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News Archive

  • Unrated drugs group Stada plans seven year bond

    Stada, the unrated German generic and branded drugs maker, has hired banks for a seven year euro bond.

    30 Mar 2015

  • Harris returns to DCM as Hiseman heads for BAML

    Morgan Stanley has appointed Piers Harris head of European corporate fixed income capital markets, following the departure of Marcus Hiseman to join Bank of America Merrill Lynch.

    30 Mar 2015

  • Von Sponeck to leave BAML

    Alex Von Sponeck, head of CEEMEA debt financing origination at Bank of America Merrill Lynch, is leaving the firm imminently.

    30 Mar 2015

  • Schaeffler nets yields under 5% to refinance 8% bonds

    German car parts maker Schaeffler printed on Friday €1.5bn of dual currency, senior secured high yield notes, capturing large savings.

    30 Mar 2015

  • Barclays hires from JP Morgan for UK ECM

    Barclays has hired Barry Meyers, an executive director from JP Morgan, to be head of UK equity capital markets.

    30 Mar 2015

  • Stalled Greek talks impede periphery bond deal

    A eurozone periphery sovereign considering an opportunistic deal for this week is likely to have to wait unless talks between Greece and its international creditors bear fruit, said a head of SSA DCM.

    30 Mar 2015

  • Central banks cooperate in end of clearing house spat

    The Bank of England has signed a co-operation agreement with the European Central Bank to share clearing house information and boost currency swaps lines, after the ECB lost a court case to try to force euro trades to be cleared in the eurozone.

    30 Mar 2015

  • MuniFin returns to Kanga

    Municipality Finance opened books for a long dated Kangaroo tap on Monday. It is the issuer’s first deal in the format this year.

    30 Mar 2015

  • RBS loses CIB chairman after two months

    Rory Cullinan is to leave Royal Bank of Scotland, where he was executive chairman of its corporate and institutional bank, despite only having started the job in February.

    30 Mar 2015

  • Trafigura signs 'watershed' $5.3bn loan

    Trafigura Beheer, the Dutch commodities trading group, has refinanced its flagship revolving credit facilities and increased the loan from $4.7bn to $5.3bn.

    30 Mar 2015

  • Dufry mulls loan, bond with Sfr2.2bn rights issue for World Duty Free acquisition

    Dufry, the Swiss travel retail operator, is assessing which capital markets to use to finance its €3.6bn cash acquisition of World Duty Free, announced this morning.

    30 Mar 2015

  • AS Adventure to allocate acquisition loan this week

    AS Adventure, the Belgian branded outdoor and travel products retailer, is allocating its €245m acquisition loan this week, having kept pricing in line with initial guidance.

    30 Mar 2015

  • Touax pulls €200m high yield bond as investors look elsewhere

    The high yield market's selectivity towards new issues, despite the bullish pressure of quantitative easing, was highlighted again on Friday when Touax pulled its deal.

    30 Mar 2015

  • Bulgaria repays $1.5bn bridge loan after record bond issue

    Bulgaria has repaid a $1.5bn bridge loan to banks after issuing the largest ever euro bond from an emerging market sovereign earlier this month.

    30 Mar 2015

  • Land Securities signs £1.3bn loan with eight banks

    Land Securities, the UK’s largest listed commercial property company, has signed a five year loan for £1.3bn with two new banks in the syndicate.

    30 Mar 2015

  • BoE stress test goes global, includes traded risk aspect

    The grim global economic scenario proposed by the Bank of England as the basis for its upcoming stress test of the nation’s banks shifts focus away from lending portfolios and towards exposures to emerging markets and the UK’s vulnerability to a strong dollar and a weak euro.

    30 Mar 2015

  • Cavanagh quits BAML

    John Cavanagh, head of DCM product solutions and liability management in EMEA for Bank of America Merrill Lynch, has left the firm.

    30 Mar 2015

  • Indonesia to return to Yen

    Indonesia has mandated banks for a Samurai bond, its second international offering of the year.

    30 Mar 2015

  • Euro CLOs ‘better value’ than Greek RMBS

    Despite Greek RMBS spreads widening to discount margins of up to 725bp as investors sweat over the country’s euro denominated future, there is better value in other products, according to JP Morgan analysts.

    30 Mar 2015

  • Most interest in Akbank loan was for 367 day tranche, say bankers

    The vast majority of interest in Akbank’s recent loan was for its novel 367 day tranche, say bankers, with the extra margin prompting an exodus from the more familiar 364 day tenor.

    30 Mar 2015

  • Poland deals a dozen with euro note gunning for 35bp over swaps

    Poland on Monday announced a €1bn 12 year note, its first euro-denominated offering since January 2014.

    30 Mar 2015

  • Malakoff eyes 70% cornerstone allocation for $744m IPO

    Malaysia’s Malakoff may set aside 60%-70% of its MR2.74bn ($744.16m) IPO for cornerstone investors as foreign funds shy away from the local stock market.

    30 Mar 2015

  • RBI proposes new exposure limits for Indian lenders

    The Reserve Bank of India has issued a paper proposing new limits for Indian bank exposure to a single company or to a group of companies under the same parent. The move comes as the RBI is looking to bring the country’s lenders up to speed with guidelines set out by the Bank for International Settlements in April 2014.

    30 Mar 2015

  • Ukreximbank fails to provide 'sweetener' as it seeks to extend 2015s

    Ukraine Export-Import Bank is asking bondholders to approve a three month extension to its Eurobond due April 27 and the prospect of full repayment looks bleak.

    30 Mar 2015

  • Hefty book allows Allianz to squeeze on sub deal

    An impressive order book allowed Allianz to ratchet in pricing on a new dated subordinated deal on Monday by as much as 15bp on initial price thoughts.

    30 Mar 2015

  • Lloyds adds to loans build up with senior sales hire

    Lloyds has added to its recent build-out of its loans team in London with a senior hire in loan sales and distribution.

    30 Mar 2015

  • CCB to open door to Chinese bank capital rush

    China Construction Bank (CCB) is looking to become the first Chinese lender to tap the offshore bond market with a bank capital deal this year having sent out a request for proposal (RFP) for a tier two offering last week. A lot is at stake on the proposed transaction as market participants are banking on it to open the window for other bank capital trades.

    30 Mar 2015

  • Investors reveal size demands as NN Bank joins dwindling Dutch RMBS

    ING-owned Nationale-Nederlanden Bank has printed its first broadly syndicated Dutch RMBS, with investors showing demand for nearly four times the size of its two year offering.

    30 Mar 2015

  • AIG seeks $507m from PICC sell down

    American International Group (AIG) is looking to raise as much as HK$3.93bn ($507m) by offloading some of its shares in PICC Property & Casualty, launching the block trade on the evening of March 30.

    30 Mar 2015

  • HK investment banking to see smaller salary rise in 2015: Morgan McKinley

    Bankers worried about another round of job cuts can breathe a sigh of relief as a report from recruitment firm Morgan McKinley shows headcount is stabilising in Hong Kong investment banking. But cost remains an issue so any salary increases are likely to be modest.

    30 Mar 2015

  • Pakistan starts bookbuilding for Habib Bank sale

    The Privatisation Commission of Pakistan started roadshows for its divestment from Habib Bank on Monday, March 30, in an offering that starts at a base size of 250m shares with a possibility to sell as much as 609m shares depending on demand.

    30 Mar 2015

  • Loan Ranger: Back to the sauce

    Last week’s announced merger between Heinz and Kraft had Loan Ranger scouring for new debt, but for one banker it was an occasion for nostalgia.

    30 Mar 2015

  • HDFC Standard Life moots $500m float in 2016

    HDFC Standard Life, the life insurance joint venture of India’s Housing Development Finance Corp and the UK’s Standard Life, is planning a mid-2016 IPO to raise $400m-$500m.

    30 Mar 2015

  • Total Derivatives: Belly CNY bid after PBoC, inversion

    Dovish comments from the People's Bank of China (PBoC) and the inverted 1s/5s slope backed paying interest in the belly of the CNY swap curve on Monday. Meanwhile, two year swaps have outperformed on the recent improvement in liquidity conditions, writes Deirdre Yeung of Total Derivatives.

    30 Mar 2015

  • Deutsche loses Asia head of ECM

    Deutsche Bank has lost its head of equity capital markets for Asia ex-Japan after Neil Kell, who first joined the firm in 2010, resigned.

    30 Mar 2015

  • JCC to fund Siam City Cement stake with one year bridge

    Banks are working on a bridge financing to back Singaporean company Jardine Cycle & Carriage’s (JCC) $615m acquisition of a stake in Siam City Cement.

    30 Mar 2015

  • ANZ adds RMB capabilities with new roles

    ANZ has set itself the goal of servicing its transaction banking clients as easily in renminbi as in any other currency. And central to that effort are three new appointments it has just put in place in its transaction banking and trading units in Shanghai and Hong Kong.

    30 Mar 2015

  • HK Telecommunications connects for dollar return

    Hong Kong Telecommunications (HKT) is making its first syndicated bond foray in two years after opening books to a 10 year trade on Monday.

    30 Mar 2015

  • Ecuador wants more bonds after disappointing deal

    Ecuador is considering returning to bond markets to raise at least another $250m after its last attempt earlier in March did not reach the intended size.

    30 Mar 2015

  • Paraguay eyes bond ahead of infrastructure push

    Paraguay will again return to the international bond markets to finance its infrastructure programme after two successful bond issues since 2013.

    30 Mar 2015

  • Holcim exits Siam City for $679m as Jardine picks up stock

    Swiss company Holcim has shed its entire stake in Siam City Cement to net Bt22.15bn ($679m), via a bookbuilding process that went on from the evening of March 26 (Thursday) until the weekend as key investors took their time placing their orders. In the end though 90% of the shares went to Jardine Cycle & Carriage, which was eager to get its hands on the Thai stock.

    30 Mar 2015

  • Offshore hubs accelerate share of RMB payments

    Offshore markets other than Hong Kong increased their proportion of overall RMB payments from 17% to 25% in the last two years, according to the latest RMB Tracker published by the Society for Worldwide Interbank Financial Telecommunication (Swift).

    30 Mar 2015

  • When a domestic rally meets an offshore discount…

    Just as China’s domestic markets have finally started to open up through the Shanghai-Hong Kong Stock Connect scheme, heavily discounted H-share IPOs threaten to put a damper on the attractiveness of A-shares to international investors, writes Philippe Espinasse.

    30 Mar 2015

  • IMF economist to head Uruguay debt team

    Uruguay’s new government has appointed former IMF economist Herman Kamil as director of its Debt Management Unit (DMU), according to an email from the unit.

    28 Mar 2015

  • Outsourcing trade reporting offers more adaptability

    Firms with trade reporting obligations can save resources allocated to complying with reporting requirements by outsourcing their requirements to a third-party provider. This can reduce initial system building costs as well as provide better adaptive abilities in the future, according to Sapient Global Markets.

    27 Mar 2015

  • B2R brings market's first multi-borrower rental deal

    Blackstone’s B2R Finance is planning the first ever multi-borrower single-family rental securitization, the company announced on Friday.

    27 Mar 2015

  • Delegated trade reporting poses new risks for record-keeping

    Swaps market participants face new challenges with delegated reporting liabilities as trade reporting requirements have evolved on a global level, according to research from Sapient Global Markets.

    27 Mar 2015

  • Secondary pricing update: A mixed week, featuring EIB's April 2025 and Italy's March 2032

    Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Wednesday’s close. The source for secondary trading levels is Interactive Data.

    27 Mar 2015

  • Funding scorecard: European sovereigns

    This week's funding scorecard looks at how far European sovereigns have moved through their funding programmes this year.

    27 Mar 2015

  • Spain open to ultra long PPs

    Spain is open to taps of its longest outstanding bond, a 50 year private placement, but demand may be limited, say bankers.

    27 Mar 2015

  • Citi names new CEEMEA DCM head

    Citi has named a replacement for William Weaver as Citi’s head of CEEMEA debt capital markets.

    27 Mar 2015

  • NBAD dropped from Egypt mandate

    National Bank of Abu Dhabi has been left off the mandate to lead Egypt’s return to the capital markets, Global Capital understands.

    27 Mar 2015

  • StanChart Saadiq CEO takes career break

    Afaq Khan, the chief executive of Standard Chartered Saadiq, is leaving the bank, according to a spokesperson at the bank.

    27 Mar 2015

  • Huge demand drives StanChart’s AT1 debut success

    Standard Chartered has successfully sold its first AT1 bond though a less investor-friendly structure meant it was forced to pay up compared to a recent deal from rival HSBC. But investors were undeterred as the bond managed to attract a $22bn order book – the largest ever for a single tranche AT1 bond, say bankers.

    27 Mar 2015

  • Gallant Venture makes speedy return to Sing dollars

    Singaporean investment holding company Gallant Venture made its second outing in the Singapore dollar market this year, raised S$175m ($127.8m) from a three year bond offering on March 26 following a January appearance.

    27 Mar 2015

  • Muni bond relaxation to bring transparency to local govt debt levels

    China has released new rules expanding its municipal bond programme and providing a debt swap quota for local governments. Observers welcome the new measures which they hope will encourage transparency over debt levels and provide local authorities with more funding flexibility.

    27 Mar 2015

  • Banks pitch for Sinochem $500m refinancing loan

    Loans bankers are busy pitching for Sinochem Hong Kong’s refinancing. The tenor for the $500m borrowing will be determined based on lenders’ responses, said a banker who received the request for proposals from the company.

    27 Mar 2015

  • Kelkar sniffs out $100m Indian IPO

    Indian fragrance maker S. H. Kelkar and Co has filed a $100m IPO with the Securities and Exchange Board of India which could hit screens in the second half of the year, say bankers.

    27 Mar 2015

  • Ten board Resorts World Sentosa S$2.25bn fundraising

    Genting backed Resorts World Sentosa’s S$2.25bn ($1.648bn) fundraising has attracted commitments from over ten banks, said bankers.

    27 Mar 2015

  • RMB round-up: March 27, 2015

    In this round-up, three new free trade zones receive Politburo approval for an end of March launch and ICBC and Bank of China report huge rise in cross-border RMB clearing business.

    27 Mar 2015

  • Red hot debut for Beijing Capital Group

    Beijing Capital Group (BCG) took the markets by storm this week with its first international bond that had investors rushing to participate. That resulted in a more than nine times covered book, which the issuer was more than happy to take advantage of by massively reducing pricing.

    27 Mar 2015

  • East West decides on offer period for $180m rights issue

    The Philippines’ East West Banking Corp will sell shares in its Ps8.00bn ($179.89m) rights issue from April 24 to April 30, as it seeks to beef up its capital ratios.

    27 Mar 2015

  • Zhongrong Intl Trust mandates banks for investor meetings

    Zhongrong International Trust is set to start is non deal roadshow next week with a series of investor meetings in Asia and Europe, a banker close to the deal told GlobalRMB.

    27 Mar 2015

  • Emperor seeks $169m via placement-rights combo

    Emperor Capital Group is looking to raise up to HK$1.31bn ($169m) from a combination of placement and rights issue, as the brokerage seeks to shore up its money lending and asset management operations.

    27 Mar 2015

  • Evidence casts doubt on OW Bunker IPO preparation

    The sudden bankruptcy of OW Bunker, the world’s largest shipping fuel supplier and Denmark’s third largest company by sales, in November last year shocked the equity capital markets.

    27 Mar 2015

  • LatAm gears up for corps window after ColTel hybrid

    Latin American DCM bankers are hopeful that depressed corporate bond volumes will pick up after Easter.

    26 Mar 2015

  • Colombia skips holiday to jump on long demand

    Bankers covering Latin America praised Colombia’s quick reaction pouncing on a rally in US Treasuries to issue a $1bn 30 year bond on Monday.

    26 Mar 2015

  • Teva Pharmaceutical Industries €2bn 1.25% Mar 23 and 1.875% Mar 27

    26 Mar 2015

  • Akbank USD500m 5.125% Mar 25

    26 Mar 2015

  • Petrobras results hold key to reopening Brazil

    What syndicate bankers are describing as the “Brazil premium” means that even Brazilian borrowers unaffected directly by the scandal at state-owned energy company Petrobas remain absent from international debt capital markets.

    26 Mar 2015

  • National Bank of Egypt set to join sovereign in market

    National Bank of Egypt has sent out a request for proposals for a Eurobond, according to bankers.

    26 Mar 2015

  • Great Russian rally set to run out of steam, risks ahead

    Russian sovereign Eurobonds have rallied a lot since the end of January, dragging along many corporates with them. A number of factors are contributing to the apparent optimism, but analysts are debating how long the rally can last.

    26 Mar 2015

  • Asset managers do not pose systemic risk, trade bodies say

    Asset managers and the funds that they manage do not present systemic risk according to a letter to the Financial Stability Oversight Council from two trade associations, and as a result, should be independently reviewed by the Securities and Exchange Commission.

    26 Mar 2015

  • MTN Leak: Thai-green jungle

    With the Easter holidays a week away, many people may be heading home to see family, taking the kids away for a weekend, or preparing to enjoy a four day weekend some other way.

    26 Mar 2015

  • Investors delve into riskier hybrids in yield scramble

    Air France KLM, the unrated Franco-Dutch airline, spiced up the corporate hybrid market this week, offering investors something they hadn’t seen before, writes Richard Metcalf.

    26 Mar 2015

  • Two more execs leave Starwood Waypoint

    Starwood Waypoint announced the resignations of two top executives last night. The announcement followed the resignation of the company’s chief accounting officer in December.

    26 Mar 2015

  • Make no mistake, Project Euro is in big trouble

    Greece’s euro-denominated future hangs in the balance. Greater integration and less sovereignty is needed to save the European project, but the ideological gap between Greece and Germany shows it will be nearly impossible to achieve.

    26 Mar 2015

  • Scout24 leverages a show of strength

    German online directories and listings company Scout24 set out price guidance on a €400m add-on loan on Tuesday, pushing leverage up after a stellar year’s performance.

    26 Mar 2015

  • Alpha Trains marks first German WBS with triple print

    Alpha Trains has sold €350m of public senior secured bonds, a €250m senior private placement and a €125m junior private placement as part of its whole company securitization.

    26 Mar 2015

  • Eurozone left in UK’s dust as Lloyds tops £1bn

    Securitizations backed by eurozone assets are beginning to pepper the primary market, but bankers are struggling to escape the irony of the European Central Bank’s intervention apparently stimulating more issuance in sterling than euros.

    26 Mar 2015

  • Loans - news in brief, June 27, 2015

    Trainline.com — Danube Foods — Azerbaijani Banks — Foncia — GCP Infrastructure Investments — Gategroup — Haversham

    26 Mar 2015

  • Refi time in CLOs as loan market slows

    Supply of new issue CLOs was steady this week but is still threatened by low loan supply and tightening loan spreads. Refinancings offer arrangers some hope, though.

    26 Mar 2015

  • AFL EUR750m 0.375% Mar 22

    26 Mar 2015

  • Spain EUR3.5bn 1% Nov 30

    26 Mar 2015

  • Top Right launches refinancing loan

    Apax-owned Top Right, the UK information and events group, has launched a £435m-equivalent refinancing loan that will be denominated in dollars and euros.

    26 Mar 2015

  • UBS outsizes CS to smash its own Yankee record

    UBS made an eye-catching swoop on the dollar market, but a flurry of issuance by European FIG borrowers failed to rescue a lacklustre first quarter.

    26 Mar 2015

  • Spanish linker fails to beat €10bn book mark — but bull run not over

    Spain this week ended a run since the beginning of the year of eurozone periphery countries raising books of over €10bn — but sovereign debt bankers were reluctant to call time on the strong bid for the issuers.

    26 Mar 2015

  • Greenshoe proves key as AT1 shines in rocky FIG mart

    HSBC's additional tier one bond, sold this week, included a feature that helps insulate issuers from secondary market volatility, and which bankers say is destined to become broadly used in the asset class, writes Graham Bippart.

    26 Mar 2015

  • People and Markets News in Brief

    Miz trader quits after six months - SG promotes in coverage - Correlation head quits UBS

    26 Mar 2015

  • KfW green Kanga debut helps SRI drought

    KfW has taken a further step toward diversifying the green asset class by printing the largest ever Australian dollar green bond. But on the eve of new green bond guidelines being published on Friday, supply is still lacking, according to specialists.

    26 Mar 2015

  • E.ON Spain and Portugal leaves levfin investors scratching heads

    A €275m loan backing the sale of E.ON's Spanish and Portuguese assets is still in the leveraged finance market, after passing an initial March 20 deadline for commitments without the book being closed.

    26 Mar 2015

  • AFL finds strong bid with debut bond

    Agence France Locale scored a strong success with its debut bond this week, as investors lapped up a rare opportunity to buy core eurozone paper with a healthy spread.

    26 Mar 2015

  • Hikma readies first Eurobond from Jordan since 2010

    Jordanian pharma company Hikma Pharmaceuticals is meeting — the first senior unsecured bond from Jordan since 2010.

    26 Mar 2015

  • Emirates sukuk ground breaker glides in on UK guarantee

    Emirates Airlines took the export credit agency (ECA) sukuk guarantee for a successful test flight this week, delighting bankers hoping to make the product a regular occurrence. Steven Gilmore reports.

    26 Mar 2015

  • Speed needed in AXA’s old CLO grab

    While the recent SOTUS exemption on non-Volcker-compliant CLOs is driving liquidity in legacy CLOs as a triple-A alternative with high carry, some investors are looking at even older paper.

    26 Mar 2015

  • Teva takes €2bn as euro gold rush endures

    Teva Pharmaceuticals priced its largest euro-denominated bond on Tuesday with a dual tranche eight and 12 year which came roughly flat to the dollar equivalent, according to bankers.

    26 Mar 2015

  • Jumbo RMBS issuers dipping toes in non-QM

    Mortgage aggregators are bringing jumbo mortgage securitizations that venture outside of the qualified mortgage box — ever so slightly.

    26 Mar 2015

  • Investors trade single name options ahead of earnings

    IInvestors are shifting their trading strategies from options on indices to single name stocks and exchange-traded funds on the back of pessimism regarding first quarter earnings results.

    26 Mar 2015

  • Dollars key with SSAs set to avoid tricky euro market

    Top tier supranational and agency issuers are likely to focus on dollar deals in the coming weeks because of tricky pricing metrics in euros, according to SSA bankers.

    26 Mar 2015

  • Market volatility causes quiet week for senior

    Recent weakness in secondary markets seeped into the primary space for senior this week, with Bank of America and Commerzbank printing small trades early in the week, though a mid-week recovery allowed Credit Suisse to print a chunky dual tranche deal.

    26 Mar 2015

  • HSBC USD2.25bn 6.375% Perp AT1

    26 Mar 2015

  • Credit Suisse EUR2.5bn FRN Mar 17

    26 Mar 2015

  • Bank of America EUR750m 1.375% Mar 25

    26 Mar 2015

  • Commerzbank EUR750m 0.5% Mar 18

    26 Mar 2015

  • $11bn week for Saudi Arabia as Aramco and Apicorp close loans

    It has been a big week for Saudi loans, with Saudi Aramco closing a $10bn revolver and Apicorp signing $950m worth of Shariah compliant loans.

    26 Mar 2015

  • VW boosts Swedish krona supply with tightly priced floater

    Volkswagen brightened up the lacklustre Swedish krona market on Monday with a two year floating rate note that was priced inside guidance.

    26 Mar 2015

  • Asian buyers boost demand for Lloyds Kanga debut

    Lloyds saw strong demand from Asian and domestic accounts on Wednesday for its first public Australian dollar deal in three years and the first from its newly minted Kangaroo programme.

    26 Mar 2015

  • What is a sophisticated investor, anyway?

    Deutsche Bank’s head of Swiss DCM, Maroan Maizar, recommended this week that the Swiss authorities ban retail investors from buying Swiss contingent convertible bonds, ensuring that only the “best” investors have access to such instruments.

    26 Mar 2015

  • UK sells another 1% of Lloyds, dribble-out set to end above £2bn

    The UK government’s sale of Lloyds stock has passed another milestone, with the government’s stake falling through the 22% mark.

    26 Mar 2015

  • Private RMBS steps up as government sells risk

    The US government may have failed to reduce its stake in the RMBS market, even seven years after buying out Fannie and Freddie, but the private market is finally starting to do more in the product.

    26 Mar 2015

  • Ras Al-Khaimah USD1bn 3.094% Mar25

    26 Mar 2015

  • Emirates Airlines USD913m 2.471% March25

    26 Mar 2015

  • The EM house needs some nuance not a blaring fire alarm

    With the first US rate rise in years drawing closer, it’s no surprise to see analysts and public officials singling EM out as the source of the next credit crisis. But a well-meaning warning without nuance can look a lot like scaremongering.

    26 Mar 2015

  • French join platform lending revolution

    Marketplace lending in continental Europe, while lagging far behind the US and the UK, has taken a step forward as SME platform Lendix announced a tranche of institutional money committed to SME lending

    26 Mar 2015

  • There is a difference between expecting inflation and hedging for it

    For several years, US Federal Reserve chair Janet Yellen has insisted that there is a real difference between forecasts and insurance policies — between what we think will happen and the price we are willing to pay in case we're wrong. Many market participants have been unwilling or unable to accept that message.

    26 Mar 2015

  • Ras Al-Khaimah hits 10 years for big size at tight spread

    Ras Al-Khaimah drew praise from bankers on and off the deal for a $1bn 10 year sukuk that it priced on Tuesday.

    26 Mar 2015

  • Heinz meanz deals as M&A financings smash record

    Heinz is set to join the M&A financing frenzy that propelled US corporate dollar issuance to its second busiest quarter in history.

    26 Mar 2015

  • Russians rush in with two tender offers

    Two Russian banks announced tender offers this week — Tinkoff Credit Systems and Russian Standard Bank.

    26 Mar 2015

  • Default an explicit possibility for DTEK

    DTEK Energy Group, the largest privately-owned energy company in Ukraine, is warning of a possible default as it attempts to exchange its $200m Eurobonds due April 28, 2015.

    26 Mar 2015

  • German agency prints bumper deal in return to dollar fives

    KfW equalled its largest ever size for a five year dollar benchmark on Thursday, in its first visit to the belly of the curve in over a year.

    26 Mar 2015

  • Ukraine out with RFP for $1bn US AID guaranteed bond with April targeted

    The Republic of Ukraine has sent out a RFP for a $1bn US Agency for International Development backed bond.

    26 Mar 2015

  • Sky tunes in to right product with €600m five yr FRN

    UK broadcaster Sky has issued its first floating rate note, a €600m five year.

    26 Mar 2015

  • Akbank delights with rare Turkish 10 year

    Akbank paid 12.5bp NIP for a rare 10 year senior bond from a Turkish bank on Tuesday, the bank’s second appearance in the international market this year.

    26 Mar 2015

  • National Bank of Kuwait lines up for AT1

    National Bank of Kuwait has picked banks for its inaugural Basel III compliant tier one security.

    26 Mar 2015

  • Italy reveals second quarter plans as yields hit new low

    Italy crunched down its borrowing costs to new lows at auction on Thursday — and unveiled its issuance plans for the second quarter of the year.

    26 Mar 2015

  • Middle East is loans bright spot in first quarter

    The Middle East has provided the one saving grace of European, Middle East and Africa first quarter syndicated loans volumes, with falls elsewhere from the same period last year.

    26 Mar 2015

  • OeKB taps long dated Kanga in slow market

    Oesterreichische Kontrollbank has returned to Australian dollars with a debut tap of a long dated Kangaroo bond, during a period of scarce supply in the format.

    26 Mar 2015

  • SocGen makes swathe of coverage appointments

    Société Générale has given seven of its bankers the title of senior banker, meaning they are top of the coverage tree for their business lines.

    26 Mar 2015

  • KfW lands record breaking green Kanga

    European investors showed up in force on Thursday for KfW’s debut green Kangaroo, which is also the largest green print ever in Australian dollars.

    26 Mar 2015

  • Gategroup uses €240m revolver to refinance and redeem

    Gategroup, the Swiss airline services provider, has signed a €240m revolving credit facility that it will use to replace an older revolver and partially redeem a bond.

    26 Mar 2015

  • Schaeffler pounces to refinance early via €1.5bn bond sale

    German automotive supplier Schaeffler AG on Thursday announced a €1.5bn-equivalent dual currency three tranche bond issue, designed to opportunistically refinance high coupon debt.

    26 Mar 2015

  • Lloyds’ Penarth tops £1bn after size increase

    Lloyds Bank increased both the dollar and sterling portions of its Penarth 2015-1 credit card ABS on Thursday morning, taking the total size above £1bn.

    26 Mar 2015

  • Saudi Aramco closes $10bn revolver for growth plans

    Saudi Arabian Oil Co (Aramco) has completed a $10bn multi-tranche revolving credit facility at tight pricing, which will back its expansion into new markets.

    26 Mar 2015

  • AG hits sub market ahead of perp tender

    AG Insurance, the Belgian unit of insurer Ageas, hit the market for a small subordinated print on Thursday, printing a new 32 year non-call 12 just ahead of another Ageas subsidiary closing a tender for outstanding perpetual bonds.

    26 Mar 2015

  • UK backing to armour Emirates sukuk against airstrikes

    Holders of Emirates Airlines’ new 10 year sukuk are hoping the UK guarantee insulates the bond from regional volatility, after Saudi Arabia launched air strikes in Yemen this week.

    26 Mar 2015

  • StanChart AT1 books recall salad days in the asset class

    The additional tier one market took on another entrant on Thursday with the launch of Standard Chartered’s debut, which brought in a book size reminiscent of the halcyon days of the asset class in late 2013 and early 2014.

    26 Mar 2015

  • Volkswagen retains first Private Driver of 2015

    Despite being able to command some of the tightest spreads in the European ABS market in recent years, Volkswagen Bank has opted to fully retain its latest securitization of German auto loans.

    26 Mar 2015

  • NBE lines up with Egyptian sovereign

    The National Bank of Egypt has sent out an RFP for a Eurobond, according to bankers.

    26 Mar 2015

  • Election could bring Nigerian loan rush

    As Nigeria head to the polls for tightly contested elections on Saturday, loans bankers said that a smooth conclusion should open the deal floodgates.

    26 Mar 2015

  • MCT covers books for $160m IPO on first day

    Malaysian developer MCT Consortium has seen a strong take-up for its MR594.75m ($160.31m) IPO, which helped it obtain a covered book on the first day of bookbuilding.

    26 Mar 2015

  • Hikma to issue first bond from Jordan since 2010

    Jordanian pharma company Hikma Pharmaceuticals is meeting investors for its inaugural bond, and the first senior unsecured bond from Jordan since 2010.

    26 Mar 2015

  • Ziraat goes big with loan on high demand

    Turkish state-owned agricultural bank Ziraat Bankasi looks set to complete a loan early next week that will be bigger than last year’s deal.

    26 Mar 2015

  • Sebi mulls IPO rules reform to woo tech start-ups to list

    The Securities and Exchange Board of India (Sebi) is meeting technology start-ups this week, in a bid to understand their many concerns about listing on domestic exchanges. With rules that appear designed to make things as difficult as possible for such firms to execute IPOs, market watchers say the regulator’s move is a big step forward in boosting the country’s equity capital markets, writes Rashmi Kumar.

    26 Mar 2015

  • New issue tech skips forward with CUSIP tie-up

    Syndicate tech firm Ipreo is working with the organisation that assigns ISIN and CUSIP numbers to speed up the new issue process, as the market moves to rely more and more heavily on automated systems.

    26 Mar 2015

  • Bargain hunters snap up GF Securities $3.6bn IPO

    GF Securities is making a big splash in the equity capital market, opening books for its Hong Kong IPO of up to HK$27.9bn ($3.6bn) on March 23 and offering a very generous discount to where its A-shares are trading.

    26 Mar 2015

  • Fuyao shines with $952m Hong Kong IPO

    Fuyao Glass Industry Group Co priced Hong Kong’s biggest IPO so far this year at the top of its price range to raise HK$7.39bn ($951.67m). Buoyed by its discounted valuation, retail and institutional investors gobbled up shares in the glassmaker.

    26 Mar 2015

  • Asimco ups security on loan to lure lenders

    Diesel engine component maker Asimco is said to have revised terms for its $120m refinancing loan, providing banks with more security and changing the loan purpose to allow lenders to get through their credit process more easily.

    26 Mar 2015

  • China stock repo loan rules to spur fundraisings

    The Securities Association of China (SAC) has issued guidelines that call on its members to rein in their fast-growing stock-pledged repo loans business.

    26 Mar 2015

  • Debut Ucits RQFII ETF fund listed in London

    China Construction Bank (CCB) and Commerzbank have launched the first Ucits complaint ETF fund under China’s RQFII scheme. The fund, which was announced on March 25, will invest in China’s money market.

    26 Mar 2015

  • Cowell fails to click with investors, raises lower $114m

    South Korea’s Cowell e Holdings has raised HK$884m ($114m) by pricing its IPO just above the bottom of the price range, as concerns about a possible overhang following the listing and the company’s excessive dependence on Apple caused some price sensitivity.

    26 Mar 2015

  • Vietnam sets lofty target for share sale but issues remain

    The Vietnam government is aiming to sell a record amount of shares in state-owned enterprises (SOE) this year, in a bid to hasten a reform process that has dragged on since the 1990s. But sceptics doubt it will meet its targets, as its equity capital market remains bogged down by quirky IPO procedures, valuation issues and unwilling participants, writes John Loh.

    26 Mar 2015

  • Mediobanca’s reboot extends European reach

    The Italian firm has hit its stride with a European corporate finance strategy led by its new FIG franchise, writes David Rothnie

    26 Mar 2015

  • The battle for funding is won on horseback

    It’s easy to see that Asia’s frontier markets are used to fighting for investor and development bank attention. These countries take every opportunity to showcase the value of investing in their up-and-coming economies, but sometimes the pitches are less than graceful.

    26 Mar 2015

  • Citi hires Cai from BAML as China IB chief

    Citi has hired Catherine Cai from Bank of Merrill Lynch to take charge of its investment banking business in China.

