dcsimg

News Archive

  • Bank of England sets out plan for resolution stays

    The Bank of England has launched a consultation which aims to come up with a rule to prevent counterparties to a firm in resolution from running away from derivatives contracts.

    27 May 2015

  • SEC fines Deutsche Bank for overvaluing leveraged super senior derivatives

    The United States’ Securities and Exchange Commission has charged Deutsche Bank with filing mis-stated reports for its leveraged super senior trades during the financial crisis.

    27 May 2015

  • ISDA asked to rule on Grohe credit event

    Traders have asked the International Swaps and Derivatives Association’s determinations committee to decide whether a credit event has occurred with respect to Grohe Group, the German maker of bathroom fittings.

    27 May 2015

  • Colony American Homes SFR ABS priced at par

    All tranches of Colony American Homes’ first single-family rental securitization of the year were priced at par on Wednesday, according to a banker familiar with the deal.

    27 May 2015

  • FHA leaves mortgage market guessing

    Market participants have been left scratching their heads at a proposed rule defining the certifications that lenders have to make on government-insured mortgages.

    27 May 2015

  • Jefferies and CircleBack tie-up yields first securitization

    Jefferies is looking to price the first securitization of consumer installment loans originated through a $500m agreement with Florida-based marketplace lender CircleBack Lending.

    27 May 2015

  • Cellnex to seek bond after IPO, with split ratings

    Cellnex Telecom, the broadcasting towers business of infrastructure group Abertis, plans to issue its first bonds to reshape its €1.1bn of corporate debt.

    27 May 2015

  • NN Group and SSP blocks sell well in weak market, then trade up

    Tuesday night’s two substantial block trades, in Dutch insurer NN Group and SSP, the UK catering company, both went well despite softness in equity markets before and during the trades.

    27 May 2015

  • RCI Banque's €750m justified by trading, Inmobiliaria Colonial in hit debut

    RCI Banque, the finance arm of Renault, raised €750m with a seven year bond on Wednesday. While some away from the deal thought the size was ambitious, the bond traded well in secondary.

    27 May 2015

  • Unilever three year points to growing FRN demand

    Unilever, the UK-Dutch consumer goods company, highlighted growing demand for short dated bonds and FRNs on Wednesday, when it gathered a hefty order book at arguably no new issue premium for a three year floater.

    27 May 2015

  • Sixt Leasing IPO tops €239m on greenshoe exercise

    Commerzbank said on Wednesday that it had exercised the over-allotment option for Sixt Leasing’s Frankfurt listing, increasing the deal by €24.26m.

    27 May 2015

  • Massimo Zanetti IPO close to the line

    Massimo Zanetti Beverage Group, the Italian coffee company, is set to close its IPO on Thursday May 28, though it has only recently reached full coverage, and no revised price guidance has been given yet.

    27 May 2015

  • Air Liquide pays thin concession for €500m 10 year

    Air Liquide, the French producer of industrial gases, returned to the bond market on Wednesday after a one year absence, and won a strong order book, enabling it to pay a minimal new issue premium.

    27 May 2015

  • BNP Paribas loses London credit traders

    BNP Paribas is set to lose two experienced traders from its flow credit business in London.

    27 May 2015

  • Belgium’s Retail Estates completes €76m rights issue

    Retail Estates on Tuesday sold about 880,000 preferential subscription rights in an accelerated private placement to shed the part of a rights issue that its shareholders had not bought up.

    27 May 2015

  • Periphery yields plummet on Greek deal hopes as FADE prices

    A tantalising glimpse of a final resolution to Greece’s negotiations with its creditors sent periphery eurozone yields plunging on Wednesday, ahead of an Italian auction on Thursday.

    27 May 2015

  • ABS mart keeps up momentum as VW announces

    Volkswagen Bank’s French arm has announced a €500m French auto ABS, Driver France Two, as the ABS market continues its momentum on the back of a fruitful previous week.

    27 May 2015

  • Spanish lender sets price thoughts in line with Irish RMBS

    Leads on the first public post-crisis Spanish RMBS have put out initial price thoughts placing the class A notes broadly in line with Dilosk’s recent Irish RMBS debut.

    27 May 2015

  • Agency opts for tricky dollar 10 year, CDC and ADB stick to threes

    A Nordic agency is set to tackle the 10 year part of the dollar curve — a tenor SSAs have largely shunned so far in May.

    27 May 2015

  • Santander retail-linked bond set to sell

    A sale and leaseback bond from Santander, linked to the bank’s rental payments on its Spanish high street retail branches, is set to go after it was initially announced in late April.

    27 May 2015

  • EFSF comes up trumps after playing it safe

    The European Financial Stability Facility enjoyed a calmer euro market compared to the last few weeks with its second benchmark this month on Wednesday — but still opted for a defensive tenor.

    27 May 2015

  • CRH gets green light for Holcim-Lafarge assets, bonds in sight

    Holcim and Lafarge have accepted an offer letter from CRH of Ireland to buy €6.5bn of their assets. CRH will issue €1.9bn of bonds in the next six months as part of the financing package.

    27 May 2015

  • BSN cuts margin on new 'C' loan, will now cut 'B' margin too

    BSN Medical, the German bandage maker, has won a strong response to its new term loan 'C', and has decided to cut pricing on both that and a pre-existing term loan 'B'.

    27 May 2015

  • IAG to buy Aer Lingus with €1.4bn of loans

    International Airlines Group, owner of British Airways and Iberia, will use a €1.4bn loan to finance its cash offer of the same size for Aer Lingus.

    27 May 2015

  • Loss-making Nexans seeks €250m bond to repay CB

    Nexans, the French cable manufacturer, said on Wednesday it wanted to issue €250m of high yield notes to refinance €212.6m of convertible bonds maturing on January 1 next year.

    27 May 2015

  • JP Morgan ‘most generous’ with remuneration

    Goldman Sachs may pay the biggest bonuses, but JP Morgan pays its bankers the most generous remuneration packages overall, according to new research.

    27 May 2015

  • China and Germany to set up JV exchange for RMB products

    Shanghai Stock Exchange (SSE), China Financial Futures Exchange (CFFE) and Deutsche Börse agreed on Wednesday to launch a joint venture that would allow international investors to trade financial instruments offering underlying exposure to China.

    27 May 2015

  • FRNs in favour as Lloyds and SBAB print threes

    New issue concessions of 5bp were up for grabs on both Lloyds Bank and SBAB’s three year floating rate notes on Wednesday.

    27 May 2015

  • Analysts expect third US AID Ukraine deal

    The Republic of Ukraine priced a $1bn five year US AID backed deal on Tuesday — it’s second such transaction — and Ukrainian analysts expect another $1bn deal before the end the year.

    27 May 2015

  • Banks pay for space in frantic euro market

    Another four borrowers dived into the euro FIG market on Wednesday morning, and bankers are warning high new issue premiums may be here to stay.

    27 May 2015

  • Two debt MDs at risk at UBS

    Two managing directors have been put at risk of redundancy by UBS.

    27 May 2015

  • DIB builds decent book for senior comeback

    Dubai Islamic Bank has received over $1.6bn in orders for its first senior sukuk in three years, and plans to price the note on Wednesday afternoon.

    27 May 2015

  • Dongfeng Peugeot arm rolls out Rmb800m loan

    Dongfeng Peugeot Citroën Auto Finance Co is looking for an Rmb800m ($129.5m) loan onshore. The financing, which is currently in general syndication, has two foreign banks at the top.

    27 May 2015

  • Saudi Binladin returns

    Saudi Binladin has mandated two banks for a local bond.

    27 May 2015

  • Turkey's Limak signs €395m of project loans for plant

    Turkish construction company Limak has obtained €395m of long term project finance loans from banks.

    27 May 2015

  • Ukrexim success offers benchmark for Oschadbank

    Ukraine’s State Export-Import Bank (Ukreximbank) has reached a preliminary agreement with investors on restructuring its Eurobonds, using terms that provide a benchmark for State Savings Bank of Ukraine’s own efforts at altering its debt, said analysts.

    27 May 2015

  • Euro FIG floodgates open but costs are high

    The reopening of the euro FIG market on Tuesday has led to a surge of issuance this week, but premiums remain high and some bankers are already worried about the market overheating.

    27 May 2015

  • CEEMEA new issuance spate is tip of the iceberg

    The CEEMEA market has kicked into life straight after UK bank holiday, with a roadshow for the Arab Republic of Egypt announced and a Ukraine US AID backed deal being priced today. Dubai Islamic Bank meanwhile, has put out initial price guidance at 140bp over mid-swaps.

    27 May 2015

  • Ascendas prices S$150m on high demand

    Singapore’s Ascendas Reit return to the domestic bond market this week, with the well-known name printed a S$150m ($111m) seven year offering.

    27 May 2015

  • Busiest SSA euro market in weeks as rates calm

    The public sector borrower market is enjoying stability after weeks of turbulence, with a pair of issuers trebling the number of euro benchmarks so far this month.

    27 May 2015

  • South Korea to meet bond investors next week

    The Republic of Korea has mandated two banks for a credit update with bond investors in London next week.

    27 May 2015

  • Garuda to take off with inaugural dollar bond in sukuk

    Garuda Indonesia ventured into the international market on a busy May 27 with a dollar offering in sukuk format. The borrower is up against an Islamic bond offering from Hong Kong but opted to go ahead after strong feedback in investor meetings.

    27 May 2015

  • Central China, Emperor Capital, Hanny venture out for fundraisings

    Central China Securities has rejigged the bookrunning group for its planned H-share private placement, with plans to hit the market at a time when brokerage stock is in high demand.

    27 May 2015

  • Eli Lilly shows long end works, but other issuers stay short

    Europe’s corporate bond market has been a more unpredictable place since the backlash against extreme interest rate reduction began a couple of months ago – but demand is still brisk and issuance is lively.

    27 May 2015

  • Large block trades kick off week of ECM issuance

    A large block of shares in NN Group, the former insurance arm of ING, and a smaller but still significant block in SSP, the UK travel catering company, began the week’s equity issuance in Europe following what was, in some countries, a three day weekend. Both trades went well, despite Tuesday having been a soft day for markets.

    27 May 2015

  • FTSE takes the leap on A-shares, plans progressive inclusion

    Index provider FTSE Russell said on May 26 it would allocate a 5% weighting to Chinese A-shares in two new FTSE Emerging Markets indices, with a plan to progressively increase the share to as much as 32%.

    27 May 2015

  • RMB now top currency for Asia trade with greater China

    The renminbi has strengthened its position as the top currency used in Asia-Pacific business with Greater China, accounting for a 31% share compared to 7% in April 2012, according to the latest data released by Swift.

    27 May 2015

  • Hong Kong returns with asset light wakala sukuk

    One of the most hotly anticipated deals out of Asia this year has finally gone live with Hong Kong opening books to a five year dollar sukuk on May 27. Pricing is unsurprisingly tight for one of the highest rated issuers in the region although marker observers say focus should also be on the deal’s asset light wakala structure.

    27 May 2015

  • 3SBio reels in heavyweight cornerstones for $712m HK IPO

    Chinese biotech firm 3SBio has bagged $150m from some heavyweight cornerstone investors including GIC and BlackRock ahead of launching its HK$5.51bn ($712m) Hong Kong IPO, putting the company’s second flotation on a very strong footing.

    27 May 2015

  • Taiwanese lifers flock to SocGen’s renminbi tier two

    Société Générale joined a select club of non-Chinese banks to sell a Basel III bond in offshore renminbi (CNH) on May 26. The French lender achieved both its cost saving and diversification goals with the 10 year non-call five tier two bond.

    27 May 2015

  • Latam Airlines to shift debt cargo to holdco

    Latin America’s largest airline group is planning to return to the bond markets for the second time this year looking to refinance debt issued by its Brazilian arm Tam while it was still an independent airline.

    27 May 2015

  • China Hengshi gets going with Hong Kong IPO

    China Hengshi Foundation Co, a manufacturer of fibreglass fabrics used in wind turbine blades, has filed its draft prospectus to list in Hong Kong in a deal led by sole sponsor Morgan Stanley.

    27 May 2015

  • Fantasia keeps bonds going for single B credits

    Lower rated property developers from China are firmly back on the menu for fixed income investors with Fantasia Holdings Group the latest to try its luck on May 27.

    27 May 2015

  • Santiago joins RMB hub game as CCB Chile appointed

    Chile has taken the prized spot of being the first Latin American renminbi hub, with a clearing bank, a central bank swap line and an RMB qualified foreign institutional investors (RQFII) quota all being announced on May 25.

    27 May 2015

  • Wells fills CMBS vacancy

    Wells Fargo has filled a vacancy in its CMBS banking department left by Brad Wilmot who accepted a position at Goldman Sachs earlier this month, a spokesperson at Wells confirmed.

    26 May 2015

  • Freddie Mac planning riskier RMBS

    Freddie Mac is planning a riskier type of RMBS that it expects to launch sometime next quarter, someone familiar with the agency’s plans told GlobalCapital.

    26 May 2015

  • ING sells another €1.2bn of NN Group, EQT drops SSP

    ING Group launched a €1.18bn sale of shares in NN Group, its former insurance and investment arm, on Tuesday evening, in the larger of two block trades of the day.

    26 May 2015

  • Banks sanguine about wild swings in Monte dei Paschi shares

    Equity capital markets specialists were today watching wild trading in the shares and rights of Banca Monte dei Paschi, after the rights to subscribe for its capital increase began trading on Monday.

    26 May 2015

  • Dutch finance ministry finally ready to float ABN Amro

    The Dutch government has finally made official its intention to begin the sale of ABN Amro. The IPO has been in the works a long time but suffered considerable delays.

    26 May 2015

  • Darling Ingredients offers €515m notes to repay euro loan

    Darling Ingredients, the Texas-based food ingredients maker, is marketing a €515m senior unsecured bond to repay borrowings under its euro term loan ‘B’.

    26 May 2015

  • Who will put the teeth in Capital Markets Union?

    Making Capital Markets Union work will be hard without someone in charge. Maybe it should be the market.

    26 May 2015

  • Roll scrapping for CDS is a start but won't save two way trading

    A move to halve the number of rolls for single name credit default swap is a short term act of necessity. But the CDS market needs much more reform.

    26 May 2015

  • Simple ratings can be better ratings

    Ratings are getting more complicated, as agencies struggle to reflect regulatory changes to bank capital structures. But sometimes, simple is best.

    26 May 2015

  • Corporate finance banker quits BNPP

    A senior UK corporate finance banker at BNP Paribas has left the firm, GlobalCapital understands.

    26 May 2015

  • Stockholm super-busy, with six IPOs in premarketing

    Three Nordic businesses announced on Tuesday their intentions to float, two of them joining what was already a long string of prospective issuers in Stockholm.

    26 May 2015

  • La Poste stays flat to secondaries in euro return

    La Poste, France’s state postal service, returned to the bond market on Tuesday with its first benchmark issue since 2012. The bond was priced tightly to its curve but the book size was not disclosed.

    26 May 2015

  • EFSF picks long four year to finish quarterly funding

    The European Financial Stability Facility has opted for a defensive maturity with a deal that should complete its funding for the second quarter of 2015.

    26 May 2015

  • Dollar pipeline builds as pair of SSAs mandate

    Two public sector borrowers have picked banks to run dollar deals on Wednesday — and even more deals could follow, said SSA bankers.

    26 May 2015

  • Sovereign adds to busy sterling market

    A eurozone sovereign has added to what was already one of the busiest starts to a year for central government sterling issuance.

    26 May 2015

  • Spanish agency mandates after government rocked at elections

    Spain’s Electricity Deficit Amortisation Fund (FADE) has mandated banks for a first syndication in over a year — despite periphery eurozone yields suffering a rocky week.

    26 May 2015

  • Eli Lilly proves 11 and 15 years can fly together, if curve is steep

    Eli Lilly, the US pharmaceuticals company, made its euro bond debut on Tuesday, printing seven, 11 and 15 year notes and proving that the market is still open for longer dated paper — at a price.

    26 May 2015

  • Market value triggers for Cocos are still a bad idea

    It's the debate that just won't die. Banks are busy issuing hybrid capital with regulatory and tier one capital triggers, but academics keep on proposing market value triggers.

    26 May 2015

  • Carrefour sets pricing 8bp tighter than last deal

    The European ABS market has seen a diverse group of deals in recent weeks, including securitizations from the UK, the Netherlands, Ireland, Spain, France and Germany.

    26 May 2015

  • Once giant Spanish RMBS market awakens from slumber

    Spanish Union De Creditos Immobiliarios has extended the roadshow for its new RMBS transaction — the first publicly issued Spanish RMBS since the crisis.

    26 May 2015

  • Penn Engineering keeps repricing wave going with $465m launch

    Penn Engineering, the US fasteners maker, has launched a $465m-equivalent repricing to cut margins on its dollar and euro loans by 50bp.

    26 May 2015

  • Smooth landing for Cobham's debut Schuldschein

    Cobham, the UK aerospace and defence firm, has secured €170m in its first Schuldschein issue, which it increased from €100m after oversubscription.

    26 May 2015

  • BTMU promotes Affendi to head Indonesian corps

    Bank of Tokyo Mitsubishi UFJ (BTMU) Jakarta has appointed Pancaran Affendi as its new corporate segment head for Indonesia.

    26 May 2015

  • Akbank leads Turkey's longer tenor push with three year loan

    Akbank is set for its second ground breaking loan of 2015, with the bank readying to launch a three year deal on Tuesday.

    26 May 2015

  • Loans round-up: STP, Qantas, Baoxin

    Indonesian tower company Solusi Tunas Pratama’s latest borrowing has been allocated among 20 lenders. The deal, which is to refinance what is left of a bridge it sealed with five banks in December last year, saw scalebacks of nearly 50% on bank commitments.

    26 May 2015

  • Europcar in new refi push with €475m bond as IPO starts

    Europcar, the French car rental company which last week filed for an IPO, began a three day roadshow on Tuesday for a €475m high yield bond issue.

    26 May 2015

  • Egypt embarks on roadshow for bond of up to $2bn

    Egypt has set roadshow dates for its 144A/Reg S bond.

    26 May 2015

  • RBS DCM banker joining Lloyds

    An insurance debt capital markets banker at Royal Bank of Scotland is leaving to join UK rival Lloyds.

    26 May 2015

  • Chunky NIPs draw out FIG cash as Wells hits 10s

    Wells Fargo uncovered more than €6bn of demand for a dual tranche senior unsecured transaction on Tuesday, on a busy day for a resurgent FIG primary market.

    26 May 2015

  • StanChart set to make explosive Samurai debut

    Two European banks — Nordea and Standard Chartered — are raiding the Samurai market this week in an attempt to diversifiy their funding sources.

    26 May 2015

  • Oman's Bank Sohar seeks debut international loan

    Oman’s Bank Sohar is in the market for a $250m debut syndicated loan and has asked Arab Banking Corp in Bahrain to arrange the deal.

    26 May 2015

  • HTSC zips to the top with $4.5bn blowout IPO

    HTSC pulled in a staggering $60bn in gross demand for its HK$34.72bn ($4.48bn) IPO in Hong Kong, giving the Chinese brokerage and securities house claim over the world’s second largest listing so far this year.

    26 May 2015

  • DIB and Bank of Sharjah round off roadshows

    Dubai Islamic Bank finishes investor meetings on Tuesday for what is likely to be a five year senior unsecured sukuk.

    26 May 2015

  • Trussbridge puts footprint in MENA with new advisory firm

    Trussbridge Group has launched a new Middle East based financial services firm aimed at corporates, investors and family businesses.

    26 May 2015

  • US's Medical Properties Trust returns to euro HY market

    Medical Properties Trust, the US real estate investment trust, on Tuesday began sounding European investors for a euro bond.

    26 May 2015

  • ANZ opens books to debut green bond

    ANZ has kicked off bookbuilding for its first green bond and is aiming to raise A$500m ($389m) from a five year fixed rated note.

    26 May 2015

  • Nonghyup Bank to go on the road in June

    South Korea’s Nonghyup Bank has mandated four banks to work on its upcoming international bond offering, which could come in the second week of June.

    26 May 2015

  • China Energy taps bond after massive tightening

    State owned China Energy Reserve and Chemicals Group opened books for a tap to a debut bond, which since its sale on May 5, has tightened by almost 60bp. The issuer is taking advantage of the strong secondary demand to raise additional funding.

    26 May 2015

  • Loan Ranger: The Good, the Bad and the Euribor - Final orders

    A finale to end all finales, in which our hero learns the shocking truth of the negative rates and comes face to face with the mysterious Dr E. Seabee.

    26 May 2015

  • Mirae tests investor appetite for $400m IPO

    Mirae Asset Life Insurance is conducting investor education for its IPO to raise $300m-$400m, as the Korean firm tries for a third time to list following several stalled attempts.

    26 May 2015

  • FCA squares up to syndication

    The Financial Conduct Authority’s review of competition in wholesale financial markets will focus on primary markets, and look at allocations, awarding mandates, and cross-subsidies.

    26 May 2015

  • DLF paves the way for India’s first Reits

    Indian property developer DLF is moving a step closer towards setting up the country’s first real estate investment trust (Reit), with plans to file a preliminary prospectus with the regulator within this fiscal year.

    26 May 2015

  • China should not be so timid about its green bond ambitions

    China is finally going to launch the country’s first green bond, with Industrial Bank eyeing an offshore renminbi offering later this year. While this should be good news for the development of green financing, the choice of issuer is hardly a vote of confidence in the asset class. China needs to be bolder if wants to prove it’s serious about going green.

    26 May 2015

  • Goldman plans to raise $1bn of Japanese renewable energy bonds

    Goldman Sachs has announced plans to arrange a target $1bn worth of renewable energy bonds over the next few years via a new trust in order to grow clean energy development in Japan

    26 May 2015

  • Hahn leaves BAML DCM syndicate

    Daniel Hahn, an associate at Bank of America Merrill Lynch’s DCM syndicate desk in Asia, has left the bank, according to sources close to the move.

    26 May 2015

  • SocGen eyes RMB to boost T2 buffers and cut cost

    Société Générale hopes to save funding cost by turning to the offshore renminbi (CNH) bond market to shore up its Basel III tier two capital adequacy ratio, opening books for a 10 year non call five year trade on May 26.

    26 May 2015

  • MMI tests market for second SGX IPO, seeks $250m

    Singapore’s MMI, which designs and makes high-precision electromechanical components, has started testing investor appetite for its IPO of around $250m. This will be the second time the company has floated on the city state’s exchange.

    26 May 2015

  • Hong Kong ECM round-up: Citic, Haitong and Neo Solar see share sales

    Hong Kong-listed Citic Securities Co has received the go-ahead from the Chinese regulator to sell 1.5bn shares via an H-share placement that could fetch proceeds of up to HK$50.93bn ($6.57bn).

    26 May 2015

  • Mexican utility CFE to start roadshow

    Mexican power company Comisión Federal de Electricidad (CFE) will begin meetings with bond investors on Wednesday as investors grow used to the organisation’s changing role.

    26 May 2015

  • Xinyi Solar out with tightly priced HK$2bn loan

    Photovoltaic glass manufacturer Xinyi Solar is seeking a tightly priced HK$2bn ($258m) loan with one mandated lead arranger and bookrunner. The fundraising is set to test appetite both for the sector as well and pricing for mid-cap names.

    26 May 2015

  • Fund managers gear up for July 1 launch of China-Hong Kong Rmb600bn mutual fund recognition

    A ground-breaking and long-awaited mutual fund recognition scheme between China and Hong Kong is set to launch on July 1, with an overall quota of Rmb600bn ($48.4bn) split equally between the two channels.

    26 May 2015

  • Total Derivatives: CNY well bid on latest regulatory move

    The latest move to liberalise China's markets has improved risk appetite and backed paying interest in CNY swaps. Early steepening in the 1s/5s slope has pushed payers down the curve from five years to the three year tenor, writes Deirdre Yeung of Total Derivatives.

    26 May 2015

  • Goldman's Westerman heads back to Europe; Richdale, Vella to head Asia

    Matthew Westerman, head of the investment banking division (IBD) for Goldman Sachs in Asia ex-Japan, is relocating to London to become chairman of IBD in EMEA, according to an internal memo seen by GlobalCapital Asia.

    26 May 2015

  • Dilosk successfully reopens Irish RMBS market

    New Irish mortgage lender Dilosk has successfully reopened the market for Irish RMBS with the sale of its inaugural deal.

    22 May 2015

  • Gosforth continues focus on prepayment risk, tightens

    Virgin Money on Friday wrapped up the sale of Gosforth 2015-1, a UK prime RMBS deal using a structure that avoids the relatively high prepayment risk associated with the lender.

    22 May 2015

  • Funding scorecard: Scandinavian agencies

    This week's scorecard features updates on the funding progress of selected Scandinavian agencies.

    22 May 2015

  • Monte dei Paschi to do €3bn rights issue at 39% discount

    Italy’s Banca Monte dei Paschi di Siena will on Monday launch a long-awaited rights issue to close a capital shortfall identified by European banking regulators last October.

    22 May 2015

  • Gränges, Avance Gas blocks keep Scandinavia ECM busy

    Equity capital markets in Scandinavia had a busy Thursday evening, with block trades in Swedish rolled aluminium maker Gränges and Norwegian Avance Gas Holding.

