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News Archive

  • SGX, Bank of China agree to further collaboration

    The Singapore Exchange and the Bank of China International Holdings have renewed a commitment to collaborate on market expansion of the renminbi.

    17 Apr 2015

  • LCH appoints new board members

    LCH.Clearnet has appointed two new members to its board of directors from outside the firm.

    17 Apr 2015

  • UnipolSai sells €61.4m block of Sorin stock

    UnipolSai Assicurazioni, the insurance branch of Italian financial services group Unipol, has sold its entire stake in cardiac medical firm Sorin.

    17 Apr 2015

  • TfL brings green debut at the tight end

    Transport for London on Friday added to a burgeoning green bond market in sterling by selling its inaugural deal in the format at a level inside initial price thoughts.

    17 Apr 2015

  • Swiss franc SSA shortage supports CAF tap

    Corporación Andina de Fomento took advantage of a lack of SSA supply in the Swiss market to take a Sfr150m ($156m) tap of its February 2026s this week.

    17 Apr 2015

  • Funding scorecard: Scandinavian agencies

    This week's scorecard features updates on the funding progress of selected Scandinavian agencies. Read on to see which is over half way through its 2015 programme.

    17 Apr 2015

  • Secondary pricing update: weakening euros, strengthening dollars

    Euro benchmarks by Bpifrance and World Bank on April 9 weakened against mid-swaps this week, while the reverse happened with a dollar benchmark by Nederlandse Waterschapsbank.

    17 Apr 2015

  • Saab swoops for Skr2bn club loan

    Swedish aerospace and defence company Saab has signed a Skr2bn (€214m) revolving facility for general corporate purposes.

    17 Apr 2015

  • Lightening start for Malakoff $754m IPO

    Malakoff Corp has hit the ground running with its MR2.74bn ($753.84m) IPO, as eager investors clamoured for stock in what is the first large and liquid trade to emerge from Malaysia this year.

    17 Apr 2015

  • Shenzhen Qianhai Financial to hit road for debut dim sum

    Shenzhen Qianhai Financial Holdings has mandated a legion of banks to arrange investor meetings ahead of its maiden offshore renminbi-denominated (CNH) bond.

    17 Apr 2015

  • IBK hails return with upsized $700m bond

    Investors welcomed the return of Industrial Bank of Korea (IBK) in the dollar bond market on Thursday, happy to get their hands on one of the less active policy banks. Pleased with the quality of the order book and the pricing level, the issuer decided to increase the size to $700m.

    17 Apr 2015

  • VOTE NOW: US Securitization Awards 2015

    In two months time, GlobalCapital will host its 2015 US Securitization Awards Dinner in New York. Polling is now open — click through to cast your vote.

    17 Apr 2015

  • Size or price? China Cinda grabs both with $3bn winner

    China Cinda Asset Management proved that when it comes to bonds, it does not always have to be a choice between size and prize. The bad debt manager hit the market with a jumbo $3bn dual-trancher on April 16 – the third largest non-sovereign dollar bond from Asia ex-Japan this year – and managed to do so by pricing inside its curve.

    17 Apr 2015

  • IS Dongseo, Mirae get ball rolling for Korea ECM

    South Korean construction company IS Dongseo is planning to tap equity investors for $250m via the issuance of global depositary receipts, in what will be one of the first chunky equity deals out of the country this year.

    17 Apr 2015

  • Loans round-up: HPCL, BPCL, CR Land, CCCG

    Hindustan Petroleum Corp’s (HPCL) $400m 39 month facility has attracted two to three commitments so far, said bankers.

    17 Apr 2015

  • Engro seeks $100m sell-down of fertiliser unit

    Pakistan conglomerate Engro Corp is planning to soon offload up to 10% of its shares in its 87%-owned Engro Fertilizers for between $70m-$100m, sources say.

    17 Apr 2015

  • Investors swallow CSPC stock as Hony makes $1.26bn exit

    Hony Capital has made a full exit from CSPC Pharmaceutical Group after having gradually trimmed its stake over the past two years, taking advantage of the recent rally in the Hong Kong index to net a whopping HK$9.78bn ($1.26bn) on April 16.

    17 Apr 2015

  • Nonghyup mandates four for $300m in H1 2015

    South Korea’s Nonghyup Bank has selected four banks ahead of $300m Reg S outing in the first half of 2015. The Korean lender is looking to ride the recent bullish tide for Korean financial bonds and is willing to increase the size if demand is strong enough.

    17 Apr 2015

  • Message received: RComm recalibrates with credit ratings

    Following a botched deal five months ago, Reliance Communications (RComm) is once again planning to issue a dollar bond and will be sounding investors out starting on April 20. Learning from its mistakes, the Indian firm will be marketing the issue with credit ratings from both Fitch and Moody’s.

    17 Apr 2015

  • Religare inks Philippine collaboration with FSG Capital

    Boutique firm Religare Capital Markets has signed a pact with FSG Capital to serve mid-market and under-served clients in the Philippines, making it the first and only India-based investment bank to form a joint venture in the country.

    17 Apr 2015

  • RMB round-up: April 17, 2015

    In this round up, China cross-border RMB trade settlement hits new historical record in March, Hong Kong sees a 31% increase in RMB clearing in the same month, the Moscow Exchange sees record RMB/RUB FX swaps turnover, CCB is launching new subsidiaries in five overseas markets, and RMB clearing officially launches in Malaysia and Qatar.

    17 Apr 2015

  • Indo Eximbank gets bumper response for $750m loan

    Indonesia Eximbank has received commitments from 17 banks for its $750m dual trancher. A whopping 30 more lenders have expressed an interest in the loan, said a banker on the trade.

    17 Apr 2015

  • Credit Suisse promotes two to lead Greater China IB

    Credit Suisse has promoted George Chow and Zeth Hung to the positions of co-heads of Greater China investment banking, as the Swiss bank seeks to broaden its client base in the region. The Credit Suisse veterans start in their newly created roles in June.

    17 Apr 2015

  • Barclays gets new head for Taiwan operations

    Barclays has appointed James Lin as new country manager for Taiwan. Lin has extensive experience in risk management in the island nation.

    17 Apr 2015

  • BPCL picks four for dollar bond

    India’s Bharat Petroleum Corp (BPCL) has mandated four banks to help with the company’s return to the dollar bond market following a two and a half year absence.

    17 Apr 2015

  • Investors say ‘no’ as periphery hits pre-PSPP levels

    The eurozone periphery took a battering this week, with growing worries over a Greek default blamed as a catalyst for an investor pushback against the effects of quantitative easing.

    17 Apr 2015

  • LatAm pipeline picks up, finally, in Brazil absence

    Corporate issuers from Chile, Colombia and Uruguay are among those expected to tap international debt markets in coming weeks as low Latin American new issue supply — thanks to the absence of Brazilian companies — is making investors hungry for new bonds.

    16 Apr 2015

  • Investors flock to consumer discretionary sector with call options

    A number of companies in the consumer discretionary sector have seen substantial inflows as investors buy call options to take advantage of upside exposure and cheap premiums.

    16 Apr 2015

  • FIG scarcity helps BBVA Colombia T2 inside BanBog

    BBVA’s Colombian subsidiary rode on the scarcity of LatAm FIG paper and local recognition to price tightly a $400m subordinated tier two deal on Thursday.

    16 Apr 2015

  • Should marketplace lenders have a bad feeling about this?

    When involved in a niche, whether as a journalist or a direct participant, it’s easy to overstate the importance of your little corner of the market.

    16 Apr 2015

  • First Investors prices first subprime auto since 2014

    First Investors’ launched its first subprime auto securitization following a revamp of its underwriting practices at the end of last year.

    16 Apr 2015

  • Euro market in need of pricing direction

    The public sector bond market in euros is groping for direction in the aftermath of European Central Bank buying that has vaporised secondary levels. Issuers and bankers are assessing how secondary levels compare with where investors other than the ECB would buy in size.

    16 Apr 2015

  • Freddie Mac prices multi-family MBS deal

    Freddie Mac announced on Thursday that its first issuance of securities backed by a 10-year floating rate multifamily loan had been priced, but some observers say more is needed.

    16 Apr 2015

  • Pemex spices up Mexican euro love-in as LatAm bankers pitch single currency

    Pemex proved all the benefits of treating European investors right on Tuesday, with its first dual tranche issue in euros and largest ever transaction in the currency.

    16 Apr 2015

  • Trading revives at Wall Street titans

    The first quarter numbers of the biggest US investment banks show that the right kind of volatility is back in the market, as divergent central bank policies pushed investors to take a view.

    16 Apr 2015

  • Investors fight back as QE yield train hits the buffers

    Investors mobilised this week, revolting against the European Central Bank’s quantitative easing programme, forcing eurozone periphery sovereigns to fund themselves at yields that predate central bank buying for the first time since the ECB’s public sector purchase programme began last month.

    16 Apr 2015

  • Lower trading revenues undercut big quarter for Citi

    Citigroup’s institutional clients group, which contains the bank's trading and investment banking operations, failed to match year over year improvements posted by many of Citi's other operations.

    16 Apr 2015

  • KfW EUR2bn 0.375% Apr 30

    16 Apr 2015

  • EIB USD5bn 1.375% Jun 20

    16 Apr 2015

  • JFM USD1bn 2% Apr 22

    16 Apr 2015

  • Berlin EUR1bn 0.25% Apr 25

    16 Apr 2015

  • HY unfolds battery of bonds after Easter pause

    The European high yield market this week was in ebullient mood as borrowers left behind the Easter holidays and brought a wide variety of deals to market.

    16 Apr 2015

  • Securitization offers discipline as online lending ‘matures’

    As marketplace lending platforms partner with more large banks and institutional investors, securitization has become the funding tool of choice. But platforms must adapt to the strictures of the capital markets, say industry participants.

    16 Apr 2015

  • Merlin Properties seeks €600m rights, maybe bonds

    Merlin Properties, the largest Spanish real estate investment trust, has announced a fully underwritten rights issue, to raise €613.8m, a 50% capital increase. It is also considering bond issuance in future.

    16 Apr 2015

  • Lloyds EUR1bn 0.625% Apr 20

    16 Apr 2015

  • Wells Fargo GBP750m 2.125% Apr 22

    16 Apr 2015

  • Commerzbank EUR250m 0.5% Apr 18

    16 Apr 2015

  • ECM world aims for strong second quarter, but hurdles are on the way

    Equity capital market bankers, still giddy from a huge first quarter, are hoping for similarly large volume in the next few months. But several events, not least among them the UK general election, could yet jam the pipeline.

    16 Apr 2015

  • Intesa Sanpaolo EUR500m 2.855% Apr 25 tier two

    16 Apr 2015

  • Criteria Caixaholding EUR1bn 1.625% Apr 22

    16 Apr 2015

  • Covered bond inflection point a way off

    Covered bond yields and spreads are spiralling lower. The prospect that wafer thin margins grow thinner has led to a legitimate concern that a turning point in investor tolerance may follow.

    16 Apr 2015

  • CBA EUR1.25bn 2% Apr 27 tier two

    16 Apr 2015

  • SSA issuers get cosy in dollar market’s welcoming embrace

    While the public sector bond market in euros faces uncertainty, dollars is providing borrowers with a haven for issuance.

    16 Apr 2015

  • German companies go for dated hybrids amid tax puzzle, but keep issuing

    It has become harder for German companies to obtain tax rulings for hybrid capital issues, but that has not stopped them issuing — even if it has diminished some of the accounting benefits, writes Richard Metcalf.

    16 Apr 2015

  • Busy Bee glides into empty market with its £210m loan

    Busy Bee, the UK nursery and early education provider for under-fives, held a bank meeting on Wednesday to market its £210m term loan ‘B’.

    16 Apr 2015

  • Supranationals surge in Q1 ECP issuance

    Supranational issuers are the big winners in the world of ultra-low money market yields, after their first quarter euro commercial paper issuance soared by 92%.

    16 Apr 2015

  • Swiss duo upsize as primary shortage boosts demand

    Strong demand from supply starved domestic investors enabled Swiss corporates SGS and Limmat Valley Hospital Association to maximise size on new deals this week.

    16 Apr 2015

  • TfL looks to add sterling flavour to SRI bonds with upcoming debut

    Transport for London will look to price its first ever socially responsible bond today (Friday) following themed deals from a trio of European SSA names earlier in the week.

    16 Apr 2015

  • Investors hunt for yield as credit spreads tighten

    Spreads on US corporate credit default swaps are tightening as credit conditions have generally improved or plateaued, motivating investors to seek higher yield.

    16 Apr 2015

  • Chevron lines up bank meeting for loan as Nigeria refuels on hope

    Hopes for new Nigerian loans are growing after the country’s election, with bankers optimistic that deals for banks and oil and gas companies could arrive soon.

    16 Apr 2015

  • CBA reveals appetite for complexity with euro T2

    Commonwealth Bank of Australia highlighted European sub debt investors’ growing ease with unusual structures this week, selling a chunky tier two bond with contractual point of non-viability language and an equity conversion component, writes Nathan Collins.

    16 Apr 2015

  • Fitch closes ratings escape route for frustrated issuers

    Structured finance and covered bond issuers hoping their deals will escape the waves of downgrades likely to hit the European banking system have had one of their routes out of the bind closed by Fitch.

    16 Apr 2015

  • Volatility is back, but not in the usual way

    Investors typically associate volatility with large price swings, adverse risks and expensive option premiums. Lately, we have seen some notable price movement, but not to the downside, and some expensive option prices, but not as a result of any particular fear.

    16 Apr 2015

  • Block trade sparks fly, with Al Noor, Virgin, Abertis in the mix

    After a quiet start to European block trade activity in the week after Easter, deals began in earnest this week, with five substantial selldowns of companies floated in the past two years, and then a €198m trade in Abertis on Thursday evening.

    16 Apr 2015

  • Buyside discipline holds despite light deal supply

    Leveraged loan supply is set to chug along at low levels through the second quarter, yet despite such paucity of product buyside, discipline is holding firm.

    16 Apr 2015

  • Wall Street trio unleash debt onslaught

    JP Morgan and Goldman Sachs followed in the footsteps of European banks by tapping the dollar market for tier one capital this week, exploiting investors’ thirst for yield.

    16 Apr 2015

  • Solairedirect seeks €230m IPO to finance growth

    Solairedirect, the French solar power developer and asset manager, began the bookbuild on Thursday for its Paris IPO, which it hopes will value the company at €375m to €444m, as it seeks to quicken its installation of solar parks.

    16 Apr 2015

  • Klöckner accelerates books on €831m deal

    Klöckner Pentaplast, the German plastic film maker, has accelerated syndication on a €831m-equivalent loan in euros and dollars, designed to refinance debt and pay its shareholders a dividend.

    16 Apr 2015

  • Corporates mull options as blackout takes hold

    The US corporate high grade market barely registered a flicker of activity as first quarter earnings blackout kept borrowers on the sidelines.

    16 Apr 2015

  • UBS, Baml and JPM sell Abertis stake after OHL derivative

    UBS, Bank of America Merrill Lynch and JP Morgan are tonight selling a 1.34% stake in Abertis Infraestructuras, the Spanish construction and concessions company, to hedge a derivative transaction with Obrascon Huarte Lain.

    16 Apr 2015

  • Core covered bonds enjoy stellar demand as questions raised

    Covered bond supply surged this week with investors piling into deals that offered little new issue concession and negative spreads, leading to concern that an inflection point was at hand.

    16 Apr 2015

  • MTN Leak: 50 Worksheets of Grey

    There was a very interesting moment for Leak this week when sifting through the responses from MTN bankers asking about voting in this year’s Bond Awards.

    16 Apr 2015

  • Tradition hires ex-Isda boss Pickel to its SEF board

    Robert Pickel, the former head of the International Swaps and Derivatives Association (Isda), has joined interdealer broker Tradition as non-executive director to the board of TraditionSEF, the swap execution facility it operates in the US.

    16 Apr 2015

  • Top Right allocates, with a small currency adjustment

    Top Right, the UK information and events group owned by Apax, has allocated its £435m-equivalent refinancing loan with a small change to the deal’s dollar tranche.

    16 Apr 2015

  • People Moves in Brief

    BAML poaches from CS on syndicate — Renault returns to Citi for FI solutions — Melichar heads for Jefferies

    16 Apr 2015

  • Divisions appear in German debt as Commerz taps

    A three year tap from Commerzbank this week highlighted diverging appetite for German senior financial debt.

    16 Apr 2015

  • BayernLB struggles in dollars, NBC prices defensively

    BayernLB printed the fourth German dollar covered bond of 2015 on Tuesday. Short dated Pfandbrief issuers are being forced into dollars as issuing in euros would result in negative yields.

    16 Apr 2015

  • Bertelsmann treats investors to a rare print with €1.25bn hybrid

    Investors were eager to buy German media company Bertelsmann’s €1.25bn debut hybrid bond on Thursday, and it achieved tight pricing.

    16 Apr 2015

  • Lloyds, Achmea find tepid responses in euro senior market

    Some senior unsecured FIG borrowers in euros were met with a less than stellar response from investors this week.

    16 Apr 2015

  • Loans, news in brief — April 16, 2015

    Albaraka Türk — Danube Food — Xella — Pets at Home

    16 Apr 2015

  • TSKB nets $900m book, other banks waiting to follow

    Türkiye Sinai Kalkinma Bankasi (TSKB) sold a $350m five year bond with a 15bp new issue concession on Wednesday. Other Turkish banks are looking for their own issuance opportunities.

    16 Apr 2015

  • Pennon gets £100m in ABB to buy Bournemouth Water

    Pennon Group, the UK water, sewerage and waste management company, raised £100.3m on Thursday with a 3% equity capital increase to finance the acquisition of Bournemouth Water.

    16 Apr 2015

  • OCP USD1bn 4.5% Apr 2045

    16 Apr 2015

  • Jain and Jenkins confront future of European investment banking

    As Barclays and Deutsche prepare to face shareholders and report earnings in the coming weeks, both AJs face fundamental questions about their investment banking strategies that could reshape the global industry, writes David Rothnie.

    16 Apr 2015

  • OCP prints yard with tight yield on second benchmark outing

    Morocco’s sole international corporate bond issuer returned for its second ever benchmark deal this week. The firm found size and tight pricing, printing a $1bn 10.5 year note well inside its secondary curve, said bankers on the deal.

    16 Apr 2015

  • Spread pick-up propels Abbey and LF Hypo

    Abbey National and Länsförsäkringar Hypotek both priced seven year euro deals this week. The non-eurozone issuers played well to investors both in terms of yield and maturity.

    16 Apr 2015

  • Wells dashes to sterling as euro shine fades

    Wells Fargo launched its first sterling bond issue in over two years on Wednesday, showing the appeal of euro funding for US banks has faded since January.

    16 Apr 2015

  • Room enough for two ‘Albas’ in this week’s securitization mart

    Two completely different securitizations with confusingly similar names are set to price this week, including a UK non-conforming residential mortgage-backed securities deal from Credit Suisse’s Aggregator of Loans Back by Assets (ALBA) shelf and an Italian lease called Alba 7, being sold by Banca IMI and Société Générale.

    16 Apr 2015

  • KBN passes maturity milestone in dollars

    Kommunalbanken on Thursday printed its longest ever dollar benchmark. Demand was strong enough for it to tighten pricing from the initial price thoughts level.

