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News Archive

  • 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

  • London Eye owner Merlin launches €480m debut HY bond

    Merlin Entertainments, the UK theme parks group, said on Friday it had begun marketing €480m of unsecured notes, its first bond issue.

    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 in China

    Gazprombank, the third largest bank in Russia by assets, is considering issuing a Panda bond in China, 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 waited 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 is also having 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 dual tranche loan of between $300m and $500m. Banks are being asked to commit to a 3.5 year tenor 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
  • 02 Mar 2015
1 Barclays 71,089.54 183 9.00%
2 JPMorgan 66,911.97 219 8.47%
3 Citi 60,959.50 190 7.72%
4 Deutsche Bank 52,952.24 195 6.70%
5 Goldman Sachs 43,765.57 144 5.54%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 03 Mar 2015
1 JPMorgan 8,904.47 8 16.12%
2 Credit Agricole CIB 5,019.20 14 9.09%
3 Deutsche Bank 3,829.31 9 6.93%
4 HSBC 2,799.30 16 5.07%
5 Santander 2,489.03 14 4.51%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 03 Mar 2015
1 UBS 7,608.51 13 16.24%
2 Goldman Sachs 6,959.55 11 14.85%
3 Bank of America Merrill Lynch 5,012.86 19 10.70%
4 Morgan Stanley 3,790.82 19 8.09%
5 Deutsche Bank 3,389.51 12 7.23%