    26 Mar 2015

  • India presents Gift with nod for IFSC rules

    The Securities and Exchange Board of India (Sebi) is getting ready to set up the country’s first International Financial Services Centre, after approving guidelines that will govern the establishment of stock exchanges in those centres.

    26 Mar 2015

  • Astra Sedaya's debut dollar thrives on rarity

    Astra Sedaya Finance made its debut in the dollar bond market this week, selling a $300m three year bond on Wednesday. Investors were attracted by the rarity of high grade corporate credit from Indonesia, allowing the issuer to increase the size from $250m.

    26 Mar 2015

  • Indian ECM news in brief, March 26, 2015

    TPG-backed AGS targets $217m – IndiGo to soar for $500m IPO

    26 Mar 2015

  • Quanta $750m dual tranche facility rolls into general

    Quanta Computer subsidiary Quanta International has hit the market for a $750m dual tranche loan after firming up a mandated lead arranger and bookrunner group comprising 18 banks.

    26 Mar 2015

  • Hyundai Capital rakes in success with $400m

    Hyundai Capital Services has returned to the offshore debt market, pricing a 5.5 year dollar bond on March 23. The rarity of high quality Korean corporate credits, the name value of Hyundai, as well as a recent rating upgrade, attracted strong demand, allowing the Korean issuer to achieve its size and pricing aims.

    26 Mar 2015

  • Landmark India Exim deal to drive green bond boom

    Export-Import Bank of India (India Exim) priced a landmark transaction this week, raising $500m from the country’s first dollar-denominated green bond. With strong government support and more companies looking to issue, the green initiative is expected to blossom in India, writes Rev Hui.

    26 Mar 2015

  • Eight forge JSW Steel $250m capex facility

    JSW Steel’s $250m loan has wrapped up with several international lenders joining during general syndication. The borrowing, which had Axis Bank as sole lead, helped both the company and the Indian lender establish new coverage and relationships.

    26 Mar 2015

  • Shengjing Bank eyes international debut in RMB

    Chinese lender Shengjing Bank is planning to issue its first ever international bond in offshore Renminbi, the company revealed on March 25.

    26 Mar 2015

  • Swedbank joins sterling three year bandwagon

    Swedbank became the seventh issuer to price a sterling three year covered bond FRN this year, launching a £500m deal on Wednesday.

    26 Mar 2015

  • WL Bank and BPE hit saturated long end for covered deals

    Three borrowers in Germany, Spain and Finland issued a collective €2bn of covered bonds this week with two choosing the long end only to find a bad case of investor indigestion.

    26 Mar 2015

  • The GlobalCapital 2015 Bond Dinner

    We are pleased to announce the categories for GlobalCapital’s 2015 Bond Dinner. Here you will find the link to this year's poll, as well as PDF and Excel copies of the rules and categories.

    26 Mar 2015

  • Regulators clash over swap threat to covereds

    Covered bonds from outside Europe could be forced to meet onerous swaps rules while those from Europe escape, unless the Basel Committee and European regulators can forge a consensus.

    26 Mar 2015

  • Standard Chartered set to make debut in AT1

    Standard Chartered started taking orders from investors for its first ever additional tier one (AT1) bond on Thursday, having gauged investor sentiment in Asia, Europe and US earlier in the week.

    26 Mar 2015

  • Garuda signs $100m musharaka, eyes sukuk

    Indonesian airline Garuda has signed a one year $100m bridge loan musharaka facility with Bank Internasional Indonesia (BII), and is planning a benchmark dollar sukuk.

    26 Mar 2015

  • Deutsche Bank gets record RQFII quota, programme reaches Rmb330bn

    Deutsche Bank was awarded the biggest ever single quota for the Renminbi Qualified Foreign Institutional Investors (RQFII) scheme on March 26, its Rmb6bn ($966m) taking the total allocated size of the programme to Rmb330bn at 111 firms.

    26 Mar 2015

  • ColTel pays up for hybrid but bankers see positive signs

    Colombia telecoms firm ColTel gave investors juice aplenty on its hybrid perpetual bond on Wednesday. Even bankers off the deal said it boded well for a depressed LatAm corporate bond market.

    26 Mar 2015

  • Telecom Italia, Aabar fireworks could boost CBs

    Predicting levels of equity-linked bond issuance must be one of the hardest jobs in the capital markets. The market follows its own rhythm and reasons, which even veterans struggle to forecast.

    26 Mar 2015

  • Jumbo RMBS issuers dipping toes in non-QM

    Mortgage aggregators are bringing jumbo mortgage securitizations that venture outside of the qualified mortgage box — ever so slightly.

    25 Mar 2015

  • Block trades go massive with €5.2bn in 24 hrs

    The spate of very large and strategic block trades has continued this week, with sales of stock in Accor, Dassault Aviation, the London Stock Exchange and Havas, totalling an expected €5.2bn.

    25 Mar 2015

  • Hoist Finance zooms on first day of trading

    Hoist Finance, the Swedish firm that buys and manages unsecured non-performing consumer loans, shot up on Wednesday on the start of trading after its successful Skr2.5bn ($295m) Stockholm listing.

    25 Mar 2015

  • High yield credit trader leaves Mizuho for Madrid broker

    An experienced credit trader has left Mizuho in London and is heading to a brokerage firm in Madrid to set up a high yield trading platform.

    25 Mar 2015

  • Settlements could be driving non-agency RMBS liquidations

    Liquidations in non-agency RMBS are outpacing other asset classes as month end approaches, perhaps driven by litigation, according to market sources.

    25 Mar 2015

  • Refresco Gerber narrows range ahead of close of book

    Refresco Gerber, the Dutch juice and soft drinks bottler, today narrowed the price range of its Amsterdam listing, a day ahead of the close of book.

    25 Mar 2015

  • Air France KLM succeeds with €400m debut hybrid

    Air France KLM successfully issued its first hybrid bond on Wednesday, a €400m perpetual non-call 5.5 year.

    25 Mar 2015

  • AA on HY road with plan for £45m annual savings

    The AA, formerly the Automobile Association, the UK car breakdown assistance group, on Wednesday began marketing £735m of class 'B' notes.

    25 Mar 2015

  • Investor picks up strangle as VIX chokes

    One institutional investor was seen picking up a large strangle on the Chicago Board Options Exchange volatility index as the VIX fell to its lowest level since December 2014 on Tuesday.

    25 Mar 2015

  • SAP sells €1.75bn fixed and floating bond for Concur buy

    German IT company SAP has completed the long term financing for its acquisition of Concur, the US expenses software firm, with a €1.75bn floating and fixed rate bond.

    25 Mar 2015

  • Lloyds: Running up the mid-market field

    Lloyds has made a virtue of necessity. With the UK government as a shareholder, and limited ambitions overseas, the bank was forced to define early exactly what sort of wholesale business it wanted.

    25 Mar 2015

  • German agency to bring week’s solitary dollar benchmark

    A German agency looks set to be the only SSA issuer to test demand in dollars this week, after mandating banks on Wednesday for a five year deal.

    25 Mar 2015

  • Anglo American increases bond to €600m in tough conditions

    Anglo American, the London-headquartered South African mining company, has issued a €600m five year bond.

    25 Mar 2015

  • Moneysupermarket founder’s £100m block sale fails

    The recent run of successful overnight block trades hit a bump on Tuesday night when a sale of 6.4% of Moneysupermarket.com, the UK price comparison website, failed.

    25 Mar 2015

  • KfW debuts green Kanga

    KfW has opened books on its first ever green Kangaroo bond, which is only the second syndicated deal in the format from an SSA issuer.

    25 Mar 2015

  • Orchard offers Karrot as P2P investors seek scale

    Orchard Platform is giving institutional investors access to a new consumer loan product from one of the US’s fastest-growing marketplace lenders.

    25 Mar 2015

  • Specialist infrastructure firm GCP agrees £50m revolver

    GCP Infrastructure Investments, a listed fund focused on investments in UK infrastructure debt, has agreed a £50m three year loan with Royal Bank of Scotland.

    25 Mar 2015

  • National Bank of Abu Dhabi makes key loans hires

    National Bank of Abu Dhabi has added to its capital markets push with two experienced hires to its global syndicated finance and loans agency businesses in Abu Dhabi.

    25 Mar 2015

  • Rates, CDS notionals both up year on year

    The overall interest rate notionals and trades counts that were reported to swap data repositories last week increased by 22% and 35%, respectively, from the same time last year, according to data from the International Swaps and Derivatives Association.

    25 Mar 2015

  • Top Right launches refi

    Apax-owned Top Right, the UK information and events group, has launched a £435m-equivalent refinancing loan that will be denominated in dollars and euros.

    25 Mar 2015

  • Scout24 leverages strong performance to restrict syndicate

    German online directories and listings company Scout24 set out price guidance on a €400m add-on loan on Tuesday, pushing leverage up after a stellar year’s performance.

    25 Mar 2015

  • Tullow Oil’s bondholders unfazed by Moody's rating downgrade

    Prices of Tullow Oil’s two high yield bonds this week withstood a one notch Moody’s downgrade to B3, as analysts said it was the result of a downgrade of Ghana rather than Tullow's own difficulties.

    25 Mar 2015

  • Mediobanca hits wide end on Quarzo

    Mediobanca was set to price its first securitization in nearly four years at the wide end of guidance on Wednesday afternoon, after having the single tranche offering covered early morning.

    25 Mar 2015

  • Ethical investing means nothing without transparency

    Social responsibility means accountability, and accountability requires transparency. Even where socially responsible issuers show what they have funded, investors need comparisons to prove they have done some good.

    25 Mar 2015

  • Vontobel sets sights on full takeover of TwentyFour

    Swiss private bank Vontobel is set to acquire a 60% stake in TwentyFour Asset Management, with plans to ultimately fully acquire the UK based fixed income boutique.

    25 Mar 2015

  • Credit Suisse follows dollar holdco bond with euro opco duo

    Credit Suisse has drawn in a €4.5bn combined book for a dual tranche senior offering out of its operating company, which follows its foray this week into the dollar market, where it issued holding company senior debt.

    25 Mar 2015

  • China mulls easing of QFII/RQFII obstacles

    China is considering simplifying the processes and restrictions related to its Qualified Foreign Institutional Investors (QFII) and Renminbi-QFII schemes, according to Nicole Yuen, Greater China COO for Credit Suisse.

    25 Mar 2015

  • Teva takes €2bn as euro gold rush continues

    Teva Pharmaceuticals priced its largest euro-denominated bond on Tuesday with a dual tranche eight and 12 year which came roughly flat to the dollar equivalent, according to bankers.

    25 Mar 2015

  • Emirates Airlines ECA backed sale broadens sukuk buyer base

    Emirates Airlines has built an orderbook of at least $3bn for its UK Export Finance guaranteed sukuk, which is bringing new buyers into the Islamic bond market, said bankers on the deal.

    25 Mar 2015

  • Akbank whips out a long one to market's delight

    Akbank paid 12.5bp NIP for a rare 10 year senior bond from a Turkish bank on Tuesday, the bank’s second appearance in the international market this year.

    25 Mar 2015

  • National Bank of Kuwait lines up for AT1

    National Bank of Kuwait has mandated banks for its inaugural a Basel III compliant tier one security.

    25 Mar 2015

  • HSBC to supply £6bn bridge for Hutchison's O2 buyout

    Hong Kong's Hutchison Whampoa has signed a facility agreement with HSBC for a £6bn ($8.95bn) bridge loan to back its acquisition of O2 UK from Spain's Telefónica.

    25 Mar 2015

  • Big periphery bid not over despite reduced Spain book

    Periphery eurozone sovereigns can still expect large demand in the coming months, said SSA bankers, despite a Spanish inflation linked bond this week drawing a small book compared to its peers’ deals this year.

    25 Mar 2015

  • Middle East makes all in EM

    While sovereigns took most of the attention last week, CEEMEA bankers are now trained on the Middle East and Turkey with Akbank pricing a rare 10 year from a Turkish Bank on Tuesday.

    25 Mar 2015

  • Stock Connect could overtake QFII in popularity, says Credit Suisse

    Upgrading the Shanghai-Hong Kong Stock Connect will ultimately make its investment proposition the one to beat for investors looking to China, according to Credit Suisse bankers at a conference on March 25.

    25 Mar 2015

  • Ras Al-Khaimah hits 10 years for big size at tight spread

    Ras Al-Khaimah drew praise from bankers on and off the deal for a $1bn 10 year sukuk that it priced on Tuesday.

    25 Mar 2015

  • HSBC defies weak FIG markets

    The primary market hasn’t been as strong this week as bankers had hoped, with the exception of HSBC’s second foray into the additional tier one market on Monday.

    25 Mar 2015

  • Tata Motors revs up for $1.2bn jumbo rights issue

    India’s Tata Motors is looking to raise up to Rp75bn ($1.2bn) from a nine-for-109 rights issue, after getting the green light from its board of directors on March 25.

    25 Mar 2015

  • BAML’s Cai jumps ship to Citi as head of China IB

    Citi has hired Catherine Cai from Bank of Merrill Lynch to take charge of its investment banking business in China.

    25 Mar 2015

  • Air France-KLM to test unrated HY hybrid demand in cooler market

    After a challenging couple of weeks that bankers have blamed on oversupply, the primary European corporate bond market has settled into a more moderate pace, but Air France KLM will test its resilience on Wednesday

    25 Mar 2015

  • Eco World covers $220m rights issue

    Malaysia’s Eco World Development Group has wrapped up its MR788m ($220m) one-for-two rights offering successfully, after getting just enough demand to cover books comfortably.

    25 Mar 2015

  • Equity-linked leaps into action with innovative Aabar, Telecom Italia deals

    In four working days, the volume of EMEA equity-linked issuance this year has quadrupled. Two unusually large deals, both into Italian blue chips — Telecom Italia and UniCredit — came on Thursday and Monday nights.

    25 Mar 2015

  • HNA International raises a lucky S$128m from bond issue

    Chinese conglomerate HNA Group (International) has made its way to Singapore, raising S$128m ($93m) from a two year offering.

    25 Mar 2015

  • White & Case moves Berg to head Asia

    White & Case has appointed partner Eric Berg as its new head of Asia as the law firm continues its expansion in the region.

    25 Mar 2015

  • India Exim plants country’s first dollar green bond

    Export-Import Bank of India (India Exim) hit the market with a landmark transaction on March 24, raising $500m with the country’s first dollar-denominated green bond.

    25 Mar 2015

  • TPG-backed AGS targets $217m IPO, files with Sebi

    AGS Transact Technologies has filed a preliminary prospectus with the Securities and Exchange Board of India for an IPO of around Rp13.50bn ($217m), adding to the momentum already being seen in the country’s ECM market this year.

    25 Mar 2015

  • Sensitive investors make Cowell $114m from IPO

    South Korea’s Cowell e Holdings has raised HK$884m ($114m) by pricing its IPO just above above the bottom of the price range, as concerns about a possible overhang following the listing and the company’s excessive dependence on Apple caused some price sensitivity.

    25 Mar 2015

  • Guarantee helps IL&FS price third dim sum bond

    IL&FS Transportation Networks has wrapped up its third outing to the offshore renminbi (CNH) bond market, successfully raising proceeds to repay an outstanding debt that comes up for redemption at the end of April. This time the issuer enhanced the credit support with a guarantee from its onshore parent.

    25 Mar 2015

  • Crédit Agricole debuts Formosa and Yuanta Bank returns

    Crédit Agricole priced its debut renminbi offering in Taiwan on March 20, while Yuanta Bank returned with a new two year bond a day earlier, adding two more deals to this year’s flurry of financial names tapping the Formosa market.

    25 Mar 2015

  • ColTel talks price as LatAm seeks corporate supply

    Colombia’s second largest telecoms company ColTel announced initial price thoughts of mid to high 8% for a perpetual non-call five hybrid bond on Tuesday, as Monday’s deal from its 30% shareholder — the Colombian government — traded up.

    25 Mar 2015

  • Puma makes slick entry for $725m multi trancher

    Puma International Financing is raising a $725m multiple tranche loan for refinancing and general corporate purposes. A diverse set of banks have formed the top level group, with lenders from Australia, the Middle East, China, Europe and South Africa in lead roles.

    25 Mar 2015

  • RMB usage falls but prospects high, says HSBC

    HSBC published on March 24 its yearly RMB internationalisation report. Among its key findings were the fact that usage of RMB dropped by a fifth, to 17% of respondents, although nearly a quarter of surveyed executives are considering using it in future.

    25 Mar 2015

  • RMB settlement hub launches in Canada

    Canada officially launched its renminbi settlement hub this week, after the country became the first RMB hub in the Americas in November last year.

    25 Mar 2015

  • Capital One doubles down in credit card ABS

    Capital One upsized its first credit card ABS issuance of the year, more than doubling the $500m in issuance the sponsor originally planned.

    24 Mar 2015

  • Lacklustre CLOB participation needs trading incentives

    Active trading on central limit order books needs larger liquidity providers and better incentives for more dealers and buyside firms to actively participate, say market participants.

    24 Mar 2015

  • MOEX moves to T+1 derivatives settlement

    The Moscow Exchange is overhauling its settlement period for Russian federal government bond (OFZ) derivatives by focusing on the automatic delivery of traded contracts.

    24 Mar 2015

  • Hedge funds driving NPL RMBS issuance

    Hedge funds are driving issuance of securitizations backed by non-performing loans, and money managers are hungry for the paper.

    24 Mar 2015

  • Freddie STACR deal heads big day for GSEs

    Freddie Mac’s second STACR issuance from its higher LTV HQ series was priced on Tuesday. Elsewhere, Fannie Mae listed its risk sharing deals abroad.

    24 Mar 2015

  • Camden market company issues £112m convertible soon after IPO

    Market Tech Holdings, the company that owns London’s Camden Markets and floated for £100m on Aim in December, raised £112.5m to finance recent acquisitions on Tuesday, with a convertible bond.

    24 Mar 2015

  • Aabar gets delayed conversion on UniCredit exchangeable bond

    Aabar Investments, the Abu Dhabi investment group, raised €2bn with its second exchangeable bond on Tuesday, to repay a €1.25bn exchangeable into Daimler shares it issued in 2011.

    24 Mar 2015

  • ESMA looks to limit retail access to embedded derivatives

    As part of MiFID II, the European Securities and Markets Authority is soliciting comment on debt instruments with embedded derivatives. The outcome could restrict retail customers’ access to such products.

    24 Mar 2015

  • Ally Bank names new president

    Ally Bank, the online direct banking unit of auto ABS sponsor Ally Financial, has appointed a new president to replace Barbara Yastine.

    24 Mar 2015

  • Russia still has international fans, Lenta’s $225m accelerated capital raising shows

    That some international investors still have appetite for Russian risk was made clear again on Monday night, when Lenta, the hypermarket group, raised $225m of new capital to finance expansion.

    24 Mar 2015

  • Leads defend reduced order book for Spain linker

    Spain hit the euro market on Tuesday to sell its second 15 year syndication of 2015, following up a conventional deal earlier in the year with its third ever syndicated linker.

    24 Mar 2015

  • Air France KLM's unrated hybrids might yield 5.5%-6%

    Air France KLM may have to offer a yield of up to 6% on its unrated hybrid bonds, according to market participants.

    24 Mar 2015

  • AFL debuts with twice subscribed benchmark

    French government agency Agence France Locale has launched its first ever bond and found enough demand to tighten its final spread by 3bp.

    24 Mar 2015

  • Deutsche launches Harp CMBS

    Deutsche Bank has issued initial price thoughts on Deco-2015 Harp, which will be the first Irish CMBS priced since the financial crisis.

    24 Mar 2015

  • Make no mistake, Project Euro is in big trouble

    Greece’s euro-denominated future hangs in the balance. Greater integration and less sovereignty is needed to save the European project, but the ideological gap between Greece and Germany shows it will be nearly impossible to achieve.

    24 Mar 2015

  • Danube Foods on course with buyout loan as EBRD joins

    A loan backing Danube Foods’ buyout by Mid Europa Partners is finding good demand in syndication, say bankers on the deal.

    24 Mar 2015

  • Azerbaijani banks find demand for international loans

    International Bank of Azerbaijan and AccessBank are progressing well in their pursuit of international loans, say bankers, and are on course to close deals soon.

    24 Mar 2015

  • Centrica plans its first hybrids after Moody's downgrade

    Centrica, the UK energy company, is to launch its first hybrid bond, and has hired banks to arrange a four day roadshow for a the deal, set to be in sterling and euros.

    24 Mar 2015

  • Contractually or not, senior is bail-inable

    Investors in bank senior unsecured bonds have sailed through most of the crisis believing they are safe from haircuts if the bank fails. They’ve been wrong before, and as time goes on, it should be ever more clear that they face real credit risk.

    24 Mar 2015

  • Morgan Stanley tops off senior reshuffle with Jabre appointment

    Morgan Stanley has appointed Kamal Jabre as head of financial sponsors EMEA, in what is expected to be a final move in its reshuffle of senior leadership.

    24 Mar 2015

  • Veolia announces bond issue and up to €500m tender offer

    Veolia Environnement, the French water and waste management company, has announced a global investor call for a new bond issue as it tenders for three existing notes.

    24 Mar 2015

  • Foncia allocates tightly but gives investors soft call sweetener

    French property management firm Foncia has allocated its €270m add-on to acquisition loans after tightening pricing on the deal.

    24 Mar 2015

  • Touax boards HY refi ship with profits in red

    Touax Group, the French container leasing company, on Tuesday began marketing a €200m secured bond as it refinances its balance sheet.

    24 Mar 2015

  • UK sparks debate on timing of next Gilt syndication

    The UK Debt Management office has received strong support for launching an index-linked Gilt via syndication in the next quarter — but found a difference of opinion on timing.

    24 Mar 2015

  • Default an explicit possibility for DTEK

    DTEK Energy Group, the largest privately owned energy company in Ukraine, is warning of a possible default as it attempts to exchange its $200m Eurobonds due April 28, 2015.

    24 Mar 2015

  • Dutch see ‘record high’ property turnover

    Dutch houses changed hands at a record rate in December as tighter lending rules and a reduction in the maximum mortgage size eligible for government guarantee begin to bite.

    24 Mar 2015

  • Teva to price flat to dollars

    Teva Pharmaceutical Industries is out in the market with a dual tranche euro-denominated bond. Bankers expected the deal to be priced flat to the borrower’s dollar curve.

    24 Mar 2015

  • VTB Capital faces senior credit trader departures

    VTB Capital’s string of departures has continued into this year, with an experienced credit trader set to quit the bank at the end of the month.

    24 Mar 2015

  • RAK readies pricing on 10 year sukuk

    Ras Al-Khaimah has set the final pricing range for a 10 year benchmark sukuk.

    24 Mar 2015

  • Emirates eyes Wednesday finish for structured sukuk

    Emirates Airlines is planning on landing its UK Export Finance backed sukuk on Wednesday, and has set a pricing range for the groundbreaking deal.

    24 Mar 2015

  • Commerz struggles to drum up demand for three year

    Commerzbank suffered from soft market conditions when selling a new three year trade on Tuesday, drawing only a small oversubscription despite offering what was judged to be an attractive premium.

    24 Mar 2015

  • The EM house isn't about to burn down

    With the first US rate hike in years drawing closer, it’s no surprise to see analysts and public officials singling EM out as the source of the next credit crisis. But a well-meaning warning without nuance can look a lot like scaremongering.

    24 Mar 2015

  • FMO to revisit sustainability bond market

    A Dutch agency is set to bring a sustainability bond in the coming weeks, after mandating banks for a roadshow on Tuesday.

    24 Mar 2015

  • Akbank returns for $500m top-up

    Akbank has returned to market with a 10 year $500m no grow, its second dollar offering of the year and its second instalment of a $1bn refinancing.

    24 Mar 2015

  • World Bank treasurer departs for private sector

    Another supranational issuer is on the hunt for a new treasurer after the incumbent announced plans to leave in July, following a flurry of moves elsewhere in the sector.

    24 Mar 2015

  • BPE structures unsecured SME loan CDO

    Banco Popular Espanol has structured a two tranche €3bn securitization of unsecured Spanish SME loans, as public ABS supply from Spain remains elusive.

    24 Mar 2015

  • BNP Paribas, HSBC and RBS fail Fed resolution plan

    US regulatory authorities said on Monday that BNP Paribas, HSBC and Royal Bank of Scotland had failed to provide adequate resolution plans in 2014, and must address the failures before submitting this year’s plans.

    24 Mar 2015

  • China doubles down on green bonds with two new reports

    Chinese green bonds came another step closer this week with the publication of two reports that outline recommendations for the sector while taking into account the specifics of the country’s bond and green energy sector. Suggestions include a new body to review existing and upcoming green standards, the provision of tax breaks and engaging municipal bonds in green bond issuance.

    24 Mar 2015

  • GMR secures KKR support for $227m rights issue

    GMR Holdings has secured funds from KKR Capital Markets to sign up for its entitlement in the Rp14.02bn ($227m) rights offering being conducted by GMR Infrastructure, providing a massive boost to the equity-raising.

    24 Mar 2015

  • No doubt as investors pile into Inox Wind IPO

    Inox Wind has raised Rp10.40bn ($166m) by pricing its IPO at the top of guidance, as investors piled in and showed no sensitivity to the Indian stock and its valuation.

    24 Mar 2015

  • Applaud Indonesia's foreign debt caution

    Indonesia's central bank was right to introduce new rules on foreign debt issuance by private corporates in January. Untethered growth in foreign debt without adequate hedging is a dangerous combination, as Indonesia's currency crisis in 1998 showed.

    24 Mar 2015

  • Fuyao expected to price $952m IPO at the top

    The leads on Fuyao Glass Industry Group Co’s HK$7.39bn ($951.67m) IPO are guiding investors to the top of its HK$14.80-HK$16.80 marketing range, amid solid demand for its shares and a book that is now multiple times covered.

    24 Mar 2015

  • Century Ginwa opens up $120m refi facility

    Chinese department store operator Century Ginwa Holdings is looking for a $120m three year amortising loan, with Chang Hwa Bank as sole agent.

    24 Mar 2015

  • Capital markets chief Young starts work at Mitsubishi UFJ

    Paul Young has started working at Mitsubishi UFJ Securities in the US as the managing director, international head of capital markets, having quit from Citi last December following 28 years at the American bank.

    24 Mar 2015

  • JSW steams ahead with $802m QIP plans

    JSW Energy, part of Indian conglomerate JSW Group, is preparing to hit the ECM market with a qualified institutional placement of up to Rp50bn ($802m), as the company looks to shore up capital to put to use for its growth plans.

    24 Mar 2015

  • Hong Kong should not bow to dual class pressure

    The battle between exchanges in the US, Hong Kong and mainland China to lure technology companies to list has intensified. Now Hong Kong is once again considering allowing the dual class shareholding favoured by tech companies. But the city’s exchange should not bow too quickly to the pressure to change its one share, one vote system.

    24 Mar 2015

  • India Exim launches country's first dollar green bond

    Export-Import Bank of India (India Exim) is looking to issue the first dollar-denominated green bond out of the country, opening books to a five year offering on March 24.

    24 Mar 2015

  • IL&FS returns to RMB to refinance dim sum debut

    IL&FS Transportation Networks has returned to the offshore renminbi (CNH) debt market as ahead of its outstanding dim sum bond redeeming next month.

    24 Mar 2015

  • Rating upgrade drives Hyundai Capital to 144A success

    Hyundai Capital Services returned to the offshore debt market, pricing a 5.5 year dollar bond on March 23. The rarity of high quality Korean corporate credits, the name value of Hyundai as well as a recent rating upgrade attracted strong demand, allowing the Korean issuer to achieve both its size and pricing aims

    24 Mar 2015

  • BoC Aviation flies high with debut 144A

    Bank of China Aviation (BoC Aviation) was looking to diversify its investor base with its 144A debut, and it achieved just that, with the US taking up half the allocation.

    24 Mar 2015

  • Colombia goes long for liquidity

    Monday was a bank holiday in Colombia but so well has the market reacted to last week’s US Federal Reserve statement that the South American nation ignored a sleepy day in Bogotá to stride into markets and tap its recently issued 2045s.

    24 Mar 2015

  • Universal Medical targets $600m from Hong Kong IPO

    Universal Medical Services & Health Management Company is the latest healthcare-related business to file for an IPO in Hong Kong, in a deal that could raise between $300m-$600m.

    24 Mar 2015

  • Axis Bank signs up six for $300m club

    Axis Bank, India’s third largest private lender, has signed a $300m loan with a club of six lenders.

    24 Mar 2015

  • Wells planning $274m NPL first

    Wells Fargo Securities is marketing a $274m securitization of non-performing loans held by an affiliate of the bank, according to deal documents.

    23 Mar 2015

  • Ocwen bites back, says investors just want foreclosures

    Ocwen Financial has publicly challenged RMBS investors' arguments that collateral should be transferred to other servicers that might be more likely to foreclose on borrowers.

    23 Mar 2015

  • Correlation head departs from Swiss bank

    A senior structured credit banker has left UBS's investment bank in London.

    23 Mar 2015

  • Eurex to offer short dated exposure in Bund options

    Eurex will launch options on Euro-Bund futures with weekly expiries in April, which will allow investors to gain short term exposure to interest rate moves and event-driven activity, experts say.

    23 Mar 2015

  • Hoist Finance closes oversubscribed IPO book today

    Hoist Finance, the Swedish firm specialised in buying and managing unsecured non-performing consumer loans, is today closing the book of its Stockholm IPO.

    23 Mar 2015

  • Carrefour sells block after year high, while Lenta seeks new capital

    Two equity block trades are in the market tonight, both in supermarket groups: Russia’s Lenta and France’s Carrefour.

    23 Mar 2015

  • Aabar launches up to €2bn UniCredit exchangeable to take out Daimler bond

    Aabar Investments, the investment arm of Abu Dhabi’s International Petroleum Investment Corp, is this evening bookbuilding a bond of €1.5bn to €2bn, exchangeable into shares of UniCredit.

    23 Mar 2015

  • Shawbrook starts building book for £180m IPO

    Shawbrook, the UK challenger bank, today launched the bookbuilding phase of its initial public offering, as the firm looks to raise at least £180m on the London Stock Exchange.

    23 Mar 2015

  • Alpha Trains completes first German whole business securitization

    Alpha Trains has sold €350m of public senior secured bonds, a €250m senior private placement and a €125m junior private placement as part of its whole company securitization.

    23 Mar 2015

  • Suez refinances last of hybrid from 2010

    French water and waste management company Suez Environnement has refinanced its hybrid bond, due to be called in September, with a new €500m non-call seven year hybrid.

    23 Mar 2015

  • Esterline joins US HY issuers coming to euros

    Esterline Technologies Corp on Monday announced it would offer €330m of senior unsecured bonds, the fifth high yield issue in euros from a US company in March.

    23 Mar 2015

  • DAIG raises €1bn to refinance Gagfah loan

    Deutsche Annington (DAIG), the German housing company, has issued a €500m five year and a €500m 10 year bond.

    23 Mar 2015

  • Winston & Strawn hires four in New York

    Law firm Winston & Strawn is expanding its leveraged finance practice in New York, with growth in structured finance part of its strategy.

    23 Mar 2015

  • Latter heads to BAML to run South African IB

    Kevin Latter has been appointed head of investment banking in South Africa at Bank of American Merrill Lynch.

    23 Mar 2015

  • AFD in for a pound as sterling market entices issuers

    Sterling is an enticing proposition for SSAs this week thanks to an attractive basis swap into euros and smaller execution risk than the single currency — and one issuer is taking advantage.

    23 Mar 2015

  • AFL set for debut as euro issuers digest curve repricing

    The SSA market is set to welcome a new name this week, after a French agency hit screens with initial price thoughts for a debut benchmark.

    23 Mar 2015

  • OeKB prints in Kanga drought

    Oesterreichische Kontrollbank returned to Australian dollars on Monday with a debut tap of a long dated Kangaroo bond, during a period of scarce supply in the format.

    23 Mar 2015

  • Scout24 seeks loan add-on

    Scout24, the German online directories and listings company, is seeking an add-on to its debt facilities and has arranged a Tuesday call with investors.

    23 Mar 2015

  • Ares and GE Capital back KKR's Trainline.com buyout

    Ares and GE Capital have made a £265m anchor investment backing KKR’s acquisition of Thetrainline.com, using their €3bn joint loan fund.

    23 Mar 2015

  • E.ON Spain and Portugal acquisition loan's deadline pushed out

    The €275m loan backing the sale of E.On's Spanish and Portuguese assets is still in the leveraged finance market, after passing an initial March 20 deadline for commitments without the book being closed.

    23 Mar 2015

  • Eurozone ABS struggles to dent UK dominance

    Eurozone ABS deals are beginning to hit the primary market with greater frequency, but bankers are struggling to escape the irony of the European Central Bank’s intervention stimulating more issuance in sterling than euros.

    23 Mar 2015

  • LCH appoints new head of CDSClear

    LCH.Clearnet is replacing Gavin Wells as global head of CDSClear by promoting the product's head of in-business risk.

    23 Mar 2015

  • Paprec sells €480m HY green bond, but HY buyers still focused on the credit

    Paprec Group, the French waste recycling company, sold a dual-tranche green bond last Friday (March 20), in the fourth such deal in the high yield market, according to Standard & Poor’s research.

    23 Mar 2015

  • BoA defies weak tone to hit senior

    Bank of America was the sole issuer to hit the senior market on Monday, defying a weak close to the end of last week to open books for a 10 year euro print.

    23 Mar 2015

  • Russians rush in with tender offers

    Two Russian banks announced tender offers this week — Tinkoff Credit Systems and Russian Standard Bank.

    23 Mar 2015

  • HSBC offers enticing premium for second AT1

    HSBC opened books for its second ever additional tier one deal on Monday morning, offering what bankers away from the trade judged to be an attractive level for an SEC registered dollar trade.