    16 Apr 2015

  • Green bonds in vogue as NIB sells in Swedish kronor, TfL readies debut

    Nordic Investment Bank’s choice of Swedish kronor for the week’s third socially responsible bond paid off on Thursday as Transport for London announced plans to make it four.

    16 Apr 2015

  • Spain borrows at pre-PSPP levels

    Spain highlighted on Thursday the retracement in yields since the launch of eurozone quantitative easing, as it paid to borrow at pre-QE prices.

    16 Apr 2015

  • KfW raises €2bn with unusual 15 year

    KfW sold its longest dated euro syndication in eight years on Thursday, establishing a new pricing point on its curve.

    16 Apr 2015

  • Xella holds bank meeting for €318m term loan 'F' refi

    German building materials manufacturer Xella laid out price guidance for a loan extension and refinancing add-on at a bank meeting today.

    16 Apr 2015

  • Ahli United Bank picks three banks for tier one

    Bahrain’s Ahli United Bank has mandated Goldman Sachs, HSBC and Morgan Stanley to arrange a tier one dollar bond.

    16 Apr 2015

  • Vakifbank ditches 364 day tranche as it lines up refi

    Vakifbank has mandated Wells Fargo to lead a consortium of international banks for a 367 day loan, in a break from other Turkish banks' recent offerings of 364 day and 367 day tranches.

    16 Apr 2015

  • Alcatel CDS tightens sharply, while Nokia widens only a little on news of a merger

    Alcatel-Lucent's credit default swap spread has tightened sharply since news of its merger with rival telecoms equipment maker Nokia broke on Tuesday. Nokia’s spread, meanwhile, has recovered almost fully from an initial widening.

    16 Apr 2015

  • Noor Bank embarks on roadshow for debut sukuk

    Dubai’s Noor Bank has mandated eight banks to arrange its debut benchmark dollar sukuk and has set roadshow dates.

    16 Apr 2015

  • European CMBS mart making strides in recovery, says DBRS

    The market for European CMBS, after years of muted activity, looks like it may have hit a turning point in its convalescence, according to rating agency DBRS.

    16 Apr 2015

  • FirstRand changes leads for return to market

    Investors are hoping that FirstRand, the South African bank, will be offering more generous terms for the relaunch of a Reg S senior unsecured dollar bond, having pulled the deal in November 2014.

    16 Apr 2015

  • HK equities in a frenzy as soaring index fuels blocks

    The Hong Kong ECM market is on fire, with block deals notching up impressive volumes of $2.1bn in just the first half of April. Opportunistic sell-downs have been made in droves with banks desperately scouring the market for more transactions, as they face sellers taking different approaches to the stock rally, writes Rashmi Kumar.

    16 Apr 2015

  • Carlyle adds $424m to coffers with Haier stake exit

    Private equity firm Carlyle has raised HK$3.29bn ($424m) by selling all of its shares in Haier Electronics Group, through a block deal that materialised after bankers spent nearly two weeks wooing the seller.

    16 Apr 2015

  • Peripheral sub pipeline grows as Banco Popolare mandates

    Two Italian banks are eyeing the tier two FIG bond market, with Banco Popolare set to hit the road and follow a 10 year bullet print from Intesa Sanpaolo on Thursday.

    16 Apr 2015

  • Achmea suffers from premium, Greek concerns

    Achmea Bank struggled to drum up interest for a euro print on Thursday, with syndicate bankers away from the deal blaming a limited premium and fears over Greece.

    16 Apr 2015

  • Rolta India crashes on the back of short seller report

    Rolta India had a day to forget on April 16 as both its bonds and stock crashed in the secondary market after short seller Glaucus Research argued that the company would not have enough cash flow to repay debt, a claim that Rolta quickly dismissed as baseless.

    16 Apr 2015

  • Alba 7 'A1' notes on offer

    Banca IMI and SG are out with guidance for the €255.2m ‘A1’ class of Alba 7, a deal backed by Italian leases.

    16 Apr 2015

  • EC puts securitization on green bond agenda

    Green securitizations are figuring into the European Commission’s plan to make private finance for climate-friendly investments more popular in Europe, according to a paper published by the EC’s Directorate-General for Climate Action.

    16 Apr 2015

  • FirstRand changes leads for return

    Investors are hoping that FirstRand, the South African bank, will be offering more generous terms for the relaunch of a Reg S senior unsecured dollar bond, having pulled the deal in November 2014.

    16 Apr 2015

  • OCP prices tight on second benchmark

    Moroccan fertilizer company OCP on Wednesday priced its second ever international bond deal just a few basis points back of its extrapolated curve, investors said.

    16 Apr 2015

  • BAML’s corporate finance plan bears fruit

    Bank of America Merrill Lynch had a bumper first quarter for advisory fees, which were up 50% on the year to $387m, though debt capital markets, historically the biggest business in BAML’s investment banking division, had a tougher time.

    16 Apr 2015

  • Ukreximbank takes haircuts off the table

    State Export-Import Bank of Ukraine (Ukreximbank) has declared it will not ask for haircuts or smaller coupons on its Eurobonds, making an agreement on an interim maturity extension more likely, analysts said.

    16 Apr 2015

  • Majority of ALBA UK non-conforming RMBS to be sold

    Credit Suisse is looking to sell nearly all of the ALBA 2015-1 UK non-conforming residential mortgage backed securities deal sponsored by hedge fund David Kempner Capital Management.

    16 Apr 2015

  • Malaysia returns with revolutionary wakala

    Malaysia has cemented its return to the dollar debt market with a $1.5bn wakala that had investors scrambling for more. The country’s novelty value blew away any concerns surrounding its fiscal health and it managed to raise funds in style, with the inclusion of a new class of intangible asset in the asset pool — a first for a sovereign.

    16 Apr 2015

  • Asia loans news in brief, April 17, 2015

    Indomobil opens $100m in general — Two lead Hyva ‘s $295m refi loan — Formosa seeks $138m — PTT Global Chemical French arm wraps up loan

    16 Apr 2015

  • Pelindo II meets buyers ahead of debut in 144A

    Pelabuhan Indonesia II, or Pelindo II, has mandated five banks to arrange a global roadshow ahead of a planned Reg S/144A dollar bond, which will be the Indonesian port operator's debut if it goes ahead with the deal.

    16 Apr 2015

  • Asian IPO market kicks into gear as companies line up

    The Asian IPO market has picked up a notch this week, with Shanghai Haohai Biological Technology opening books for its Hong Kong listing and others across the region also preparing deals.

    16 Apr 2015

  • Cheung Kong Property HK$55bn loan pulls in 28 banks

    Li Ka-Shing’s Cheung Kong Property has received commitments from 28 banks for its HK$55bn ($7.1bn) reorganisation loan, according to a banker.

    16 Apr 2015

  • Private equity pick-up to unleash India opportunities

    Banks are increasingly looking to funding sponsor driven activity in India as interest wanes in state owned companies’ thinly priced deals. India is ripe with high growth targets in the tech, retail, manufacturing, financial services and infrastructure sectors that throw up plenty of opportunities for foreign banks, writes Shruti Chaturvedi.

    16 Apr 2015

  • RBS targets sale of Kazakh unit and Dubai loans portfolio

    Royal Bank of Scotland will complete the sale of its Kazakhstan subsidiary, RBSK, this quarter and further cut its Middle East loan portfolio, amid a re-focus on core markets.

    16 Apr 2015

  • Korea SOEs to stay out of bonds as investigation gets underway

    Korean credits were mostly missing from the international bond market in the first quarter of this year, with only a handful of deals from what is usually a busy issuer group. But bond sales from the country look set to stay quiet for even longer as the government launches an investigation into corruption at state owned energy companies, writes Narae Kim.

    16 Apr 2015

  • Bumi Serpong Damai lays the groundwork for debut

    Indonesia’s Bumi Serpong Damai (BSD) has met investors ahead of its first outing to the offshore debt market with a five year bond dollar bond.

    16 Apr 2015

  • Pakistan comes down hard on underwriters

    The Securities and Exchange Commission of Pakistan (SECP) has unveiled new rules that home in on underwriters, balloters and transfer agents, tightening its oversight of the country’s equity capital market.

    16 Apr 2015

  • When reading the signals goes wrong

    Bankers are not known to be discreet. We are rich, we are smart, and we are not afraid to show it.

    16 Apr 2015

  • China Hongqiao’s $600m deal finds 10 lenders

    Aluminium company China Hongqiao has received commitments from 10 banks for its $600m loan. The deal, which has five banks at the top, comes even as base metals face tough times amid uncertain demand.

    16 Apr 2015

  • Cinda shareholders net $386m amid rally

    China Cinda Asset Management was at the heart of two blocks within a span of just a few days, as shareholders UBS and Citic Capital Financial Holding trimmed their holdings amid an intense rally in the company’s share price.

    16 Apr 2015

  • Great Eastern scoops $555m for New China Life block

    Great Eastern Holdings raised HK$4.30bn ($555m) via a selldown of its stake in New China Life Insurance this week, lighting up Hong Kong’s equity capital market with the city’s second largest block trade so far this year.

    16 Apr 2015

  • TSKB prints with 15bp NIP, others wait to follow

    Turkiye Sinai Kalkinma Bankasi sold its $350m five year bond with a 15bp new issue concession on Wednesday. Other Turkish banks are looking for their own opportunity to jump in.

    16 Apr 2015

  • TLAC pushes Stan Chart to boost dollar presence

    Standard Chartered plans to be a regular face in the dollar senior market as a result of Total Loss Absorbing Capacity (TLAC) regulation, after making a rare appearance this week with its first four tranche dollar trade.

    16 Apr 2015

  • BBVA Colombia in the wings of hungry market

    BBVA's Colombia subsidiary could issue as soon as Thursday after completing meetings with investors on Wednesday ahead of a planned subordinated tier two bond.

    16 Apr 2015

  • Renault returns to Citi

    Olivier Renault has returned to Citigroup as head of financial institutions solutions EMEA, while former UBS structurer Francesco Dissera has joined StormHarbour.

    16 Apr 2015

  • Chilean powers up bond plans

    Empresa Eléctrica Guacolda is looking to become the latest Chilean power company to tap international bond investors for funds and will start a roadshow next week ahead of a potential senior unsecured deal.

    16 Apr 2015

  • IFC-backed China Gas loan a hit with banks

    Integrated natural gas company China Gas found robust demand for its $150m loan backed by the International Finance Corp. The loan was strongly oversubscribed and has been allocated among 17 lenders.

    16 Apr 2015

  • Legend sets $3bn Hong Kong IPO in motion

    China’s Legend Holdings has filed its much-awaited draft prospectus for an IPO worth $2bn-$3bn, as the Lenovo owner eyes a June listing.

    16 Apr 2015

  • Latham & Watkins adds Aggarwal to capital markets team

    Latham & Watkins has made a new hire in its capital markets practice, with Jay Shree Aggarwal joining the law firm’s Hong Kong office as counsel in the corporate department.

    16 Apr 2015

  • No time to waste for Industrial Bank of Korea

    Industrial Bank of Korea (IBK) is wasting no time with its latest dollar bond, launching a five year trade on April 16 just one day after the official mandate of the deal was announced.

    16 Apr 2015

  • Hong Kong likely to keep offshore RMB crown

    Hong Kong will preserve its first mover advantage as an RMB hub on the back of its liquidity and proximity to China, but product development will be its key challenge, industry experts say.

    16 Apr 2015

  • Golden Eagle loan swells with four MLAs joining

    Chinese department store operator Golden Eagle International Trading, which launched a $500m three year bullet into general earlier this month, has signed a facility agreement for a bigger loan with 12 lenders.

    16 Apr 2015

  • China Cinda keeps the ball rolling for Asia DCM

    A busy Asian primary bond market has just stepped up a gear with China Cinda Asset Management launching a jumbo dual-tranche offering on April 16.

    16 Apr 2015

  • Macro risk maelstrom drives single name options strategies

    Investors are tailoring their options strategies to focus on hedging global macro risks and identifying single stock options in lieu of larger market options baskets.

    15 Apr 2015

  • Barclays risk chief leaving for Freddie Mac

    Anil Hinduja is leaving Barclays for Freddie Mac where he will serve as executive vice president and chief enterprise risk officer, Freddie announced late on Wednesday.

    15 Apr 2015

  • Bayview launching RPL RMBS deal

    Bayview Asset Management’s $151.675m securitization of re-performing loans was close to pricing as GlobalCapital went to press on Thursday.

    15 Apr 2015

  • Airbus, car makers’ CDS curves distorted by bank hedging as dollar climbs

    The strong dollar is giving banks rising counterparty exposure to export-heavy European companies that they need to hedge in the credit default swap market, pushing spreads for those firms wider, writes Dan Alderson.

    15 Apr 2015

  • Santander subprime auto launched cheaper

    Santander Consumer USA’s latest subprime auto ABS deal was launched on Wednesday, at higher yields than its last issuance.

    15 Apr 2015

  • BAML trades Deutsche Annington block for Adia

    Bank of America Merrill Lynch has launched the fourth block trade in Deutsche Annington stock tonight, selling a 6.6% stake for the Abu Dhabi Investment Authority.

    15 Apr 2015

  • Klöckner offers €300m bond via US subsidiary

    Kloeckner Pentaplast, the German plastic packaging company, on Wednesday began marketing €300m of unsecured notes with Kloeckner Pentaplast of America as issuer.

    15 Apr 2015

  • France’s Labco launches Paris IPO for up to €640m

    Labco, the French medical diagnostics firm, published its intention to float in Paris on Wednesday and began investor education for an IPO that could be as large as €640m.

    15 Apr 2015

  • AshleyMadison hopes for London IPO

    Wednesday's news that Ashley Madison, the Canadian adultery website, was exploring the possibility of a London IPO prompted mixed reactions from equity capital markets bankers in the City.

    15 Apr 2015

  • UK mortgage lender Jerrold to tap debut bond for £50m

    Jerrold Holding, the UK mortgage company, on Wednesday announced a £50m tap of its £200m high yield bond sold in 2013, to repay part of its bank debt.

    15 Apr 2015

  • Unrated S Immo stretches to 12 year and gets €65m

    S Immo, the unrated Austrian property company, obtained strong demand for a 12 year bond issue today, and raised its maximum target amount of €65m.

    15 Apr 2015

  • Smiths Group hires four for second euro bond

    UK engineering company Smiths Group has hired four banks to arrange a roadshow from April 20 for its second euro bond.

    15 Apr 2015

  • Bertelsmann prepares to print first hybrid tomorrow

    German media company Bertelsmann finished its roadshow on Wednesday for its debut hybrid capital bond issue, and could price the deal as early as Thursday, according to a banker at one of the leads.

    15 Apr 2015

  • EFSF to be pricing pioneer in euros

    The European Financial Stability Facility will set a pricing marker next week with its first benchmark since the European Central Bank began its public sector purchase programme.

    15 Apr 2015

  • NIB to make it three in SRI bonds this week

    The Nordic Investment Bank is set to become the third SSA issuer this week to sell an SRI bond, after posting initial price thoughts on Wednesday for an April 2020 in Swedish kronor.

    15 Apr 2015

  • KBN aims long in dollars

    Kommunalbanken is aiming to sell its longest ever benchmark in dollars, having hired banks to run a 10 year syndication.

    15 Apr 2015

  • Portugal creeps towards negative yields at auction

    Portugal sold bills at a yield of less than a basis point on Wednesday, while Greek 13 week yields held steady for the third auction in a row.

    15 Apr 2015

  • The FIG Idea: Living by ratios

    Now that we’re eight years into the global financial crisis, isn’t it time that the lessons learned were transferred from bank risk management to other important areas? Basel III for the family, anyone?

    15 Apr 2015

  • Busy Bee glides into empty levloan market

    Busy Bee, the UK nursery and early education provider for under-fives, has held a bank meeting this morning to market its £210m term loan ‘B’.

    15 Apr 2015

  • Kloeckner brings forward deadline on €831m loan

    Kloeckner Pentaplast, the German plastic film maker, has accelerated syndication on its €831m-equivalent loan in euros and dollars, designed to refinance debt and pay its shareholders a dividend.

    15 Apr 2015

  • Pets at Home cuts interest bill and loan size with refi

    Pets at Home, the UK pet food and accessories retailer, has refinanced a credit facility, reducing its size from £325m to £260m.

    15 Apr 2015

  • BAML bullish on German Squaire CMBS

    Bank of America Merrill Lynch announced it has launched a €445m commercial mortgage-backed securities deal backed by a loan on The Squaire at Frankfurt airport.

    15 Apr 2015

  • Corporate services company expands into Irish securitization

    Isle of Man-based First Names Group has hired a senior member to its structured finance group as it looks to build out its Irish securitization business.

    15 Apr 2015

  • Wells dashes to sterling as euro shine fades

    Wells Fargo launched its first sterling bond issue in over two years on Wednesday, showing the appeal of euro funding to US banks has faded since January.

    15 Apr 2015

  • Changing tier two sentiment boosts CBA book

    Changing investor attitudes towards contractual point of non-viability allowed Commonwealth Bank of Australia to draw a solid order book for a euro tier two deal on Wednesday.

    15 Apr 2015

  • TLAC encourages Stan Chart to increase presence in dollars

    Standard Chartered plans to be a regular face in the dollar senior market as a result of Total Loss Absorbing Capacity (TLAC) regulation, after making a rare appearance this week with its first four tranche dollar trade.

    15 Apr 2015

  • Sumber raises $119m via top-up and subscription combo

    Indonesia’s Sumber Alfaria Trijaya has raised Rph1.54tr ($119m) from a combination of a top-up placement and a one-on-one subscription of shares, as part of a non pre-emptive offering that the company is contemplating.

    15 Apr 2015

  • Malaysia breaks four year absence with longest ever deal

    Malaysia is making a rare appearance in the dollar market, opening books to a dual tranche offering on April 15. While the country’s first dollar outing in almost four years is already headline-worthy enough, the transaction is also notable for equaling Malaysia's record in terms of deal maturity.

    15 Apr 2015

  • OCP offers 12.5bp NIP at initial guidance stage

    Moroccan fertilizer company OCP has released initial price guidance of 4.875% area for a 10.5 year dollar benchmark, offering around a 12.5bp new issue premium for the deal.

    15 Apr 2015

  • TSKB guides for $350m five year

    Turkiye Sinai Kalkinma Bankasi has tightened price guidance for its $350m five year bond to at 375bp-387.5bp over mid-swaps.

    15 Apr 2015

  • Investec hires Green to run debt advisory

    Investec has hired Jason Green as head of debt advisory within its investment banking division.

    15 Apr 2015

  • JPM stuns with 12% ROE as CIB makes some record gains

    JP Morgan set a bright tone for the bank earnings season with a stellar 12% return on equity, largely on the strength of its corporate and investment bank, which returned a year on year profit growth of 19% in the first quarter of 2015.

    15 Apr 2015

  • Boscawen returns to ABS

    Lloyds' Veryan Boscawen has returned to the ABS market following a spell in FIG DCM.

    15 Apr 2015

  • FIG feasts on second quarter cash

    New quarter, new money. The covered bond market swallowed five new deals on Tuesday and FIG bankers are predicting a surge of periphery and subordinated paper from banks in the next few sessions as issuers hunt fresh cash from investors.

