanding more in part because of fears of volatility in coming weeks stemming from the ECB and Greece, bankers said.

    12 Jan 2015

  • BNP Paribas and UniCredit add to FRN flow

    Two more issuers built on a strong start to the year for euro-denominated floating rate notes on Monday, as UniCredit sold a five year bond and BNP Paribas opted for a two year tenor for its second FRN of the year. UniCredit was able to draw solid demand for its deal, despite printing at an aggressive level compared to its fixed rate curve.

    12 Jan 2015

  • Slovakia expected to pay healthy NIP for eurobond

    The Slovak Republic has mandated banks for a 12 year euro-denominated bond. With the sovereign’s curve trading tightly, bankers are suggesting that Slovakia may need to pay a decent new issue premium to tempt investors.

    12 Jan 2015

  • Smiecench departs SG

    Emmanuel Smiecench has left Société Générale where he was head of SSA syndicate in London, covering both emerging market and investment grade deals.

    12 Jan 2015

  • Fitch cuts Russia to BBB- but market barely blinks

    Fitch on Friday downgraded Russia’s credit rating to BBB-, one notch above junk status, but trading in the bonds hardly budged as investors are already pricing Russia in the same area as sub-investment grade sovereigns.

    12 Jan 2015

  • Philippine issuers swarm to bond market

    Philippine bank Rizal Commercial Banking Corp (RCBC) launched bookbuilding for a five year dollar bond on Monday, January 12, as part of its fund raising exercise under a $1bn MTN programme.

    12 Jan 2015

  • Loan Ranger: Wear your jumper with pride

    Last week was not a good one for humour, but one that began nonetheless with the customary jokes on Monday morning about how 2015 has already ruined the Christmas buzz – be it through unsettled markets or just the piles of admin ready and waiting for everyone’s return.

    12 Jan 2015

  • EU backs ‘high quality securitization’ rules for October

    Delegated acts that contain Europe’s first regulatory action designed to promote high quality securitizations will begin to take effect in October, after the European Parliament and Council gave their backing to the rules.

    12 Jan 2015

  • PFC extends deadline for $210m RFP

    Power Finance Corp (PFC), which is in the market with an RFP for a $210m 6.5 year loan, has extended the deadline, said a banker.

    12 Jan 2015

  • GF Securities gears up with application for HK IPO

    GF Securities, which made its debut in the loan syndication market in July last year, has now put its sights on the ECM market too, filing for an IPO in Hong Kong.

    12 Jan 2015

  • Turnbull joins StormHarbour as capital markets head

    Mike Turnbull has joined StormHarbour as managing director, capital markets, a role where he will oversee StormHarbour’s debt capital markets platform.

    12 Jan 2015

  • Malakoff electrifies $1bn relisting in Malaysia

    Malakoff plans to start meeting potential cornerstone investors next week for its more than $1bn IPO in Malaysia, setting in motion a long-awaited spin-off from its parent MMC.

    12 Jan 2015

  • Clean energy agencies push for green bond market in India

    A pair of clean energy financing initiatives are optimistic about developing a green bond market in India as they head to a meeting with the Ministry of Finance next month. The establishment of green bonds could be a means of the country meeting its renewable energy targets, they said.

    12 Jan 2015

  • Inox kicks off investor education for $200m IPO

    Equity researchers involved in the $200m IPO of India’s Inox Wind have started meeting domestic investors as part of the deal’s pre-marketing process.

    12 Jan 2015

  • Fitch predicts further Brazilian defaults on Petrobras scandal

    Brazilian construction company OAS’s decision to default on its local and international bonds as a way of preserving liquidity amid its implication in the Petrobras corruption scandal has “set a bad precedent for Brazilian engineering and construction corporates that will heighten contagion risk”, said Fitch on Friday.

    12 Jan 2015

  • Kexim and CCBI open books for dollar bonds

    Export Import Bank of Korea (Kexim) was back in the international debt market on January 12, opening books to a SEC-registered dual tranche benchmark transaction that is split between a five year and a 10 year.

    12 Jan 2015

  • Citi bumps up Luchetti to Asia retail bank head

    Citi’s consumer banking arm has named Gonzalo Luchetti as regional retail bank head for Asia. Luchetti will add the new role to his responsibilities as the global head of wealth management and insurance for the consumer bank.

    12 Jan 2015

  • Sun Hung Kai wrapping up HK$10bn loan

    Sun Hung Kai Properties (SHK) is due to sign an HK$10bn ($1.29bn) loan in the next two weeks. A top rated borrower with assets across Hong Kong, the company managed to raise its latest borrowing at a margin lower than an HK$14bn loan it signed in January last year.

    12 Jan 2015

  • StanChart’s RMB index to rise 22% in 2015

    The Standard Chartered (StanChart) RMB Globalisation Index (RGI) reached 2,048 points in November 2014, up 1.2% on the previous month, according to a January 12 report from the bank. StanChart analysts estimate that the index will go up to 2,500 points by the end of 2015, a slower rate of growth than this year’s 500 point rise.

    12 Jan 2015

  • Philippines’ Ayala nets $356m in top-up placement

    Philippines’ Ayala Land raised Ps16bn ($356.2m) through a top-up placement of shares on the evening of Friday, January 9, in what is the first sizeable block trade executed in the new year. Driven by reverse enquiry from investors, the deal saw strong demand from the market soon after books opened with shares holding up reasonably well in secondary trading.

    12 Jan 2015

  • Delhi Airport in transit for dollar bond debut

    Delhi International Airport Limited (Dial) is preparing to become one of the first Indian high yield issuers of 2015, after picking banks for a series of roadshows for its maiden dollar deal.

    12 Jan 2015

  • Onshore bank demand delivers BOCOM $750m three year

    Bank of Communications (BOCOM) priced a three year dollar transaction on January 9, becoming the third financial dollar bond this year following China Huarong and Japan’s SMBC. Although the regular issuer witnessed a rather slow bookbuilding at the beginning, the Chinese deal gained momentum as onshore banks piled in to get their hands on a popular credit.

    12 Jan 2015

  • Mah Sing fixes price for $177m rights issue

    Malaysian property firm Mah Sing has fixed the price of its MR628.89m ($176.93m) rights issue at MR1.42 a share.

    12 Jan 2015

  • Asiamoney Country Deals of the Year 2014: Results Announced

    Although the region witnessed the world's largest ever IPO in 2014, it was bond issues that dominated the roster of notable capital markets transactions in Asia ex-Japan. After considering a bumper selection of awards pitches from firms across the region, Asiamoney has picked its standout transactions across ECM, DCM and syndicated loans. Our thanks to all those firms that took the time to pitch. Full write-ups of each award will be published in the next Asiamoney supplement in late February.

    12 Jan 2015

  • Invitations out for Casetek $300m revolver

    Taiwanese computer casings maker Casetek has sent out invitations for its latest loan of $300m. The loan is being arranged by Australia and New Zealand Bank and DBS.

    12 Jan 2015

  • Options desks run huge offshore dollar/renminbi risk hedging

    Banks have been comfortable taking on large amounts of risk in trading options on the dollar versus the offshore renminbi. As liquidity, hedging and volatility increase with the currency’s rising popularity however, new market entrants, new derivatives products and confidence in the Chinese liberalisation programme will drive growth in coming months, according to speakers at a panel hosted by CME Group and the Treasury Markets Association.

    09 Jan 2015

  • Banco Santander's record €7.5bn block not too big for Goldman Sachs to underwrite

    Santander raised €7.5bn of equity capital in a block trade on Thursday January 8, the biggest ever outside the US, to put its core equity tier one ratio up to 10%. The deal was priced at the low end of the discount range and led to a very steep fall in Santander's share price the day after – yet won some admiration from rival banks.

    09 Jan 2015

  • Banks look to standardise OTC equity derivs

    Investors may soon see structured equity products listed on exchanges as banks look to save costs by using electronic platforms to quote standardised products, instead of individually pricing them over-the-counter.

    09 Jan 2015

  • BMW follows VW's bond with a more compact, less NIPpy model

    BMW priced €1.5bn of bonds on Friday, split evenly between five and 10 year tranches, following the slightly lower rated German car maker Volkswagen’s three tranche deal on Thursday.

    09 Jan 2015

  • German issuers follow KfW into sub-swaps territory

    FMS Wertmanagement on Friday defied any expectations that low yields would put investors off in the five year part of the euro curve, selling an oversubscribed €1.5bn long five year that carries a coupon of just 12.5bp. Meanwhile another German state has hired banks for a 10 year benchmark, adding to an expected slew of euro supply next week.

    09 Jan 2015

  • Junked Tesco becomes towering presence in HY market

    Tesco has dropped into the high yield market, after both Moody’s and Standard & Poor’s stripped their investment grade ratings from the UK's leading supermarket group, once seen as a corporate titan.

    09 Jan 2015

  • EGPC shakes off oil price fears with fast $1.3bn loan

    The Egyptian General Petroleum Corp has dismissed any doubts about its ability to return to the loan market for the first time since 2010 by signing a $1.323bn pre-export finance facility with banks.

    09 Jan 2015

  • Nigeria's IHS schedules bank meeting for $800m loan

    IHS Holding, the Nigerian telecoms tower business, will hold a bank meeting in London on Tuesday next week for an $800m or equivalent loan facility, confirming GlobalCapital's report earlier this week.

    09 Jan 2015

  • Funding scorecard: sovereigns

    This week's funding scorecard looks at how European sovereigns have started their funding programmes for 2015.

    09 Jan 2015

  • ADB joins Kanga party with dual tranche deal

    Asian Development Bank raised over A$1bn ($808.3m) with a new five year Kangaroo and a tap of a 10 year line in the format on Friday, while European Investment Bank topped up its May 2018s to A$1bn. Bankers expect more supply in Australian dollars from public sector borrowers next week.

    09 Jan 2015

  • Secondary pricing update: how the latest deals fared in the new year

    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.

    09 Jan 2015

  • Air Liquide Finance brings first Formosa from international corporate

    Air Liquide Finance, a subsidiary of L'Air Liquide SA, the French industrial gases group, debuted in Taiwan’s Formosa bond market on January 9, becoming the first international corporate to issue in this format.

    09 Jan 2015

  • SMBC bags $2.25bn with tri-tranche dollar bond

    Sumitomo Mitsui Banking Corporation (SMBC) made its return to the offshore debt market on Thursday, January 8, raising a total of $2.25bn through a triple tranche dollar bond that attracted strong demand from investors and allowed bankers to price the deal flat to the borrower’s existing curve.

    09 Jan 2015

  • Cheung Kong, Hutchison consolidate in historic deal for Hong Kong

    Billionaire Li Ka-shing is carving out separate property and non-property businesses from his two main holding companies in a landmark reorganisation of his vast empire.

    09 Jan 2015

  • GlobalRMB's seven themes you need to think about in 2015

    As the new year begins, GlobalRMB takes a look at seven key themes for RMB internationalisation in 2015. These are the topics and predictions most highlighted to us this week by analysts, economists, strategists, bankers and regulatory experts, and offer an outlook of how the market is expecting the world of the renminbi to shape up in the next 12 months.

    09 Jan 2015

  • India’s Sebi plans ECM shake-up

    The Securities and Exchange Board of India (Sebi) is taking steps to speed up equity raisings in the country, proposing ways to cut not just the time it takes to list but also conduct rights issues and other public offerings. The draft proposals come at a time when the Indian ECM market is set for a busy year, with bankers saying the new measures will make life easier not just for issuers but also investors.

    09 Jan 2015

  • Checking out: Shanghai Jin Jiang closes $250m loan

    Shanghai Jin Jiang International Hotels has wrapped up syndication of a $250m three year term loan with a group of five banks.

    09 Jan 2015

  • Improved conditions prompt BOCOM to act with 3yr

    Bank of Communications started receiving bids for a three year dollar transaction on January 9 as it looks to ride on the positive momentum created by China Huarong Asset Management and become the third financial institution to price a bond this week.

    09 Jan 2015

  • HDFC to hit market with $1.6bn follow-on for bank capital

    HDFC Bank is moving ahead with plans to raise Rs100bn ($1.58bn) in a bid to improve its capital position, after it picked four banks to lead the share sale.

    09 Jan 2015

  • Indonesia cuts costs with $4bn bond

    Republic of Indonesia started 2015 in style on January 8 with a $4bn dual tranche behemoth that was five times subscribed. The overwhelming demand meant the sovereign was able to shave 150bp off its funding costs.

    09 Jan 2015

  • Suntrust eyes $251m rights issue

    The Philippines’ Suntrust Home Developers is looking to raise Ps5.63bn ($251.37m) from a rights issue backed by its parent Megaworld Corp.