    23 Mar 2015

  • Ukraine out with RFP for $1bn bond

    The Republic of Ukraine has sent out a RFP for a $1bn US Agency for International Development backed bond.

    23 Mar 2015

  • Emirates puts out pricing for landmark sukuk

    Emirates, the airline, released initial price thoughts on Monday morning for the first sukuk ever to come with a guarantee from the UK’s Export Credit Guarantee Department.

    23 Mar 2015

  • Saudi's Apicorp agrees $950m of Shariah compliant loans with banks

    Arab Petroleum Investments Corporation (Apicorp), the Saudi investment company, has agreed $950m of Shariah compliant syndicated loans with regional and local banks.

    23 Mar 2015

  • Loan Ranger: The dark side of the moon

    Loans bankers were excited and well prepared for the solar eclipse on Friday. So it was only Loan Ranger charging about last minute on a hunt for ocular protection…

    23 Mar 2015

  • MCT Consortium shortens bookbuilding but orders strong

    MCT Consortium will open books slightly later than expected on Wednesday for its MR594.75m ($160.66m) IPO in Malaysia. The shortened bookbuilding period is not expected deter the listing however, as demand is looking strong thanks to anchor bids from local investors and one regional property developer.

    23 Mar 2015

  • JP Morgan underwriting Pirelli acquisition financing

    JP Morgan is underwriting a financing to back China National Chemical Corp’s (ChemChina) acquisition of Italian tyre maker Pirelli, a deal that values the company at €7.1bn ($7.68bn).

    23 Mar 2015

  • Hong Kong makes housecall for $200m Harmonicare IPO

    Harmonicare Medical Holdings is looking to raise between $150m-$200m in a Hong Kong IPO, making it the third healthcare-related issuer to seek an IPO there in the past week.

    23 Mar 2015

  • India Exim firms up plans for landmark green bond

    Export-Import Bank of India (India Exim) is close to finalising the details of a landmark transaction this week with the agency looking to sell India’s first dollar-denominated green bond.

    23 Mar 2015

  • Ordure in the courts! Or: the Case of the Golden Movement

    When former Rabobank analyst Olly Burrows’ wife and one of their four children came home early to find a burglar trashing their upstairs bedroom, it was not funny.

    23 Mar 2015

  • Basel ‘cannot justify’ mortgage risk weights

    The UK’s Council of Mortgage Lenders has said the Basel Committee on Banking Supervision has presented “no evidence” to justify the higher risk weightings proposed for mortgages.

    23 Mar 2015

  • Inox breezes through $166m Indian IPO

    Inox Wind’s Rp10.40bn ($166m) Indian IPO has seen a stellar response from the market as investor demand takes books to 18 times covered, with pricing now widely expected to come out at the top of the range.

    23 Mar 2015

  • Clearstream opens cash correspondent bank accounts in RMB hubs

    Clearstream, the international central securities depository of Deutsche Börse Group, is making further progress in its Asia strategy by opening offshore renminbi cash correspondent bank (CCB) accounts with Chinese banks based in Frankfurt, Luxembourg and Singapore.

    23 Mar 2015

  • Asimco said to revise terms on $120m loan

    Diesel engine component maker Asimco is said to be mulling revising terms for its $120m refinancing loan, to allow banks to get through their credit process more easily.

    23 Mar 2015

  • Qualitas holds off $150m IPO amid new development

    Qualitas Healthcare Corp will delay its $150m IPO in Malaysia to make way for a new, unspecified corporate development

    23 Mar 2015

  • Bank of China cross-border RMB index takes a dip

    The Bank of China (BoC) proprietary cross-border RMB index (CRI) fell by a sharp 8.2% in January 2015 on the back of first time net RMB inflows and reduced usage of RMB for trade settlement.

    23 Mar 2015

  • Centurion defers SGX Reit listing

    Centurion Corp, which said this January that it was considering setting up a real estate investment trust (Reit) in Singapore, is now deferring the move after consultation with the city-state’s stock exchange.

    23 Mar 2015

  • Peru LM gave bond market what it wanted, say bankers

    Liquidity, duration and high credit quality helped the Peru to an oversubscribed bond deal last week after the sovereign announced the results of a liability management.

    23 Mar 2015

  • KoRes and Astra Sedaya prep dollar bonds

    Korea Resources Corporation (KoRes) and Astra Sedaya Finance are gearing up for dollar offerings having mandated banks to run investor meetings.

    23 Mar 2015

  • Hyundai Capital woos US with 144A/Reg S dollar

    Hyundai Capital Services has returned to the international market, opening books to a 5.5 year 144A/Reg S dollar bond on Monday.

    23 Mar 2015

  • Total Derivatives: Short-end CNY bid emerges on curve move

    Recent comments from the People's Bank of China (PBoC) have strengthened the CNY and supported the short end of the swap curve. With longer maturities pushing higher on improved risk sentiment, the curve has steepened. Meanwhile, with Canada next in line to become an offshore trading hub, CAD/CNY is to become directly tradeable, writes Deirdre Yeung of Total Derivatives.

    23 Mar 2015

  • GF Securities kicks open $3.6bn IPO with juicy discount

    GF Securities is making a big splash in the ECM market, opening books for its Hong Kong IPO of up to HK$27.9bn ($3.6bn) on Monday, March 23 and offering a very generous discount to where the company’s A-shares are trading. The bargain buy has resonated well with the market, with cornerstone investors having signed up for more than half of the entire trade.

    23 Mar 2015

  • Asiamoney's Asia Islamic bank awards: winners announced

    Asiamoney announces the winners of its latest annual Asia Islamic bank awards, after a year in which the industry continued to develop in size and scope. The awards are listed below, and full write-ups of each decision will be published online and in print at the end of April.

    23 Mar 2015

  • BoC Aviation out with maiden 144A bond

    Bank of China Aviation is out in the market receiving bids for a five year bond on March 23 as it looks to complete its first ever outing in Reg S/144A format.

    23 Mar 2015

  • Kofu International shops for $500m three year

    Taiwanese investment holding company Kofu International has launched a $500m dual tranche financing into general syndication. The loan is offering lenders plenty of security, including a pledge to the shares of one of the borrower’s subsidiaries.

    23 Mar 2015

  • HSBC retains top rankings in Asiamoney’s Offshore RMB Poll 2015

    HSBC reigns supreme for the fourth year running as the best overall provider of offshore RMB products and services, in Asiamoney’s largest and most competitive Offshore Renminbi (RMB) Poll. The UK-headquartered bank tops the poll as voted by clients from around the world.

    23 Mar 2015

  • Proactive approach needed as regulators crack down on trade reporting

    As regulators begin imposing penalties for compliance transgressions in swaps markets, firms must build out their operational and reconciliation frameworks, as well as tracking the source of errors and adjusting to new problems dynamically, according to market officials.

    20 Mar 2015

  • Despite increased risk events, euro/dollar has upside benefits

    Even though volatility risks in euro/dollar options are as high as before the Federal Open Market Committee meeting, medium term gains based on the currencies reaching parity and a strengthening dollar make buying calls with a focus on upside euro convexity a viable trade, according to strategists.

    20 Mar 2015

  • OHL scores saving with €325m refi bond, but banks sell bonds at loss

    Obrascón Huarte Lain, the Spanish construction company, has managed to achieve savings of 325bp while making banks on the deal bridge the gap between the offer price and what investors have paid to them.

    20 Mar 2015

  • Telefónica contemplates €3bn capital raise

    Telefónica, the Spanish telecoms company, is expected to raise €3bn of capital to participate in an acquisition-related rights issue by Telefônica Brasil.

    20 Mar 2015

  • Tel Italia €2bn CB wins on size, cost, premium

    Telecom Italia’s €2bn convertible bond, launched on Thursday night and priced on Friday morning, was a big success, netting it cheap funding with a very unusual 70% conversion premium.

    20 Mar 2015

  • Funding scorecard: French agencies

    Read on to see how selected French agencies are progressing through their 2015 funding programmes, including one which is already 75% through.

    20 Mar 2015

  • Secondary pricing update: Eurozone volatility and US rally

    Volatility in eurozone government bonds took their toll on some bonds in this week’s secondary pricing table.

    20 Mar 2015

  • Kering prices €500m 6yr as €750m due date approaches

    French luxury goods holding company Kering has issued a €500m seven year bond.

    20 Mar 2015

  • Armenia combines buyback and new issue to target EMBI

    Armenia sold $500m of 10 year notes on Thursday while simultaneously completing a buyback of its 6% 2020s at par.

    20 Mar 2015

  • Lufthansa plans debut hybrid as pilot strikes hit flights

    Deutsche Lufthansa, the German airline company, has announced its intention to issue its first hybrid bond, in the same week that strikes forced it to cancel hundreds of flights.

    20 Mar 2015

  • BoC index to track onshore-offshore RMB bond yield spread

    Bank of China (BoC) has created an index to track the spread between onshore and offshore RMB bonds. The bank hopes that the new BoC Credits Investing & Financing Environment Difference Index (CIFED) will provide corporates and financial institutions with a valuable metric to help decision making.

    20 Mar 2015

  • Banks get creative on Stock Connect solutions to boost volumes

    The Shanghai Hong Kong Stock Connect is set to see trading volumes grow further on the back of a new system that will further address the risks arising from its pre-delivery check requirements.

    20 Mar 2015

  • Vistra serves up Hong Kong IPO

    Vistra Group is looking to list in Hong Kong, hiring JP Morgan and Morgan Stanley as its lead bankers.

    20 Mar 2015

  • IndiGo to soar for $500m IPO in Q2

    Indian budget airline IndiGo is aiming for a listing in the second quarter of this year, via a deal expected to raise between $400m and $500m, say sources close to the situation.

    20 Mar 2015

  • RMB round-up: March 20, 2015

    In this round-up, RMB clearing in Hong Kong and RMB trade settlement in China fall in February, Taiwan RMB deposits rise to a record, Suriname gets an RMB swap line, and the Shanghai International Energy Exchange plans to allow foreign investors in the crude oil futures domestic market.

    20 Mar 2015

  • Huawei plugs in with RFP for new loan

    Huawei Technologies has sent a request for proposals for a borrowing of around $1bn, said bankers.

    20 Mar 2015

  • Beijing Capital Group gears up for first dollar outing

    State owned enterprise Beijing Capital Group (BCG) is planning to issue its first ever dollar bond having scheduled a series of investor meetings starting on March 23.

    20 Mar 2015

  • Demand prompts Cheung Kong to cut HK$55bn loan pricing

    Cheung Kong Property has cut pricing on its HK$55bn ($7.1bn) reorganisation loan after around 20 banks expressed an interest in joining with a chunky HK$5bn ticket.

    20 Mar 2015

  • Mizuho issues $2.5bn replica four trancher

    Mizuho Bank printed its first dollar issue of the year on Thursday, printing a multi-tranche offering that consisted of the same structure and size of its last outing in September. The Japanese lender took advantage of the cautious market sentiment following Federal Open Market Committee (FOMC) meeting this week to effortlessly bag $2.5bn.

    20 Mar 2015

  • Investors land Malaysia Airports $396m rights offering

    Malaysia Airports Holdings has received a very positive response from shareholders for its MR1.32bn ($396m) rights offering, with investors piling in for far more shares than were available as part of the one-for-five issuance.

    20 Mar 2015

  • STP returns with triple trancher to refi 2014 bridge

    Indonesian tower company Solusi Tunas Pratama is in the market for a triple tranche loan to take out what is left of a bridge it sealed with five banks in December last year.

    20 Mar 2015

  • Italy EUR8bn 1.65% Mar 32

    19 Mar 2015

  • AFD EUR1bn 0.875% Mar 31

    19 Mar 2015

  • Sweden USD1.75bn 1.625% Mar 20

    19 Mar 2015

  • BNG USD 1.75% Mar 20

    19 Mar 2015

  • LatAm duo join EM sovereign rush but oil hits Ecuador

    Emerging markets sovereigns saw US Treasury yields at their lowest in nearly two months at Wednesday’s close and rushed to announce deals on Thursday morning. Peru and Ecuador ensured that Latin America was no exception, but results were mixed.

    19 Mar 2015

  • ColTel, Red Dorsal to test LatAm with rare structures

    Investors complaining about a lack of corporate new issues from Latin America so far this year have plenty of credit work for the next few days as two companies aim to launch deals with unusual structures.

    19 Mar 2015

  • Pacific bonds stabilise after Rubiales blow

    Colombia’s Pacific Rubiales appears to have headed off a rout of its bonds after it persuaded lenders to relax covenants on its revolving credit facility.

    19 Mar 2015

  • Issuers must serve investors with buybacks

    The US Federal Reserve this week said it may raise its benchmark rate for the first time in nearly seven years — holders of dollar callable medium term notes may rue the day they took on the paper. But issuers should still look after them.

    19 Mar 2015

  • Economic data to finally overshadow central bank intervention

    At its March meeting, the US Federal Reserve began winding down its policy of extreme transparency and forward guidance, pushing market participants to rely now on economic data instead of qualitative nudges from the central bank.

    19 Mar 2015

  • EQD investor scoops puts on $ index ETF

    One investor was seen buying a sizeable number of put options on the PowerShares DB US Dollar Index Bullish exchange-traded fund this week, indicating that they are seeking to mitigate exposure to the US dollar if its performance slows down or weakens, according to strategists.

    19 Mar 2015

  • Bulgaria makes all with €3.1bn landmark

    Bulgaria stormed back into the market with a giant triple trancher on Thursday — the largest ever euro-denominated bond from an emerging market sovereign.

    19 Mar 2015

  • Is UK sale right for tax payers?

    Getting assets out of the public sector has an obvious appeal. But it’s not always a great trade.

    19 Mar 2015

  • Jyske Bank EUR500m FRN Mar 18

    19 Mar 2015

  • EIB’s little EARN sparks premium debate

    The European Investment Bank this week sparked a vehement discussion over new issue premia in euro benchmark issues in the era of European Central Bank quantitative easing.

    19 Mar 2015

  • Auto Trader flies after completing largest UK IPO so far this year

    Auto Trader shares shot up on the start of trading Thursday, at one point reaching a high 16.5% above issue price, after the new and used car sales website completed its £1.39bn London listing.

    19 Mar 2015

  • Italy discovers hedge fund shift with €8bn 17 year

    Italy showcased the rampant demand at the long end of the euro curve with a record equalling €8bn deal this week — but also highlighted new hedge fund behaviour.

    19 Mar 2015

  • Freddie Mac brings risk-sharing deal with higher LTVs

    Freddie Mac is marketing its second risk-sharing issuance of the year, which is backed by loans with lower down payments than its last one.

    19 Mar 2015

  • Russian loans talks pick up as Gazprom unit joins growing deal drive

    Talks around Russian loans gathered pace this week, with Uralkali looking increasingly likely to arrive first and Gazprom Marketing & Trading joining the potential pipeline.

    19 Mar 2015

  • Covered bonds stabilise after weak start

    Covered bonds saw a week of two halves, characterised by profit taking and weakness to begin with which was followed by a more stable tone over the rest of the week. And, with offers likely to dry up before long, the first zero coupon new issue covered bond could be seen in a few weeks.

    19 Mar 2015

  • Bull run makes corp hybrid popular, not tame

    Corporate hybrid capital bonds have been a big beneficiary of this year's credit bull run in Europe, powered by quantitative easing, writes Richard Metcalf. But they have not lost their power to cause controversy and upsets.

    19 Mar 2015

  • ASF’s Deutsch raising cash for new hedge fund

    Tom Deutsch, the controversial executive director of the American Securitization Forum, is understood to be working with a partner to raise money for a new securitization focused hedge fund.

    19 Mar 2015

  • Dollar borrowers get in ahead of Federal Reserve meeting

    A trio of issuers got dollar deals away on Tuesday ahead of a Federal Open Market Committee meeting on Wednesday when the US Federal Reserve dropped “patience” from its language on rate rises, causing US Treasury yields to drop.

    19 Mar 2015

  • UK to close book on Lehman era with £13bn mortgage sale

    The UK government wants to leverage surging demand for exposure to the country to offload some £13bn of mortgages it acquired from Northern Rock after the collapse of Lehman Brothers, writes Tom Porter.

    19 Mar 2015

  • German law set to sound death knell for senior bank funding

    The answer to one of the biggest questions in banking in the post-crisis era of regulation may be taking shape in Europe. A new law in Germany will have frightening consequences for senior unsecured buyers if passed.

    19 Mar 2015

  • Telecom Italia launches €2bn convertible for cheap funding

    Telecom Italia has launched a €1.5bn to €2bn convertible bond with a 70% premium this evening, which market participants said appeared designed to raise cheap funding, without taking the risk of the bond actually converting to equity.

    19 Mar 2015

  • First block trade in Com Hem prices well

    Thursday’s accelerated bookbuild action comprised the first block trade in Com Hem, the Swedish cable company, since its IPO.

    19 Mar 2015

  • MTN Leak: Fly to Me Argentina

    While most bankers in London this week were probably celebrating St Patrick’s day on Tuesday, or at least wishing they could be, one fellow from the MTN world had his eye firmly focused on the southern hemisphere.

    19 Mar 2015

  • Callable boom could falter on US rate rise

    Demand for callable MTNs from sovereign, supranational and agency issuers has skyrocketed in 2015 but, when short term rates start rising in the US, investors could be left holding expensive paper. While many issuers will come to the rescue and buy back on demand, some buyers will have to live with their investment.

    19 Mar 2015

  • Brits Abroad: UK lenders seek investors as trio hit foreign currency market

    Lloyds Bank will be the next UK lender to leverage foreign demand for its assets, after compatriots Santander UK and Paragon found favour in both dollars and euros this week.

    19 Mar 2015

  • EDP trims third off TDR spread in face of BTPs

    Energias de Portugal (EDP) printed its third tariff deficit receivables (TDR) securitization some 100bp inside its second on Wednesday, though the deal was only slightly oversubscribed.

    19 Mar 2015

  • Irish CMBS leads building European pipeline

    Scepticism over the European Central Bank’s ability to stimulate meaningful eurozone ABS issuance is alive and well, but there have been further signs this week that increased risk appetite is broadening the scope of supply hitting the primary market.

    19 Mar 2015

  • BAML adds to chorus of concern on buyer base

    Bank of America Merrill Lynch analysts are concerned that European investors could shy away from poor volumes in their own region in favour of the US market.

    19 Mar 2015

  • Equity trading chief to join Citi

    Emmanuel Girod, the ex-co-head of Europe, the Middle East and Africa equity-linked trading at Bank of America Merrill Lynch in London, is set to join Citigroup, also based in London.

    19 Mar 2015

  • When RMBS are safer than covered bonds

    Covered bonds and RMBS share important similarities, as both the European Central Bank and Bank of England acknowledged last year in a discussion paper. As the two asset classes evolve, the vastly different regulatory regimes applied to each should become more difficult to justify.

    19 Mar 2015

  • The big CLO-down? Loan scarcity puts brakes on dealflow

    Despite a glut of new CLO issues this week, a slowdown in US leveraged loan supply has led to a drop in the creation of new asset warehouses this year, according to market participants.

    19 Mar 2015

  • Nordic Nanovector ups IPO size on high demand

    Nordic Nanovector, the Norwegian biotech company, has increased the size of its initial public offering in Oslo to reflect strong investor demand for the deal.

    19 Mar 2015

  • Equity blocks whizz with Hugo Boss and TLG

    Equity accelerated bookbuild activity was lively this week, reflecting generally buoyant stock markets and investors eager for paper as quantitative easing begins to bite.

    19 Mar 2015

  • Hybrid overkill as VW leaps in before Repsol with €2.5bn deal

    Volkswagen launched an unexpected hybrid bond on Tuesday, into a corporate bond market weakened by falling rates and heavy supply, and failed to tighten the pricing from initial guidance.

    19 Mar 2015

  • UK firms up rules for bank management

    The UK authorities have laid out how they expect the new Senior Managers Regime to work in practice, including the controversial presumption of responsibility.

    19 Mar 2015

  • Delta Lloyd capital raising flies as Fubon buys

    In a busy night of block trade activity on Monday, the standout deal — though not the biggest — was a 9.98% capital increase by Delta Lloyd, the Dutch insurance company.

    19 Mar 2015

  • HSBC to keep AT1 ball rolling after DNB underwhelms

    Norway’s DNB did not inspire on its additional tier one debut on Thursday, failing to attract the same level of interest Swedish peers achieved in recent weeks, with bankers on and away from the deal blaming a weaker market backdrop.

    19 Mar 2015

  • US high yield borrowers join march to euro market

    The hot demand in Europe's credit markets has already brought a stream of US investment grade borrowers to issue in euros. This week, four US high yield issuers rated single-B joined the caravan, writes Victor Jimenez.

    19 Mar 2015

  • UK Gilt target below estimate but £7.5bn up on 2014-15

    The UK’s Debt Management Office (DMO) will sell £7.5bn more Gilts in the financial year starting in April than in 2014-15, according to its latest figures.

    19 Mar 2015

  • Buyer calls 'end of the cycle' for subprime auto

    Increased delinquencies in subprime auto ABS are beginning to bite, with one asset manager that bought a large slice of Prestige Financial’s last issue turning down the firm's latest deal.

    19 Mar 2015

  • US regulation restricting buyside from overseas access

    US buysiders are struggling to access overseas liquidity as many dealers do not want to trade with US clients due to regulations, such as Dodd-Frank, resulting in increased fragmentation and smaller liquidity pools.

    19 Mar 2015

  • Slovenia 20 year bond prints through Spain

    Slovenia printed its longest ever bond on Wednesday, a 20 year, taking advantage of a near halving of its spreads since the start of this year to print inside Spanish levels.

    19 Mar 2015

  • Secondary indigestion prompts primary break

    The senior market took a breather in the latter part of this week, with a struggling secondary market encouraging issuers to allow investors time to digest recent supply.

    19 Mar 2015

  • Egypt loans gather pace as several deals ramp up

    Egypt’s recent emergence as a focal point for CEEMEA capital markets activity was further elevated this week, with several loan deals in the works.

    19 Mar 2015

  • Telecom Italia seeks €2bn via rare 70%-up CB

    Telecom Italia has launched a €1.5bn-€2bn convertible bond this evening, which market participants said appeared designed to raise cheap funding, without taking the risk of the bond actually converting to equity.

    19 Mar 2015

  • ECB could add AFL to shopping list as issuer nears debut

    European Central Bank’s limited options for hitting its €60bn/month public sector purchase programme target could be made easier as a new agency nears a debut deal.

    19 Mar 2015

  • Trio heralds restart of CEEMEA sovereign bond business

    Three CEEMEA sovereign bonds were in the market this week. With one of those — Bulgaria — having broken a record for EM sovereign bonds in euros, more are expected to follow.

    19 Mar 2015

  • Covered bonds succumb to wider credit malaise

    Nationwide and Caixabank launched the only two covered bonds this week. Despite both issuers getting the funding they wanted, the final outcome was poor in comparison to past standards.

    19 Mar 2015

  • BPCE adds extra course to Basel III dim sum banquet

    BPCE made its debut in the offshore renminbi market on Wednesday, pricing a 10 year non call five tier two bond. The French lender joined a series of non-Chinese banks that have tapped the dim sum bond market to beef up their Basel III tier two capital buffers.

    19 Mar 2015

  • ENBD blazes euro trail but who will follow?

    Emirates NBD issued a €550m seven year bond on Tuesday, a breakthrough for Middle East banks in the euro market. But bankers said they are uncertain whether other issuers will now follow.

    19 Mar 2015

  • US investors lose patience before the Fed

    Corporate issuers got a rude awakening after weeks of near-perfect conditions in the US high-grade market as the recent supply glut took its toll this week.

    19 Mar 2015

  • People Moves in Brief

    Barclays syndicate vet joins treasury - BNPP equity derivs MD quits - ex-ING syndicate man joins Belgian central bank

    19 Mar 2015

  • The challenge of making sense of sukuk rankings

    The bookrunner league tables for international sukuk are skewed by huge lead manager line-ups and low overall volumes, so must be taken with a pinch of salt.

    19 Mar 2015

  • Asset managers will be next in regulatory crosshair

    Asset managers have been the big winners from post-crisis regulation but should expect the next wave of rules to target them.

    19 Mar 2015

  • Severity of Ukraine haircut is biggest debate

    Ukraine intends to restructure $15.3bn of its debt over the next four years, but with little detail, analysts are debating how severe the principal reduction will be.

    19 Mar 2015

  • Ireland moves into negative territory at auction

    Ireland joined the negative euro yield club at auction on Thursday, as investors paid for the privilege of lending the country €500m.

    19 Mar 2015

  • BNY Mellon hires from Citi for new trustee position

    BNY Mellon’s corporate trust business has hired Citi’s former global head of issuer services to fill a new role covering corporate and insurance clients.

    19 Mar 2015

  • Indices ready to roll with more names than ever

    It’s that time of the year again when CDS market participants turn their attention to technical, rather than fundamental, factors.

    19 Mar 2015

  • Belgian insurer units announce tender, Solvency II bond

    AG Hybrid Financing, an international unit of Belgium insurer Ageas, is looking to tender its sole remaining perpetual subordinated bond, while Ageas's Belgian unit AG Insurance has mandated banks to arrange investor meetings for a Solvency II compliant bond.

    19 Mar 2015

  • Renaissance buys back one third of subordinated 2018s

    Renaissance Credit has bought back $48.5m of its subordinated 2018s. The exercise enabled it to eliminate the coupon cost on almost a third of the amortising note.

    19 Mar 2015

  • Unipol lengthens debt profile with exchange and tender

    Unipol Gruppo Finanziario took advantage of low spreads on Monday night to lengthen its debt profile with a tender and exchange of two senior unsecured bonds.

    19 Mar 2015

  • Gazprom in talks on loan for its London trading unit

    Gazprom Marketing & Trading, the London-headquartered unit of Russian gas company Gazprom, is talking to banks about financing, as a revolving credit facility approaches maturity.

    19 Mar 2015

  • Struggling Ethias needs capital, but will it cost too much?

    Belgian insurer Ethias, whose existing €250m subordinated bonds have plunged in price since February on news that the firm needs fresh capital to deal with its financial woes, is considering the sale of up to €500m in new perpetual subordinated debt.

    19 Mar 2015

  • Geberit prices €500m 6yr, Sfr could follow

    Swiss toilet maker Geberit issued a €500m six year bond on Thursday, as part of the long term funding of its Skr1.29bn (Sfr1.21bn) acquisition of Finland’s Sanitec.

    19 Mar 2015

  • EQD sales bigwig exits BNPP

    Clifford Davis, managing director institutional equity derivatives sales at BNP Paribas in New York has left the firm.

    19 Mar 2015

  • Brits abroad: Lloyds’ Penarth next in dollars

    Lloyds Bank will be the next UK lender to leverage US demand for its assets after mandating leads for a dollar denominated credit card securitization.

    19 Mar 2015

  • DNB surprises with lukewarm reception on inaugural AT1

    Norway’s DNB did not inspire on its additional tier one debut on Thursday, failing to attract the same level of interest as Swedish peers achieved in recent weeks.

    19 Mar 2015

  • Pre-funding Peru transforms non-deal roadshow into dual currency tap

    Peru reopened its global dollar bonds due and Nuevo Sol 2031 notes on Thursday, a day after finishing a non-deal roadshow.

    19 Mar 2015

  • Allianz hedges $700m position in CPIC via Goldman

    Goldman Sachs placed HK$5.43bn ($700m) worth of borrowed stock in China Pacific Insurance Group Co (CPIC) on March 18, the public leg of a derivative agreement with Allianz through which the German insurer hedged part of its stake in the Chinese firm.

    19 Mar 2015

  • PuraPharm, Zhongzhi step up for HK lPOs

    Two pharmaceutical companies are preparing to list their shares on the Hong Kong Stock Exchange, with PuraPharm Corp and Zhongzhi Pharmaceutical Holdings filing their respective preliminary prospectuses on March 18.

    19 Mar 2015

  • Deal already covered for Armenia 10 year dollar

    Armenia released price guidance for a 10 year dollar bond at 7.625% area on Thursday morning and the book size is already past the $500m target size.

    19 Mar 2015

  • Springer-Macmillan loan closes at 375bp with little struggle

    Final terms were released today for the €600m loan in euros and dollars to fund the merger between publishers Springer Science and Macmillan Science and Education.

    19 Mar 2015

  • Slovenia brings 20 year bond through Spanish curve

    Slovenia printed its longest ever bond on Wednesday, a 20 year, taking advantage of a near halving of its spreads since the start of this year to print inside where Spain's government bonds trade.

    19 Mar 2015

  • Gunvor to buy back nearly 20% of 2018s

    Commodity trader Gunvor is offering to buy back $80m of its bond maturing 2018.

    19 Mar 2015

  • Kenyans get ready to lead African loan market return

    Kenyan borrowers look set to lead the charge when African loans emerge from their recent lull, said loans bankers, with several requests for proposals floated.

    19 Mar 2015

  • Bulgaria priced to sell, say bankers

    Bulgaria was offering generous premiums on its triple tranche Eurobond on Thursday. But while bankers said pricing looks cheap, they questioned whether the 20 year tranche would sell well.

    19 Mar 2015

  • Afreximbank requests proposals on $500m loan

    Cairo headquartered African Export-Import Bank (Afreximbank) has requested proposals for an international loan of around $500m, said bankers.

    19 Mar 2015

  • GE Capital Asia shuts down structured finance unit

    GE Capital is understood to be winding up its structured finance operation for Asia as it rethinks its broader presence in the region. It has had a steady stream of departures since late 2014.

    19 Mar 2015

  • EDP trims third off TDR spread in face of BTPs

    Energias de Portugal (EDP) printed its third tariff deficit receivables (TDR) securitization some 100bp inside its second on Wednesday, though the deal was only slightly oversubscribed.

    19 Mar 2015

  • Mekong bond issuers find a home in Thai debt markets

    Thailand has worked hard to make itself more attractive to foreign bond issuers in recent years. But as the deadline nears for the next round of issuer approvals, an unfavourable cross currency swap is set to limit deals from developed market credits, writes Christina Khouri. More promising opportunities will come from southeast Asian neighbours.

    19 Mar 2015

  • Intesa Sanpaolo joins Formosa frenzy with three year

    Italian lender Intesa Sanpaolo, the second largest by assets in the country, closed its first Formosa deal on March 13, a 5.25% three year bond that raised Rmb425m ($67.9m).

    19 Mar 2015

  • Telkomsel raising $150m from four, STP eyes takeout

    Indonesia’s largest wireless telecom company Telekomunikasi Selular is raising a $150m loan for capital expenditure purposes.

    19 Mar 2015

  • Indian IPOs: discerning investors take charge

    India’s Adlabs Entertainment wrapped up its extended IPO this week, raising Rp3.70bn ($59m) by pricing its shares at the bottom of a revised range.

    19 Mar 2015

  • Asia DCM set to resume normal service after end of 'patient' Yellen

    Nervousness ahead of this week's Federal Open Market Committee (FOMC) meeting stymied any deals in the Asia ex-Japan dollar bond market. But though the Federal Reserve’s surprisingly dovish signal suggested that issuance would pick up soon, high yield credits could struggle to return, writes Rev Hui.

    19 Mar 2015

  • Belgian insurer units announce tender, Solvency II offering

    AG Hybrid Financing, an international unit of Belgium insurer Ageas, is looking to tender its sole remaining perpetual subordinated bond, while Ageas's Belgian unit AG Insurance has mandated banks to arrange investor meetings for a Solvency II compliant bond.

    19 Mar 2015

  • Choose your own capital stack: Moody’s expects Tier 3

    Moody’s has issued a new set of rules for rating bank debt, laying out how it expects a bank’s capital structure to look under new bank resolution rules.

    19 Mar 2015

  • Chinese brokers brace for bigger H-share discount

    At least three Chinese brokerages are readying Hong Kong IPOs for the first half of the year, while two more will launch chunky H-share placements soon. The trades should be well received as investors have cash to spare, but the yawning gap in valuations between A and H-shares and a surfeit of offerings from the sector mean that issuers and underwriters will need to relent on pricing, writes John Loh.

    19 Mar 2015

  • Asia bonds in brief, March 19, 2015

    Shinhan pays a visit to Uncle Sam — BoC Aviation takes off en route 144A — Shanghai Electric charges up for euro debut

    19 Mar 2015

  • BPCL back for more: sends $500m RFP

    India’s Bharat Petroleum Corp (BPCL) has made a quick return to the syndicated loan market, issuing a fresh request for proposals for a facility of $500m just two months after it mandated a Japanese bank for a fundraising of $100m.

    19 Mar 2015

  • US rate hike means tough times for Asian LCY markets

    Asian local currency bond markets have performed well since the start of the year, but the appreciation of the US dollar and the anticipated US interest rate hike could increase risks, according to the Asian Development Bank (ADB).

    19 Mar 2015

  • Excuse me sir, may I offer you a loan?

    I have enough in the bank to last five generations, but it appears overeager commercial banks in Hong Kong don’t know how to research those who bank with them.

    19 Mar 2015

  • KDIC nets $118m in fixed price sell-off from Hanwha

    Korea Deposit Insurance Corp (KDIC) shed some of its shares in Hanwha Life Insurance Co via a block executed on the evening of March 18. Launched to the market with a fixed price, the W133.4bn ($118m) deal focused more on size than on price.

    19 Mar 2015

  • Danube Foods sets price terms for buyout loan

    Danube Foods Group is seeking final commitments on a loan backing its buyout by Mid Europa Partners, after discussing pricing with potential lenders this week.

    19 Mar 2015

  • Savills targets SEB real estate business

    Real estate investment manager Cordea Savills is lining up an acquisition of SEB Asset Management, which will see it cooperate with the Swedish banking group to provide services to its clients.

    19 Mar 2015

  • Colombia’s Pacific retains fans despite troubles

    Colombia’s Pacific Rubiales appeared to have headed off a rout of its bonds on Wednesday after it persuaded lenders to relax covenants on its revolving credit facility.