    15 Apr 2015

  • Indomobil returns for $100m borrowing

    Indomobil Finance Indonesia has returned to the loans market for a $100m three year facility. The company has picked three mandated lead arrangers and bookrunners for the trade, which launched into general on April 14.

    15 Apr 2015

  • SSAs face euro pricing test, Draghi faces confetti test

    SSA borrowers are struggling without a pricing rudder, while Wednesday's ECB meeting showed they aren't the only ones with central bank troubles.

    15 Apr 2015

  • Bumi Serpong Damai gears up for debut bond

    Indonesia’s Bumi Serpong Damai (BSD) has kicked off a roadshow on the week of April 13 ahead of its first outing to the offshore debt market with a five year dollar bond.

    15 Apr 2015

  • EM heats up as Pemex prints euros

    Two CEEMEA issuers have guidance out for new bonds — Moroccan fertiliser company OCP and Turkish bank TSKB — leading to hopes that the second half of this week will hold more new paper than the first.

    15 Apr 2015

  • VRL Logistics kicks off order-taking for $75m IPO

    VRL Logistics’ Rp4.68bn ($75.20m) IPO in India has met with an enthusiastic response, after anchor investors signed up for their full 30% allocation at the maximum price and covered $22.56m of the book.

    15 Apr 2015

  • Credit Suisse hires to push Africa business

    Credit Suisse hired Edward Marlow last month as head of sub-Saharan Africa sales and coverage in fixed income.

    15 Apr 2015

  • BAML changes up EM team, poaches from Credit Suisse

    Bank of America Merrill Lynch has hired Josh Presley from Credit Suisse for syndicate as Karim Movaghar has been appointed head of debt capital markets origination for central and eastern Europe, the Middle East and Africa.

    15 Apr 2015

  • Four blocks in two days as equity issuance picks up post-Easter

    Three accelerated bookbuilds on Monday and another on Tuesday show that sellers are keen to return to market, even in a patchy market environment.

    15 Apr 2015

  • Lively bond demand brings out corporate issuers, both big and risky

    The corporate bond market is in good shape and putting the pre-Easter indigestion behind it, allowing issuers to accomplish varying aims with a range of transactions.

    15 Apr 2015

  • China Universal appoints BNPP for RQFII Ucits fund

    BNP Paribas Securities Services has been mandated by China Universal Asset Management Hong Kong (CUAMHK) to provide custody and fund administration for its debut RQFII Ucits fund.

    15 Apr 2015

  • Haitong International loan combo rises to HK$6bn

    Haitong International Securities has signed its latest loan at an increased size of HK$6bn ($774m), driven by strong demand from Taiwanese, Hong Kong and Korean banks.

    15 Apr 2015

  • Haitong profits from pent-up demand with $670m bond

    Chinese broker Haitong Securities took advantage of the recent lack of new issuance to print a dollar-denominated bond that not only saw it raise a chunky $670m but also cut its borrowing costs by 90bp.

    15 Apr 2015

  • Ashoka Buildcon nabs $80m from QIP

    India’s Ashoka Buildcon raised Rp5bn ($80m) in fresh equity via a qualified institutional placement on Wednesday, which saw long only investors showing up in droves for the trade.

    15 Apr 2015

  • BlackRock adds new A-share exposure route with Ucits ETF

    BlackRock’s iShares division this week launched its MSCI China A Ucits ETF in London, using the Rmb2.1bn ($338m) RMB qualified foreign institutional investors (RQFII) quota the firm got in August 2014. The product, which joins the growing ranks of exchange traded funds (ETFs) based on Chinese securities, will be a further test of international appetite for the China story.

    15 Apr 2015

  • SK Lubricants to slide into IPO to market this year

    South Korea’s SK Lubricants has revived plans for its listing almost three years after it first floated the idea, with a source saying that an IPO of as much as W900bn ($822m) is expected to hit investors’ screen this year.

    15 Apr 2015

  • Shanghai Haohai opens up HK$304m Hong Kong IPO

    Shanghai Haohai Biological Technology has put into action its plans for a listing on the Hong Kong Stock Exchange, opening books for a HK$2.36bn ($304m) IPO on April 15.

    15 Apr 2015

  • Formosa Plastics’ rarity value drives 10yr success

    Formosa Plastics Group has priced a $1bn 10 year dollar bond, wrapping up a stylish return to the dollar bond market. The deal saw solid demand as investors didn’t want to miss a rare opportunity to get their hands on a Taiwanese credit.

    15 Apr 2015

  • StanChart hires China research head

    Standard Chartered has appointed Ding Shuang as head of Greater China economic research, luring him from Citi. The bank has also appointed a new Dubai-based global chief economist, Marios Maratheftis.

    15 Apr 2015

  • Puradelta tries for second time lucky, revives IPO plans

    Indonesian industrial park developer Puradelta Lestari is reviving its IPO plans nearly two years after scrapping a Rph1.95tr ($191m) deal, and is counting on improved sentiment for stocks from the country to push the listing ahead.

    15 Apr 2015

  • China Comm Construction senior perp scores record low coupon

    China Communications Construction Co (CCCC) made a successful debut in the international bond market on April 14 with a senior perpetual bond. Its rarity value, attractive pricing and great timing drew huge demand from investors, which allowed the issuer to achieve the lowest coupon for a senior dollar perp in Asia.

    15 Apr 2015

  • Pemex dual-trancher drives Mexican euro show to new heights — if not new lengths

    Mexican oil company Pemex became the latest Latin American borrower to take advantage of ultra-low borrowing costs provided by ECB president Mario Draghi, following its owner the Mexican government into the euro-denominated bond market.

    15 Apr 2015

  • Central China flies the flag for Chinese property

    The Asian bond market is in full throttle this week with a flush of new issuance from mostly investment grade names. But the high yield sector was not to be outdone with Central China Real Estate printing a red hot $300m bond that was close to 12 times covered.

    15 Apr 2015

  • Ecopetrol gets bond authorisation

    State oil company Ecopetrol has received authorisation from the Colombian finance and public credit ministry to sell up to $3.175bn of bonds in international capital markets.

    15 Apr 2015

  • Jindal Steel & Power mines for $630m dual trancher

    The Australian arm of Jindal Steel & Power is in the market for a $630m dual tranche loan, with two banks at the helm. The deal comes shortly after another Jindal family company — JSW Steel — successfully completed a $250m capital expenditure facility that drew several international lenders.

    15 Apr 2015

  • StanChart beefs up Singapore DCM

    Standard Chartered has hired Henry Toh as head of Singapore debt capital markets.

    15 Apr 2015

  • Global Bank taps to pounce on lack of LatAm supply

    Panamanian lender Global Bank re-opened its 2019s for a further $150m on Tuesday as bankers said low new issue volumes were creating extremely friendly conditions for borrowers.

    15 Apr 2015

  • IBK hires six banks for 144A comeback in April

    Industrial Bank of Korea (IBK) mandated six banks on Wednesday, April 15 to run its first outing to the dollar bond market in almost three years.

    15 Apr 2015

  • European corporate credit risk is shrinking

    The credit risk European corporates pose is plunging. The Itraxx Europe five year spread is at its lowest level since the end of 2007 and volatility is dropping with it since the announcement of European QE. Meanwhile, investors seem unconcerned about problems in Greece and Ukraine.

    15 Apr 2015

  • SocGen uses Newedge know-how

    Société Générale Prime Services — formerly Newedge — will clear credit derivative transactions through ICE Clear Credit and ICE Clear Europe following its regulatory approval.

    14 Apr 2015

  • Pricing guidance released for Dell's first ABS this year

    Pricing guidance was released on Tuesday for Dell Financial Services’ first equipment ABS deal since last summer.

    14 Apr 2015

  • Freddie markets new STACR structure

    Freddie Mac is marketing its first risk transfer deal tied to actual losses in a reference pool of mortgages.

    14 Apr 2015

  • Moy Park prices £100m tap with ‘strong book’

    Moy Park, the UK poultry producer owned by the Brazilian food group Marfrig, sold a tap of its £200m debut high yield bond at 98.501 to yield 6.55% on Tuesday.

    14 Apr 2015

  • Tayler heads to US syndicate for RBS

    Royal Bank of Scotland’s James Tayler is moving to the firm’s syndicate desk in the US after the previous US head of debt syndicate, Victor Forte, was hired by Mizuho.

    14 Apr 2015

  • Spire Healthcare falls 10% after £136m block sale by Cinven

    JP Morgan and Morgan Stanley yesterday successfully sold a 10% block of Spire Healthcare shares, only to see the stock fall 10% in trading today in what one lead banker called a “disappointing” outcome.

    14 Apr 2015

  • Wirtualna Polska launches bookbuild

    Wirtualna Polska, a Polish internet portal company, on Tuesday started bookbuilding for its Z323m (€80m) Warsaw initial public offering.

    14 Apr 2015

  • Carlyle times sale of Applus well, Deutsche’s Al Noor not all sold

    Of Monday night’s two other block trades, besides the sale of shares in Spire Healthcare, one went well and was increased, while the other – in Al Noor Hospitals, was not covered.

    14 Apr 2015

  • Glocos break Virgin Money lock-up for £189m block trade

    The first accelerated bookbuild in shares of Virgin Money, the UK challenger bank that floated in November, is taking place this evening, through Bank of America Merrill Lynch and Goldman Sachs.

    14 Apr 2015

  • Grexit risk drives real money option hedge

    This week has seen a return of real money funds buying payer credit options, after resurfacing Greece default concerns prompted another round of hedging.

    14 Apr 2015

  • Deutsche loses London CLO banker to Jefferies

    A senior CLO structurer at Deutsche Bank in London has left the firm to join Jefferies, GlobalCapital has learned.

    14 Apr 2015

  • EIB heads for shorter dollar maturity after seven year show

    The European Investment Bank has hired banks to run a syndication in the belly of the curve — plumping for a shorter maturity after a slew of seven year supply last week.

    14 Apr 2015

  • Zut! Rock bottom yield scuppers French region's SRI deal

    A 12 year socially responsible benchmark from Île-de-France on Tuesday fell short of full subscription as investors shunned the print because of the low yield on offer.

    14 Apr 2015

  • Barclays plucks Créd Ag structurer

    Barclays has snapped up a hybrid structuring banker from Crédit Agricole.

    14 Apr 2015

  • Créd Ag retains over €1bn as UK corners primary

    Crédit Agricole opted to retain a Dutch consumer loan ABS on Tuesday, as the European ABS pipeline this week stays as UK-centric as it has for much of 2015.

    14 Apr 2015

  • GlobalCapital US Derivatives Awards 2015 — The Nominations

    GlobalCapital is delighted to announce the nominees for its 2015 US Derivatives Awards. Nominations are based upon the cross-market poll conducted in recent weeks. Winners will be announced at a gala dinner in New York on May 28.

    14 Apr 2015

  • RWE favours price over size for hybrid refi

    RWE, the German electricity and gas company, issued €1.25bn of hybrid bonds on Tuesday, which are expected to partly replace its €1.75bn hybrid issued in 2010 and to be callable in September.

    14 Apr 2015

  • CDS, IRD notionals decline year on year

    The overall credit default swap and interest rate derivative notionals reported to swap data repositories last week decreased again by a further 35% and 25% respectively compared to the same week last year, according to data from the International Swaps and Derivatives Association.

    14 Apr 2015

  • Nokia's play for Alcatel-Lucent will test commitment to IG rating

    Nokia announced today that it was in advanced talks to buy Alcatel-Lucent, which has a market capitalisation of about €11bn, but so far there is no clarity on how a deal might be financed.

    14 Apr 2015

  • Chevron Nigeria schedules bank meeting for loan

    Chevron Nigeria will hold a meeting with banks in London on Monday next week as it looks to build commitments for a $1.2bn loan.

    14 Apr 2015

  • Lending Club partners with Citi as marketplace lending ‘matures’

    Lending Club, the online loan platform, is partnering with Citi and a structured credit-focused hedge fund to offer up to $150m of subsidised loans in the US.

    14 Apr 2015

  • Abengoa in savings push with €375m refi bond

    Abengoa, the Spanish engineering and renewable energy firm, on Thursday ticked the savings box with €375m of senior unsecured notes that achieved final terms below the 8.5% 2016 bond they are set to repay.

    14 Apr 2015

  • Spanish duo could precede peripheral surge

    The FIG market could be set for a spate of issuance from the eurozone’s periphery in the coming weeks, with bankers tipping other financial institutions to follow Spanish pair CaixaBank and Ibercaja into the primary market.

    14 Apr 2015

  • PostNL refinances ahead of Fed Ex-TNT payout

    Dutch postal company PostNL has refinanced a €400m revolving credit facility after agreeing to sell its 14.7% stake in TNT Express, worth €642m, to Federal Express.

    14 Apr 2015

  • Noor Bank roadshows debut sukuk

    Dubai’s Noor Bank has mandated eight banks to arrange its debut benchmark dollar sukuk and has set roadshow dates.

    14 Apr 2015

  • PostNL gets €400m revolver

    Dutch postal operator PostNL has closed a €400m five year multicurrency revolving credit facility that will replace a €570m revolver due in 2016 newat lower cost.

    14 Apr 2015

  • Top Right allocates with small currency adjustment

    Top Right, the UK information and events group owned by Apax, has allocated its £435m-equivalent refinancing loan with a small change to the deal’s dollar tranche.

    14 Apr 2015

  • Pemex order book hits €5.25bn as leads tighten

    Petróleos Mexicanos has tightened price guidance for its dual tranche euro bond as combined books for the seven and 10 year deals hit €5.25bn.

    14 Apr 2015

  • Ahli United Bank mandates three for tier one

    Bahrain’s Ahli United Bank has mandated Goldman Sachs, HSBC and Morgan Stanley to arrange a tier one dollar bond.

    14 Apr 2015

  • Too much, too soon will spell trouble for India overseas debt

    A panel set up by India’s Ministry of Finance to review the rules for companies borrowing money from overseas has made the radical suggestion of doing away with the current system and immediately liberalising the regime. Such an approach is likely to be too much of a shock to the country’s financial system. The government would be wise to adopt a more gradual approach.

    14 Apr 2015

  • Central banks see RMB taking 10% of global reserves by 2025

    Central bank reserve managers see the renminbi’s stature as a reserve currency growing to 10% share of global reserves by 2025, according to a survey conducted by HSBC and Central Banking Publications, released on April 13.

    14 Apr 2015

  • Sky Light and Tsaker rustle up Hong Kong IPOs

    Sky Light Holdings is planning an IPO in Hong Kong by the first half of the year, with the share sale being managed by sole sponsor BoC International.

    14 Apr 2015

  • Illiquidity prompts Commerzbank action

    Commerzbank’s tight tap of its recently priced €750m three year bond on Monday was based on feedback the original issue was illiquid because of its small size.

    14 Apr 2015

  • New China Life $555m sell-down on Hong Kong ECM map

    Great Eastern Holdings has raised HK$4.30bn ($555m) by divesting some of its shares in New China Life Insurance, in a deal that has trumped many others in size to become the second largest block in Hong Kong so far this year.

    14 Apr 2015

  • Albaraka Turk signs increased $268m murabaha loan

    Albaraka Turk has agreed a $268m Islamic syndicated loan with a group of banks, a bigger deal than it had previously indicated.

    14 Apr 2015

  • Ascendas opens tender offer for S$300m perpetual

    Singaporean property name Ascendas has made a tender offer to holders of its S$300m ($220m) 4.75% perpetual non call five subordinated bonds that were sold in 2012. A change of control triggered by a merger between the subsidiaries of Ascendas' parent company and government investment company Temasek has allowed Ascendas the option of redeeming the securities.

    14 Apr 2015

  • Nomura debuts in Formosa; SG returns with two more

    This week brought another landmark in the Formosa market, with the first Japanese issuer completing a transaction. Nomura is settling its debut renminbi offering on April 14.

    14 Apr 2015

  • Rights issue round-up: RHB seeks $688m, East West prices trade

    Malaysia’s RHB Capital has mooted an MR2.5bn ($687.81m) fundraising to help it meet Basel III and funding requirements. The bank is also proposing an extensive internal restructuring that will see it transfer its listing status to RHB Bank.

    14 Apr 2015

  • BNP Paribas adds high yield credit trader

    BNP Paribas has hired an experienced high yield credit and CDS trader for its London operations.

    14 Apr 2015

  • Pelindo II to launch maiden voyage in 144A

    Pelabuhan Indonesia II (Persero), or Pelindo II, has mandated five banks to arrange a global roadshow ahead of a planned Reg S/144A dollar bond, which will be the Indonesian port operator's debut if it goes ahead with the deal.

    14 Apr 2015

  • Asia braces for jumbo China Cinda bond

    China Cinda Asset Management is planning to issue a dollar-denominated bond by the end of the week after announcing the roadshow schedule for trade on April 14. While the size of the offering will not eclipse industry peer Huarong Asset Management’s bond at the start of the year, market participants are still expecting it to be big.

    14 Apr 2015

  • Cosmo Lady management sheds $103m of shares

    The management of lingerie maker Cosmo Lady China Holdings has raised HK$796.8m ($103m) by selling shares, taking advantage of the recent stock rally to recoup some of their investment.

    14 Apr 2015

  • French arm of PTT Global Chemical winds up €190m loan

    PTT Global Chemical’s French subsidiary VencoreX Holdings has wrapped up €190m ($215.65m) dual tranche seven year loan. The deal, which has Deutsche Bank as sole bookrunner, was signed among six banks, said a banker.

    14 Apr 2015

  • UBS seals $245m from China Cinda stake sale

    China Cinda Asset Management has seen yet another shareholder trim its stake, with UBS netting HK$1.90bn ($245m) via a block on the evening of April 13. The number of shares offloaded were lower than the bank’s target during launch, as the seller stayed focused on getting the best price possible.

    14 Apr 2015

  • GIC in luck with $65m block as it exits Far East Horizon

    Singapore’s GIC made a complete exit from Hong Kong-listed Far East Horizon on the evening of April 13, netting HK$506.77m ($65m) in the process, with pricing driven by funds’ desire for a lucky number.

    14 Apr 2015

  • Central China draw investors in with attractive pricing

    Central China Real Estate is looking to stand out in a crowded Asian bond market by offering investors a tasty price concession on its five year bond on April 14.

    14 Apr 2015

  • Formosa Plastics opens books to 10 year

    Formosa Plastics Group started taking orders for its return to the dollar as it opened books to a 10 year bond on Tuesday, April 14. Despite the crowded pipeline in the Asian bond market, bookbuilding has been smooth as the deal is driven by strong indications of interest.

    14 Apr 2015

  • China Comm Construction builds senior perp

    China Communications Construction Co (CCCC) has opened books to its maiden deal in the international bond market, having chosen a rare senior perp structure for a debut issue.

    14 Apr 2015

  • Citi picks Aristeguieta to lead Apac as Bird flies to New York

    Citi has announced a series of changes to its global management team, with Francisco Aristeguieta set to replace Stephen Bird as CEO of Asia Pacific, according to an internal memo.

    14 Apr 2015

  • US buyers hunt Petrobras bonds — even without financials

    LatAm bond bankers have received reverse enquiry from certain US institutional investors looking to buy a new Petrobras deal, according to DCM officials.