    22 May 2015

  • Secondary pricing update: featuring EFSF's 2017 tap and Finland's dollar benchmark

    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.

    22 May 2015

  • Keppel Infrastructure Trust scores $397m block

    Keppel Infrastructure Trust priced the placement tranche of its S$525m ($397m) fundraising near the low end of guidance on May 21, with the deal getting a more than 2x covered book amid strong institutional interest.

    22 May 2015

  • Big book for Center Parcs with focus on shorter end

    UK holiday operator Center Parcs is set to be price its whole business securitization refinancing, with orders already more than twice in excess of the offered bond sizes.

    22 May 2015

  • Shui On $225m perp CB ignites investors

    Hong Kong-listed Shui On Land sold a rare $225m 7.5% convertible perpetual bond on May 21 that met with eager buyers, but it also had some equity-linked bankers scratching their heads because of its unusual structure.

    22 May 2015

  • Generali brings down costs by three quarters on €2bn refi

    Italy’s largest insurance company, Generali, has refinanced €2bn of revolving credit facilities and significantly reduced the cost of the debt when drawn down.

    22 May 2015

  • Goldman takes size with ‘generous’ spread on €1.5bn floater

    Goldman Sachs was set to price the first US bank floater in euros since January on Friday, sizing its deal at €1.5bn with a new issue premium that rival dealers saw as generous.

    22 May 2015

  • Shah takes over EM syndicate at Credit Suisse

    Dhiren Shah, director at Credit Suisse, has moved roles to take over responsibility for emerging market and investment grade corporate bonds.

    22 May 2015

  • Tata’s Khopoli powers up $135m in syndication

    Tata Power subsidiary Khopoli Investmentshas launched into syndication a $135m two year loan with two banks.

    22 May 2015

  • Indonesia fetches record $2bn dollar sukuk

    The Republic of Indonesia completed its yearly return to the dollar sukuk market in style on May 21 when it rewrote the record books to print its largest offering in the Islamic finance instrument.

    22 May 2015

  • GlobalCapital 2015 Bond Awards in pictures

    GlobalCapital’s annual gala dinner and award ceremony took place in London’s Guildhall this week, drawing the best and brightest from across the world's capital markets. For those unlucky enough to have missed the event, we offer a slideshow of the celebrations.

    22 May 2015

  • UBS syndicate banker put at risk

    Aubélia Louédin, an emerging markets syndicate banker at UBS, has been put at risk of redundancy by the bank, GlobalCapital understands.

    22 May 2015

  • Updated: Baozun slims down $110m IPO as investors pour in

    Baozun Inc’s decision to slice its IPO on Nasdaq to $110m paid off with the stock trading higher on its debut and investors signing up in droves after it relented to a lower offer price.

    22 May 2015

  • ANZ to launch green bond in May

    ANZ has announced that intends to issue its first green bond in order to fund loans the bank has granted for green projects. The deal, which is likely to hit markets next week, comes as green bonds are just starting to gain popularity in Asia Pacific.

    22 May 2015

  • CDB planning debut Formosa bond in Q3

    China Development Bank (CDB) is planning to bring its debut Formosa bond in the third quarter of 2015, in a deal that could help transform Taiwan's RMB market by injecting longer tenors and exposure to an onshore China bank credit.

    22 May 2015

  • Liquidity drives Southwest Sec's dim sum success

    Chinese broker Southwest Securities became the latest offshore renminbi (CNH) issuer to take advantage of abundant liquidity in the market when it sold a three year dim sum bond on May 21. The unrated debutant achieved its targeted aims in terms of pricing and size.

    22 May 2015

  • Asian DCM roundup: CTG, China Bluestar, Global Logistics

    Hydropower producer China Three Gorges Corp (CTG) has mandated Deutsche Bank, ICBC International and JP Morgan as joint global co-ordinators for its first venture into the international bond market.

    22 May 2015

  • Golden Eagle loan to be upsized to $700m

    Chinese department store operator Golden Eagle International Trading is likely to increase the size of its latest borrowing for a second time, to $700m. General syndication, which was launched in early April, coincided with a rating downgrade of parent Golden Eagle Retail Group by Fitch but an attractive yield and good financials helped see the deal through, said bankers.

    22 May 2015

  • Levfin regulation: the march of the state continues

    When the US Federal Reserve started to regulate leveraged finance in 2013, the news was almost shocking.

    22 May 2015

  • JBS jumps on Itaú momentum with Brazil wide open

    Praise for Itaú’s blow-out three year senior deal proved to be well-placed as JBS USA made a triumphant return to bond markets five months after having to cancel a liability management exercise.

    21 May 2015

  • Brazil’s BRF to bring king size helping of greens to euro mart

    Brazilian food producer BR Foods (BRF) is planning what would be the second ever and largest green bond from Latin America and will meet investors in Europe next week.

    21 May 2015

  • Euro LatAm love-in blossoms as Chile builds curve

    Euro denominated bonds still provide an attractive diversification option for Latin American borrowers, said DCM bankers covering the region this week, even if conditions are softer than a few weeks ago and it is hard to beat dollar pricing.

    21 May 2015

  • It’s time to stop milking the conduct cash cow

    While banks have engaged in some genuinely appalling conduct and been punished for it, the quantum of fines has become seriously disconnected from — well, anything. It is not just bad for bank shareholders, it is bad for regulatory credibility.

    21 May 2015

  • US regulator hones in on P2P lending weak spots

    A top US financial watchdog has added marketplace lending to its list of emerging threats and vulnerabilities, a sign that the burgeoning sector could be subject to increased regulatory scrutiny.

    21 May 2015

  • JPM structuring new Colony SFR ABS

    JP Morgan is structuring Colony American Home’s first single-family rental securitization of the year, a banker familiar with the deal confirmed.

    21 May 2015

  • Italian trio junked as Fitch cuts sovereign support

    Fitch downgraded the ratings of 45 European banks on Tuesday, after it stripped out its assumptions of sovereign support, leaving three Italian banks below investment grade.

    21 May 2015

  • Renminbi structures to boom on Chinese interest rate cuts

    Structured medium term notes denominated in renminbi could be set to take off as cuts in interest rates drive Chinese investors to look for a way to boost returns.

    21 May 2015

  • Novacap prices drive-by floater

    French chemicals manufacturer Novacap priced a €95m tap of a bond, with loan investors, starved of supply in their market, flocking into the floater.

    21 May 2015

  • Rexel prices €500m bond to redeem dollar due 2019

    Rexel, the French maker and distributor of electrical supplies, priced a €500m high yield bond tightly on Wednesday.

    21 May 2015

  • Levloan pause squeezes Q1 debt numbers

    Debt underwriting had a poor first quarter, thanks to a slowdown in leverage loan issuance, especially in the US, according to figures from research firm Coalition.

    21 May 2015

  • EIB USD3bn 1.125% Aug 18

    21 May 2015

  • JBIC USD1bn 1.75% May 20, USD1.5bn 2.5% May 25

    21 May 2015

  • EDC USD1bn 1% Jun 18

    21 May 2015

  • Dollar indigestion as issuers shun euros and struggle for duration

    A dollar market that has been a haven for issuers avoiding the troubled euro sector is starting to show signs of congestion, bankers have warned.

    21 May 2015

  • Sinochem opens Swiss market for Chinese corporates

    Sinochem printed the first ever Swiss franc deal from a Chinese corporate, and did so inside its dollar curve on Thursday thanks to strong demand from local asset managers.

    21 May 2015

  • People Moves in Brief

    BNPP hires for corps from RBS — Maclean to head Europe DCM — CS adds insurance head — JPM loses FIG trader — French FIG MD leaves Nomura

    21 May 2015

  • Investors draw a 'line in the sand' on Flint reprice

    Investors have fought back against the tide of leveraged loan repricings, forcing printing ink maker Flint Group to keep pricing at the wide end of guidance on its €1.5bn transatlantic deal.

    21 May 2015

  • A return to returns puzzle as bond rout abates

    Market sentiment seems lately to swing more wildly between euphoria and despair.

    21 May 2015

  • Total takes advantage of repo eligibility to price tight in Swiss francs

    Total leveraged its status as a repo eligible name in Switzerland to achieve tight pricing on a new Sfr200m ($214m) 12 year Swiss franc bond on Thursday.

    21 May 2015

  • BNP Paribas hires corporate syndicate banker from RBS

    BNP Paribas has hired a corporate bond syndicate banker from Royal Bank of Scotland.

    21 May 2015

  • Wells Fargo in new low with Swissie trade

    Wells Fargo achieved the lowest ever yield in Swiss francs by a US bank on its return to the market on Monday.

    21 May 2015

  • Investors get choosy as FIG has $12bn US week

    FIG borrowers printed more than $12bn in the US bond market this week as investors continued to pour cash into high-grade credit.

    21 May 2015

  • New-look Kensington Mortgages revitalises Gemgarto RMBS

    The European RMBS market woke up with a vengeance this week, with an announcement last Friday (May 15) that Kensington Mortgages was planning to launch the first UK near-prime RMBS from the Gemgarto shelf since the company was acquired from Investec.

    21 May 2015

  • Volatility? Get used to it, say SSA bankers as EFSF plots deal

    Public sector borrowers are looking to the European Financial Stability Facility to calm the increasingly volatile and unpredictable euro debt market, writes Craig McGlashan.

    21 May 2015

  • World Bank hits Italian retail with green equity linker

    World Bank is targeting Italian retail investors with its latest ethical index linked green bond.

    21 May 2015

  • TLAC driving banks into boutique tier two

    Private placement buyers’ willingness to trade liquidity for yield is pushing an increasing number of European banks to source bail-inable capital away from the public debt market, writes Tom Porter.

    21 May 2015

  • Taqa and KPNC add jumbo loans to Middle East bustle

    Middle East loan volume continues to be boosted by big deals, with one well known borrower entering the market and another making progress this week.

    21 May 2015

  • Shareholder group to fight Afren restructuring

    A group of small shareholders in Afren, the embattled London-listed oil exploration company, is striving to block Afren's restructuring agreement with its creditors.

    21 May 2015

  • Spie, Europcar try for IPOs, not put off by Labco failure

    Spie and Europcar, two French companies, have launched IPOs, just weeks after two other French issuers, Labco and Solairedirect, were forced to scrap their flotations.

    21 May 2015

  • Siemens engineers stunning return as May beats records

    US investors showed few signs of fatigue as they continued to pour cash into corporate high grade debt amid an unrelenting pipeline of dollar issuance this week.

    21 May 2015

  • Altice picks JPM to tackle financing for Suddenlink

    Altice, the highly acquisitive French cable telecoms group, is seeking $1.7bn of new dollar debt to back its acquisition of Suddenlink, the seventh biggest cable business in the US.

    21 May 2015

  • Investors pay premium for riskier SFR ABS

    Investors paid a premium for Progress Residential’s third single-family rental (SFR) securitization, but despite the strong demand, high coupon payments were not enough to bring in some would-be buyers.

    21 May 2015

  • European RMBS gets €2.5bn in supply burst

    Virgin Money announced a mandate for a new UK RMBS, Gosforth Funding 2015-1, on Monday, part of a €2.5bn surge of RMBS supply.

    21 May 2015

  • Transparency dogs US/EU debate as delay claxon sounds

    With the deadline for harmonising derivatives rules between the US and the EU set to be delayed, market participants are no wiser as to what the final agreement may look like, lawyers in New York and London told GlobalCapital.

    21 May 2015

  • MTN Leak: Love is in the air…

    The social calendars of the financial world aligned on Wednesday for the GlobalCapital bond awards. But forget the awards, there’s more to talk about, not least a blooming romance.

    21 May 2015

  • GE changes issuance method for euro deal

    General Electric became the latest US issuer to hit the euro bond market with a multi-tranche deal on Wednesday. Unusually, the bond was issued by GE itself, not GE Capital.

    21 May 2015

  • European CLO pipeline bulges despite overlap risk

    PineBridge Investments is the latest asset manager to publically announce a CLO, and the forward pipeline of deals is near bursting.

    21 May 2015

  • UK DMO urged to tap the ultra long end in next quarter

    Market makers and investors have asked the UK’s Debt Management Office to look far along the curve for its next syndication.

    21 May 2015

  • SEB makes its first green loan, to Skanska for homes

    SEB has made its first green loan, transferring the concept from the green bond market, where it is one of the leading bookrunners.

    21 May 2015

  • Rothermere sells £26.6m block of DMGT shares

    UBS arranged on the evening of Thursday May 21 the sale of a 0.8% stake in media group Daily Mail and General Trust, raising £26.6m for the selling shareholder, DMGT's chairman Viscount Rothermere.

    21 May 2015

  • Banks high on €s as Swedbank and Rabo drop senior bombs

    Euros are back on the menu for FIG investors after Swedbank and Rabobank Nederland stormed the senior market on Thursday. Bankers are now looking forward to a string of deals next week.

    21 May 2015

  • Loans, News in Brief — May 21, 2015

    FirstRand — Deutsche Wohnen — Immofinanz — Stadtwerke München — BSN Medical — Schenck — Technicolor

    21 May 2015

  • Just Eat gobbles £445m intraday for takeover

    Just Eat, the UK-based takeaway ordering website, gave equity investors a burst of excitement on Thursday, raising £445m of new capital in what was already a busy week for the European accelerated bookbuild market.

    21 May 2015

  • Jain takes over DB strategy unit as UK chief quits

    Anshu Jain, co-CEO of Deutsche Bank, will take over direct responsibility for its “strategy and organisational development unit”, a role which was given to chief financial officer Stefan Krause just six months ago. Fabrizio Campelli, head of group strategy, will be Jain's deputy running the unit.

    21 May 2015

  • Harman funds acquisition with first euro

    Harman International Industries, the US audio equipment manufacturer, made its euro bond debut on Wednesday, putting together a sub-benchmark deal that will be used in part to finance its acquisition of part of Bang & Olufsen.

    21 May 2015

  • Michelin’s 30 year ambition fails to come to fruition

    Michelin, the French tyre maker, issued its first bond since 2012 on Tuesday. While the issuer drew good demand for seven and 12 year euro bonds, a proposed 30 year tranche failed to gain traction with investors.

    21 May 2015

  • Lloyds and ABN Amro sign up to the green party

    Lloyds Bank priced its second Environmental and Social Governance (ESG) bond on Thursday as ABN Amro lines up to issue the first green bond in euros from a financial institution.

    21 May 2015

  • Terex moves euro loan’s pricing in line with dollars

    Terex, the US maker of lifting and materials handling machinery, has set out price guidance for a €199m loan repricing that will bring its margin into line with its dollar term loans.

    21 May 2015

  • LRCH to raise £3.2bn with Middle Eastern support to create theme park in London

    The Kuwaiti investment group behind the London Paramount Entertainment Resort will raise £900m of equity and £3.2bn of debt from Middle Eastern and international banks and investors.

    21 May 2015

  • ESB shrugs off troubles at long end with €3.2bn book

    Electricity Supply Board (ESB), Ireland’s state electricity company, pulled together a hefty order book for a 12 year bond on Thursday — bucking a trend of long dated deals proving tricky.

    21 May 2015

  • Transurban gets €500m, but outshone by ESB

    Transurban tapped the euro bond market for a long 10 year on Thursday. It drew a healthy order book, but not as large as that of Electricity Supply Board’s issue on the same day, prompting some bankers to wonder if European issuers might have a home advantage.

    21 May 2015

  • Globaldrive spreads tighten by 11bp

    The ABS market in Europe is once again defying broader market turmoil as two issuers close in on tight pricing for their deals.

    21 May 2015

  • Levfin market faces regulation as ECB probes lending practices

    The European leveraged finance market is facing the possibility of being regulated for the first time, after the European Central Bank demanded very detailed information from eurozone banks about their lending practices, writes Ross Lancaster.

    21 May 2015

  • The ECB's purchases create the volatility it deplores

    The European Central Bank has expressed concern about extreme rates volatility. But until it stops buying and allows the private sector to become re-established, its true mission as liquidity provider of last resort will remain in conflict with its determination to expand its balance sheet.

    21 May 2015

  • Bank Dhofar USD300m 6.85% Perp

    21 May 2015

  • NordLB’s tap says little about sentiment in covered bonds

    NordLB reopened a four year public sector backed Pfandbrief on Wednesday in a move which locked in exceptionally cheap funding. But because the deal was largely placed with captive German savings banks, it offered little clue about the state of demand for euro covered bond benchmarks.

    21 May 2015

  • European equities have blocktastic week as sentiment soars

    The European block market had one of its busiest weeks with 11 deals executed over just four days, most of them welcomed with open arms by investors. The bullishness is in stark contrast to last week when culled IPOs were in the limelight, with bankers putting the change down to disciplined investors calling the shots.

    21 May 2015

  • Turkish bank back in euro MTNs just week after debut

    Türkiye Cumhuriyeti Ziraat Bankasi (Ziraat Bank) was back in the private MTN market for euros this week, just a few days after its first issue in the currency.

    21 May 2015

  • KfW plush as investors flock to Kauri debut

    KfW has more than doubled the original target for its debut Kauri bond. Investors piled into the long awaited deal, which came just days after German peer L-Bank placed its inaugural bond in the format.

    21 May 2015

  • Corporate long end party turns rough as investors fear volatility

    Corporate borrowers ran into difficulties issuing long dated euro bonds this week, as investors shied away from volatility in the long end of the euro rates curve, writes Nathan Collins. McDonald's and Michelin both tried and failed to issue long tranches.

    21 May 2015

  • Bank Dhofar offers longer bite at Omani FIG

    Bank Dhofar this week offered investors the longest tenor available from Oman’s banking sector but a tier one structure and lack of clear comparables was a recipe for disagreement over fair value.

    21 May 2015

  • Majority of FX market players admit criminal behaviour

    Dealers representing more than 60% of the foreign exchange market have pleaded guilty to criminal charges in the US. Citi, JP Morgan, Barclays, Royal Bank of Scotland and UBS have all entered guilty pleas over their foreign exchange conduct on Wednesday.

    21 May 2015

  • Eurofima crosses line with super rare dollar deal

    Eurofima has sold its first dollar benchmark in five years, raising $1bn from a book of over $1.3bn with a May 2020 deal.

    21 May 2015

  • EC: So how's EMIR treating you?

    The European Commission has launched a public consultation into how well the European Market Infrastructure Regulation has been implemented.

    21 May 2015

  • GlobalCapital MTN Awards 2015

    GlobalCapital presents its annual MTN Awards 2015. These Awards are determined entirely by a poll of market participants, and celebrate the outstanding issuers and investment banks in the MTN market between May 2014 and April 2015. GlobalCapital congratulates all the winners and nominees.

    21 May 2015

  • Middle East liquidity stays strong as banks keep CEEMEA alive

    Fears that falling oil prices would hit Middle East bond market liquidity this year have not — as yet — been realised. The region’s investors are still cash rich and asking for paper. Bank Dhofar, Dubai Islamic Bank and Bank of Sharjah are among the names answering the call, with no sign that oil prices and macro worries have touched the region’s perennial appetite for fresh supply.

    21 May 2015

  • Spanish SSA mulls deal as sovereign rates rise

    A Spanish agency is considering entering what has been a tricky euro market — in which the Spanish sovereign suffered a yield hike at auction on Thursday.

    21 May 2015

  • Snap! ANZ and DNB issue 144A covereds

    The dollar market hosted benchmark covered bond issuance this week as Australia and New Zealand Bank and DNB Boligkreditt issued deals under 144A documentation, in the same size and tenor and at the same spread.

    21 May 2015

  • HSBC makes loans trading push with two hires

    HSBC is stepping up its European loan trading presence and has made two hires to the business in London.

    21 May 2015

  • Tasty yields and arb against euros benefits sterling

    While turbulence struck the euro market this week, issuers in sterling had an easier time of it with three companies putting together solid deals in the currency.

    21 May 2015

  • SEB’s green bond unit expands into loans, equities, M&A

    SEB has expanded the remit of its successful green bond team to pursue green initiatives in other products such as loans, equities and M&A.

    21 May 2015

  • Albania mandates two for euro bond refi need

    The Republic of Albania has mandated Deutsche Bank and JP Morgan for a euro denominated bond intended to refinance the country’s outstanding €300m 2015s.

    21 May 2015

  • PTSB braves choppy market for senior return

    Permanent TSB (PTSB) braved the market on Monday to print the FIG market's first euro senior bond for almost a week. Though larger trades came later on, none were bolder this week than the deal for the B/B+ rated Irish bank.

    21 May 2015

  • Technicolor launches $1.1bn loan repricing

    Technicolor, the media technology company, has launched a $1.097bn loan repricing, seeking to cut margins on the facility's dollar and euro tranches.

    21 May 2015

  • Taqa picks lead banks for jumbo loan refinancing

    Abu Dhabi National Energy Co (Taqa) is in talks with banks about a jumbo loan refinancing and has appointed coordinators for the deal, say market sources.

    21 May 2015

  • Deutsche Wohnen prefers bilaterals to syndication for €1.5bn refi

    Deutsche Wohnen, the German residential property company, will refinance €1.5bn of loans with bilateral loans instead of a syndicated deal because the company feels it packs a greater punch in negotiations with one bank at a time.

    21 May 2015

  • ING’s Orange Lion returns after two years

    The RMBS pipeline is humming, with ING announcing the return of its Orange Lion shelf as Virgin Money gets ready to price its first Gosforth UK prime RMBS this year.

    21 May 2015

  • Adecco hits sweet spot for €500m

    Adecco, the Swiss recruitment and employment agency, highlighted strong demand for corporate bonds in the eight year part of the euro curve on Monday.

    21 May 2015

  • ITW shows long end open — at a price

    Illinois Tool Works, the US machinery and components maker, issued its third euro bond on Tuesday, taking what bankers away from the deal judged a “conservative” approach by selling eight and 15 year tranches.

    21 May 2015

  • Sri Lanka hires four to raise up to $1.5bn

    The Democratic Socialist Republic of Sri Lanka has mandated four banks to prepare its first outing to the dollar bond market in more than a year.

    21 May 2015

  • Issuers set to flock to CNH market as abundant liquidity slashes costs

    The offshore renminbi (CNH) bond market this week welcomed its first deals in almost a month, including a mammoth sale by the Chinese government. Bankers are now expecting momentum in the sector to finally pick up as conditions become more favourable for issuers, writes Narae Kim.

    21 May 2015

  • McDonald's forced to bin 20 year tranche

    McDonald’s Corp fell victim to a lack of demand for long dated euro bonds on Monday. It was forced to pull the 20 year component of what had been planned as a four tranche deal.

    21 May 2015

  • ING Turkey closes $592m loan as Turk Ekonomi launches refi

    ING Turkey has closed its $592m-equivalent one year loan refinancing, a day after Turk Ekonomi Bankasi launched its offering.

    21 May 2015

  • Broking battle heats up as BAML hits top spot

    BAML has pulled off what few thought possible and drawn level with JP Morgan as top broker to the UK’s blue chips, writes David Rothnie.

    21 May 2015

  • The Winners: GlobalCapital Emerging Markets Bond Awards 2015

    GlobalCapital presents its annual Emerging Market Bond Awards 2015. These Awards are determined entirely by a poll of market participants, and celebrate the outstanding issuers, funding officials, investment banks, bankers and rating agencies in the emerging markets between May 2014 and April 2015. GlobalCapital congratulates all the winners and nominees.

    21 May 2015

  • Afreximbank launches $710m loan with 14 banks on board

    African Export-Import Bank launched a $710m-equivalent loan in dollars and euros on Wednesday night, said bankers involved in the deal.

    21 May 2015

  • Indonesia makes yearly sukuk return with 10yr

    The Republic of Indonesia is continuing its trend of issuing a dollar sukuk once a year with a new 10 year offering on May 21.

    21 May 2015

  • Euros back in the game as Rabo, Swedbank break ice

    Swedbank and Rabobank Nederland were set to print the first senior euro benchmark sized deals since May 7 on Thursday, as the market returns just in time for a wave of bank issuance before the summer.

    21 May 2015

  • Lloyds back with second ESG

    Lloyds is on track to price its second sterling denominated Environmental and Social Governance bond (ESG) flat to its senior curve.

    21 May 2015

  • Albania mandates two for short euro

    The Republic of Albania has mandated Deutsche Bank and JP Morgan for a euro denominated bond intended to refinance the country’s outstanding €300m 2015s.

    21 May 2015

  • Deutsche puts Asia co-heads for corporate finance on leave

    Deutsche Bank's co-heads of corporate finance in Asia, Venky Vishwanathan and Doug Morton, have both been placed on leave, in what market sources said were unconnected circumstances.

    21 May 2015

  • Stock Connect lifts fog over beneficial ownership

    The final pieces came together for the Shanghai-Hong Kong Stock Connect this week after the regulators removed a big uncertainty around the issue of beneficial ownership. While this is a welcome change, market participants also say the timing is unfortunate, as southbound flows are expected to take centre stage. John Loh reports.

    21 May 2015

  • Yunnan Water basks in glow of $216m listing

    Yunnan Water Investment sold shares in its Hong Kong IPO at the top of expectations, raising HK$1.67bn ($215.45m) on May 20 in a trade where exuberant investors, both retail and institutional, made their presence felt.