    19 Mar 2015

  • BPCE joins Basel III dim sum banquet

    BPCE made its debut in the offshore renminbi (CNH) market on March 18, pricing a 10 year non call five trade. The transaction meant the French lender joined a series of non-Chinese banks that have tapped the dim sum bond market to beef up their Basel III tier two capital buffer.

    19 Mar 2015

  • Guotai Junan launches HK$5bn fundraising into general

    Guotai Junan Hong Kong, a subsidiary of Guotai Junan Securities, is in the market for a fundraising of HK$5bn ($643.8m), with six mandated lead arrangers and bookrunners.

    19 Mar 2015

  • Haitong signs up for chunky $1.17bn rights issue

    Haitong International Securities Group is gunning for a capital raising of up to HK$9.10bn ($1.17bn) via a one-for-one rights issue, with 65% shareholder, Haitong International Holdings Limited (HTIH), committing to take up its entire rights entitlement to provide early momentum for the trade.

    19 Mar 2015

  • Banks line up for Ocean Park HK$3.6bn construction loan

    A special purpose vehicle created to build an upcoming hotel at marine themed amusement park Ocean Park in Hong Kong, is forming a club of banks to lend money for the construction.

    19 Mar 2015

  • Fosun Pharma gets nod for for H-share issue

    Shanghai Fosun Pharmaceutical Group has received the go-ahead from the China Securities Regulatory Commission to issue new H-shares, which could raise HK$2.13bn ($274.30m) based on its current share price.

    19 Mar 2015

  • Regulators delay rules for uncleared swaps

    Market participants trading non-centrally cleared swaps have been given a reprieve as proposals from regulators regarding rules for initial and variation requirements have been delayed.

    18 Mar 2015

  • US regulation restricting buyside from overseas access

    US buysiders are struggling to access overseas liquidity as many dealers do not want to trade with US clients due to regulations such as Dodd-Frank, resulting in increased fragmentation and smaller liquidity pools.

    18 Mar 2015

  • Index tranche trading surges but lacks real money buyers

    Real money investors remain the missing piece for index tranches of iTraxx Europe and Crossover, despite trading picking up and broadening in the asset class.

    18 Mar 2015

  • Citi trades €97m of Atresmedia as derivative hedge

    Only one equity block trade went ahead in Europe tonight, as Citigroup placed a €97m stake in Atresmedia, a Spanish TV and radio broadcaster and film producer.

    18 Mar 2015

  • Apax hits jackpot as Auto Trader IPO blows out, reaching £1.4bn

    Bank of America Merrill Lynch and Deutsche Bank are working on allocations tonight on the IPO of Auto Trader, which has been a big success.

    18 Mar 2015

  • Lakehouse hits £140m valuation on London IPO

    Lakehouse, the UK asset and energy support services business, on Wednesday raised £60m in gross proceeds from an IPO that values the company at £140.2m.

    18 Mar 2015

  • Large resecuritization BWIC moving RMBS markets

    A large all-or-nothing bid list for a legacy, non-agency RMBS resecuritization is set to trade this Friday and has been moving markets, traders have told GlobalCapital.

    18 Mar 2015

  • Osborne to sell another £9bn of Lloyds as dribble-out heats up

    George Osborne, UK chancellor of the exchequer, handed equity capital markets bankers a windfall on Wednesday — at least in terms of volume and league table credit, if not generous fees.

    18 Mar 2015

  • Quicker settlements in sight as loan trustee ditches fax machines

    Participants in the leveraged loan and CLO markets could begin to see an improvement in “woeful” settlement times as new technology replaces inefficient and outdated processes.

    18 Mar 2015

  • Repsol issues €2bn hybrid, below expected size

    Repsol, the Spanish oil company, has issued a €2bn hybrid bond as part of the long term financing for its $8.3bn (€6.6bn) acquisition of Talisman Energy.

    18 Mar 2015

  • Banks saddle up for the return of M&A

    After losing talent to boutiques, the world’s top M&A firms have responded by promoting their brightest and best. About time too, writes David Rothnie

    18 Mar 2015

  • EIB to test demand at pinched Bund spread

    The European Investment Bank took a cautious approach to its 10 year EARN on Wednesday, opting to take longer than usual to execute the deal, now expected to be priced on Thursday.

    18 Mar 2015

  • Unrated UCB to market bond after two year absence

    UCB, the unrated Belgian pharmaceuticals company, is sounding out demand for a senior unsecured euro bond for general financing purposes among European investors.

    18 Mar 2015

  • UK DMO set lower funding task

    The UK’s Debt Management Office (DMO) announced Wednesday a lower than expected borrowing requirement for its coming fiscal year.

    18 Mar 2015

  • Ford prime auto deal solves for Fed uncertainty

    Ford Motor Credit has added a new component to its auto ABS platform to attract investors otherwise concerned over rising interest rates.

    18 Mar 2015

  • UK's Shaftesbury enters loan and interest rate swaps deal

    Real estate investment trust Shaftesbury has added to the recent run of UK property firms returning to the loan market, by arranging a £130m deal.

    18 Mar 2015

  • Struggling Belgian insurer considers sub bond sale, but will have to pay up, say analysts

    Belgian insurer Ethias, whose existing €250m subordinated bonds have plunged in price since February on news that the firm requires fresh capital to deal with its financial woes, is considering the sale of as much as €500m in new perpetual subordinated debt.

    18 Mar 2015

  • Belgium’s AS Adventure sets OID for buyout loan

    The €245m loan supporting PAI Partners’ acquisition of AS Adventure, the branded outdoor and travel products retailer, has an original issue discount of 99.

    18 Mar 2015

  • Moody's to review more than 1,000 bank ratings

    Moody’s announced on Tuesday that it will be re-evaluating more than 1,000 of the credit ratings it assigns to financial institutions, following its introduction of a new methodology for assessing banks.

    18 Mar 2015

  • Saudi Arabia’s Petro Rabigh signs $5.2bn of loans for project

    Saudi Arabia’s Petro Rabigh has signed Sr19.38bn ($5.2bn) of loan agreements — including an Islamic finance component — with a mix of international, regional and local lenders.

    18 Mar 2015

  • Alliance Oil completes LM on now defunct 2015s

    Alliance Oil has repurchased $51m of its 9.875% 2015s which were due to mature on March 11. It hopes to extend the maturity of the remaining bonds by four years.

    18 Mar 2015

  • BBK prints without tightening

    The Bank of Bahrain and Kuwait priced its five year Eurobond at the top of guidance on Wednesday after a two day execution.

    18 Mar 2015

  • Slovenia looks set for tight print at 10bp-15bp NIP starting point

    Slovenia has released price guidance for a 20 year euro benchmark bond at 70bp-75bp over mid-swaps — a first in this tenor for the country.

    18 Mar 2015

  • Bulgaria considers triple trancher

    Bulgaria has indicated that it is considering up to three tranches with a maximum maturity of 20 years for its long awaited euro-denominated bond.

    18 Mar 2015

  • Bankers welcome deeper pipeline led by Irish CMBS

    Scepticism over the European Central Bank’s ability to stimulate meaningful Eurozone ABS issuance is alive and well, but there have been further signs this week that increased risk appetite is broadening the scope of supply hitting the primary market.

    18 Mar 2015

  • New French agency could bolster ECB’s options

    The European Central Bank’s limited options in hitting the targets of its public sector purchase programme could be made easier as a new agency nears a debut deal.

    18 Mar 2015

  • Investors free up cash as pipeline slows to trickle

    Investors are spurning secondary markets for primary action in a bid to rake in the new issue premiums on offer.

    18 Mar 2015

  • IPOs increased and block trades fly in eager equity markets

    Two companies have enlarged their planned initial public offerings, as demand continues to pour in for the European listings deemed most attractive.

    18 Mar 2015

  • CEEMEA rings up euros as well as dollars

    There was excitement in the euro market for CEEMEA borrowers as Emirates NBD printed a breakthrough deal in the currency for Middle East banks.

    18 Mar 2015

  • Investors stand firmer on price as European corporate spate continues

    After weeks of absorbing a deluge of corporate bonds, the European market began to feel softer at the end of last week, a sign perhaps that it needs time to digest the issuance.

    18 Mar 2015

  • Fuyao starts bookbuilding for $952m IPO with a bang

    Fuyao Glass Industry Group Co saw investors pile into its HK$7.39bn ($951.67m) IPO as books opened on Wednesday March 18, with demand from cornerstones and anchor investors alone already taking the trade into oversubscription.

    18 Mar 2015

  • Inox Wind breezes in for $166m India IPO

    Inox Wind has opened books for its Rp10.40bn ($166m) Indian IPO, with a large number of anchor orders already in the deal. The first sizeable listing from the country this year, the trade is set to heat up India's ECM market as investors vie for renewable energy names.

    18 Mar 2015

  • Guolian joins brokerage IPO queue in Hong Kong

    Guolian Securities Co has filed to list in Hong Kong, taking the tally of Chinese brokerages eyeing H-share IPOs in the first half of the year to three.

    18 Mar 2015

  • Ex-ING syndicate man joins Belgian central bank

    Régis Lanove, formerly of ING's syndicate desk, has joined the National Bank of Belgium.

    18 Mar 2015

  • Barclays FIG syndicate veteran switches to treasury

    An experienced FIG and ABS syndicate official at Barclays is moving to the bank's treasury team as head of long term unsecured funding and capital issuance.

    18 Mar 2015

  • Adlabs weathers the storm to raise $59m from smaller IPO

    India’s Adlabs Entertainment has finally wrapped up its extended IPO, raising Rp3.70bn ($59m) by pricing its shares at the bottom of the revised range. Concerns over an expensive valuation, combined with a volatile period for Asian markets during bookbuilding meant investors were quick to lose their appetite for the company’s stock.

    18 Mar 2015

  • Guangdong FTZ on the launch pad as Shanghai steps up

    The development of free trade zones is picking up pace with the Guangdong pilot area expected to open for business as early as March 18 and at least two more to follow soon. The launches come as new measures regulating offshore funding for entities in the Shanghai FTZ are being tested out.

    18 Mar 2015

  • Cemex eyes LM opportunities on IG path

    Mexican cement company Cemex told investors on Tuesday that it would continue to look for opportunities to reduce its debt and cut its interest rate burden as it attempts to get closer to an investment grade rating.

    18 Mar 2015

  • Chan returns to ECM role in ICBC International

    Gary Chan has rejoined ICBC International, as regional head of ECM in Hong Kong, following his departure from BNP Paribas, according to sources.

    18 Mar 2015

  • BPCL back for more: sends RFP for $500m

    India’s Bharat Petroleum Corp (BPCL) has made a quick return to the syndicated loan market, issuing a fresh request for proposals for a facility of $500m, just two months since it mandated a Japanese bank for a fundraising of $100m.

    18 Mar 2015

  • Hong Kong reveals list of systemically important banks

    The Hong Kong Monetary Authority (HKMA) has identified five banks it considers to be systemically important to the city’s financial markets. As a result of their new status, these banks will be subject to more onerous capital requirements from 2016.

    18 Mar 2015

  • Sumatec drills for $298m from six-for-five rights issue

    Malaysia’s Sumatec Resources is planning to raise as much as MR1.1bn ($298m) from a rights offering to fund its acquisition of Borneo Energy that was first announced last July, after having made changes to the offering’s structure following a reduction in the purchase price of the acquired entity.

    18 Mar 2015

  • Rowsley heads to Myanmar after S$100m debut

    Singaporean lifestyle real estate company Rowsley has closed books on a three year non call one S$100m ($72m) bond issue, which the company will use for its development plans in Yangon, Myanmar, according to a banker close to the deal.

    18 Mar 2015

  • BPCE targets RMB for Basel III tier two bond

    France’s BPCE has begun taking orders for its Basel III complaint tier two debt in the offshore renminbi (CNH) market, opening books to what looks to be its debut dim sum bond on Wednesday. If it goes ahead with its plan, it will be the fifth non-Chinese bank to tap the CNH market to boost its Basel III tier two capital buffers.

    18 Mar 2015

  • Shanghai Electric charges up for maiden euro bond

    Shanghai Electric Group is planning to follow up its successful from last August with another outing in the international bond market this year. But instead of returning to dollars, the state owned enterprise (SOE) is now eyeing up euros.

    18 Mar 2015

  • China targets October CIPS launch as seven global banks join first stage testing

    The People’s Bank of China (PBoC) has set an initial timetable for the launch of China’s Cross-border Inter-bank Payment System (CIPS), according two sources close to the matter. GlobalRMB understands seven international banks — ANZ, BNP Paribas, Citi, DBS, Deutsche Bank, HSBC, Standard Chartered — are among the 19 firms selected for first stage testing.

    18 Mar 2015

  • Fosun International hunts for $500m in general

    Hong Kong listed Fosun International's $500m facility entered general syndication this week. Seven banks are leading the loan, which they are syndicating on a best efforts basis.

    18 Mar 2015

  • Investors hedge REITs via options ahead of FOMC

    Investors were buying puts and put spreads on real estate investment trusts ahead of the Federal Reserve Open Market Committee announcement on Wednesday (March 18), as such sectors are sensitive to interest rates so are prime targets for options hedging.

    17 Mar 2015

  • Adding 25 names to XO was mistake, say traders

    The decision to add 25 constituents to the iTraxx Crossover in September was a mistake, as it hasn’t increased the trading volume of single name credit default swaps as expected, according to market makers.

    17 Mar 2015

  • Auto ABS to launch off back of Fed statements

    New auto ABS issuance is expected to price after the Federal Open Market Committee’s statement tomorrow.

    17 Mar 2015

  • Blue Elephant P2P ABS prices close to BlackRock

    New York fund Blue Elephant Capital Management has managed to price an unrated $71m securitization of consumer loans originated through Prosper close to where BlackRock printed its rated deal in February.

    17 Mar 2015

  • 3i’s Refresco Gerber seeks listing valuation of over €1bn

    Refresco Gerber, the Dutch juice and soft drinks bottler, on Tuesday launched the offer period for its Amsterdam listing, announced a fortnight before.

    17 Mar 2015

  • Nordic Nanovector increases IPO deal size on high demand

    Nordic Nanovector, the Norwegian biotech company, has increased the size of its initial public offering in Oslo to reflect strong investor demand for the deal.

    17 Mar 2015

  • When RMBS are safer than covered bonds

    Covered bonds and RMBS share important similarities which both the European Central Bank and Bank of England acknowledged last year in a discussion paper. As the two asset classes evolve, their vastly different regulatory treatment should become more difficult to justify.

    17 Mar 2015

  • EIB mandates as Italy finds €8bn at long end

    The European Investment Bank has hired banks for its first euro benchmark of the year, joining a slew of issuers finding demand at the long end.

    17 Mar 2015

  • Malaysia Airports' reverse flex is an encouraging sign for Asia borrowers

    A €500m ($579m) seven year loan by Malaysia Airports Holdings has seen a stellar response, allowing a pricing cut even after launch of general syndication. The strong support in the retail phase, despite the price cut, shows that for the right credit and structure, Asian lenders are ready to take flexibility.

    17 Mar 2015

  • Sweden plays Libor limbo as BNG laps up $2bn

    A trio of issuers got dollar deals away on Tuesday ahead of a Federal Open Market Committee meeting wraps up on Wednesday where the US Federal Reserve is expect to drop more hints about the timing of potential rate rises.

    17 Mar 2015

  • The trouble with tables

    The bookrunner league tables for international sukuk are skewed by huge lead manager line ups and low overall volumes and need to be taken with a pinch of salt.

    17 Mar 2015

  • Five Oaks readies its own jumbo RMBS platform

    Five Oaks Investment Corp is on pace to acquire enough jumbo mortgages to launch its own securitization platform by the second quarter, the company announced on Monday.

    17 Mar 2015

  • Climate Bonds standard risks enshrining biofuel fallacy

    Burning plants sends CO2 into the atmosphere – any 10 year old knows that. Yet thousands of bigwigs have convinced themselves otherwise. Don’t let the bond market make the same mistake.

    17 Mar 2015

  • Fresh French supply as agency mandates for debut

    Investors will be able to get their teeth into new French agency paper in the coming weeks, as France’s municipal bond agency hired banks to run a debut benchmark.

    17 Mar 2015

  • CAF returns to yen with bumper MTN

    Corporación Andina de Fomento made a rare appearance in yen on Tuesday, printing its largest medium term note in the currency in over six years.

    17 Mar 2015

  • BNP Paribas merges HY and levfin in wider syndicate rejig

    BNP Paribas has restructured reporting lines on its syndicate desk, including giving one person responsibility for loans, high yield bonds and leveraged finance.

    17 Mar 2015

  • MOEX launches renminbi futures as hedging demand rises

    Moscow Exchange is now trading futures contracts on the onshore Chinese renminbi against the Russian rouble after a substantial increase in renminbi turnover on the exchange and growing volume of settlement in the currency between Russia and China, in addition to new demand for hedging of such transactions.

    17 Mar 2015

  • Ubisoft and Amer sign up to Schuldschein's winning run

    Two borrowers have added to this year's growing volume of Schuldschein deals, with Ubisoft Entertainment placing an issue and Amer Sports seeking commitments.

    17 Mar 2015

  • Orbit continues housing association run with £200m 30 year secured debut

    Orbit, a UK housing association, has issued its first corporate bond: a £250m secured deal with a 30 year tenor, of which £50m was retained for future issuance.

    17 Mar 2015

  • A day before Repsol hybrid, VW surprises with €2.5bn

    Volkswagen launched an unexpected hybrid bond on Tuesday, into a corporate bond market weakened by falling rates and heavy supply, and failed to tighten the pricing from initial guidance.

    17 Mar 2015

  • Spain’s OHL seeks refi to push first bond maturity out five years

    Obrascon Huarte Lain, the Spanish construction company, wants to sell a €425m eight year non-call three bond that would push out its first bond repayment to 2020.

    17 Mar 2015

  • Renaissance buys back a third of sub 2018s

    Renaissance Credit has bought back $48.5m of its subordinated 2018s. The exercise enabled it to eliminate the coupon cost on almost a third of the amortising note.

    17 Mar 2015

  • Isbank launches $1.3bn as Akbank closes influential loan

    Turkey’s Isbank has come to market to refinance a $1.33bn-equivalent loan, at the same time as Akbank confirmed closing its $1.2bn deal on Monday.

    17 Mar 2015

  • Emirates blazes euro trail but followers uncertain

    Emirates NBD printed a €550m seven year bond on Tuesday, a breakthrough for Middle East banks in the euro market. But bankers said they are uncertain whether other issuers will now follow.

    17 Mar 2015

  • Asian municipal bond issuances to rise: S&P

    Local and regional governments in Asia rarely look to the capital markets to meet their funding needs, but a strong appetite for funding, developing government structures and infrastructure needs indicate that the region’s municipalities are likely to increase their willingness to borrow.

    17 Mar 2015

  • Jyske trade highlights investor focus on primary market

    A weak secondary market was unable to discourage investors from taking part in a rare senior trade for Denmark’s Jyske Bank on Tuesday.

    17 Mar 2015

  • Books build for BBK five year, pricing on track

    The Bank of Bahrain and Kuwait (BBK) has taken over $800m of orders for its five year Eurobond. The deal is due to price later on Tuesday.

    17 Mar 2015

  • Ras Al Khaimah sets roadshow dates

    United Arab Emirate Ras Al Khaimah has set roadshow dates for its second ever international sukuk deal.

    17 Mar 2015

  • Unipol lengthens debt profile with exchange

    Unipol Gruppo Finanziario took advantage of low spreads on Monday night to lengthen its debt profile with a tender and exchange of two senior unsecured bonds.

    17 Mar 2015

  • Paprec launches first high yield green bond of the year

    Paprec Group, a French waste reprocessing company, is set to issue its first high yield offer with a €480m bond that it will use to refinance senior debt invested in eligible recycling projects.

    17 Mar 2015

  • Top credit trader set to leave Morgan Stanley

    Morgan Stanley is set to lose a well-known senior trader from its London operation, according to market sources.

    17 Mar 2015

  • Paragon euros fly in on 3.3x subscription

    Paragon Mortgages is looking to leverage good demand for the senior notes of its Paragon 22 buy-to-let RMBS, with leads testing 10bp inside initial guidance on the euro portion.

    17 Mar 2015

  • Huatai seeks $1.5bn from Hong Kong IPO

    HTSC, which got shareholder approval last year to dual-list its shares in Hong Kong, is hoping to raise $1bn-$1.5bn.

    17 Mar 2015

  • Pakistan hits the road with $1.2bn Habib sale

    The Privatisation Commission of Pakistan has kicked off the pre-marketing process of a divestment from Habib Bank, in a deal which could add Prp124.1bn ($1.2bn) to the government’s coffers based on the company’s market capitalisation.

    17 Mar 2015

  • ANZ diversifies investor base with S$500m tier two

    Australia and New Zealand Bank issued a Basel III tier two bond in Singapore dollars on March 16, raising S$500m ($360m) from a 12 year non-call seven transaction.

    17 Mar 2015

  • ABS spreads lag as ECB pulls QE trigger

    ABS traders are braced for another round of European ABS spread compression as the European Central Bank ramps up its sovereign bond purchases, but prices have been stubborn so far.

    17 Mar 2015

  • Malaysia Airports loan gets 16 in general

    A group of 16 banks have lined up to join a €500m ($579m) seven year loan for Malaysia Airports Holdings, which cut margin on the borrowing following launch of general syndication.

    17 Mar 2015

  • Santander targets £1bn of Fosse RMBS

    Santander UK has set a £1bn maximum size on its three tranche, dual currency Fosse UK master trust RMBS, after pulling in demand equivalent to over £1.6bn.

    17 Mar 2015

  • US tightening signals risks to Asian LCY markets: ADB

    Asian local currency bond markets have perform well since the start of the year, but the appreciation of the US dollar and the anticipated US interest rate hike could increase risks for the region’s local currency markets, according to the Asian Development Bank (ADB).

    17 Mar 2015

  • Credit Agricole and Lloyds Bank next up for Formosa debuts

    The flurry of international financial names tapping the Formosa market is showing no signs of letting up. Crédit Agricole and Lloyds Bank are marketing their debut renminbi offerings in Taiwan, two sources close to the deals have told GlobalRMB.

    17 Mar 2015

  • Asian IPOs: When the going gets tough, banks should get going

    HKBN’s lacklustre debut on the Hong Kong Stock Exchange has shown up the city's tough ECM environment. But it would have been worse without some help behind the scenes from banks on the deal. Syndicates are going to have to get used to going the extra mile to help issuers in the aftermarket.

    17 Mar 2015

  • Malakoff builds steam for $740m Malaysian IPO

    Malakoff, the power arm of MMC Corp, is on track to raise a chunky MR2.74bn ($740.14m) via an IPO in Malaysia, making it the country’s largest listing in nearly two years following a dry spell in 2014.

    17 Mar 2015

  • Total Derivatives: CNY well offered after PBoC operation

    CNY swaps were subject to better receiving interest on Tuesday. An open market operation by the People's Bank of China (PBoC) has backed short-end offers, while economic optimism is said to be behind receiving in five years, writes Deirdre Yeung of Total Derivatives.

    17 Mar 2015

  • MCT to launch $161m Malaysian IPO next week

    MCT Consortium is set to open books next week on its MR594.75m ($160.66m) IPO in Malaysia, after securing local anchor investors for half of the trade.

    17 Mar 2015

  • Bank of China Aviation taking off on route 144A

    Bank of China Aviation is planning to meet with investors over a potential dollar-denominated offering starting on March 18. But unlike all its previous outings, the aircraft leasing company is choosing a different route as it sets its sight on a 144A trade.

    17 Mar 2015

  • Clevo $120m to boot up into general soon

    Terms have emerged for notebook manufacturer Clevo’s $120m five year fundraising, which is scheduled to hit general syndication on March 20.

    17 Mar 2015

  • JPMAM launches RMB share class for Japan Yen fund

    JP Morgan Asset Management (JPMAM) has launched a share class hedged to the renminbi for its Japan (Yen) Fund, which aims to provide long-term capital growth through investment primarily in Japanese securities and other securities whose performance is linked to the Japanese economy, the company said on March 16.

    17 Mar 2015

  • Shareholder targets $110.5m with 58.com sale

    SB Asia Investment is offloading some of its shares in New York-listed online marketplace provider 58.com, in a deal that could raise it up to $110.5m.

    17 Mar 2015

  • Cowell poses for $154m Hong Kong listing

    South Korea’s Cowell e Holdings opened bookbuilding for its Hong Kong IPO of HK$1.196bn ($154m) on March 17, with healthy indications coming from prospective investors ahead of the trade’s launch.

    17 Mar 2015

  • Intesa joins the Formosa party

    Italian lender Intesa Sanpaolo, the second largest by assets in the country, closed its first Formosa deal on March 13, a 5.25% three year bond that raised Rmb425m ($67.9m).

    17 Mar 2015

  • Colombian telco plots hybrid bond

    Colombia’s second largest telecoms company ColTel (Colombian Telecomunicaciones) is meeting investors about the possibility of issuing a hybrid bond.

    17 Mar 2015

  • Total Derivatives: PBoC hopes drive CNY bear-steepening

    Weekend comments by Chinese Premier Li Keqiang have backed expectations for further easing by the People's Bank of China (PBoC). Long CNY swaps were well bid on Monday on the expected positive economic impact and the resultant bear-steepening move is expected to continue, writes Deirdre Yeung of Total Derivatives.

    17 Mar 2015

  • Founder Bi rejoins CICC as CEO

    Bi Mingjian, a founding member of CICC, has returned as CEO following a 10 year absence, the Chinese broker announced on March 16.

    17 Mar 2015

  • Azteca eyes this week for rare Peruvian project bond

    Bookrunners on a rare structured bond in Peru designed to enable investors to finance a greenfield project with reduced risk are hoping to issue as soon as this week.

    17 Mar 2015

  • Attia joins US syndicate at Crédit Agricole

    Former Barclays and HSBC emerging markets syndicate banker Fadi Attia has joined Crédit Agricole’s New York syndicate team covering Latin America, US investment grade and US high yield.

    17 Mar 2015

  • Servicers still afoul of CFPB transfer rules

    Many mortgage servicing rights transfers have not complied with rules finalised by the Consumer Financial Protection Bureau two years ago, according to a staffer at the agency.

    16 Mar 2015

  • Voya hires Citi for 2012 CLO refi

    Voya Alternative Asset Management, which rebranded from ING US Investment Management in 2014, is refinancing two CLOs it issued in 2012.

    16 Mar 2015

  • Investors tap euro/dollar exotics to cheapen premiums

    The rapid slide in the euro against the dollar has made buying shortdated puts an increasingly popular but expensive trade. As a result, investors are seeking to capitalise on further euro downside with more exotic trades on the back of higher volatilities.

    16 Mar 2015

  • Delta Lloyd capital raising flies as big Asian investor comes in

    In a busy night of block trade activity, the standout deal tonight – though not the biggest – is a 9.98% capital increase by Delta Lloyd, the Dutch insurance company.

    16 Mar 2015

  • Marine Harvest entices CB holders to convert with payment

    Marine Harvest, the Norwegian seafood company, has launched a voluntary incentive payment, hoping to entice holders of its €350m convertible bond to convert to equity early.

    16 Mar 2015

  • CFTC hits ICE Futures with penalties over data reporting violations

    The Commodity Futures Trading Commission has fined ICE Futures $3m in penalty liabilities for failure to accurately submit trade reporting data as mandated under the Dodd-Frank Act for designated contract markets.

    16 Mar 2015

  • Two single-B US tech firms head for euro HY market

    Two US technology companies are marketing high yield bonds in Europe, in a new signal of the market's attractiveness.

    16 Mar 2015

  • Henderson hires Deutsche credit strategy head

    Investment management group Henderson Global Investors has added to its short but growing list of senior ex-Deutsche Bank credit staff in London with another hire.

    16 Mar 2015

  • Nordics Troax, Asiakastieto look to float

    Swedish mesh panel maker Troax Group is aiming for a Stockholm IPO that will sell up to 62% of the business.

    16 Mar 2015

  • Spanish builder ACS succeeds with debut non-convertible at second attempt

    Spanish construction company Actividades de Construcción y Servicios has issued its first non-convertible bond: a €500m five year.

    16 Mar 2015

  • Auto Trader expands IPO after strong demand, narrows price range

    Auto Trader has increased the size of its initial public offering in London, after receiving strong demand from investors in the early stages of the bookbuild.

    16 Mar 2015

  • MSR industry calls time on overzealous regulation

    Regulators should loosen their scrutiny of special mortgage servicing companies, like Ocwen Financial and Nationstar mortgage, to avoid a capacity crunch in the sector, said industry heads on Monday.

    16 Mar 2015

  • SSAs make duration play with euro mandates

    A European sovereign and agency have opted to bring euro benchmarks at the long end of the curve on Tuesday, after hiring lead managers on Monday.

    16 Mar 2015

  • Statkraft rides interest rate rapids to price €500m 15 year

    Statkraft, the Norwegian state-owned electricity company, extended its maturity profile by eight years on Monday by issuing a €500m 15 year bond.

    16 Mar 2015

  • European SSAs aim for fives in dollars

    A pair of European public sector borrowers are poised to bring five year dollar benchmarks on Tuesday, a move away from last week’s spurt of three year deals.

    16 Mar 2015

  • EDC sells private whopper in renminbi

    Export Development Canada returned to renminbi on Monday, using the medium term note format to print its largest ever deal in the currency.

    16 Mar 2015

  • Virgin Media back for more refi in sterling, dollars

    Virgin Media, the UK cable and mobile communications company owned by Liberty Global, printed on Tuesday a senior secured bond issue to refinance debt.

    16 Mar 2015

  • Air France KLM plans inaugural euro hybrid as convertibles mature

    Air France KLM has hired five banks for a potential hybrid bond issue, as the unrated, high yield airline's €661m convertible bond approaches maturity.

    16 Mar 2015

  • BBK releases price talk on five year

    The Bank of Bahrain and Kuwait has released price guidance for its first bond for five years.

    16 Mar 2015

  • NIBC covers €200m tap in time for secondary wobble

    Holland's NIBC Bank was out with a tap of its July 2018 senior unsecured bond on Monday, originally issued on January 19 this year.

    16 Mar 2015

  • Renaissance Credit extends buyback deadline

    Renaissance Credit has extended the deadline of its buyback of subordinated bonds due 2018 by a day to allow private banks to get their documentation in order.

    16 Mar 2015

  • Santander adds two year to Fosse RMBS in dollar delivery

    Santander UK left ABS Vegas last month in little doubt about the level of demand for more dollar denominated securitizations, and has duly obliged with its latest UK prime RMBS.

    16 Mar 2015

  • Severity of Ukraine haircut is biggest debate

    Ukraine intends to restructure $15.3bn of its debt over the next four years, but with little detail, analysts are debating how severe the principal reduction will be.

    16 Mar 2015

  • Glovista hires ex-JPM banker for investment team

    Glovista Investments, an investment manager specialising in global macro and emerging market strategies has hired Mary Bourque as managing director, sector research, within Glovista's investment team.

    16 Mar 2015

  • French duo give late boost to euro volumes

    A brace of French issuers rounded out a bustling week for the euro market on Friday, with FRNs from BFCM and Carrefour Banque bringing supply to the week to over €10bn.

    16 Mar 2015

  • UAE consortium lines up loans for Egyptian power plant

    Dubai-headquartered Orascom Construction and Abu Dhabi-based International Petroleum Investment Co (Ipic) will raise debt to build a 3GW power plant in Egypt.

    16 Mar 2015

  • Emirates NBD offers generous levels for euro market opener

    Emirates NBD has released price guidance for a euro benchmark which bankers hope will act as a market opener for Middle East banks, but the talk looks generous, according to rivals.

    16 Mar 2015

  • Akbank $1.2bn loan to kick-off Turkish refi round

    Akbank is set to close a loan of around $1.2bn Monday, in the first of a run of Turkish financial loans.

    16 Mar 2015

  • Paragon euros preferred as price stickiness persists

    Investors have shown a slight preference for the euro portion of Paragon’s latest buy-to-let RMBS, while guidance on the sterling portion is 5bp wide of its last deal.

    16 Mar 2015

  • Resimac sneaks non-con into huge week of Aussie RMBS

    Resimac printed a A$375m Australian non-conforming RMBS on Friday, punctuating a A$4bn plus week dominated by prime deals in the Aussie market.

    16 Mar 2015

  • Yield search leads AXA to vintage US CLOs

    AXA Investment Managers has responded to investor yield hunger by raising an expected $250m fund to invest short term at the mezzanine level in 1.0 era US CLOs.

    16 Mar 2015

  • Indo Eximbank $750m loan launches into general

    Indonesia Eximbank launched its $750m dual trancher into general syndication on March 16, with seven mandated lead arrangers and bookrunners.

    16 Mar 2015

  • Cowell all set to launch $200m Hong Kong IPO

    Korea’s Cowell e Holdings will opening books for its $150m-$200m IPO in Hong Kong on Tuesday, March 17, with pricing scheduled to take place one week later.

    16 Mar 2015

  • Cheltenham blues

    One of the FIG world’s most extracurricularly active bankers was devastated last week when he found he was going to have to miss his annual trip to Cheltenham for the races because of work.

    16 Mar 2015

  • Loan Ranger: The great hunt

    Is it any coincidence that Russian president Vladimir Putin’s 11 day disappearance has coincided with reported sightings of new Russian loans? Loan Ranger thinks not.

    16 Mar 2015

  • GF markets $3bn IPO with all eyes on discount

    China’s GF Securities started pre-marketing its Hong Kong IPO of around $2bn-$3bn on Monday, March 16, as the brokerage firm prepares for the biggest listing in the city so far this year.

    16 Mar 2015

  • Samson Paper wraps up fundraising at HK$728m

    Hong Kong listed company Samson Paper, has wrapped up its 3.5 year fundraising at HK$728m ($93.74m), higher than its launch size of HK$500m.