    09 Jan 2015

  • China Huarong picks size over price with $3.2bn triple trancher

    China Huarong Asset Management took the market by surprise on January 8 by printing a $3.2bn triple tranche offering in what is Asia's largest ever Reg S-only deal. With the market still bogged down by macro concerns and fears over Chinese property, the bad debt manager wisely chose to pay a juicy concession to get the huge deal done.

    09 Jan 2015

  • Indonesia's Pelindo II proposes looser terms on $1bn loan

    Port services provider Pelabuhan Indonesia II’s (Pelindo II) has asked banks lending to a $1bn loan to accept looser covenants on the borrowing. The changes come as the company is eyeing a bond issue that would increase debt on its books and make it difficult for it to meet the current loan conditions.

    09 Jan 2015

  • Netmarble to press play on three Korean IPOs

    South Korean games publisher Netmarble Games Corp is planning to list three of its subsidiaries on the domestic stock market between this year and next.

    09 Jan 2015

  • Asian IPOs go binary

    2014 has come and gone, with a fairly honourable tally for Asia’s busy ECM desks. According to Dealogic, last year's ECM volume on Asia ex-Japan exchanges, and excluding China’s A-share markets, was just under $135bn, more than in each of 2013 and 2012. That good news, however, is worth viewing in the context of a few less positive facts, writes Philippe Espinasse.

    09 Jan 2015

  • Comment: Taiwan needs more deregulation if it wants to be a real RMB hub

    As the first overseas renminbi hub outside Hong Kong, there were high hopes for Taiwan when it got its official RMB clearing bank in December 2012. But although its local RMB market has gained ground through its RMB deposit base and the expansion of the Formosa bond sector, Taiwan is falling behind as attention spreads to the emerging hubs elsewhere. More regulatory hurdles need to be removed for RMB internationalisation to take off in 2015.

    09 Jan 2015

  • Hsin Chong’s $300m rights issue gets cold shoulder

    Hsin Chong closed one of Hong Kong’s first sizeable rights issues for 2015 with the deal massively undersubscribed, drawing orders for less than 2% of the trade.

    09 Jan 2015

  • Inox to gauge interest for $200m India IPO from Monday

    India’s Inox Wind is planning to start pre-marketing its IPO of around $200m from Monday, January 12, as the company prepares to become one of the first sizeable listings from the country this year.

    09 Jan 2015

  • Religare Health Trust mandates four for roadshow

    Singapore-listed Religare Health Trust Trustee Manager has mandated four banks to conduct a roadshow for a possible Singapore dollar issue.

    09 Jan 2015

  • RMB round-up: January 9, 2015

    In this round-up, Hong Kong RMB clearing is back on the rise, Bank of China receives ISO certification for RMB clearing activities, average daily turnover on the Stock Connect was Rmb5.6bn ($900m) and China’s Xi Jinping pledges $250bn of fresh investment in Latin America.

    09 Jan 2015

  • HSBC rejigs top management as Hong Kong CEO quits

    HSBC is losing one of its key senior members next month with Anita Fung, group general manager and chief executive officer of HSBC, Hong Kong, leaving the firm to pursue opportunities outside the group.

    09 Jan 2015

  • Australia Focus: Australia’s banks earn global significance

    Shortly before the recent publication of the David Murray Financial System Inquiry assessment on the evolution of the Australian banking system since the Wallis report in 1996, bankers and investors met at the GlobalCapital FIG roundtable to exchange views on the challenges lying ahead for Australian banks.

    09 Jan 2015

  • Standardisation is the solution to post-trade efficiency

    The process of minimising line items in a portfolio has been a driving force behind trade compression and termination tools, but whether or not it is the ideal solution has been questioned by some market participants. Gabriel Suprise investigates.

    09 Jan 2015

  • LCH-CME basis swaps take off side-by-side with PTC

    LCH-CME basis swaps have been growing in frequency as dealers seek to balance exposure between one or more central counterparties, reports Beth Shah.

    09 Jan 2015

  • ORB Roundtable: UK pension changes could give ORB next growth spurt

    UK retail investors have enjoyed access to selected Gilts, supranational and corporate bonds through the London Stock Exchange’s electronic Order book for Retail Bonds (ORB) since February 2010. Over 180 securities are now listed on the ORB, including dozens issued directly into the ORB’s primary market, as borrowers have seen the benefits of a fresh investor base and the flexibility retail bonds offer.

    09 Jan 2015

  • Corporate debt: Deep euro market draws global issuers, ECB buying dreaded

    The investment grade corporate bond market in Europe enjoyed stellar levels of issuance in 2014, especially from other continents. Market participants say activity is likely to be just as brisk in 2015, and that there is no need for a potentially disruptive European Central Bank corporate bond buying programme. Richard Metcalf reports.

    09 Jan 2015

  • Themes for 2015: Is Europe stuck in the mud?

    By now, Europe’s economy should be humming along nicely, heading for the sliproad to the motorway. Instead, it is jerking and lurching, making worrying noises and with a strange smell emerging from the air vents. Everyone can think of ways to fix it. Unfortunately, those in charge can’t agree on what to try. Jon Hay asks whether they will make up their minds in 2015 –— or whether the economy can recover, despite the bickering.

    09 Jan 2015

  • Public sector borrowers: Sovereigns braced for bumpy ride despite smooth 2014

    The eurozone economy is in a catatonic state, with falling growth and inflation expectations. But the oodles of liquidity in the system and an ever more dovish European Central Bank means the funding outlook is, on the face of it, strong for the currency bloc’s sovereign borrowers. However, an uncertain political environment, the risk of ECB measures backfiring and the reams of sovereign debt still held by domestic investors provide plenty of concern for 2015. Craig McGlashan reports.

    09 Jan 2015

  • Derivatives: Fractured derivative market needs to regain global strength

    Harmonisation and crossborder issues are key concerns for the International Swaps and Derivatives Association as markets enter 2015. As Scott O’Malia, CEO of ISDA and former commissioner at the Commodity Futures Trading Commission, tells Beth Shah, regulators need to ensure that crossborder oversight is based on risk and not location.

    09 Jan 2015

  • Corporate debt: Great expectations — high yield aims for seventh year of plenty

    Whether or not you believe banks are retreating from lending to Europe’s mid-sized and riskier companies, one thing is undeniable: the high yield bond market is on a multi-year surge of growth. It is an inherently cyclical product, but most involved do not think the four month slowdown at the end of 2014 was the turn of a cycle. Instead, they predict more growth in 2015. Victor Jimenez reports.

    09 Jan 2015

  • Financial institutions: 2015 — the year of bank capital — the sequel with no equal

    If you thought 2014 was going to be the year of bank capital, you were right… sort of. Graham Bippart reports.

    09 Jan 2015

  • Australia Focus: Semis well set to cash in on scarcity and discipline

    Declining deficits and debt levels, driven by a renewed commitment to fiscal discipline, is leading to a reduction in the size of the funding programmes of Australia’s states. Growing scarcity value, twinned with very strong credit profiles, is likely to lead to a continued compression in the spreads between semis and commonwealth government securities (CGS). The opportunities that are arising as a result were discussed at the GlobalCapital Australian semi-governments roundtable.

    09 Jan 2015

  • Public sector borrowers: SSAs count the cost of a safer banking system

    Market participants have been dealing with a raft of regulation since the global financial crisis first hit seven years ago. While those in the sovereign, supranational and agency business welcome a stronger banking system and more robust markets, they are increasingly worried about the unintended impact of policymakers’ actions. Tessa Wilkie reports.

    09 Jan 2015

  • Public sector borrowers: Asian currencies set for banner year for imaginative SSAs

    As more and more borrowers line up to join the offshore renminbi market, Asian currencies look set to play an increasingly important role for SSA issuers in the year ahead. Jonathan Breen finds out which local currencies borrowers and bankers are placing their bets on.

    09 Jan 2015

  • Derivatives: A market whose time has come? Treasury vol futures set for hikes

    New futures on a 10 year US Treasury Note Volatility Index, which allow investors to hedge interest rate volatility with a single product for the first time, are gaining traction. As the US is ending quantitative easing, market participants are tipping volumes to surge in the first quarter of 2015 as investors look to hedge their fears over looming rate hikes. Beth Shah reports.

    09 Jan 2015

  • What is SLR and how is it calculated?

    Since the 2008 financial crisis, global regulators and politicians have embarked on a vast overhaul of the derivatives markets in a bid to reduce systemic risk. Limits on leverage, through the supplementary leverage ratio (SLR), are the heart of the reforms, and market participants are experiencing its profoundly disruptive effects. Beth Shah reports on what SLR is and why it matters.

    09 Jan 2015

  • Themes for 2015: Capital markets face up a more dangerous world

    Uncertainty is rife wherever one looks. From eurozone deflation to the Ebola epidemic, and Russian aggression to the rate setting equivocations of the Federal Reserve, global threats are now a permanent feature in the capital markets. Elliot Wilson reports.

    09 Jan 2015

  • Awards: Syndicated loans awards 2014: nominations

    GlobalCapital asked loan market participants for their votes for the Syndicated Loans Awards 2014. The nominations are below in alphabetical order. The winners will be announced at GlobalCapital’s Syndicated Loans & Leveraged Finance Industry Dinner on February 11 at London’s Guildhall. For more information about the poll or the awards dinner, please contact loans editor Dan Alderson on +44 (0)20 7779 7321.

    09 Jan 2015

  • Volkswagen’s €9bn book shows corporate bonds in rude health

    A burst of deals on Thursday showed Europe’s corporate bond market is in full vigour, despite a sea of gloomy political and economic headlines. The Christmas hiatus in issuance was ended by Danone and Daimler on Wednesday, but the market hit its full stride on Thursday when Volkswagen issued €3bn and ArcelorMittal, a double-B credit, €750m.

    09 Jan 2015

  • Derivatives: No end to ‘nightmare’ as trading tax rears its head again

    Talks over a European Financial Transaction Tax have been revived since 2014’s European elections. The tax is now being deliberated between 11 key EU member states. Although the scope of its coverage appears to have shrunk, the uncertainty may lead to unforeseen costs for derivatives market participants. Gabriel Suprise reports.

    09 Jan 2015

  • Themes for 2015: Capital markets union — coming to a continent near you

    Europe’s capital markets feel pretty international already. Issuers in any country can raise money from investors throughout Europe and the world. But the European Commission wants to integrate them further. Is it wasting its time? Jon Hay reports.

    09 Jan 2015

  • Equity capital markets: Private equity’s reformed characters to drive IPO market

    Private equity firms have sometimes been seen as rogue players by equity investors, short termist and greedy. But some have gone out of their way to build followings in the ECM market in recent years, impressing investors by their professionalism and well executed deals. As a result, says Olivier Holmey, PE firms will likely set the agenda for IPOs in 2015.

    09 Jan 2015

  • Corporate debt: Finance is abundant: now all Europe needs is more projects

    Something is out of kilter in European infrastructure finance. An ever-swelling pool of dedicated private sector capital is struggling to find a home because of a lack of projects in which to invest, writes Dan Alderson. But signs are that 2015 could be the year to start resolving that logjam, in a double win for both project backers and the real economy.

    09 Jan 2015

  • Securitization: Down, but not out: CLOs seek to overcome Dodd-Frank hoodoo

    The US CLO market boomed in 2014, overcoming Volcker ule jitters at the start of the year to break issuance records in the last quarter. But risk retention regulation could force smaller managers out of the market. Will Caiger-Smith reports.

    09 Jan 2015

  • Financial institutions: Distorting effects — ECB’s CBPP3 unsettles covered bond market

    The third covered bond purchase programme will not expand the European Central Bank’s (ECB) balance sheet to the extent needed because the market is too small. And spread tightening will not encourage greater issuance, as the ECB expects. The best hope for covered bonds in 2015 is for the ECB to give up on CBPP3 and turn its attention to the sovereign market where it has a much better chance of success, writes Bill Thornhill.

    09 Jan 2015

  • Emerging markets: Russia, refis, euros and sukuk to enliven emerging markets in 2015

    Who saw the Ukraine crisis coming? Not us, that is for sure. This time last year we were predicting US rate rises as the CEEMEA market’s biggest bogeyman for 2014. Far from being put off though, Francesca Young is having another go. Here are GlobalCapital’s five big themes for the CEEMEA bond market in 2015.