    21 May 2015

  • Garuda to fly with dollar debut in sukuk

    Indonesian airline Garuda Indonesia has mandated a total of 15 banks to arrange its first dollar outing, which will be executed in sukuk format.

    21 May 2015

  • Noble signs up 35 for $2.3bn dual trancher

    Noble Group has signed its latest fundraising at $2.3bn, with 35 banks participating, despite negative reports that swirled around the company during syndication. The leads’ decision to hold roadshows in Europe and North America, in addition to Asia, has paid off, with the list of incoming banks revealing plenty of western liquidity.

    21 May 2015

  • Low Indo deal activity leaves loans bankers empty handed

    Loan syndicate bankers who had been expecting robust dealflow from Indonesia following the election of president Joko Widodo last year have had to contend with lukewarm activity so far. And there are few reasons for this to change soon, as a commodity price downturn, buoyant bond markets and weakness in the rupiah weigh on offshore loan activity, writes Shruti Chaturvedi.

    21 May 2015

  • Natixis builds specialised Asia debt platform

    Natixis is continuing its push into Asia’s fixed income market with a series of appointments in recent months. The French lender, which started a concerted effort in the business in 2010, is keen to establish a bigger footprint in the region by leveraging on its European expertise.

    21 May 2015

  • GlobalCapital SSA Bond Awards 2015

    GlobalCapital presents its annual SSA Bond Awards 2015. These Awards are determined entirely by a poll of market participants, and celebrate the outstanding issuers, investment banks and rating agencies in the SSA market between May 2014 and April 2015. GlobalCapital congratulates all the winners and nominees.

    21 May 2015

  • Saratoga raises $100m from year's first Asian exchangeable

    Saratoga Investama Sedaya, the Indonesian private equity firm, issued the first exchangeable bond of the year on May 19, printing a $100m five year put three offering that drew strong demand with its rarity.

    21 May 2015

  • Books going strong for Southwest Securities

    Chinese broker Southwest Securities started receiving bids for a three year dim sum bond on May 21 as it tries to tap the international market for the first time.

    21 May 2015

  • HSBC hires Kirkby for Apac large corporates CMB

    HSBC has recruited CIMB’s Matthew Kirkby to serve as regional head of large corporates for the bank’s commercial banking business in Asia Pacific.

    21 May 2015

  • GlobalCapital FIG Bond Awards 2015

    GlobalCapital presents its annual FIG Bond Awards 2015. These Awards are determined entirely by a poll of market participants, and celebrate the outstanding issuers, investment banks and rating agencies in the European FIG market between May 2014 and April 2015. GlobalCapital congratulates all the winners and nominees.

    21 May 2015

  • Going on the safest trip in the world

    I kid you not: Mongolia is officially the safest place in the world to visit, if my recent experience is anything to go by.

    21 May 2015

  • GlobalCapital Corporate Bond Awards 2015

    GlobalCapital presents its annual Corporate Bond Awards 2015. These Awards are determined entirely by a poll of market participants, and celebrate the outstanding issuers, investment banks and rating agencies in the European high yield market between May 2014 and April 2015. GlobalCapital congratulates all the winners and nominees.

    21 May 2015

  • GlobalCapital High Yield Bond Awards 2015

    GlobalCapital presents its annual High Yield Bond Awards 2015. These Awards are determined entirely by a poll of market participants, and celebrate the outstanding issuers, investment banks and rating agencies in the European high yield market between May 2014 and April 2015.

    21 May 2015

  • Short and long ends drive Rmb14bn MoF dim sum

    The opposite extremes of the yield curve saw the keenest pricing in this week's Rmb14bn ($2.3bn) dim sum auction from China's ministry of finance (MoF) on Wednesday morning. But the seven and 10 year tranches were seen at or wider than secondary, reflecting an ultra-flat part of the curve that offered less interest than longer dated paper.

    21 May 2015

  • Natixis builds Asia debt platform on European strengths

    Natixis is continuing its push into Asia’s fixed income market with a series of appointments in recent months. And the French lender, which started a concerted push into Asia’s debt market in 2010, is keen to establish a bigger footprint in the region by leveraging on its European expertise.

    21 May 2015

  • Second time lucky for JBS as Brazil wakes up

    Brazilian meatpacker JBS sold $900m of new 10 year notes on Wednesday, sending a clear signal to other issuers from the country that issuance conditions have improved sharply.

    21 May 2015

  • China eyes Industrial for first green bond

    China is set to welcome its first green bond, picking a bank to sell the offshore issue, according to a panellist at the Euromoney Conferences China Debt Capital Markets Summit.

    21 May 2015

  • Keppel Infrastructure Trust opens $397m follow-on

    Singapore’s Keppel Infrastructure Trust has opened books on an accelerated share sale to raise S$525m ($397m) via a primary placement and preferential offer.

    21 May 2015

  • BRF plots second ever green bond from Latin America

    Brazilian food producer BRF Foods has mandated six banks to manage a roadshow ahead of a potential euro denominated green bond, on the same day that it announced a tender offer via a different set of banks.

    21 May 2015

  • Alibaba-backed Baozun raises $110m in smaller IPO

    Baozun Inc has priced its IPO on Nasdaq below an earlier marketing range, raising $110m for the largest US listing by a Chinese issuer so far this year.

    21 May 2015

  • China Banking Corp opens $150m loan to general

    Philippine lender China Banking Corp (Chinabank) has launched its $150m three year bullet into general syndication after a senior phase during which two banks came in as mandated lead arrangers.

    21 May 2015

  • Co-CEO of Apac leaves Deutsche in management rejig

    Alan Cloete, co-CEO of Asia Pacific will leave Deutsche Bank in the near future as part of a wider management shake-up.

    21 May 2015

  • Pemex IR head steps down

    The head of investor relations at Mexican state-owned oil giant Pemex is leaving the company after nearly four years in the position.

    21 May 2015

  • GlobalCapital Bond Awards 2015

    GlobalCapital held its ninth annual Bond Dinner on Wednesday night at the Guildhall in the City of London. More than 280 market professionals attended the event, at which GlobalCapital presented its 2015 Bond Awards to the most impressive individuals and market teams on both the borrowing and investment banking sides of the market.

    21 May 2015

  • Faster foreclosures could boost New York rental ABS market

    A wave of single family rental (SFR) ABS sponsors could be coming to New York if efforts to speed up the state’s foreclosure process prove successful, market participants say.

    20 May 2015

  • Lawsky steps down from NYDFS

    Ben Lawsky has stepped down from his post heading the New York Department of Financial Services, the state’s top financial regulator announced on Wednesday.

    20 May 2015

  • Rooftop solar vs utilities: a fossilised defence of a fossilised industry

    This week, the Wall Street Journal published an opinion piece claiming that rooftop solar power — quickly becoming a popular asset in securitization — was a "losing technology" that wasted money. The author not only ignored the benefits of solar but was also selective with the facts.

    20 May 2015

  • American Tower brings first ABS since GTP purchase

    American Tower was close Wednesday to pricing its first issuance backed by cell towers since the wireless connection company acquired competitor GTP Acquisition Partners in 2013.

    20 May 2015

  • Swap and CDS notionals down year-on-year but clearing rises

    Interest rate swap and credit default swap notionals are falling compared with last year, despite a rise in the number of trades executed, according to the latest data from the International Swap and Derivatives Association (ISDA).

    20 May 2015

  • JP Morgan set to lose experienced financials credit trader

    A senior financial credits trader at JP Morgan in London is set to leave his post at the bank, say market sources.

    20 May 2015

  • ECB-inspired rally drives heavy demand for overnight blocks

    The European block trade market exploded into life on Tuesday evening with five deals executed, as opportunistic issuers tapped investors while this year's European Central Bank-fuelled stock market rally continues.

    20 May 2015

  • América Móvil monetises KPN with blowout €3bn exchangeable

    América Móvil won very strong demand on Wednesday May 20 for a landmark exchangeable bond issue, into its holding in Koninklijke KPN, the Dutch telecoms company.

    20 May 2015

  • SSA to make rare dollar appearance

    Eurofima is set to become the latest issuer to sell in dollars this week, with what will be its first deal in the currency since a $1bn three year in May 2010.

    20 May 2015

  • Ten year maturity suits Whitbread for first benchmark

    Whitbread, the UK hotel, pub and coffee shop operator, sold its first benchmark bond on Wednesday, drawing together a comfortably oversubscribed book for the 10 year issue.

    20 May 2015

  • EFSF to break euro silence

    The European Financial Stability Facility looks set to again walk alone in the euro benchmark market for SSAs, after sending out requests for proposals on Wednesday.

    20 May 2015

  • General Electric pays up for 12 year deal - but yields are still enticing

    General Electric became the latest US issuer to hit the euro bond market with a multi-tranche deal on Wednesday. The bond was issued by GE itself, not GE Capital.

    20 May 2015

  • Harman makes euro debut to finance Bang & Olufsen unit buy

    Harman International Industries, the US audio equipment manufacturer, made its euro bond debut on Wednesday, putting together a sub-benchmark deal that will be used in part to finance its acquisition of part of Bang & Olufsen.

    20 May 2015

  • Investors flock to inaugural bond from Italian broadcaster RAI

    Radiotelevisione Italiana (RAI), Italy's state broadcasting company, sold its debut bond issue on Tuesday, with a healthy spread over Italian government debt allowing it to gather a hefty book for a sub-benchmark print.

    20 May 2015

  • World Bank hits Italian retail with green linker

    World Bank is targeting Italian retail investors with its latest ethical index linked green bond.

    20 May 2015

  • Investors pile into KfW Kauri debut

    KfW has more than doubled the original target for its debut Kauri bond, as investors flocked to the long awaited deal.

    20 May 2015

  • Irish RMBS is back as Dilosk announces full stack

    Non-bank Irish mortgage lender Dilosk, which last year bought a portfolio of mortgages from the Bank of Ireland, has announced the capital stack and initial price thoughts of its €205.8m debut Irish RMBS deal.

    20 May 2015

  • New-look Kensington Mortgages revitalises Gemgarto RMBS shelf

    The European RMBS market is waking up, with Kensington Mortgages announcing the capital stack of its new prime UK RMBS transaction, just as newcomer Dilosk issued initial price thoughts for its debut Irish RMBS.

    20 May 2015

  • ECB starts detailed probe on leveraged lending by European banks

    The European Central Bank has asked European banks to provide very detailed information their leveraged lending practices, to a very tight deadline, in what is widely believed to be the prelude to regulation of the market.

    20 May 2015

  • Sunway Construction sets max price for $154m listing

    Sunway Construction Group, the offshoot of Malaysian conglomerate Sunway, is on track to raise up to MR550m ($154m) after setting the maximum price for its IPO at MR1.20 ($0.33) a share, according to sources close to the company.

    20 May 2015

  • Schenck lays out price talk on €605m refi

    Schenk, the German measuring and processing technology manufacturer, set out price guidance on its €605m refinancing loan at a bank meeting on Tuesday.

    20 May 2015

  • Saratoga prints Asia’s first EB of the year

    Saratoga Investama Sedaya, the Indonesian private equity firm, has issued the first exchangeable bond of 2015 on May 19, printing a $100m five put three offering that saw its rarity value driving demand.

    20 May 2015

  • ABN Amro and Lloyds to turn FIG green

    ABN Amro is set to become the first bank to print a green bond in euros next month, while Lloyds has mandated for another sterling-denominated green bond.

    20 May 2015

  • UBS pleads guilty and swallows new fine round

    UBS has paid another $545m in fines for Libor and FX manipulation, as well as pleading guilty to its to wire fraud related to Libor. The bank has provisioned for these fines, and expects to shrug off the payments in its second quarter numbers.

    20 May 2015

  • Société Générale launches Dubai structured finance platform

    Société Générale is stepping up its efforts in the Middle East by establishing a structured finance platform in Dubai.

    20 May 2015

  • Asia loans news in brief, May 22, 2015

    China Steel Corp hunts for $400m — AerCap holds bank meeting — Air India picks two — Indomobil gets three

    20 May 2015

  • Bank Dhofar offers buyers longest bite at Omani banking sector

    Bank Dhofar offered investors the longest tenor available from Oman’s banking sector this week, but a tier one structure and lack of clear comparables was a recipe for disagreement over fair value.

    20 May 2015

  • ING Turkey set to close loan, while Alternatif Bank joins refi round

    Turkish banks' first annual refinancing round continues, with ING Turkey seeking to close a loan as early as Wednesday, while Alternatif Bank is also lining up.

    20 May 2015

  • KNPC draws submissions for $10bn refinery loan

    The deadline for banks to submit proposals for a jumbo Kuwait National Petroleum Co loan passed on Sunday, say bankers looking at the deal.

    20 May 2015

  • Chile aims to entice corps to euros after dual-tranche

    Chile reaffirmed its commitment to the European bond market on Tuesday with a dual-tranche issue designed to lure the country’s companies to fund themselves on the other side of the Atlantic.

    20 May 2015

  • Aviva looks super long as insurance pipe shows itself

    Aviva is considering an extra tranche of subordinated debt even longer than the 30.5 year non-call 10.5 it has already hired banks to sell, while a Norwegian insurer has also mandated in euros.

    20 May 2015

  • Afreximbank to launch $500m loan via Commerzbank

    African Export-Import Bank is set to launch a loan of around $500m equivalent on Wednesday or Thursday, say bankers.

    20 May 2015

  • FIG leans on dollars and sterling

    Deals from financial institutions have been creeping out into the primary market this week, but issuers are clearly still keen to avoid printing in euros.

    20 May 2015

  • Brazilians back in dollars as Bank Dhofar breaks AT1 ground for Oman

    Breakthroughs are being made in the emerging bond markets on both sides of the Atlantic this week.

    20 May 2015

  • Ten line up for Inventec’s $400m refi

    Ten banks are due to sign the mandate for notebook maker Inventec Corp’s $400m five year refinancing loan.

    20 May 2015

  • Blocks abuzz with New China Life, Sinotrans and Digital China

    Three overnight block trades out of Hong Kong found ready buyers when they hit screens on May 19 as investors continued to add to their China exposure and shareholders reaped the rewards of a buoyant market.

    20 May 2015

  • McDonald's and Michelin struggle at long end, but overcome Bund turmoil

    It’s back to business in the corporate bond market after a quiet patch last week, when a combination of rates volatility and European public holidays kept issuers away from the market.

    20 May 2015

  • Gazprom Marketing & Trading looks for revolver

    Gazprom Marketing & Trading, the London-headquartered unit of Russian gas company Gazprom, is in the market for a $350m one year revolving credit facility.

    20 May 2015

  • StanChart’s Maclean to head European DCM

    Standard Chartered Bank’s Spencer Maclean will become head of European DCM at the firm after a career on emerging markets syndicate that has spanned 17 years.

    20 May 2015

  • Shanghai Electric connects with debut euro bond

    Shanghai Electric Group Company (SEC) wrapped up its first foray into euros this week, joining a string of Chinese firms that have recently taken advantage of Europe’s low yield environment. Due to the strong demand, not only did the issuer price the deal a lot tighter than its closest comparable but it was able to ramp up the issue size.

    20 May 2015

  • Dollar demand for SSAs holds despite underlying rate moves

    Public sector issuers underlined the strength of demand in the dollar market this week as issuers were able to get benchmarks away despite volatility in US Treasuries.

    20 May 2015

  • Starhill Global closes on S$125m offering

    Starhill Global Reit has closed books on an eight year S$125m ($93.5m) bond offering. The bond follows a rush of issuance in the Singapore market as names take advantage of lower rates and improved investor appetite.

    20 May 2015

  • ICBC Singapore hits sweet spot with $400m return

    Industrial and Commercial Bank of China (ICBC)’s Singapore branch showed that good deals can come in pair, when it sold a $400m three year deal on May 19. That trade priced just one day after its Dubai branch made a successful debut in the international bond market.

    20 May 2015

  • MoF Rmb14bn dim sum auction three times covered

    China's Ministry of Finance (MoF) has wrapped up its Rmb14bn ($2.3bn) auction of offshore renminbi government bonds in Hong Kong, with the deal about three times covered.

    20 May 2015

  • Toh leaves Standard Chartered DCM

    Head of Singapore debt capital markets for Standard Chartered, Henry Toh, has left the bank just one month after he joined the bank.

    20 May 2015

  • Allocations out for Indo Eximbank’s $1bn loan

    Indonesia Eximbank has sealed its latest loan at $1bn, exercising a $250m greenshoe option after general syndication saw 38 firms pile in.

    20 May 2015

  • Total Derivatives: IPO release supports short-end CNY

    A hefty release of Chinese IPO subscription funds supported equities and weighed on the CNY rates market on Tuesday. Five year NDIRS was been better bid on the sell-off, while the short-end was outperforming on the improvement in liquidity conditions, writes Deirdre Yeung of Total Derivatives.

    20 May 2015

  • HTSC to close books on Thursday as interest piles in

    HTSC will close books on its jumbo HK$34.72bn ($4.48bn) IPO at 4pm Hong Kong time on May 21, with investors showing few signs of price sensitivity and putting the listing on course to be Asia ex-Japan’s largest IPO so far this year.

    20 May 2015

  • Zhengzhou Yutong drives for debut RMB

    Zhengzhou Yutong Group has opened books for a three year dim sum bond, having opted to add the credit enhancement of a standby letter of credit for its first transaction in the offshore renminbi (CNH) debt market.

    20 May 2015

  • Guangzhou Comm Inv picks banks for maiden dollar bond

    Guangzhou Communications Investment Group has hired two banks ahead of its first outing in the dollar bond market and will meet investors this week.

    20 May 2015

  • Yields expected tighter than secondary in MoF dim sum auction

    Analysts are expecting a very strong reception to today's auction of offshore renminbi China government bonds (CGBs) by the Chinese Ministry of Finance. The result of the auction, which sees some Rmb14bn ($2.3bn) of bonds offered across six tenors, will be announced by 5pm Hong Kong time.

    20 May 2015

  • Greece and volatility forgotten as investors pile into block trades

    Despite last week’s high profile and galling cancellations of two IPOs, new flotations continue to move toward Europe’s equity market, and investors are showing plenty of appetite for deals they like.

    20 May 2015

  • Industry must build resilient risk systems

    Risk management is, by nature, evolutionary, but the 2008 financial crisis marked an inflection point that changed the paradigm for the industry. It ushered in an era of greater regulatory scrutiny, with risk management emerging as a leading priority for financial firms and policy makers, who pledged to establish new rules that would enhance market stability and mitigate the likelihood of another financial meltdown.

    20 May 2015

  • Pair of senior staffers announce SEC departure

    The Securities and Exchange Commission has announced the departure of two senior members of staff.

    19 May 2015

  • Guggenheim prices Wendy's at 'healthy' levels

    Wendy’s whole business securitization was fully subscribed on Tuesday despite a recent decline in revenues, bankers told GlobalCapital.

    19 May 2015

  • Single name rolls to be halved in bid to save CDS

    Calls from real money investors for market makers to scrap two of the four quarterly rolls of single name credit default swaps each year are gaining traction, say traders — and could take effect as soon as next month.

    19 May 2015

  • Lawsky wants to get foreclosed homes back to market faster

    The New York Department of Financial Services (NYDFS) is gathering support for new legislation to speed up sales of foreclosed homes in New York, superintendent Ben Lawsky said on Tuesday.

    19 May 2015

  • Hella Hueck and Ireland’s DCC shine in burst of six block trades

    A burst of block trades hit the European market today, most of which met eager demand, starting with a daytime deal to raise new capital for DCC, the Irish sales, marketing and distribution group, which is buying a French fuel business from Shell.

    19 May 2015

  • Phoenix Spree launches IPO in London

    Phoenix Spree Deutschland, a German property investment fund, said on Tuesday it intended to float in London, in a deal that will contain neither a primary nor a secondary sale of stock.

    19 May 2015

  • Kleinwort to steer £3.2bn raising for London Paramount Resort

    Kleinwort Benson has been appointed sole adviser to London Resort Co Holdings (LRCH), which plans to raise £3.2bn of debt and equity to build a Hollywood-style theme park near London called the London Paramount Entertainment Resort.

    19 May 2015

  • Michelin returns after three years, but 30 year punt is too long

    Michelin, the French tyre maker, issued its first bond since 2012 on Tuesday. While the issuer drew good demand for seven and 12 year euro bonds, a proposed 30 year tranche failed to gain traction with investors.

    19 May 2015

  • There’s no shame in small bank group for Russian loans

    Russian borrowers must stop worrying about losing face if they cannot get many banks to participate in their loans — and worry more about a scheduling logjam.

    19 May 2015

  • Dufry offers early Sfr275m convertible bond conversion

    With just a month to go before travel retailer Dufry’s convertible bond matures, the Swiss company has launched an offer to allow noteholders to convert the bonds early.

    19 May 2015

  • The ECB's purchases create the volatility it deplores

    The European Central Bank has expressed concern about extreme rates volatility. But until it stops buying and allows the private sector to become re-established, its true mission as liquidity provider of last resort will remain in conflict with its determination to expand its balance sheet.

    19 May 2015

  • ITW shows long end still open for US issuers — but costs more

    Illinois Tool Works, the US machinery and components maker, issued its third euro bond on Tuesday, taking what bankers away from the deal judged a “conservative” approach by selling eight and 15 year tranches.

    19 May 2015

  • Harmonising insolvency law — nice, but not necessary

    Financial professionals would love Europe to harmonise its bankruptcy and insolvency laws. But examine any particular case — say, that of oil company Afren — and it is clear that goal is out of reach. That may even be a good thing.

    19 May 2015

  • BMW munches tasty arb in sterling with £300m five year

    BMW issued its first public sterling bond of the year on Tuesday, achieving an attractive arbitrage against euros for a long five year maturity, according to bankers away from the deal.

    19 May 2015

  • Rexel roadshows €500m bond to redeem dollar 2019

    Rexel, the French maker and distributor of electrical supplies, is roadshowing a €500m high yield bond that will refinance a dollar bond and be used for general business needs.

    19 May 2015

  • ABS market defies volatility once again

    The ABS market in Europe is once again defying broader market turmoil as two issuers close in on tight pricing for their deals.

    19 May 2015

  • Spain auctions nine month bills at negative rate amid whipsawing yields

    Spain’s nine month borrowing costs dipped below 0% at auction for the first time on Tuesday, as eurozone government bonds enjoyed strong demand in the secondary market during the morning.

    19 May 2015

  • SSAs to add to EIB’s dollar supply, despite volatility

    The public sector dollar bond pipeline for Wednesday is filling up, with a series of issuers set to follow a three year dollar benchmark from the European Investment Bank on Tuesday.

    19 May 2015

  • UK urged to go ultra long in next quarter

    Market makers and investors have asked the UK’s Debt Management Office to look far along the curve for its next syndication.

    19 May 2015

  • KfW kicks off debut Kauri

    KfW has opened books on its first Kauri bond, a trade that has been years in the making, according to lead bankers on the deal.

    19 May 2015

  • DIA shareholders exit via €408m block

    Two shareholders in Spain’s Distribuidora Internacional de Alimentación (DIA) have exited the supermarket chain in a €408.5m block trade.

    19 May 2015

  • Rarity value nets demand for Cerved

    The Italian equity capital market was at the centre of a big liquidity event on Monday, May 18, thanks to CVC Capital Partners raising €203.2m from an increased sale of shares in credit information provider Cerved.

    19 May 2015

  • Korea needs to catch up in Reit game

    Asia is making up for lost time in the race to make real estate investment trusts a cornerstone of its capital markets. One country that hasn’t kept up with the pace is South Korea. It is not too late to fix this.

    19 May 2015

  • Nixon gets second time luck with sale

    Strong markets at the start of the week tempted Simon Nixon, founder of MoneySuperMarket.com, to have another go at selling a chunk of the company, less than two months after a failed attempt.

    19 May 2015

  • HSBC loses co-head of Asia ECM

    One of HSBC's co-heads of Asian equity capital markets has left the firm, GlobalCapital Asia understands.

    19 May 2015

  • Securitization never had a credit risk problem

    Promoting securitization is all well and good. After all, it performed through the crisis and offers a good way to keep finance flowing while cutting banks out of the picture. But regulation of the industry keeps trying to solve a problem that never existed.

    19 May 2015

  • Deutsche Asia corp finance co-heads placed on leave

    Deutsche Bank's co-heads of corporate finance in Asia, Venky Vishwanathan and Doug Morton, have both been placed on leave in what market sources say are unconnected circumstances.

    19 May 2015

  • Investors draw “line in the sand” on Flint repricing

    Investors have fought back against the tide of leveraged loan repricings, forcing printing ink maker Flint Group to keep pricing at the wide end of guidance on its €1.5bn transatlantic deal.

    19 May 2015

  • Immofinanz gets €300m loan to refinance Vienna properties

    Immofinanz, the Austrian property company, has secured a €300m loan from UniCredit Bank Austria and Deutsche Pfandbriefbank to refinance its Vienna property portfolio.

    19 May 2015

  • Terex moves euro loan pricing into line with dollars

    Terex, the US maker of lifting and materials handling machinery, has set out price guidance for a €199m loan repricing that will bring its margin into line with Terex's dollar term loans.