    16 Mar 2015

  • ANZ to end Sing dollar absence with tier two bond

    Australia and New Zealand Bank is making a rare foray into the Singapore dollar market, opening books to what is only its second ever outing in that currency on March 16. But unlike its straight bond from five years ago, ANZ is opting for something different as it seeks to bolster its coffers with a Basel III tier two offering.

    16 Mar 2015

  • Piramal’s DRG gets one, awaits two more for $150m loan

    Decision Resources Group’s (DRG) $150m dual tranche loan has received a commitment from one lender.

    16 Mar 2015

  • LIG Nex1 fires off $438m Korean listing

    South Korea’s LIG Nex1 has fired up its domestic IPO of around W500bn ($438.35m), starting non-deal roadshows for the listing on Monday, March 16.

    16 Mar 2015

  • Shinhan pays a visit to Uncle Sam with dollar bond mandate

    Shinhan Bank’s senior management team is in the US this week as it tries to gauge stateside investor demand over a potential dollar-denominated Reg S/144 A bond.

    16 Mar 2015

  • Panama to save $12.5m per year by breaking LatAm long bond trend

    Panama bucked the Latin America sovereign trend for 30 year debt last week with a 10 year deal as it pruned its debt servicing costs.

    16 Mar 2015

  • Squeezed Ecuador expected to target short maturity

    Budget cuts and falling oil revenues may push Ecuador into printing a five or seven year bond to keep its costs down in a deal expected as early as this week.

    15 Mar 2015

  • Equivalence dilemma dogging clearing houses

    Clearing houses are being forced to re-evaluate margin requirements and costs thanks to persistent incongruences in national jurisdiction rules for central counterparties.

    13 Mar 2015

  • Valeant’s $10bn bond largest pharma deal

    Valeant Pharmaceuticals International, the Canadian drugs company, sold the largest syndicated high yield bond in the healthcare sector on record, according to Dealogic, and also the largest Canadian syndicated high yield bond on record across all sectors.

    13 Mar 2015

  • Australia's APT Pipelines issues rare triple-trancher on a Friday

    APT Pipelines, the Australian oil and gas pipeline company, issued €2.19bn equivalent of euro and sterling bonds today - an unusually big and complex corporate bond for a Friday.

    13 Mar 2015

  • Funding scorecard: European supranationals and agencies

    Read on to see how selected European supranationals and agencies are progressing through their 2015 funding programmes.

    13 Mar 2015

  • Revolution Bars prices IPO at bottom, trades down

    Revolution Bars, the UK chain of vodka and Cuban-themed bars, floated in London on Friday March 13, after pricing its £86m IPO at the bottom end of a 200p-240p range.

    13 Mar 2015

  • Secondary pricing update: The first week of eurozone QE

    The European Central Bank’s public sector purchase programme kicked into gear on Monday — and there were clear signs of its effects on euro benchmarks sold over the last few weeks.

    13 Mar 2015

  • Afren recap gives shareholders last chance

    Afren, the London-listed, Africa-focused oil exploration company, has heralded its initial agreement with a group of lenders and bondholders as the only way to avoid default.

    13 Mar 2015

  • Canada USD3.5bn 1.125% Mar 18

    13 Mar 2015

  • Autostrada Brescia issues first bond under new Italian project law

    Autostrada Brescia Verona Vicenza Padova has issued the first public bond to benefit from a recent Italian project bond law, a €600m five year secured transaction.

    13 Mar 2015

  • Beijing Infrastructure bags first euro bond

    Beijing Infrastructure Investment printed its first ever euro bond on March 12, raising €500m ($529m) with a three year transaction.

    13 Mar 2015

  • Telkomsel raising $150m financing

    Indonesia’s largest wireless telecom company Telekomunikasi Selular is raising a $150m loan for capital expenditure purposes.

    13 Mar 2015

  • SBI pushes back $2.5bn share sale amid volatility

    State Bank of India has fallen victim to the recent global volatility that has hit stock markets across the world, with the lender now postponing its $2.5bn share sale for after the US Federal Reserve holds its policy meeting.

    13 Mar 2015

  • Hutchison Port wins battle of the debutants

    Hutchison Port Holdings Trust tapped the international bond market for the first time on March 12, raising $1bn from a dual tranche offering. But though lots of attention was stolen by a competing credit, the subsequent trading performances of both transactions showed Hutchison has few equals in terms of capital market savviness.

    13 Mar 2015

  • Comment: RQDII: a nice dessert, but no main course

    It’s been three months since China officially launched its renminbi-denominated qualified domestic institutional investor (RQDII) scheme. Expectations had seemed high, but activity has been muted. For this year at least, RQDII looks set to be a mere dessert for China’s domestic investors rather than any main course.

    13 Mar 2015

  • PNB holds beauty parade for $800m capital raising

    Punjab National Bank held meetings this week with potential bookrunners to lead a capital raising exercise, as one of India’s largest lenders prepares to raise around Rp50bn ($800m) from the equity capital markets.

    13 Mar 2015

  • Banks fund Rural Electrification Corp's $400m loan

    A consortium of two Japanese banks and one Indian lender has funded a $400m loan to India’s Rural Electrification Corp on March 12.

    13 Mar 2015

  • Waiting room fills for Q&M Dental’s S$60m debut

    Singapore based Q&M Dental Group has raised S$60m ($43.4m) through its debut bond issue. Despite the small deal size, investor demand meant the trade was four times covered.

    13 Mar 2015

  • Cabei and Intesa Sanpaolo keep Formosa market booming

    The Central American Bank for Economic Integration (Cabei) returned to Taiwan’s Formosa bond market on March 12 with an Rmb800m ($127.5m) three year offering priced at 4.75%. The trade was the development bank's second Formosa, and it remains the only Latin American issuer.

    13 Mar 2015

  • Tight secondary trading for ICBCIL’s cheap dollar debut

    ICBCIL Finance wrapped up its maiden appearance in the international debt market on March 12. Market participants questioned whether the deal was done too cheaply.

    13 Mar 2015

  • India’s IL&FS plans dim sum comeback

    IL&FS Transportation Networks is preparing to make another venture into the offshore renminbi debt market, with the Indian issuer opting for CNH in a bid to woo investors already familiar its story.

    13 Mar 2015

  • Yuanta Bank prices 3y Formosa, takes 2015 Taiwan CNH issuers to 14

    Yuanta Bank has added one more deal to this year’s red hot Formosa bond market by pricing a three year at 4.60% on March 12, two bankers close to the deal have told GlobalRMB. The final size was Rmb250m ($40m) and the issuer is considering another visit, depending on market conditions, said one of the bankers.

    13 Mar 2015

  • CIMB scoops new Indo head from Citi

    CIMB Bank, which has been at the heart of a sweeping reorganisation of its workforce over the past few weeks, has now rejigged its senior leadership team in Indonesia with the hire of a new president director.

    13 Mar 2015

  • Costa Rica plans new debt law, eyes IG rating after bond return

    Costa Rica is working with supranationals on a new law to give it more flexibility to issue in international capital markets, the country’s head funding official told GlobalCapital.

    12 Mar 2015

  • Panama takes tight 10 year on UST strength

    Panama’s new 10 year traded up on Thursday morning despite the country having issued the bond with the tightest coupon it had ever achieved.

    12 Mar 2015

  • Investors jump on Millicom 10 year amid volatility

    A torrid start to the week for secondary bond markets in Latin America did not stop pan-emerging markets telecoms and media group Millicom from fetching a well oversubscribed $500m 10 year non-call five note on Tuesday, as investors saw a rich concession for a name in most EM corporate bond portfolios already.

    12 Mar 2015

  • Confusion reigns as ECB starts QE

    The European Central Bank this week began its programme of SSA bond buying, but the bank needs to work on being as transparent as possible — and fast.

    12 Mar 2015

  • Euro could match US with vibrant 30yr mart

    British American Tobacco’s 30 year euro bond opens a new product, and could usher in a bigger, more international European bond market.

    12 Mar 2015

  • NN Group EUR600m 1% Mar 22

    12 Mar 2015

  • Moody’s Analytics moves compliance to the cloud

    Moody’s Analytics has added a new tool to its web-based Structured Finance Portal to help financial institutions assess the potential accounting and regulatory treatment of securitization investments.

    12 Mar 2015

  • Prestige hires first compliance officer ahead of new subprime deal

    Prestige Financial Services hired its first compliance officer ahead of a $400m subprime auto securitization the company is planning.

    12 Mar 2015

  • Yorkshire Building Society EUR750m 1.25% Mar 22

    12 Mar 2015

  • Deutsche Bank EUR1.5bn 1.125% Mar 25

    12 Mar 2015

  • Real money investors jump on ADB debut green bond

    Asian Development Bank has made its first foray into the green bond format, joining a small group of issuers at the long end of the market. The debut attracted a strong bid from real money investors, parched for high quality green debt.

    12 Mar 2015

  • IFC capitalizes on renminbi basis swap

    International Finance Corporation has tapped a renminbi line to over Rmb3bn ($478.8m) as moves in the dollar/renminbi cross currency basis swap drove a burst of demand from Asian investors.

    12 Mar 2015

  • Allied Irish Banks EUR500m 1.375% Mar 20

    12 Mar 2015

  • Crédit Agricole EUR2bn 2.625% Mar 27 T2

    12 Mar 2015

  • Banca Popolare di Vicenza EUR750m 2.75% Mar 20

    12 Mar 2015

  • Crédit Agricole tops off its €3bn tier two target in dollars

    Crédit Agricole wowed the dollar market with its tier two dollar offering this week, enjoying huge demand and tight pricing despite challenging market conditions.

    12 Mar 2015

  • Renminbi MTN volume spikes on cross currency swap

    The stars aligned in the offshore renminbi market this week as moves in the cross currency basis swap with dollars drove a burst of demand in the medium term note format, with banks on the receiving end happy to print.

    12 Mar 2015

  • Euro QE begins but SSA bankers debate success

    After an age in the making as bankers pleaded for it, the European Central Bank unleashed quantitative easing programme. But the verdict so far has not been unanimously positive. Craig McGlashan and Tessa Wilkie report.

    12 Mar 2015

  • BAT lights up 30 year euro path for corporate peers

    British American Tobacco’s €600m 30 year note sold on Tuesday is expected to herald a new wave of super-long corporate bonds in the currency, reports Richard Metcalf.

    12 Mar 2015

  • Covered issuers price over the spectrum

    Issuers across the credit spectrum were seen in covered bonds this week with Münchener Hypothekenbank pricing the tightest 10-year deal ever while Bankia priced a 10 year with one of the widest spreads seen this year.

    12 Mar 2015

  • Crédit Agricole lands mammoth tier two ahead of TLAC rush

    The race to fulfil Total Loss Absorbing Capacity (TLAC) requirements has begun for Europe’s banks, illustrated most recently by Crédit Agricole’s €3bn equivalent two tranche tier two bond this week, writes Graham Bippart.

    12 Mar 2015

  • Barclays and ING lead Yankee fight-back

    Barclays, ING and Lloyds Bank led the return of big-ticket issuance by European financials with a combined $7bn in fresh supply this week.

    12 Mar 2015

  • SSAs plumb pricing depths in threes

    Issuers were able to find dollar demand at levels well through mid-swaps this week as a slew of reassuringly expensive names looked to the most conservative of maturities.

    12 Mar 2015

  • Aussie quartet sell A$4bn in a week as major banks return and prices firm up

    The return of two Australian major banks to securitization this week helped put more than A$4bn equivalent of new RMBS and auto ABS bonds on the market.

    12 Mar 2015

  • Uralkali in talks for loan amid Russian return

    Russian potash producer Uralkali is in talks with international banks about getting a loan soon and a handful of other borrowers are also attempting deals.

    12 Mar 2015

  • Volcker exemption ushers CLO buyers in from the cold

    US regulators have given sentiment in the European CLO market a boost by clarifying that non-US banks can own and trade CLOs that do not comply with the Volcker rule.

    12 Mar 2015

  • Italy ABS back as Mediobanca eyes consumer

    Mediobanca will be the next periphery issuer to step out of a post-crisis pattern of privately sold and retained transactions, as tightened spreads and the ECB’s presence give lenders more confidence in primary market demand.

    12 Mar 2015

  • Barclays fears investor drain on ECB’s watch

    Barclays has calculated the European Central Bank’s intervention will shrink the investor-placed Eurozone ABS market by some €35bn this year alone, forcing buyers to look elsewhere.

    12 Mar 2015

  • Bluestone unveils seven trancher as esoteric ABS appeal

    Australia-based Bluestone Group has begun marketing its debut buy-to-let UK RMBS, as demand for deals out of reach of the European Central Bank supports more esoteric products.

    12 Mar 2015

  • Corporate deluge continues with M&A rush

    Zimmer Holdings and JM Schmucker picked up the M&A financing baton from Actavis to lead an avalanche of new issuance as borrowers ploughed through softer markets, printing trades ahead of a crunch meeting of the Federal Reserve.

    12 Mar 2015

  • Big blocks sell well as Aspen, ISS top $1.9bn

    Two block trades of around $1bn went well on Thursday night, as GlaxoSmithKline sold half its remaining 12.4% stake in Johannesburg-listed Aspen Pharmacare, while private equity funds shed the last chunk of ISS, the Danish cleaning firm.

    12 Mar 2015

  • ESM EUR3bn 0% Oct 17

    12 Mar 2015

  • Secondary wobble fails to halt primary appetite for euro senior paper

    A tricky secondary market was unable to derail the new issue pipeline in senior this week, with new deals selling well even as their predecessors underperformed.

    12 Mar 2015

  • BoE USD2bn 1.25% Mar 18

    12 Mar 2015

  • People moves in brief

    You little Rippa! BNP snags new DCM banker - Emirates NBD brings in new head of treasury - France names new funding head - StormHarbour expands Italian DCM advisory - EM sales head leaves Commerzbank - Stonegate pushes new online MBS platform with new CTO - OCC taps JPM bigwig as CIO - Tullett nabs KPMG exec as risk chief

    12 Mar 2015

  • FMS-W $1.5bn 1.75% Mar 20

    12 Mar 2015

  • Aareal Bank follows LBBW in dollars

    Aareal Bank this week became the second German issuer this year to price a US dollar denominated Reg S Pfandbrief. It follows the lead of LBBW which priced a similar deal two weeks ago. Though the actual funding converted back to euros will have been nominally higher than what it could have achieved in euros, savings will have been made on swaps costs.

    12 Mar 2015

  • CCP skin in the game doesn’t go far enough

    Default fund contributions by central counterparties, known as skin in the game, are not the only risk management mechanisms for clearing house operations and resolution systems, and they do not compensate for other risk mitigation strategies, said market officials.

    12 Mar 2015

  • Coventry extends sterling FRN duration

    Coventry Building Society became the first UK issuer to spurn the conventional three year sterling floating rate covered bond sector, and following its recent roadshow, sold a five year floating rate sterling benchmark covered bond on Tuesday.

    12 Mar 2015

  • Middle East market 'on fire' as jumbo size loans draw in strong bank demand

    Bankers this week described the Middle East loan market as “on fire” amid a run of big deals from the region and a burgeoning pipeline.

    12 Mar 2015

  • Pfandbriefe sell off after Heta’s moratorium

    Austrian and German Pfandbriefe came under pressure this week, after Fitch and Moody’s took negative rating action against a number of entities.

    12 Mar 2015

  • Big equity blocks sell well as Aspen, ISS sales near $2bn

    Two block trades have gone well tonight, as GlaxoSmithKline has sold half its 12.4% stake in Johannesburg-listed Aspen Pharmacare, while private equity funds have sold the last chunk of ISS, the Danish cleaning firm.

    12 Mar 2015

  • Buyers unfazed by Obvion tightening as they buy €1.9bn in ‘ruined market’

    European ABS is now the very definition of an issuer’s market, according to some ABS bankers, who watched investors snap up nearly €2bn of Obvion RMBS on Thursday despite the lender pricing five year notes where it was pricing two years barely six months ago.

    12 Mar 2015

  • Azerbaijani bank loans in focus as IBA and AccessBank launch

    International Bank of Azerbaijan (IBA) and AccessBank are both in the market to refinance loans they signed last year.

    12 Mar 2015

  • Panama takes tight 10 year on UST strength

    Panama’s new 10 year traded up on Thursday morning despite the country having issued the bond with the tightest ever coupon it had ever achieved.

    12 Mar 2015

  • Loans, news in brief - March 12, 2015

    Siaci - AS Adventure - Club Med - Kongsberg - Danube Foods

    12 Mar 2015

  • Peru returns to the road

    The Republic of Peru will kick off a non-deal roadshow next week as sovereigns continue to provide the bulk of work for Latin American debt bankers.

    12 Mar 2015

  • Ireland’s Permanent TSB plans €525m capital raise

    Irish bank Permanent TSB intends to raise €525m of capital from investors in the first stage of its return to private ownership, and its first equity deal since failing last year’s European stress tests.

    12 Mar 2015

  • Magic Montenegro prints bigger but not longer bond

    Montenegro priced a €500m bond late on Thursday afternoon in London, printing its largest ever bond, though stuck with a five year tenor.

    12 Mar 2015

  • Publicis completes Sapient acquisition refi

    Publicis, the French advertising firm, has confirmed its completion of a $1.6bn five year loan that partially funds its acquisition of American Sapient Corp.

    12 Mar 2015

  • Akbank nears close in Turkish loan surge

    Turkey’s first wave of 2015 financial institution loans has hit full speed, with three banks lining up and Akbank set to close its pace-setting deal.

    12 Mar 2015

  • ESM breaks negative yield seal after mulling Eonia spread pricing

    The European Stability Mechanism sold the first euro benchmark at a negative yield this week — but stopped short of taking an innovative approach to marketing bonds that others may still adapt.

    12 Mar 2015

  • FIA Boca: Lev ratio to strand clients if FCMs exit clearing biz

    This week, the Futures Industry Association held its 40th Annual Boca conference in Boca Raton, Florida where senior buysiders, sellsiders, exchanges, clearing houses, lawyers and other market officials met to dicuss the trading and regulatory landscape in the derivatives markets. The GlobalCapital team reported from the event, covering all the hot topics such as regional fragmentation, central counterparty equivalence, cross-border regulation, trading and execution requirements, and more.

    12 Mar 2015

  • Looking for hedges in unlikelier places

    Many portfolio managers saw their hedges clipped over the last six months as breakouts in volatility were quickly reversed.

    12 Mar 2015

  • Gulf Keystone Petroleum seeks to amend 2017s

    Gulf Keystone Petroleum, an oil and gas exploration, development and production company in the Kurdistan Region of Iraq, has opened a consent solicitation on its €250m 13% 2017s.

    12 Mar 2015

  • Sovereign business picks up as more mandate

    While Montenegro was speedily printing a euro-denominated bond this week, two more central and Eastern European countries queued up behind it to take their own deals on roadshows.

    12 Mar 2015

  • Belgium makes storming sterling debut

    Investors flocked to the Kingdom of Belgium’s inaugural sterling benchmark on Thursday, allowing it to double its original target for the deal.

    12 Mar 2015

  • ADB prints green debut

    Asian Development Bank attracted a strong bid from real money investors to a debut green bond on Thursday.

    12 Mar 2015

  • Vattenfall sells first Swedish krona corp hybrid with €1.65bn refi

    Vattenfall, the Swedish state energy company, has issued €1.65bn equivalent of hybrid bonds in Swedish kronor and euros.

    12 Mar 2015

  • Socar overcomes investor oil price fears to print $750m

    The State Oil Company of the Azerbaijan Republic (Socar) printed a twice subscribed $750m bond on Wednesday, becoming the first oil company from CEEMEA to access the bond since the dramatic fall in the oil price since the end of last year.

    12 Mar 2015

  • Play Finance taps 2019s

    Play Finance has increased the size of its secured 2019s by €125m to €725m.

    12 Mar 2015

  • NIB scorches through swaps with three year

    Nordic Investment Bank priced a $1.25bn three year just shy of a double-digit spread through mid-swaps on Thursday — the latest in a round of tightly priced dollar deals this week in the short end of the curve.

    12 Mar 2015

  • Sappi prices €450m at 3.375% to redeem higher coupon bonds

    Sappi, the Austrian-South African paper maker, on Thursday priced its €450m of senior secured bonds inside price guidance, into a high yield market with solid demand this week.

    12 Mar 2015

  • Shawbrook third challenger bank to try IPO on LSE in five months

    Shawbrook launched its IPO on Thursday, as the bank races to become the latest challenger bank to float in London, ahead of the Easter holiday break.

    12 Mar 2015

  • Wyndham timeshare deal too tight for real money

    Wyndham Consumer Finance's latest timeshare ABS issuance is expected to launch too tightly for long money investors who used to be big buyers of esoteric products.

    12 Mar 2015

  • NBAD prepares ground for additional tier one debut

    National Bank of Abu Dhabi is lining up to issue its debut Basel III tier one bond after receiving approval at its general assembly meeting on Tuesday.

    12 Mar 2015

  • State Oil Company of the Azerbaijan Republic USD750m 6.95% Mar 30

    12 Mar 2015

  • Rabobank CFO to quit after losing oversight of risk

    Rabobank’s chief financial officer — the most powerful executive at the bank, according to one insider — is to step down early, at the end of 2015, after the bank decided he could no longer be chief risk officer, writes Jon Hay.

    12 Mar 2015

  • Sovereign to reignite Egyptian market

    Egypt is planning a Eurobond as part of a push to attract foreign investment to the country. The deal is expected to open up the market for corporate and financial borrowers.

    12 Mar 2015

  • Banks begin placing €400m Club Med buyout loan

    Mandated lead arrangers and bookrunners Crédit Agricole, Natixis and Société Générale have begun placing a €400m loan to support a Chinese conglomerate's buyout of Club Méditerranée.

    12 Mar 2015

  • SIB returns with rare senior unsecured sukuk

    Sharjah Islamic Bank (SIB) on Tuesday offered sukuk buyers their first chance to buy fresh senior unsecured financial supply this year.

    12 Mar 2015

  • Aussie quartet sell A$4bn in a week as prices firm up

    The return of two of the Australian major banks to securitization this week helped put over A$4bn equivalent of new RMBS and auto ABS bonds on the market.

    12 Mar 2015

  • Q&A: Commissioner Christopher Giancarlo, Commodity Futures Trading Commission

    Swaps regulation needs to be overhauled in the US in order to stop trading flow moving away from trading centres in New York and elsewhere in the US to overseas markets, according to Christopher Giancarlo, Commissioner at the Commodity Futures Trading Commission. GlobalCapital was granted an exclusive interview with Commissioner Giancarlo, to discuss how these flows can be reversed via regulatory harmonisation and global co-operation.

    12 Mar 2015

  • Sharjah Islamic Bank USD500m 2.843% Mar 20

    12 Mar 2015

  • Publicis completes $1.6bn American Sapient acquisition loan refi

    Publicis, the French advertising firm, has confirmed its completion of a $1.6bn five year loan that partially funds its acquisition of American Sapient Corp.

    12 Mar 2015

  • Sabadell shares fall as market expects equity raising for TSB bid

    Banco Sabadell may issue up to €2.4bn of new capital if it bids for TSB, the UK bank. But the amount may be as little as €1bn, as TSB has spare capital.

    12 Mar 2015

  • Glencore offers pleasing pick-up to get €2bn

    Glencore, the Anglo-Swiss mining and commodities trading company, priced a €1.25bn six year and a €750m 10 year bond on Monday.

    12 Mar 2015

  • Early Neste gets the worm with €500m 7yr

    Finland's Neste Oil has issued a €500m seven year bond after increasing the size in response to investor demand.

    12 Mar 2015

  • Sovereign yields scream lower at auction

    Eurozone sovereigns have taken full advantage of plunging long term yields during the first week of eurozone quantitative easing by tearing down their borrowing costs at auction on Thursday.

    12 Mar 2015

  • 3i and CS take home GC’s euro CLO award

    At IMN’s London CLO conference on Monday, GlobalCapital presented 3i and Credit Suisse with the Euro CLO of the Year 2014 Award for 3i’s Harvest IX CLO. The deal received the most votes from market participants out of a shortlist of five.

    12 Mar 2015

  • Rabobank opts for seven years in sterling

    Rabobank hit the sterling market on Wednesday, selling the first new issue in the currency of the month and extending the maturity beyond the five year point favoured by issuers in 2015.

    12 Mar 2015

  • Attractive spread propels Vicenza to success

    A juicy spread over swaps allowed Banca Popolare di Vicenza to draw plenty of attention on Thursday for its second senior syndication of 2015.

    12 Mar 2015

  • Socar prints smaller than expected bond

    The State Oil Company of the Azerbaijan Republic (Socar) printed a $750m bond on Wednesday, a lower size than the market was expecting.

    12 Mar 2015

  • Renaissance Credit to buy back $50m of expensive sub debt

    Renaissance Credit is offering to buy back its subordinated 2018s in a bid to eliminate coupon costs on the amortising note.

    12 Mar 2015

  • Emirates announces UK guaranteed sukuk

    Emirates the airline has made public its mandate for the first sukuk guaranteed by the UK’s Export Credit Guarantee Department.

    12 Mar 2015

  • Danube Foods to hold bank meeting on LBO loan

    Danube Foods Group will hold a meeting with banks on Tuesday next week for a €375m loan backing its buyout by Mid Europa Partners.

    12 Mar 2015

  • EM sales head departs Commerzbank

    Eran Klein has departed Commerzbank, where he had been head of emerging market sales for three years.

    12 Mar 2015

  • Korea rolls out new IPO rules to provide much needed boost

    South Korea has taken a big step towards opening up its equity capital markets, tweaking its listing guidelines to woo domestic and international issuers to its exchange. Bankers are lauding the changes, but the fact that the stock market has also added financial criteria could present an obstacle to growth, writes Rashmi Kumar.

    12 Mar 2015

  • Breakthrough in sight for SG covered bonds

    DBS is on course to become the first covered bond issuer from Singapore, having proposed a unique structure that will overcome the sticky issue of who has first claim on the asset pool. An agreement is close to being struck and the Singaporean lender is looking then to issue a benchmark size offering in either dollars or euros, writes Rev Hui.

    12 Mar 2015

  • Montenegro pricing looks fair, say bankers

    Montenegro is offering an appropriate 25bp premium at price talk for its new five year Eurobond, according to bankers.

    12 Mar 2015

  • Inox Wind breathes life into India IPO market

    Inox Wind is set to launch its Rp10.40bn ($168.39m) IPO on March 18, in what looks to be India’s largest listing in nearly two years. The deal is already generating a lot of buzz given the company's credentials as a unit of the Inox Group and for being a rare issuer in the renewable energy sector.

    12 Mar 2015

  • Mitra cuts out 40% bidders in $338m deal

    Hospital operator Mitra Keluarga Karyasehat has priced Indonesia’s largest IPO since 2011, raising Rph4.45tr ($338m) in a deal that investors piled into.

    12 Mar 2015

  • Petronas picks pricing over size with its jumbo $5bn

    Malaysia’s state owned oil and gas company Petroliam Nasional (Petronas) broke records this week when it priced the largest G3 bond from a southeast Asian corporate. Choosing aggressive pricing over a bigger size, the issuer opted to settle for raising $5bn with the four tranche deal, lower than the expected size of $6bn-$7bn, writes Narae Kim.

    12 Mar 2015

  • MTN Leak: A tall tale

    ‘No reservations taken’ — the words send a chill down the spine of anyone who likes to be organised or likes to be certain of where they are going to be eating at any given time.

    12 Mar 2015

  • 'Not the usual March': bankers fret over dollar

    Asia's equity capital market bankers are feeling the heat as they tackle the impact that a prolonged period of dollar strength could have on primary dealflow. Stock markets across the region continued to sell off this week as the dollar reached levels not seen against some peers for more than a decade, but the weakness could also benefit firms with high quality earnings as investors become more discerning.

    12 Mar 2015

  • Huawei set to return for refi

    Huawei Technologies has approached banks for a borrowing of between $1bn-$2bn, according to bankers.

    12 Mar 2015

  • Adlabs IPO hits wobbly ground, slashes to $63m

    The leads on Adlabs Entertainment’s Indian IPO have slashed the deal’s price range and extended the bookbuilding period by five more days, with the new terms expected to raise the company not more than Rp3.94bn ($63m) — down from its previous target of Rp4.7bn.

    12 Mar 2015

  • Pakistan’s TPL builds plans for office Reit

    As Pakistan gets closer to launching its first ever real estate investment trust (Reit), another company has submitted an application to set up its own property trust, encouraged by the demand for yield investments in the country.

    12 Mar 2015

  • International Bank of Azerbaijan launches loan refi

    International Bank of Azerbaijan (IBA) is in the market with a loan refinancing but may agree to a smaller amount than last time, said bankers.

    12 Mar 2015

  • Fuyao Glass cracks on with $900m Hong Kong listing

    Shanghai-listed Fuyao Glass started premarketing its $900m IPO in Hong Kong on Tuesday, March 10, with bankers touting its size and scale as one of the world’s largest manufacturers of automotive glass.

    12 Mar 2015

  • Buyers undeterred by Obvion tightening

    Investors had taken the order book for Obvion’s single tranche Dutch RMBS to well over €2bn on Thursday, despite the lender pricing five year notes where it was pricing two years barely six months ago.

    12 Mar 2015

  • Working out what really counts in life

    It never ceases to amaze me how quickly priorities can change. Just weeks ago, at my regular watering hole, I could spot none of my chums. Doubtless they were too busy pretending to be the best employee ahead of bonus season. That was never going to last long of course and I can now vouch that all is right once again in the banking world.

    12 Mar 2015

  • Nomura names Nicholson as new ECM head

    Marshall Nicholson has joined Nomura as managing director and head of ECM for Asia ex-Japan, re-entering equity capital markets after nearly three years.

    12 Mar 2015

  • Indo Eximbank lines up group of seven for $750m facility

    Indonesia Eximbank has zeroed in on seven banks to lead its latest $750m dual trancher. The lenders are targeting March 16 to launch the transaction into general syndication.

    12 Mar 2015

  • Bilaterals eat into Asia syn loans as volumes near 2008 levels

    Asia syndicated loans volumes are on track for their weakest three months since the final quarter of 2008, which followed the collapse of Lehman Brothers. But this time it is the abundant liquidity of banks that is causing the problem. Lenders are abandoning syndications in favour of bilaterals as top rated borrowers call the shots, writes Shruti Chaturvedi.

    12 Mar 2015

  • GDF Suez’s Sergio Val: bespoke deals enhance market

    The euro bond market is increasingly open to deals tailor-made for issuers’ needs, according to the funding chief at GDF Suez, which last week issued a zero coupon two-year note.

    12 Mar 2015

  • Bulgaria starts Eurobond roadshow next week

    Bulgaria has finally announced roadshow dates for its new Eurobond. The mandate was first announced on the country's Ministry of Finance’s website in early February.

    12 Mar 2015

  • Armenia shows rare favouritism with mandate

    Armenia has mandated the same three banks for a new issue and buyback offer as it used for its debut in 2013.

    12 Mar 2015

  • Teva meets investors for first Israeli corporate bond

    Teva Pharmaceutical Industries kicks off investor meetings in Europe next week. The borrower is looking to issue its first euro denominated bond since 2012.

    12 Mar 2015

  • Greenland HK eyes big tickets for $330m loan

    Property company Greenland Hong Kong, which began sounding out lenders for a fundraising back in January, is seeking a $330m three year bullet with Deutsche Bank in the lead.

    12 Mar 2015

  • NS Shopping goes for the top with $185m KRX IPO

    South Korea’s NS Shopping has priced its IPO at the top of the range to raise W206.4bn ($185m), following two days of institutional bookbuilding and with retail orders yet to begin.

    12 Mar 2015

  • Asia bond round-up: Hutchison Port, Cabei and ICBCIL open

    Hutchison Port, Central American Bank for Economic Integration and ICBCIL opened books for their respective bonds on Thursday, March 12, in what is looking to be a busy end of the week for the Asian debt capital markets.

    12 Mar 2015

  • FIA Boca: Buyside fails to see benefits post-financial reform

    The derivatives markets have undergone the biggest regulatory overhaul in history since the global financial crisis. But buysiders are failing to see any benefits to their trading operations apart from increased costs, according to speakers at the 40th Annual Futures Industry Association Boca Conference in Boca Raton, Florida.

    12 Mar 2015

  • CWT ships in S$100m; Q&M Dental opens for debut

    Logistics and supply chain company CWT has raised S$100m ($72.4m) from a five year offering. The issuer comes at a time when Singapore dollar issuance is starting to pick after the Chinese New Year break.

    12 Mar 2015

  • Dougan’s legacy will stand the test of time

    Tidjane Thiam should resist the temptation to trash Credit Suisse’s investment bank and focus on the bigger job of improving the private bank, says David Rothnie.

    12 Mar 2015

  • Panama pounces on US Treasury rally

    Panama sold $1.25bn of 10 year notes on Wednesday at a tighter new issue premium than other recent sovereign issues from Latin America had managed as LatAm markets enjoyed a better day after a torrid start to the week.

    12 Mar 2015

  • Subprime auto ABS tighter, but losses up

    Subprime auto ABS spreads have tightened since the start of the year even as performance has declined and transaction sponsors have reached further down the credit stack for new issuance.

    11 Mar 2015

  • More NPLs on the way for rental deals

    Market participants expect Freddie Mac to come to market more frequently with non-performing loans, with the government sponsored enterprise’s next NPL sale expected to come as soon as April.

    11 Mar 2015

  • Sellers miss a good day for blocks as Tuesday’s trades perform

    Despite a very strong day for European stocks, with the Euro Stoxx 50 up 2.3%, no equity accelerated bookbuilds have been conducted tonight. The three deals yesterday all appeared to go well.

    11 Mar 2015

  • FIA Boca: Shanghai-HK Stock Connect poses new regulatory issues

    Competing markets and jurisdictions between China and Hong Kong pose regulatory uncertainty and liabilities as derivatives market participants transact on the Hong Kong-Shanghai Stock Connect, according to panellists at the Futures Industry Expo Conference in Boca Raton, Florida.