    09 Jan 2015

  • Corporate debt: M&A a fickle friend for loans, but as refis ebb, it’s crucial

    For years, spirits in western Europe’s loan market have been kept from gloom by one thing: hope that one day, there would be another boom in mergers and acquisitions. In 2014, it finally arrived. But it has not been the bonanza loan bankers desired, with many deals financed in other markets. This year banks will rely on M&A even more as refinancings dry up. Will the dealflow be sufficient? Elly Whittaker reports.

    09 Jan 2015

  • Corporate debt: Levfin poised for bumper 2015 but battle over terms still rages

    With big M&A deals stored up and issuance expected to increase, 2015 has all the ingredients of a blockbuster year for leveraged loans. But with US regulation looming over the market and the prospect of more volatility over terms, stumbling blocks abound, writes Ross Lancaster.

    09 Jan 2015

  • Themes for 2015: Banks count the cost of investment banking

    Across investment banking divisions, 2014 was the comeback year for equity capital markets, as the IPO market shifted into high gear. But much of this was putting spare capacity back to work — and perhaps the bright spots in fixed income glowed more fiercely. Owen Sanderson mulls the year in investment banking.

    09 Jan 2015

  • Derivatives: The long road to equity derivatives trading in China

    The opening of the Shanghai-Hong Kong Stock Connect in November, designed to enable Chinese investors to buy shares in Hong Kong, and international investors to access China’s A share market, promises to open up a new era in Chinese derivatives trading. As Hazel Sheffield reports, market participants are proceeding cautiously, but are confident that the market is going to get big.

    09 Jan 2015

  • Awards: Top banks voted for by their peers

    GlobalCapital polled the debt capital markets and bond syndicate teams at leading banks to find out which of their rivals they thought had done the best job across all sectors and currencies through 2014. Here are the results. The borrowers’ poll to decide the top banks and the bankers’ vote on the top borrowers will take place in April and May, and the award winners will be revealed at the GlobalCapital Bond Dinner in May.

    09 Jan 2015

  • Australia Focus: Home and away bid growing for Australia’s companies

    Following years of underdevelopment, in which offshore options such as the US private placement market have been the first port of call for corporates, Australia’s corporate bond market is showing signs of growth and diversification. Participants in the GlobalCapital corporates roundtable met to discuss the funding options open to Australian companies.

    09 Jan 2015

  • Managing your risk: Compression-like tools here to stay

    Tools that enable firms, whether buyside or sellside, to reduce the number of line items in a portfolio, while keeping the same risk profile, are changing the way market participants trade derivatives.

    09 Jan 2015

  • Emerging markets: LatAm marches on in spite of Brazil stumble

    Latin America’s issuers took full advantage of an unexpected rally in US Treasuries to post another record total in 2014. But with more negative headlines in Brazil and lower energy prices to contend with, will fundamental concerns temper bond markets? Olly West reports.

    09 Jan 2015

  • Awards: Deals of the year by category

    09 Jan 2015

  • Themes for 2015: As QE spreads, could emergency medicine become the norm?

    The US has ended QE without serious damage, even in emerging markets. But Japan is going for it with abandon, and the eurozone is very likely to start buying government bonds. This unconventional policy is becoming common – but its effects and even how it works are still hardly understood. Markets will be fixated on central bank policy again in 2015, but whether the doctors in Frankfurt and Tokyo can actually revitalise limping economies is far from sure. Jon Hay reports.

    09 Jan 2015

  • Themes for 2015: The year the banks got clean?

    Banks finally faced their troubles in 2014, whether they wanted to or not. Capital was raised and legacy asset problems acknowledged, even if it took the largest examination of bank balance sheets ever conducted to make it happen. But just as capital problems receded, conduct risk reared its ugly head. Will 2015 be the year the banks got clean? Owen Sanderson investigates.

    09 Jan 2015

  • Currencies: Low rates prompt creative thinking in Swiss francs

    It looks like another year of low rates in Swiss francs but, accustomed to the demands of investors with yield targets to meet, Zurich’s syndicate bankers have plans in place to keep the market going. With the focus on Chinese issuers, subordinated debt and ever-longer tenors, if there is a way to boost yields it will be found. Nathan Collins reports.

    09 Jan 2015

  • Securitization: All bets are off as ECB takes hold of ABS

    Securitization made serious advances in Europe last year, even if the numbers do not show it. Supply has broadened and the product has been embraced by the continent’s higher powers. But looking ahead there is no escaping the long shadow of the European Central Bank, which, for good or ill, is going to shape the entire market for the next 12 months and beyond. Tom Porter reports.

    09 Jan 2015

  • Netting tools tipped to spike as EU plays regulatory catch-up

    The US has raced ahead of Europe and the rest of the world in implementing derivatives regulation since the global financial crisis in 2008. So it will come as no surprise that US buy and sellsiders are also ahead in implementing compression and similar tools to tidy up their balance sheets. However, Europe is not far behind, as Hazel Sheffield reports.

    09 Jan 2015

  • Financial institutions: Covered bond teams prepare for tricky 2015

    Several high level departures were seen in the covered bond market in 2014 as banks, grappling with the tough market environment, consolidated and focussed on 2015. Though covered bonds are set to remain the regulator’s friend, supply has fallen and this has hit fee income. Despite these headwinds, banks that are in poll position have maintained competency across the value chain, writes Bill Thornhill.

    09 Jan 2015

  • Themes for 2015: EM and corps to drive SRI bond market to new heights

    Cynics might question whether the explosion in green bond issuance will maintain its force in 2015 after a year of rocketing growth. But with an ever expanding universe of issuers and a market maturing in structure, issuers and bankers are confident that this year could be even more spectacular. Craig McGlashan reports.

    09 Jan 2015

  • Financial institutions: Senior faces up to TLAC, TLTRO, AT1 and ECB

    Nathan Collins takes a look at the year ahead for senior unsecured debt, focussing on three reasons market participants should be bullish for the next 12 months, along with three factors that could drive activity down.

    09 Jan 2015

  • Themes for 2015: Securitization – paying its debt to society

    ABS has been on trial since 2007, when abusers of the technique conspired to set the global economy back a decade or more. Regulators now hold the keys to securitization, and it is they who will ultimately decide whether the asset class has served its time, writes Tom Porter.

    09 Jan 2015

  • Securitization: Fixing the private label RMBS market

    Issuers, investors and policymakers set their sights on jumpstarting the private-label securities market last year, but their efforts were fruitless, aside from the launch of a few jumbo deals. 2015’s pipeline is looks stronger though, and investors are better placed to trust issuers than they have been in years. Ryan Bolger reports.

    09 Jan 2015

  • Awards: Emerging market bond awards 2014

    GlobalCapital asked emerging market teams at the leading investment banks in the international bond markets for their views on the best deals of 2014. Bankers nominated their preferred deals for a shortlist. Then, excluding the deals they had worked on, they were asked to choose the best deals from that shortlist. Here are the results.

    09 Jan 2015

  • Emerging markets: Keep calm and carry on in CEEMEA

    CEEMEA market participants are nothing if not tough. They are battle-hardened bond market warriors thanks to years of volatility and crises. But 2014 will go down as one of the more extreme years even by their high standards. Francesca Young finds out how banks have weathered the storm.

    09 Jan 2015

  • Financial institutions: Covered bonds back where they belong, but LCR impact in doubt

    Covered bonds were always likely to be eligible assets for Basel III’s Liquidity Coverage Ratio, but when the final wording appeared it turned out to be much better than expected for the product. The long term implications are positive for the asset class, but a near term surge in demand is unlikely, writes Bill Thornhill.

    09 Jan 2015

  • Emerging markets: Smart CEE money seeks new loan prospects amid Russia freeze

    A Russia-shaped void opened up in the central and eastern European loan market in 2014 — one that is still gaping, writes Dan Alderson. This and the wider region’s economic challenges are prompting Western banks to shift their weight to other areas such as Africa, Turkey and Kazakhstan.

    09 Jan 2015

  • Equity capital markets: Tensions rise in ECM as syndicates grow ever larger

    With more and more banks on each equity capital markets deal in 2014, and issuers feeling an ever greater urge to have advisers walk them through deals, some are wondering how much bigger equity syndicate teams can really get. Olivier Holmey finds out what to expect in 2015.

    09 Jan 2015

  • Awards: Overall bond deals of the year

    GlobalCapital’S DEAL OF THE YEAR awards are voted for by leading participants in the international bond markets. First, investment banks were asked to nominate their best lead managements in each category. From that shortlist, market participants voted for the outstanding transactions, without voting for their own deals. GlobalCapital’s awards for the best banks, chosen by borrowers, and the most impressive borrowers, voted by banks, will be chosen in a separate poll and announced at the GlobalCapital Bond Dinner in May.

    09 Jan 2015

  • ECM starts year on edge then rebounds sharply

    Corporate CFOs who returned to work on Monday with their minds on plans for IPOs and other equity capital raisings went home with furrowed brows. By Thursday, however, all of that had changed.

    08 Jan 2015

  • Equity capital markets: Markets eye blockbuster bank and corporate ECM deals in 2015

    Few might have predicted that a Saudi bank would produce EMEA’s biggest IPO in 2014, nor that Deutsche Bank would raise €8bn of capital. This year’s knockout deals may be just as unforeseen, but some contenders are limbering up already. As Olivier Holmey and Jon Hay report, Monte dei Paschi, Bayer and ABN Amro are names to watch out for in 2015.

    08 Jan 2015

  • Equity capital markets: Convertibles to grow with new wave of mandatories for M&A

    Equity-linked debt is not all things to all people — but it can do a great many different things for different people. Funding-rich companies can lower borrowing costs, while the funding-poor can gain market access. Now, with mandatory structures, firms can gain immediate equity credit while raising equity at a premium, not a discount. As Jon Hay reports, this cocktail is expected to stimulate growing issuance.

    08 Jan 2015

  • Venezuela trades up on oil price but reforms needed

    Venezuelan debt traded up two points on average on Thursday, as oil steadied, as traders say it continues to be the closest to a pure oil play available in the sovereign bond markets. But president Nicolás Maduro’s attempts to negotiate the drastic fall in revenues from the lower oil price continue to disappoint investors.

    08 Jan 2015

  • Cytos CB investors face default or conversion

    Cytos Biotechnology, a Swiss company that has been struggling for years, has asked holders of its remaining convertible bonds to agree to a mandatory conversion to equity at a fraction of the original conversion price. Reaching a deal with bondholders is the company’s last chance to remain as a going concern.

    08 Jan 2015

  • Debt-laden Virgin Active said to seek Joburg IPO

    Virgin Active, the UK gyms business part-owned by CVC Capital Partners, is reportedly considering an IPO in Johannesburg that could value it at up to £1.5bn.

    08 Jan 2015

  • OAS first Petrobras victim as Brazil stumbles early

    Cross-border bond markets remain effectively shut to Brazilian issuers until there is more clarification on the Petrobras corruption investigation, said DCM bankers this week as construction firm OAS missed a bond payment as a direct result of what is being called the car wash scandal.

    08 Jan 2015

  • New Year calls for a new perspective in bonds

    The European FIG market got off on the right foot this week, with issuers learning from mistakes made toward the end of 2014 and offering larger premiums to cash-rich and yield-strapped investors that want to put their money to work before yield targets get even harder to hit responsibly.

    08 Jan 2015

  • Peoples Moves in Brief

    Ex-RBS syndicate head out - Deutsche's Wohlin on leave - Investec hires von Hartig - SocGen hires in German ECM

    08 Jan 2015

  • Mercedes leads faster and larger auto issuance

    Auto ABS issuance is coming in larger volumes and at a faster pace than expected, with a deal by Mercedes-Benz leading a pack of issuers targeting investors with fresh pockets at the start of the new year.

    08 Jan 2015

  • Tele Columbus IPO first to come back, finds US and UK interest

    Tele Columbus, the German cable provider, is finding strong interest in its IPO, the first launched by a European company in 2015.

    08 Jan 2015

  • Mariner brings debut CLO after Orix hires

    Mariner Investment Group kicked off US collateralized loan obligation issuance for 2015 on Thursday with its debut deal, a $502m transaction completed after hiring 13 members of its strategic partner Orix’s corporate credit team in November.

    08 Jan 2015

  • Santander kickstarts equity markets with massive block trade

    Banco Santander leapt into an equity market this week that was otherwise empty of deals with a €7.5bn accelerated bookbuild, which bankers expected to be a huge success and an inspiration to other issuers.

    08 Jan 2015

  • Santander kickstarts equity markets with jumbo block trade

    Banco Santander leapt into an equity market this week that was otherwise empty of deals with a €7.5bn accelerated bookbuild, which bankers expected to be a huge success and an inspiration to other issuers, writes Olivier Holmey.