    19 May 2015

  • Bank of Sharjah steps out on roadshow

    Bank of Sharjah is starting roadshow meetings for a dollar Reg S benchmark bond on May 21.

    19 May 2015

  • Polyus Gold seeks consent to change bond covenants

    Polyus Gold has announced a consent solicitation to tweak the covenants in the documents for its $750m 5.625% 2020 bond.

    19 May 2015

  • Bank Dhofar talks 'attractive' price for first Omani tier one

    Bank Dhofar has released "attractive" initial price guidance of 7% yield area for the first ever Omani tier one capital bond. The perpetual deal is callable after five years, and its size is capped at $300m.

    19 May 2015

  • CS fills TLAC boots as euro curse strikes again

    Credit Suisse was printing its second slab of holdco debt in as many days on Tuesday, but was doing so in sterling as the European Central Bank sent Bund yields tumbling.

    19 May 2015

  • Shanghai Electric set to charge with debut euro bond

    Shanghai Electric Group Company (SEC) has started taking bids for what will be the company’s debut euro-denominated bond.

    19 May 2015

  • Innocean and Mirae get KRX nod for IPOs

    Hyundai Innocean and Mirae Asset Life Insurance have passed their respective listing hearings with the Korean regulator, adding a dash of excitement to what has been a quiet period in Korea’s IPO market so far this year.

    19 May 2015

  • ICBC Dubai issues bond, Singapore branch to follow suit

    Industrial and Commercial Bank of China (ICBC)’s Dubai branch wrapped up a stylish debut on May 18, selling a $500m five year bond. Encouraged by its success, ICBC Singapore opened books for a three year dollar bond the very next day.

    19 May 2015

  • Green bond market to gain new SSA issuer

    A European agency has firmed up plans to enter the green bond market, with an inaugural deal set for later this year.

    19 May 2015

  • Sinotrans opens books for $143m block

    HSBC is leading the sale of a block in Hong Kong-listed Sinotrans worth HK$1.11bn ($143.21m), as a shareholder takes advantage of the nearly 50% run-up in its share price since end-March.

    19 May 2015

  • First Sponsor, Century Sunshine hit the road for S$

    Century Sunshine Group Holdings and First Sponsor Group Limited have both mandated banks for roadshows in Singapore this week.

    19 May 2015

  • CBSBF returns to MTNs with floored floaters

    Central Bank of Savings Banks Finland has sold a pair of privately placed floating rate notes, returning a week after it debuted in the format.

    19 May 2015

  • MD leaves Nomura FIG DCM

    Nomura has lost a managing director from its FIG DCM team, GlobalCapital understands.

    19 May 2015

  • China Aoyuan opens door to riskier Chinese property credits

    China Aoyuan Property Group priced a $250m bond this week, proving that sentiment has improved to the point where the market is ready to embrace lower rated property developers from China.

    19 May 2015

  • CIFI lands $170m in block as China property entices

    China’s beleaguered real estate players are starting to find favour again with equity investors, with CIFI Holdings and Greenland Hong Kong Holdings raising HK$1.32bn ($170m) and HK$1.70bn, respectively, from top-up placements.

    19 May 2015

  • Chinese corps to get access to Formosa market: Taipei Exchange

    Chinese corporates will be allowed to issue Formosa bonds in Taiwan in the future, said Huang Bing Jing, deputy chief executive officer of Taipei Exchange, speaking at Euromoney's China Debt Capital Markets Summit 2015 in Beijing on Tuesday.

    19 May 2015

  • Singapore issuers should strike while the iron's hot

    A bout of activity in the Singapore dollar bond market has shown that issuers and investors see opportunities after what has been a quiet year so far. A dip in yields and the fear of rising rates has helped encourage the sellside, while buyers have taken heart from a period of currency stability. Issuers that have been waiting should jump in now before it's too late.

    19 May 2015

  • Titan deal goes to court over class X

    A dispute over payments in Titan 2006-3, a CMBS deal from 2006, has kicked up a notch as the trustee has asked English courts to rule on who gets the money.

    19 May 2015

  • Sidley Austin boosts Singapore business with new hire

    Law firm Sidley Austin has hired Charlie Wilson to join the firm’s Singapore office as a partner in its M&A and private equity practices.

    19 May 2015

  • Govt link and rarity drive BSAM’s $1bn debut success

    Beijing State-owned Assets Management (BSAM) successfully printed its first international bond on May 18 on the back of strong demand. Investors piled in to get their hands on a Beijing-linked state-owned entity.

    19 May 2015

  • 3Sbio presses play on $700m Hong Kong IPO

    3Sbio started gauging investor interest on Monday for its $700m IPO in Hong Kong, with bankers saying that appetite for the Chinese biotech firm is already looking strong.

    19 May 2015

  • China bond market development 'a must' for RMB progress, says Gao

    Development of China's domestic bond market is a key step for the internationalisation of the renminbi, according to Gao Jian, former vice governor of China Development Bank, speaking at Euromoney's China Debt Capital Markets Summit 2015 in Beijing on Tuesday.

    19 May 2015

  • HTSC dazzles Hong Kong ECM with $4.5bn IPO

    Chinese brokerage house HTSC was the toast of the town as it opened books on Monday, with the HK$34.72bn ($4.48bn) IPO attracting a whopping 13 cornerstone investors that included some of Asia’s tech luminaries.

    19 May 2015

  • Itaú reopens dollar bonds for Brazil, but no flood expected

    Latin American bond bankers praised Itaú Unibanco on Monday for issuing the “ideal” trade to reopen dollar bond markets for Brazilian borrowers, with its $1bn senior unsecured issue.

    19 May 2015

  • Greece drives flows in shaky week for credit

    Greece’s debt negotiations returned as a driver of European credit index trading this week, but after a rocky start the country’s own bonds froze in concert with the continuing stalemate around debt talks.

    18 May 2015

  • SGPS switches on portfolio margining for CME derivatives

    Société Générale announced on Monday it has begun portfolio margining for its clients through its Société Générale Prime Services (SGPS) business.

    18 May 2015

  • Progress bringing first-of-its-kind SFR ABS

    Deutsche Bank is marketing a new type of single-family rental securitization for real estate investment trust Progress Residential.

    18 May 2015

  • Fannie selling new risk-transfer deal

    Fannie Mae is selling $1.45bn of credit risk tied to a reference pool of mortgages as part of the agency’s credit risk transfer program.

    18 May 2015

  • Telos parent pulls warehouse support for latest CLO

    Tiptree Financial, the owner of Telos Asset Management, will not finance the first loss piece of Telos’s latest CLO warehouse — leaving US market newbie Société Générale to find a buyer.

    18 May 2015

  • McDonald's bins 20 year tranche, but US pipeline grows

    McDonald’s Corp fell victim to a lack of demand for long dated euro bonds on Monday. It was forced to pull the 20 year component of what had been planned as a four tranche deal.

    18 May 2015

  • Sterling market ripe for issuance after Paccar debut

    Paccar, the US truck manufacturer, took to the public sterling bond market for the first time on Monday, drawing a solid book.

    18 May 2015

  • Massimo Zanetti brews plans for €128m Italian listing with juicy terms

    Massimo Zanetti Beverage Group, the Italian coffee company, opened books on Monday for an IPO of at least €127.6m.

    18 May 2015

  • Siltronic launches IPO investor relations phase

    Siltronic, the German silicon wafer manufacturer, launched its IPO in earnest today, as investor education began for its listing in Frankfurt.

    18 May 2015

  • Adecco €500m shows eight years has become a sweet spot

    Adecco, the Swiss recruitment and employment agency, highlighted strong demand for corporate bonds in the eight year part of the euro curve on Monday.

    18 May 2015

  • Morgan Stanley prices €516.1m Avoca CLO XIV

    Morgan Stanley priced KKR’s €516.1m Avoca CLO XIV late on Friday, having attracted strong demand.

    18 May 2015

  • EIB set for dollar benchmark as euro supply stays muted

    The European Investment Bank has mandated for a dollar benchmark, a currency that has formed a much larger part of its issuance compared to the last few years.

    18 May 2015

  • Global ABS, Barcelona -- ABS East, Miami

    GlobalCapital is proud to be the lead media partner and daily newspaper publisher for IMN's Global ABS and ABS East conferences. Click through for more information about both events.

    18 May 2015

  • Hon Hai sniffs out $800m CB issue

    Taiwan’s Hon Hai Precision Industry Co, also known as Foxconn, plans to issue an $800m convertible bond, set to be the largest offering in the Asian equity linked market so far this year.

    18 May 2015

  • Robit builds steam for €44m Finnish IPO

    Robit has narrowed guidance on its €44.4m listing on the secondary Finnish exchange, finding steam in the middle of the original range as Nordic investors stay resilient amid turbulence in European IPOs.

    18 May 2015

  • CSRC clears up ownership issues for Stock Connect

    Regulators have moved to assuage concerns around issues of beneficial ownership under the Shanghai-Hong Kong Stock Connect, with international investors holding A-shares now guaranteed the same rights as any other A-share investor.

    18 May 2015

  • Lenzing, Fresenius refinance and shrink Schuldscheine

    Lenzing, the Austrian maker of cellulose fibre, has signed a €150m Schuldschein, refinancing its existing Schuldschein programme down from €200m.

    18 May 2015

  • BSN Medical markets €360m refinancing loan

    BSN Medical, the German medical devices company, is holding a lender call at 3pm on Monday afternoon to market a €360m refinancing loan.

    18 May 2015

  • ConvaTec to refi loans and bonds with €1.5bn of loans

    ConvaTec, the maker of medical goods including wound dressings and catheters, will hold a bank meeting on Tuesday to market a €1.5bn-equivalent refinancing project that will take out loans and bonds.

    18 May 2015

  • Italy prints privately as periphery preps auctions

    Italy has closed a long dated private placement — its second this month — as Portugal and Spain cue up auctions for the coming days.

    18 May 2015

  • Terex comes to Europe for €199m refi loan

    Terex, the US maker of lifting and materials handling machinery, is arranging a €199m loan to refinance debt in euros, with lender calls in London and New York today.

    18 May 2015

  • Virgin swells heavy pipeline

    Virgin Money announced a mandate for a new UK RMBS, Gosforth Funding 2015-1, on Monday, adding to a heavy pipeline also featuring UK near-prime RMBS, an Irish RMBS, German auto ABS, and a UK secured note.

    18 May 2015

  • Dubai Islamic Bank mandates six for sukuk

    Dubai Islamic Bank has mandated six banks for a dollar Reg S benchmark sukuk.

    18 May 2015

  • Turkish bank knocks out euro debut MTN

    Türkiye Cumhuriyeti Ziraat Bankası has made an introductory move into the euro denominated private medium term note market, responding to interest from a rare investor.

    18 May 2015

  • FirstRand builds loan to $235m on strong demand

    South Africa’s FirstRand Bank has closed a $235m loan, having almost doubled the size of the facility in response to demand.

    18 May 2015

  • Westpac and Macquarie look to dollars

    Two Australian banks are exploring the dollar markets. Westpac has opened guidance on a fixed and floating rate note and Macquarie is meeting investors for a subordinated tier two.

    18 May 2015

  • Irish lender PTSB to re-open market

    Permanent TSB proved the boldest bank in the euro market on Monday and opened guidance on a three year senior trade, the first since May 12.

    18 May 2015

  • Norilsk Nickel embarks on investor meetings

    Norilsk Nickel is holding investor update meetings in London on Monday with Barclays.

    18 May 2015

  • CS appoints EMEA insurance DCM head

    Credit Suisse has hired a banker to run its insurance DCM business in Europe, a new role as the bank looks to boost its presence in a growing sector.

    18 May 2015

  • Loan Ranger: The Good, the Bad and the Euribor – The coming of the storm

    In which our hero's escape only brings something much, much worse...

    18 May 2015

  • Indomobil gets three commitments for $100m loan

    Indomobil Finance Indonesia, which launched a $100m fundraising into general syndication on April 14, has already netted $40 in commitments.

    18 May 2015

  • Puradelta’s wings clipped, IPO raises $76m

    Indonesia’s Puradelta Lestari raised just Rph1.01tr ($76.3m) from its IPO after pricing the deal at the lowest end of expectations and slashing the number of shares by more than half.

    18 May 2015

  • Garuda Indonesia picks sukuk for dollar debut

    Indonesian airline Garuda Indonesia has mandated 15 banks to arrange its first dollar outing, which will be in sukuk format. Roadshows will take in the Middle East, Asia and Europe.

    18 May 2015

  • China Hongqiao wraps up at $597m

    Aluminium company China Hongqiao has wound up its latest borrowing at $597m, lower than the launch size of $600m.

    18 May 2015

  • Total Derivatives: IPOs back CNY bid, curve correction

    A flurry of upcoming Chinese IPOs have tightened liquidity, driving upward pressure on CNY swap rates. But expectations of further easing from the People's Bank of China (PBoC) have tempered the short-end bid. After recent steepening the 1s/10s NDIRS curve slope is expected to correct flatter, writes Deirdre Yeung of Total Derivatives.

    18 May 2015

  • India's pro-cyclical industries to benefit from improved credit conditions through 2016

    Credit conditions in industries that are most directly correlated to India’s economic cycle, such as industrials, transport infrastructure, metals and automotives will improve the most through 2016, because of factors such as an upturn in economic growth, and the pass-through of interest rate cuts.

    18 May 2015

  • FIG DCM director quits Barclays

    A director in Barclays’ FIG DCM team has ended a decade long stay at the firm, GlobalCapital understands.

    18 May 2015

  • Devolution drives Moody’s to create new agency for sub-sovereigns

    The growing presence of European sub-sovereign issuers in the capital markets has led to the creation of a new rating agency dedicated to the sector.

    18 May 2015

  • Ratings agencies bolster Apac business

    Fitch and Standard & Poors (S&P) have announced new additions to their Apac offices in an effort to grow their presence in the region.

    18 May 2015

  • BSAM, ICBC Dubai on track for maiden dollar bonds

    Beijing State-owned Assets Management (BSAM) and ICBC's Dubai branch are venturing out into the dollar bond market for the first time.

    18 May 2015

  • Chinese HY gaining strength with new Aoyuan three year

    China’s decision to lower its deposit as well as lending rate on May 10 has prompted a recovery in the country’s capital-hungry real estate industry. And China Aoyuan Property Group is looking to take advantage of the improved sentiment to price a three year bond on May 18.

    18 May 2015

  • Colombia replaces Janna with ex JPM VP

    Colombia’s finance ministry has appointed Ana Milena López Rocha as its new director of public credit and national treasury, replacing Michel Janna who stepped down in April.

    17 May 2015

  • Sweet turns sour for bondholders as Tonon misses payment

    Tonon Bioenergia became the latest Brazilian sugar and ethanol company to miss a bond payment on Thursday as low sugar prices continue to devastate the sector.

    17 May 2015

  • Samsung Life leads burst of block trades out of Asia

    Two shareholders of Samsung Life Insurance Co raised W655.20bn ($599.31m) after pricing the shares they were selling near the bottom of the range, breaking a lull in large block trades out of South Korea since March.

    16 May 2015

  • Funding scorecard: European supranationals and agencies

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

    15 May 2015

  • Secondary pricing update: featuring Saxony-Anhalt and Sweden's dollar benchmarks

    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.

    15 May 2015

  • French REIT makes rare market visit

    Real estate investment trust Foncière des Murs, using the private medium term note format, has made its second ever foray into the capital markets.

    15 May 2015

  • LeasePlan eyes long end bargain in PPs

    Dutch fleet management company LeasePlan has this year expanded the amount of long dated private medium term notes it can issue in order to take advantage of cheap funding opportunities.

    15 May 2015

  • L-Bank doubles target for debut Kauri

    Investors flocked to L-Bank’s inaugural Kauri bond on Friday, pushing the final size to over twice the issuer’s minimum target.

    15 May 2015

  • High yield credit trading head set to leave BNP Paribas

    BNP Paribas looks set to lose its high yield credit trading head in London.

    15 May 2015

  • CapitaLand prices S$650m CB at wide end

    CapitaLand has raised S$650m ($488.6m) from its first equity-linked deal since September 2013, with investors buying into the trade despite the aggressive terms on offer and amid a dearth in new supply.

    15 May 2015

  • Issuers rush in for Singapore bonds

    The Singapore bond market is seeing a surge of activity, with issuers like Cambridge Industrial Trust, China Metallurgical Group and Soilbuild Business Space Reit all pricing Singapore dollar bond issues.

    15 May 2015

  • Three banks win mandate for Schenck loan

    Schenck Process Group, the German measuring and processing technology manufacturer, has hired three banks for a €605m refinancing loan and set a bank meeting for Tuesday.

    15 May 2015

  • Stadtwerke München gets €500m on syndicated loan debut

    Bavarian utility company Stadtwerke München has signed a €500m syndicated revolving credit facility. While it has issued many Schuldscheine, this is its first syndicated loan.

    15 May 2015

  • StanChart picks new head of markets for Europe, Americas

    Standard Chartered Bank has promoted a senior regional banker to head of capital markets for Europe and the Americas.

    15 May 2015

  • Greenland in the market for $191m follow-on

    Greenland Hong Kong Holdings has launched an accelerated placement of primary shares to raise $191m.

    15 May 2015

  • Loans round-up: China Steel Corp, AerCap, Air India

    Taiwan’s biggest steel producer China Steel Corp has approached lenders for a $400m seven year fundraising. Two Taiwanese banks are arranging the financing, which offers banks comfort in the form of a cap on the Taifx-Libor differential.

    15 May 2015

  • Noble attracts 17 during general syndication

    About seventeen lenders have come in for a piece of Noble Group’s $2.25bn syndicated loan during general syndication. The facility’s 15 leads held roadshows in Europe and North America, in addition to Asia, and the list of incoming banks reveals plenty of western liquidity.

    15 May 2015

  • PNC Infratech eyes slick finish for $77m IPO

    PNC Infratech is set to price its Rp4.9bn ($76.5m) listing in India at the top of guidance after anchor and institutional investors threw their support behind the trade.

    15 May 2015

  • Huge tightening in secondary for ABC NY triple trancher

    Agricultural Bank of China New York (ABC NY) made its debut in the international bond market by printing a bigger than expected $1.25bn triple tranche offering on May 14. But in order to accommodate to the US investor base, the deal had to be priced at very friendly levels — reflected in its secondary performance.

    15 May 2015

  • Chinese banks drive CMBC’s maiden bond success

    China Minsheng Banking Corp (CMBC) made its debut in the dollar bond market on May 14 and, thanks to strong demand from Chinese banks, it was able to price tighter than its better rated comparable — and bulk up the size.

    15 May 2015

  • Denox and Shun Ke Long file for Hong Kong IPOs

    Denox Environmental & Technology Holdings, a maker of plate-type DeNOx catalysts used in China’s coal-fired power plants, is looking to list in Hong Kong.

    15 May 2015

  • Chinese duo puts dim sum back on the map

    Following a slow start to the year, momentum is final picking up for the dim sum bond market with a pair of issuers looking to kick off their roadshows on May 18.

    15 May 2015

  • RMB round-up: May 15, 2015

    In this round-up, South Korea’s RMB deposits rose in April for the first time this year, China’s cross-border RMB trade settlement is down by a fifth, Belarus has renewed its currency swap line with the PBoC, MSCI will announce its decision on A-shares inclusion in its emerging market indices on June 9, and Russia’s VTB signed trade financing agreements with China Development Bank.

    15 May 2015

  • Moody’s warns on Brazil as Tupi misses bond payment

    Rating agency Moody’s warned that Brazilian corporates are facing increased liquidity risk after Cimento Tupi missed a bond payment this week.

    14 May 2015

  • Ecuador pounces on bond rally to raise $750m

    Ecuador took advantage of its falling bond yields in the wake of a rally in oil prices to reopen its dollar bonds due 2020 for a further $750m on Thursday.

    14 May 2015

  • Banks must not hijack CMU for their own ends

    Financial markets operators responded this week to the European Commission’s consultation on Capital Markets Union.

    14 May 2015

  • PennyMac close to Fannie risk transfer issuance

    PennyMac Mortgage Investment Trust is close to supplying enough mortgages to Fannie Mae to back the mortgage aggregator’s first agency credit risk transfer securitization.

    14 May 2015

  • Non-QM legislation does little for securitization

    New draft legislation in the US Senate would protect mortgage lenders from lawsuits related to how they underwrite loans, but it does not do much for securitization.

    14 May 2015

  • People Moves in Brief

    Deutsche shuffles SF heads - CS starts sterling push - Funds hires EM traders from UBS, DB

    14 May 2015

  • MiFID timeline squeezed as Europe pushes deadlines

    The technical standards for Europe’s Markets in Financial Instruments Directive have been pushed back, in the hope of achieving better regulation when it finally hits the statute book. But the new deadline will be painful for regulated firms.

    14 May 2015

  • Push, but don't shove, in levloans

    Let’s start by nipping one point in the bud: this is not a sermon on the morality of leveraged loan repricings.

    14 May 2015

  • NRW.Bank USD1bn 1.375% Aug 18

    14 May 2015

  • Ontario USD2bn 1.875% May 20

    14 May 2015

  • Finland USD1.5bn 1% May 18

    14 May 2015

  • OeKB USD1.5bn 0.75% May 17

    14 May 2015

  • EFSF EUR2bn 0.25% Oct 17 tap, EUR750m 1.2% Feb 45 tap

    14 May 2015

  • Tokyo Metropolitan Government USD1bn 2.125% May 20

    14 May 2015

  • World Bank taps US retail with green linker

    World Bank has closed the subscription window for its first index-linked green bond marketed to US retail investors, the first of many such green structures it plans to sell into the US.

    14 May 2015

  • Risk transfer ABS pipeline builds, as Dilosk prepares debut

    Evidence that new securitization issuers are ready to exploit the intensifying hunt for yield emerged this week as Dilosk prepared an RMBS debut backed by mortgages bought from Bank of Ireland, writes Graham Bippart.

    14 May 2015

  • Dollars in vogue for SSAs but not every deal a slam dunk

    The dollar market will still be the place to go for SSAs next week as the euro market comes to terms with a rampant repricing, but not every deal in the market this week fared spectacularly well.

    14 May 2015

  • IPO casualties pile up as issuers fight shy of volatility

    The heap of failed IPOs in Europe this year is mounting, with another two deals cancelled this week, almost at the last minute before completion, write Olivier Holmey and Rashmi Kumar.

    14 May 2015

  • Schuldscheine prices under pressure after German bail-in law

    The price advantage German banks gain by issuing Schuldscheine over vanilla senior debt could be eroded as the country’s draft bail-in law takes shape.

    14 May 2015

  • Mid East loans power up with aircraft, oil and electricity driving surge

    While most of the loan market speaks of a quiet patch, Middle East deals continue apace with bankers saying there are lots more deals to follow from several countries.

    14 May 2015

  • Tier two window narrowing as Belfius joins the queue

    Belfius Bank is now the sixth bank in the capital pipeline, and there is growing concern that persistent rates volatility will make it hard for them to avoid each other in the primary market.

    14 May 2015

  • Pohjola flees euros as rates ruckus shuts FIG

    FIG bankers became steadily more concerned about supply prospects this week as stability in European rates looked far off.

    14 May 2015

  • Lloyds prints dollar debut off $7bn book

    Lloyds Bank escaped the turmoil of the euro market this week and headed to the US to extend its unsecured dollar curve with a three part debt offering.

    14 May 2015

  • Multiconsult Oslo listing has investors in a frenzy

    Just a couple of days into bookbuilding, Multiconsult’s IPO of at least NOK827m ($135m) was oversubscribed across the price range, in what is a big thumbs-up to the company’s Oslo listing.

    14 May 2015

  • Demica seeks to fill banks’ SME shoes with Lloyds hire

    A capital solutions firm has hired an ABS banker to expand into an area from which banks have long been mostly absent: trade receivables securitizations for small and medium sized businesses.

    14 May 2015

  • DTAs boost tier two hopeful Popolare

    Banco Popolare, which missed a window to print tier two before its first quarter results, has emerged from blackout with an increased common equity tier one ratio.

    14 May 2015

  • Bankers cast doubt on rival claims of bountiful insurance capital pipeline

    Some bankers questioned rival teams’ claims of a strong second quarter pipeline of insurance tier two this week, while 2015 Solvency II compliant tier one supply is also in doubt.

    14 May 2015

  • Isbank gets $1.4bn as ING nears close

    Turkey’s first bank refinancing wave of 2015 has moved nearer to completion, with Isbank having closed a $1.37bn-equivalent loan and ING Turkey in the wings.

    14 May 2015

  • EFSF 30 year tap has SSAs flustered over premium precedent

    A second successive twin tap deal, following Portugal’s lead at the end of last month, brought the European Financial Stability Facility both plaudits and brickbats this week in an otherwise deserted euro primary market, writes Craig McGlashan.

    14 May 2015

  • Corporate pipeline swells as bankers warn of congestion risk

    Despite choppy markets leading to a quiet week for corporate issuance, the pipeline remains strong with several new issuers announcing roadshows for deals set to be launched this month.

    14 May 2015

  • Jacobs cracker maker Valeo Foods launches €595m loan

    Valeo Foods, the Irish food producer, has launched a €595m loan that includes a second lien tranche, to refinance debt and fund an add-on acquisition.