    11 Mar 2015

  • Finansbank quasi-IPO begins – new capital to be 90% of targeted $1bn sale

    The starting gun has been fired for the long-awaited quasi-IPO of Finansbank. The National Bank of Greece, which owns almost all the Turkish bank, will sell some of its shares, though the $1bn deal will consist mainly of new capital.

    11 Mar 2015

  • Europe’s secondary loan market is stable but a lack of data obscures its true depth

    GlobalCapital caught up with Nigel Houghton of the Loan Market Association to discuss the real depth of Europe’s secondary loan market and leveraged loans’ competitive advantage over high yield.

    11 Mar 2015

  • Rare Oslo bio IPO blows out on day one

    The Oslo Stock Exchange is set to host a rare biotech IPO. Nordic Nanovector, a Norwegian company that is developing antibody-radio conjugates, is seeking to raise Nkr400m ($50m) of new capital.

    11 Mar 2015

  • The Housing Finance Corp taps state-guaranteed bond again, with no NIP

    The Housing Finance Corp has raised £194m, which it will lend to 12 UK housing associations, with a second tap of its 2042 bond, guaranteed by the UK government.

    11 Mar 2015

  • Credit Suisse loses three from credit after bonus round

    Credit Suisse has suffered three recent departures from its credit trading business, with all three said to be heading to jobs elsewhere.

    11 Mar 2015

  • NIB mandates as Canada wraps up dollar effort

    Nordic Investment Bank on Wednesday hired four banks to run a three year dollar syndication, as Canada was wrapping up a three year that attracted strong demand despite coming at a single digit spread to US Treasuries.

    11 Mar 2015

  • Greek yields rise at auction as Italy nears zero

    The lonely path that Greece is wandering away from the rest of the eurozone periphery was in sharp focus at a pair of bill auctions on Wednesday.

    11 Mar 2015

  • ADB preps debut green bond

    Asian Development Bank has mandated banks for its debut green bond, set to be priced on Thursday, while World Bank opened subscriptions for a green index linker.

    11 Mar 2015

  • Obvion coming ‘super tight’ in Dutch fives

    Rabobank and Société Générale have guided investors to high 20bp area for Obvion’s single five year tranche of Dutch RMBS in Storm 2015-1, the latest benchmark for a market entering new territory at the tight end.

    11 Mar 2015

  • Intermediate Capital Group's retail bond a hit, raises £160m in four days

    Intermediate Capital Group, the UK mezzanine and leveraged finance asset manager, has raised £160m with its third UK retail bond, a 5% eight year deal.

    11 Mar 2015

  • AS Adventure sets Friday bank meeting

    Outdoor clothing retailer AS Adventure has booked a Friday bank meeting for its €245m acquisition loan, with price talk reflecting investors’ wariness of retail borrowers.

    11 Mar 2015

  • Siaci Saint Honore launches €285m loan

    French insurance broker Siaci Saint Honore launched its €285m acquisition loan this morning (Wednesday) and will guide pricing at a Monday bank meeting.

    11 Mar 2015

  • Europe’s secondary loan market is stable but lack of data obscures depth

    GlobalCapital caught up with Nigel Houghton of the Loan Market Association to discuss the real depth of Europe’s secondary loan market and leveraged loans’ competitive advantage over high yield.

    11 Mar 2015

  • StormHarbour expands Italian DCM advisory

    Investment banking firm StormHarbour Securities has made a senior hire as part of its plan to develop its advisory coverage for Italian institutional clients.

    11 Mar 2015

  • NN senior debut overcomes softer secondary market

    Dutch insurer NN Group enjoyed a favourable reception for its debut senior print on Wednesday, shaking off any concerns about a weaker secondary market to attract a comfortable oversubscription.

    11 Mar 2015

  • No end to QE compression in sight

    Central bank domination of financial markets entered another level this week with the commencement of full QE in Europe. There is little to suggest the spread compression it has caused across asset classes will continue.

    11 Mar 2015

  • Petronas pulls trigger on $7bn league table shaker

    Malaysia’s Petronas opened books on its first international sukuk in almost six years on Wednesday, as part of a colossal four tranche transaction that could upend the Islamic bond league table.

    11 Mar 2015

  • NBAD prepares ground for AT1 debut

    National Bank of Abu Dhabi is lining up to issue its debut Basel III tier one bond after receiving approval at its general assembly meeting on Tuesday.

    11 Mar 2015

  • AccessBank launches loan refi in Azerbaijani flurry

    Azerbaijan’s AccessBank is in the market to refinance a loan that it signed last year, among a run of returning borrowers from the country.

    11 Mar 2015

  • HNA Intl pioneers corporate RMB bond in Korea

    Five months after South Korea saw its first locally issued and listed renminbi-denominated bond, HNA Group (International) Company (HNA International) has become the first corporate issuer in that market.

    11 Mar 2015

  • Inflows pump up HY as QE gets going

    "High yield is back," declared Bank of America Merrill Lynch's research team on Wednesday, as European inflows reached their highest level for 84 weeks.

    11 Mar 2015

  • Three Turkish banks line up with 367 day loans

    Three Turkish banks returning to the market to refinance loans will copy recent moves by Akbank and Ziraat Bankasi and introduce 367 day tranches alongside 364 day facilities.

    11 Mar 2015

  • Egypt to raise up to $2bn with dual tranche Eurobond

    Egypt is looking to raise $1.5bn with a new benchmark Eurobond but may increase the deal by $500m, a representative from the country's finance ministry told Global Capital Emerging Markets.

    11 Mar 2015

  • Bluestone stretches stack on first Celeste RMBS

    Australia based Bluestone is looking to sell up to seven tranches of notes in its securitization of buy-to-let mortgages acquired in its takeover of Basinghall Finance.

    11 Mar 2015

  • Socar guides for 15 year

    The State Oil Company of the Azerbaijan Republic (Socar) has released price guidance for a 15 year benchmark dollar bond, having completed its roadshow on Tuesday.

    11 Mar 2015

  • Crédit Agricole tier two signals the TLAC race is on

    The race to fill the Total Loss Absorbing Capacity ratio — before the final rule has even been set — has begun, it seems.

    11 Mar 2015

  • UK IPOs on a roll, no let-up in block trades

    After a patchy start to the year for London listings, books for the IPOs of Aldermore and Auto Trader suggest renewed interest for UK names.

    11 Mar 2015

  • SIB brings more sukuk while conventional pipeline swells

    Sukuk is continuing to dominate CEEMEA bond activity as Sharjah Islamic Bank sold the year’s third international sukuk on Tuesday, printing a $500m five year transaction.

    11 Mar 2015

  • SSAs trial short and long end effects of PSPP

    The European Stability Mechanism showed what is possible in the world of eurozone quantitative easing after printing a bond with a negative yield this week.

    11 Mar 2015

  • Could BAT deal herald opening of 30 year euro corporate market?

    British American Tobacco broke new ground in the European corporate bond market on Tuesday when it priced a €600m 30 year bond as part of a €3bn four tranche deal.

    11 Mar 2015

  • Short end fair, long end cheap: investors size up Petronas $7bn whopper

    Investors are seeing good value in the long dated tranches of a landmark $7bn four tranche bond and sukuk deal from Malaysia’s state oil and gas company Petroliam Nasional (Petronas), which opened books on Wednesday morning. If the issuer gets the trade away at its target size, the deal will be the second largest in dollars from Asia ex Japan.

    11 Mar 2015

  • Qualitas gets going with $150m IPO

    Malaysia’s Qualitas Healthcare Corp kicked off pre-deal investor education for its $150m IPO on Wednesday, hoping to ride on the valuations of healthcare stocks in the country.

    11 Mar 2015

  • Millicom books hit $2bn before pricing tightened 10 year

    Pan-emerging markets telecoms and media group Millicom sold a $500m 10 year non-call five note on Tuesday, tightening pricing by 25bp from initial price thoughts despite another day of torrid secondary markets in Latin America.

    11 Mar 2015

  • KfW extends maturity curve with 3yr CNH

    KfW, the German state development bank, returned to the offshore renminbi (CNH) market on Tuesday. Investors jumped in, enticed by the strong credit, allowing the borrower to increase the size of the deal.

    11 Mar 2015

  • Pengai brings together $200m HK IPO plans

    Pengai Hospital Management Corp is targeting a Hong Kong IPO of $100m-$200m by the first half of this year, with the company refiling and updating its preliminary prospectus with the city’s stock market regulator.

    11 Mar 2015

  • FIA Boca: Lev ratio to strand clients if FCMs exit clearing biz

    If more banks are forced out of the clearing business as a result of the stringent leverage ratio rules under Basel III, then the remaining futures commissions merchants will not have the capacity to take on their clients, according to speakers at the 40th Annual Futures Industry Association Boca Conference in Boca on Tuesday.

    11 Mar 2015

  • Noble invites proposals for $2.5bn loan

    Noble Group, a commodities supplier, has sent out termsheets for a $2.5bn borrowing.

    11 Mar 2015

  • India’s Inox Wind ushers in $163m IPO

    Inox Wind is set to launch its Rp10.40bn ($168.39m) IPO on March 18, in what looks to be India’s largest listing in nearly two years. The deal is already generating lots of buzz given its credentials as a unit of the Inox Group and for being a rare issuer in the renewable energy sector.

    11 Mar 2015

  • GF Securities targets next week for $2bn IPO pre-marketing

    Chinese brokerage GF Securities will have a hearing with the Hong Kong listing committee on Thursday March 12 for its planned IPO of $1.5bn-$2bn, with pre-marketing expected to kick off next week.

    11 Mar 2015

  • Shimao wraps up tap of 2022s in style

    Shimao Property Holdings has returned to the dollar market with a $300m tap of its $800m 2022s. As with the original deal, the new trade saw a huge order book and the issuer ended up giving what bankers agreed was the lowest new issue concession from a Chinese property developer in 2015.

    11 Mar 2015

  • Xinyi Solar lights up ECM market with $148m top-up

    Xinyi Solar raised HK$1.15bn ($148m) from a top-up subscription of shares on the night of Tuesday, March 10, with weak markets at the time of execution causing investors to be highly price sensitive. But thanks to the momentum provided by the company’s positive results one week ago and a hefty discount, the trade pulled through.

    11 Mar 2015

  • Far East Horizon loan rises to $350m

    Far East Horizon’s latest borrowing has risen to $350m from its launch size of $200m, on the back of robust demand.

    11 Mar 2015

  • FIA Boca: Buyside lauds clearing for ISDA doc abolition

    One of the greatest advantages of clearing for buyside participants is that they do not have to invest in derivatives documentation such as International Swaps and Derivatives Association master agreements and credit support annexes which are costly and time consuming for market participants, according to speakers as the 40th Annual Futures Industry Association Boca Conference in Boca on Tuesday.

    11 Mar 2015

  • Petronas opens books for giant sukuk/conventional combo

    Malaysia’s state oil company Petroliam Nasional (Petronas) has started taking orders for a four tranche dollar deal split between a five year sukuk alongside seven, 10 and 30 year conventional bonds. An investor said he was expecting a total size of $6bn-$7bn, making the deal potentially the second biggest G3 bond in Asia ex Japan after Alibaba's $8bn deal last year.

    11 Mar 2015

  • Hedge funds return as Atlantia, JC Decaux and Zalando blocks appear

    After a quiet Monday, block trade action returned on Tuesday evening, even though it had been a down day for European stocks, with the Euro Stoxx 50 losing 1.2%.

    10 Mar 2015

  • Faurecia sprints €500m bond priced tight to yield 3.125%

    Faurecia, the French car parts supplier, sold its €500m unsecured bond on Tuesday to yield 3.125%, joining a parade of high yield cost-saving refinancing issues in March.

    10 Mar 2015

  • Moody’s Analytics moves regulatory compliance to the cloud

    Moody’s Analytics has added a new tool to its web-based Structured Finance Portal to help financial institutions assess the potential accounting and regulatory treatment of securitization investments.

    10 Mar 2015

  • Flowserve gets its turn, bringing €500m deal

    Flowserve, the industrial engineering company based in Irving, Texas, issued a €500m seven year bond on Tuesday.

    10 Mar 2015

  • BAT's €3bn four trancher shows 30 year corps are doable

    British American Tobacco issued a €3bn four tranche deal today, including a €600m 30 year note.

    10 Mar 2015

  • Spanish yields tumble as sovereign pays back ESM early

    Spain’s short term borrowing costs tore down to near zero on Tuesday as the country received approval to pay back cash to the European Stability Mechanism early.

    10 Mar 2015

  • Canada in for dollars as FMS-W prices

    Canada is taking indications of interest on a three year dollar benchmark, amid a busy week of SSA issuance in the currency.

    10 Mar 2015

  • Rentenbank taps Kanga in line with World Bank

    Rentenbank tapped a 2020 Kangaroo bond for A$200m ($152.9m) on Tuesday, pricing the deal in line with a recent World Bank print in the format.

    10 Mar 2015

  • The eurozone curse: May you live in interest-free times

    If there was any doubt that at least top rated borrowers could bring new issue euro benchmarks with negative yields then it was firmly put to rest on Tuesday.

    10 Mar 2015

  • KfW eyes short sterling

    KfW is to tap a short dated sterling line on Wednesday, coming a day after Caisse des Dépots et Consignations launched a rare sterling syndication.

    10 Mar 2015

  • The ECB distorts markets and disaffects investors

    The European Central Bank owns 15% of eligible benchmark covered bonds since its third purchase programme (CBPP3) began. It could end up owning 40%, which could permanently disrupt the market.

    10 Mar 2015

  • Finland's unrated Neste Oil gets the worm with €500m 7yr bond

    Finland's Neste Oil has issued a €500m seven year bond after increasing the size in response to investor demand.

    10 Mar 2015

  • Dubai's P&FZ draws big book for $1.2bn loan

    Dubai’s Port & Free Zone World FZE found high demand as it signed a $1.2bn five year loan with banks last week.

    10 Mar 2015

  • ESM opens negative yield chapter with booming book

    The European Stability Mechanism has made a strong case that negative yielding bonds are an option for SSA issuers, after building a thumping book for paper yielding minus 0.07%.

    10 Mar 2015

  • Market may be wrong to hope Credit Suisse will cut investment bank

    Market orthodoxy is that UBS made an astute move by cutting back its investment bank in 2012, and that Credit Suisse’s hiring of Tidjane Thiam is a prelude to it doing the same. But how true is that – and should Thiam sharpen his axe?

    10 Mar 2015

  • Market welcomes CIPS talk as a boon for RMB global usage

    Market participants have welcomed reported indications by Yi Gang of the People's Bank of China (PBoC) that China’s Cross-border Inter-bank Payment System (CIPS) is set to be launched this year. They see it as a key step to facilitating RMB usage in global payments and making RMB clearing more market-driven.

    10 Mar 2015

  • Indian Reits: To tax, or not to tax – that is the question

    The Indian budget has made a few big changes to the way real estate and infrastructure trusts will be taxed. This is positive, but the government has still failed to tackle some points that are critical to kickstart the market. If the country is serious about becoming a Reit hub, it needs to be not just clearer, but bolder.

    10 Mar 2015

  • Aldermore pops 15% after £226m IPO prices near top

    Aldermore’s share price rose 12% on Tuesday morning, when it began trading in London after the UK challenger bank found success in its second IPO attempt.

    10 Mar 2015

  • Auto Trader’s £1bn IPO covered in hours

    Auto Trader looks increasingly likely to achieve its desired valuation of £2.5bn, as the online new and second hand car website's London listing got covered throughout the range on the first day of bookbuild.

    10 Mar 2015

  • The CLO market can grow up without losing its teeth

    It’s easy to make short term arguments that standardising CLO documentation and improving execution transparency hurts managers, or investors, or banks. But it doesn’t have to.

    10 Mar 2015

  • Ineos flexes price after doubling refi

    Ineos, the Swiss-registered chemical company, has cut pricing on its €1.4bn loan after increasing the facility, a move that investors seem to have taken in their stride.

    10 Mar 2015

  • Moto calls 11.316% notes with new bond

    British motorway service area operator Moto on Wednesday priced a £175m five year non-call two year second lien bond to yield 6.375%, with which it will redeem a CCC+ rated issue sold in 2011.

    10 Mar 2015

  • CLO diversity covenants become ‘best practice’

    Recently priced European CLOs have had greater portfolio diversity written into their structures thanks to additional covenants, according to Fitch.

    10 Mar 2015

  • Emirates NBD brings in new head of treasury

    Emirates NBD has appointed a new head of treasury after moving the outgoing Lee Sims to a new job in Dubai.

    10 Mar 2015

  • Why the world needs to approach swaps regulation together, CFTC's Giancarlo

    Swaps regulation needs an overhaul in the US to repair the country’s competitiveness as a marketplace, according to Christopher Giancarlo, Commissioner at the Commodity Futures Trading Commission.

    10 Mar 2015

  • NN to follow Yorkshire into senior market

    Dutch insurer NN group is set to continue a busy run for senior issuance on Wednesday, mandating banks on Tuesday for its debut senior unsecured print.

    10 Mar 2015

  • Dubai's Meraas nears close on loan for giant Ferris wheel

    Dubai property developer Meraas is close to completing a loan to finance retail property around a 210m Ferris wheel, styled on the London Eye, say bankers.

    10 Mar 2015

  • It’s time for the Middle East and European investors to court each other

    Euro benchmarks from the Gulf are rare but this is the right time for that to change.

    10 Mar 2015

  • Sappi returns to euro market with €450m refi bond

    Austrian-South African paper maker Sappi will begin on Wednesday in London the roadshow for its €450m of senior secured notes.

    10 Mar 2015

  • Credit Suisse puts on a new face with Thiam

    Credit Suisse is looking to move beyond its recent image problems with the surprise announcement that chief executive Brady Dougan will be replaced in July by Prudential plc head Tidjane Thiam.

    10 Mar 2015

  • BBK back in bonds after five year pause

    The Bank of Bahrain and Kuwait has mandated three banks to arrange a Reg S dollar benchmark bond after a five year absence from the market.

    10 Mar 2015

  • Bankers await Romania mandate decision

    The deadline for the Romania request for proposals to arrange its next bond passed on Monday. The country is looking to tap the euro market.

    10 Mar 2015

  • Barclays blames ECB for buyers deserting ABS

    Barclays has calculated the European Central Bank’s intervention will shrink the investor-placed Eurozone ABS market by some €35bn this year alone, forcing buyers to look elsewhere.

    10 Mar 2015

  • Millicom talks 10 year non-call five

    Millicom International Cellular has released price guidance for a $500m 10 year non-call five note at 6.25% yield area.

    10 Mar 2015

  • Fuyao Glass kicks off premarketing for $900m IPO

    Shanghai-listed Fuyao Glass started premarketing its $900m IPO in Hong Kong on Tuesday, with bankers touting its size and scale as one of the world’s largest manufacturers of automotive glass.

    10 Mar 2015

  • Xinyi eyes $152m from top-up placement

    Hong Kong-listed Xinyi Solar is looking to raise up to HK$1.175bn ($152m) from an overnight top-up placement of shares that launched to the market on the evening of March 10.

    10 Mar 2015

  • Cheer up: good times ahead for Asia loans

    This year has thrown quite a few challenges the way of syndicated loans bankers, with commodity price volatility and macroeconomic uncertainty in China among the factors seen denting deal volumes in Asia ex-Japan. But bankers should not despair. Despite the depressing data, there is reason to be hopeful about the prospects for the rest of 2015.

    10 Mar 2015

  • JSW Steel gets four commitments for $250m five year

    Indian company JSW Steel, which hit the syndicated loan market in November 2014 for a $250m five year bullet, has attracted commitments from four lenders in general syndication. One more bank is due to come on board soon.

    10 Mar 2015

  • SIB serves up senior unsecured sukuk

    Sharjah Islamic Bank (SIB) on Tuesday offered sukuk buyers their first chance at fresh senior unsecured financial supply this year.

    10 Mar 2015

  • SGX adds to FX futures suite to boost e-trading

    The Singapore Exchange will add new FX futures contracts on the Taiwanese dollar, offshore and onshore renminbi crosses aiming to encourage trading on electronic trading platforms and exchanges in line with global G20 reforms for the over-the-counter derivatives markets.

    10 Mar 2015

  • No dim sum recovery until RMB hits trough, says HSBC

    Average CNH bond yields have risen almost 60bp over the last three months and the renminbi has depreciated against the dollar by 2% over the same period. But HSBC analysts say in their latest report tracking the market that a meaningful recovery in dim sum bonds will only happen once the currency has finally hit its short term trough.

    10 Mar 2015

  • You little Rippa! BNP snags new DCM banker

    Barbara Rippa has joined BNP Paribas to work on their northern European corporate DCM desk in London. She started in February, having previously worked on Itaú BBA’s emerging market debt syndicate desk for two years.

    10 Mar 2015

  • Chen named president of UBS China

    UBS has appointed Karen Chen to head its wealth management and interbank business arm in China. The Swiss bank has given her the role of president of UBS (China) Ltd after getting the approval of the China Banking Regulatory Commission (CBRC).

    10 Mar 2015

  • Rates derivs trading continues to climb

    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.

    10 Mar 2015

  • Mitra cuts out 40% of investors in $338m IPO

    Mitra Keluarga Karyasehat has priced Indonesia’s largest IPO since 2011, raising Rph4.45tr ($338m) in a deal that saw investors pile in to get their hands on the hospital operator’s stock.

    10 Mar 2015

  • Perennial debuts with S$100m deal

    Singapore-headquartered real estate company Perennial Real Estate has raised S$100m ($72.4m) from its debut bond issue. The deal, which was not heavily oversubscribed, highlights Singapore dollar investors' preference for more familiar names, say bankers.

    10 Mar 2015

  • Metropolitan Bank sets price and timeline for $723m rights offer

    Filipino lender Metropolitan Bank will raise Ps32bn ($727.98m) in its largest follow-on with a rights issue to be launched later this month.

    10 Mar 2015

  • Morgan Stanley loses Hong Kong-based equity-linker

    Dave Sandor, a member of Morgan Stanley’s ECM team who focused on equity-linked products, has left. The firm has no immediate plans to replace him.

    10 Mar 2015

  • Strong secondary performance drives Shimao to tap 2022s

    Just one month on from pricing the year’s first bond from a Chinese developer, Shimao Property Holdings has returned to tap its 2022s for up to $300m, encouraged by the bonds strong secondary market trading.

    10 Mar 2015

  • Adlabs rides out to market $75m Indian IPO

    India’s Adlabs Entertainment has opened books for its Rp4.7bn ($75m) domestic IPO, with sentiment positive thanks to five anchor investors that have already signed up for a small portion of the shares on sale. But although investors like the consumer story offered by the theme park operator, the small deal size and the low liquidity means it will not appeal to everyone, say bankers.

    10 Mar 2015

  • LatAm sovereigns weigh up bonds amid high grade weakness

    Three Latin America sovereigns are considering dollar issues in the next few days although a poor start to the week's trading may cause delay.

    10 Mar 2015

  • Investor takes sizeable short position on HY ETF

    One institutional investor sold a large volume of puts on the iShares iBoxx $ High Yield Corporate Bond exchange-traded fund (HYG) Monday on the back of rising implied volatilities caused by prospective Federal Reserve rate hikes.

    09 Mar 2015

  • DFS bounces along at IPO price on debut

    DFS Furniture had its first day of trading on the London Stock Exchange today, after pricing its £206m IPO, multiple times covered, on Friday.

    09 Mar 2015

  • Apax has a chance of big returns on Auto Trader IPO

    Auto Trader today opened the book on its London listing, as the firm’s private equity seller Apax aims to raise up to £1.25bn from the offering.

    09 Mar 2015

  • Stonegate pushes new online MBS platform with new CTO

    Stonegate Mortgage has hired a new chief technology officer, who will push the development of a new online platform to facilitate investment in mortgages and mortgage-backed securities.

    09 Mar 2015

  • Glencore offers investor-pleasing pick-up to price €2bn

    Glencore, the Anglo-Swiss mining and commodities trading company, priced a €1.25bn six year and a €750m 10 year bond on Monday.

    09 Mar 2015

  • OCC taps JPM bigwig as CIO

    Luke Moranda, ex-managing director for clearing technology and global payments technology, Treasury services technology at JPMorgan Chase, has joined the Options Clearing Corporation as senior vice president and chief information officer.

    09 Mar 2015

  • Aldermore deal closes book today, to price near top of range

    Aldermore, the UK challenger bank, was today due to close the book on its London IPO, having told investors orders under £1.92 a share risked missing out.

    09 Mar 2015

  • Kinder Morgan bags €1.25bn with euro debut

    Kinder Morgan, the US oil and gas pipelines company, sold €1.25bn of bonds on Monday in its inaugural euro deal.

    09 Mar 2015

  • Alpha Trains timetables roadshow for debut bond

    Alpha Trains, the Luxembourg-headquartered European rolling stock leasing company spun out of Angel Trains, has mandated banks for a debut bond issue.

    09 Mar 2015

  • Santander targets deep subprime with return of Drive

    Santander Consumer USA, which is under regulatory scrutiny for its subprime auto securitization operations, is bringing the first ABS issuance from its Drive platform since 2006.

    09 Mar 2015

  • BoE banks $2bn as dollar pipeline fills

    The Bank of England built an oversubscribed book on Monday for its traditional annual visit to the dollar market, as other issuers prepared deals.

    09 Mar 2015

  • Tullett nabs KPMG exec as risk chief

    Giles Triffitt, the ex-head of operational risk at KPMG based in Edinburgh, has been hired as chief risk officer at Tullett Prebon based in London in a newly created role.

    09 Mar 2015

  • ESM to test appetite for negative yields

    The European Stability Mechanism will open books on Tuesday on what SSA bankers believe will be the first euro benchmark issuance to carry a negative yield.

    09 Mar 2015

  • Move over, reverse Yankee! All hail the... Frankfurter bond?

    The international bond market is full of colourful appellations, from Bulldog bonds to Samurais, Dim Sum to Maples – surely the market for US issuers' euro bonds deserves better than the title “reverse Yankee”?

    09 Mar 2015

  • Ireland aims for far end as QE kicks off

    Ireland will sell debt at the very end of its curve this week, as the European Central Bank’s new public sector purchase programme (PSPP) begins.

    09 Mar 2015

  • Korea rejigs listing rules to open up IPO market

    South Korea has taken big steps to open up its equity capital markets, tweaking its listing guidelines to woo domestic and international issuers to list on its exchange. Bankers are lauding the changes, but the fact that the stock market has also added numerical criteria could pose an obstacle to growth.

    09 Mar 2015

  • ESMA, MAS complete MoU on CCPs under EMIR

    The European Securities and Markets Authority has entered into a memorandum of understanding with the Monetary Authority of Singapore to extend formal recognition of covered central counterparties based in Singapore under the European Market Infrastructure Regulation.

    09 Mar 2015

  • France names new funding head

    France’s sovereign debt office, the Agence France Trésor, has appointed a new chief executive to take over from Ambroise Fayolle.

    09 Mar 2015

  • CME appoints new head of Asia Pacific

    Christopher Fix, former CEO of the Dubai Mercantile Exchange, has been appointed as a managing director and head of Asia Pacific at CME Group.

    09 Mar 2015

  • Ineos doubles its loan to replace bond funding

    Ineos, the Swiss-registered chemicals company, has brought forward the deadline for its bond-to-loan refinancing, after nearly doubling the size of the deal on Friday.

    09 Mar 2015

  • CDC mandates for rare sterling bond

    Caisse des Dépots et Consignations is taking indications of interest on its first sterling syndication in nine months.

    09 Mar 2015

  • SGX continues expansion in Greater China

    The Singapore Exchange has opened a new office in Hong Kong in a bid to further bolster its growth in Greater China. This comes following the firm’s expansion of operations into Hong Kong last summer.

    09 Mar 2015

  • Wind Telecommunicazioni dips into HY bond market for favourable price

    Italian telecom company Wind Telecomunicazioni cut down the initial size of the loan portion of a refinancing to €700m, and upped its bond offering.

    09 Mar 2015

  • Crédit Agricole plots dollars after soaring euro sub deal

    Crédit Agricole brought in a stunning amount of interest for its euro denominated tier two deal on Monday, and the bank is readying another launch in dollars this afternoon.

    09 Mar 2015

  • Norway's Kongsberg refinances €320m RCF

    Kongsberg Automotive, the Norwegian car parts maker, has completed refinancing a revolving credit facility.

    09 Mar 2015

  • Faurecia joins parade of HY cost-saving refis with €500m bond

    Faurecia, the French car parts maker, said on Monday it wanted to issue€500m of bonds to redeem a note due 2019, in a market that has already seen refinancing issuers achieve substantial price cuts.

    09 Mar 2015

  • Afren's woes mean debt restructuring on the horizon

    Struggling Afren is in talks with bondholders to restructure its Eurobonds due 2016. The company missed a coupon payment on its February 2016s earlier this month.

    09 Mar 2015

  • ADCB debuts in Honky

    ADCB Finance sold its first ever print in Hong Kong dollars on Monday and there could be more to come.

    09 Mar 2015

  • 'No commitments scaled back' on QNB $3bn loan, say bankers

    Qatar National Bank’s attempt to raise a $3bn loan is progressing in general syndication but has not received the demand that some expected.

    09 Mar 2015

  • Albaraka Turk taps Islamic loans as Lira leaves lows

    Albaraka Turk has picked banks for a two year syndicated murabaha facility, just days after the Lira hit a new all-time low against the dollar.

    09 Mar 2015

  • AIB and DB open week in senior

    The euro senior market was off to a quick start on Monday, with Allied Irish Banks and Deutsche Bank opening the market with five and 10 year deals.

    09 Mar 2015

  • Private becoming public for periphery ABS

    Renewed appetite for securitizations from Europe’s periphery has brought another issuer out of the post-crisis pattern of privately sold and retained transactions.

    09 Mar 2015

  • Montenegro looks to extend curve with biggest bond yet

    Montenegro is looking to extend its curve with a euro bond up to €500m, potentially its largest yet.

    09 Mar 2015

  • Loan Ranger: "Lights, camera... inaction"

    When he’s not enjoying a Welsh win in the rugby, Loan Ranger can be found scouring for tenuous loan market allegories in foreign arthouse cinema.

    09 Mar 2015

  • Woori Bank gets eight for $500m loan

    Korea’s Woori Bank (WB) is due to sign a $500m multi tranche financing this week. The self arranged club loan is paying banks razor thin margins.

    09 Mar 2015

  • It’s all about Russian asses

    Who’s up for a little Russian oil/commodity play?

    09 Mar 2015

  • NS Shopping takes orders for $185m IPO

    South Korea’s NS Shopping has opened books for its W206.4bn ($185m) domestic listing, after receiving the regulator’s go-ahead for the IPO in February. Institutional bookbuilding is scheduled for just two days, with bankers counting on the company’s solid credentials in its sector and its reasonable valuation to help generate demand.

    09 Mar 2015

  • Platinum shines as $160m IPO prices near top

    Thai mall operator Platinum Group has priced its IPO close to the top of guidance to raise Bt5.18bn ($160m), buoyed by interest from local and foreign investors even though the trade was a domestic-only offering.

    09 Mar 2015

  • UK extends supply lead as Bluestone roadshows debut

    Australia based Bluestone Group has begun marketing its debut UK RMBS, as demand for deals non-eligible for European Central Bank purchase supports the non-prime market.

    09 Mar 2015

  • Kaisa bonds tumble on offshore debt restructuring plans

    The bonds of troubled Chinese property developer Kaisa Group Holdings took a hit on the morning of March 9 following the announcement of its offshore debt restructuring programme.

    09 Mar 2015

  • AIA attracts US investors with new dollar bond

    AIA Group returned to the international bond market last week, printing a $750m 10 year bond that targeted US investors.

    09 Mar 2015

  • Ecom seeks $300m revolver with three

    Global commodity company Ecom Agroindustrial Corp has returned to the Asian syndicated loans market for a $300m 364 day revolver. The deal is being led by three banks, which opened it into general on February 26.

    09 Mar 2015

  • Chen joins ANZ North Asia loans team

    Australia and New Zealand Bank has strengthened its loan syndications team in Hong Kong with a new appointment. The Australian lender is heightening its focus on business out of Asia ex-Japan.

    09 Mar 2015

  • WINNER: GlobalCapital Euro CLO of the Year 2014

    GlobalCapital presented the Euro CLO of the Year 2014 award on Monday at IMN's London CLO conference. Click through to find out who won.

    09 Mar 2015

  • State Bank of India en route to $2.5bn capital raise

    State Bank of India (SBI) is slated to launch a share sale in the week of March 16 that will raise between $2.0bn-$2.5bn, making it the largest ECM transaction to come out of the country since Coal India’s Rp226.13bn ($3.7bn) block deal.

    08 Mar 2015

  • Costa Rica plans new debt law, eyes IG rating after bond return

    Costa Rica is working with supranationals on a new law to give it more flexibility to issue in international capital markets, funding official told GlobalCapital.

    07 Mar 2015

  • Aussie options trading spikes as dollar strengthens

    Market participants have been trading vanilla options on the Australian dollar against the US dollar on the back of strong US jobs data and continued steady gains in the US currency.

    06 Mar 2015

  • PPG prices €1.2bn inside dollars as arbitrage window closes

    Pittsburgh-based glass and industrial coatings company PPG issued a €1.2bn dual tranche euro bond today, its first since 2005.

    06 Mar 2015

  • Smiles and more appetite at banks long of block trades

    Equity capital markets bankers across the street were smiling at the end of a memorable week for block trades – even though many of them are long substantial chunks of stock.

    06 Mar 2015

  • Rare sovereign tipped for dollars

    A sovereign that last made an appearance in dollars over a year ago could make an appearance in the currency next week, GlobalCapital understands.

    06 Mar 2015

  • ICG launches third UK retail bond into empty sterling market

    Intermediate Capital Group, the UK mezzanine and leveraged finance asset manager, launched a 5% eight year sterling retail bond on Thursday.