    08 Jan 2015

  • Russian debt rescheduling fears creep up

    A wave of Russian corporate debt rescheduling, defaults and renationalisations is inevitable this year, a senior banker and emerging market analyst have warned. However, the claims angered officials at Western lenders heavily exposed to Russian loans and bonds, writes Dan Alderson.

    08 Jan 2015

  • ISDA: Liquidity threshold under MiFID proposals key concern

    Concern is growing over the European Securities and Markets Authority’s process of establishing definitions and thresholds in the Markets in Financial Instruments Directive – a critical part of which is the process for determining whether an instrument is liquid. If thresholds are calculated incorrectly, market makers may be less willing to provide liquidity to clients, prompting concerns that other market participants may use public data to trade against them, according to the International Swaps and Derivatives Association.

    08 Jan 2015

  • Issuers have epiphany on pricing, offering juicy premiums

    The Epiphany holidays in Europe on Tuesday may have disrupted the issuance calendar for the week, but that didn’t stop issuers from printing over €15.5bn of senior unsecured debt in just two days on Wednesday and Thursday.

    08 Jan 2015

  • Synthetic CDOs back as hedgies drive full cap sales

    Synthetic collateralised debt obligations, one of the financial products synonymous with the global crisis, are set to accelerate their recent tentative comeback. Real money investors are joining hedge funds in chasing the controversial instruments’ double-digit yields, write Will Caiger-Smith and Beth Shah.

    08 Jan 2015

  • BayernLB and Berenberg join forces to win more corporate finance business

    Bayerische Landesbank and Berenberg, the Hamburg-based private investment bank, have announced an unusual deal to cooperate in corporate finance, designed to help both firms fill gaps in their product armouries, especially around mergers and acquisitions.

    08 Jan 2015

  • FHA plan to grab biz from Fannie and Freddie

    The Federal Housing Administration’s plan to lower annual mortgage insurance premiums is expected to steer business to Ginnie Mae and away from Fannie Mae and Freddie Mac, but performance should be stronger for notes backed by conventional mortgages.

    08 Jan 2015

  • SSA issuers are quick out of the blocks to hit hot Kanga bid

    Attractive funding rates and strong demand from Asian investors drew a flock of supranational and agency names to Australian dollars this week — and bankers say at least six names are looking to print in a market that often offers more attractive funding levels than dollars or euros.

    08 Jan 2015

  • National Australia Bank EUR1.25bn FRN Jan 18, EUR1bn 0.875% Jan 20

    08 Jan 2015

  • Intesa Sanpaolo EUR1.25bn 1.125% Jan 20

    08 Jan 2015

  • Bank of Nova Scotia EUR1bn FRN Jan 20

    08 Jan 2015

  • Crédit Agricole Assurances EUR1bn 4.25% perpetual tier two

    08 Jan 2015

  • Rabobank EUR2.5bn FRN Jan 17

    08 Jan 2015

  • Lloyds EUR1bn 1.25% Jan 25

    08 Jan 2015

  • Société Générale EUR2bn FRN Jan 17

    08 Jan 2015

  • Abbey National EUR1.5bn 1.125% Jan 22

    08 Jan 2015

  • DVB Bank EUR500m 0.5% Jan 18

    08 Jan 2015

  • BNG EUR1.5bn 0.375% Jan 22

    08 Jan 2015

  • ESMA liquidity rules to bulldoze bond trading

    One of the latest consultations from the European Securities and Markets Association could bulldoze liquidity in large swathes of the fixed income market, despite last minute softening to the rules which cuts out some of its worst provisions.

    08 Jan 2015

  • Emerging market and investment grade loans - news in brief, 8 January 2015

    Macquarie - Turk Eximbank - Sasol - Mumtalakat

    08 Jan 2015

  • Grexit fears worsen HY nerves but Arcelor raises comeback hopes

    European high yield new issuance for 2015 began on Thursday with a successful €750m deal for ArcelorMittal. The company is a fallen investment grade angel rather than a classic high yield issuer, but nevertheless it has encouraged bankers to think high yield's long drought can be slaked.

    08 Jan 2015

  • Double trouble in euros for hectic SSAs

    An unexpected urgency is sweeping through the euro sovereign, supranational and agency market as borrowers shed their previous reluctance to frontload this year’s funding programmes and rush deals out. Although conditions are notably less benign than this time last year, issuers now fear them worsening later this month due to macro events in the eurozone.

    08 Jan 2015

  • Hashi Energy approaches banks for $140m loan

    Hashi Energy, a Kenyan oil products distributor, has approached banks as it looks to raise a $140m loan.

    08 Jan 2015

  • MTN Leak: Risky Business

    Being the first full working week of the year myriad throbbing heads and bulging waistlines have marked the start of 2015.

    08 Jan 2015

  • KazMunaiGas scraps $600m Urikhtau loan after oil price fall

    Kazakhstan’s state owned oil company KazMunaiGas has scrapped plans for a loan of as much as $600m, in a change of strategy that some bankers believe sends a signal for potential loan volumes in oil producing emerging markets this year.

    08 Jan 2015

  • SSAs seek dollar demand despite volatility

    Sovereign, supranational and agency issuers are eyeing dollar deals next week after a raft of new issues in the currency across the first week of the new year. But further dollar SSA activity could struggle for traction if US non-farm payroll data on Friday, 9 January, drives recently volatile Treasury yields lower.

    08 Jan 2015

  • Egyptian General Petroleum obtains $1.3bn PXF loan

    The Egyptian General Petroleum Corp has agreed a loan of over $1.3bn with banks.

    08 Jan 2015

  • Dubal closes $1.8bn new money loan

    Dubai Aluminium has recently closed a $1.8bn seven year loan, according to bankers involved in the deal.

    08 Jan 2015

  • Capital stays in focus with 2015 volumes set to grow

    Another busy year for bank capital is likely for 2015 according to analysts, with volumes for tier one and tier two debt expected to improve on last year’s record showing for bank capital.

    08 Jan 2015

  • LatAm bankers bullish on second week reopening

    No Latin American borrowers sold international debt so far this week and none look likely to on Friday, 9 January, as the region lags the rest of EM in getting its 2015 issuance starting. But although it will take a while for Brazilian issuance to begin, a day and a half of strong trading sets the rest of the region up nicely for next week, with Mexico unanimously expected by bond bankers to be first up.

    08 Jan 2015

  • Swiss buyers seek duration to combat low rates

    Swiss Re highlighted a growing demand from Swiss investors for long dated paper this week, selling the longest ever senior unsecured Swiss franc bond from an insurance company.

    08 Jan 2015

  • JP Morgan tops global ABS charts as cards, autos gain

    JP Morgan topped Dealogic’s global securitization league table in 2014, a year which saw the highest volume of non-mortgage ABS since 2007 as credit card and auto receivables deals increased.

    08 Jan 2015

  • Street left long as ECB’s buying is crippled by ABS due diligence

    The ECB’s ABS buying programme is being stymied by a slow buying process which may require memos of up to a 100 pages just to approve purchases, leaving the European ABS market disappointed by the progress of the scheme — and sitting on inventory.

    08 Jan 2015

  • Leveraged loans emerge from the pipeline after equities fall

    Europe's leveraged loan market has a pipeline of deals to execute this January after arrangers left their desks for Christmas anticipating a hefty volume of jumbo deals to start the New Year. Despite a drab two days in equity markets not providing the sunniest of openings, deals are beginning to flow out.

    08 Jan 2015

  • Favourable basis swap draws euro-based issuers to sterling

    The European Investment Bank and KfW completed their first sterling deals of 2015 on Thursday, 8 January, in what bankers said was a sign of more to come, as the sterling/euro basis swap is well in favour of euro based issuers.

    08 Jan 2015

  • Spanish ABS return to boost options for ECB

    Tight European Central Bank purchase programme-eligible ABS spreads in the early part of this year may spark the return of Spanish issuers to the primary markets, said bankers on Thursday. This in turn could provide the ECB with fresh supply to increase the meagre pace of its intervention.

    08 Jan 2015

  • Rabobank breaks Yankee duck amid US deal surge

    Dutch lender Rabobank printed the first Yankee deal of the year as the US FIG new issuance market sprang back to life.

    08 Jan 2015

  • JPM offers Italian repo

    JP Morgan has structured Sunny SPV 1, an unrated retained €450m Italian lease ABS backed by lease receivables from Alba Leasing.

    08 Jan 2015

  • Angus Chemicals kicks off levfin year with $505m cross-border loan and bond

    US chemicals producer Angus Chemicals will hold a bank meeting in London on Thursday for the first leveraged loan of the year, a $505m-equivalent cross-border deal that backs its buyout by Golden Gate Capital. It could benefit from a technical opportunity in the European market.

    08 Jan 2015

  • Private equity pair build up mortgage exposure in UK

    Blackstone and TPG have bought UK mortgage servicer Acenden from the Lehman Brothers administrators, adding to a growing portfolio of UK mortgage exposure which also includes specialist lender Kensington.

    08 Jan 2015

  • MS introduces safeguard into UK CMBS deal

    Morgan Stanley’s Zephyrus (ELoC 30) CMBS, which was priced just before Christmas, includes extensive waivers of sanctions liability — for a deal which is only exposed to UK commercial property.

    08 Jan 2015

  • CredAg unit goes for last-minute Solvency II grandfathering

    In the first subordinated FIG deal of the year, Crédit Agricole Assurances, the wholly owned insurance subsidiary of Crédit Agricole SA, launched and priced an eleventh hour attempt at getting grandfathering for capital deals that aren’t compliant with new Solvency II capital rules.

    08 Jan 2015

  • UK bank use of securitization to keep declining in the first quarter of 2015

    Securitization is declining further as a bank funding source into the first quarter of 2015, according to the Bank of England's survey of bank liabilities. Despite a larger proportion of wholesale funding overall, the proportion of asset-backed securities fell sharply in Q4 2014 and is expected to carry on falling in 2015.

    08 Jan 2015

  • Sub debt breakthrough to maintain Samurai momentum

    New mandates from France’s BPCE and National Australia Bank — including only the second tier two deal in the format — are set to carry the Samurai market’s strong 2014 primary performance on into the new year. Despite a risk of buyer fatigue in senior debt, international issuers see scope to diversify their investor bases and undercut their cost of euro funding by tapping Japanese funds.

    08 Jan 2015

  • Africa dominates January EM loan vols

    African borrowers have been busy in the loan market over the winter break, with Nigeria’s First City Monument Bank (FCMB) signing term loans and Stanbic Uganda rumoured to be coming to market. Meanwhile, IHS Towers is due to begin a roadshow for its loan and Zenith Bank of Nigeria has revealed the allocations of its recent $300m deal.

    08 Jan 2015

  • Sky Bet rolls the dice on sterling cov-lite with £390m buyout loans

    The £390m acquisition loan backing CVC’s buyout of Sky Bet, the online gambling arm of television group Sky, will be launched on Friday. It is the second ever all-sterling leveraged finance deal with a covenant-lite term sheet, bankers said.

    08 Jan 2015

  • SSAs rush to market to beat ECB and Fed action

    After a worryingly quiet first few days, the sovereign, supranational and agency bond market has exploded back into life as issuers hurry to get deals away ahead of looming threats to stability in the dollar and euro markets, write Tessa Wilkie and Craig McGlashan.

    08 Jan 2015

  • Trepp and Markit launch US CMBS performance indices

    Trepp and Markit have teamed up to launch two CMBS indices in the US, available at the end of January, to cover the performance of deals at issuance and reflect trading of liquid CMBS transactions.

    08 Jan 2015

  • Wellcome Trust seeks euro debut to diversify funding

    London-based charity the Wellcome Trust, which funds biomedical research, has mandated three banks for its first euro bond roadshow.

    08 Jan 2015

  • Bond research stares into regulatory void

    The latest 600 pages of guidelines from the European Securities and Markets Authority ruined Christmas for a few market participants, but it still leaves the future of fixed income research a mystery.

    08 Jan 2015

  • ICE to launch five new EM FX contracts

    The Intercontinental Exchange has added five new currency contracts to its suite of FX contracts, highlighting investor demand for more access to currency risk management and hedging strategies via emerging market currencies.

    08 Jan 2015

  • Real money players snap up volatility on iTraxx Main

    Real money investors, and other investors with a long cash portfolio, have been buying volatility on European credit default swap indices.

    08 Jan 2015

  • Republic of Turkey USD1.5bn 4.875% April 43 tap

    08 Jan 2015

  • GE curtain-raiser steadies nerves as corporates leap into action

    The US corporate market returned to full-swing late this week, after a stuttering start to the year, with around $17bn in new issuance as borrowers locked in low rates following a strong rally in US Treasuries that sucked money into the US high-grade sector.