    14 May 2015

  • Issuers storm ABS as mart avoids volatility

    The European ABS pipeline suddenly burst with new deals this week.

    14 May 2015

  • EU pushed to scrap trading rules for CMU

    Responses to the European Commission’s Capital Markets Union consultation argue that the project should include scrapping regulation that restricts trading. The initiative could serve as cover for politicians and regulators to row back on the more damaging elements of the new rules.

    14 May 2015

  • LMA blasts the EC's exclusion of CLOs from STS's framework

    The Loan Market Association has said that Solvency II criteria for identifying simple, transparent and standardised securitizations are “a significant cause for concern”

    14 May 2015

  • 3M enjoys strong bid for 15 year print

    The 3M Co, the US maker of adhesives and a wide range of manufactured goods, highlighted a renewed bid at the long end for euro corporate paper this week, drawing a three times oversubscription for the 15 year component of a triple tranche trade.

    14 May 2015

  • Monte dei Paschi’s €3bn rights issue imminent, under a year after €5bn one

    Banca Monte dei Paschi di Siena is set to launch its long-awaited rights issue, for up to €3bn, later this month, after the European Central Bank gave approval for the deal on Wednesday.

    14 May 2015

  • Fears mount Ukraine’s Greek-style drama will become default crisis

    Ukraine’s debt restructuring renegotiations with the international community risk becoming as hostile as those taking place in Greece, another economically throttled nation on the verge of default, fund managers and analysts have warned.

    14 May 2015

  • South Africa’s Curro wraps up rights issue

    Curro, the Johannesburg-listed operator of private schools, has completed a R740m ($62m) rights issue.

    14 May 2015

  • Bank of Italy launches QE repo at bargain price

    The Banca d’Italia announced on Monday that it was prepared to offer its stock of securities bought under the public sector purchase programme (PSPP) into the market for a much lower price than the other central banks using the scheme.

    14 May 2015

  • Delachaux closes books after a second price cut

    Delachaux, the CVC-owned French railway track maker, closed books on its €690m loan repricing this Monday, with a second cut in the deal’s margin.

    14 May 2015

  • Spanish project bonds make their return

    A project bond said to be only Spain's second ever was pre-placed this week, raising €184.5m to refinance a 49km stretch of the A66 motorway northwest of Madrid.

    14 May 2015

  • Qualcomm pays up for $10bn debut deal

    The US high-grade market continued its hot streak this week, with more than $23bn of new corporate deals being priced in three days despite heightened volatility.

    14 May 2015

  • SG sales heads walk as markets teams merge

    Société Générale is merging its high yield and hedge fund sales businesses, with the two team heads likely to leave their posts.

    14 May 2015

  • A-rated Würth a safe starter for week with seven year

    Würth, the German maker of screws and fastenings, opened the week’s corporate bond issuance in Europe with Monday’s sole corporate deal, drawing a solid order book at a skinny new issue premium.

    14 May 2015

  • Flint seeks repricing for €1.5bn crossborder loan

    Flint Group, the Luxembourg headquartered UK provider of products and supplies for the printing and packaging industries, is seeking a price cut on a €1.5bn equivalent loan.

    14 May 2015

  • DP World USD500m 3.25% May20

    14 May 2015

  • Do regulators and CB bankers feel the same about dual recourse?

    The European Covered Bond Council has proposed a new generation of secured funding notes, halfway between covered bonds and securitizations. But getting them off the ground is still in the hands of the regulators.

    14 May 2015

  • Autodis prices its €60m tap, four times covered

    Autodis, the French car parts distributor, issued a €60m tap late on Monday, pricing the deal at 103.25 to yield 5.518% to maturity.

    14 May 2015

  • Sponda makes euro return in fives

    Sponda, the Finnish property company, cut a lonely figure in the euro corporate market on Tuesday, being the only issuer to sell a trade, its first since 2013.

    14 May 2015

  • A sigh of relief after UK election result

    A weekend has passed since the UK’s general election, allowing time for investors to digest last Thursday’s surprising result. The victory confounded opinion polls, which had suggested another hung parliament. This uncertainty leading up to the election resulted in an increased level of volatility in the markets.

    14 May 2015

  • Unrated Mahle undeterred by tricky market

    Volatile markets this week did not deter German car parts maker Mahle from issuing a bond on Wednesday, and it drew plenty of interest for the seven year deal.

    14 May 2015

  • DP World shows EM primary is open, despite the rates shake

    Dubai’s DP World was the only CEEMEA issuer to step out this week, shaking off turbulent markets on Tuesday to take a $3bn book for its $500m trade. Bankers are hoping the tight print may encourage some of the two dozen or so issuers that have mandated and are waiting.

    14 May 2015

  • MTN Leak: Holiday plots

    May is a month of public holidays, but the few days of respite offered by the UK government are apparently not enough for some.

    14 May 2015

  • Loans, news in brief — May 15, 2015

    Goodyear — INPP — Lagardère — Archroma — Imperial Mobility

    14 May 2015

  • Core covereds too rich in the long end

    The long end of the French, Belgian and Dutch covered bond market is in effect closed for primary issuance because it is too expensive compared with government bonds.

    14 May 2015

  • Tennet outlines framework for its debut green bond

    Tennet, the Dutch government-owned electricity transmission system operator, has mandated banks for its first green bond and will travel to meet investors next week.

    14 May 2015

  • EBA lays out derivatives bail-in rules

    The European Banking Authority has launched a consultation to agree how to close the outstanding derivatives contracts of a bank in resolution under the Bank Recovery and Resolution Directive (BRRD).

    14 May 2015

  • Asian DCM standing tall amid US Treasury sell-off

    The recent sell-off in US government bonds has grabbed plenty of headlines, with some observers fearing the negativity could spill over to Asia. But if this week’s primary issuance volume is anything to go by, the region is unlikely to be perturbed by the volatility, writes Rev Hui.

    14 May 2015

  • Spanish project bonds return with €185m issue for A66 motorway

    A project bond said to be only Spain's second ever was preplaced this week, raising €184.5m to refinance a 49km stretch of the A66 motorway northwest of Madrid.

    14 May 2015

  • DriveTime spin-off plans subprime auto ABS

    DriveTime Automotive Group spin-off GO Financial is planning its first rated subprime auto securitization in what looks to be a strong week for new issuance.

    14 May 2015

  • Bond looks likely for ICBPI buyout

    Bankers are lining up behind private equity bids for Istituto Centrale delle Banche Popolari — ICBPI — the banking payments servicer, with a bond likely to back one team’s bid.

    14 May 2015

  • PennyMac eyes jumbo RMBS with new financing

    PennyMac Mortgage Investment Trust is planning to portfolio more jumbo mortgage product that could come to market as a securitization, according to a source familiar with the company’s plans.

    14 May 2015

  • Short euro Pfandbriefe feasible, but doubted

    The Bund correction has driven mid-swaps rates higher across the curve to the point that short dated German Pfandbriefe now offer a positive yield.

    14 May 2015

  • UniCredit CIB bolsters group, but net profit falls 28% from last year

    The commercial and investment banking unit of UniCredit Group was a top contributor to the group’s €512m in net profit in the first quarter of 2015.

    14 May 2015

  • Eurazeo cuts €335m of Moncler stake after 10% price pop

    Eurazeo sold a 7.8% stake in Moncler, the French-Italian skiwear maker, through an accelerated bookbuild over Wednesday night. The book was covered, though price information suggested Bank of America Merrill Lynch had sold the block at below the underwritten price.

    14 May 2015

  • New and small covered bond issuers line up

    Just one small covered bond emerged from newcomer Natixis Pfandbriefbank this week, while several others mandated for sub-benchmark deals.

    14 May 2015

  • Carlyle preps CLO amid tightening on both sides

    Carlyle is preparing the ground for a €400m CLO in a market that is tightening on both the asset and liability sides.

    14 May 2015

  • Ireland auctions debt as volatility takes Ascension Day holiday

    Ireland enjoyed a calmer day to auction on Thursday than eurozone sovereigns have been used to over the past two weeks — but the volatility may not be over.

    14 May 2015

  • World Bank taps US retail with green index linker

    World Bank on Thursday closed the subscription window for its first index-linked green bond marketed to US retail investors.

    14 May 2015

  • Azerbaijan Methanol Company’s $1bn bond to test EM PP limits

    Azerbaijan Methanol Company, a petrochemical firm, has said it plans to raise a $1bn bond though a private placement. The deal would act as a test of market appetite for illiquid corporate debt.

    14 May 2015

  • Goodyear rolls over €550m refi with JP Morgan at the wheel

    Goodyear Dunlop Tires Europe has amended its European revolving credit facility and increased it from €400m to €550m.

    14 May 2015

  • Amedeo floats in London to fund plane acquisitions

    Amedeo Air Four Plus, the Guernsey-domiciled aircraft acquisition and leasing investment firm, floated in London on Wednesday for £202m.

    14 May 2015

  • L-Bank hits belly with Kauri debut

    L-Bank mandated banks on Thursday for its inaugural Kauri bond, while Export Development Canada opened a tap of a 2019 Kangaroo.

    14 May 2015

  • Korea ECM round-up: IS Dongseo, SK Lubricants, Samsung Life, Hyundai HCN

    IS Dongseo is delaying plans to raise $250m via the sale of global depositary receipts (GDR) in South Korea as markets have been rocked by a recent correction, say bankers.

    14 May 2015

  • GLA leads the way with first sterling bond linked to CPI

    The Greater London Authority has sold the first ever sterling bond linked to the UK’s consumer price index (CPI) measure of inflation — a move other issuers could follow.

    14 May 2015

  • Credit Suisse hires sterling credit trader for investment grade push

    An experienced sterling credit trader has left BNP Paribas and is heading to Credit Suisse to help build out a similar desk there, say market sources.

    14 May 2015

  • CapitaLand returns with S$650m CB

    Equity-linked investors are facing the return of a familiar name with Singapore’s CapitaLand opening books to an S$650m ($488.6m) offering on May 14.

    14 May 2015

  • Latam Airlines to price securitization on Thursday

    Latam Airlines will seek to price a two tranche securitization on Thursday, in a structure common in the airline industry but never before seen in Latin America, according to bankers.

    14 May 2015

  • South Africa's Imperial Mobility signs €350m loan

    Imperial Mobility, the Johannesburg listed vehicle leasing and logistics company, has signed a €350m loan with banks.

    14 May 2015

  • Azerbaijan Methanol Company to offer mysterious $1bn private placement

    Azerbaijan Methanol Company, a petrochemical firm, has said it plans to raise a $1bn bond though a private placement.

    14 May 2015

  • South Africa's Imperial Mobility signs €350m loan

    Imperial Mobility, the Johannesburg-listed vehicle leasing and logistics company, has signed a €350m loan with banks.

    14 May 2015

  • UMC pounces on rally to raise $600m CB

    Taiwan’s United Microelectronics Corp (UMC) made full use of a strong rally in the market and its solid credentials to set aggressive terms for a convertible bond offering a negative yield, raising $600m in the largest equity linked issue in Asia ex-Japan so far this year.

    14 May 2015

  • Philips unit buyout loan gets keen interest

    Global and Chinese banks are keenly awaiting the term sheet for a Bank of China-led syndicated loan facility to back the acquisition of the LED component and automotive lighting business of Philips by private equity investors.

    14 May 2015

  • India’s Reliance Utilities loan rises to $300m with nine

    India’s Reliance Utilities and Power has upped the size of its borrowing to $300m from $225m for the final allocations. The facility saw Middle Eastern, European and Indian lenders come in for the big tickets.

    14 May 2015

  • A grain of hope blown away like dust in the wind

    When markets are booming, trying to get away for a vacation is nigh on impossible. The only way to get some time off is to squeeze in a break in a location that happens to coincide with a very important client meeting.

    14 May 2015

  • Fosun makes stylish return to ECM with $1.2bn trade

    The opportunity to buy into one of China’s largest private conglomerates, Fosun International, was too good to miss as keen investor participation propelled the company to take up an upsize option and raise a chunky HK$9.30bn ($1.20bn) from an accelerated bookbuild on May 11.

    14 May 2015

  • Indo ECM on shaky ground as STP pulls $302m re-IPO

    Indonesia’s tumbling equity market has claimed its first victim in Solusi Tunas Pratama (STP), which was forced to drop its Rph3.91tr ($302.24m) share sale despite attracting decent interest from investors.

    14 May 2015

  • QIB hires veteran head of treasury for London business

    QIB (UK), the London arm of Qatar Islamic Bank, has hired an experienced banker as its head of treasury.

    14 May 2015

  • Lipton takes over from Sodhi as APLMA chairman

    The Asia Pacific Loan Market Association has elected a new board of members to lead the industry body.

    14 May 2015

  • Retirement beckons for UBS’s Asian CCS leader Chin

    UBS is bracing itself for a high profile departure as David Chin, the Swiss lender’s head of corporate client solutions (CCS), is set to retire in the summer, according to an internal memo seen by GlobalCapital Asia.

    14 May 2015

  • Korea is losing Asian Reits race as new rules fail to inspire

    The Korea Exchange (KRX) has eased rules for listing and delisting real estate investment trusts (Reits) in a bid to make the asset class more palatable to investors, writes John Loh.

    14 May 2015

  • Insurance capital supply claims questioned

    Some bankers have this week questioned rival teams’ claims of a strong second quarter pipeline of insurance tier two, while 2015 Solvency II compliant tier one supply is also being doubted.

    14 May 2015

  • Buyers plug in for Sembcorp’s S$600m perp

    Sembcorp Industries attracted strong demand for its S$600m ($454m) subordinated perpetual bond, with investors drawn to the credit thanks to its government link and the juicy coupon on offer. The deal ranks as the second largest bond in the Singapore dollar market this year, and is the market's second perp of the year year.

    14 May 2015

  • Fosun increases loan to $800m as 15 jump on board

    Hong Kong listed Fosun International has allocated its latest borrowing among 22 lenders. Banks are eager to establish a relationship with Fosun, which is snapping up assets across continents. Their interest led the Chinese company to increase its loan to $800m from $500m.

    14 May 2015

  • Asia loans news in brief, May 15, 2015

    BFI Finance $75m facility launches — Kulim Indonesia arm in market for $110m — Haitong’s leasing unit out for $80m

    14 May 2015

  • EM rates head and trader to leave jobs at Nomura

    Nomura looks set to lose the head of its emerging market rates business in London as well as a senior trader, say market sources.

    14 May 2015

  • Popolare exits blackout with DTA-boosted capital

    Banco Popolare, which missed a window to print tier two before its first quarter results, has emerged from blackout with an increased common equity tier one ratio.

    14 May 2015

  • Archroma seeks $404m loan with new arranger

    Archroma, the Swiss colour and speciality chemicals company, is sounding out early bird lenders for a $404m loan that will fund an acquisition and refinance debt.

    14 May 2015

  • Credit traders seek direction from EU after Bund market smackdown

    Traders say they are optimistic that approaching Greece debt talks and the iTraxx index May options expiring next week will help return direction to the credit market, which has been locked in the thrall of the Bund blowout since the end of April.

    14 May 2015

  • MoF outlines May 20 Rmb14bn dim sum auction

    The Chinese Ministry of Finance (MoF) is set to sell six tranches in its Rmb14bn ($2.3bn) auction of dim sum in Hong Kong on May 20, with the 30 year tenor putting in an appearance for only the second time in the history of such auctions.

    14 May 2015

  • Nine fund $750m K-sure backed loan for Reliance Jio

    Reliance Jio Infocomm, which wrapped up a $1.5bn dual tranche loan in November, has signed a $750m 12 year facility backed by Korea Trade Insurance Corporation (K-sure).

    14 May 2015

  • Chinese banks keep bond momentum going

    China Minsheng Banking Corp (CMBC) Hong Kong and Agricultural Bank of China (ABC) New York have opened books to debut dollar notes on May 14, a week after China Merchants Bank (CMB)’s New York made a debut on the back of strong demand.

    14 May 2015

  • Huawei $1.2bn facility enters general syndication

    Huawei Technologies has launched its $1.2bn five year fundraising into general syndication, after firming up 12 mandated lead arrangers and bookrunners.

    14 May 2015

  • Hong Kong to hit the road for second sukuk

    Following its well-received sukuk debut last year, the Government of the Hong Kong Special Administrative Region of the People’s Republic of China is back in the Islamic finance market with a series of investor meetings starting on May 18.

    14 May 2015

  • Natixis appoints new head acquisition fin team in Oz

    Natixis has appointed Jean-Thomas Haller to head its Acquisition & Strategic Finance team in Australia. Haller, who has been with the French lender since 2002, will shift his base to Sydney from Paris for the new role.

    14 May 2015

  • Orcel’s new UBS proves doubters wrong

    Three years on from taking over at UBS Investment bank and Andrea Orcel has overseen a transformation in its fortunes. Now he’s looking to rebuild its US business, writes David Rothnie

    13 May 2015

  • Citi sells oversized OneMain again

    Citigroup priced the fourth consumer loan ABS issuance by its soon to be sold consumer lending division OneMain Financial on Tuesday. The issue size was increased by $725m.

    13 May 2015

  • Disclosure sledgehammer to crack securitization nut

    Europe’s joint supervisors have recommended the toughest disclosure rules in the capital markets for securitizations, hoping to protect investors from the 0.4% losses they experienced buying less transparent pre-crisis instruments.

    13 May 2015

  • Wells Fargo steps up as European banks face downgrades

    The world’s second largest bank has joined the pool of banks willing to act as a structured finance counterparty in Europe. But the re-rating of the banking sector will keep the number pool of counterparties shallow.

    13 May 2015

  • New Anchorage CDO highlights desperate search for yield

    Anchorage Capital has priced a collateralised debt obligation backed by riskier corporate bonds and loans than are present in most CLOs, highlighting investors’ insatiable appetite for yield.

    13 May 2015

  • Labco pulls Paris IPO, cites volatility for withdrawal

    Labco cancelled its IPO on Wednesday morning, the day the shares were meant to start trading in Paris, in what was the second pulled offering this week.

    13 May 2015

  • Swiss Prime seeks Sfr424m rights to grow

    Swiss Prime Site, Switzerland's largest listed commercial property company, this week launched a Sfr424m ($456m) rights issue to support its growth plans.

    13 May 2015

  • 3M includes 15yr in €1.75bn three-parter as long bid recovers

    The 3M Co continued this year's strong run of US corporate bond issues in euros on Wednesday, using three tranches to raise its largest ever deal in the currency.

    13 May 2015

  • Acromas Bid nets £239m from a good ol’ Saga as stake sold off

    Acromas Bid Co sold a £239m stake in UK insurance provider Saga on Tuesday evening, giving investors a rare chance to buy a chunk of shares in the company.

    13 May 2015

  • Short end dollars open for business as SSAs print

    A pair of SSAs printed dollar benchmarks at the short end on Wednesday — a choice likely to be followed by another issuers in the currency next week.

    13 May 2015

  • Leads park Bavarian Sky at tight end of guidance

    Bavarian Sky France, the French auto lease ABS from BMW’s French unit, was priced at the low end of guidance.

    13 May 2015

  • Mahle braves tricky market, rewarded with €500m at tight NIP

    Volatile markets all this week did not deter German car parts maker Mahle from issuing a bond on Wednesday, and it drew plenty of interest for a new seven year print.

    13 May 2015

  • Italian borrowing costs take hit at auction

    A eurozone wide bond sell-off over the past two weeks took its toll on Italy on Wednesday, as it auctioned bonds at yields last seen several months ago.

    13 May 2015

  • EFSF closes euro deal — but has it opened the market?

    The European Financial Stability Facility passed a tricky test in euros on Wednesday — but bankers were divided over whether it had opened the market for others.

    13 May 2015

  • Center Parcs hits road with refi of WBS A notes, consent solicitation for Bs

    UK holiday operator Center Parcs is planning to refinance the top tranche of its whole business securitization with £490m in new securities.

    13 May 2015

  • Bond looks likely for ICBPI buyout

    Bankers are lining up behind private equity bids for Istituto Centrale delle Banche Popolari — ICBPI — the banking payments servicer, with a bond likely to back one team’s bid.

    13 May 2015

  • Lagardère downsizes credit facility to €1.25bn

    French media group Lagardère has refinanced a €1.25bn credit facility and replaced one of its relationship banks.

    13 May 2015

  • LMA blasts EC's exclusion of CLOs from STS framework

    The Loan Market Association has said that Solvency II criteria for identifying simple, transparent and standardised securitizations are “a significant cause for concern”.

    13 May 2015

  • FedEx signs for TNT deal with a €2bn credit facility

    FedEx has obtained a €2bn loan to buy its European competitor TNT Express, but will also finance the deal with balance sheet cash.

    13 May 2015

  • Flint seeks repricing on €1.5bn crossborder loan

    Flint Group, the Luxembourg-headquartered UK provider of products and supplies for the printing and packaging industries, is seeking a price cut on a €1.5bn-equivalent loan.

    13 May 2015

  • Demand swamps DP World despite torrid market

    DP World shook off turbulent markets on Tuesday to take a $3bn book for its $500m trade. While the borrower may have been pushed to issue to avoid blackout, pricing still came inside the borrower’s existing curve.

    13 May 2015

  • Citi banker joins Cantor Fitzgerald for EM debt trading

    Cantor Fitzgerald has hired Steve Gooden for its emerging markets debt trading business in London.

    13 May 2015

  • Belfius mandates for narrow tier two window

    Belfius Bank is now the sixth bank in the capital deal pipeline, and there is growing concern that persistent rates volatility will make it hard for them to avoid running into each other in the primary market.

    13 May 2015

  • EM trading head leaves UBS to run Brevan Howard fund

    A senior emerging markets credit trader is set to leave UBS to oversee a global EM portfolio for Brevan Howard, say market sources.

    13 May 2015

  • China General Nuclear raises $600m in 10 year outing

    China General Nuclear Power Corp (CGNPC) managed to price a $600m 10 year deal this week, despite launching with a fairly aggressive price guidance. Investors were undeterred by the tactic which allowed the borrower to price inside fair value.

    13 May 2015

  • EEHC loan gets big demand

    The Egyptian Electricity Holding Co is oversubscribed on a loan to build power stations, said bankers on the deal.

    13 May 2015

  • Bund relief as EFSF tests long end

    Weak German GDP figures helped drive a bid for Bunds on Wednesday morning, bringing a degree of stability after two weeks of volatility in eurozone government bonds.

    13 May 2015

  • DP World steps out as rest of CEEMEA suffers stagefright

    Rates volatility has slowed the stream of CEEMEA new issues, but some borrowers are still finding their way through to market. Middle East Dubai’s DP World, the world’s fourth biggest shipbuilder, managed such a feat this week.

    13 May 2015

  • New IPOs and blocks emerge after UK election, but failed deals mount

    After a lull in UK IPO activity ahead of the general election, prospective issuers are making themselves known again. Companies seeking to float are taking advantage of the surprise outcome of last week’s vote, in which the Conservative Party won an outright victory, scotching fears of weeks of political uncertainty.

    13 May 2015

  • BIDV nets four in senior, opens in general

    Four lenders have joined Joint Stock Commercial Bank for Investment and Development of Vietnam’s (BIDV) $100m loan during the senior phase. The deal is now open in general syndication and comes at a time when banks are eager to book sovereign-backed Vietnamese assets, while dealflow from southeast Asia is lacklustre.

    13 May 2015

  • Pre-marketing gets underway for Syngene IPO

    Drug research firm Syngene International has started gauging investor interest for its $100m-$150m IPO on the Indian Stock Exchange with the offering expected to hit the market in June.

    13 May 2015

  • 3M and Mahle test corporate bond stability as Bunds rally

    The corporate bond market shuddered to life on Wednesday, after a slow start to the week as issuers avoided market volatility caused by uncertainty over Greece’s ability to pay its creditors and a sell-off in Bunds.

    13 May 2015

  • ABS bounty defies wider turmoil in FIG

    FIG bankers have already written the week off for euro issuance after rates resumed their slide on a torrid Tuesday, but ABS investors will be offered a variety of paper in the coming days.

    13 May 2015

  • Agile proves nimble as it reopens HY market

    Agile Property Holdings this week overcame a busy market and some residual wariness about Chinese high yield property credits to price its first deal in over a year.

    13 May 2015

  • Delay not an issue for CR Land’s $1.3bn block

    Property developer China Resources Land (CR Land) took advantage of the recent rate cut in China to tap the equity capital market for funding with a large HK$10.1bn ($1.3bn) block on May 12. Despite the encouraging result, it was not all smooth sailing for the issuer, which saw one bookrunner leave the syndicate and its bookbuilding delayed by a day.

    13 May 2015

  • Brazilian-Chilean airline to issue EETCs

    LATAM Airlines, the result of the 2012 merger between Brazil and Chile’s largest carriers, completed an investor roadshow on Tuesday ahead of a potential issue of enhanced equipment trust certificates (EETCs).

    13 May 2015

  • VW revs up for Driver China Two auto ABS

    Volkswagen is bringing its second Chinese auto ABS transaction, issuing an investor presentation for a deal that is more than twice the size of last year's debut. The new Rmb1.89bn ($305m) deal, called Driver China Two, is again set to feature ratings from Fitch and Moody's in a bid to attact international interest in what is still a fledgling asset class for China.