    14 Apr 2015

  • Ten eyeing MMI International $520m fundraising

    The term loan portion of MMI International’s $580m five year borrowing has attracted about $180m-$200m in commitments. Banks have thrown their weight behind the deal, notwithstanding a negative watch on the company by ratings agency Fitch.

    14 Apr 2015

  • Citi gets new LatAm CEO amid leadership shake-up

    Mexican Manuel Medina-Mora’s retirement from his positions as CEO of Citi’s global consumer bank and chairman of Banamex has indirectly led to the US bank naming a new CEO for Latin America and expanding the responsibilities of that role.

    14 Apr 2015

  • Haitong seeks to slash borrowing costs with quick return

    Haitong International is back in the dollar market just three months after the Chinese broker printed a $700m 5.5 year bond on January 22. The issuer’s quick return has been prompted by a rally in its existing bonds, which it is keen to take advantage of in order to lock in lower borrowing costs.

    14 Apr 2015

  • New China head of cash management for HSBC

    HSBC has appointed a new head of payments and cash managements to its China operations.

    14 Apr 2015

  • Firms told waste no time on margin rule delay

    Global swaps participants should use the BCBS-IOSCO margin rules delay as an opportunity to face new issues posed by initial and variation margin requirements, experts say.

    13 Apr 2015

  • Key P2P investor finances Applied Data Finance

    Victory Park Capital, an asset manager that has been key in the institutionalisation of the marketplace lending sector, has signed a credit facility with online consumer lender Applied Data Finance.

    13 Apr 2015

  • Market braces for lower mortgage G-fees

    The Federal Housing Finance Agency (FHFA) was expected to announce a reduction in the fees it charges to guarantee mortgages as GlobalCapital went to press.

    13 Apr 2015

  • HKEx adds new hires for mainland development

    Hong Kong Exchanges and Clearing Ltd. has expanded its Chinese business development by opening a mainland division, which it has populated with new senior hires.

    13 Apr 2015

  • Heidelberger Druck to offer triple-C rated bond

    German printing equipment maker Heidelberger Druckmaschinen announced a €200m bond issue on Monday that is rated Caa1/CCC+.

    13 Apr 2015

  • Ithmar Capital selling £216m stake in Al Noor Hospitals

    Deutsche Bank is tonight trading a block of shares in Al Noor Hospitals, as Ithmar Capital seeks to sell its entire stake in the Abu Dhabi healthcare group.

    13 Apr 2015

  • Trinseo resumes US companies’ trail in euro HY

    Pennsylvania’s Trinseo, a plastics manufacturer, wants to issue $750m of unsecured notes, including a euro tranche, to repay its 8.75% bond sold in 2013.

    13 Apr 2015

  • Fiat’s FGA, reborn as FCA Bank, hauls in huge book for €1bn issue

    Besides Anheuser-Busch InBev’s €3bn blockbuster, two other deals came to the European corporate bond market on Monday, for Grand City Properties and FCA Bank — the new name for Fiat’s finance arm FGA Capital.

    13 Apr 2015

  • Cinven trades 10% of Spire, Azul 10% of Applus

    Cinven has resumed the selldown of its stake in Spire Healthcare, the UK private hospital company it bought in 2007 and floated in London last year.

    13 Apr 2015

  • AB InBev downs €3bn as megadeals return in rested market

    Anheuser-Busch InBev, the Belgian-US brewer, showed how well Europe’s corporate bond market has recovered since Easter — and the apparent change in the market’s depth in the past year — by issuing a €3bn bond on Monday that found very strong demand.

    13 Apr 2015

  • Why won’t Europe’s central banks back Europe?

    European central bankers might be buying the market, but they still lack faith in the European project. That is the only conclusion to draw from the securities lending arrangements announced before Easter.

    13 Apr 2015

  • Orange Switzerland sells ‘aggressive’ bond

    Orange Switzerland on Thursday priced below guidance a four tranche, dual currency Sfr2bn bond that includes a Sfr150m dividend for its new owner, Xavier Niel’s fund NJJ Capital.

    13 Apr 2015

  • JFM to join seven year dollar party

    Japan Finance Organisation for Municipalities is set to add to a recent splurge of seven year dollar issuance on Tuesday, after mandating banks for a RegS deal on Monday.

    13 Apr 2015

  • French region to follow Dutch agency's SRI trade

    Île-de-France is set to sell its second ever socially responsible bond on Tuesday, announcing a trade soon after a sustainability bond from Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO) on Monday.

    13 Apr 2015

  • JP Morgan makes two top promotions in EMEA

    JP Morgan has promoted two senior staff from within its EMEA operations, appointing a new vice-chairman and deputy CEO for its activities in the region.

    13 Apr 2015

  • LCH.Clearnet appoints new tech and ops boss

    LCH.Clearnet has appointed a seasoned veteran as the new group head of technology and operations.

    13 Apr 2015

  • Shell-BG merger credit-negative all three rating agencies agree

    Moody's, Standard & Poor's and Fitch have all put Royal Dutch Shell on negative outlook or watch for downgrade for its acquisition of BG Group, though bankers say it should not affect Shell's cost of borrowing.

    13 Apr 2015

  • Law firm Paul Hastings makes levfin hire

    Paul Hastings, the law firm, has recruited a former partner at Ashurst to join its leveraged finance practice in London.

    13 Apr 2015

  • Banks move into Top Right revolver as 'B' loan comes at wide end

    Top Right, the UK information and events group, expects to allocate its £435m-equivalent refinancing loan this afternoon (Monday), with pricing at the wide end of initial guidance.

    13 Apr 2015

  • CommonBond snags Citi issuer for risk role

    CommonBond, a marketplace lending platform that offers student loans, has hired a former issuer and credit rater to be its chief risk officer.

    13 Apr 2015

  • Danube Food loans still "on track" despite wait for commitments

    A loan backing Danube Foods’ buy-out by Mid Europa Partners could close by next week, say bankers on the deal – but there is no hurry.

    13 Apr 2015

  • Moy Park seeks £100m tap to pay dividend to loss-making owner

    Moy Park, the UK poultry producer, wants to tap its £200m debut high yield bond for £100m, in order to pay a dividend to its parent company, Marfrig of Brazil.

    13 Apr 2015

  • AccessBank loan nears close, IBA commitments grow

    Azerbaijan’s AccessBank will complete its syndicated loan “within days”, say bankers on the deal, while peer International Bank of Azerbaijan will likely increase its target size.

    13 Apr 2015

  • ECB failing periphery with cautious ABS purchasing

    The European Central Bank’s purchases appear to be helping the wrong end of the market, with analysts complaining its effects are chiefly narrowing northern European spreads.

    13 Apr 2015

  • EM lender International Personal Finance turns from sterling to euros

    International Personal Finance, the UK company that makes small personal loans in emerging markets, has announced today a brief roadshow for a tap of its euro bond, after last week pulling a sterling retail bond that failed to attract enough interest.

    13 Apr 2015

  • Lloyds' five year fails to match recent blowouts

    Lloyds opened the senior FIG market for the week on Monday, drawing a diminished order book for a five year compared to its most recent senior prints.

    13 Apr 2015

  • Panel recommends lifting restrictions on Indian overseas debt

    A panel commissioned by India’s Ministry of Finance to look into offshore borrowing has criticised the existing regime and recommended dismantling all of the existing rules in a new report.

    13 Apr 2015

  • Commerzbank shows up crack in German senior market

    Commerzbank has tapped a three year senior bond priced last month some 10bp inside the original deal, showing a divergence in investor appetite for German financials exposure.

    13 Apr 2015

  • UniCredit tenders for tier two relics

    UniCredit has asked holders of nearly €2.3bn of subordinated lower tier two notes to tender their bonds for repurchase at prices well above par.

    13 Apr 2015

  • UOL prints S$175m note, Medco sets sail for Singapore debut

    Singaporean property company UOL Group has raised S$175m ($127.7m) from a three year note, an issue following a three year absence from the market. And there are further signs Singapore dollar bonds are picking up with Indonesia's Medco Energi mandating three banks for a new issue.

    13 Apr 2015

  • Alizz Islamic opens new branch in Oman expansion

    Omani lender Alizz Islamic Bank has opened its sixth branch in Al Wattayaya, furthering its expansion in the country.

    13 Apr 2015

  • Sukuk holds in strong despite volatility as diversity of paper grows, says BLME

    US dollar strength, geopolitical tension and a lower oil price have caused volatility in the global financial markets in the last few months, but substantial fiscal surpluses in the Gulf and a broader range of sukuk available to investors has helped stability in the sukuk market, said Jason Kabel, head of fixed income at Bank of London and The Middle East (BLME) in his sukuk outlook 2015 analysis published on Monday.

    13 Apr 2015

  • Total Derivatives: Data flattens CNY curve

    Surprisingly weak Chinese trade data has triggered receiving in 5-10 year CNY NDIRS while an uptick in the USD/CNY fix has backed a short-end swap bid. The curve has flattened accordingly. Meanwhile, China has signed a swap deal with South Africa, writes Deirdre Yeung of Total Derivatives.

    13 Apr 2015

  • Great Eastern seeks $568m from New China Life sale

    Great Eastern Holdings is looking to shed some of its stake in New China Life Insurance, launching a block trade after markets closed on April 13 which will net it between HK$4.29bn and HK$4.40bn ($554m-$568m).

    13 Apr 2015

  • Loan Ranger: From eggstacy to eggquality

    Glorious weather across much of Europe last week coincided with glorious events in the loan market, amid an M&A mystery and a triumph for sexual equality.

    13 Apr 2015

  • Full steam ahead: IRFC receives approval for $1bn bond issuance

    Indian Railway Finance Corp (IRFC) could issue up to $1bn of offshore bonds this year having received board approval to do so last week, according to a treasury official.

    13 Apr 2015

  • BNPP picks five heads for revamped corporate debt teams

    BNP Paribas has announced heads of its new teams for its EMEA corporate debt platform within financing solutions.

    13 Apr 2015

  • Pakistan exits Habib for $1bn in country’s largest ECM deal

    The Pakistan government’s divestment programme for the year has started on an amazing footing, with the country completely exiting Habib Bank via a sale that added a whopping Prp102.3bn ($1bn) to its coffers.

    13 Apr 2015

  • Review time: A-share inclusion coming?

    The potential inclusion of Chinese A-shares into global market indices is back on the agenda. Market liberalisations in China since the last review may now have made the move a forgone conclusion.

    13 Apr 2015

  • Nonghyup to hire at least four banks for bond return

    South Korea’s Nonghyup Bank is in the process of selecting four to six banks for an expected $300m Reg S deal after the deadline for request for proposals passed on Friday, April 10.

    13 Apr 2015

  • Mizuho acquisition fin team gets two, eyes Singapore expansion

    Mizuho has boosted its corporate acquisition finance team with two appointments. The hires, which are primarily to replace personnel who left earlier this year, bring with them experience in corporate, structured and leveraged finance.

    13 Apr 2015

  • Thailand circulates foreign IPO rules

    Thailand has opened the door to primary listings of foreign companies on its stock exchange, solidifying an almost year-long effort to usher in some much-needed diversification to its local bourse. But issuers looking to get in on the act will have to jump through a few legal hoops, say market watchers.

    13 Apr 2015

  • PP Properti, Solusi Tunas kickstart pre-marketing

    Indonesia’s PP Properti has started testing investor appetite for its IPO of up to $100m, with management roadshows slated for next week.

    13 Apr 2015

  • Citic meets free float requirement with $474m weekend block

    Thailand’s Charoen Pokphand Group and Japan’s Itochu Corp have divested a collective 1% stake in Citic Limited via a HK$3.67bn ($474m) block executed on Saturday, April 11, which saw shares allotted on a club-style basis rather than via a fully-fledged bookbuild.

    13 Apr 2015

  • Commodity trader Ecom signs up 15 for $470m loan

    Global commodity company Ecom Agroindustrial has sealed its latest 364 day revolver at $470m, higher than the launch size of $300m.

    13 Apr 2015

  • Uruguayan airport plans project bond

    The holding company of Montevideo’s Carrasco International Airport has hired Bank of America Merrill Lynch and Nomura to manage a three day roadshow, ahead of a senior secured project bond that could potentially be used to pay a dividend to shareholders.

    12 Apr 2015

  • McMurdo to leave HSBC for career change

    HSBC’s global head of leveraged and acquisition finance syndicate and head of EMEA loan syndicate, Andrew McMurdo, has resigned from the bank to pursue a new career.

    10 Apr 2015

  • Volkswagen follows Daimler to sterling with popular £350m 5yr

    At the end of a busy week of car company bond issuance, Volkswagen Financial Services followed Daimler into the sterling market today with a five year bond.

    10 Apr 2015

  • Funding scorecard: European supranationals and agencies

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

    10 Apr 2015

  • ICBC promotes Zachariah to head of syndicate

    Industrial and Commercial Bank of China has promoted loans official Benny Zachariah to head of syndicate and sales at its London office.

    10 Apr 2015

  • Secondary pricing update: the second quarter begins

    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.

    10 Apr 2015

  • Chevron Nigeria launches $1.2bn loan

    Chevron Nigeria, which has extensive oil production operations in onshore and offshore Nigeria under a joint venture with Nigeria National Petroleum Corp, has launched a $1.2bn loan with dollar and naira tranches.

    10 Apr 2015

  • ZF Friedrichshafen to bring first bond at last; SNF Floerger coming too

    ZF Friedrichshafen is preparing to launch its long-awaited first public bond, to refinance its acquisition of TRW Holding of the US last year.

    10 Apr 2015

  • Hyva unlocks $295m financing; Formosa Industries seeks dollars

    Hyva Global, a truck parts maker controlled by private equity firms, is looking for a $295m financing. The facility is offering a high initial margin and generous fees.

    10 Apr 2015

  • Russia moves down road to first Islamic lender

    Tatarstan’s government and a Russian-Malaysian consortium have signed an agreement on a feasibility study into launching Russia’s first Islamic bank.

    10 Apr 2015

  • SG grabs $1.5bn with tier two show-stopper

    Société Générale reaped the rewards of nipping into the dollar market ahead of first quarter earnings blackout with a $1.5bn tier two deal which attracted huge demand and enjoyed tight pricing.

    10 Apr 2015

  • Taiwan to launch Formosa bond yield curves in May

    Taiwan’s GreTai Securities Market (GreTai) is aiming in May to launch benchmark yield curves for the Formosa bonds listed on its platform, with 10 firms picked as market makers to quote bid/offer prices, two sources close to the matter told GlobalRMB.

    10 Apr 2015

  • OUE raises S$300m from bond market comeback

    Singapore listed OUE Limited has made a return to the bond market, raking in a chunky S$300m ($220m) from a five year offering. The property name, which had taken a market break, is just one of a handful of issuers that are slowly making their way back into the Singapore dollar sector.

    10 Apr 2015

  • Stock Connect: so is this what RMB internationalisation looks like?

    Mainland purchases of Hong Kong H shares exhausted the southbound daily quota of the Shanghai-Hong Kong Stock Connect for the second straight day on April 9. The new enthusiasm among Chinese buyers will be a boon for many, but it is also a sharp reminder of the potential and risks associated with China’s opening.

    10 Apr 2015

  • IBK to line up banks early next week for 144A

    Industrial Bank of Korea (IBK) plans to announce banks as early as next Monday ahead of its first outing to the dollar bond market in almost three years.

    10 Apr 2015

  • Central China heads the private placement way

    Central China Securities is setting its sights on issuing new H-shares to raise funds via the private placement route, as debate continues over a Chinese requirement to give up 10% of any state-owned enterprise public equity offerings to the national pension fund.

    10 Apr 2015

  • RMB round-up: April 10, 2015

    In this round-up, RMB deposits in South Korea fall again, Australia renews its swap line with China, and the Bank of China cross-border RMB index for February rises despite the Spring Festival holiday.

    10 Apr 2015

  • Noble faces fresh criticism amid $2.25bn borrowing

    Noble Group, a commodities supplier that launched a $2.25bn fundraising recently, is fending off further criticism of its financials and debt levels, with research firms Muddy Waters and GMT having issued new reports on the company.

    10 Apr 2015

  • Warm reception for $141m China Cinda block

    Citic Capital Financial Holding exited its holdings in China Cinda Asset Management via a clean-up trade on Thursday, raising HK$1.09bn ($140.47m). The block was launched amid a 30% rally in China Cinda’s shares, but that proved no barrier as investors were more than happy to get their hands on the deal.

    10 Apr 2015

  • Hanson builds momentum for $250m follow-on

    The management team of Indonesian property developer Hanson International is planning to meet investors in Singapore next week to gauge their appetite ahead of a follow-on offering to raise $200m-$250m.

    10 Apr 2015

  • HTSC starts courting cornerstones for $2bn IPO

    Chinese brokerage HTSC has kicked off preparations for its $1.5bn-$2bn Hong Kong IPO, starting conversations with potential cornerstone investors this week.

    10 Apr 2015

  • Colombian duo plot bonds as LatAm nears peak

    Conditions may be optimal for Latin American borrowers to make up for lost time and issue international bonds this week as the April rally continued, but no one from the region issued in dollars this week.

    09 Apr 2015

  • FirstKey prices market's second multi-borrower SFR ABS

    The second single-family rental securitization backed by loans to multiple borrowers was priced late on Thursday.

    09 Apr 2015

  • SocGen buys Jefferies Bache’s assets

    Société Générale has acquired futures assets at Jefferies Bache in a transaction which will wind down the Bache futures and commodities business at the firm.

    09 Apr 2015

  • Mexico puts strategy first for euro century

    Mexico’s funding head admitted to GlobalCapital that extending the sovereign’s euro-denominated curve to the 100 year point was not an “end in itself”, but said the deal was part of its broader external debt issuance strategy.

    09 Apr 2015

  • Cerberus hires former syndication head Andy Frank

    Cerberus Capital Management has hired former debt capital market syndication head Andy Frank as a managing director.

    09 Apr 2015

  • Transatlantic risk retention mismatch deepens

    A recent accounting change in the US could allow third-party capital to take an even larger risk retention piece of new CLOs, just as European regulators look to clamp down on originator structures.

    09 Apr 2015

  • Credit Suisse will suffer most from trading rules

    The two big Swiss banks will be the worst hit by the Basel Committee’s rules on trading book assets, according to research from Deutsche Bank, which could push Credit Suisse to shrink its credit and securitization businesses.

    09 Apr 2015

  • Shell’s bid for BG fires up European M&A engine

    Shell’s £47bn agreement to buy BG Group has stirred up optimism among debt bankers that mergers and acquisitions in the EMEA region could at last take off, stimulating corporate funding needs.

    09 Apr 2015

  • United Mexican States €1.5bn 4% Mar 2115

    09 Apr 2015

  • Transaction managers would be a win for investors, Moody's says

    Investors in RMBS would benefit from a new type of transaction party that would protect trusts from potential conflicts of interest, Moody’s said in a report on Thursday.

    09 Apr 2015

  • RCI Banque follows VW with €750m as FRN bid grows

    RCI Banque, the customer finance arm of French car maker Renault, on Wednesday issued a €750m 3.25 year floating rate note, continuing a run of issuance of short dated floaters by frequent issuers, which shows the product’s strong appeal to investors.