    08 Jan 2015

  • We stand with Charlie

    Late on Wednesday morning, masked men with guns stormed an editorial meeting at the Paris office of Charlie Hebdo, the French satirical paper, killing 12. That was four hours before GlobalCapital held its own weekly editorial meeting. We had never been so keenly aware of our luck: to be able to do our jobs freely and debate openly, without having to fear for our safety.

    08 Jan 2015

  • RBC beefs up corporates bench with junior hires

    RBC Capital Markets this week announced five juniors joining the European corporate DCM team.

    08 Jan 2015

  • Europe levfin asks: will we be regulated too?

    With regulation of the leveraged finance market in the US biting ever harder into banks' freedom of action, high yield market participants in Europe are beginning to look ahead to a future in which regulation could come to Europe, too.

    08 Jan 2015

  • KfW powers to a double digit spread through swaps

    KfW showed that pricing through mid-swaps is no obstacle at the start of 2015, as on Thursday it built a comfortably oversubscribed book on the first euro deal to come through swaps this year. The issuer plumped for a 10 year deal — an option also taken by Province of Quebec on Thursday and a tenor that many SSA officials think the European Financial Stability Facility will take next week.

    08 Jan 2015

  • Westpac enlivens covered bonds, but can it last?

    Westpac successfully priced the first euro-denominated covered bond of the year on Thursday amid hopes that it will set a positive tone for next week — which is expected to be the busiest of the year. But with confidence still lacking following a string of underperforming deals issued at end of last year, there is still some trepidation that the supply glut will cause a further re-pricing.

    08 Jan 2015

  • Egyptian General Petroleum obtains $1.3bn PXF loan

    The Egyptian General Petroleum Corp has agreed a loan of over $1.3bn with banks.

    08 Jan 2015

  • KazMunaiGas pulls $600m loan after oil price fall

    Kazakhstan’s state oil company KazMunaiGas has scrapped plans for a loan of as much as $600m, in a change of strategy that some bankers believe is a sign of how loan volumes in oil-producing countries could fall this year.

    08 Jan 2015

  • Periphery yields drop after latest QE hint

    Eurozone periphery yields dipped on Thursday after the latest sovereign bond buying wink from European Central Bank president Mario Draghi. That bodes well for Italy, which has a pair of auctions lined up for next week, while Spain was able to cut its long dated funding costs at auction on Thursday.

    08 Jan 2015

  • First tools forged to build euro PP revolution

    Europe’s hoped-for private placement revolution could gather pace in 2015, as two industry bodies published deal documents they hope will standardise the market, galvanising more issuance and secure a more diverse investor base.

    08 Jan 2015

  • CEEMEA sov volumes under pressure, but Jan flow still healthy

    Some DCM bankers are expecting volumes of sovereign issuance from the CEEMEA region to be down this year, but January — the month in which sovereign issuance usually dominates — is still expected to be busy.

    08 Jan 2015

  • NWB Bank and KBN grab dollars

    Nederlandse Waterschapsbank and Kommunalbanken were able to pick up dollar funding with three and five year deals, respectively, on Thursday. Several issuers are understood to be lining up to print in the currency next week, but their plans could be scuppered if US non-farm payrolls data, released on Friday, cause US Treasury yields to tank.

    08 Jan 2015

  • A market whose time has come? Treasury vol futures set for hikes

    New futures on a 10 year US Treasury Note Volatility Index, which allow investors to hedge interest rate volatility with a single product for the first time, are gaining traction. As the US is ending quantitative easing, market participants are tipping volumes to surge in the first quarter of 2015 as investors look to hedge their fears over looming rate hikes. Beth Shah reports.

    08 Jan 2015

  • Barclays, BNS and CIBC get sterling covered

    Barclays Bank re-opened the primary covered bond market on Monday by issuing a £1bn ($1.51bn) three year sterling benchmark, and was followed by a pair of Canadian borrowers.

    08 Jan 2015

  • DIB sukuk set to lead tier one MENA deluge

    Dubai Islamic Bank (DIB) has picked banks for a tier one dollar sukuk, and is preparing to kick off what debt bankers expect to be a rush of tier one issuance in conventional and Islamic format from the Middle East.

    08 Jan 2015

  • Turkey tap pays healthy NIP as oil plummets

    The Republic of Turkey re-opened the CEEMEA bond market in 2015 on Wednesday with a $1.5bn tap of its 2043s. Turbulence across EM and falling oil prices played to Turkey’s favour with the bond offering a haven to nervous investors. But as a result of the recent volatility, the country paid a decent new issue premium, bringing in a $5bn book.

    08 Jan 2015

  • Sky Bet rolls dice on sterling cov-lite with £390m loan

    The £390m acquisition loan backing CVC’s buyout of Sky Bet, the online gambling arm of television group Sky, will be launched today. It is the second ever all-sterling leveraged finance deal with a covenant-lite term sheet, bankers said.

    08 Jan 2015

  • EIB and KfW get sterling start

    European Investment Bank and KfW found strong demand in sterling on Thursday as bank treasuries, central banks and real money accounts piled in for a piece of the issuers’ inaugural deals in the currency for 2015.

    08 Jan 2015

  • Barclays faces crunch year for IB changes

    After Barclays overhauled its investment bank last year, it must prove it can deliver its strategy in 2015, writes David Rothnie.

    08 Jan 2015

  • Domestic demand gives EIB size in Norwegian kroner

    Strong demand from domestic banks enabled European Investment Bank to print its largest transaction in Norwegian kroner since June 2013 on Thursday.

    08 Jan 2015

  • New Year, New VIX Record

    Fresh concerns about downside risks to global demand sent markets lower and option volatility higher in the first few sessions of the year. As if to acknowledge growing expectations for a more volatile 2015, changes in the level of S&P 500 implied volatility set a new record before the first full week of trading was even complete. Investors saw new reasons to worry about the political stability of the eurozone and about its economic path, as Greece moved toward elections and PMI and inflation data suggested weaker growth prospects for the EU. In addition, the continued drop in oil prices led some participants to wonder whether the weak energy market was indicative of worsening broader global demand.

    08 Jan 2015

  • JPM tops charts as cards and autos gain

    JP Morgan topped Dealogic’s global securitization league table in 2014, a year which saw the highest volume of non-mortgage ABS since 2007 as credit card and auto receivables deals increased.

    08 Jan 2015

  • BNPP moves closer to completing RBS EQD buyout

    BNP Paribas is six months away from finalising its acquisition of the Royal Bank of Scotland’s equity derivatives business, according to Nicolas Marque, global head of equity derivatives at BNP Paribas in London.

    08 Jan 2015

  • Hashi Energy approaches banks for $140m loan

    Hashi Energy, a Kenyan oil products distributor, has approached banks as it looks to raise a $140m loan.

    08 Jan 2015

  • CredAg unit goes for last-minute Solvency II grandfathering

    In the first subordinated FIG deal of the year, Crédit Agricole Assurances, the wholly owned insurance subsidiary of Crédit Agricole SA, has launched an eleventh hour attempt at getting grandfathering for hybrid capital deals that aren’t compliant with new Solvency II capital rules.

    08 Jan 2015

  • Spanish return to boost options for ECB purchases

    Tight European Central Bank purchase programme-eligible ABS spreads in the early part of this year may spark the return of Spanish issuers to the primary markets, said bankers on Thursday. This in turn could provide the ECB with fresh supply to increase the meagre pace of its intervention.

    08 Jan 2015

  • Enticing premiums keeps senior pipeline flowing

    The senior FIG market’s new year surge accelerated on Thursday, with another five new issues announced in the wake of Wednesday’s successful prints. Attractive new issue premiums have kept demand high for senior unsecured prints, according to syndicate managers.

    08 Jan 2015

  • Debt bankers wait for DIB to test demand after oil price fall

    Debt bankers away from Dubai Islamic Bank’s perpetual sukuk roadshow are eying the deal as an indicator of what Middle East primary pricing will look like after the savage drop in oil prices zaps liquidity in the region.

    08 Jan 2015

  • Turkey tap pays healthy NIP but oil price rally compensates for generosity

    The Republic of Turkey re-opened the CEEMEA bond market in 2015 on Wednesday with a $1.5bn tap of its 2043s. Turbulence across EM and falling oil prices played to Turkey’s favour with the bond offering a haven to nervous investors. But as a result of the recent volatility, the country paid a decent new issue premium, bringing in a $5bn book.

    08 Jan 2015

  • New World Resources still under strain after restructuring

    Analysts are concerned that New World Resources, the Czech coking coal producer, could need a new debt restructuring, after it struck deals to sell coal that could leave it still leaking cash.

    08 Jan 2015

  • Asiaray prices near bottom to raise $85m in HK listing

    Advertising company Asiaray Media Group has raised HK$660m ($85.16m) from its Hong Kong IPO, pricing the deal close to the bottom of the range, in what is the exchange’s first big listing of the year.

    08 Jan 2015

  • Asia corporates missing in action for bonds in 2015

    The Asian corporate bond market’s usual new year exuberance is nowhere to be seen in 2015, as growing macro concerns and a depressed Chinese property sector force issuers on to the sidelines. But bankers are not fretting yet, even though activity is likely to remain subdued, writes Rev Hui.

    08 Jan 2015

  • Myanmar readies first stock market as pressure is on to ensure delivery

    Myanmar has moved a step closer to launching its own equity market, signing a joint venture agreement in late December to establish the Yangon Stock Exchange, nearly three years after talks began to set it up. Plenty of scepticism remains about how quickly issuers will start to list, but when they do hit the market, interest from investors is expected to be so strong that there are already fears of unrealistic valuations arising, writes Rashmi Kumar.

    08 Jan 2015

  • BPCL $100m RFP joins raft of Indian loans

    India’s Bharat Petroleum Corp (BPCL) is the latest Indian state owned company to send out requests for proposals for offshore loans.

    08 Jan 2015

  • Chinese real estate sector under pressure as Kaisa default looms

    All eyes are on Chinese real estate developers this week as the bond market braces itself for the sector's first offshore bond default, write Rev Hui and Shruti Chaturvedi.

    08 Jan 2015

  • Loans news in brief, January 8, 2015

    Wuxi Pharma to shelve general — Greenland signs dual currency loan — Jet raises $150m — Country Garden clubs for Hk$4.5bn

    08 Jan 2015

  • Sunway Construction seeks $200m in mid-2015 IPO

    Sunway Construction Group (SunCon), the building arm of Malaysian conglomerate Sunway, could raise around $200m in an IPO targeted for mid-2015, even as Malaysia’s benchmark index has slipped 8% since the demerger from the parent was announced.

    08 Jan 2015

  • Mexico could re-open LatAm as markets stabilise

    DCM and syndicate bankers covering Latin America say that the Mexican sovereign is almost certain to be the first from the region into the dollar market in 2015 — as has become traditional in recent years.

    08 Jan 2015

  • Casetek on the hunt for $300m with two arrangers

    Taiwanese computer casings maker Casetek has picked two banks to arrange its latest fundraising, said bankers.

    08 Jan 2015

  • New year, no deals? No need to stress

    If one of my recent visits to the American Club is anything to go by, young bankers are just so het up about everything these days.

    08 Jan 2015

  • Banks open to China property loans despite Kaisa

    A default by Chinese property developer Kaisa on a HK$400m ($51.6m) bilateral loan from HSBC has triggered a debate on the outlook and credibility of borrowers in the country’s volatile real estate sector. However, bankers believe such cases will be limited to companies lower down the credit curve and do not represent the industry as a whole.

    08 Jan 2015

  • Renhe $435m rights issue closes undersubscribed

    The commitments received for Renhe Commercial Holdings’ HK$3.38bn ($435.6m) one-for-two rights issue have fallen short of the number of rights shares that were up for grabs, leading to the deal’s underwriter having to step in to bridge the gap.

    08 Jan 2015

  • Emerging markets: Sukuk spreads its wings, but will it take off?

    By almost any metric the sukuk market had a banner year in 2014. It welcomed new issuers, countries, and continents and it set new records. Steve Gilmore finds out if the sukuk market can keep the momentum in 2015.

    08 Jan 2015

  • Greek spreads widen as election approaches

    It seems like an aeon ago that a relatively small country in south-eastern Europe held the fortunes of the global economy in its hands. But less than two years has passed since Greece’s debt was restructured, and it is all too apparent that the sovereign still has the capacity to create a noise that belies its modest size.