    13 May 2015

  • US support delivers TDBM’s $500m government guaranteed bond

    A government guarantee helped Trade and Development Bank of Mongolia (TDBM) make a strong return to the market with a $500m bond this week. A triple digit premium over the sovereign was not enough to entice most Asian investors to the trade, but European and US accounts lapped it up.

    13 May 2015

  • Huawei pays to be generous in $1bn debut

    Huawei Investment & Holding Co left nothing to chance with its debut bond, reeling in a large volume of indications of interest and pricing the trade above the level recommended by its syndicate. In the end it had nothing to fear apart from Tuesday’s wobble in US Treasuries as the bond tightened around 10bp in secondary markets.

    13 May 2015

  • Loans round-up: BFI Finance, Kulim Indonesia, UniTrust Leasing

    Indonesian vehicle financing firm BFI Finance launched its $75m three year fundraising with a $25m greenshoe, into general syndication on May 11.

    13 May 2015

  • Heavily discounted block nets Yuzhou Properties $102m

    Chinese real estate firm Yuzhou Properties had to navigate a tough market on May 12 when it came up against a much larger HK$10.1bn ($1.3bn) block trade from industry peer China Resources Land. But Yuzhou Properties was still able to get its HK$792m ($102.18m) deal done thanks to support from two anchor orders.

    13 May 2015

  • Swap mart sees trades more often in but in smaller size

    Interest rate derivative trade counts year-to-date reported to swap data repositories were up compared to the same period in 2014, but this was offset by an equal and opposite percentage decline in notional, according to the most recent data from the International Swaps and Derivatives Association.

    13 May 2015

  • Syndicates making names for themselves in esoterics

    Bank syndicates with expertise in the esoteric space are targeting more securitizations backed by obscure assets, as investors take the plunge in search of juicier yields.

    12 May 2015

  • Tinc rises gently after listing in Brussels

    Tinc, the Belgian infrastructure investment firm, rose gently on Tuesday, its first day of trading on Euronext Brussels, after an initial public offering that totalled €95.8m.

    12 May 2015

  • Labco to swallow €440m of IPO proceeds

    Labco, the French medical diagnostics firm, is set to price its IPO at or near the bottom of the original range, to raise about €440m of primary and secondary proceeds.

    12 May 2015

  • Puking again: bond sell-off should purge excessive positions

    Bund-ageddon may be striking fear into the hearts of traders and investors across Europe. On paper, the price moves are brutal but calm is called for.

    12 May 2015

  • Issuers mandate in dollars as OeKB, NRW.Bank price

    A pair of highly rated SSAs are set to dip into dollars on Wednesday, after two issuers had contrasting fortunes in the market on Tuesday.

    12 May 2015

  • IMCD, Bain placement sizzles as €328m racked up with no discount on offer

    Dutch speciality chemicals firm IMCD and shareholder Bain Capital together netted €328m on May 12 through concurrent primary and secondary share offerings, priced without a discount.

    12 May 2015

  • RAI, Colonial and Transurban to seek euro bonds

    The pipeline for corporate bonds is swelling rapidly, with three issuers mandating for European roadshows on Tuesday, including two from the eurozone’s periphery.

    12 May 2015

  • KfW first into sterling market after UK election

    KfW drew strong central bank interest for a sterling tap on Tuesday, becoming the first SSA to print in the currency since last week’s UK general election.

    12 May 2015

  • EFSF draws gasps with 30 year tap choice

    The European Financial Stability Facility took several SSA bankers by surprise on Tuesday, when it mandated for a 30 year tap in an unstable euro market.

    12 May 2015

  • Sponda returns to euros as others shun choppy market

    Sponda, the Finnish property company, was the only company to tap the euro bond market on Tuesday, defying a weak tone to sell its first deal since 2013.

    12 May 2015

  • Bavarian Sky gets quickly oversubscribed

    BMW’s French auto lease ABS Bavarian Sky France was quickly covered by investor orders by Tuesday afternoon, with pricing expected to follow on Wednesday.

    12 May 2015

  • Greek relief revitalises European ABS pipeline

    With uncertainty over Greece’s payments to its European creditors temporarily assuaged, issuers are readying more than €1bn in new European ABS deals.

    12 May 2015

  • Block market swings into action with UK deals in big favour

    The founder and chief executive of UK serviced offices group Regus found an opportune time to pare his holdings, raising £73.5m via an accelerated bookbuild on Monday night.

    12 May 2015

  • Dilosk, run by former Dexia exec, to deconsolidate with debut RMBS

    Dilosk, an Irish financial services group founded last year and co-founded by a former senior Dexia banker, is set to debut in the RMBS market as more and more issuers look to securitization to deconsolidate their balance sheets.

    12 May 2015

  • KPLC takes lead in Kenyan loan push

    Standard Chartered is sounding out Kenyan and international banks for a $500m loan for Kenya Power and Lighting Co that includes a World Bank guarantee.

    12 May 2015

  • Do regulators like dual recourse as much as covered bond bankers?

    The European Covered Bond Council has proposed a new generation of secured funding notes, halfway between covered bonds and securitizations. But getting them off the ground is still in the hands of the regulators.

    12 May 2015

  • Carlyle preps CLO amid market tightening on both sides

    Carlyle is preparing the ground for a CLO that may be sized at around €400m, in market that is tightening on both the asset and liability sides.

    12 May 2015

  • Autodis prices €60m tap, four times covered

    Autodis, the French car parts distributor, priced a €60m tap late yesterday, pricing the deal at 103.25 to yield 5.518% to maturity.

    12 May 2015

  • Fesco to buy back $220m of bonds

    The Far-Eastern Shipping Co has announced the results of its buyback offer for its 2018 and 2020 bonds.

    12 May 2015

  • INPP builds up £300m facility for pipeline projects

    Infrastructure investment firm International Public Partnerships (INPP) has refinanced a £175m loan and increased it to £300m.

    12 May 2015

  • Tennet mandates for debut green bond for wind connectors

    Tennet, the Dutch government-owned electricity transmission system operator, has mandated banks for its first green bond and will travel to meet investors next week.

    12 May 2015

  • Can EM desks be split up?

    Emerging market teams have been struggling to justify their existence of late, with international bond volumes around 30% down for CEEMEA year-to-date. Are the days of independent emerging market desks numbered?

    12 May 2015

  • Omani Bank plans AT1, tier two

    National Bank of Oman is planning a $900m increase to its euro medium term note programme and has won approval for a debut AT1 issue.

    12 May 2015

  • Blackstone braves choppy euro market

    US advisory firm Blackstone Group has opened guidance on a 10 year senior bond in less than hospitable market conditions, much to the surprise of bankers.

    12 May 2015

  • Afreximbank readies $500m loan launch

    African Export-Import Bank could launch a $500m loan as early as next week, say bankers.

    12 May 2015

  • Isbank draws 43 lenders for $1.37bn loan

    Turkey’s first bank refinancing wave of 2015 has moved nearer to completion, with Isbank having closed a $1.37bn-equivalent loan.

    12 May 2015

  • Stellar quarter for Banca Imi brings juicy profits for Intesa

    Intesa SanPaolo made a net profit of €1.1bn in the first quarter of 2015, driven by another record quarter of results from its corporate and investment banking arm, Banca Imi.

    12 May 2015

  • Bank Dhofar roashows first Omani perp

    Bank Dhofar is roadshowing its tier one perpetual, having formally mandated National Bank of Abu Dhabi and Standard Chartered Bank as joint global co-ordinators for the dollar Reg S bond.

    12 May 2015

  • FIG frets as Pohjola escapes euro turmoil

    Greece’s fudged payment to the IMF and a resumed rates sell-off has bankers already writing the week off in euros, but Pohjola Bank has shown issuers an escape route in sterling.

    12 May 2015

  • DP World bond already seven times subscribed

    DP World’s $500m no-grow five year bond is already seven times subscribed. Price guidance has been tightened to 160bp over mid-swaps, plus or minus 5bp.

    12 May 2015

  • High yield on trial as TDBM launches five year

    Trade and Development Bank of Mongolia launched a five year deal on Tuesday, May 12 in what is likely to be a real test of demand for high yield credits in Asia.

    12 May 2015

  • China MoF to auction Rmb28bn dim sum this year, first sale May 20

    The Chinese ministry of finance (MoF) announced on May 12 that it planned to auction a total of Rmb28bn of offshore RMB (CNH) bonds in Hong Kong this year, dividing the sales into two blocks of equal size.

    12 May 2015

  • Fosun takes the middle ground with $1.2bn block

    The opportunity to buy into one of China’s largest private conglomerates, Fosun International, was too good to miss as keen investor participation propelled the company to take up an upside option and raise a chunky $1.2bn from an accelerated bookbuild on May 11.

    12 May 2015

  • Agile aims for price over size as it opens books

    A double digit rally in Chinese property bonds has tempted Agile Property Holdings back into the market for the first time in over a year. Since its previous outing it has been forced to extend the deadline on a loan, seen the departure and return of its chairman and suffered a credit rating downgrade. Despite that, the borrower is likely to opt for price over size, said bankers.

    12 May 2015

  • Banks eye business out of Serco India unit sale

    A number of foreign banks are eyeing a potential loan to fund the buyout of the Indian business of outsourcing company Serco.

    12 May 2015

  • Huawei and China Nuclear test IG after Treasuries sell-off

    Two Chinese investment grade credits went head-to-head on May 12 in what was gearing up to be a busy day for Asia’s bond markets, with four dollar trades vying for investors’ attention.

    12 May 2015

  • Books covered for $215m Yunnan Water IPO

    Institutional orders are pouring into the IPO of Yunnan Water Investment, which opened books to a HK$1.67bn ($215m) on May 12. Even though there is still a week left of bookbuilding, investor interest is so strong that the deal is already covered.

    12 May 2015

  • BoC syndicating $2bn acquisition loan for Philips LED unit

    Two private equity firms have chosen Bank of China as sole mandated lead arranger and bookrunner and agent for a loan of nearly $2bn to fund their acquisition of the LED component and automotive lighting business of Philips.

    12 May 2015

  • SDR: Stop Delaying Renminbi

    China's currency stands a chance this year of being admitted into the select club of those backing the International Monetary Fund's special drawing rights. But at the moment it is not certain that the RMB will be deemed to have made the grade. It should be.

    12 May 2015

  • KDB scores super tight spread for $500m return

    Korea Development Bank has made a bold return to dollar bonds in a deal that bankers claim scored one of the tightest ever spreads for a Korean name. The pricing drew plenty of criticism, but the deal’s defenders are hailing the trade as a success, preferring to focus on the quality of the order book.

    12 May 2015

  • Brazil’s Tupi misses payment eight months after issuing

    Brazilian cement company Cimento Tupi has missed a payment on its $185m senior unsecured notes due 2018 just eight months after tapping the bonds for a further $35m.

    12 May 2015

  • CR Land launches $1.26bn top-up placement

    China Resources Land is the latest company to join the placement spree in Hong Kong, opening books to a top-up placement that could be worth as much as HK$9.75bn ($1.26bn).

    12 May 2015

  • Lucky number seven: Texhong ups borrowing to $110

    Hong Kong listed Chinese company Texhong Textile Group has increased the size of its loan to $110m from a launch size of $90m. The deal, which had three mandated lead arrangers and bookrunners, saw four banks come in during general syndication.

    12 May 2015

  • The topsy-turvy view of Chinese data

    Poor data is again flowing out of China, with the Purchasing Managers’ Index (PMI) hitting a one year low. But instead of sparking more worries about a growth slowdown, it has seen a calm reception from bond investors, who are getting used to betting on stimulus. So far they have been proved right.

    12 May 2015

  • Capital Environment seeks go-ahead for $271m rights issue

    Hong Kong listed Capital Environment Holdings is seeking shareholder approval later in the month for a $271m rights issue that will see it double its share capital.

    12 May 2015

  • OneMain brings consumer loan ABS as RMBS buyers jump in

    OneMain Financial is marketing a nonprime and subprime consumer loan ABS, as traditional RMBS investors jump into the asset class.

    11 May 2015

  • Taiwan’s UMC overcomes hurdles to raise $600m with CB

    Taiwan’s United Microelectronics Corp raised $600m with a convertible bond on Monday May 11, in one of the biggest equity-linked deals in the country for years.

    11 May 2015

  • Three blocks as IMCD, Regus, OneSavings backers sell down

    Stable stockmarkets on Monday May 11 were enough to tempt four sellers into the evening market tonight, with trades in three stocks, including a combined offering of new and existing shares in IMCD.

    11 May 2015

  • Global Liman IPO pulled because of low Turkish demand

    Global Yatirim Holding, the Turkish investment fund, on Monday abandoned the planned Istanbul IPO of Global Liman Işletmeleri, the cruise port operator it owns, because of low demand for the local tranche of the deal.

    11 May 2015

  • Oak Hill makes senior CLO hire from GoldenTree as analyst moves opposite way

    Oak Hill Advisors has hired an experienced structured credit professional to its CLO business in London.

    11 May 2015

  • Cofinimmo completes rights issue, Monte dei Paschi coming

    Cofinimmo, the Belgian property company, has made a return to equity capital markets after a two year hiatus, raising €285.4m ($320m) via a one-for-six rights issue.

    11 May 2015

  • UniCredit fills head of ECM spot with Morgan Stanley banker

    UniCredit has appointed a global head of equity capital markets, filling a position that has been vacant since Christian Steffens moved internally to become head of financial institutions group last February.

    11 May 2015

  • Greek repayment hopes bode well for corporate bonds

    News reports on Monday afternoon that Greece had authorised a debt repayment to the International Monetary Fund are likely to help clear out some of the corporate bond market’s busy pipeline.

    11 May 2015

  • Deutsche CEEMEA trader heads to fund

    APartners Capital, the fund manager set up by Antonio Polverino last year, has hired an experienced former Deutsche Bank trader.

    11 May 2015

  • Autodis turns on €60m tap for dividend

    Autodis, the French car parts distributor, held an investor call on Monday morning for a €60m high yield bond tap to fund a dividend and for general corporate purposes.

    11 May 2015

  • Choppies sets out stall for secondary listing in Joburg

    Choppies Enterprises, a Botswanan groceries retailer, has kicked off roadshows for a secondary listing worth about R1.4bn ($117m) on the Johannesburg Stock Exchange.

    11 May 2015

  • Belly of curve opens for EFSF

    The euro market was stable on Monday after a scorching sell-off over the last two weeks, boding well for a supranational’s benchmark plans.

    11 May 2015

  • Agencies in at dollar short end — but longer deals could follow

    A pair of core eurozone agencies are set to dip into the short end of the dollar curve on Tuesday, but more issuance could come further out the curve.

    11 May 2015

  • A-rated Würth a safe starter for week with €500m seven year

    Würth, the leading maker of screws and other fastenings, opened the week’s corporate bond issuance in Europe with Monday’s sole corporate deal, drawing a solid order book at a skinny new issue premium.

    11 May 2015

  • GLA leads way with first CPI linked bond

    The Greater London Authority has sold the first ever sterling bond linked to the UK’s consumer price index (CPI) measure of inflation.

    11 May 2015

  • Periphery prepares auctions as hopes of Greek deal rise

    Progress in talks between Greece and its international creditors could remove a potential source of volatility before eurozone periphery sovereign auctions later this week.

    11 May 2015

  • BMW’s French unit out with auto lease ABS

    The French unit of BMW Finance is out with its €398.6m French auto lease ABS Bavarian Sky Finance FCT.

    11 May 2015

  • Sainsbury’s amends loans alongside pitiful earnings

    J Sainsbury, the UK supermarket chain, has refinanced a trolley of loans, removing covenants and securing the loans on its properties, after announcing its worst earnings for a decade last week.

    11 May 2015

  • Capital solutions firm hires Lloyds ABS vet

    London-based Demica, a specialist capital solutions firm, has hired an ABS veteran from Lloyds Bank to oversee its expansion into trade receivables finance.

    11 May 2015

  • Delachaux closing books after second price cut

    Delachaux, the CVC-owned French railway track maker, is working to close books on its €690m loan repricing this Monday, with a second cut in the deal’s margin.

    11 May 2015

  • Jacobs cracker maker Valeo Foods launches €595m loan

    Valeo Foods, the Irish food producer, has launched a €595m loan that includes a second lien tranche, to refinance debt and fund an add-on acquisition.

    11 May 2015

  • ISDA and Markit team up for EMIR tool

    The International Swaps and Derivatives Association (ISDA) and Markit have partnered to launch a trade classification tool for EMIR, which will allow investors to determine clearing obligations.

    11 May 2015

  • DP World talk “attractive” for dollar five year benchmark

    DP World, the Dubai-based global container ports operator, has released price guidance for a dollar benchmark five year bond at 180bp over mid-swaps.

    11 May 2015

  • STP postpones $302m re-IPO amid strained market

    Solusi Tunas Pratama (STP), the Indonesian telecom tower firm, is putting its Rph3.91tr ($302.24m) share sale on ice until markets regain their composure, with bankers choosing to err on the side of caution as Indonesian equities stumble.

    11 May 2015

  • ING Turkey aims to close 367 day loan refi this week

    ING Turkey looks set to be the next bank in Turkey’s wave of refinancings to complete a loan, with bankers saying the deal could close this week.

    11 May 2015

  • Afren opts to default on 2019 despite restructuring

    Afren, the troubled oil exploration company, has decided not to pay the $12.8m of interest which was due on its 2019 bonds on April 8, 2015, despite having raised $200m of interim funding on April 30.

    11 May 2015

  • Mexican pesos could jump on euro volatility

    Mexican peso issuance levels could rise if the euro's volatility stays at levels it hit last week, said syndicate bankers, as World Bank tapped the currency with a private green bond.

    11 May 2015

  • Cocobod draws banks for loan’s senior tranche

    Ghana National Cocoa Board (Cocobod) has entered the early bird senior phase of its annual loan, according to bankers involved in the deal.

    11 May 2015

  • Deutsche Bank shuffles structured finance after Shraga departs

    Deutsche Bank is reshuffling the leadership of its global structured finance business as the bank's structured finance head, Elad Shraga, departs.

    11 May 2015

  • DNB Bank preps ‘insulated’ sub trade

    Norway’s DNB Bank has hired banks for a subordinated bond issue in Swedish kronor, which bankers said should be insulated from higher execution risk in bank capital.

    11 May 2015

  • Sinochem picks four for $500m loan

    Sinochem Hong Kong has chosen four banks to lead its $500m refinancing loan, with the banks planning to widen the syndicate in the near future.

    11 May 2015

  • Schuldscheine prices under threat from German law

    The price advantage German banks gain by issuing Schuldscheine over vanilla senior debt could be eroded in the next few months as the country’s draft bail-in law takes shape.

    11 May 2015

  • China funds drive momentum on Baozun $154m IPO

    Baozun Inc has opened books on its up to $154m IPO on the Nasdaq, with the trade getting some early traction from Chinese investors keen to get their hands in the country's first e-commerce listing in the US this year.

    11 May 2015

  • HTSC and Keppel Infrastructure Trust pre-market share sales

    HTSC is testing investor appetite for an up to $4bn IPO in Hong Kong as investors continue to chase gains in China’s brokerage sector and the arbitrage opportunities between A and H-shares.

    11 May 2015

  • Loan Ranger: The Good, the Bad and the Euribor – The Showdown

    The Loan champion comes face to face with Liboria's tormentor.

    11 May 2015

  • Voto trades up as bankers praise Brazilian’s tough sale

    The first international new issue from a Brazilian borrower since November 2014 traded up around a point and half on Friday to leave the Latin American market wide open for other borrowers from the country.

    11 May 2015

  • Out with the old: KDB shakes up banks for a new five year bond

    Korea Development Bank (KDB) is out in the international debt market this week, hoping to receive better reception than its last dollar bond in September 2014.

    11 May 2015

  • Taiwan's UMC launches largest Asian CB of 2015

    The Asia ex-Japan convertible bond market is finally seeing some action following a subdued start to 2015 thanks to United Microelectronics Corporation (UMC), which opened books to a $600m currency-linked CB on May 11.

    11 May 2015

  • Mutual market plans will double HK capital markets, says Daiwa

    The expansion of the Stock Connect programme and other “mutual market” initiatives could see Hong Kong’s capital markets expand by $4.4tr by 2020, according to a joint report by Daiwa and CBRE.

    11 May 2015

  • Fosun seals upsized $800m loan with 22

    Hong Kong listed Fosun International has allocated its latest borrowing among 22 lenders. Banks are eager to establish a relationship with Fosun, which is snapping up assets across continents. Their interest led the Chinese company to increase its loan to $800m from $500m.

    11 May 2015

  • Total Derivatives: PBoC cut drives front-end CNY offers

    A weekend rate cut by the People's Bank of China (PBoC) boosted China's equity market on Monday and supported the short end of the CNY rates curve. Foreign receivers were active in 1-2 year NDIRS and traders expect the steep 1s/5s slope to trigger profit-taking soon.

    11 May 2015

  • SocGen rejigs senior posts in Asia under new structure

    Société Générale Corporate & Investment Banking has unveiled new senior appointments in Asia. The internal moves come after the announcement of a new structure for its global markets businesses last week.

    11 May 2015

  • RMB usage builds up among Asian SMEs

    The renminbi is finding support from small and medium enterprises (SMEs) around Asia, according to a new survey by consulting firm East & Partners.

    11 May 2015

  • UBS’ Asia head of IB to retire in the summer

    UBS is bracing itself for a high profile departure as David Chin, the Swiss lender’s head of corporate client solutions (CCS), is set to retire in the summer, according to an internal memo seen by GlobalCapital Asia.

    11 May 2015

  • Fosun takes orders for $1bn placement

    Hong Kong-listed Fosun International has launched a top-up share placement to raise $1bn, which comes in the wake of a recent acquisition spree.

    11 May 2015

  • Asiamoney Private Banking Poll 2015 - Press Release

    UBS and EFG Bank again provide the best advice to Asia-Pacific’s growing number of high net worth individuals (HNWIs), according to Asiamoney’s latest Private Banking Poll.

    11 May 2015

  • GlobalCapital Bond Market Awards Nominees

    We are pleased to announce this year's borrower nominees for the 2015 GlobalCapital Bond Market Awards.

    08 May 2015

  • Integrated Diagnostics’ IPO was 12 times oversubscribed

    Egypt’s Integrated Diagnostics Holdings rose 26% on Wednesday, its first day of trading in London, and has risen a further 11% since then, after the firm priced its massively popular rebooted IPO.

    08 May 2015

  • EU referendum looms after UK election

    A sense of relief was palpable across the City on Friday after UK elections delivered a majority for one party — rather than the political deadlock that looked almost certain before the results came in.

    08 May 2015

  • Secondary pricing update: featuring BNG's €1bn May 2025 and Portugal's dual tranche tap

    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.

    08 May 2015

  • Funding scorecard: supranationals

    Read on to see how far selected supranationals have progressed with their funding for the year.

    08 May 2015

  • KKB asks to take on BTA Bank loan

    Kazkommertsbank (KKB) launched a consent solicitation this week, asking dollar bond holders to let it take on a loan originally given to subsidiary BTA Bank.

    08 May 2015

  • Chinese corps drive decline in outlooks: Moody’s

    It’s no secret Asian corporates have had a tough start to the year, and negative ratings outlooks for the region’s names have been on the up. The bleak outlook is predicted to continue, and Chinese issuers are the main driver of this negative trend, according to ratings agency Moody’s.

    08 May 2015

  • Brightoil slides through $168m block in second try

    It was a case of second time’s a charm for Brightoil Petroleum, with the issuer raising HK$1.30bn ($167.50m) from a top-up placement after its first attempt two months ago flopped.

    08 May 2015

  • STP gets $185m during general syndication

    Indonesian tower company Solusi Tunas Pratama’s latest borrowing has received $185m in commitments. The deal, which will refinance what is left of a bridge it sealed with five banks in December last year, is due to close imminently.

    08 May 2015

  • Rare CEE supra finds Swiss demand despite Russia connection

    Black Sea Trade and Development Bank (BSTDB) returned to Swiss francs on Thursday for its third international bond market outing.

    08 May 2015

  • CMB NY’s $500m starts wave of Chinese bank US bonds

    China Merchants Bank (CMB) New York branch scored an international bond market debut on May 7, receiving strong support from Asian investors but leaving enough money on the table to embrace the price demands of US investors. The borrower is the first of a string of Chinese banks lining up to sell bonds through their US branches.

    08 May 2015

  • Hsin Chong debuts with $250m three year

    Hong Kong’s Hsin Chong Construction Group successfully completed its inaugural outing in the bond market, raising $250m with a three year offering on May 7.

    08 May 2015

  • PNC Infratech constructs $76m Indian IPO

    PNC Infratech opened bookbuilding on May 8 for its Rp4.9bn ($76m) Indian IPO, getting some early momentum for its trade by putting 30% of the transaction in the hands of anchor investors.

    08 May 2015

  • Trio launch prefunded $300m loan for HDFC

    Three banks have sent out invitations for a $300m four year facility for Indian mortgage lender Housing Development Finance Corp. The loan, which was prefunded by the leads, is offering a yield of below 130bp in general syndication.