    09 Apr 2015

  • North American SSA wows Swiss market

    North American Development Bank (NADB) attracted strong demand from Swiss investors for its first ever foray outside the dollar market on Thursday.

    09 Apr 2015

  • Credit Suisse EUR2.25BN 1.25% Apr 22

    09 Apr 2015

  • ABN Amro EUR1.25bn 1% Apr 25

    09 Apr 2015

  • Santander Consumer Bank EUR750m 0.625% Apr 18

    09 Apr 2015

  • Swedbank GBP300m 1.625% Apr 19

    09 Apr 2015

  • Bankers mull pipeline as Middle East loans hit eight year YTD record

    The strongest start to a year for Middle East loans since 2007 has left some bankers questioning whether the region can sustain the pace, but the deals keep coming.

    09 Apr 2015

  • IADB USD3bn 1.75% Apr 22

    09 Apr 2015

  • CS goes large for first ever Sfr senior holdco

    Credit Suisse’s holdco paper proved as popular with Swiss investors as with euro buyers, allowing the bank to print the largest single tranche transaction in the currency from a financial issuer since January 2009.

    09 Apr 2015

  • So, about that Greece perp…

    This newspaper published an April Fool’s story last week about Greece issuing a perpetual zero coupon bond. After an incredible week in sovereign bond markets, is it that fanciful an idea? It’s time to gentrify Greek debt.

    09 Apr 2015

  • Credit Suisse burns through TLAC fog with holdco bond

    While the real risk of bank holding companies’ senior unsecured debt is still unclear, Credit Suisse’s blowout in euros this week shows how receptive yield starved investors can be to the product, writes Graham Bippart.

    09 Apr 2015

  • SSAs in seventh heaven with dollar deals

    A pair of public sector borrowers found that seven years was the sweet spot in dollars this week, after both printed strong deals.

    09 Apr 2015

  • Ico finds LatAm fans as MTN volume bulges

    Instituto Crédito Oficial is optimistic that a pre-Easter trip to Latin America — which boosted demand for its Brazilian real notes — will also increase demand for its dollar paper.

    09 Apr 2015

  • DB tops ABS charts in UK-dominated Q1

    Deutsche Bank grabbed 14% of European securitization origination in the first quarter, which saw non-ECB-eligible ABS sectors come to the fore.

    09 Apr 2015

  • Investors trend to longer dated options ahead of deals

    Poor liquidity, fluctuations in premium costs, and longer completion times for mergers and acquisitions are driving investors to enter longer term options strategies.

    09 Apr 2015

  • Dufry begins take-out of its €3.6bn bridge, launching bank driven loan

    Dufry, the Swiss travel retail operator, has launched a term loan of up to €800m to finance its acquisition of World Duty Free. It will mainly be syndicated to relationship banks.

    09 Apr 2015

  • Turkish pipeline swells with Eximbank at front

    Turkish loans are gathering pace in April, with Turk Eximbank agreeing a deal, five peer banks nearing completion and a corporate deal taking shape.

    09 Apr 2015

  • RBS on road with Fordgate refi UK CMBS

    Royal Bank of Scotland is marketing a UK CMBS, Antares 2015-1, to finance the old Fordgate Commercial Securitisation 1 portfolio, bought out of liquidation by private equity firm Kennedy Wilson last year.

    09 Apr 2015

  • US hedge fund sponsors new Alba UK RMBS

    A US-based distressed debt hedge fund is thought to be the sponsor of the new Alba UK non-conforming RMBS being marketed by Credit Suisse.

    09 Apr 2015

  • World Bank debuts in 15s, Unédic gets creative

    A trio of issuers on Thursday took very different approaches to what has been a tricky euro market for top rated issuers over the last few weeks.

    09 Apr 2015

  • Unibail’s green-straight-CB combo shows green’s keen bid

    Unibail-Rodamco, the Franco-Dutch property company, attracted huge demand this week for a unique financing that combined green bonds, conventional bonds and convertible bonds — as well as two separate liability management exercises, writes Jon Hay.

    09 Apr 2015

  • Lloyds aims for ‘next level’ with new US markets chief

    Following the departure of US capital markets head Samir Lalvani, Lloyds Bank has reshuffled reporting lines and promoted Wall Street veteran Andy Schaeffer. Now it aims to reach the "next level" in its stateside expansion, the firm’s regional CEO told GlobalCapital.

    09 Apr 2015

  • ECB did not drive NN into public RMBS

    NN Group this week insisted that the European Central Bank’s ABS purchases did not drive its decision to bring its first publicly placed RMBS deal.

    09 Apr 2015

  • Siaci Saint Honoré tightens price on €285m buyout loan

    Siaci Saint Honoré, the French insurance broker, has tightened pricing on a €285m acquisition loan and is due to allocate the facility today (Friday).

    09 Apr 2015

  • Turkey hits sweet spot with 11 year, bringing NIP crashing down

    The Republic of Turkey priced a $1.5bn 11 year bond on Wednesday with a minimal new issue premium, as the savvy borrower maximised the benefit of low supply in the dollar market.

    09 Apr 2015

  • AFC lines up debut note amid Nigerian bond rally

    Africa Finance Corp (AFC), the multilateral lender, is meeting investors for its inaugural Eurobond.

    09 Apr 2015

  • Periphery yields join negative club but century bonds unlikely

    A southern European sovereign dipped into negative yield territory at auction for the first time this week. But despite the ultra-low returns in euros, bankers doubted whether European sovereigns would follow Mexico’s daring 100 year euro benchmark this week.

    09 Apr 2015

  • People Moves in Brief

    BAML picks IB heads - CS hires for distressed - New equity heads at UBS - DB promotes in MENA

    09 Apr 2015

  • Kloeckner re-emerges from 2012 restructuring with an €831m loan

    German plastic film maker Kloeckner Pentaplast has launched an €831m-equivalent loan in dollars and euros to refinance debt and pay a dividend.

    09 Apr 2015

  • KfW adds green bond portfolio as TfL prepares debut issue

    There was a double boost for the green bond market this week, as one issuer announced plans for a debut deal — and another revealed it would be adding a green portfolio to its investor business.

    09 Apr 2015

  • TSKB mandates five banks for dollar Reg S bond

    Turkiye Sinai Kalkinma Bankasi (TSKB) has mandated five banks to arrange a dollar Reg S bond — BNP Paribas, Citi, Commerzbank, ING, and Standard Chartered Bank.

    09 Apr 2015

  • Senior unsecured revived in nearly €5bn week

    The senior unsecured market saw a spark of life despite the holiday shortened week, with €4.66bn equivalent getting away in two business days.

    09 Apr 2015

  • ING’s AT1 book soars despite trimming coupons by 37bp

    ING’s debut additional tier one bested the book sizes achieved by recent blowouts in the asset class by bringing in a $26bn book by Thursday afternoon — one of the largest books ever seen in AT1.

    09 Apr 2015

  • Mexico pushes euro market to new extremes with 100yr

    With rates at historic lows pushing euro investors towards long dated debt, Mexico seized the opportunity to make capital markets history this week with the common currency’s first sovereign century bond, writes Virginia Furness.

    09 Apr 2015

  • VW comes back for second helping of NOK

    Volkswagen returned to the Norwegian krone market for the second time this year on Thursday with a new Nkr500m ($61.7m) three year.

    09 Apr 2015

  • Klépierre wins big book despite Unibail clash

    If one was thinking of a similar pair of European corporate bond issuers, Unibail-Rodamco and Klépierre, the French property companies, might come high on the list. On Wednesday they both issued bonds — but the coincidence appeared to do neither issuer any harm.

    09 Apr 2015

  • Market feels stronger as Drax, Bertelsmann, HS1 swell pipeline

    Bankers this week said the corporate bond market had a notably different tone from before Easter. Investors appear to have returned from the break more confident. That will help the lengthening queue of issuers lining up to bring deals.

    09 Apr 2015

  • Loans - news in brief, April 10, 2015

    AerCap - Eutelsat - LondonMetric - Rolls-Royce - Afreximbank - International Bank of Azerbaijan - Top Right - Ba&sh - Compexposium

    09 Apr 2015

  • Metinvest asks Eurobond investors for help

    Ukrainian mining and steel company Metinvest is asking holders of its outstanding Eurobonds for a maturity extension and a waiver for default events.

    09 Apr 2015

  • Unibail pushes CBs to new extreme on yield and divi shield

    Commercial property investor Unibail-Rodamco this week launched four simultaneous straight bond and equity-linked transactions, which included the sale of a new, negative-yielding, and highly popular convertible deal.

    09 Apr 2015

  • Glencore mines dollars amid earnings blackout

    The second quarter began with a whimper as dollar borrowers hunkered down for earnings blackout and M&A financiers waited to pounce.

    09 Apr 2015

  • OCP to offer rare dollar Moroccan corporate note

    Moroccan phosphate group OCP has mandated banks for a series of investor meetings for a 144A Reg S dollar bond.

    09 Apr 2015

  • Does the Fed believe in efficient markets?

    We have become a bit spoiled. The minutes from the March Federal Open Markets Committee meeting and from other recent meetings provide more insight into the thinking of the world's most important monetary policy maker than would ever have been expected decades ago. The Fed began publishing its minutes in 1993, but the level of disclosure has only increased with time. But is the Federal Reserve's reliance on market based information logically consistent with its mandate? By Jared Woodard, BGC Financial

    09 Apr 2015

  • Oil and EM no barrier to Kosmos Energy increase

    Kosmos Energy found decent demand for a tap of its debut bond deal this week, despite being an EM flavoured oil credit.

    09 Apr 2015

  • DTEK sweetens exchange offer to lure in investors

    DTEK Energy Group, the largest privately owned energy company in Ukraine, has amended the terms of its exchange offer for its $200m Eurobonds due April 28, 2015.

    09 Apr 2015

  • EIB taps new Japanese liquidity for long Kanga

    European Investment Bank this week became the first SSA name to sell long-dated kangaroo paper to Japanese investors following the start of their new financial year.

    09 Apr 2015

  • Ukrainian MoF to treat banks favourably for restructuring

    The bonds of two Ukrainian state-owned banks rallied this week after the ministry of finance indicated that they will get lenient treatment in the sovereign debt restructuring process.

    09 Apr 2015

  • Integration skin deep at Europe’s central banks

    The Eurosystem started lending out securities it bought in its quantitative easing programme last week, but the scheme shows how little confidence European central banks have in the continent's government bond markets.

    09 Apr 2015

  • SSAs land across the euro curve

    A trio of SSA issuers reopened a dormant euro market on Thursday with trades peppered across the curve.

    09 Apr 2015

  • Mezzanine wilts away

    Mezzanine loans have barely featured in leveraged finance this year. While investors would still love to play, they are being pushed out as borrowers have too many cheaper options.

    09 Apr 2015

  • NWB wins fans with long dollar play

    Nederlandse Waterschapsbank drew strong demand for its longest ever dollar benchmark on Thursday, after it joined Inter-American Development Bank in the seven year part of the curve this week.

    09 Apr 2015

  • Klöckner to approach ‘favourable’ high yield market with new bond

    German plastic packaging manufacturer Kloeckner Pentaplast is mulling a high yield bond, while launching a refinancing and dividend package including loans.

    09 Apr 2015

  • Merge and converge the name of the game in CDS

    The macro picture has dominated the credit markets in recent months, but low interest rates mean conditions are ripe for M&A activity and single name stories.

    09 Apr 2015

  • Canadians keep covered bonds active, but not in euros

    The primary market in covered bonds was active this week, but not in its staple euro market. Canadian issuers came to the fore, supplying benchmark deals in sterling and dollars.

    09 Apr 2015

  • UBS hires global head of MTN origination

    UBS has made a big commitment to re-establishing its global medium term note business by hiring a well-known figure to lead the origination effort.

    09 Apr 2015

  • Tikehau gives unitranche for Ba&sh acquisition

    Tikehau, the French asset manager, has provided a €30m unitranche facility that will back L Capital’s acquisition of a 50% stake in Ba&sh, the French women’s clothing provider.

    09 Apr 2015

  • DB tops charts in UK-dominated first quarter

    Deutsche Bank grabbed 14% of European securitization origination in the first quarter, which saw non-ECB-eligible ABS sectors come to the fore.

    09 Apr 2015

  • KfW turns green bond investor

    Less than a year after entering the green bond market as an issuer, KfW is planning to boost the sector from the buyside too.

    09 Apr 2015

  • Top Right closing book with few surprises likely

    UK information and events group Top Right is finalising its £435m-equivalent refinancing loan in dollars and euros, with pricing likely to finish within the initial guidance range.

    09 Apr 2015

  • BHH’s Grüner Pfandbrief marks new staging post

    Berlin-Hannoversche Hypothekenbank (BHH) mandated leads to market the first green pfandbrief, or Grüner Pfandbrief. More green covered bonds and RMBS are on the way.

    09 Apr 2015

  • UK’s Cobham dips into Schuldschein

    British aerospace and defence firm Cobham is looking for a €100m Schuldschein, a rare UK deal for the German promissory note market.

    09 Apr 2015

  • ING announces AT1 before roadshow’s end

    ING has seemingly obtained a strong enough investor response for its debut additional tier one to announce the deal before the roadshow has even ended.

    09 Apr 2015

  • JP Morgan syndicating €6.8bn ChemChina loan

    JP Morgan is syndicating a €6.8bn loan backing ChemChina’s acquisition of Pirelli and banks have been asked to respond with bids by the end of next week.

    09 Apr 2015

  • Pacific Basin sees smooth waters for $125m convertible

    Pacific Basin Shipping raised $125m from a convertible bond on April 8, pricing the trade in the middle of guidance. A shadow bookbuild, a recent rally in the company’s stock, and the reluctance of the issuer to push investors too hard on terms ensured a successful outcome.

    09 Apr 2015

  • ABN offers up large premium to go long in senior

    ABN Amro, a regular in the private placement market where it often sells shorter dated senior debt, took to the longer end of the spectrum with a euro denominated deal that brought in orders exceeding €2.25bn.

    09 Apr 2015

  • Kenya Pipeline Co closes in on $350m 10 year loan

    Kenya Pipeline Co is very close to signing a long-awaited loan with banks and is wrapping up final commitments, said bankers involved.

    09 Apr 2015

  • Dufry begins take-out of €3.6bn bridge with launch of bank-driven loan

    Dufry, the Swiss travel retail operator, has launched a term loan of up to €800m to finance its acquisition of World Duty Free. It will mainly be syndicated to relationship banks.

    09 Apr 2015

  • Afreximbank draws strong response for $500m loan

    African Export-Import Bank will finalise mandated lead arrangers for a loan of around $500m in the next week or two.

    09 Apr 2015

  • BNPP looks to lead Europe’s fightback

    BNP Paribas’s radical restructuring has simplified its investment bank. Now it has a plan to boost its corporate finance business, writes David Rothnie.

    09 Apr 2015

  • Turkey hits sweet spot with 11 year

    The Republic of Turkey priced its 11 year bond with a minimal new issue premium as the savvy borrower made the best of low supply in the dollar market.

    09 Apr 2015

  • Africa Finance Corp lines up debut

    Africa Finance Corp is meeting investors for its inaugural Eurobond.

    09 Apr 2015

  • TSKB mandates five for bond

    Turkiye Sinai Kalkinma Bankasi (TSKB) has mandated five banks to arrange a dollar Reg S bond — BNP Paribas, Citi, Commerzbank, ING, and Standard Chartered Bank.

    09 Apr 2015

  • India opens door to corp offshore rupee deals

    Reserve Bank of India (RBI) governor Raghuram Rajan paved the way for the creation of an expanded offshore rupee bond market this week, announcing plans to allow Indian corporates to tap a sector that has so far seen only sporadic issuance from a handful of international institutions, writes Christina Khouri.

    09 Apr 2015

  • Asian high yield bonds prepare for Q2 rebound

    Market volatility and investor uncertainty meant the Asian dollar bond market was heavily skewed towards investment grade deals in the first quarter of 2015. But the next three months could look very different. Many bankers are counting on a recovering Chinese property sector and a surge in bank capital trades to revive the high yield market, writes Narae Kim.

    09 Apr 2015

  • Gunvor Singapore makes slick entry for $550m loan

    Commodities trader Gunvor Singapore has mandated six banks to lead its latest $550m financing, which is split into a one year and a three year. The roadshow schedule for the transaction shows the leads are hoping to secure Middle Eastern liquidity for the oil trader.

    09 Apr 2015

  • Shinhan Bank sets the stage for Korean DCM comeback

    Shinhan Bank’s red hot $600m five year bond this week impressed the market with its top notch pricing and timing. The $4bn order book was certainly eye catching, but observers were also won over by how the deal was able to shock a subdued Korean DCM market back into life.

    09 Apr 2015

  • REC $250m sale gets electric response from investors

    International and domestic investors flocked to the Indian government’s Rp15.6bn ($250m) sale of a 5% stake in Rural Electrification Corp on April 8, with the success auguring well for this fiscal’s year divestment programme.

    09 Apr 2015

  • China and India to take ECM limelight for rest of 2015

    Two sets of long public holidays made it a stop-start first quarter for activity in Asia ex-Japan's equity capital markets. But with the festivities out of the way, bankers are now seeing their pipelines fill up again. The spotlight will be firmly on China and India for the next few months, writes John Loh.

    09 Apr 2015

  • Malakoff $744 IPO gets going with 11 cornerstones

    Malakoff, an independent power producer, has attracted 11 domestic cornerstone investors for almost 75% of its MR2.74bn ($744.16m) IPO, in a strong show of support for what is the biggest IPO in Malaysia since 2013.

    09 Apr 2015

  • RBI moves to curb use of EPBGs for rupee debt refi

    The Reserve Bank of India (RBI) is cracking down on the use of export performance bank guarantees (EPBGs) to help Indian exporters attract foreign funds to dollarise and refinance their rupee debt.

    09 Apr 2015

  • Spanish 30 year yields plunge at auction

    Spain crunched its long term borrowing costs on Thursday at its first 30 year auction since the European Central Bank launched its public sector purchase programme.

    09 Apr 2015

  • Singapore bonds to recover from rough start

    Singapore dollar bonds have been slow off the mark this year. And although bankers are expecting a pick-up in issuance activity, year-end volumes are seen as unlikely to reach those seen in 2014.

    09 Apr 2015

  • Beware, the grass is not always greener

    For all the opprobrium tossed at bankers in recent years, there are still plenty of people that admire the lifestyle. But we bankers (and ex-bankers) are humans too, and can’t help peeking over the side of the fence.

    09 Apr 2015

  • Foreign banks lining up to fund China corps onshore

    The People’s Bank of China (PBoC) has unleashed a raft of measures to stimulate borrowing in the mainland, but the benefits are yet to trickle down to smaller credits. This gap offers an opportunity to foreign lenders, and they are increasingly being seen in renminbi syndications onshore, writes Shruti Chaturvedi.

    09 Apr 2015

  • Bankers give thumbs up to India OFS rules rejig

    The Securities and Exchange Board of India (Sebi) is considering tweaking rules imposed on secondary sales of stock via the offer for sale (OFS) mechanism — a way by which owners of listed companies can reduce their holdings.