    08 Jan 2015

  • Asian IPO news in brief, January 9, 2015

    Mitra Keluarga to gauge interest for $300m listing — AGS Transact hires banks for $200m IPO

    08 Jan 2015

  • IADB USD2bn 2.125% Jan 25

    08 Jan 2015

  • Ireland EUR4bn 0.8% Mar 22

    08 Jan 2015

  • Belgium EUR5bn 0.8% Jun 25

    08 Jan 2015

  • EIB USD4bn 1.625% Mar 20

    08 Jan 2015

  • Better days ahead for southeast Asia ECM

    After a washout 2014, ECM bankers say southeast Asia looks more promising in 2015, despite falling oil prices and general market volatility.

    08 Jan 2015

  • Indonesia follows Philippines into dollars

    One of Asia’s most consistent sovereign issuers, the Republic of Indonesia, kicked off its first bond of the year on Thursday, January 8. The deal comes just days after the Republic of Philippines successfully sold a $2bn 25 year bond as part of an accelerated switch process.

    08 Jan 2015

  • JP Morgan wins Singapore RQFII licence, two UK firms gain quotas

    JP Morgan Asset Management (JPMAM) in Singapore received an RMB qualified foreign institutional investors (RQFII) licence from the Chinese regulator on January 8. The firm joins the rapidly growing ranks of RQFII licensees around the globe.

    08 Jan 2015

  • Huarong and SMBC open books for triple tranchers

    China Huarong Asset Management is back in the market, launching a multi-tranche trade in dollars as it looks to become one of the first Asian companies to tap the debt market this year.

    08 Jan 2015

  • Spring Reit constructs $500m five year refinancing

    RCA01, owned by Spring Real Estate Investment Trust (Spring Reit), is in the market for a $500m refinancing, picking three mandated lead arrangers and bookrunners. The loan is secured on property in Beijing.

    08 Jan 2015

  • BTMU hires Mizuho loans banker Oh for origination

    Wei Jing Oh has joined Bank of Tokyo Mitsubishi UFJ (BTMU) as an assistant vice president in the loan origination department, a source told GlobalCapital Asia. Oh was previously in the south Asia debt structuring and syndication team at Mizuho.

    08 Jan 2015

  • StanChart culls global equities business with 200 job cuts

    Standard Chartered has taken a knife to its global equities division as it seeks to cull some of its loss-making businesses. The move is expected to affect around 200 jobs, the majority of which are in Asia.

    08 Jan 2015

  • Pumped-up AH4R looks to bring more SFR deals this year

    American Homes 4 Rent plans to launch more single-family rental securitizations this year, having faced little competition in recent property auctions, its CEO told GlobalCapital.

    07 Jan 2015

  • Dunkin' Brands to bring $2.4bn whole business deal

    Dunkin’ Brands is planning to issue a $2.4bn whole business securitization to refinance its senior secured credit facilities.

    07 Jan 2015

  • KommuneKredit USD1bn 1.125% Jan 18

    07 Jan 2015

  • Rentenbank USD2bn 2% Jan 25

    07 Jan 2015

  • Market awaits 2015’s first P2P ABS

    Several investment firms are readying securitizations of peer-to-peer (P2P), or "marketplace lending", loan collateral, some of which could materialise in the next two weeks. Market participants believe 2015 could be the year the P2P sector gains mainstream appeal, after the rapid growth of 2014, culminating in the December IPO of Lending Club.

    07 Jan 2015

  • Wellcome Trust seeks to diversify with first euro bond

    London-based charity the Wellcome Trust, which funds biomedical research, has mandated three banks for its first euro bond roadshow.

    07 Jan 2015

  • Debt-laden Virgin Active said to seek IPO in Joburg

    Virgin Active, the UK gyms business part-owned by CVC Capital Partners, is reportedly considering an IPO in Johannesburg that could value it at up to £1.5bn.

    07 Jan 2015

  • Daimler starts up sterling issuance with £250m 2.9yr

    German car maker Daimler issued a £250m 2.9 year bond on Wednesday, making it the first corporate borrower to issue in sterling this year.

    07 Jan 2015

  • KfW, Quebec set out to hit long end of euro curve

    A pair of borrowers are set to price 10 year euro deals on Thursday following oversubscribed prints at the seven to 10 year part of the curve. KfW, which has hired banks to run a 10 year, will be the first borrower to test investor demand at a level through mid-swaps this year.

    07 Jan 2015

  • The long road to equity derivatives trading in China

    The opening of the Shanghai-Hong Kong Stock Connect in November, designed to enable Chinese investors to buy shares in Hong Kong, and international investors to access China’s A share market, promises to open up a new era in Chinese derivatives trading. As Hazel Sheffield reports, market participants are proceeding cautiously, but are confident that the market is going to get big.

    07 Jan 2015

  • NWB Bank, KBN join dollar fray

    A pair of European agencies hired banks to run dollar deals at the short to medium part of the curve on Wednesday, as issuers look to print in dollars ahead of US employment data on Friday that could cause volatility in US rates.

    07 Jan 2015

  • Deutsche Bank names tech ECM heads in the US

    Deutsche Bank has appointed two bankers in new positions to focus on technology in its US equity capital markets team, as it seeks to grow further in what was already a booming sector for IPOs last year.

    07 Jan 2015

  • Exchanges report EQD significantly outperforms 2013

    Equity derivatives volumes were a lot higher in December at many of the large exchanges than a year earlier.

    07 Jan 2015

  • Danone wins €5.9bn book for market opener

    Danone, the French foods group, became the first European corporate bond issuer of 2015 on Wednesday, and attracted exceptionally strong demand for a €550m five year floating rate note and a €750m 10 year fixed rate bond.

    07 Jan 2015

  • ECB ABS purchases crippled by due diligence leaving Street long

    The ECB’s ABS buying programme is being stymied by a slow buying process which may require memos of up to a 100 pages just to approve purchases, leaving the European ABS market disappointed by the progress of the scheme — and sitting on inventory.

    07 Jan 2015

  • PorTel buyout bond slowed by fraud probe

    Financing for Altice's planned takeover of Portugal Telecom has been put on hold, as the telco is being investigated over its investments in Grupo Espírito Santo.

    07 Jan 2015

  • Private equity takes Acenden out of Lehman estate

    Blackstone and TPG have bought UK mortgage servicer Acenden from the Lehman Brothers administrators, adding to a growing portfolio of UK mortgage exposure which also includes specialist lender Kensington.

    07 Jan 2015

  • Greek yields tick up at auction

    Greece swallowed a rise in yields at an auction of six month bills on Wednesday. The debt sale is the first in the tenor since the Greek government announced a snap general election scheduled for January 25.

    07 Jan 2015

  • Angus Chemicals kicks off levfin year with $505m crossborder loan

    US chemicals producer Angus Chemicals will hold a bank meeting in London on Thursday for the first leveraged loan of the year, a $505m-equivalent deal that backs its buyout by Golden Gate Capital.

    07 Jan 2015

  • Margin rules 'must be extended', lenient enforcement needed

    Market participants are unlikely to have documentation in place to meet the G20's initial margin and variation margin requirements in time for the December 2015 deadline, according to lawyers, who said the buyside faces the greatest challenge to comply.

    07 Jan 2015

  • Macquarie takes €500m loan to buy German wind farm

    Macquarie Capital, the principal investment, advisory and capital markets arm of Macquarie Group, has signed a €500m loan with banks to support its acquisition of a big stake in a European offshore wind farm project.

    07 Jan 2015

  • SSAs pile in for Kanga return

    KfW priced a more than twice subscribed Kangaroo bond on Wednesday — its first deal in the format this year — as other supranationals and agencies lined up with taps and new issues for their own inaugural 2015 Australian dollar deals.

    07 Jan 2015

  • Turkey turns on the CEEMEA tap with 2043 reopening

    The Republic of Turkey, one of the emerging market countries expected to benefit from falling oil prices, is reopening its 2043 bonds today.

    07 Jan 2015

  • Abbey, BFCM find gush of demand for longer fixed rate seniors

    Abbey National and Banque Fédérative du Crédit Mutuel have opened up 2015's market for fixed rate senior unsecured bank bonds, offering investors longer tenors than the three floaters from other issuers also in the market today.

    07 Jan 2015

  • Romania's bond strategy deadline looms

    The deadline to submit bond market strategy recommendations for Romania is Thursday.

    07 Jan 2015

  • First flurry of FRNs finds strong demand

    Attractive levels helped drive demand for the first wave of floating rate notes to hit the Euromarket this year on Wednesday, as Bank of Nova Scotia, Rabobank and Société Générale all issued floating rate trades.

    07 Jan 2015

  • Sasol signs $1.5bn revolving credit facility

    Sasol, the South African energy and chemicals company, has signed a $1.5bn loan with banks after increasing the oversubscribed deal from its original $1bn.

    07 Jan 2015

  • CFR bondholders take bonanza as Abbott buys back Chilean debt

    Nearly all of Chilean pharmaceutical company CFR’s bondholders accepted the terms of a tender offer for its outstanding notes, and those who bought the bonds in early 2013 have reason to celebrate.

    07 Jan 2015

  • EM gets off to quicker start than expected

    Dubai Islamic Bank and Turkey have been first off the starting blocks this week — Turkey fulfilling what has become a CEEMEA tradition, likely to be the first issuer to print this year, while DIB is roadshowing a tier one sukuk.

    07 Jan 2015

  • And they’re off! SSA issuance heats up after slow start

    Any fears that the traditional sovereign, supranational and agency funding bonanza in the first week of a new year would be marred by a sharp rates rally, an upcoming Greek election and the prospect of the European Central Bank unveiling a programme of sovereign bond buying later this month have been eased. After a worryingly quiet beginning to the week six borrowers opened books on benchmarks on Wednesday morning.

    07 Jan 2015

  • New year brings new energy to FIG market

    What a difference a new year makes. Despite the approaching snap elections in Greece and oil falling below $50, senior unsecured issuers took to the market looking to tap cash rich investors as they prepare for European bond yields to go ever lower.

    07 Jan 2015

  • Corporate funding begins as Danone leads the way

    The European corporate bond new issue market, like other bond markets, has been slow to get off the ground this year, with an awkward public holiday across much of Europe on Tuesday apparently delaying business until mid-week.

    07 Jan 2015

  • Tele Columbus the lone equity issuer to declare itself

    European stockmarkets began the first full week of the year in pitiful shape. Shares plummeted on Monday, as political concerns surrounding Greece and the falling price of oil further spooked investors.

    07 Jan 2015

  • Stock Connect adds short-selling to boost volumes

    The Hong Kong Stock Exchange (HKEx) will allow short-selling on the Shanghai-Hong Kong Stock Connect later this month and will unveil a system to track investors' holdings in March, the latest in a series of measures to lift sagging volumes on the trading link.

    07 Jan 2015

  • CGIF plans expansion to green, project bonds in 2015

    The Asian Development Bank’s Credit Guarantee & Investment Facility (CGIF) is aiming to break further ground in 2015, after enjoying its busiest year yet in 2014. Initiatives include promoting green and project bonds, said CEO Kiyoshi Nishimura, as well as moving into new geographies, writes Christina Khouri.

    07 Jan 2015

  • Special Briefing on China market access, Part II: Stock Connect, the best is yet to come

    The Shanghai-Hong Kong Stock Connect initiative opened to much fanfare on November 17, but the enthusiasm quickly gave way to much disappointment as trading volumes collapsed in the following days. It can be tempting to dismiss the initiative as something of a failure, but dig a little deeper and it is clear that the programme’s potential is still untapped. It could well revolutionise the Chinese market in 2015, just as it was supposed to.

    07 Jan 2015

  • Philippines' 25yr bond thrives amid volatility

    The Republic of the Philippines overcame an unusually sluggish market this week to print a $2bn bond as part of an accelerated switch process. The Asian bond market was quieter than normal in the first week of the year, thanks to high volatility caused by plummeting global oil prices and fears of a default in the Chinese property sector.

    07 Jan 2015

  • Innocean, LIG Nex1 to start IPO non-deal roadshows

    South Korean companies Hyundai Innocean and LIG Nex1 are gearing up for their 2015 IPOs, with both issuers looking to start non-deal roadshows for their listings soon.

    07 Jan 2015

  • Shenhua Energy eyes maiden offshore bond

    The largest publicly listed coal supplier in the world, China Shenhua Energy, is looking to diversify its financing avenues by dipping into the international debt market for the first time.

    07 Jan 2015

  • Indian Oil C$600m deal enters general syndication

    Japan's three megabanks launched Indian Oil Corp’s (IOC) C$600m ($541m) loan into general syndication on January 6. As the deal requires banks to commit in Canadian dollars, the leads are focusing primarily on US and Canadian banks.