    06 Mar 2015

  • Merlin sparks lowest yield in 2015 market

    UK theme parks group Merlin Entertainments on Wednesday priced its debut bond of €500m notes to yield 2.75%, the smallest printed this year in the European high yield.

    06 Mar 2015

  • Secondary pricing update: QE takes effect

    Euro denominated bonds seared tighter versus swaps on Thursday, the day that European Central Bank president Mario Draghi unveiled further details of a public sector bond buying programme.

    06 Mar 2015

  • Funding scorecard: supranationals

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

    06 Mar 2015

  • Haircut unlikely for City of Kiev Eurobonds

    The City of Kiev is to reschedule two Eurobonds ahead of maturity. While trading levels indicate the market anticipates a haircut, analysts believe that a restructuring is unlikely.

    06 Mar 2015

  • Akbank mandates six

    Turkish bank Akbank has mandated six banks for a five year dollar bond.

    06 Mar 2015

  • Socar sets roadshow dates

    The State Oil Company of the Azerbaijan Republic (Socar) has released roadshow dates for its bond. Deutsche Bank and JP Morgan are leading the deal.

    06 Mar 2015

  • Noble Group, Huawei hunt for loans

    Noble Group, a supplier of commodities, was expected to send out term sheets to its relationship banks for a borrowing of $3bn on March 6.

    06 Mar 2015

  • Gazprombank eyes debut Panda bond

    Gazprombank, the third largest bank in Russia by assets, is considering issuing a Panda bond, GlobalRMB understands. It would be the first ever Panda bond from a financial institution if it were to emerge, but continuing sanctions against Russia could cause difficulties.

    06 Mar 2015

  • Mitra guides investors to mid-point pricing for IPO

    Bankers working on the Indonesian IPO of Mitra Keluarga Karyasehat are guiding investors to the middle of the price range offered during bookbuilding, at which level the hospital operator would raise Rph4.26tr ($327.2m).

    06 Mar 2015

  • Pakistan's TPL Trakker mulls Reit for office property

    As Pakistan gets closer to launching its first ever real estate investment trust (Reit), another company has submitted an application to set up a own property trust, encouraged by the demand for yield investments in the country.

    06 Mar 2015

  • MMI International facility launches into general syndication

    The term loan portion of MMI International’s $580m five year borrowing opened into general syndication this week.

    06 Mar 2015

  • Mirae’s life insurance arm mulls IPO comeback

    Mirae Asset Life Insurance, which was looking to list on the South Korean exchange back in 2010 but never made it to the market, has revived its plans and set its sights on an IPO at the end of June.

    06 Mar 2015

  • Lodha debuts after paying highest coupon by an Indian corp

    Lodha Developers has made its long awaited debut in the international bond market, raising $200m through a five year non-call three dollar trade on Thursday, March 5. However, not only did the Reg S deal struggle to maintain momentum during bookbuilding despite offering the highest coupon from an Indian corporate, but it also had a tough time in secondary markets.

    06 Mar 2015

  • Li promises Shenzhen Connect testing and FTZ expansion

    China's National People’s Congress (NPC) meeting finished on Friday, at the end of a week that saw premier Li Keqiang scale back GDP growth targets, annonunce a plan to trial a Shenzhen Stock Connect link and expand the use of free trade zones.

    06 Mar 2015

  • Yello Mobile picks two banks for IPO

    South Korea’s Yello Mobile, which sent out a request for proposals to banks in January for an IPO, has picked two domestic leads for its listing.

    06 Mar 2015

  • Bank Rakyat sounds out lenders for $500m

    Bank Rakyat Indonesia (BRI) is sounding out lenders for a $300m-$500m dual tranche loan. Banks are being asked to commit to a 3.5 year or a five-year tenor.

    06 Mar 2015

  • ICBCIL Finance picks four for dollar debut

    ICBCIL Finance, a wholly owned subsidiary of Chinese lender ICBC’s leasing arm, has picked four banks to work on its inaugural outing in the international bond market.

    06 Mar 2015

  • Mandarin Oriental checks in for $316m rights offer

    Mandarin Oriental International plans to hit the equity capital market next month for a $316m rights issue in a bid to de-gear its balance sheet.

    06 Mar 2015

  • Shareholders eat up Del Monte $156m rights issue

    Food and beverage company Del Monte Pacific has successfully wrapped up its S$208.60m ($156m) rights offering, after strong support from some of its biggest shareholders led to the trade being oversubscribed.

    06 Mar 2015

  • RMB round-up: March 6, 2015

    In this round-up, Singapore RMB deposits reach a new record while Hong Kong RMB deposits are slightly down in January, Suriname is to launch RMB trade settlement, Bank of Korea gives tax incentives to won-RMB direct trading, and ICBC launches RMB settlement for commodities.

    06 Mar 2015

  • China plans global RMB gold fix

    Chinese authorities are planning to compete with a new London gold fix with an RMB-denominated benchmark, as precious metals traders warm up to using the currency.

    06 Mar 2015

  • Updated: Indo Eximbank shortlists seven for $750m loan

    Indonesia Eximbank has zeroed in on seven banks to helm its latest $750m dual trancher. The banks are due to sign the mandate sometime next week.

    06 Mar 2015

  • Investors may sue Altor and banks over OW Bunker

    Shareholders in OW Bunker are investigating expanding evidence surrounding the Danish oil bunkering firm’s ill-fated IPO, with a view to suing the firm’s private equity seller, Altor, and the firms that worked on the listing, including its global co-ordinators Morgan Stanley and Carnegie. Olivier Holmey reports.

    05 Mar 2015

  • Costa Rica goes long after reverse enquiry

    Costa Rica paid a new issue premium of over 23bp for a 30 year bond on Thursday but bankers on and off the deal said it was not cheap by recent standards.

    05 Mar 2015

  • Mexican A-team price tight as AMX gets pesos, KC adds dollars

    Two of Latin America’s best-rated credits showed there is strong appetite for the right names in spite of continued low new issue volumes from the region this week.

    05 Mar 2015

  • Mortgage servicing is flawed

    The US business model for servicing delinquent loans is fundamentally flawed and incentivises a system of cutting corners at the expense of borrowers and investors.

    05 Mar 2015

  • The Americas Derivatives 2015 Awards: Nominations poll is now open

    The annual Americas Derivatives Awards from GlobalCapital Derivatives, the new Derivatives Week, will take place on May 7, 2015. Save the date.

    05 Mar 2015

  • Actavis blockbuster fails to halt US corporate surge

    The US investment grade corporate feeding frenzy intensified this week as buyers snapped up more than $20bn of paper in addition to Actavis’s blockbusting $21bn deal.

    05 Mar 2015

  • Investor taps sizeable straddle as euro/dollar tumbles

    One investor was seen picking up a sizeable straddle on the euro against the dollar on Thursday following a slide in the pair which resulted in the breaching of the 1.10 psychological level.

    05 Mar 2015

  • Digicel buys back 83% of expensive 2017s

    Emerging markets telecoms company Digicel will buy back $664m of its outstanding senior secured notes due 2017 after 83% of investors holding the notes agreed to tender their paper.

    05 Mar 2015

  • Sponsors should give investors something back

    As loose borrower terms become more widespread in the European leveraged loan market, sponsors need to assess what protection they can give up.

    05 Mar 2015

  • Options traders sit on sidelines as dollar rally continues

    A continued strengthening of the dollar and a wave of central banking announcements have muted FX options trading despite lower premiums and falling volatility.

    05 Mar 2015

  • Japanese CB flurry brings zero premium deals

    This year’s flurry of Japanese convertible issuance continued this week with four new bonds sold outside Japan. Three were small, ¥4bn ($33m) each. The fourth, in dollars, was unusual in being a bank subordinated issue.

    05 Mar 2015

  • GDF Suez 0% ‘ego’ trade reels in rates buyers

    With euro borrowing costs at historic lows, corporate borrowers are not just loading up on duration, but pulling off eye catching short dated trades attracting rates buyers too, writes Richard Metcalf.

    05 Mar 2015

  • People Moves in Brief

    SocGen CMBS squad to hire six - Nomura credit head joins RBS - Mediobanca builds France team

    05 Mar 2015

  • Moulin joins Mediobanca for France and Benelux

    Mediobanca has hired Emmanuel Moulin as deputy head of France and Benelux, a move which should strengthen the Italian boutique’s connections to the higher echelons of French government.

    05 Mar 2015

  • Systemic risk concerns despite Ocwen MSR sales

    Ocwen Financial had success with recent sales of agency mortgage servicing rights, but its non-agency MSR book is thought to be the real source of risks for RMBS investors.

    05 Mar 2015

  • CoE USD1bn 1.625% Mar 20

    05 Mar 2015

  • RBS hires new credit trading head

    RBS has hired Peter Duenas-Brckovich as head of EMEA credit trading.

    05 Mar 2015

  • EIB USD4bn 1.25% May 18

    05 Mar 2015

  • Finland EUR3bn 0.75% Apr 31

    05 Mar 2015

  • Cades USD5bn 1.25% Mar 18

    05 Mar 2015

  • Land NRW EUR750m 0.5% Mar 25

    05 Mar 2015

  • FIG issuers still find US demand despite corporate frenzy

    Corporate issuance dominated the US investment grade space this week but the strong market conditions also benefited the handful of financials that ventured out.

    05 Mar 2015

  • Russian borrowers size up loans despite high hurdles

    A handful of Russian borrowers are in serious talks about international loans, say bankers, in spite of adverse political, economic and communication hurdles.

    05 Mar 2015

  • Santander EUR1.5bn 2.5% Mar 25 tier two

    05 Mar 2015

  • ECB's QE details raise alarm in SSA market

    The European Central Bank revealed on Thursday the agencies in its public sector purchase programme (PSPP) but in doing so may cause price distortion and primary market disruption next week.

    05 Mar 2015

  • KBC EUR750m 1.875% Mar 27 tier two

    05 Mar 2015

  • Bank of Ireland EUR750m 1.25% Apr 20

    05 Mar 2015

  • Asian central banks drive World Bank past C$1bn mark

    Asian central banks’ appetite for Canadian dollars continued unabated this week, enabling World Bank to print its largest ever deal in the currency.

    05 Mar 2015

  • BNP Paribas shines with Basel III dim sum, CBA follows suit

    BNP Paribas and Commonwealth Bank of Australia (CBA) became the third and fourth non-Chinese banks to issue Basel III compliant tier two debt in the offshore renminbi market this week.

    05 Mar 2015

  • NewDay softens approach to bottom of credit card ABS and hits deal for six

    NewDay Cards was able to place two more tranches of credit card ABS with investors on Wednesday than on its last outing, with its lead managers applying softer price guidance to the bottom of the stack.

    05 Mar 2015

  • Cembra Money Bank soothes Swiss ABS drought with third CHF auto lease trade

    Cembra Money Bank printed the first Swiss ABS since the Swiss National Bank abandoned its franc-euro peg this week, having increased the revolving period for its third securitization of auto lease receivables.

    05 Mar 2015

  • Tier two mart still ablaze as Santander nabs $8bn book

    The tier two market rocketed back into action after a nearly two week hiatus on Wednesday, with Santander Issuances and KBC Group hitting the undersupplied sector and quickly building bumper books.

    05 Mar 2015

  • Macquarie hits double dollars for first SMART

    Macquarie Leasing will be chasing US demand for its first SMART auto transaction of the year, which will be denominated primarily in dollars.

    05 Mar 2015

  • First Portuguese RMBS since ‘07 shows limits of ECB’s reach

    The very visible hand of the European Central Bank managed to guide the first Portuguese RMBS since the financial crisis to market this week, writes Tom Porter.

    05 Mar 2015

  • Obvion abandons two years as illiquidity inverts Dutch curve

    Capital market illiquidity is becoming an ever more important issue for European ABS issuers, with an inverted Dutch RMBS curve pushing Obvion to abandon the typical two and five year structure for its latest Storm deal.

    05 Mar 2015

  • Paragon to explore taking UK buy-to-let back to euro

    Paragon is preparing to add to a recent surge of higher yielding UK RMBS in the primary market with its 22nd buy-to-let transaction, which could feature a euro denominated tranche.

    05 Mar 2015

  • Abbey National EUR1bn 1.125% Mar 25

    05 Mar 2015

  • Nordea ties for lowest AT1 coupon on second deal

    Nordea took to the additional tier one market on Thursday for the second time, pricing the dollar Reg S portion of a triple tranche transaction at the joint lowest coupon seen in the asset class.

    05 Mar 2015

  • IBA leads Azerbaijani banks back to loans

    International Bank of Azerbaijan is leading a return to loans by Azeri banks, despite the recent steep devaluation of the country’s currency, the manat.

    05 Mar 2015

  • White lists frustrate loans' move into capital markets

    Long a staple of European leveraged buyouts, lists determined by sponsors of institutions that are either allowed or prohibited from buying loans in the secondary markets are drawing the ire of investors.

    05 Mar 2015

  • Banks swing the bat for block trades as week’s total in top 10

    This week has been one of the busiest weeks ever for equity block trades in EMEA. Three more trades were launched on Thursday evening, as banks battle for market share and – sometimes elusive – profits.

    05 Mar 2015

  • Periphery enjoys QE effect before busy week

    A group of eurozone sovereigns whose yields were skyrocketing just a few years ago neared or hit record lows in secondaries on Thursday, ahead of auctions next week.

    05 Mar 2015

  • MTN Leak: Thorra-shot

    Fans of decaying meat and miscellaneous testicles would have been in their element last week at Íslandsbanki’s annual Icelandic cultural celebration Thorrablót.

    05 Mar 2015

  • Saudi Aramco closes in on tight $10bn RCF

    Saudi Arabian Oil Co appears close to completing a tightly priced $10bn revolving credit facility to back its expansion into new markets.

    05 Mar 2015

  • Whirlpool debuts with €500m five year

    Michigan-headquartered Whirlpool, which makes kitchen and bathroom appliances, issued a €500m five year bond on Thursday.

    05 Mar 2015

  • NRW attracts new investors with sustainability debut

    North Rhine-Westphalia has become the first German state to sell a socially responsible bond, pricing its debut sustainability bond flat to its curve.

    05 Mar 2015

  • Springer Science hopes that existing lenders will take most of €600m loan

    German science publisher Springer Science set out pricing on a €600m-equivalent acquisition loan on Tuesday, with some existing lenders already warm to the deal.

    05 Mar 2015

  • Old Lady among clutch of SSA issuers aiming for dollars

    Several public sector issuers are lining up to test the dollar market next week and will be hoping to match a string of strong deals this week.

    05 Mar 2015

  • Non-CBPP3 eligible and high beta covered bonds catch up with core

    Euro covered bond issuers launched benchmarks this week and showed the unrelenting momentum in the compression of spreads has continued unabated.

    05 Mar 2015

  • UK property cos line up for loans

    The UK loan market is experiencing a run of property firms looking to extend financing, with two companies adding to last week’s British Land deal.

    05 Mar 2015

  • Westpac goes global for new Australian dollar tier two

    Westpac broke new ground by going global with its latest Basel III compliant tier two on Wednesday in the first deal in the format in Australian dollars.

    05 Mar 2015

  • Ineos sets price guidance on a €750m bond-to-loan refinancing

    Ineos, the Swiss-registered chemicals company, set price guidance on its €750m refinancing loan in dollars and euros, slightly ahead of a 2pm lender call on Tuesday.

    05 Mar 2015

  • Tinder for bonds may fix the liquidity problem

    The way to manage bond trading today is to manage the flow of information and make sure you only connect people who really want to trade, just like internet dating, participants at Afme’s European Market Liquidity Conference were told.

    05 Mar 2015

  • Danube Foods gets bank commitments for LBO loan

    Danube Foods Group, the Serbian packaged foods company, has obtained commitments from banks on a €375m loan to back its buy-out by Mid Europa Partners.

    05 Mar 2015

  • Nidera closes in on revolver

    Dutch grain trader Nidera is close to completing a revolving credit facility, according to bankers involved in the deal.

    05 Mar 2015

  • KazTransGas signs loan with banks on fast turnaround

    Kazakh firm KazTransGas has agreed a quick-fire $400m loan with banks.

    05 Mar 2015

  • This week heads for block trade hall of fame as Veritas, Ontex swell total

    This is shaping up to be one of the busiest weeks for equity block trades in EMEA. Three more trades were launched tonight, as banks battle for market share and – sometimes elusive – profits.

    05 Mar 2015

  • Arion Banki draws oversubscribed book on second euro attempt

    A receptive euro senior market allowed Arion Banki a successful second attempt at a trade this week, while Abbey National and Bank of Ireland were also able to achieve winning prints.

    05 Mar 2015

  • Banks battle up as Cocobod returns for annual loan

    Ghana National Cocoa Board is back in the loan market for its annual pre-export finance facility and has requested proposals from banks.

    05 Mar 2015

  • Survitec’s margin cut driven by sterling demand, not just euros

    Survitec, the UK survival equipment provider, allocated its £250m acquisition loan late last Friday (February 27), reverse flexing to more borrower-friendly terms for the second time.

    05 Mar 2015

  • Keeping schtum on agreed loans will undermine market

    Secrecy is a natural facet of a private market like loans – but no good will come if denial continues even after deals have been signed.

    05 Mar 2015

  • Buffett's Berkshire Hathaway gets €3bn with euro debut

    Berkshire Hathaway, the investment company controlled by Warren Buffett, became the latest US company to come to the euro bond market when it priced a €3bn three tranche deal on Thursday.

    05 Mar 2015

  • Nord/LB Lux scores debut LdG success

    Nord/LB attracted a large and well diversified book for its inaugural benchmark sized €500m no grow five year public sector Lettre de Gage on Monday.

    05 Mar 2015

  • Islamic development bank USD1bn 1.831% March 20

    05 Mar 2015

  • New DCM leadership at Deutsche

    Hakan Wohlin, global head of debt origination at Deutsche Bank, is to officially leave the German firm on March 13.

    05 Mar 2015

  • Croatia EUR1.5bn 3% Mar 25

    05 Mar 2015

  • Bank Dhofar gets yes vote and CB stamp for inaugural Omani tier one

    Bank Dhofar has received regulatory and shareholder approval for what would be the first tier one deal from an Omani issuer. Two banks have been mandated for the sale.

    05 Mar 2015

  • ECB’s QE list leaves SSA market dumbfounded

    The list of agency borrowers included in the European Central Bank’s new bond buying programme has led to warnings of price distortions.

    05 Mar 2015

  • Van Lanschot takes conditional pass through to a crowd of three

    Dutch issuer Van Lanschot Bankiers has become the third issuer to set up a conditional pass through (CPT) mortgage covered bond programme, joining NIBC Bank and UniCredit. Pending successful registration with the Dutch central bank, a deal should be coming soon.

    05 Mar 2015

  • ADCB adds to tightly priced GCC bank spate

    Abu Dhabi Commerical Bank printed its $750m bond on Tuesday with only a 2bp new issue premium, crunching even tighter than the other aggressively priced United Arab Emirates bank bonds this year.

    05 Mar 2015

  • IsDB prints $1bn as sukuk mandates hint at record year

    The Islamic Development Bank (IsDB) sailed through execution on a $1bn five year sukuk this week. Supply is on track to break the 2014 record for international benchmark sukuk in a single year.

    05 Mar 2015

  • Emirates NBD brings hope of GCC euros

    Emirates NBD has mandated six banks for a European roadshow starting next week, bringing hope that the bank will print a breakthrough euro trade.

    05 Mar 2015

  • Croatia prints tightly but execution blasted by rivals

    Croatia's €1.5bn 10 year bond drew praise for a tight result, but also criticism for having released initial price guidance too wide.

    05 Mar 2015

  • Spain scythes costs at auction

    Spain halved its three year borrowing costs and cut more than a third from its five year yield at auction on Thursday.

    05 Mar 2015

  • UK property firms line up to extend loans

    The UK loan market is experiencing a run of property firms looking to extend financing, with two companies adding to last week’s British Land deal.

    05 Mar 2015

  • Face-off: PE exec debates with investor

    Euromoney’s fifth High Yield Bond Conference on Wednesday provided high yield market participants with a rare head-on debate between a private equity executive and a high yield investor. There was a meeting of minds, but few concessions.

    05 Mar 2015

  • BRRD: Bondholders to fill the taxpayer gap

    When it comes to how banks finance their activities, there is little doubt we are in a new era. If anyone did question that the climate has changed, then a little known Austrian institution may have caused them to think again this week.

    05 Mar 2015

  • Calm ahead as risk protection cheapens

    The extremes of last quarter and the start of this year have subsided, and most measures of volatility and of the cost of options protection have returned to normal ranges.

    05 Mar 2015

  • ESMA, RBA sign MoU for EMIR trade reporting

    The European Securities and Markets Authority has signed a memorandum of understanding with the Reserve Bank of Australia which will allow the RBA access to derivatives data held in European trade repositories as required under the European Market Infrastructure Regulation.

    05 Mar 2015

  • CVC gets unitranche from Ares and GE for Wireless Logic buyout

    Ares Management and GE Capital have deployed their senior secured debt fund to back CVC’s acquisition of Wireless Logic, the UK communications provider.

    05 Mar 2015

  • Euros can be cleared outside eurozone, rules ECJ

    The European Court of Justice ruled on Wednesday that euro-denominated securities transactions can be cleared outside the eurozone, a victory for the UK, which brought the case against the European Central Bank.

    05 Mar 2015

  • SG’s differential to VW vanishes with core bid

    Société Générale’s third Red & Black German auto ABS closed its differential to Volkswagen’s Driver programme this week, as investors continue to take on core European triple-A paper at ever tightening spreads.

    05 Mar 2015

  • Face-off: PE exec debates with investor

    Euromoney’s fifth High Yield Bond Conference on Wednesday provided high yield market participants with a rare head-on debate between a private equity executive and a high yield investor.

    05 Mar 2015

  • Nordea goes multi-currency for second AT1

    Nordea opened books on its second ever additional tier one (AT1) deal on Thursday morning, a multi-tranche deal denominated in dollars, Norwegian kroner and Swedish kronor.

    05 Mar 2015

  • Jaguar cuts costs again with $500m 3.5%

    Jaguar Land Rover, the UK premium car maker, has dipped for the second time in two weeks into a high yield market awash with demand, leading to lower funding costs.

    05 Mar 2015

  • Campofrio gets €500m bond after fire

    Campofrio Food Group, the Spanish processed meat producer, priced its €500m bond a day early on Tuesday at 3.375%, in an eager high yield market.

    05 Mar 2015

  • Platinum IPO gets rousing reception across range

    Books for Thai company Platinum Group’s Bt5.25bn ($162.22m) IPO are fully covered across the range provided during bookbuilding, with investors showing no sensitivity to pricing despite a likely wait for any boost in earnings.

    05 Mar 2015

  • GS cuts in Singapore but no change in strategy for SE Asia

    Departures from the Singapore office of Goldman Sachs since the start of this year do not reflect a big change of strategy towards the region, according to Matthew Westerman, head of the firm’s investment bank in Asia Pacific ex-Japan. But they have nonetheless come at a time when market activity in some areas has fallen and when other firms, like CIMB, have also been cutting back.

    05 Mar 2015

  • Smooth sailing for IsDB five year

    Islamic Development Bank (IsDB) enjoyed smooth execution on a $1bn five year sukuk, which it priced inside its secondary curve on Thursday.

    05 Mar 2015

  • BAML’s Apac global markets head Loh takes a break

    Loh Boon Chye, head of Asia Pacific global markets and country executive for Singapore and southeast Asia at Bank of America Merrill Lynch, has left the bank, according to an internal memo seen by GlobalCapital Asia.

    05 Mar 2015

  • Investors are debating green bond standardisation

    A jump in green bond issuance and investment over the last few years has led to a group of high profile investors to call for the industry to develop global uniform standards. But with the buyside divided over how to classify green bonds and the need for more rules, progress is expected to be slow, writes Christina Khouri.

    05 Mar 2015

  • HKBN raises $748m as 25% investors get zero

    HKBN — Hong Kong Broadband Network — has delivered a strong boost for the city’s ECM market, pricing its HK$5.80bn ($748m) deal at the top of the range to become the largest IPO on the exchange so far this year. The absence of any sensitivity on pricing meant books were multiple times covered, making allocations very tricky and meaning that 25% of the investors went away empty handed.

    05 Mar 2015

  • Turkish Airlines roadshows EETC

    Turkish Airlines has set roadshow dates to market an EETC (enhanced equipment trust certificates) deal, having undertaken exploratory meetings in September last year.

    05 Mar 2015

  • Resorts World Sentosa builds S$2.25bn fundraising

    Resorts World at Sentosa has opened a S$2.25bn ($1.648bn) financing into general syndication, with the same five banks leading the new loan as the ones that led its last one.

    05 Mar 2015

  • Time to start hedging your life

    I often thank my lucky stars I got out of banking when I did. Back in the day, client meetings meant extended afternoon lunches supplemented by the finest booze, on the bank’s account, of course.

    05 Mar 2015

  • Indian budget ushers in tax relief for Reits but sector still on shaky ground

    India’s new budget brought mixed news for ECM bankers hoping for changes to tax rules for real estate investment trusts (Reits) and infrastructure investment trusts (InvITs). The government delivered much-needed clarity on some aspects of the tax regime, but big gaps still remain, with the stage not yet set to welcome the country’s first Reits, writes Rashmi Kumar.

    05 Mar 2015

  • Obvion abandons two years in favour of liquidity

    Capital market illiquidity is becoming an ever more important issue for European ABS issuers, with an inverted Dutch RMBS curve pushing Obvion to abandon the typical two and five year structure for its latest Storm deal.

    05 Mar 2015

  • EBA closes role-based allowance loophole for bankers' bonuses

    The European Banking Authority has closed off all routes around the bonus cap, with new guidance published on Wednesday.

    05 Mar 2015

  • HK puts faith in wakala to boost Islamic standing

    The government of Hong Kong is following up last September’s success with plans to issue a second sukuk this year, a $500m-$1bn three or five year deal. With the borrower opting for an asset-light wakala structure this time around, market participants say this could be the key for Hong Kong to fulfill its ambitions of becoming an Islamic finance hub, writes Rev Hui.

    05 Mar 2015

  • Danube Foods gets commitments for €375m LBO loan

    Danube Foods Group, the Serbian packaged foods company, has obtained commitments from banks on a €375m loan to back its buy-out by Mid Europa Partners.

    05 Mar 2015

  • Saudi Aramco closes in on tight $10bn revolver

    Saudi Arabian Oil Co appears close to completing a tightly priced $10bn revolving credit facility to back its expansion into new markets.

    05 Mar 2015

  • Foreign interest looms as Thailand opens stock market

    Thailand is inching towards releasing new rules allowing foreign companies to list on its stock exchange for the first time. Interest is already building among non-Thai issuers looking to tap the kingdom’s superior domestic liquidity and retail investor base, but market participants warn that a lot of work remains before the country becomes a hub for cross-border capital, writes John Loh.

    05 Mar 2015

  • Tilting towards wakala

    The ijara structure Hong Kong adopted last year is the most commonly used by international issuers. Some $100.8bn of international sukuk with a maturity of at least one year and $500m in size have been issued since 2002, out of which $50.9bn were ijara sukuk.

    05 Mar 2015

  • 1MDB IPO saga continues with fresh filing planned

    Controversy-dogged 1Malaysia Development Berhad (1MDB) is to update and resubmit a prospectus for the IPO of its energy arm to Securities Commission Malaysia, in one of the company’s first statements clarifying that a listing is being planned.

    05 Mar 2015

  • Korea’s Cowell gets ball rolling for $200m HK IPO

    Cowell e Holdings — a maker of front-end camera modules for mobile devices — has begun testing investor appetite for its $150m-$200m IPO, with its link to Apple expected to be a key selling point.

    05 Mar 2015

  • Croatia leads accused of rough execution despite tight print

    Croatia's €1.5bn 10 year bond drew praise for a tight result but also criticism for having released initial price guidance too wide.

    05 Mar 2015

  • BPCE prints rare fixed Stokkie

    BPCE sold a rare fixed rate MTN in Swedish kronor, as uncertainty over negative yields drives Swedish investors away from floating rate notes.

    05 Mar 2015

  • Petronas picks five and hits the road for dollar sukuk

    Malaysia’s state oil company Petroliam Nasional (Petronas) is gearing up to issue its first dollar sukuk in almost six years, having mandated five banks to run a series of roadshows in Asia, Europe and US.

    05 Mar 2015

  • CBA issues Basel III tier two in maiden CNH

    Commonwealth Bank of Australia (CBA) became the fourth non-Chinese bank to issue a Basel III tier two bond in the offshore renminbi (CNH) market. Although it wasn't able to tighten guidance, the Australian bank took advantage of favourable renminbi-dollar swap rates and managed to save cost.

    05 Mar 2015

  • India’s Axis Bank completes 2020 bond tap

    Axis Bank successfully returned to the dollar market with a $250m tap to its existing 3.25% 2020s. The deal saw such strong demand that the issuer was able to scale up the size while pricing it slightly tighter than the original deal.

    05 Mar 2015

  • Lodha hopes second time’s a charm books open for debut

    Lodha Developers has started taking orders for its maiden bond on Thursday, having postponed the trade from the end of last year after demand was lacklustre. The Indian borrower is taking no chances this time around and has launched with a much wider pricing level to woo investors.

    05 Mar 2015

  • Macquarie prices debut RMB bond in Taiwan, Hana Bank adds Korean name

    There is no sign that the Formosa bond bandwagon is taking a break, with Macquarie pricing its debut renminbi-denominated bond in Taiwan, and Hana Bank adding another Korean name to the list of international issuers in the market. Macquarie’s deal also marked the first Australian issuer of a Formosa bond.

    05 Mar 2015

  • Shanshui pays up to cement dollar return

    Investors poured into China Shanshui Cement Group’s $500m bond on March 4 as a more than eight times covered book helped the company end a three year hiatus from the market. But the strong reception was mostly the result of generous pricing, observers said.

    05 Mar 2015

  • América Móvil pays piffling premium for pesos

    Mexico telecoms giant América Móvil reopened its global local peso bonds due 2024 for Mp3.5bn ($232m) on Wednesday as international investors demonstrated confidence in the currency.

    05 Mar 2015

  • Fitch warns on LatAm HY with smaller credits at risk

    Latin American sub-investment grade companies will face “difficult operating and market conditions” in 2015, said Fitch in a special report on leveraged finance in the region this week.

    05 Mar 2015

  • Investors scoop bearish plays on defensive sectors

    Market participants have been buying significant amounts of bearish options on defensive stocks and funds, such as utilities, indicating that consumer sentiment is shifting from market recovery to expansion.

    05 Mar 2015

  • Rhode Island tobacco ABS awaits settlement

    The Tobacco Settlement Fund Corporation in Rhode Island is launching a $330.69m securitization of settlement payments from tobacco manufacturers, after bondholders objected to an earlier deal.

    04 Mar 2015

  • SocGen’s RBS refugees to hire six more

    SocGen’s new CMBS team, which it transplanted from Royal Bank of Scotland’s withering US operation in January, is in the building and looking to grow.

    04 Mar 2015

  • UBS trades 7.5% of Abertis for CVC

    Tonight’s Evonik block trade comes only 24 hours after another sale by CVC, of shares in Abertis. UBS won the trade in an auction that was held a bit later in the day than may have been ideal.

    04 Mar 2015

  • Block fireworks continue as Citi sheds Akbank, CVC sells down Evonik

    Block trade activity continues apace this evening, as banks seem eager to swing the bat for large, underwritten accelerated bookbuilds. Tonight, CVC is selling yet again, while Citigroup is shedding its entire $1.15bn holding in Akbank.

    04 Mar 2015

  • Vestas Wind gives ground on bond pricing and format

    Vestas Wind Systems, the unrated Danish wind turbine manufacturer, priced a €500m bond on Wednesday after being forced to revise its pricing and format aims.

    04 Mar 2015

  • The Americas Derivatives 2015 Awards nominations poll is now open

    Please click the below link to submit your nominations and get more information about the premier Americas event of the year. Please note, your votes do NOT determine the winner, they only help us formulate a list of five nominees for each category.

    04 Mar 2015

  • MOEX launches Canadian dollar, Turkish lira futures

    The Moscow Exchange has is now trading futures contracts on the US dollar against the Canadian dollar and the US dollar versus the Turkish lira.

    04 Mar 2015

  • American Capital hires new chief for CRE

    Private equity firm and CLO-issuing asset manager American Capital has hired a CIO for its commercial real estate group to help build a new platform.

    04 Mar 2015

  • Danish investors investigate suing Altor and banks over OW Bunker

    Retail and institutional shareholders in OW Bunker are investigating expanding evidence surrounding the Danish oil bunkering firm’s ill-fated IPO, with a view to suing the firm’s private equity seller, Altor, and the banks and law firms that worked on the listing, including Morgan Stanley and Carnegie.

    04 Mar 2015

  • Natixis supercharges M&A with Leonardo

    The bank’s acquisition of Banca Leonardo’s French M&A operations is a game changer, writes David Rothnie.

    04 Mar 2015

  • GDF Suez's 2yr gets 0% coupon in €2.5bn deal

    French energy company GDF Suez has issued €2.5bn of bonds in four fixed rate tranches, of two, seven, 11 and 20 years, with small new issue premiums.

    04 Mar 2015

  • Evolution Gaming eyes ‘live casino’ IPO

    SEB and Carnegie are premarketing the IPO of Evolution Gaming Group, a company that provides ‘live casino’ online gambling, in which customers can interact online with live dealers through streamed video.

    04 Mar 2015

  • World Bank prints in Kanga belly

    World Bank launched a five year Kangaroo on Wednesday, while Rentenbank tapped its 2022 bond in the format.

    04 Mar 2015

  • Tasty premium propels Cades to three year success

    Caisse d'Amortissement de la Dette Sociale (Cades) stormed through a three year syndication on Wednesday, luring in investors with an attractive premium to sell its joint largest dollar deal.