    09 Apr 2015

  • Mexico gets low cost ton despite coming cheap to comps

    Mexico made yet more capital markets history on Wednesday with the first ever euro denominated century bond for a sovereign issuer. But though some bankers claimed the deal came very cheap to comps, it came at a very low absolute cost for the maturity.

    09 Apr 2015

  • Deutsche brings in new MENA COO

    Deutsche Bank has appointed Javeed Ameen as chief executive officer for Middle East and Africa.

    09 Apr 2015

  • Anglo Irish CRE banker joins Pepper

    A former Anglo Irish Bank property investment banker has joined mortgage servicer Pepper UK to help expand its commercial real estate (CRE) servicing business.

    09 Apr 2015

  • Credit Suisse hires Citi salesperson for distressed job

    A senior salesperson for high yield bonds, leveraged loans and distressed credit has left Citigroup to join Credit Suisse.

    09 Apr 2015

  • BNP Paribas hires senior EM FX trader

    BNP Paribas has made an experienced hire to its foreign exchange trading business in London.

    09 Apr 2015

  • Bankers praise Janna’s job as Colombian leaves debt office

    Colombia’s head of public credit and national treasury Michel Janna Gandur has resigned from his position to become vice president of finance at Ecopetrol’s transport and logistics subsidiary Cenit.

    09 Apr 2015

  • BBVA Colombia eyes old style tier two

    Colombia’s largest foreign-owned bank BBVA Colombia will begin a series of four investor meetings on Friday ahead of a planned dollar-denominated subordinated tier two issue.

    09 Apr 2015

  • StanChart’s RMB Index sees slowest monthly gain in 28 months

    The Standard Chartered Renminbi Globalisation Index (RGI) climbed only 0.14% in February, to 2,133, its smallest monthly gain in 28 months.

    09 Apr 2015

  • Indomobil trims margin on $100m three year

    Indomobil Finance Indonesia is set to return to the market for a $100m three year facility. The company has picked three mandated lead arrangers and bookrunners, who plan to launch it into general sometime next week.

    09 Apr 2015

  • BMW shows market reviving by cruising to €2.5bn, Prologis flies

    BMW dominated corporate bond issuance in Europe on Thursday, with an unusually large €2.5bn transaction.

    09 Apr 2015

  • Money funds: going down with the yields?

    Spain auctioning six month debt at a negative yield may have passed people by as a logical step on the descent of eurozone yields in the world of eurozone quantitative easing.

    09 Apr 2015

  • UK equity fund targets post-sanctions Iran

    UK asset manager Charlemagne Capital (CC) is setting up its first fund to provide international investors with a platform to invest in Iran, Dominic Bokor-Ingram, an investment advisor at Charlemagne Capital told IFIS.

    09 Apr 2015

  • Deutsche: Party isn't over for REO to rental

    Sponsors of single-family rental securitizations are well placed to profit from more property acquisitions despite home price appreciation, analysts at Deutsche Bank said in a research note on Wednesday.

    08 Apr 2015

  • Decentralised reporting to help swaps industry navigate regulations

    Global swaps participants can benefit from using decentralised, multitool approaches towards regulatory reporting in order to reduce costs and increase efficiency, according to a data vendor.

    08 Apr 2015

  • Online real estate platform eyes securitization after fundraising

    Patch of Land, an online real estate lending platform, hopes to see the first third-party securitization of its loans within the next two quarters, its CEO told GlobalCapital.

    08 Apr 2015

  • LCH.Clearnet turns inflation clearing on

    LCH.Clearnet’s SwapClear has become the first central counterparty to offer global clearing of inflation swaps, which it believes will provide better risk management for buyside firms.

    08 Apr 2015

  • Unibail’s €1bn green-normal bond combo shows green’s appeal

    Unibail-Rodamco, the Franco-Dutch property company, attracted huge demand today for a combined offering of green bonds and ordinary bonds – possibly the first time an issuer has sold both in a single transaction.

    08 Apr 2015

  • Slovak Telekom seeks dual float in UK and Slovakia

    Slovak Telekom, on Wednesday, said it intended to float 49% of its business in a joint Bratislava and London listing.

    08 Apr 2015

  • Daimler’s sterling tap ‘competitive with euros’ despite 13bp new issue premium

    Amid a flurry of euro bonds, Daimler opted for sterling on Wednesday, with a tap led by HSBC of its £300m July 2018 bond.

    08 Apr 2015

  • RCI Banque follows VW with bigger €750m FRN

    RCI Banque, the customer finance arm of French car maker Renault, today issued a €750m 3.25 year floating rate note, continuing a run of issuance of short dated floaters by frequent issuers.

    08 Apr 2015

  • UBS names two co-heads for US equities

    UBS has promoted two employees to co-head its equities business in the Americas, according to an internal memo.

    08 Apr 2015

  • French fancy reopening euro benchmark sector

    A pair of French agencies are set to reawaken a euro market for SSAs that has been sleeping for two weeks, after mandating banks for deals on Wednesday.

    08 Apr 2015

  • BAML picks new investment banking heads

    Bank of America Merrill Lynch has appointed Karim Assef and Diego De Giorgi co-heads of global investment banking.

    08 Apr 2015

  • ABB business drives ECM bulge bracket of seven banks in Europe, Middle East, Africa

    The block trade business has been hugely important to equity capital markets businesses so far in 2015, and at this stage UBS and Goldman Sachs are leading the race. But Bank of America Merrill Lynch has made a hefty effort to catch up.

    08 Apr 2015

  • Anglian Water seeks £200m bond for tender

    Anglian Water has made a tender offer to holders of its £350m 7% high yield bond sold in 2011, while readying a new issue to finance the repayments.

    08 Apr 2015

  • Dutch issuer in for dollars after IADB success

    A Dutch agency has mandated for a seven year dollar benchmark, following a deal from Inter-American Development Bank in the same tenor that drew strong demand.

    08 Apr 2015

  • TfL gets on its bike for green roadshow

    Transport for London has hired banks to run a roadshow for what will be a debut green bond for the issuer.

    08 Apr 2015

  • US distressed investor is sponsor of new Alba

    A US-based distressed debt hedge fund is thought to be the sponsor of the new Alba UK non-conforming RMBS.

    08 Apr 2015

  • Shell to syndicate expected £13bn loan for BG Group bid

    Royal Dutch Shell has obtained £3.025bn of bridge debt from Bank of America Merrill Lynch for its acquisition of BG Group, and is expected to syndicate a larger loan, according to senior bankers.

    08 Apr 2015

  • Reshuffled Towergate rated single-B

    Moody's and Fitch on Monday gave Towergate Insurance new ratings of B3/B-, after it completed its 60% debt write-off and recapitalisation.

    08 Apr 2015

  • NN insists ECB effect didn't force it to go public with RMBS

    NN Group insisted that the European Central Bank’s purchases of securitization did not drive its decision to bring its first publicly placed RMBS deal.

    08 Apr 2015

  • Greece set to pass bill maturity test

    Greece looks set to raise enough cash to cover a €1.4bn bill redemption next week, after its first steady auction performance in five months on Wednesday.

    08 Apr 2015

  • Investors go crazy for CS holdco senior

    The spark of life was seen in the senior unsecured market on Wednesday, with Credit Suisse’s senior unsecured bond, issued from its holding company, quickly achieving blowout status during the bookbuilding process.

    08 Apr 2015

  • DTEK sweetens offer to lure investors into distressed exchange

    DTEK Energy Group, the largest privately-owned energy company in Ukraine, has amended the terms of its exchange offer for its $200m Eurobonds due April 28, 2015

    08 Apr 2015

  • Mexico goes for G3 century-slam

    United Mexican States is out with the first ever euro denominated century sovereign bond as it looks to complete its 100 year bond hat-trick.

    08 Apr 2015

  • Malakoff gets 11 cornerstone commitments for $744m IPO

    Malakoff has signed up 11 domestic cornerstone investors for almost three quarters of its MR2.74bn ($744.16m) IPO, in a vote of confidence for the largest listing to emerge from Malaysia since 2013.

    08 Apr 2015

  • UK bank loan losses plummet in 2014, set to stay low

    UK banks are likely to lose less money on their loans over the next two years than previously thought, according to Standard & Poor’s.

    08 Apr 2015

  • Colombia’s EEB details LM plans, surprising bankers

    DCM bankers covering Colombian energy company EEB said they expect competition for the mandate to manage the company’s next bond will heat up after the issuer detailed its liability management plans in a presentation filed with the local regulator.

    08 Apr 2015

  • Pacific Basin sails for $125m CB

    Pacific Basin Shipping has opened books for a $125m convertible bond, just days after the Asia ex-Japan region saw its very first international equity-linked deal of the year.

    08 Apr 2015

  • Shell picks BAML to finance BG Group acquisition

    Royal Dutch Shell’s £47bn agreed takeover offer for BG Group, the UK gas exploration and production company, will include a £13.1bn cash component. Bank of America Merrill Lynch is the original lender, mandated lead arranger and facility agent on the deal.

    08 Apr 2015

  • Metinvest asks bondholders for breathing room as PXF default looms

    Ukrainian mining and steel company Metinvest is asking holders of its three outstanding Eurobonds for a maturity extension and a waiver for default events.

    08 Apr 2015

  • Turkey goes for neat maturity profile with 11 year

    Republic of Turkey is making its second appearance of the year in dollars and is out with an 11 year benchmark bond

    08 Apr 2015

  • Food for Thoughts: Barrafina with Dr Jerome Booth, founder of New Sparta

    Apologies for my absence from these pages, I have been suffering from a condition I am calling GARDS (Generalised Age-Related Decrepitude Syndrome). It could be chronic, but hopefully will not rule out future visits to restaurants with interesting people, which is the point of this column. Jerome Booth is my new role model because he seems to be enjoying a GARDS-bashing mid-life renaissance.

    08 Apr 2015

  • Shell’s bid for BG Group presages further M&A

    Royal Dutch Shell’s £47bn takeover offer for BG Group may bypass the public equity capital market — at any rate, no public issue has been mentioned to finance the £13.1bn cash element of the purchase price. But Shell has raised its asset disposal target for 2016-18 to $30bn.

    08 Apr 2015

  • Mexico to price first sovereign euro century bond

    Always one for superlatives, Republic of Mexico has shocked the market with what looks set to be the largest euro century bond, and the first from a sovereign. Leads Goldman Sachs and HSBC are talking the 100 year euro-denominated note at 4.5% area.

    08 Apr 2015

  • JP Morgan moves ECM syndicate banker to HK after Asia head leaves

    JP Morgan is rejigging its Asia ECM syndicate desk in the wake of the recent departure of Eliot Fisk, who is understood to have left in February.

    08 Apr 2015

  • Azerbaijani bank loans near completion on "new timetable"

    Bankers working on loans for International Bank of Azerbaijan (IBA) and its peer AccessBank say they are progressing well and could be completed by mid-month.

    08 Apr 2015

  • Rights issue round-up: Mandarin Oriental and Metropolitan Bank close trades

    Mandarin Oriental International and Metropolitan Bank have wrapped up their rights issues as they shore up their balance sheets.

    08 Apr 2015

  • BNP Paribas picks Aroyo to run Malaysia

    French lender BNP Paribas has appointed Philippe Aroyo, a long-serving executive, to head its business in Malaysia with effect from April 8.

    08 Apr 2015

  • Greek talks boost SSAs — but more potential worries loom

    A strong pledge from the Greek government to meet its debt repayments has improved conditions for issuance in the sovereign, supranational and agency market this week — but with next week set to be far busier for deals, bankers are hoping the momentum is maintained.

    08 Apr 2015

  • Santander, Credit Suisse resurrect FIG market

    With less than two months before summer slows it all back down, the FIG market has a lot to get done in April. Yet the pipeline is fairly sparse — only ING, with its debut additional tier one, and Achmea Bank, with a euro denominated senior deal, are meeting with investors for deals.

    08 Apr 2015

  • Noble shoots $2.25bn two tranche revolver

    Noble Group, a commodities supplier, has launched into general a $2.25bn financing that is being led by a 15-strong group of banks.

    08 Apr 2015

  • Shinhan leads the way for April Korean DCM rush

    The Korean DCM market is finally showing some signs of life, with Shinhan Bank opening books for a dollar denominated bond on April 8. Even though the Korean lender is expected to print a deal of only $350m-$500m, market observers are still excited by its appearance as it could be the first of a long list of names.

    08 Apr 2015

  • India electrifies with $250m REC stake sale

    The Indian government is set to raise around Rp15.6bn ($250m) by divesting a 5% stake in Rural Electrification Corp, with books for the offer for sale (OFS) opening on April 8 and ending up oversubscribed pretty quickly.

    08 Apr 2015

  • Pakistan aims for $988m with Habib Bank divestment

    The government of Pakistan is set to raise Prp41.5bn-Prp101.1bn ($406m-$988m) from the sale of some of its stock in the country’s largest lender, Habib Bank, after setting the floor price for the deal at Prp166 per share.

    08 Apr 2015

  • AAG Energy makes inroads for $300m Hong Kong IPO

    AAG Energy Holdings has lodged its preliminary prospectus with the Hong Kong Stock Exchange for an IPO that could raise $200m-$300m.

    08 Apr 2015

  • Malaysia on the road to break dollar absence

    Fixed income investors are readying themselves for the return of Malaysia in the dollar market for the first time in almost four years. The sovereign is in the midst of a six day roadshow and is looking to refinance a $1.25bn sukuk that is due this year.

    08 Apr 2015

  • Shanghai Haohai loads up $200m IPO

    Shanghai Haohai Biological Technology kicked off investor education for its $200m IPO on April 8, with the issuer’s strong credentials expected to make the stock a straightforward story to understand.

    08 Apr 2015

  • REC lights up for $400m loan in general

    Rural Electrification Corp’s (REC) $400m five year fundraising has entered general syndication. The three mandated lead arrangers and bookrunners prefunded the loan in mid-March.

    08 Apr 2015

  • Hungary central bank to build RMB bond portfolio

    Magyar Nemzeti Bank (MNB) — the Hungarian central bank — is planning to buy RMB-denominated bonds for its official holdings.

    08 Apr 2015

  • China Comm Construction picks senior perp for dollar debut

    China Communications Construction Co (CCCC) has hired three banks to prepare a dollar-denominated senior perpetual deal. If it goes ahead, the deal will be the borrower's debut in the international bond market.

    08 Apr 2015

  • Time to rethink China's NSSF free shares rule

    An attempt by a Chinese state-owned enterprise to seek a waiver of the requirement to hand over 10% of any public equity offering to the country's pension fund has put the spotlight on a rule that looks increasingly hard to justify. Exempting offshore deals would be a good step forward.

    08 Apr 2015

  • i-VCAP launches new Shariah ETF

    Malaysian firm i-VCAP Management has launched a new Islamic exchange traded fund (ETF).

    08 Apr 2015

  • AmIslamic brings in new CEO

    AmIslamic Bank (AmIslamic), the Islamic banking arm of Malaysia’s AmBank Group, has hired Eqhwan Muhammad as its new chief executive, the bank said on Wednesday.

    08 Apr 2015

  • PennyMac issues first NPL deal of the year

    Mortgage lender PennyMac’s first non-performing loan securitization of the year was priced this week, according to a person close to the transaction.

    07 Apr 2015

  • Investors seek protection as Petrobras turmoil builds

    Investors are scrambling for cover seeking short term put options in Petrobras, the Brazilian energy company, after a series of scandals, market downturns, and credit problems rocked the company.

    07 Apr 2015

  • B2R to 'make an absolute killing' on multi-borrower deal

    The subordinated classes of B2R Finance’s multi-borrower single-family rental securitization were oversubscribed, according to asset managers briefed on the new issuance, which was priced on Tuesday.

    07 Apr 2015

  • Cellnex to bring next big Spanish IPO

    Abertis, the Spanish infrastructure group, aims to sell more than half of Cellnex, its telecoms towers unit, in a public offering that would add to what has already been a very strong year for equity deals in Madrid.

    07 Apr 2015

  • Fastjet’s accelerated bookbuild raises £50m for growth

    Fastjet, the Aim-listed African low cost airline, raised £50m on Wednesday April 1 through an accelerated bookbuild, more than tripling its market capitalisation.

    07 Apr 2015

  • Infrastructure MD quits loan-shy UBS

    A managing director covering infrastructure has left UBS's corporate debt capital markets team. The bank's reluctance to lend may have limited its infrastructure finance business compared with firms that deploy more balance sheet.

    07 Apr 2015

  • Mizuho expands in US capital markets with RBS quintet

    Mizuho has hired five senior bankers from Royal Bank of Scotland’s shrinking US arm after buying the UK-headquartered lender’s loan book.

    07 Apr 2015

  • The wilting of mezzanine

    The stars are not aligning for mezzanine loans in leveraged finance this year. While investors would still love to play, they are being pushed out as borrowers have too many cheaper options.

    07 Apr 2015

  • US agencies need to stop over-leveraging the system

    The Federal Housing Finance Agency's risk transfer programmes are sponsoring egregious risk taking in the name of attracting private capital to housing finance.

    07 Apr 2015

  • ASRs gain popularity as cheaper option for buybacks

    Companies are increasingly relying on accelerated share repurchases (ASRs) as alternatives or complements to traditional corporate share buyback schemes.

    07 Apr 2015

  • Banks need to be whiter than white on competition

    The Financial Conduct Authority gained powers to regulate competition last week. If investment banking as we know it is going to survive, banks need to be able to prove their hands are clean.

    07 Apr 2015

  • Tighter refi for Alba book

    Credit Suisse is marketing a new UK non-conforming deal from the Alba shelf, which is set to refinance the portfolio from Alba 2013-1 at a tighter level.

    07 Apr 2015

  • RBS on the road with Fordgate refi

    RBS is marketing a UK CMBS, Antares 2015-1, to finance the old Fordgate Commercial Securitisation 1 portfolio, bought out of liquidation by private equity firm Kennedy Wilson last year.

    07 Apr 2015

  • Turk Eximbank agrees MIGA-guaranteed loan with banks

    Turk Eximbank, Turkey’s export credit agency, has agreed a €250m 10 year loan with banks, backed by the World Bank’s Multilateral Investment Guarantee Agency (MIGA).

    07 Apr 2015

  • Small German bank prices second auto ABS

    German vehicle financier Bank11 priced a €346.4m German auto loan securitization, its second such deal, last Thursday.

    07 Apr 2015

  • Washington supra tipped for dollar benchmark this week

    A Washington supranational is said to be considering a dollar benchmark this week, before a series of expected deals in the currency next week.

    07 Apr 2015

  • HY props up EC against insolvency law maze

    The Association for Financial Markets in Europe’s high yield division has written to the European Commission, calling for a major reform of insolvency legislation as part of its drive for Capital Markets Union.

    07 Apr 2015

  • AerCap refinances $1.1bn loan while AIG sells out

    Aircraft leasing company AerCap has refinanced a $1.1bn term loan facility after American International Group announced plans to sell its stake in the company.

    07 Apr 2015

  • Kloeckner launches €831m loan for refinancing and dividend

    German plastic film maker Kloeckner Pentaplast has launched an €831m-equivalent loan in dollars and euros to refinance debt and pay a dividend.

    07 Apr 2015

  • Siaci Saint Honoré set to tighten €285m loan

    Siaci Saint Honoré, the French insurance broker, hopes to tighten pricing on a €285m acquisition loan and then allocate the facility by Thursday.