    08 May 2015

  • RMB round-up: May 8, 2015

    In this round-up, Hong Kong cross-border RMB trade settlement rises in March, while RMB deposits and RMB clearing volume slip again, a new investment scheme is to be trialled in the Shanghai FTZ and ICBC launches a Lahore branch to boost presence along the Silk Road.

    08 May 2015

  • Eco World builds $177m deal with strong foundation

    Eco World Development Group raised MR638.35m ($177m) via a placement of shares on the evening of May 7, the final leg of a corporate exercise that has been underway for six months. Executed over a span of just an hour, the block was launched covered by anchor investors thanks to the trade being well flagged.

    08 May 2015

  • Done and dusted: India’s Reliance Utilities rises to $300m

    India’s Reliance Utilities and Power has upped the size of its borrowing to $300m from $225m for the final allocations. The facility saw Middle Eastern, European and Indian lenders come in for the big tickets.

    08 May 2015

  • A bad March for the RMB as StanChart’s RGI falls

    Standard Chartered's Renminbi Globalisation Index (RGI) fell in March for the first time since October 2012, the bank said in a May 7 report. The fall was a result of a weaker exchange rate, falling offshore RMB deposits and slim volumes of new dim sum bonds hitting the market.

    08 May 2015

  • Alfa takeover rewards Pacific bondholder loyalty

    Bondholders who showed faith in Pacific Rubiales could be spectacularly rewarded after Colombia’s largest private oil company entered into exclusive discussions with Grupo Alfa and Harbour Energy, who made a $1.7bn joint bid for the firm.

    07 May 2015

  • Voto re-opens Brazil but sell-off makes euros tougher for EM

    Votorantim Cimentos sold the first Brazilian cross-border bond of 2015 on Thursday but the reaction to the deal was concerned with the volatility in the euro market than any implications for Brazil.

    07 May 2015

  • Holcim, banks in stand-off over negative interest on Swiss loan

    Swiss cement maker Holcim is in a stand-off with its relationship banks over whether it can receive negative interest payments on its Swiss franc revolving credit facility, amid deeply negative interest rates, writes Elly Whittaker.

    07 May 2015

  • Haniel sells Metro stock with block/exchangeable

    Haniel achieved on Wednesday evening a combined sale of Metro shares and notes exchangeable into Metro shares, in an overnight deal that totalled just under €1bn and tapped heavily into Europe’s increasing trend toward negative yields.

    07 May 2015

  • Blocks get lively with Evonik, Elior, Klépierre

    As block trade bankers had predicted, the fireworks are starting again as companies emerge from blackouts. Five deals totalling €2.8bn were sold on Wednesday night, but there were no auctions: all of them were mandated trades, leaving banks away from the action with nothing to bid on.

    07 May 2015

  • Blocks get lively with Evonik, Elior, Klépierre

    As block trade bankers had predicted, the fireworks are starting again as companies emerge from blackouts. Five deals totalling €2.8bn were sold on Wednesday night, but there were no auctions: all of them were mandated trades, leaving banks away from the action with nothing to bid on.

    07 May 2015

  • Global macros drive index hedge and vol structuring

    Event driven macroeconomic factors are driving investors to put on options hedges, particularly as sell-offs in credit and interest rate markets spill over to equities, according to strategists.

    07 May 2015

  • People Moves in Brief

    HSBC picks Bothamley as global syndicate boss – Yang heads to Barclays for SSAs – UBS names new heads for sponsors biz

    07 May 2015

  • ARPI eyes securitization, but not to buy more properties

    American Residential Properties Inc plans to invest in and improve its current single-family rental home portfolio before acquiring more homes, executives at the company said on Thursday.

    07 May 2015

  • Rare EM names draw crowds in Swiss market

    First Gulf Bank’s return to Swiss francs received an enthusiastic welcome on Tuesday as local investors leapt at the chance to buy new high grade paper from the Middle East for the first time in two years.

    07 May 2015

  • Dollars lead European SSA CP as borrowers win arb on basis swap

    Dollar deals are dominating European sovereign, supranational and agency commercial paper issuance thanks to a falling euro/dollar cross currency basis swap. European SSAs are also enjoying strong demand for their sterling paper, driven by banks’ withdrawal from CP.

    07 May 2015

  • SSA horror show as Bunds to Bonos bludgeoned

    The prospect of European Central Bank quantitative easing failing to suppress eurozone borrowing costs sent panic through the sovereign, supranational and agency sector this week amid a savage sell-off across European debt markets.

    07 May 2015

  • NordLB AT1 pulled in early sign of ECB taper tantrum

    Execution risk has been pushed sky high in bank capital after NordLB, a German bank, was forced to pull an additional tier one print on Thursday, writes Tom Porter.

    07 May 2015

  • The ECB has built investors a liquidity trap

    No one likes to prove Jamie Dimon right. But if Thursday’s government bond sell-off in Europe proved anything, it is that investors should indeed have liquidity at the top of their list of concerns.

    07 May 2015

  • FIG puts brave face on election uncertainty amid tight voting

    The majority of FIG bankers feel UK bank spreads are insulated from the country’s election result whoever wins, but others fear prolonged policy uncertainty following a hung parliament could trigger a sell-off.

    07 May 2015

  • BofA goes green to end FIG drought

    Bank of America ended a supply drought by big-name banks on Thursday as it came to market with a green bond.

    07 May 2015

  • Insurers battle banks for tier two supremacy in second quarter raid

    Europe’s insurers are planning a raid on the tier two market in the second quarter, but may have to wait until a growing pipeline of bank tier two is cleared.

    07 May 2015

  • Eircom asks lenders for €2bn rollover, with easier terms too

    Eircom, the Irish telecoms company, held an investor call on Tuesday for a €2bn amend-and-extend process on its loans that will bring documentation into line with market standards.

    07 May 2015

  • ICBC London bags $1bn, its largest loan ever

    ICBC London, the UK subsidiary of the Industrial and Commercial Bank of China, has signed a term loan for $1bn, the largest loan the bank has ever issued and a step on the path of its plans for expansion in Europe.

    07 May 2015

  • Colgate and United Tech join US corporate march to euros

    US companies are continuing their steady march into the euro bond market, including many who have never issued before, or not for many years.

    07 May 2015

  • Metinvest takes bond reprofiling down to the wire with consent offer

    Steelmaker Metinvest is continuing the Ukrainian tradition of last minute Eurobond reprofiling. The increasingly cash starved firm launched a new consent solicitation on Thursday afternoon — after announcing a failed effort earlier in the week — designed to provide precious breathing space for it to build a sustainable debt management strategy.

    07 May 2015

  • Nigerian banks played hardball over Afren debt — and won

    Afren, the troubled oil exploration company, has avoided imminent bankruptcy with a $200m lifeline credit facility. The money injection follows a tense restructuring process in which two Nigerian banks dictated terms to a group of global financial giants, writes Olivier Holmey.

    07 May 2015

  • Every volatile market is volatile in its own way

    Investors are finally taking seriously the prospect of continued expansion in the US economy. An extended quiet period this spring pulled levels of implied risk to near multi-year lows, as investors showed reduced demand for hedges and protection while bonds remained strong and first quarter earnings looked passable.

    07 May 2015

  • Goldman prices Oak Hill CLO in tightening market

    Goldman Sachs priced a €416.7m CLO late last Thursday in a tightening market, but while demand is high for paper, leveraged loan issuance is falling.

    07 May 2015

  • Liquidity is drying up from bonds to CDS

    It wasn’t so long ago — less than three weeks, in fact — that the big story in European financial markets was very low, or even negative, government bond yields. Germany’s 10 year Bunds were trading below 0.05% in mid-April, while sovereign bonds in the eurozone’s periphery were quoted at lower yields than US Treasuries.

    07 May 2015

  • No sleepers for Delachaux as deadline nears

    Delachaux, the French maker of railway tracks, on Thursday hit the deadline for commitments on its €690m-equivalent loan repricing, an aggressive deal that is nevertheless likely to fly.

    07 May 2015

  • UK election deadlock threatens sterling’s safety status

    The sterling market, so often a safe haven for issuers and investors at times of trouble in Europe, has its own set of problems to deal with, namely the uncertainty caused by the likely political deadlock following the UK general election.

    07 May 2015

  • Colgate taps FRN demand to price €500m 4yr tightly

    Colgate-Palmolive took advantage of strong demand for floating rate notes on Thursday to price a €500m four year FRN, arguably inside where it could have issued a fixed rate bond.

    07 May 2015

  • How much QE can HY stomach? Some more

    From yields to maturities and covenants, most high yield market metrics are being pushed around by the impact of the European Central Bank’s asset-purchasing programme. But bankers and investors insist the situation is not getting out of hand.

    07 May 2015

  • Bund shakeup drives all but UBS from primary mart

    Turbulence in Bunds drove issuers away from the primary market in euros this week, with only UBS opting to sell a new issue — and even then opting for an extremely defensive print.

    07 May 2015

  • Tesco goes it solo to beat election with second publicly placed card ABS

    Tesco, which last week announced Delamare 2015, its second publicly place credit card ABS, this week rushed to price it ahead of the UK general election on Thursday.

    07 May 2015

  • Windeln.de wins good price for IPO, then plummets on debut

    Windeln.de, the German online baby products seller, dropped 19% on Wednesday on its first day of trading in Frankfurt — a bitter conclusion to an IPO process that had appeared to run smoothly until then.

    07 May 2015

  • UK ECM can cope with election horse trading, bankers say

    Equity capital markets bankers are ready for the UK general election to produce a period of disrupted markets if the result is inconclusive. But they emphasise that wider factors governing supply and demand for European stocks are likely to be the dominant factor in whether UK ECM is busy for the rest of 2015.

    07 May 2015

  • Syndicated loans - news in brief, May 8, 2015

    Halkbank - ArcelorMittal - Yapi Kredi - Xella - Nordic Cinema

    07 May 2015

  • Cellnex leaps up after hit €1.8bn IPO

    Cellnex Telecom, the Spanish telecoms towers business owned by infrastructure group Abertis, rose 10% when it began trading in Madrid on Thursday, May 7, after its €1.78bn IPO.

    07 May 2015

  • Sweden USD2.25bn 1.125% May 18

    07 May 2015

  • Finnish city jumps at chance to diversify with market debut

    The Finnish City of Seinäjoki made its capital markets debut this week with a €40m private placement as the country’s municipalities increasingly show interest in accessing the bond markets directly.

    07 May 2015

  • Saxony-Anhalt USD750m 1.25% May 18

    07 May 2015

  • Finnish bank prints debut MTN and more to follow

    Central Bank of Savings Banks Finland on Wednesday sold its first privately placed MTN and is set to print more in the coming weeks.

    07 May 2015

  • Short end of dollar curve open for business

    The dollar market is providing public sector issuers with an opportunity for primary issuance as other major currencies — euros and sterling — are wracked with uncertainty.

    07 May 2015

  • AAG prints €50 tap as S&P goes negative

    Alliance Automotive, the French-UK car parts distributor, was back in the high yield market on Wednesday selling a €50m tap of its only bond, issued last year.

    07 May 2015

  • Apple and Shell clash as corporates go on dollar rampage

    The dollar market demonstrated its resilience this week as investors faced a barrage of high-grade deals with blue-chip borrowers racing to lock in financing amid continuing rates volatility.

    07 May 2015

  • Petra Diamonds USD300m 8.25% MAY2020

    07 May 2015

  • MKP analyst joins Insight

    London-based Insight Investment has taken on Pritesh Solanki as an analyst in the firm’s secured finance group.

    07 May 2015

  • CMU could drive next gen secured notes

    The European Covered Bond Council (ECBC) has proposed a new dual-recourse bond structure to meet the European Commission’s plan for a Capital Markets Union.

    07 May 2015

  • Newbies sniff out securitization as deconsolidation becomes the game

    European lenders that have never used the securitization market before are talking to banks about the possibility of using it as a tool to prune their balance sheets.

    07 May 2015

  • Foreign exchange fuels HSBC’s investment bank surge

    Profit in HSBC’s global banking and markets division in the first quarter increased 10% on the year to $2.95bn, a surge which took group profits up 4% to $7.06bn.

    07 May 2015

  • Outsourcing for pain relief

    After the credit crisis, the compliance crunch. Market players wrangling with the regulatory ringwraiths Dodd-Frank, the European Market Infrastructure Regulation and the Market in Financial Instruments Directive, to name a few, are buried under sprawling compliance and capital efficiency demands. It’s time to outsource.

    07 May 2015

  • Three mandate but mBank delays before roadshow

    Three CEEMEA issuers announced this week that they were meeting investors as the low rates environment continues to attract borrowers to the market. But after the lead managers on deals from Emirates NBD and Brazil’s Votorantim in euros failed to tighten pricing from initial guidance levels, there are questions over market appetite. On Thursday evening one of the issuers postponed, saying they would “re-engage with investors later”.

    07 May 2015

  • Det Norske gets $500m RCF and has bond issue of $300m in sight

    Det Norske Oljeselskap, the Norwegian oil exploration company, has obtained a $500m revolving credit facility from seven banks and is considering issuing bonds.

    07 May 2015

  • Finnish city jumps at chance to diversify

    Finnish municipality City of Seinäjoki debuted in the capital markets this week, as interest grows among the country’s municipalities to access the markets directly.

    07 May 2015

  • HSBC’s corporate finance build bears fruit

    HSBC’s gains in ECM and M&A are offsetting fee compression in its traditional areas of strength such as DCM, writes David Rothnie.

    07 May 2015

  • Collateral moves to front office as buyside mulls outsourcing

    Changing regulations, evolving cost structures and collateral optimisation systems moving to the front office are forcing buyside firms to consider outsourcing their operations, according to a leading market research firm.

    07 May 2015

  • UK election low on agenda for corp bond bankers

    On the brink of one of the most uncertain UK general elections for years, corporate bond bankers are more concerned with where interest rates are going.

    07 May 2015

  • Periphery widening brings fear to SSA market

    An excruciating rise in Bund yields over the last 10 days has rocked the market, but a sharp widening of eurozone periphery spreads this week could be far more dangerous.

    07 May 2015

  • Petra Diamonds sells only CEEMEA bond, books top $1.1bn

    Mining company Petra Diamonds closed a successful $300m debut deal on Wednesday — the only one from the CEEMEA region this week in dollars or euros. The bond was trading well in the secondary market on Thursday with the order book having drawn over $1.1bn.

    07 May 2015

  • Gilts swept up in global sell-off

    Gilt yields spiralled higher on Thursday but many market participants attributed the moves to spiking government bonds across the globe.

    07 May 2015

  • Wendy's ABS could be 'tough' after revenue drop

    After a 10% drop in revenues, US restaurant chain Wendy’s could face some uncomfortable questions from investors looking at its $2.425bn whole business securitization.

    07 May 2015

  • Freenet gets €100m Schuldschein but keeps a lid on the book size

    Freenet, the German internet provider, has signed a €100m Schuldschein bond. The book was oversubscribed but Freenet did not increase the size, according to a banker on the deal.

    07 May 2015

  • HFT IM appoints Patrick Liu new CEO to expand China market

    HFT Investment Management (HFT IM), the joint venture between BNP Paribas Investment Partners and Haitong Securities, has appointed Shanghai-based Patrick Liu as its new chief executive officer.

    07 May 2015

  • Nordic Cinema prepares to launch LBO loan

    Nordic Cinema Group, a cinemas operator, is preparing to launch around €350m of acquisition loans in Swedish kronor and euros, to back its buyout by Bridgepoint.

    07 May 2015

  • FCE pays up for 5yr in volatile market

    Investors maintained discipline on Wednesday when Ford Credit Europe Bank issued a €500m five year bond, with some dropping out of the deal after moderate pricing revisions.

    07 May 2015

  • ECM can cope — but Lab-SNP coalition could cause a sell-off

    Equity capital markets bankers are ready for the UK general election to produce a period of disrupted markets if the result is inconclusive — but they emphasise that wider factors governing supply and demand for European stocks are likely to be the dominant factor in whether UK ECM is busy for the rest of 2015.

    07 May 2015

  • Nowhere to hide from euro storm as sterling haven is blown away by election fears

    Amid a worsening storm in euros, the sterling bond market, usually a safe haven for issuers and investors, has its own maelstrom to contend with ahead of the UK general election.

    07 May 2015

  • Loan market keeps on chugging

    Loan bankers expect their market to keep steaming ahead with little impact from the UK general election, but the possibility of an EU referendum would be a real concern.

    07 May 2015

  • Reed Elsevier wins narrow NIP after choosing dollars over euros

    Reed Elsevier has issued a €600m 10 year bond through a US financing vehicle in an SEC-registered, New York-listed format, after considering issuing in either euros or dollars.

    07 May 2015

  • FIG puts brave face on election uncertainty

    The majority of FIG bankers feel UK bank spreads are insulated from the country’s election result whoever wins, but others fear prolonged policy uncertainty following a hung parliament could trigger a sell-off.

    07 May 2015

  • Unrated Kemira lures foreign investors

    Unrated Finnish chemicals company Kemira attracted a wide range of investors on Wednesday, allowing it to increase its second euro bond issue, a seven year, from €100m to €150m.

    07 May 2015

  • Kroll hires from Goldman for top credit role

    Kroll Bond Rating Agency has hired Goldman Sachs’ head of money market origination to be its chief credit officer in New York.

    07 May 2015

  • Fifth Street to grow structured platform with Carlyle hire

    US middle-market lender and CLO manager Fifth Street Asset Management has hired a managing director from The Carlyle Group to be a member of its management committee.

    07 May 2015

  • Turkish funding officials expect ample covered demand

    Bankers are preparing the ground for the first Turkish covered bond with Akbank and Garanti Bank lining up for issuance. Pricing for both will be wide of the sovereign and the banks are preparing extensive investor roadshows. While funding officials are confident that the bonds will sell well, syndicate bankers question whether they will find a substantial buyer base.

    07 May 2015

  • Delachaux repricing looks set to fly through as deadline arrives

    Delachaux, the French maker of railway tracks, is today hitting the deadline for commitments on its €690m-equivalent loan repricing, an aggressive deal that is nevertheless likely to fly.

    07 May 2015

  • Swedbank spurns 144A for Reg S for latest three year

    Swedbank returned to covered bonds on Wednesday for its third funding exercise of the year, deciding to launch in Reg S format for its first dollar benchmark of the year instead of using its 144A programme. The decision came as the euro rates markets suffered a further bout of intraday volatility following last week’s instability.

    07 May 2015

  • PP Properti and GPSC price IPOs at bottom

    PP Properti priced shares in its Rph908.78bn ($70.25m) IPO at the bottom of an expected range, buffeted by torrid market conditions that had bankers gasping at Indonesia’s plunging index during the bookbuild.

    07 May 2015

  • Booming capital markets and sliding euro helps Natixis

    Natixis reported booming capital markets revenues after market close on Wednesday, taking the whole bank’s profits up 25%.

    07 May 2015

  • MTN Leak: A snappy visit

    London may technically be France’s sixth largest city by population, but that doesn’t mean the UK’s French MTN contingent have been enthralled by the build-up to this week’s general election.

    07 May 2015

  • NordLB holds off on AT1 as market tanks

    NordLB put its debut additional tier one print on ice on Thursday morning, with a sharp sell-off in AT1 paper causing the leads to postpone the deal.

    07 May 2015

  • South Korea looks afield to bolster dismal IPO market

    The Korea Exchange (KRX) is desperately trying to entice international companies to list on its stock market, as activity from household names this year has been nothing short of abysmal. Its efforts have been impressive, but scepticism remains about how many firms will take the bait, writes Rashmi Kumar.

    07 May 2015

  • Deutsche Bank prices largest Formosa of 2015

    Deutsche Bank this week priced the biggest Formosa bond so far in 2015, in what was its third issue on Taiwan's renminbi-denominated bond market this year.

    07 May 2015

  • China Energy pays up big time to print maiden bond

    China Energy Reserve and Chemicals Group raised $200m from its inaugural bond, with the issuer choosing to pay up to compensate for a lack of credit rating. The tactic was effective in getting the deal done, although observers said the bond’s subsequent secondary market performance indicated that it might have paid over the odds.

    07 May 2015

  • Caterpillar finds terrain bumpy with fixed floater

    Caterpillar made its annual visit to the European bond market amid choppy market conditions on Wednesday, and disciplined investors secured a decent pick-up.

    07 May 2015

  • Votorantim Cimentos braves sell-off storm with euro seven year

    Votorantim Cimentos on Thursday morning opened books on the first international Brazilian deal since a Petrobras corruption scandal in November. But the euro denominated reopener struggled in a rotten primary market and was unable to move pricing.

    07 May 2015

  • Volatility helps Commerz’s C&M business

    Turbulence in currencies and commodities helped Commerzbank’s Corporates and Markets division beats last year’s performance by more than 15%.

    07 May 2015

  • Barclays snaps up syndicate banker from Deutsche

    Barclays has hired a director for its SSA syndicate from Deutsche Bank, GlobalCapital understands.

    07 May 2015

  • Halkbank near close on $807m loan

    Turkey’s Halk Bankasi (Halkbank) has nearly completed syndication for its $807m one year loan, according to banker on the deal.

    07 May 2015

  • Petra Diamond debut a point up in secondary

    Mining company Petra Diamond closed a successful $300m debut deal this week, which was trading well in the secondary market on Thursday, said bankers on the deal.

    07 May 2015

  • Financial institutions light up syndicated loan market

    China Banking Corp (Chinabank), BFI Finance, and China Universal Leasing are the latest financial institutions to tap the offshore syndicated loan market. The three fundraisings continue the trend of companies looking to capitalise on the difference in borrowing costs overseas and lending rates at home.

    07 May 2015

  • CCB serves up a storm with $2bn tier two

    The year’s first bank capital deal from China ended with a bang as China Construction Bank (CCB) took full advantage of pent-up demand to print a jumbo $2bn tier two offering. The largest Reg S only tier two from China was not only impressive for its size but also because it was able to achieve a record low spread.

    07 May 2015

  • StanChart’s Rajagopal takes south Asia role

    Standard Chartered has relocated its former global head of equity capital markets, A Rajagopal, to India to oversee capital markets for the south Asia region. Part of his remit now includes growing the bank’s equity-linked franchise.

    07 May 2015

  • China lenders to supply $800m loan for OmniVision

    Two Chinese lenders will supply a $800m loan to back the acquisition of US-headquartered digital imaging company OmniVision Technologies by a consortium of Chinese investors.

    07 May 2015

  • Sands are shifting for Chinese IBs in Asia ECM

    China’s investment banks have leapt up the rankings in Asia ex-Japan’s equity capital market, even as some rivals beat a hasty retreat from the region, writes John Loh.

    07 May 2015

  • HSBC picks new syndicate boss to replace Mercier

    HSBC has named a new global head of debt syndicate to replace Jean-Marc Mercier, who moved over to debt capital markets this week.

    07 May 2015

  • Kunlun Energy ignites $1bn debut on strong demand

    China National Petroleum Corp (CNPC)’s subsidiary Kunlun Energy Co successfully completed its inaugural dollar offering on May 6, continuing the success of Chinese gas and oil firms in the international debt market.

    07 May 2015

  • A new version of water torture

    Interior design is an art that this old dog does not claim to know a lot about. But I’ve been to enough banks to know just how hard each and every one tries to differentiate itself from the competition.

    07 May 2015

  • Mizuho heads to Thailand to test first ADB cross-border bond

    Japanese lender Mizuho is leading the way for an Asian Development Bank (ADB) initiative that allows borrowers to issue local currency bonds in most jurisdictions in Asia using a uniform set of documentation. While many details still need to be ironed out, market observers are confident this could herald an increase in cross-border issuance within the region, writes Christina Khouri.

    07 May 2015

  • VIG hits the market for $125m fundraising

    Real estate developer Vietnam Investment Group Joint Stock Co (VIG) is looking to borrow $125m offshore in a deal led by one bank.

    07 May 2015

  • Second Far East block nets $199m for KKR

    Far East Horizon has been at the centre of its second selldown in less than a month, with KKR offloading shares via a HK$1.54bn ($199m) block trade on the evening of May 4. While there were plenty of orders, they were small in size because of the Hong Kong-listed stock’s recent run-up in value.

    07 May 2015

  • Asia Pacific people moves, news in brief, May 8, 2015

    Bank of America Merrill Lynch – Deutsche Bank – Nomura – APLMA – ANZ

    07 May 2015

  • Brightoil takes second shot at $135m top-up

    Brightoil Petroleum is making a second attempt at raising funds via a top-up placement of shares, opening bookbuilding for a HK$1.046bn ($135m) deal on the evening of May 7. The company has taken a different tack this time round, launching a bigger deal with not only a fixed price but with also just one bookrunner at the helm.

    07 May 2015

  • Vietnam loans win vote of confidence from lenders

    Vietnamese companies have made a splash in the loans market in recent months, with borrowers from the banking and property sectors heading offshore for funding. And they have managed to raise their latest financings at a much lower cost than previously, taking advantage of abundant liquidity and an improving domestic macroeconomic outlook, writes Shruti Chaturvedi.