    04 Mar 2015

  • Greek deal fails to halt rising auction yields

    Greece’s six month yields have risen at auction for the fourth consecutive month, despite the country receiving an official extension to its bail-out package.

    04 Mar 2015

  • NRW draws new investors on SRI debut

    North Rhine-Westphalia on Wednesday became the first German Land to sell a socially responsible bond, pricing its debut sustainability bond flat to its curve.

    04 Mar 2015

  • Abu Dhabi Commercial Bank USD750m 2.635% Mar 20

    04 Mar 2015

  • HY drenched with money ‘as we never saw before’

    The wave of cash flowing into Europe's high yield market, ahead of the imminent launch of the European Central Bank’s quantitative easing programme, is set to create extreme conditions in the coming months.

    04 Mar 2015

  • NewDay hits cards for six on softer approach

    NewDay Cards was able to place two more tranches of credit card ABS with investors on Wednesday than on its last outing, with its lead managers applying softer price guidance to the bottom of the stack.

    04 Mar 2015

  • Springer Science hopes existing lenders will take most of €600m loan

    German science publisher Springer Science set out pricing on its €600m-equivalent acquisition loan on Tuesday, with some existing lenders already warm to the deal.

    04 Mar 2015

  • Grain trader Nidera closes in on $800m revolver

    Dutch grain trader Nidera is close to completing a revolving credit facility, according to bankers involved in the deal.

    04 Mar 2015

  • Paragon to explore taking UK buy-to-let back to euros

    Paragon is preparing to add to a recent surge of higher yielding RMBS in the primary market with its 22nd buy-to-let transaction, which could feature a euro denominated tranche.

    04 Mar 2015

  • Emirates NBD mandates for European roadshow, bankers hope for euros

    Emirates NBD has mandated six banks for a European roadshow starting next week, bringing hope that the bank will print a breakthrough euro trade.

    04 Mar 2015

  • UK banks lay out TLAC beliefs

    Barclays, RBS and Standard Chartered have explained how they plan to meet new total loss absorbing capital (TLAC) rules — although the rules are not yet finalised and will not come into force until 2019.

    04 Mar 2015

  • BTMU hits euro market for seven year senior

    Bank of Tokyo Mitsubishi made a rare appearance in the euro market on Wednesday, achieving a level flat to compatriot Sumitomo Mitsui’s secondary levels for a seven year print.

    04 Mar 2015

  • Dynamic shifts to tier two with Santander, KBC

    The tier two market rocketed back into action on Wednesday, with Santander Issuances and KBC Group hitting the undersupplied sector and quickly building bumper books.

    04 Mar 2015

  • FSB proposes systemic status for funds, brokers

    The Financial Stability Board has published new proposals for assessing whether institutions are systemically important — a status which could mean tougher supervision or extra regulation.

    04 Mar 2015

  • Banks pick teams as Cocobod requests proposals on loan

    Ghana National Cocoa Board is back in the loan market for its annual pre-export finance facility and has requested proposals from banks.

    04 Mar 2015

  • Croatia tightens talk as book hits €5bn

    Croatia has tightened talk for its 10 year euro-denominated bond to 270bp area over mid-swaps, as the book for the deal climbed to past €5bn.

    04 Mar 2015

  • New IPOs join second attempts as Aldermore, Eurocell price

    One of the most striking traits of this year in equity capital markets has been the number of listings pulled last year succeeding second time round. This week, it continues as Aldermore looks set to achieve its IPO.

    04 Mar 2015

  • All SSA eyes on Draghi

    The euro market for sovereign, supranational and agency borrowers paused for breath on Wednesday, ahead of a European Central Bank meeting on Thursday.

    04 Mar 2015

  • Euro denominated market hots up in FIG

    It is all about the euro denominated market this week, with seven banks launching deals across senior and subordinated by Wednesday morning.

    04 Mar 2015

  • Europe’s big hitters follow US firms into the bond market

    After a week in which the European corporate bond market was dominated by US issuers, European companies are asserting themselves once again.

    04 Mar 2015

  • Securitization co-head takes on structuring at AXA

    AXA Investment Management’s co-head of securitization and structured assets and business development as added head of structuring to his job description.

    04 Mar 2015

  • ADCB adds to tightly priced Gulf bank spree

    Abu Dhabi Commerical Bank printed its $750m bond on Tuesday with only a 2bp new issue premium, crunching even tighter than the other aggressively priced United Arab Emirates bank bonds this year.

    04 Mar 2015

  • Sukuk steals the show in EM

    The international sukuk market has woken up from months of slumber to steal the focus in emerging markets.

    04 Mar 2015

  • Axis Reit makes cash call for $106m

    Malaysia’s Axis Real Estate Investment Trust is seeking MR379.05m ($105.59m) from a placement of new units as it looks to pare down borrowings and free up its balance sheet for future acquisitions.

    04 Mar 2015

  • Indian Oil C$600m wraps up with six on board

    Indian Oil Corp’s (IOC) C$600m ($480.79m) North America targeted loan that launched into general in January has been allocated among six banks. While the deal drew liquidity from three lenders in retail syndication, bankers away from the deal stopped short of terming it a success, saying low pricing probably constrained the response.

    04 Mar 2015

  • Axis Bank returns to dollar with $200m tap

    Axis Bank has begun taking orders for a $200m tap to its existing 3.25% 2020s issued last year. While the deal is not driven by reverse enquiry, bankers were confident about going ahead as they had good visibility on what accounts would want to come into the trade.

    04 Mar 2015

  • PNB hunts for $150m in general syndication

    Philippine National Bank (PNB) opened its $150m three year fundraising into general syndication on March 2.

    04 Mar 2015

  • Air India takes off for $315m bridge with two

    Air India has taken flight for a $315m 15 month bridge via two mandated lead arrangers and bookrunners. The money will be used to finance new aircraft as the state-owned company looks to modernise its fleet.

    04 Mar 2015

  • Volvo trucks ahead with $310m Eicher Motors sale

    Swedish truck maker Volvo Group has raked in Rp19.19bn ($310m) by selling some of its stake in Indian automobile manufacturer Eicher Motors via an overnight block trade that was wrapped up on the morning of March 4. Robust demand allowed the seller to offload far more shares than originally planned, as investors piled into a story they understood and liked.

    04 Mar 2015

  • BNP Paribas shines with Basel III dim sum, CBA to follow suit

    BNP Paribas has become the third non-Chinese bank to issue a Basel III bond in the offshore renminbi (CNH) market. On the back of a big order book from high quality investors, not only was it able to increase the size but the new trade also came inside its dollar and euro tier two curves.

    04 Mar 2015

  • Shanshui Cement breaks dollar silence with 5nc3

    China Shanshui Cement Group is making a return to the dollar market for the first time in three years, opening books to a five year non call three transaction on March 3.

    04 Mar 2015

  • Banks line up for Cheung Kong Property's HK$55bn loan

    Banks are lining up to finance Cheung Kong Property’s HK$55bn ($7.1bn) loan, leaving the door open to the possibility of a further thinning in pricing.

    04 Mar 2015

  • Melco to exit Hong Kong exchange by June end

    Melco Crown Entertainment plans to stop trading on the Hong Kong Stock Exchange by the end of June, following an announcement earlier this year that it was de-listing from the exchange market due to poor trading volumes.

    04 Mar 2015

  • Petrobras rallies on asset sales, auditor agreement

    Investors were more positive on Wednesday that Petrobras is moving in the right direction despite a surprise downgrade last week, after its bond spreads tightened around 50bp on Tuesday.

    04 Mar 2015

  • Investors divided over stricter green bond definition

    Investors are calling for more transparency and a uniform standard for green bonds as the sector experiences strong growth. But debate remains whether new rules with hinder or help the nascent asset class.

    04 Mar 2015

  • Big tax bill could hurt RQFII, but Ucits will boost Stock Connect

    There are signs that the pace of RQFII quota approvals is picking up, even though the volume of quotas handed out is still lagging the pace seen until the fourth quarter of 2014. A tax bill of as much as $4bn could also spoil the RQFII party, but the Stock Connect could be set for a boost as European Ucits funds get the green light to participate.

    04 Mar 2015

  • India’s budget lays groundwork for infra, gold bonds

    India’s finance minister unveiled a number of reforms designed to improve the country’s bond market in his budget with particular emphasis on raising more money for infrastructure funding.

    04 Mar 2015

  • EQD investors eye shorting puts on single-stocks

    Investors are increasingly looking at shorting puts on single stocks as a way to generate yield and higher risk-adjusted returns, according to strategists.

    03 Mar 2015

  • Aspiring marketplace lender hires new risk officer

    Small US business lender RetailCapital, which plans to securitize its loans, has hired a new risk officer to develop its underwriting processes.

    03 Mar 2015

  • Buyside looks to futures options for lower costs

    New buyside entrants and portfolio managers are increasingly using options on futures as a way to keep margin costs down while generating tailored risk exposure, providing an effective alternative to over-the-counter swaps and futures strategies.

    03 Mar 2015

  • Issuers grab Freddie NPL books

    Two RMBS sponsors have agreed to buy $392m in non-performing loans from Freddie Mac, the government sponsored enterprise announced on Tuesday.

    03 Mar 2015

  • Ocwen looks 'too big to fail'

    Ocwen Financial announced on Monday that it had made some progress in offloading mortgage servicing rights, but market participants remain concerned over a lack of liquidity for MSRs.

    03 Mar 2015

  • LCH to launch portfolio margining for rates derivs

    LCH.Clearnet’s global interest rate swap clearing platform, SwapClear, is launching a portfolio margining service that will enable its members and their clients to maximise their margin offsets between over-the-counter and listed interest rate derivatives. As a result of this, users will be able to more efficiently manage their collateral obligations.

    03 Mar 2015

  • Deutsche wins £150m block trade in Glencore

    Deutsche Bank is trading a £150m block of Glencore shares tonight for First Reserve, the energy-focused private equity firm. It is the first accelerated bookbuild since the minerals company’s 2011 IPO, which may explain the busy atmosphere on syndicate desks this evening.

    03 Mar 2015

  • Keeping schtum on agreed loans will ruin market

    Secrecy is a natural facet of a private market like loans – but no good will come if denial continues even after deals have been signed.

    03 Mar 2015

  • Refresco Gerber owners favour IPO over leveraged buyout

    Refresco Gerber, the Dutch juice and soft drinks bottler, will seek an Amsterdam listing, dashing hopes among leveraged finance bankers that the firm would favour a sale to private equity.

    03 Mar 2015

  • Investors spy call spreads betting on GE upside

    Risk arbitrage traders, among others, are betting on continued upside in General Electric by buying medium and long dated call spreads on the back of a speculative corporate split off, according to strategists.

    03 Mar 2015

  • SSAs should take a place in the queue before ECB dislocation

    The SSA issuers which came ahead of the ECB meeting on Thursday were wise to fund early. The Eurosystem will be a big buyer, but will dislocate the market.

    03 Mar 2015

  • Land NRW picks maturity for sustainability debut

    North Rhine-Westphalia will hit the 10 year part of the euro curve with its debut sustainability bond, which is expected to be priced this week.

    03 Mar 2015

  • Bank of England, Cades mandate

    France’s Caisse d’Amortissement de la Dette Sociale has hired banks to run a three year syndication in dollars, sounding investors 10bp over where European Investment Bank printed a deal on Tuesday.

    03 Mar 2015

  • Clouds over private equity will not stop sun shining on high yield

    Private equity, once the acquisition champion, is being trounced by boring old corporate buyers and IPOs. But 2015 will still be a year to savour for levfin.

    03 Mar 2015

  • Finland banks 16 year cash at double digits through swaps

    Finland showed what is possible at a deeply negative swap spread and sub 1% yield in the long dated part of the euro curve on Tuesday.

    03 Mar 2015

  • Madrid in rare long dated deal as Spain prepares auction

    Madrid has raised 15 year cash with its second bond in as many weeks — and the borrower’s sovereign could break its yield record at a similar tenor on Thursday.

    03 Mar 2015

  • Syngenta's €500m 12 year comes without NIP

    Syngenta, the company created in 2000 through the merger of the spun-off agribusinesses of Swiss pharmaceutical company Novartis and the UK's AstraZeneca, has priced a €500m 12.5 year bond.

    03 Mar 2015

  • Ineos sets price guidance on €750m bond-to-loan refinancing

    Ineos, the Swiss-registered chemicals company, has set price guidance on its €750m refinancing loan in dollars and euros, slightly ahead of Tuesday’s 2pm lender call.

    03 Mar 2015

  • SSAs double up on Kangas and Kauris

    World Bank has unveiled a five year Kangaroo hot on the heels of a Nordic Investment Bank tap of a 2020 bond in the format.

    03 Mar 2015

  • Ryanair lands €850m eight year with second bond in two years

    Irish budget airline Ryanair has flaunted its investment grade credentials, pricing its second bond, a €850m eight year, with a minimal new issue premium.

    03 Mar 2015

  • Edenred prints €500m after UTA investment

    Edenred, the French prepayment services company, issued a €500m 10 year bond on Tuesday to fund its €150m acquisition of 34% of Germany’s Union Tank Eckstein, and to refinance debt.

    03 Mar 2015

  • Campofrio returns for €500m after fire, Jaguar also hunting

    Campofrio Food Group, the Spanish meat processor, has brought back to the market a €500m high yield bond it pulled in November.

    03 Mar 2015

  • Fines provisioning dents Barclays' results, but investment bank holds its own

    Barclays’ shares fell 3% on Tuesday to 255p after the bank’s full year results included a £1.25bn provision for FX rigging fines.

    03 Mar 2015

  • Macquarie goes double dollar for first auto deal of 2015

    Macquarie Leasing will be chasing US demand for its first SMART auto transaction of the year, which will be denominated primarily in dollars.

    03 Mar 2015

  • Azerbaijani banks line up for loans after manat devaluation

    Several Azerbaijani banks are in discussions with lenders over loan refinancings, say bankers, with International Bank of Azerbaijan most likely to lead the way, after a steep devaluation of the manat.

    03 Mar 2015

  • ADCB books over $1.25bn as leads look to tighten

    Abu Dhabi Commercial Bank has tightened price guidance for its five year bond to 100bp area over swap from 105bp area.

    03 Mar 2015

  • Westpac to tempt international interest with Aussie tier two

    Westpac announced leads for an Australian dollar denominated tier two on Tuesday, breaking away from the traditional call structure for an Aussie tier two in order to court international investors.

    03 Mar 2015

  • Arion shaves 15bp off pricing for euro debut

    Iceland’s Arion Bank is set to become the nation’s second bank to hit the euro denominated senior unsecured market since the country’s financial crisis.

    03 Mar 2015

  • IDB delivers pricing for five year

    Islamic Development Bank has picked a tenor for its latest sukuk and released initial price thoughts.

    03 Mar 2015

  • SIB set for dollar sukuk

    Sharjah Islamic Bank starts investor meetings this week ahead of a dollar benchmark sukuk deal.

    03 Mar 2015

  • CIMB culls Singapore workforce

    CIMB Bank has made another round of job cuts in its investment bank, this time laying off staff in its Singapore office.

    03 Mar 2015

  • Vimpelcom offers $2.1bn buyback

    Vimpelcom has announced a buyback of up to $2.1bn of eight of its Eurobonds

    03 Mar 2015

  • HKBN homes in on upper half pricing for $748m IPO

    Hong Kong Broadband Network (HKBN) is set to price its up to HK$5.80bn ($747.72m) IPO at the upper half of expectations, following a warmly-received bookbuilding process.

    03 Mar 2015

  • Cembra feeds starving Swiss with rare auto lease trade

    Cembra Money Bank is set to print the first Swiss ABS to hit the market since the Swiss National Bank abandoned its franc-euro peg, having increased the revolving period for its third securitization of auto lease receivables.

    03 Mar 2015

  • Russian disarray is every EM firm’s opportunity

    Banks looking to recruit to their emerging markets business should not fall into the trap of pigeonholing bankers that have careers in specialist markets.

    03 Mar 2015

  • Paragon pushes back into Scottish mortgages

    UK buy-to-let RMBS issuer Paragon has restarted lending to landlords in Scotland’s private rental sector for the first time since the financial crisis, saying the market has doubled in 12 years.

    03 Mar 2015

  • Australia’s Guildford looks upwards for SGX listing

    Australia-listed Guildford Coal is looking into the possibility of listing on the Singapore Exchange, after a review of the company found that Asian shareholders represented over half of the company’s investor base.

    03 Mar 2015

  • Chinese HY property passes the test of Times

    Times Property Holdings printed a $280m five year non call three bond this week in what was only the fourth Chinese high yield property firm to tap the international market in 2015. Even though the amount raised was small, its significance is anything but. A recovery for the much maligned sector could finally be on the cards.

    03 Mar 2015

  • Hong Kong goes asset light for second sukuk

    The government of Hong Kong sent out a request for proposals (RFP) for a second international sukuk last week — but with a different structure from its inaugural sale.

    03 Mar 2015

  • Frasers’ jumbo perp ignites Singapore dollar market

    Singapore based real estate company Frasers Centrepoint has priced a S$700m ($513.4m) subordinated non call five perpetual bond. The deal, which saw huge investor demand, is the biggest Singapore dollar deal to hit market this year.

    03 Mar 2015

  • Indian Reits on shaky ground despite tax concessions

    India’s union budget announcement over the weekend was bittersweet for ECM bankers hoping for positive changes to tax rules for real estate investment trusts (Reits) and infrastructure investment trusts (InvITs). While the government delivered some much-needed clarity on some aspects of the tax regime, big gaps still remain with the stage not yet set to welcome the country’s first Reits.

    03 Mar 2015

  • Malaysia selects seven for sukuk return

    Malaysia has shortlisted banks for its return the international sukuk market after four years away, and bankers expect it to announce the final mandate soon, according GlobalCapital Asia's sister publication, the Islamic Finance Information Service.

    03 Mar 2015

  • Good demand helps Times Property score bigger $280m bond

    Times Property Holdings took advantage of an improving market backdrop for the Chinese real estate sector to print a bigger than expected $280m five year non call three bond on March 2.

    03 Mar 2015

  • India budget fails to unclog infrastructure funding - bankers

    Syndicated loans bankers have welcomed India’s 2015 budget, saying it set the stage for long term growth in the country. However, frustration remains that more was not done to tackle the problems dogging the country’s infrastructure sector.

    03 Mar 2015

  • BNP Paribas makes two new hires in ECM

    BNP Paribas has promoted Sylvain Magne to head of equity-linked Asia Pacific and deputy head of ECM North Asia in the bank’s Hong Kong office, according to banking sources.

    03 Mar 2015

  • Golden Throat sets eyes on HK IPO

    Golden Throat Holdings Group Company is planning a Hong Kong IPO this year, with the Chinese lozenges manufacturer having filed a preliminary prospectus with the regulator.

    03 Mar 2015

  • GMR builds steam for $227m rights offering

    India’s GMR Infrastructure, which at the end of last year sought approval from the country’s regulator to raise new equity, has now firmed up terms for its three-for-14 rights offering, which will see it raise a chunky Rp14.02bn ($227m).

    03 Mar 2015

  • Tough stance on property trusts is right move for Pakistan

    Pakistan’s latest draft law on real estate investment trusts (Reits) is worrying industry participants, many of whom are calling the requirement for a perpetual lock-up of a Reit manager's stake inflexible and illogical. But the regulator is right to impose tough rules. Issuers and investors will gain from a market that has its eye on the long term.

    03 Mar 2015

  • América Móvil to tap 2024s

    Telecoms giant América Móvil is likely to tap reopen its existing títulos de crédito extranjero due 2024, according to Moody’s. The company completed investor meetings discussing a potential peso-denominated issue on Friday and could issue as soon as this week, according to bankers close to the trade.

    03 Mar 2015

  • Pacific Rubiales bond drops despite 'priced in' downgrade

    Fitch downgraded Colombia’s largest private oil company Pacific Rubiales by one notch to BB and placed the rating on negative outlook on Monday. Prices in the company's bonds fell but bond traders said movement was minimal.

    03 Mar 2015

  • Mitsubishi UFJ Lease makes stylish return in dollars

    Mitsubishi UFJ Lease & Finance Company printed its first dollar bond of the year on Monday, managing to price it flat to the existing dollar curve due to strong demand.

    03 Mar 2015

  • Thai regulators working on local RMB usage

    As the first Thai bank enters the offshore RMB bond market, Thai regulators are keen to attract Chinese corporates to its capital markets.

    03 Mar 2015

  • Total Derivatives: CNY curve inversion; 2y NDIRS idea

    Short CNY swaps were better paid on Tuesday despite the People's Bank of China (PBoC) lowering the seven day repo rate. The bid helped drive some inversion momentum across the 1s/5s curve slope. Meanwhile, Barclays has published a 2y NDIRS trade idea, writes Deirdre Yeung.

    03 Mar 2015

  • HPCL fires up $400m loan with seven

    Hindustan Petroleum Corp’s (HPCL) $400m 39 month facility has entered general syndication. The deal is being led by seven banks that will prefund the money this month.

    03 Mar 2015

  • After setback, Lodha again eyes dollar debut

    India’s largest residential property company Lodha Developers is looking to come to the market for its debut offshore bond, three months after it pulled the plug on what should have been its maiden issue.

    03 Mar 2015

  • All quiet on the Eastern front

    There seems to be no end in sight for the Asian ECM bout of depression. Above all, it’s been a pretty miserable year so far for IPOs, in sharp contrast to new listings activity in other parts of the world. The reasons put forward by market observers to explain the dearth of offerings are several, but in the main remain unconvincing, writes Philippe Espinasse.

    03 Mar 2015

  • TMB banks Thailand’s first dim sum bond

    TMB Bank priced the first dim sum bond out of Thailand on March 2, raising Rmb600m ($97m) with a three year offering.

    03 Mar 2015

  • BAML’s Apac global markets head Loh leaves

    Boon Chye Loh, head of Asia Pacific global markets and country executive for Singapore and southeast Asia at Bank of America Merrill Lynch, has left the bank, according to an internal memo seen by GlobalCapital Asia.

    03 Mar 2015

  • Fannie Mae opts for CAS over private deals

    Banks want to work with Fannie Mae to bring more private risk-sharing transactions, but the issuer has opted instead to bring deals through its own platform.

    02 Mar 2015

  • Altisource grabs more rental properties

    US investor-landlord Altisource Residential announced on Monday that it acquired and rented an increased number of real-estate owned properties last quarter.

    02 Mar 2015

  • Uncleared swaps trading unfeasible under new margin proposals

    The latest proposals from the Commodity Futures Trading Commission and a coalition of five US prudential regulators could make trading uncleared swaps in the US costly and ineffective, driving business away from the country.

    02 Mar 2015

  • BAML reaches for €1bn Safran block, days after Enel

    Three chunky equity block trades were launched this evening – in Safran, Merlin Entertainments and Veolia – after all three companies’ shares had hit 52 week highs today.

    02 Mar 2015

  • Bitcoin derivs platform enters partnership to bolster options liquidity

    LedgerX, a bitcoin derivatives clearing house and exchange, has entered into a new partnership in a bid to expand the accuracy of its options pricing while increasing liquidity for bitcoin derivatives.

    02 Mar 2015

  • Rates derivs, CDS trading on the up

    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.

    02 Mar 2015

  • NNIT leaps 25% after heavily oversubscribed IPO, other Nordics coming

    NNIT, the Danish software firm seeking to list in Copenhagen, priced its heavily oversubscribed IPO at Dkr125 a share on Friday morning, after raising the price range, and it soared on its debut.

    02 Mar 2015

  • Aussie put spreads scooped but investors should stay cautious

    Market participants have been picking up put spreads on the Australian dollar against the US dollar, however investors should be wary as the currency pair has the potential to fall lower than expected, according to FX strategists.

    02 Mar 2015

  • Ineos names five banks for €750m loan

    Ineos, the chemicals company now registered in Switzerland, has hired five banks to arrange its €750m refinancing project to replace bonds with term loans.

    02 Mar 2015

  • Delphi replaces dollar debt with euros

    Delphi Corp, the car parts manufacturer spun out of General Motors in 1999, issued its first euro bond on Monday, a €500m 10 year.

    02 Mar 2015

  • Unitymedia again exploits empty high yield market to cut coupons with 12yr

    German cable company Unitymedia has continued its refinancing run in robust fashion, pricing €700m of 12 year non-call six senior unsecured bonds at 3.75% on Monday.

    02 Mar 2015

  • Kellogg joins US euro feast with 10y after operating loss

    The wave of US companies issuing bonds showed no signs of breaking this week, as Michigan-based breakfast cereal and snack maker Kellogg led the charge on Monday.

    02 Mar 2015

  • World Bank opens first Canadian dollar deal of 2015

    World Bank is out with its first Canadian dollar deal in nine months.

    02 Mar 2015

  • Trio of SSA issuers mandate for dollars

    Three borrowers plan to print at the short to medium part of the dollar curve this week.

    02 Mar 2015

  • Borrowers queue up to get in ahead of QE

    A pair of issuers have mandated banks to run euro syndications ahead of a European Central Bank meeting on Thursday.

    02 Mar 2015

  • Finland's Neste Oil plans fifth unrated bond

    A euro bond roadshow for Neste Oil, Finland's largest refiner, is set to finish on Friday. The company has mandated Barclays, Crédit Agricole, Danske Bank and Mitsubishi UFJ for the deal.

    02 Mar 2015

  • Afren avoids default with second loan payment deferral

    Afren, the Africa-focused oil exploration company listed on the London Stock Exchange, has obtained a second deferral from lenders on a $50m loan amortisation payment.

    02 Mar 2015

  • Fifth Street preps second middle market CLO

    US middle market lender Fifth Street Asset Management, which priced its first ever CLO in February, is ramping its second, which should be priced in the second quarter.

    02 Mar 2015

  • SSAs kick off Antipodean action

    Nordic Investment Bank on Monday made its second appearance in the Kangaroo market this year, announcing a tap of a five year line.

    02 Mar 2015

  • Ineos seeks €750m of loans to replace bonds

    Ineos, the chemicals company now registered in Switzerland, is launching a €750m refinancing project to replace bonds with term loans.

    02 Mar 2015

  • Survitec’s reverse flex driven by sterling demand, not just euros

    Survitec, the UK survival equipment provider, allocated its £250m acquisition loan late on Friday, reverse flexing to more borrower-friendly terms for the second time.

    02 Mar 2015

  • Coming soon: US CLO Deal of the Year Award 2014

    Polling will open soon for GlobalCapital's US CLO Deal of the Year Award 2014, which will be presented at IMN's New York CLO conference on April 21st.

    02 Mar 2015

  • NewDay leads strong pipeline of European ABS

    Bankers’ predictions of a deep and varied pipeline of European ABS to be priced in March are starting to come good, with NewDay Cards’ second securitization at the head of the queue this month.

    02 Mar 2015

  • Abbey and Bank of Ireland dive into receptive euro market

    The euro market got off to a strong start on Monday, with Abbey National and Bank of Ireland both drawing hefty order books for new senior unsecured prints.

    02 Mar 2015

  • Bank Dhofar cleared for Oman’s inaugural tier one

    Bank Dhofar has received regulatory and shareholder approval for what would be the first ever tier one deal from an Omani issuer. Two banks have been mandated for the sale.

    02 Mar 2015

  • KazTransGas signs loan with banks on fast turnaround

    Kazakh firm KazTransGas has shown that shipping companies can make a fast turn in the loan market, agreeing a quick $400m deal with banks.

    02 Mar 2015

  • Sberbank axes four MDs in drastic front office restructuring

    Four managing directors have lost their jobs at Sberbank CIB. The bank chopped nearly half of its London front office team just over a week ago.

    02 Mar 2015

  • European ABS outperforms ‘most others’ but risks evolve

    Strong underwriting has helped European securitizations outperform most structured finance products, but new risks are emerging as markets evolve and the economic outlook improves, says Fitch.

    02 Mar 2015

  • Alliance Oil clarifies tender offer

    Alliance Oil has issued a clarifying statement with regard to the outstanding exchange offer for its $350m 9.875% 2015s.

    02 Mar 2015

  • ABN looks for currency diversity with sterling and Canadian prints

    ABN Amro took to the sterling and Canadian dollar markets on Monday, opening books for a three year tap and a five year Eurobond in the two currencies respectively.

    02 Mar 2015

  • CSSD eyes debut RMB bonds from SIP, but two hurdles remain

    China-Singapore Suzhou Industrial Park Development Group (CSSD) is eyeing the first renminbi bond from an issuer in the Suzhou Industrial Park (SIP), a China-Singapore joint venture area. But after more than a year of preparation, the deal faces two issues that have delayed its final launch, two sources have told GlobalRMB.

    02 Mar 2015

  • Details emerge on Haitong International Secs HK$4bn loan

    Details on the pricing, levels and tenor Haitong International Securities Group’s HK$4bn ($515m) financing, which was launched into syndication last week.

    02 Mar 2015

  • Cowell gets balls rolling for $200m IPO

    Cowell e Holdings, a maker of front-end camera modules for mobile devices, has begun testing investor appetite for its $150m-$200m IPO, with its link to Apple expected to be a key selling point.

    02 Mar 2015

  • Loan Ranger: Live long the duck, beware the duckrabbit

    We have oft remarked that loans bankers are generally a serene bunch. With little that ruffles their market, they appear as Zen-masters.

    02 Mar 2015

  • Buoyed by first green bond success, Yes Bank preps second

    India’s Yes Bank is gearing up for a second green bond sale just days after issuing what became the country’s first green debt. On the back of strong demand, the bank was able to raise twice the amount it originally targeted and looks to lead the green financing the government is stepping up to encourage.

    02 Mar 2015

  • Frasers reopens SGD perps for acq fin refinancing

    Singapore based real estate company Frasers Centrepoint launched a subordinated non call five Singapore dollar perpetual on the morning of March 2 as its seeks to refinance a multi-billion dollar loan. Market watchers are hoping the deal, which is the first Singapore denominated perpetual bond of 2015, will breathe some life into the Sing dollar market.

    02 Mar 2015

  • ECM market gets some Joy with $825m rights issue

    Joy City Property, which was acquired by Cofco Land Holdings in December last year, plans to raise up to HK$6.40bn ($825m) from a one-for-two rights offering, as it seeks to pay off the outstanding balance of the acquisition.

    02 Mar 2015

  • ANZ continues push into rates research with Qu

    ANZ has named David Qu as the lender’s new China rates strategist as it looks to continue its expansion of its financial markets research coverage.

    02 Mar 2015

  • VRL hits the road for Indian IPO; Adlabs fixes bookbuilding dates

    The management team of India’s VRL Logistics started meeting investors on Monday, March 2, for its listing on the country’s National and Bombay stock exchanges, in an IPO which will raise $60m to $70m from investors.

    02 Mar 2015

  • TMB Bank sets sights on Thailand's first offshore RMB bond

    Thailand’s TMB Bank is set to end a nine year absence from the international bond market having started receiving bids for an offshore RMB (CNH) bond on March 2. If successful, TMB could become the first Thai issuer to print in the currency.

    02 Mar 2015

  • Royal Industries sows $500m dual trancher in general

    Privately-owned Indonesian palm oil producer Royal Industries launched its $500m dual tranche fundraising into general syndication on February 27. Interested banks have the option of joining offshore or onshore.

    02 Mar 2015

  • Total Derivatives: PBoC cut; CNY 1s/2s disinversion bets

    CNY swaps have been well offered in the wake of an interest rate cut at the weekend by the People's Bank of China (PBoC). But the 1s/2s swap curve spread has been bid on near-term disinversion bets, writes Deirdre Yeung of Total Derivatives.

    02 Mar 2015

  • Mitsubishi UFJ Lease takes orders for dollar return

    Mitsubishi UFJ Lease & Finance Company has opened books to its first international bond of 2015, having taken comfort in the fact that fixed income investors in five Asian cities view the Japanese credit with a safe haven status.

    02 Mar 2015

  • Times Property building 3yr dollar bond off solid base

    Chinese real estate company Times Property is back in the dollar bond market following a near one year absence, receiving bids for a five year non call three transaction that was already covered prior to launch on March 2.

    02 Mar 2015

  • Platinum takes covers off $162m IPO

    Thailand’s Platinum Group commenced bookbuilding on Monday for its up to Bt5.25bn ($162.22m) IPO, with the wholesale mall operator expected to win over investors as both a play on consumer demand and tourism.

    02 Mar 2015

  • Café Coffee Day brewing plans for $200m IPO

    Café Coffee Day, often considered the Starbucks of India, is busy brewing plans for a listing on the country’s domestic stock market, via an IPO that could raise the coffee chain anywhere between $150m and $200m.

    02 Mar 2015

  • Cemex trades up but HY future uncertain

    A positive aftermarket performance for the first Latin American high yield bond of 2015 has not convinced all bankers that the market is wide open for sub-investment grade borrowers from the region.

    02 Mar 2015

  • China to allow corporates to issue RMB bonds worldwide

    China plans to allow its corporates to issue renminbi bonds in jurisdictions all over the world to support their cross-border funding, an official at the People's Bank of China (PBoC) told a conference in Beijing.

    02 Mar 2015

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 105,442.07 372 8.55%
2 Barclays 98,821.87 294 8.01%
3 Citi 94,679.25 341 7.67%
4 Bank of America Merrill Lynch 81,280.08 298 6.59%
5 Deutsche Bank 79,152.51 312 6.42%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Mar 2015
1 JPMorgan 12,693.27 15 11.96%
2 Credit Agricole CIB 7,311.16 26 6.89%
3 Deutsche Bank 5,879.23 19 5.54%
4 HSBC 5,792.28 30 5.46%
5 BNP Paribas 4,786.65 30 4.51%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Mar 2015
1 UBS 10,668.02 23 15.05%
2 Goldman Sachs 8,438.24 19 11.91%
3 Bank of America Merrill Lynch 7,136.12 27 10.07%
4 Deutsche Bank 5,600.17 22 7.90%
5 Morgan Stanley 5,467.54 27 7.71%