    07 Jan 2015

  • Korean Air Lines takes off for $453m fundraising

    Korean Air Lines is looking to raise W500bn ($453m) from a rights issue, which could lead to a public offering of stock if existing shareholders do not subscribe to all the shares. The South Korean flag carrier is attempting to restructure its financial profile, but the market reacted negatively to the trade, pushing the company’s share price down by nearly 5% after the details were disclosed.

    07 Jan 2015

  • Ten log on to HKBN's HK$4.46bn triple tranche loan

    A consortium of ten banks has signed an HK$4.46bn triple tranche facility for CVC sponsored Hong Kong Broadband Network. The loan received much attention when agent JP Morgan first started sounding out banks, as some bankers felt it was too aggressively structured and with too loose covenants.

    07 Jan 2015

  • ICBC Ucits fund sets benchmark for European RQFII sector

    Industrial and Commercial Bank of China's European arm wrapped up a series of investor meetings in December for its debut Renminbi Qualified Foreign Institutional Investor (RQFII) fund, which it had established in Luxembourg in October. As the very first RQFII fund to have 100% exposure to China’s domestic bond market, the benchmark product has attracted big interest from European investors, as well as some concerns about what is still a new concept, the bank has told GlobalRMB.

    07 Jan 2015

  • Jetscape deal brings critical mass to aircraft ABS

    Jetscape Aviation Group’s inaugural securitization marked the first widely subscribed issuance of notes backed by aircraft leases, and bankers expect the deal to foster more secondary trading for the asset class, which has been mostly illiquid until now.

    06 Jan 2015

  • Low rates could mean calls on RMBS

    Reinvestment risk could soon rear its head in RMBS, with declining mortgage rates expected to lead to an increase in mortgage refinancing. That could lead to some RMBS transactions being called.

    06 Jan 2015

  • Investors trade risk-reversals against Swiss peg as euro tumbles

    Market participants have been trading risk-reversals on the euro against the Swiss franc, effectively betting that the Swiss National Bank will have to lower its floor following renewed eurozone troubles, despite implementing negative deposit rates in December.

    06 Jan 2015

  • VXX downside options set to take off in 2015

    Downside trades, such as puts and put spreads, on the iPath S&P 500 VIX short-term futures exchange-traded note (VXX) are expected to increase in popularity as a way to mitigate the risk of volatility spikes in 2015.

    06 Jan 2015

  • Cytos CB investors choose between default or forced conversion

    Cytos Biotechnology, a Swiss company that has been struggling for years, has asked holders of its remaining convertible bonds to agree to a mandatory conversion to equity at a fraction of the original conversion price. Reaching a deal with bondholders is the company’s last chance to remain a going concern.

    06 Jan 2015

  • No end to ‘nightmare’ as trading tax rears its head again

    Talks over a European Financial Transaction Tax have been revived since 2014’s European elections. The tax is now being deliberated between 11 key EU member states. Although the scope of its coverage appears to have shrunk, the uncertainty may lead to unforeseen costs for derivatives market participants. Gabriel Suprise reports.

    06 Jan 2015

  • Unify offers to buy back chunk of 2015 bond

    Unify Germany Holdings, the communications software company formerly called Siemens Enterprise Communications, is offering to buy back up to €12.5m of its only bond, a €200m 10.75% issue that matures in November 2015.

    06 Jan 2015

  • Turkish Treasury gets new head of capital markets as Imirgi rises

    The Turkish Treasury has promoted Cagatay Imirgi to deputy director-general. Zeynep Boga will replace Imirgi as head of the international capital markets department.

    06 Jan 2015

  • It’s time to look for toppy trades and EM contagion

    To some credit traders it has been known affectionately as the most hated rally in history, but the inexorable rise of financial assets in the aftermath of the credit crunch has recently hit an impasse – and 2015 has begun with successive days of weakness. Even if they are starting to feel discomfort, market participants should celebrate a timely health check.

    06 Jan 2015

  • Euro mandates pile up after sluggish start

    A pair of European sovereigns and an agency are set to open books on euro benchmarks on Wednesday morning. The rush of mandates on Tuesday helped to allay bankers’ fears that this week is set to be slower in the currency than last year’s opening week of issuance.

    06 Jan 2015

  • SSAs dip into dollars after Renten scores surprise hit

    A bevy of issuers hired banks on Tuesday to run dollar deals as Rentenbank opened the market with a 10 year. The German agency’s deal attracted a level of demand that surprised bankers away from the trade, particularly given punchy pricing and a rally in US Treasuries.

    06 Jan 2015

  • Société Générale hires from BAML in German and Austrian ECM

    Société Générale has hired two bankers, including a Bank of America Merrill Lynch managing director, in new roles to its equity platform in Germany and Austria, as part of a plan to strengthen corporate finance capabilities in Europe.

    06 Jan 2015

  • Soft bullet exchanges must be more open

    On December 30, when most investors were on holiday, Credit Suisse changed the terms of its existing covered bonds from a hard to a soft bullet maturity with the approval of just a few investors. Other issuers looking to change the terms of existing deals should be more upfront about liability management exercises that could put investors at a disadvantage.

    06 Jan 2015

  • Palm Hills Development considers $229m issue

    Palm Hills Development, the Egyptian property company, will convene a meeting of its board of directors on January 12 to discuss launching a rights issue.

    06 Jan 2015

  • KfW kicks off the year with Kanga

    KfW targeted the belly of the Kangaroo curve for its first new issue of the year on Tuesday.

    06 Jan 2015

  • UK banks turn away from securitization

    Securitization is declining further as a bank funding source into the first quarter of 2015, according to the Bank of England's survey of bank liabilities. Despite a larger proportion of wholesale funding overall, the proportion of asset-backed securities fell sharply in Q4 2014 and is expected to carry on falling in 2015.

    06 Jan 2015

  • Capital rules for securitizations: Basel giveth and Basel taketh away

    Mention “Basel capital charges” to someone in the securitization business and prepare for a shudder — the industry has had to swallow new rules every year for three years, and costs could still cripple the market. But help could be at hand from another set of Basel rules.

    06 Jan 2015

  • Paragon Community HA gets rating for debut bond

    Paragon Community Housing Group, a UK housing association, has obtained a credit rating from Moody’s in preparation for a £175m debut bond issue.

    06 Jan 2015

  • Leveraged loans wait in the pipeline as equities fall

    Europe's leveraged loan market has a pipeline of deals to execute this January after arrangers left their desks for Christmas anticipating a hefty volume of jumbo deals to start the New Year. But a drab two days in equity markets has not provided the sunniest of openings.

    06 Jan 2015

  • Swiss Re 15 year highlights changing habits of Swiss investors

    Swiss Re highlighted a growing demand from Swiss investors for long dated paper on Tuesday, selling the longest ever senior unsecured Swiss franc bond from an insurance company.

    06 Jan 2015

  • UKAR tenders NRAM and B&B subs

    Holders of subordinated debt issued from nationalised lenders NRAM (Northern Rock Asset Management, the nationalised 'bad bank' remains of Northern Rock plc) and Bradford & Bingley tendered the majority of more than £210m in outstanding bonds for as much as 206% of the outstanding principal amount.

    06 Jan 2015

  • State Grid of China mandates banks for debut euro bond

    State Grid Corp of China, a government-owned utility, has mandated banks for a possible debut euro bond to be issued through its European subsidiary, State Grid Europe Development.

    06 Jan 2015

  • Funds tap SX5E, short iTraxx Main on EU growth optimism

    Hedge funds and absolute return fund managers are going long the EuroStoxx 50 while shorting iTraxx Main on the expectation that stocks will outperform synthetic credit indices after the recent decline of the euro, which reached a multi-year low against the dollar on Monday.

    06 Jan 2015

  • ICBC picked as RMB clearing bank for Thailand; hopes for 24hr clearing in 2015

    The People's Bank of China (PBoC) announced on January 6 that it had approved Industrial and Commercial Bank of China (Thailand) to be the official renminbi clearing bank in Bangkok. The selection is the second in 2015, coming just one day after Bank of China (Malaysia) was awarded the same role in Kuala Lumpur, and adds a new hub to the global RMB map.

    06 Jan 2015

  • PSB shows signs of liquidity with buyback

    Promsvyazbank has made another opportunistic move to manage its debt liabilities, on Monday announcing a buyback of 10% of its 2015s and 2016s. The move shows the bank has liquidity to deploy and follows an earlier buyback in December.

    06 Jan 2015

  • DIB set to lead tier one MENA deluge

    Dubai Islamic Bank (DIB) has picked banks for a tier one dollar sukuk, and is preparing to kick off what debt bankers expect to be a rush of tier one issuance in conventional and Islamic format from the Middle East.

    06 Jan 2015

  • Turk Eximbank seeks one year loan

    Turk Eximbank is seeking to sign a one year loan, say bankers.

    06 Jan 2015

  • Petrobras scandal to claim first victim as agencies see OAS default

    Brazilian engineering and construction group OAS was hit by a triple downgrade on Monday after missing a January 2 $16m coupon payment on its $400m of senior unsecured bonds that mature in 2021.

    06 Jan 2015

  • Mumtalakat signs $500m five year loan

    Bahrain’s sovereign wealth fund, Mumtalakat, has signed a $500m unsecured revolving credit facility with banks.

    06 Jan 2015

  • RSB fails to secure support for capital update

    Russian Standard Bank has withdrawn its proposed tier two bond update after failing to secure the consent of holders of nearly half of the bond before the December 16 deadline. The offer looked to be struggling as early as mid-December when the bank increased the late consent fee from 1% to 5% to switch to the new notes.

    06 Jan 2015

  • Investec hires von Hartig to head DCM

    Investec has hired Florian von Hartig as head of DCM. Von Hartig joins from Standard Bank, where he was global head of debt primary markets, managing DCM, securitization, ratings advisory, transaction execution and bond syndicate.

    06 Jan 2015

  • Peru’s Mivivienda to issue over $1bn in next two years

    Government-owned Peruvian mortgage lender Fondo Mivivienda has said it will issue Pen3.5bn ($1.17bn) of new debt as part of its “sustainable financing strategy” for 2015 and 2016.

    06 Jan 2015

  • Clydesdale chief quits

    Clydesdale Bank, the UK subsidiary of National Australia Bank, said that David Thorburn, chief executive, had decided to stand down.

    06 Jan 2015

  • Time for Asian HY issuers to ride route 144A

    It has barely started, but the new year is already gearing up to be a challenging one for Asian high yield corporates thanks to a high profile default by China’s Kaisa Group Holding and the looming prospect of rate rises. With local markets looking tougher, it’s time for issuers to start broadening their investor base and consider 144A deals.

    06 Jan 2015

  • Allocations out for HCP’s $360m loan

    Cosmetics packaging company HCP Global's $360m dividend recapitalisation loan for sponsor TPG has been allocated among 13 banks.

    06 Jan 2015

  • Bank of China’s offshore RMB quarterly index growth slows in Q3 2014

    The Bank of China’s Offshore RMB Index (ORI) rose slightly to 1.19% in the third quarter of last year, according to a report by the bank. The index pointed to growth in offshore RMB deposits, RMB equity investment and RMB usage in FX trading as key factors behind the increase.

    06 Jan 2015

  • Strong IPO pipeline promises buoyant year in India ECM

    Indian equity bulls are gearing up for a busy period with the rally that began in the middle of 2014 expected to lead to a pick-up in issuance this year. The government will certainly provide some much-needed action through divestments of state-owned entities, but all eyes are on the pipeline of new IPOs, which are expected to bolster the country’s equity capital market.

    06 Jan 2015

  • Philippines' accelerated switch kicks off 2015 bond issuance

    Republic of the Philippines has become the first Asian issuer out of the blocks in 2015, launching a new 25 year bond and giving investors the option to switch out of 15 outstanding deals.

    06 Jan 2015

  • Formosa bond ceiling raised to Rmb45bn in 2015

    Taiwan regulators have lifted the ceiling for outstanding Formosa bond issuance, almost doubling the limit from last year's Rmb25bn to Rmb45bn ($7.2bn). The move was announced in late December by the country's Financial Supervisory Commission (FSC).

    06 Jan 2015

  • Sunway Construction to raise $200m in Malaysia listing

    Sunway Construction Group (SunCon), the building arm of Malaysian conglomerate Sunway, could raise just around $200m in an IPO targeted for mid-2015, even as Malaysia’s benchmark index has slipped 8% since the demerger was announced.