    07 Apr 2015

  • Spain dips into negative territory at auction

    A promise by the Greek government to honour an imminent debt helped tighten periphery eurozone spreads on Tuesday before a series of auctions — including one where Spain followed Ireland into negative yields.

    07 Apr 2015

  • VW opens new session via €1.25bn fix-floater

    Volkswagen issued €500m of 2.5 year floating rate notes and €750m of 6.5 year fixed rate bonds into an improving corporate bond market on Tuesday.

    07 Apr 2015

  • OCP to offer rare Moroccan corporate paper

    Moroccan phosphate group OCP has mandated banks for a series of investor meetings for a 144A Reg S dollar bond.

    07 Apr 2015

  • Citi top of CEEMEA in Q1 but SocGen most impressive in second

    After a late rush from several sovereign borrowers, CEEMEA international bond volumes finished the first quarter of the year at $32bn from 44 deals, almost on par with Q1 2014s $34.7bn via 39 deals.

    07 Apr 2015

  • The EC should light a fire under European bank consolidation

    The eurozone’s banking system is bloated, overpopulated and, from the point of view of lending, inert. It is a problem that can be fixed, but national authorities, too bogged down by national politics, aren’t the ones that are going to do it.

    07 Apr 2015

  • Moody's grants Scotland independence from mortgage report

    Moody’s certainly seems to be doing its best to be left off Scotland’s list of approved rating agencies when that country issues its debut bond — something its government was granted powers to do last year.

    07 Apr 2015

  • Relief as Ukrainain MoF indicates Ukrexim and Oschad will not receive haircut

    Ukreximbank and Oschadbank’s Eurobonds rallied on Monday after Ukraine’s Ministry of Finance indicated that those bonds will not receive a reduction in the principle outstanding amount.

    07 Apr 2015

  • Post-Easter pipeline builds as ING roadshow kicks into gear

    A pipeline of financial institution deals is assembling following the Easter break, with ING hitting the road for its additional tier one deal in three continents and Achmea announcing a senior unsecured transaction.

    07 Apr 2015

  • Kufpec increases loan size by $1.5bn

    Kuwait Foreign Petroleum Exploration has increased the size of a $1bn loan it signed in late November to $2.5bn, by exercising the deal’s accordion feature.

    07 Apr 2015

  • Fed lifts LatAm over long weekend

    Quiet secondary markets over the Easter weekend did not prevent Latin American credit from showing positive price action ahead of what bankers hope will be a strong window for corporate issuance to recover.

    07 Apr 2015

  • Itaú targets Mexico bonds with DCM hire

    Investment bank Itaú BBA has hired Carlos Phillips as head of its debt capital markets business in Mexico as the Brazilian institution said that Mexican bond markets would be the next step in expanding beyond its home market.

    07 Apr 2015

  • Pakistan’s SECP lays out Islamic finance roadmap

    The Securities and Exchange Commission of Pakistan (SECP) has devised a roadmap for restructuring and reorganising the country’s Islamic capital market.

    07 Apr 2015

  • Pakistan’s SECP lays out Islamic finance roadmap

    The Securities and Exchange Commission of Pakistan (SECP) has devised a roadmap for restructuring and reorganising the country’s Islamic capital market.

    07 Apr 2015

  • Taliworks turns to sukuk

    Malaysian company Taliworks, which focusses mainly on water treatment, supply and distribution, has received approval to issue its first ever sukuk.

    07 Apr 2015

  • Premium Point adds REO aficionado

    Premium Point Investments has hired mortgage industry veteran Stephen Jones to lead the asset manager’s expansion into multifamily housing.

    06 Apr 2015

  • Freddie 'Rubik's Cube' has investors guessing

    Freddie Mac is planning a new type of risk-sharing issuance with less loss protection, and the new structure has investors speculating over its potential performance.

    06 Apr 2015

  • SPA-2015: Structured product complexity and innovation is a balancing act

    Innovation in structured products is essential to customise clients’ needs in dynamic market environments, but issuers must weigh risks and education with additional product complexity, according to panellists at the Structured Products Americas-2015 conference in New York.

    06 Apr 2015

  • CDS, IRD notionals decline year on year

    The overall credit default swap and interest rate derivative notionals reported to swap data repositories last week decreased by 22% and 30% respectively compared to the same week last year, according to data from the International Swaps and Derivatives Association.

    06 Apr 2015

  • Glenn Costello, veteran analyst and strategist, dies

    Glenn Costello, former chief policy officer at Kroll Bond Rating Agency, has died after a long battle with cancer.

    06 Apr 2015

  • SIFMA slams claim that asset managers are SIFIs

    The Securities Industry and Financial Markets Association (SIFMA) has urged US regulators to disregard recommendations that the asset management industry should be regulated like large banks.

    06 Apr 2015

  • Stock Connect, vol boost for RMB futures

    The internationalisation of China’s capital markets, dollar/offshore renminbi currency volatility and northbound investment on the Shanghai-Hong Kong Stock Connect programme are driving more trading in renminbi currency futures, according to Hong Kong exchanges and Clearing Limited.

    03 Apr 2015

  • ESMA undertakes data centralisation work

    The European Securities and Markets Authority (ESMA) is centralising trade data submissions from trade repositories and trading venues via European national competent authorities, facilitating data harmonisation, transparency and access.

    02 Apr 2015

  • Edita obtains market cap of $900m in Cairo/London IPO

    Edita, the Egyptian food maker and distributor, today started trading in Cairo, after completing a E£2bn ($263m) initial public offering that values the company at E£6.7bn ($878m).

    02 Apr 2015

  • Secondary pricing update: featuring Spain's linker and KfW's chunky dollar deal

    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.

    02 Apr 2015

  • Funding scorecard: supranationals

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

    02 Apr 2015

  • RBS sells Dh3bn loan portfolio to Commercial Bank of Dubai

    Royal Bank of Scotland has sold a Dh3bn ($816m) portfolio of corporate loans in the United Arab Emirates to Commercial Bank of Dubai.

    02 Apr 2015

  • US HY issuers ramp up euro effort

    More US companies are expected to issue in Europe's high yield market in the coming months, bankers say, attracted by the euro's record low interest rates.

    02 Apr 2015

  • Rolls-Royce rolls out £1.5bn loan

    Rolls-Royce, the UK aero-engine maker, has refinanced a £1.5bn credit facility for the budget price of 21.25bp over Libor, according to Dealogic.

    02 Apr 2015

  • LondonMetric refinances five facilities with one £400m revolver

    LondonMetric, a UK real estate investment trust, has signed a £400m credit facility with five banks, refinancing five facilities.

    02 Apr 2015

  • Eutelsat refinances €800m of loans with nine banks

    French satellite group Eutelsat has refinanced €800m of loans with a syndicate of nine.

    02 Apr 2015

  • VOTE NOW: US CLO of the Year 2014

    Click through to cast your vote for GlobalCapital's US CLO of the Year 2014 Award, which will be presented on April 21 at IMN's New York CLO conference.

    02 Apr 2015

  • Fesco to take on fresh debt to fund buy back

    Far Eastern Shipping Company (Fesco) is looking to buyback $85m of its 2018s and 2020s but is using additional funding, rather than existing cash, to finance the tender offer.

    02 Apr 2015

  • Pakistan hits road for Habib Bank divestment

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

    02 Apr 2015

  • Jiangxi Provincial Expressway gets Rmb600m from foreign banks

    Jiangxi Provincial Expressway Investment Group has sealed a Rmb600m ($98m) one year facility with a group of five banks. The syndication was entirely covered by foreign lenders, whose interest led to an increase in the deal’s size.

    02 Apr 2015

  • RMB round-up: April 3, 2015

    In this pre-Easter round-up: RMB deposits and cross-border RMB trade settlement both take a hit in February, the Shanghai International Energy Exchange is set to allow foreign participants to trade RMB futures, and Bank of China is looking at Austria for new branches and RMB business in Europe.

    02 Apr 2015

  • Red Star Macalline, Bank of Jinzhou gear up for HK IPOs

    Red Star Macalline Group Corp has filed a listing application on Thursday with the Hong Stock Exchange for an IPO that could raise up to $1bn by mid-year.

    02 Apr 2015

  • India sees flurry of activity as five companies file for IPOs

    The Indian IPO market burst into life this week with fresh filings from five different companies, as The Catholic Syrian Bank, Dilip Buildcon, MM Auto Industries, Navkar Corp and Prabhat Dairy line up to tap equity investors.

    02 Apr 2015

  • Nomura expands SEA footprint with new Thai IB chief

    Japanese lender Nomura is continuing to beef up its presence in southeast Asia with the hire of Kris Panjipan as its head of international investment banking for Thailand, according to an internal memo seen by GlobalCapital Asia.

    02 Apr 2015

  • Royal Industries extends deadline for $500m dual trancher

    Privately-owned Indonesian palm oil producer Royal Industries has extended the deadline for commitments to its $500m dual tranche fundraising.

    02 Apr 2015

  • Formosa Plastics moulds bond comeback

    Formosa Plastics Group has mandated four banks to run a series of fixed income investor meetings next week ahead of a potential US dollar bond.

    02 Apr 2015

  • Shanghai Haohai plans pre-marketing for $200m IPO

    Shanghai Haohai Biological Technology is to start gauging investor appetite for its $200m IPO in Hong Kong next week, with books scheduled to open in mid-April.

    02 Apr 2015

  • PNB $150m loan nets four in senior

    Philippine National Bank’s (PNB) $150m three year fundraising has attracted four banks in senior syndication.

    02 Apr 2015

  • The outlook for SSAs

    GlobalCapital anonymously polled senior bankers in the public sector bond markets to find out their perspective on the outlook for the business this year and what their key concerns and hopes are for the sovereign, supranational and agency sector in 2015.

    02 Apr 2015

  • Japanese and Korean Agencies

    02 Apr 2015

  • Nordic Agencies

    02 Apr 2015

  • Switzerland — Sovereigns and cantons

    02 Apr 2015

  • Structured notes ride again as rates sink ever lower

    Medium term notes have traditionally offered bespoke opportunities for investors and a cheap source of funding for issuers. But with yields at record lows and falling, issuers need good reason to look beyond their benchmark strategy. But MTN dealers are rising to the challenge, writes Jonathan Breen.

    02 Apr 2015

  • Latin American Sovereigns

    02 Apr 2015

  • Issuers explore cunning ways to make yen work

    Many SSAs are finding it difficult to justify raising funds in vanilla yen, held back by the basis swaps to their core currencies. But there is demand in structured notes and higher yielding currencies in Japan. Jonathan Breen reports.

    02 Apr 2015

  • European Supranationals

    02 Apr 2015

  • Austrian Agencies

    02 Apr 2015

  • Asia Pacific Sovereigns

    02 Apr 2015

  • Eurozone Sovereigns rated below double-A

    02 Apr 2015

  • Public banks put shoulders to the wheel to drive Juncker Plan

    Economists are sceptical that a mere €21bn can make a difference to Europe’s chronic investment shortage. But those close to the Juncker Plan are convinced it has brought a new urgency to removing barriers to investment. The new European Fund for Strategic Investment will have more freedom — and perhaps more importantly, is charged with reforming Europe’s whole investment culture. By Jon Hay.

    02 Apr 2015

  • German Laender

    02 Apr 2015

  • French Agencies

    02 Apr 2015

  • CEEMEA Sovereigns

    02 Apr 2015

  • Spanish Regions

    02 Apr 2015

  • UK — Sovereign and Agencies

    02 Apr 2015

  • Eurozone Agencies rated below double-A

    02 Apr 2015

  • Nordic Sovereigns (non-Eurozone)

    02 Apr 2015

  • Canada — Sovereign, Agencies and Provinces

    02 Apr 2015

  • German Agencies

    02 Apr 2015

  • The euro’s loss is non-core dollars’ gain

    It is going to be a bright year for non-core currencies. Quantitative easing and low interest rates have pushed yields in euros to record lows and investors are desperate for any way of boosting returns. As it is only going to get worse for euros, it is time for non-core dollars to shine. Nathan Collins reports.

    02 Apr 2015

  • Washington Supranationals

    02 Apr 2015

  • New capital markets spring up with development banks’ help

    For more than a decade, development banks have tried to stimulate the development of bond markets in emerging markets. An important part is issuing bonds in local currencies, to stir investor interest. But as Jon Hay reports, there is much more to it than that. SSAs can provide invaluable technical assistance and introduce innovative structures.

    02 Apr 2015

  • Beyond green: public sector pioneers explore new SRI ideas

    Bonds with an environmental, social or governance theme became very much a mainstream product for public sector borrowers in 2014. From that stable base, the market is ready to expand its reach into more diverse projects and currencies this year as fresh issuers come on board. Craig McGlashan reports.

    02 Apr 2015

  • Low liquidity: the new normal

    Liquidity in the public sector bond markets is under threat from a combination of proposed regulations designed to make banks stronger and their trading activities more transparent — as well as concentrated central bank action. Tessa Wilkie reports on the unintended consequences.

    02 Apr 2015

  • Top tier credits eye the end of the low rates era

    Public sector issuers are facing a US dollar interest rate rising for the first time in more than seven years and in euros the arrival of an investor with cash to burn in the European Central Bank’s public sector bond purchase programme.

    02 Apr 2015

  • Dutch Agencies

    02 Apr 2015

  • Liquidity limbo: how low can you go?

    Secondary market liquidity — or rather the lack of it — is an increasingly large concern in the sovereign, supranational and agency bond markets. The European Central Bank began a programme of SSA bond buying in March as part of its vast QE operation — and that could wipe out any offer side liquidity in euros.

    02 Apr 2015

  • Next generation collective action clauses roll out

    Since the International Capital Markets Association published its model terms for collective action clauses in 2014, sovereigns have leapt to adopt them. Situations like Argentina’s prolonged agony should become a distant memory, but the provisions have unintended consequences — including damaging the ECB’s quantitative easing programme. Owen Sanderson reports.

    02 Apr 2015

  • Banks in the SSA business: leaner but meaner?

    The smell of panic over the profitability of the SSA business is less pungent than it was three years ago when UBS very publicly quit the business. But that doesn’t mean that borrowers can relax or banks remaining in the business have an easy time of it: volumes are widely expected be down this year, meaning those in the market could be left chasing a diminishing fee pool. Tessa Wilkie reports.

    02 Apr 2015

  • ECB QE opens up the euro as SSAs expand dollar horizons

    The European Central Bank’s launch of quantitative easing was one of the market’s worst kept secrets. It opened up a host of options for some SSA borrowers — but there are still several risks on the horizon that could make life tricky this year, Craig McGlashan finds.

    02 Apr 2015

  • Other Supranationals

    02 Apr 2015

  • ECB’s QE forces European agencies to evolve

    The European Central Bank launched its much anticipated public sector purchase programme in early March, sending eurozone issuers’ yields to record lows and pushing spreads ever tighter.

    02 Apr 2015

  • Eurozone Sovereigns rated double-A or above

    02 Apr 2015

  • USA — Sovereign and Agencies

    02 Apr 2015

  • Green bonds: tail must not wag the dog

    The green bond market has been developed by public sector issuers and blue chip companies, to satisfy investors that want to feel their money is going to green projects.

    01 Apr 2015

  • LatAm pipe dry despite banker hopes

    With Latin America new issuance volumes 25% down on this time last year, bankers are hoping that Easter may give way to a strong issuance window. But the pipeline remains empty.

    01 Apr 2015

  • Options markets betray bearishness over UK

    As the UK general election nears, investors appear to be taking a more cautious approach to equities.

    01 Apr 2015

  • Peruvian project pioneering goes international

    Peru’s widely praised work in finding innovative structures for project bonds was taken international on Tuesday by fibre optic cable network project Red Dorsal.

    01 Apr 2015

  • Pure play green bonds: good or bad?

    Differences are emerging between green bond specialists over whether bonds issued by ‘pure play’ companies, all of whose activities could be classed as green, should count as green bonds, writes Jon Hay.

    01 Apr 2015

  • Diva in distress

    The news that Lynn Tilton, founder and CEO of Patriarch partners, was charged with fraud by the US Securities and Exchange Commission on Monday has provided the market with plenty of tabloid-friendly fodder.

    01 Apr 2015

  • SPA-2015: Education and compliance awareness key for principle-risk products

    Demand for principle-at-risk products has created a growth opportunity in structured products, but the industry needs education to evolve, according to panellists at the SPA-2015 Structured Investments conference in New York.

    01 Apr 2015

  • New multi-borrower deals caution growth expectations

    Securitizations of single family rental properties backed by loans to multiple property operators have been marketed as the next frontier of new issuance, but one of the first such deals suggests the market might be smaller than expected.

    01 Apr 2015

  • Tricon planning single-family rental deal, source says

    Tricon Capital Group has agreed to acquire a large portfolio of rental properties which could be structured as collateral for a single-family rental securitization.

    01 Apr 2015

  • Hot European market drives global ECM to record first quarter, as block trades sparkle

    This has been the busiest first quarter ever for equity capital markets globally, driven by record activity in Europe, the Middle East and Africa and a near-record output in the Americas, writes Jon Hay.

    01 Apr 2015

  • Refis could help smaller CLO shops

    As liability spreads grind tighter in the US CLO market, smaller arrangers looking to gain ground in the space could benefit from more refinancings, market participants say.

    01 Apr 2015

  • First quarter loans are better than they seem and better is on way

    Merger and acquisition loans were noticeably absent in the first quarter of 2015, but despite banker grumbles, Western Europe’s volume has been far from bad.

    01 Apr 2015

  • Fears for euro market as QE forces SSAs away

    The relevance of the euro to SSA issuers is under threat. Even a wave of fresh investor cash due after Easter might not be enough to counter quantitative easing induced price distortion.

    01 Apr 2015

  • CDP EUR750m 1.5% Apr 25

    01 Apr 2015

  • National Bank of Kuwait USD700m 5.75% Perp NC6 AT1

    01 Apr 2015

  • Busy end of quarter for blocks with Jenoptik, Aviva, Valeo, Bank of Ireland

    At the end of a very busy quarter of block trades, business continued this week — despite the approach of Easter holidays.

    01 Apr 2015

  • ArcelorMittal limbers up for $6bn RCF refi

    ArcelorMittal is in the market with a $6bn loan to refinance two revolving credit facilities, according to bankers involved in the deal.

    01 Apr 2015

  • Poland breaks through 1% barrier but few will follow

    With the European Central Bank bond buying programme creating the perfect market for locking in long dated funds at record low yields, the Republic of Poland this week made the most of sublime conditions to print a 12 year with a coupon of 0.875%. Virginia Furness reports.

    01 Apr 2015

  • Dufry planning post-Easter treat for the levfin markets

    Dufry, the Swiss travel retail operator, is assessing how it will use the capital markets to finance its €3.6bn cash acquisition of World Duty Free, announced on Monday.

    01 Apr 2015

  • Swisscom goes long for dual tranche return

    Swisscom sold its longest ever bond on Monday as part of a Sfr365m dual tranche transaction.

    01 Apr 2015

  • Azelis closes €240m Apax acquisition loan

    Azelis, the chemicals distribution business formed from the merger of Novorchem and Arnaud, closed books on a €240m acquisition loan on Wednesday.