    06 Jan 2015

  • Updated: Casetek sounding out banks for borrowing

    Taiwanese computer casings maker Casetek has picked two banks to arrange its latest fundraising, said bankers.

    06 Jan 2015

  • 2015: a year of tests and risks

    Rarely has a new year brought such uncertainty. With Europe and the US on divergent economic paths, Russia unpredictable, Chinese growth causing increasing concern and Japan running short of fiscal and monetary ammo, capital markets specialists will have to have their wits about them this year if they are to succeed. Toby Fildes and Jon Hay select 15 themes that will shape global financial markets in 2015.

    06 Jan 2015

  • Court decision protects RMBS trustees from class actions

    The door could be closed on the last round of lawsuits related to crisis-era RMBS, after a recent appellate court decision in favour of an RMBS trustee.

    05 Jan 2015

  • Investor taps short-dated VIX options

    An institutional investor was seen picking up call options on the Chicago Board Options Exchange Volatility Index on Monday as market participants look to close out volatility positions that were sold in December.

    05 Jan 2015

  • Cheap fuel to power up subprime auto performance

    Market participants expect lower oil prices to bolster performance of notes backed by subprime auto loans in the US, as lower fuel prices lead borrowers to pocket a little more cash and help them make payments they might miss otherwise.

    05 Jan 2015

  • Deutsche director moves back to London

    One of Deutsche Bank’s collateralised loan obligation experts has moved back to London after a four and a half year stint in New York, according to a person at the bank.

    05 Jan 2015

  • CNH futures gain popularity as A-share exposure hedge

    The start of the Shanghai-Hong Kong Stock Connect pilot is helping to drive up offshore renminbi futures volumes, particularly from international investors, as market participants look to manage currency risk from growing A-share exposure.

    05 Jan 2015

  • Equity capital markets on edge as year opens dismally

    Corporate CFOs who returned to work today with their minds on plans for IPOs and other equity capital raisings will be going home with furrowed brows.

    05 Jan 2015

  • Grexit brouhaha keeps HY market cautious as January begins

    Several Greek corporate high yield bonds traded down today, as a dispute flared in Germany over whether sources close to Angela Merkel had told Der Spiegel magazine that the German chancellor was prepared to countenance Greece leaving the euro if it broke agreements with the EU.

    05 Jan 2015

  • Tynan departs RBS

    Richard Tynan, a managing director on syndicate at RBS, has left the bank after three years at the firm. He had been head of syndicate EMEA until September last year.

    05 Jan 2015

  • CDS notional kicks off the new year with upward surge

    Overall credit default swap notional that was reported to swap data repositories last week increased by 44% from the previous week, according to data from the International Swaps and Derivatives Association.

    05 Jan 2015

  • Q&A: Scott O’Malia, CEO, ISDA

    Harmonisation and crossborder issues are key concerns for the International Swaps and Derivatives Association as markets enter 2015. As Scott O’Malia, CEO of ISDA and former commissioner at the Commodity Futures Trading Commission, tells Beth Shah, regulators need to ensure that crossborder oversight is based on risk and not location.

    05 Jan 2015

  • Periphery safe from Greek contagion as Spain readies auction

    Growing fears that Greece will leave the euro have so far failed to hit other eurozone periphery countries, boding well for an auction of Spanish debt later in the week.

    05 Jan 2015

  • Rentenbank set to open dollar market for SSAs

    Rentenbank was the first SSA borrower out of the traps in dollars in 2015 after mandating banks for a global deal on Monday. The European Investment Bank and Kommunalbanken are also rumoured to be planning deals in the US currency.

    05 Jan 2015

  • Tele Columbus revives IPO plans

    Tele Columbus, the German cable provider, will look to list on the Frankfurt Stock Exchange in the first half of 2015, having put off its initial public offering in October amid market volatility.

    05 Jan 2015

  • SSAs backtrack on first week abstinence, line up euro deals

    Having expected to hold off for a week or two, some sovereign, supranational and agency borrowers are rethinking their plans and contemplating the possibility of bringing forward euro issuance plans to this week.

    05 Jan 2015

  • Corporate bond issuers eye window of opportunity

    Conditions are favourable for investment grade corporate bond issuance in the first weeks of January, bankers say, with spreads tighter than before the Christmas holidays.

    05 Jan 2015

  • Morgan Stanley slips sanctions safeguard into UK CMBS

    Morgan Stanley’s Zephyrus (ELoC 30) CMBS, which was priced just before Christmas, includes extensive waivers of sanctions liability — for a deal which is only exposed to UK commercial property.

    05 Jan 2015

  • EBS launches end-of-month rupee NDF

    EBS, ICAP’s electronic FX business, has launched the first electronic over-the-counter, end-of-month non-deliverable forward contract on the Indian rupee. The moves come on the back of demand from both the buy- and sell-side, and the rupee is the first currency made available by EBS for a contract of this kind.

    05 Jan 2015

  • JPM offers repo finance against Italian lease deal

    JP Morgan has structured Sunny SPV 1, an unrated retained €450m Italian lease ABS backed by lease receivables from Alba Leasing.

    05 Jan 2015

  • Aventicum Emerging Markets Credit to launch inaugural fund

    Aventicum Emerging Markets Credit, part of Aventicum Capital Management, is launching its inaugural fund, the Aventicum Emerging Markets Corporate Debt Total Return Fund.

    05 Jan 2015

  • DCM heads pinpoint Russia for staffing reductions

    In a GlobalCapital survey at the end of 2014, six DCM heads said they planned to cut back staffing in Russia this year, while one said they planned cuts in Africa and two in the Middle East.

    05 Jan 2015

  • IHS Towers gets set for loan roadshow

    IHS Towers will begin the roadshow for its loan in the next week or so, according to a banker involved with the deal. The Nigerian telecoms infrastructure company is expected to wrap up the loan by February.

    05 Jan 2015

  • FIG markets waiting for better conditions before resumption of dealflow

    Issuers in the European FIG debt markets are unlikely to find the market they were hoping for in the first week of January, traditionally a busy one for the market.

    05 Jan 2015

  • Nigeria's FCMB signs loans while Stanbic Uganda eyes deal

    African banks have been busy in the loan market over the winter break, with Nigeria’s First City Monument Bank (FCMB) signing term loans and Stanbic Uganda rumoured to be coming to market. Meanwhile, Zenith Bank of Nigeria has revealed the allocations of its recent $300m loan.

    05 Jan 2015

  • Late start for CEEMEA borrowers as sovereigns reveal scaled back funding plans

    CEEMEA borrowers are expected to turn to the bond markets next week, as holidays and data releases make it difficult to find a good window for a new issue this week.

    05 Jan 2015

  • Capital volumes set to keep growing after record 2014

    Another busy year for bank capital is likely for 2015 according to syndicate bankers and analysts, with volumes for tier one and tier two debt expected to improve on last year’s record showing for bank capital.

    05 Jan 2015

  • Dubai Aluminium closes $1.8bn new money loan

    Dubai Aluminium has recently closed a $1.8bn seven year loan, according to bankers involved in the deal.

    05 Jan 2015

  • Kuveyt Turk takes $350m from Islamic loan

    Turkish lender Kuveyt Turk completed a $350m murabaha loan over new year, increasing the size on the back of high demand. The reception bodes well for the borrower’s planned sale of up to M$2bn in sukuk, for which it has already mandated.

    05 Jan 2015

  • Japanese pachinko operator Niraku eyes Hong Kong IPO

    Niraku GC Holdings, the second Japanese pachinko operator to seek a Hong Kong listing in three years, has filed an A1 with the stock exchange.

    05 Jan 2015

  • Stellar response for Forbes Bumi Armada $290m loan

    Lenders have clambered on board Forbes Bumi Armada Offshore’s $290.4m nine year project financing loan, with the backing of sponsor ONGC and joint venture partner Shapoorji Pallonji Group luring them in.

    05 Jan 2015

  • RMB holiday round-up: January 5, 2015

    In this round-up of news over the holiday period, Malaysia gets its own offshore RMB clearing bank, Thailand's central bank renews its RMB swap line, Bank of China and the Stock Exchange of Thailand agree to expand co-operation, Hong Kong RMB deposits rise in November, China started forward and swap trading with three new currencies, and Serbian market participants can now trade RMB in their national market.

    05 Jan 2015

  • SGX puts wholesale bonds in reach of retail investors

    Singapore Exchange (SGX) has announced changes to retail investors’ ability to buy wholesale bonds following the results consultation paper.

    05 Jan 2015

  • Tiger's S$229m rights issue makes safe landing

    Shareholders have piled into Tiger Airways Holdings’ 85-for-100 rights issue worth S$229m ($172m), with applications received for far more shares than were up for grabs.

    05 Jan 2015

  • Nomura names deputy head for AEJ wealth management

    Nomura has appointed Amanda Chen as deputy head of its wealth management division for Asia ex-Japan as it looks to ramp up the business in the region following a platform integration with Japan.

    05 Jan 2015

  • Updated: Sail leads flotilla of RFPs out of India

    India’s Bharat Petroleum Corp (BPCL) is the latest among a handful of Indian state owned companies, including Steel Authority, that have sent out requests for proposals for offshore loans in recent months.

    05 Jan 2015

  • China’s Ningxia region mulls landmark sukuk

    China’s Ningxia Hui Autonomous Region (Ningxia) is looking for new funding channels in 2015 and could opt for sukuk and/or conventional offshore dollar bonds for total funding of $1.5bn. A sukuk deal would make Ningxia the first ever Chinese issuer of sukuk, and tapping the offshore market would make it the first Chinese sub-sovereign issuer to tap overseas markets without using a subsidiary company as the issuing vehicle.

    05 Jan 2015

  • PwC predicts 12% drop in volume of Hong Kong IPOs in 2015

    PwC is predicting another busy year of listings in Hong Kong with 120 companies expected to make their debut. While the number of trades is on a par with last year, the deals' value is expected to drop almost 12%.

    05 Jan 2015

  • China Huarong picks 15 banks for dollar offering

    China Huarong Asset Management is looking to become one of the first Asian companies to tap the debt market this year by putting together a massive 15 bank syndicate for a dollar bond that is expected to launch later this week.

    05 Jan 2015

  • Asiaray to price $100m HK IPO this week

    Advertising company Asiaray Media Group is aiming to price its HK$772.2m ($99.55m) Hong Kong IPO on Wednesday, January 7, having opened books for the listing at the end of December.

    05 Jan 2015

  • Loans round-up: Greenland, China Merchants Land, Jet, Country Garden

    Property company Greenland Hong Kong’s subsidiary True Thrive has signed a three year dual currency loan term loan with a syndicate of eleven banks.

    05 Jan 2015

  • Melco decides to fold Hong Kong listing

    Melco Crown Entertainment, which has a market capitalisation of around HK$100.7bn ($13bn), has announced plans to de-list its shares from the Asian stock market just three years after it made its debut.

    05 Jan 2015

  • Kexim picks banks for first bond of 2015

    The Export-Import Bank of Korea (Kexim) has mandated seven banks for its first bond sale of 2015, in a deal that is expected to hit the screens by mid-January. The borrower is making an early start to its fundraising in a year that will see it raise up to $13bn offshore.

    05 Jan 2015

  • CAR to take 144A for a spin with debut bond

    China Auto Rental (CAR) embarked on an extensive eight day roadshow on January 6 as it seeks to raise capital in the debt market for the first time. But it is not just interested in selling its story to Asian investors so will also be wooing US funds thanks to its strong North American ties.

    05 Jan 2015

  • Venezuela bonds off lows but Maduro disappoints

    President Nicolás Maduro’s much-anticipated end of year speech did not give investors in Venezuela the reforms they wanted to hear although the country's bond yields tightened slightly from all-time highs as oil prices stabilised at the end of 2014.

    05 Jan 2015

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 26 Jan 2015
1 Barclays 28,419.66 77 8.76%
2 JPMorgan 26,688.86 72 8.23%
3 Citi 24,028.42 64 7.41%
4 HSBC 21,259.01 74 6.55%
5 Morgan Stanley 19,362.83 50 5.97%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Jan 2015
1 JPMorgan 7,654.17 3 47.87%
2 Credit Agricole CIB 2,846.92 3 17.81%
3 Deutsche Bank 508.74 2 3.18%
3 Commerzbank Group 508.74 2 3.18%
5 Santander 452.07 2 2.83%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Jan 2015
1 Goldman Sachs 4,919.26 4 36.34%
2 UBS 4,591.38 3 33.91%
3 Morgan Stanley 730.09 7 5.39%
4 Citi 569.24 4 4.20%
5 Liberum Capital Ltd 454.08 4 3.35%