    01 Apr 2015

  • Ziraat signs over $1bn as Turkish deal vols grow

    Turkish state-owned agricultural bank Ziraat Bankasi completed a loan of over $1bn on Tuesday, increasing the deal size from last year following high demand.

    01 Apr 2015

  • Ukreximbank offers no incentive to extend April 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.

    01 Apr 2015

  • National Bank of Abu Dhabi dropped from Egypt mandate

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

    01 Apr 2015

  • People Moves in Brief

    RBS IB boss quits — BAML hires corp DCM head — Lloyds adds to loans push — Barclays poaches Meyers for ECM

    01 Apr 2015

  • LCH’s CCP stress test provides adaptive framework

    A central counterparty stress test framework proposed by LCH.Clearnet assesses risk impacts in several adaptive scenarios under the cover 2 requirement and a default auctioning protocol.

    01 Apr 2015

  • Chevron and Maurel & Prom seek loans for African oil

    Chevron Nigeria and Maurel & Prom, a French company with African oil assets, are both talking with banks about loans despite recent oil market pressure.

    01 Apr 2015

  • Hikma ends Jordanian corporate drought

    Hikma Pharmaceuticals priced the first international Jordanian corporate bond in over a decade on Wednesday, finding decent demand despite not naturally fitting any one investor base.

    01 Apr 2015

  • NBK skips senior to make return with rare investment grade AT1

    National Bank of Kuwait made its first appearance in the capital markets since 2002, bypassing senior unsecured to sell a $700m additional tier one trade on Wednesday.

    01 Apr 2015

  • Greek talks hit periphery supply but CDP finds joy with defensive play

    Greece’s protracted negotiations with its international creditors stifled potential peripheral eurozone syndications this week — and the one issuer that did come had to take a defensive approach.

    01 Apr 2015

  • Kangaroos biding their time before April rush

    Three agency names kept the Kangaroo market ticking over this week, as bankers prepared for a slew of redemption driven activity later in April.

    01 Apr 2015

  • DVB Bank EUR500m 0.875% Apr 21

    01 Apr 2015

  • German draft law helps dampen DVB’s six year senior

    DVB Bank fell foul of Germany’s recent draft legislation on the status of senior debt on Tuesday, with a new issue failing to draw interest despite a juicy new issue premium.

    01 Apr 2015

  • Loans, news in brief — April 1, 2015

    Ooredoo — Bulgaria — Land Securities — Nidera — AS Adventure

    01 Apr 2015

  • Centrica joins growing corp hybrid club with dual currency debut

    UK energy company Centrica has sold its first hybrid bonds, as prospects for issuance of the subordinated instruments remains strong.

    01 Apr 2015

  • Allianz €1.5bn 2.241% July 45 tier two

    01 Apr 2015

  • Can Lufthansa’s performance weather the storm?

    Lufthansa is one of several airline credits to have seen its CDS spreads tighten in line with the falling oil price. But a plane crash at one of its subsidiaries last week has led to investors focusing on the German firm, and the scrutiny is inevitably negative.

    01 Apr 2015

  • Four banks join European credit platform

    MarketAxess has announced another four dealers joining its platform to trade European credit, including Mizuho, which is making a fixed income trading push.

    01 Apr 2015

  • Idea Bank prices Warsaw listing at bottom, reduces deal size

    Idea Bank, the Polish challenger bank, on Wednesday set the price of its Warsaw IPO at Z24, the bottom of the range, and reduced its size, because investor demand failed to meet expectations.

    01 Apr 2015

  • Arrow Global lines up Portuguese securitizations

    Arrow Global, the UK purchaser and manager of debt portfolios, has moved into the Portuguese securitization market in a strategic partnership with Carval.

    01 Apr 2015

  • Patriarch's Tilton takes tilt at SEC

    Patriarch Partners founder and CEO, Lynn Tilton, who earlier this week was charged with fraud relating to CLOs, has fired back with a countersuit against the SEC.

    01 Apr 2015

  • Shawbrook IPO book oversubscribed, shares rise on start of trading

    Shawbrook, the UK challenger bank, received strong domestic and US demand for its £217.5m London IPO, and rose 6% on Wednesday, its first day of trading.

    01 Apr 2015

  • Northern Rock AM tenders for covered bond

    Northern Rock Asset Management (NRAM) made a tender offer for its €2bn 3.875% November 2020 covered bond and intends to pay a 2% tender premium if investors surrender their notes before 4pm on April 17.

    01 Apr 2015

  • US banks pay better bonuses

    Data from salary benchmarking site Emolument.com shows US investment banks continue to pay better bonuses than UK, European or Swiss banks, with Swiss houses in particular hit hard by the wild currency movement following the abandonment of the Swiss franc's peg to the euro.

    01 Apr 2015

  • Carinthia steps up for Pfandbriefstelle

    The Austrian state of Carinthia announced that it will provide a line of liquidity support to Austria’s Pfandbriefstelle suggesting a slight improvement in the negative political backdrop dominating the Austrian banking sector.

    01 Apr 2015

  • Record first quarter for ECM in EMEA

    This has been the busiest first quarter ever for equity capital markets globally, driven by record activity in Europe, the Middle East and Africa and a near-record output in the Americas.

    01 Apr 2015

  • Dutch SSA makes sterling choice

    A Dutch agency picked up £250m on Wednesday with its first visit to the sterling market in nearly a year.

    01 Apr 2015

  • Rentenbank increases rare six year Kanga

    Rentenbank priced the first ever six year Kangaroo deal from an SSA issuer on Wednesday in line with guidance at 22bp over mid-swaps.

    01 Apr 2015

  • ABN flies flag for European financials in Kangas

    ABN Amro returned to the Kangaroo market on Wednesday after a 12-month absence with a new five year bond.

    01 Apr 2015

  • ING to try and replicate March’s blow-outs with inaugural AT1

    ING is set to leap into the post-Easter market for its first additional tier one deal, looking to add to a recent hot streak for subordinated paper.

    01 Apr 2015

  • Pfandbrief duo get solid reception

    Sentiment improved in covered bonds this week, mirroring the better backdrop in credit markets. Two German issuers found solid demand for their deals, in contrast to the previous week when issuers had struggled to sell bonds. Both this week’s trades were in the intermediate sector, in contrast previous deals which had been in the oversupplied long end of the curve.

    01 Apr 2015

  • Wirtualna Polska seeks €160m IPO valuation

    Wirtualna Polska, the Polish internet portal company, is in the investor education phase of its initial public offering, which could value the company at about €160m.

    01 Apr 2015

  • European RMBS market in danger of extinction, says Barclays

    The European residential mortgage-backed securities market has been dwindling since 2007. If the trend continues, the outstanding bonds could be nearly three quarters redeemed by 2021, according to Barclays analyst Dipesh Mehta.

    01 Apr 2015

  • BTG, Itaú spot opportunities amid creaking universal banking model

    Brazil’s top investment banks are pursuing diverging strategies in international investment banking with some success, writes David Rothnie.

    01 Apr 2015

  • Banks enjoy callable zeros supply boost

    Supply of callable zero coupon notes has jumped in March and while banks have been on the receiving end of investor interest, a change in investors’ yield targets may be the cause.

    01 Apr 2015

  • MTN Leak: Just one more thing

    At this time of the year we all look forward to a visit from the Easter Bunny, but there was confusion in Leak Towers as we thought we heard someone say they were visiting the Easter Turkey.

    01 Apr 2015

  • UniCredit splits CIB responsibilies as Bisagni joins

    Gianfranco Bisagni has joined the corporate and investment banking division of UniCredit as deputy head, as the bank splits divisional responsibilities in two.

    01 Apr 2015

  • Faurecia ups bond tap ahead of Easter

    French automotive equipment supplier Faurecia on Tuesday printed a €200m tap of its €500 3.125% senior unsecured bond, then it returned to the high yield market for €100m more.

    01 Apr 2015

  • Dufry planning post-Easter treat for levfin market

    Swiss travel operator Dufry is set to launch around €1.5bn of loans and bonds backing its €3.6bn acquisition of World Duty Free after the Easter weekend.

    01 Apr 2015

  • Idea Bank to reduce IPO size due to low demand

    Idea Bank, the Polish challenger bank, is expected to reduce today the size of its Warsaw initial public offering because investor demand for the deal failed to meet expectations.

    01 Apr 2015

  • Three Kenyan borrowers circle banks for loans

    Kenyan loans are in focus this week for the African market, with three government owned companies looking to arrange deals.

    01 Apr 2015

  • TPK ends CB drought, but investors still selective

    Taiwan’s TPK Holding raised $384m from a simultaneous convertible bond and placement of shares, this week, bringing welcome relief to the equity-linked drought in Asia ex-Japan. The overwhelming investor response and solid aftermarket performance proved there is a hunger for paper, writes Rashmi Kumar. But the market is only open for the right names at the right terms, bankers warned.

    01 Apr 2015

  • Teams enter submissions for Cocobod's big annual loan

    The deadline for proposal submissions on Ghana National Cocoa Board’s annual loan closed on Tuesday, with banks forming teams to compete for the deal.

    01 Apr 2015

  • Brightoil pulls $100m top-up despite strong interest

    Hong Kong-listed Brightoil Petroleum has pulled a HK$776.75m ($100.19m) block deal after launch, with the company saying the trade was not in its best interests.

    01 Apr 2015

  • World’s biggest bank finally adopts advanced capital rules

    Wells Fargo has finally received approval to use the “advanced approaches” to calculating its capital requirements, which will make its capital ratio look worse in the short term. But the move will bring the world’s largest bank by market cap into line with most other internationally active banks.

    01 Apr 2015

  • Ooredoo agrees $500m Islamic loan with banks

    Ooredoo, formerly known as Qatar Telecom, is wrapping up a $500m Shariah-compliant five year revolving credit facility, say bankers involved in the deal.

    01 Apr 2015

  • Voestalpine forges €900m loan to refinance 2011 deal

    Steel-based goods manufacturer Voestalpine has signed a €900m loan consisting of a €600m revolving credit facility and a €300m term loan.

    01 Apr 2015

  • Hikma ready to end Jordanian Eurobond hiatus with five year

    Hikma Pharmaceuticals is out with guidance for its debut offering. The bond will be the first senior unsecured offering from Jordan since 2010.

    01 Apr 2015

  • Global FIG volume shrinks year over year

    Issuance of financial institution debt globally fell by 5% in the first quarter of 2015 compared to first quarter 2014, according to Dealogic. Overall debt capital markets volume across asset classes hit the lowest quarterly volume since the first quarter of 2008, at $1.69tr.

    01 Apr 2015

  • ING mandates for first AT1

    The post-Easter deal pipeline began to fill on Wednesday, with ING mandating banks to arrange investor meetings ahead of its debut additional tier one trade.

    01 Apr 2015

  • RBI aims to reduce bank exposure to largest corps

    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 looks to bring the country’s lenders up to speed with guidelines set out by the Bank for International Settlements (BIS) last year.

    01 Apr 2015

  • DB’s Kell to rejoin BAML as chair of international ECM

    Neil Kell is rejoining Bank of America Merrill Lynch in the newly created role of chairman of international equity capital markets, following his recent resignation from Deutsche Bank.

    01 Apr 2015

  • Holcim nets $679m from Siam City exit as Jardine enters

    Swiss company Holcim has shed its stake in Siam City Cement to net Bt22.15bn ($679m), via a bookbuilding process that ran from March 26 until last weekend, as key investors took their time placing orders.

    01 Apr 2015

  • GF Securities scores year's largest debut with $3.6bn IPO

    GF Securities powered its HK$27.9bn ($3.60bn) IPO to a triumphant finish after investors swarmed into the trade, allowing it to price the shares at the top of the range. But a heavily oversubscribed book and the issuer’s insistence on taking an active role meant allocations proved a tough task. John Loh reports.

    01 Apr 2015

  • Alok Industries finds one more for EPBG facility

    Alok Industries’ $475m export performance bank guarantee-backed loan has netted another chunky commitment from a European lender.

    01 Apr 2015

  • Sevens heaven for compliance

    When I slipped on the banker’s version of smart casual (blazer, shirt and chinos) and headed off to the Hong Kong Sevens, I was gearing myself up for a memorable weekend.

    01 Apr 2015

  • Kelkar takes a whiff of ECM with $100m filing

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

    01 Apr 2015

  • Golden Eagle spreads its wings for $500m borrowing

    Chinese department store operator Golden Eagle International Trading has launched a $500m three year bullet into general syndication. Eight mandated lead arrangers and bookrunners are on the deal.

    01 Apr 2015

  • Seven prefund Taiwan Broadband NT$32bn refi loan

    Seven banks have prefunded a NT$32bn ($1.02bn) seven year loan to help Taiwan Broadband Communications refinance existing debt.

    01 Apr 2015

  • StanChart finally replaces Feder in senior reshuffle

    Standard Chartered has finally picked a replacement for Lenny Feder, its former group head of financial markets, who left last June. It has appointed Jonathan Paul as part of a series of senior management moves that include the departure of its CEO for Europe, Middle East, Africa and Americas.

    01 Apr 2015

  • Chinese property reprieved by new government policies

    China’s struggling property sector got a much needed boost this week after the Chinese authorities introduced a new set of supportive measures. The new rules will not be a quick fix to the real estate industry’s problems, but they have prompted renewed interest in its bonds, writes Rev Hui.

    01 Apr 2015

  • Shawbrook’s pop a cheerful end to quarter worth celebrating

    Shawbrook, the UK challenger bank, jumped 6% this morning in the first few minutes of trading, after raising £217.5m from its initial public offering in London.

    01 Apr 2015

  • Cheaper funds in Europe lure loan business away from Asia

    Two big loans to back European acquisitions by Asian borrowers have underscored the strong appetite in the region for outbound M&A. But the deals may not help syndicated loan volumes in Asia. They are likely to be mostly sold into the European market, where there has been pricing compression, writes Shruti Chaturvedi.

    01 Apr 2015

  • HK preps second sukuk; Indonesia hires banks for yen

    Hong Kong has picked banks for the follow-up to its record-setting debut sukuk.

    01 Apr 2015

  • Covered sentiment improves, senior softens

    The Bank of England’s new framework for stress testing UK lenders, published on Monday, read like a realistic roundup of the market's worst fears.

    01 Apr 2015

  • Eggcellent array of credits on offer from CEEMEA for Easter

    A CEE sovereign, a Middle Eastern bank and a Jordanian corporate came to market before Easter. While this may sound like the start of an ill-advised and esoteric joke — it is April Fools’ Day after all — this week’s offerings are a perfect showcase of the diversity of CEEMEA credits available.

    01 Apr 2015

  • Markets not easy, but companies still busy fundraising before Easter

    Several corporate bond issuers have braved a tricky European market to get deals done before the Easter break. Today, Centrica, the UK energy company, is launching its debut hybrid bond.

    01 Apr 2015

  • Telstra gives cause for optimism as bankers welcome blackout

    Telstra lifted the mood with a tightly priced dollar trade that suggested the poor market conditions of the previous week were abating.

    01 Apr 2015

  • Greece to issue zero coupon perp

    Greece is planning to issue a perpetual zero coupon bond as a solution to its debt sustainability challenges.

    01 Apr 2015

  • SSAs to make defensive plays in euros

    Supranational and agency issuers will have to take a defensive approach to issuance in euros in the coming weeks, said bankers, as showcased by a deal from Cassa Depositi e Prestiti on Tuesday.

    01 Apr 2015

  • Singapore property build bond market presence

    Singapore based property companies Hotel Properties and Frasers Centrepoint Trust tapped the Singapore bond market on Tuesday March 31, raising S$50m and S$60m respectively.

    01 Apr 2015

  • Tinkoff buys back rallying 2015s

    Tinkoff Credit Systems has bought back $80m of its 2015s, impressive considering Tinkoff’s bonds have rallied along with the rest of the Russian Eurobond market, according to bankers.

    01 Apr 2015

  • Credit Agricole launches dim sum index

    Crédit Agricole CIB (CACIB) has launched a new dim sum bond index tracking SSAs, FIs and corporates, with cross-currency swaps (CCS) and the offshore RMB (CNH) outlook emerging as key factors influencing issuance.

    01 Apr 2015

  • BAML estimates RMB potential weighting at SDR at 13%

    Efforts by China’s top regulators to promote the inclusion of the renminbi into the International Monetary Fund's Special Drawing Rights (SDR) basket may have paid off. Analysts at Bank of America Merrill Lynch think the move is likely to happen and estimate the RMB's potential weighting to be 13%.

    01 Apr 2015

  • Grand China Air debut takes flight with reverse enquiry

    Grand China Air Hong Kong has issued first maiden dollar bond this week, driven by a sizeable reverse enquiry. Although the deal came wider than comps, bankers on the deal argue the deal's success should not be judged on yields alone.

    01 Apr 2015

  • Pacific Rubiales to update investors as bond prices stay low

    Colombia’s largest oil company Pacific Rubiales has mandated Bank of America Merrill Lynch, Citi and HSBC to manage a non-deal roadshow spread over a month as its bonds remain marked in the 50s and 60s.

    01 Apr 2015

  • Peru’s Red Dorsal reduces negative carry with delayed draw project bond

    An SPV owned by the concessionary of Peruvian fibre optic cable network project Red Dorsal priced a $273.7m variable funding note (VFN) with Peruvian government guarantee and delayed draw structure both in place to reduce the cost to the borrower.

    01 Apr 2015

  • MSG taps the sukuk market

    Malaysian real estate developer Mah Sing Group (MSG) has sold an RM540m ($145.53m) perpetual sukuk musharakah, according to a statement from the lender.

    01 Apr 2015

  • Ooredoo agrees $500m Islamic loan with banks

    Ooredoo, formerly known as Qatar Telecom, is wrapping up a $500m Shariah-compliant five year revolving credit facility, say bankers involved in the deal.

    01 Apr 2015

  • Cititower inks Islamic loan

    Cititower, a joint venture construction project between Malaysian KLCC Group and Qatari-owned QD Asia Pacific, has signed a 20 year RM3.2bn ($862.4m) Islamic loan

    01 Apr 2015

  • Bahrain’s central bank offers Islamic lenders liquidity solution

    Central Bank of Bahrain has launched a new wakala instrument, aimed at absorbing excess liquidity among local Islamic banks, an official at the central bank told IFIS.

    01 Apr 2015

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 13 Apr 2015
1 JPMorgan 110,653.09 398 8.38%
2 Barclays 105,441.39 326 7.98%
3 Citi 100,383.91 365 7.60%
4 Bank of America Merrill Lynch 86,983.19 331 6.58%
5 Deutsche Bank 85,937.41 354 6.51%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 14 Apr 2015
1 JPMorgan 14,425.67 22 8.53%
2 Deutsche Bank 11,472.46 35 6.78%
3 RBS 9,903.76 28 5.85%
4 Credit Agricole CIB 9,199.37 38 5.44%
5 HSBC 8,654.87 42 5.12%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 14 Apr 2015
1 UBS 10,904.58 26 12.59%
2 Goldman Sachs 10,004.01 27 11.55%
3 Bank of America Merrill Lynch 8,484.65 32 9.80%
4 Morgan Stanley 7,105.06 32 8.20%
5 Deutsche Bank 6,805.54 27 7.86%