    07 May 2015

  • Shinsegae wraps $300m hybrid up in style

    Shinsegae Group wrapped up a stylish debut on May 5, printing a 30 year non-call five hybrid in its first appearance in the offshore bond market. The company made a substantial saving over where it could fund in the domestic market but investors were pleased with the pick-up offered over guarantor Kookmin Bank.

    07 May 2015

  • Bonus perceptions survey: Morgan Stanley happiest, BNPP most disgruntled

    Emolument, a salary benchmarking site, has released data suggesting that bankers at BNP Paribas were the least happy with the amount of their last bonus and Morgan Stanley bankers the most delighted.

    07 May 2015

  • CMB NY to make a debut foray with $500m three year

    China Merchants Bank (CMB) New York branch opened books on May 7 to a $500m three year bond, which will be the issuer's first outing in the international debt market. Bankers on the deal hope to see huge demand for China Construction Bank’s bank capital trade spill over to CMB New York's issue.

    07 May 2015

  • Books building solidly for Hsin Chong debut

    Hsin Chong Construction Group launched its inaugural bond on May 7 with investors getting the chance to buy into a rare unrated issuer from Hong Kong.

    07 May 2015

  • Investors neck Mexican debutant’s tequila slammer

    There may have been no tequila at the roadshow but investors piled into Jose Cuervo’s inaugural international bond issue on Wednesday as Mexican companies continue to enjoy heady conditions in capital markets.

    07 May 2015

  • San Miguel pops open $287m syndication as margin falls

    San Miguel Corp of the Philippines has launched a $287m loan into general syndication, taking advantage of benign market conditions to slash pricing by more than 75bp compared with its last borrowing in the offshore loan market.

    07 May 2015

  • Investors neck Mexican debutant’s tequila slammer

    Tequila went to the head of US bond investors in the wake of Tuesday’s Cinco de Mayo celebrations as Jose Cuervo, the largest brand of the headache inducing if rather delicious drink, reaffirmed Mexico’s status as the leader of the LatAm bond market.

    07 May 2015

  • Blessing in disguise for Brazil

    The typical reaction to a borrower in the primary market on a day such as the one the European rates market suffered on Thursday is to question what said issuer had been drinking.

    07 May 2015

  • More SFR ABS expected from American Residential Properties

    American Residential Properties Inc, reportedly a takeover target, can finance more home purchases through further securitization of its existing portfolio, according to market participants.

    06 May 2015

  • Moody’s and S&P searching for new ABS staff

    Amid news of several high profile people moves at credit rating agencies in New York, new junior and mid-level ABS raters are sought by Moody’s and Standard & Poor’s.

    06 May 2015

  • Blocks sparkle with Evonik, Elior, Klépierre, Cembra

    As block trade bankers had predicted, the fireworks are starting again as companies emerge from blackouts. Five deals totalling €2.8bn were in the market on Wednesday night, but there were no auctions: all of them were mandated trades, leaving banks away from the action with nothing to bid on.

    06 May 2015

  • Cellnex prices IPO ahead of Thursday start of trading

    Cellnex, the Spanish telecoms tower business, is expected to start trading in Madrid on Thursday May 7, having priced its IPO on Tuesday evening at €14 a share – the top end of the range.

    06 May 2015

  • Haniel to divest Metro stock in simultaneous block and equity-linked deals

    Haniel launched on Wednesday evening a combined sale of Metro shares and notes exchangeable into Metro shares, in an overnight deal that could total €1bn and was set to tap heavily into Europe’s increasing trend toward negative yields.

    06 May 2015

  • ASX launches anon OTC platform for equity options

    The Australian Securities Exchange has launched FlexClear, an over-the-counter service for equities options that is expected to benefit buyside firms looking to tailor strategies through central clearing.

    06 May 2015

  • Windeln stock tumbles in bruising start to trading

    Windeln.de, the German online baby products seller, dropped 18% today on its first day of trading in Frankfurt – a bitter conclusion to an IPO process that had appeared to run smoothly until then.

    06 May 2015

  • Chemours’ $2.5bn deal seals spinoff plans with investors’ approval

    Titanium, fluoroproducts and chemical solutions business Chemours sold $2.5bn of senior unsecured notes on Tuesday, proceeds of which will go to its parent, DuPont, in the form of a dividend.

    06 May 2015

  • SocGen unveils new asset-backed division

    Société Générale has announced a new structure for its global markets businesses, with a new asset-backed products group, and broader remits for the equities and FICC heads.

    06 May 2015

  • Wasps hit £35m target with listed retail bond

    English premiership rugby club Wasps has raised £35m by selling a 6.5% seven year retail bond. The bond is secured on assets including the Ricoh Arena stadium in Coventry, which the club bought last year.

    06 May 2015

  • Tesco guides card ABS at IPT level

    Likely the only ABS to hit the market this week ahead of UK elections, Tesco is closing in on the sale of its £300m in triple-A rated credit card ABS bonds, the second publicly placed deal from the issuer.

    06 May 2015

  • Short end proves sweet in dollars

    Sweden priced an oversubscribed $2.25bn three year on Wednesday while a German state attracted strong demand to its debut in the currency.

    06 May 2015

  • Spain set for auction yield hike amid turbulent sovereign trading

    Spain is likely to pay higher borrowing costs than at any point this year at an auction on Thursday, as a volatile period for eurozone government bonds rumbles on from last week.

    06 May 2015

  • Sterling CP bonus for European SSAs

    Banks’ withdrawal from the commercial paper market is providing a boon to European SSAs, which have found strong demand for their sterling paper.

    06 May 2015

  • Lufthansa revives hybrid deal after results

    German airline Deutsche Lufthansa has held an investor call for its postponed hybrid capital bond issue, after making a €133m operating loss in the first quarter of 2015, smaller than a year ago.

    06 May 2015

  • SocGen lays out TLAC strategy

    Société Générale has used its first quarter results to lay out its strategy for meeting total loss-absorbing capacity (TLAC) targets, though the rules have yet to be finalised.

    06 May 2015

  • CBSBF debuts in private MTNs and more to follow

    Central Bank of Savings Banks Finland on Wednesday sold its first privately placed medium term note and is set to print more in coming weeks.

    06 May 2015

  • Most CLO managers lack clear risk retention strategy

    Very few CLO managers in the US have a coherent plan for how to deal with risk retention, but they are not going to let that stop them from printing deals, according to a new survey by Fitch Ratings.

    06 May 2015

  • South Africa's Petra Diamond set for HY bond debut

    Mining company Petra Diamond is planning to price a $300m high yield bond debut on Wednesday afternoon.

    06 May 2015

  • Kunlun Energy to fire up a debut dollar offering

    Kunlun Energy Company, a subsidiary of China National Petroleum Corp (CNPC), opened books to a 144A/Reg S dual tranche dollar bond split between five and 10 year deals.

    06 May 2015

  • ArcelorMittal's $6bn revolver is heavily oversubscribed

    Steel company ArcelorMittal has refinanced a $6bn revolving credit facility, with heavy oversubscription.

    06 May 2015

  • Xella allocating €533m of loans with oversubscribed books

    Xella, the German building materials manufacturer, has closed books on a €533m refinancing and amend-and-extend loan procedure that was oversubscribed, allowing for price cuts.

    06 May 2015

  • EFSF lined up to take on scary euro market

    The European Financial Stability Facility could next week provide another test of market depth in what some bankers are calling a “scary” euro market.

    06 May 2015

  • Insurers to battle banks for tier two supremacy

    Europe’s insurers are planning a raid on the tier two market in the second quarter, but may have to wait until a growing pipeline of bank tier two is cleared.

    06 May 2015

  • Shanghai Electric buzzing for maiden euro bond

    Shanghai Electric Group Company (SEC) is preparing to issue its first euro bond having mandated 10 banks for a series of investor meeting starting on May 8.

    06 May 2015

  • mBank mandates for euro bond

    Poland's mBank has mandated Commerzbank, Credit Suisse, HSBC and JP Morgan to arrange a bond, with investor meetings starting early next week.

    06 May 2015

  • Sanya Airport lands for $70m three year

    HNA Airport Holdings is in the market for a $70m loan that will be used for extension of the Sanya International Airport.

    06 May 2015

  • China Water pulls $104m placement

    China Water Affairs Group cancelled plans to raise as much as HK$805m ($104m) via a placement of shares, after launching the transaction to investors on the evening of May 5.

    06 May 2015

  • No piggybacking on Stock Connect success

    The Chinese and Hong Kong equity capital markets have been thriving since April, as relaxed capital controls on the Stock Connect fired up business. It’s only normal now for other markets to want to follow suit, with talks of Taiwan-Shanghai and Taiwan-Shanghai-Hong Kong links doing the rounds. The thinking is bold, but replicating the success of the Connect will not be easy.

    06 May 2015

  • CCB launches first Chinese bank capital deal of 2015

    China Construction Bank (CCB) has launched the first bank capital deal out of China this year, taking bids for a dollar tier two offering on May 6.

    06 May 2015

  • Metinvest to sweeten restructuring terms as maturity looms

    Ukrainian steelmaker Metinvest has postponed plans to restructure a Eurobond that matures in just two weeks.

    06 May 2015

  • Asian IPO roundup: Hizeaero mandates for listing as Sunway starts meetings

    South Korea’s Hizeaero, which makes parts used in the aerospace industry, is seeking an IPO on the domestic stock market and has picked a bank to lead its listing.

    06 May 2015

  • Republic of Indonesia on the road with sukuk

    The Republic of Indonesia has announced the dates of investor meetings for a dollar sukuk, having mandated four banks to work on the bond.

    06 May 2015

  • Insurers line up behind banks for tier two

    A volatile rates market has added to a list of headaches for prospective FIG issuers this week, but syndicates are sitting on a strong second quarter tier two pipeline.

    06 May 2015

  • LatAm faces crucial Brazil test; CEEMEA issuers queue

    Latin America faces an important milestone this week when Votorantim Cimentos issues a seven year benchmark in Europe on Thursday in what would be the first Brazilian international capital markets transaction since November.

    06 May 2015

  • China Energy debut tightens massively in secondary

    China Energy Reserve and Chemicals Group raised $200m from its inaugural bond with the issuer choosing to pay up to compensate for a lack of credit rating. The tactic was effective in getting the deal done although observers say the bond’s subsequent secondary market performance meant it might have paid over the odds.

    06 May 2015

  • Deutsche Bank marketing third Formosa of 2015, books over Rmb1.5bn

    Deutsche Bank is taking orders for its third Formosa bond this year, with the five year deal generating more than Rmb1.5bn ($242m) of interest so far, according to two sources close to the deal.

    06 May 2015

  • Loan banks reject company’s claim for negative interest

    Syndicated loan banks are standing strong against the highly rated Swiss company that is demanding negative interest payments on its drawn Swiss franc term loan. One senior banker said there was no negotiation about it. “The banking syndicate has said no,” he said.

    06 May 2015

  • German, Spanish and Egyptian IPOs wrap up ahead of UK election

    At the end of last year, equity capital market bankers foresaw two obstacles to issuance in the first half of 2015: the Easter weekend on April 3-6, and the UK general election on May 7. The pace of IPO pricings this week appears to confirm that these events are governing deal timing.

    06 May 2015

  • Shinsegae starts in style with Kookmin guaranteed hybrid

    South Korea’s Shinsegae Group wrapped up a stylish debut on May 5, printing a 30 year non-call five hybrid in its first appearance offshore bond. The company made a substantial saving over where it could fund in the domestic market but investors were pleased with the pick-up the deal offered over pricing levels available for guarantor Kookmin Bank.

    06 May 2015

  • Noble defies short-sellers as it nets $2.25bn for latest financing

    Noble Group, a commodities supplier, has received a total of $2.25bn in commitments, including $1.5bn from the original 15 mandated lead arrangers and bookrunners. The commitments cover the amount it was seeking when it launched the deal into general on April 8.

    06 May 2015

  • CGNPC powering up for dollar return

    China Nuclear Power Corporation (CGNPC) is looking to gauge investor interest for a dollar bond having mandated six banks for a series of investor meetings starting on May 7.

    06 May 2015

  • Levfin roundtable sparks debate on gap between Asia and US terms

    Leveraged finance bankers at a recent industry event were upbeat about the scope for a pick-up in Asia cross-border M&A, which they see revitalising the flaccid leveraged finance activity so far this year. However, there is a debate over whether Asian banks are any closer to offering the looser terms available in Europe and the US.

    06 May 2015

  • Dalian Port rows into $785m placement

    Dalian Port (PDA) Co plans to sell shares under an H-share placement in Hong Kong that could raise HK$6.08bn ($784.51m), based on its last closing price.

    06 May 2015

  • Rabobank pushes growth in SE Asia with bigger Singapore office

    Rabobank has opened a new office in Singapore today in effort to support the bank’s intends to grow its presence in the southeast Asian region.

    06 May 2015

  • Jose Cuervo owner serves 200bp IPTs

    The owner of Jose Cuervo tequila has announced initial price thoughts of 200bp over US Treasuries for a 10 year debut 144A/Reg S deal of $500m, according to a banker working on the deal.

    06 May 2015

  • Votorantim plans seven year euro benchmark

    Brazilian cement company Votorantim Cimentos has pencilled in the pricing of a seven year euro benchmark bond for Thursday, the day after it finishes a European roadshow.

    06 May 2015

  • Battered Pacific bonds fly as Alfa plots takeover

    Bondholders who showed faith in Colombia’s largest private oil company Pacific Rubiales could be spectacularly rewarded after reports emerged that minority shareholder Grupo Alfa had bid to acquire the firm.

    06 May 2015

  • Hungary's RMB ambitions: central bank talks to GlobalRMB

    Hungary is busy positioning itself as the first potential offshore renminbi hub in Central and Eastern Europe. Its central bank, Magyar Nemzeti Bank (MNB), launched an RMB initiative earlier this year to push Budapest's credentials and Daniel Palotai, the bank's executive director for monetary policy, spoke to GlobalRMB about the bank’s plans.

    06 May 2015

  • Total Derivatives: 1s/10s NDIRS approaches key level

    Tighter liquidity conditions in China pushed short CNY rates higher on Tuesday and the belly of the swap curve was better bid. The 1s/10s NDIRS slope is approaching a key resistance level, triggering talk of corrective flattening, writes Deirdre Yeung of Total Derivatives.

    06 May 2015

  • SG initiates NDF clearing

    Société Générale Prime Services has begun executing and clearing non-deliverable forwards through a central counterparty, to allow users to gain margin efficiency and risk protection.

    06 May 2015

  • Outsourcing: banks face IT data dilemma

    Banks and derivatives market participants that outsource their IT requirements should select vendors who differentiate themselves from competition, play to their strengths, and who will look to the future, according to one market intelligence chief.

    05 May 2015

  • Synchrony prices latest credit card ABS

    Synchrony Bank has priced its third credit card ABS issuance since being spun out from General Electric in an IPO last August.

    05 May 2015

  • Stronger performance for SFR ABS subs

    The riskier tranches of single family rental ABS issued in 2014 performed well last year and could perform even better this year, according to data from JP Morgan.

    05 May 2015

  • Euronext names interim CEO following Cerutti departure

    The board of Euronext NV has appointed an interim CEO following Dominique Cerutti’s resignation announcement on April 22.

    05 May 2015

  • Windeln and Cellnex IPO pricing and allocation imminent

    Windeln.de, the German online baby products seller, and Cellnex, the Spanish telecoms tower business, were on Tuesday evening finalising their IPO prices and allocations.

    05 May 2015

  • Nordic stocks lead block trade revival with XXL, Unibrew

    ABG Sundal Collier and Goldman Sachs launched on Tuesday evening the first block trade in XXL shares since the Norwegian sports retailer floated in October.

    05 May 2015

  • Slovak Telekom to close €750m IPO Tuesday as book strengthens

    The privatisation of Slovak Telekom is reaching its climax, with a covered message published this morning and refined price guidance expected tonight or tomorrow morning.

    05 May 2015

  • Total eyes $487m valuation for Moroccan unit’s IPO

    Total Maroc, the third biggest petrol distributor in Morocco and a subsidiary of French oil company Total, plans to float on the Casablanca Stock Exchange, raising $62m to $73m for a 15% stake in the business.

    05 May 2015

  • UBS mixes experience and new blood for sponsors business

    UBS has named two global co-heads for its financial sponsors business, poaching one from Morgan Stanley and promoting another from within the bank

    05 May 2015

  • Negative yield ABS ‘hysteria’ not justified, says BAML

    Fears that ABS is broadly headed into negative yield territory in Europe are greatly exaggerated, according to Bank of America Merrill Lynch analysts.

    05 May 2015

  • Sweden mandates while debut issuer tilts at dollars

    Sweden has mandated banks to run a benchmark in dollars, taking advantage of a clear window of issuance in the currency this week because of holidays in Japan.

    05 May 2015

  • Tesco rushes to market ahead of elections

    Tesco, which last week announced its second publicly place credit card ABS, is looking to price Delamare 2015-1 as soon as Wednesday to beat any volatility caused by the forthcoming UK election.

    05 May 2015

  • EFSF faces difficult choice as next window looms

    The European Financial Stability Facility will have a tricky tenor choice for a deal window next week — if it chooses to use it at all, said SSA bankers.

    05 May 2015

  • Is the ‘UBS phenomenon’ cyclical or structural?

    UBS is the darling of the Street, for restructuring its investment bank early and vigorously. But the moment to “do a UBS” might have passed.

    05 May 2015

  • Cyprus mulls 10 year bond as seven year outperforms

    Cyprus could hit the 10 year part of the curve later this year, after printing a seven year last week that was trading 20bp lower than its reoffer yield on Tuesday.

    05 May 2015

  • Eircom asks lenders for €2bn rollover and easier terms

    Eircom, the Irish telecoms company, has arranged an investor call for a €2bn amend-and-extend process on its loans, that will bring documentation into line with market standards.

    05 May 2015

  • Turkish funding officials expect ample covered demand

    Bankers are preparing the ground for the first Turkish covered bond with Akbank and Garanti Bank both lining up for issuance.

    05 May 2015

  • Bund moves drive FIG investors into long end

    Higher outright yields caused by soaring Bund spreads are leading FIG investors into longer paper this week, as the euro pipeline defies wider uncertainty.

    05 May 2015

  • Emirates prints three MTNs, ending bumper April for MidEast

    Emirates NBD has sold a trio of privately placed medium term notes, amid growing demand for MTNs from the region.

    05 May 2015

  • Fesco extends buyback offer

    The Far-Eastern Shipping Co has extended the deadline for the buyback offer for its 2018 and 2020 bonds to Friday.

    05 May 2015

  • UBS shrugs off Swissie woe with profit jump

    UBS reported year-on-year profit growth of more than 50% on Tuesday, buoyed by strong performances in its investment banking and wealth management divisions.

    05 May 2015

  • BAML transfers Zaman to head Asia ECM syndicate

    Bank of America Merrill Lynch has filled its top ECM syndicate role in Asia Pacific by moving Akram Zaman to Hong Kong from New York, sources said.

    05 May 2015

  • DP World returns to bond market after eight year absence

    DP World, the container ports group, is roadshowing a dollar benchmark conventional bond issue this week via Barclays, Citi, Deutsche Bank, Emirates NBD, HSBC, National Bank of Abu Dhabi and Société Genérale.

    05 May 2015

  • China Energy ready to pay up in debut

    State owned China Energy Reserve and Chemicals Group is venturing out to the dollar bond market for first time in history, opening books to a three year deal on May 5.

    05 May 2015

  • Shinsegae launches Kookmin-backed 30nc5

    South Korea’s Shinsegae Group is making a rare return to the international bond market following an eight year absence, receiving bids for a 30 year non call five bond, which comes with a direct guarantee from Kookmin Bank (KB).

    05 May 2015

  • Wasion scoops $95m as STP covers books

    Wasion Group Holdings, a maker of utility distribution devices, has raised HK$734.40m ($94.76m) in a top-up placement and sale of secondary stock, locking in gains from the rally that gripped Hong Kong’s stock market since last month.

    05 May 2015

  • Yapi Kredi signs $1.4bn refi with 364 day and 367 day tranches

    Yapı Kredi Bank has signed a $1.4bn loan with a syndicate of 48 banks. The loan has tranches with maturities of 367 days and 364 days.

    05 May 2015

  • APLMA chairman Sodhi to step down

    Atul Sodhi, chairman of the Asia Pacific Loan Market Association, will step down later this month after three years in the role.

    05 May 2015

  • DB veteran Ebert becomes new Apac equities head

    Rob Ebert has been appointed Deutsche Bank’s head of equities for Asia Pacific, replacing Dixit Joshi who has taken up the position of global head of prime finance.

    05 May 2015

  • Chile, Honduras may test LatAm bond market with new issues

    Two Latin American countries at opposite ends of the rating spectrum could lift sovereign bond issuance volumes shortly. Chile and Honduras are understood to be monitoring markets.

    05 May 2015

  • ADM grows Asia eco trend with new rainforest impact bonds

    Asia has seen a burst of interest in financing environmental protection efforts. Following the region’s first few green bond issues, ADM Capital has proposed a new environmentally friendly bond structure specifically focused on forest conservation.

    05 May 2015

  • Créd Ag insurance chief moves back to bank

    Crédit Agricole has found an internal replacement for Bernard Delpit, its departing deputy finance director.

    05 May 2015

  • Loan Ranger: The Good, the Bad and the Euribor – Part Two

    The crew investigate Liboria’s sickness.

    05 May 2015

  • Fosun mulls increasing $500m facility after strong response

    Hong Kong listed Fosun International is considering increasing the size of its $500m borrowing following strong demand in retail syndication.

    05 May 2015

  • Mizuho, Laos prep for baht bond issues

    Mizuho and the Lao People's Democratic Republic sovereign have received approval from the Thai Ministry of finance to issue bonds denominated in the Thai currency. The Japanese bank’s baht bond issue will be the first issue of a cross-border bond under the Asean+3 Multicurrency Bond Issuance Framework (AMBIF).

    05 May 2015

  • KKR sheds Far East stake via $199m block

    Far East Horizon has been at the centre of second sell down in less than a month, with KKR offloading shares via a HK$1.54bn ($199m) block trade on the evening of May 4. While orders were aplenty, they were small in size given the Hong Kong-listed stock’s recent run-up in value.

    05 May 2015

  • REC extends deadline for $400m loan

    India's Rural Electrification Corp (REC) has extended the deadline for its $400m five year fundraising to give banks more time to process credit approvals. Banks are said to have asked for an extension well in advance of the original deadline.

    05 May 2015

  • Huadian Fuxin seeks approval for onshore/offshore fundraising

    Huadian Fuxin Energy Corporation is seeking shareholder approval to issue up to Rmb16bn ($2.63bn) of onshore and offshore debt financing instruments, the clean energy company announced on May 4.

    05 May 2015

  • Changing tide for Chinese IBs in Asia ECM

    China’s investment banks have leapt up the rankings in Asia ex-Japan’s equity capital market, even as some rivals beat a hasty retreat from the region. Their willingness to be cut-throat on fees and a higher risk tolerance have allowed them to thrive in Asia’s ultra-competitive ECM landscape.

    05 May 2015

  • IRD trade counts extend growth run in year-on-year statistics

    Interest rate derivative trade counts reported to swap data repositories last week increased by 27%, marking the second week in a row of expansion versus the same week in 2014, according to data from the International Swaps and Derivatives Association.

    04 May 2015

  • T-REX, KPMG hire as solar ABS heats up

    The solar energy finance personnel carousel has accelerated as the pipeline for potential securitizations and other financing tools builds.

    04 May 2015

  • DoT’s new brake rule a worry for railcar ABS

    The US Department of Transport’s implementation of higher standards on railway tank car braking systems could hit railcar ABS cashflows — but the long term effect of the rules is positive, said Barclays analysts.

    04 May 2015

  • UnaVista adds bigwig for US expansion

    As part of its business expansion into the Americas, the trade repository UnaVista has hired a regulatory, risk and compliance veteran for the firm’s US expansion efforts.

    04 May 2015

  • CBOE to launch weekly expiry VIX derivatives

    The Chicago Board Options Exchange is to launch futures and options on the CBOE Volatility Index with weekly expiries.

    04 May 2015

  • Puradelta Lestari hopes for the best with comeback IPO

    Puradelta Lestari has opened books on its Rph3.79tr ($293.28m) IPO in Indonesia, kicking off its second attempt. A shaky market could again rear its ugly head but bankers are feeling more assured this time around after the issuer agreed to a hefty discount.

    04 May 2015

  • Liu joins ANZ’s Singapore loans team

    Australia and New Zealand Bank has boosted its loan syndications operation in Singapore with a new hire.

    04 May 2015

  • The finishing touch: Citic CLSA Securities goes live

    Following their merger close to two years ago, the integration between the investment banking units of Citic Securites and CLSA has finally been formalised with the launch of Citic CLSA Securities on May 4.

    04 May 2015

  • Quartet helps E-Land World tailor $200m loan

    Women’s apparel maker E-Land World has unzipped a $200m dual trancher with four mandated lead arrangers and bookrunners.

    04 May 2015

  • Asian IPO roundup: Ikya Human, Narayana Health, Hurom

    India’s Ikya Human Capital Solutions is taking steps forward in getting its IPO up and running, having picked banks to help lead its $200m listing slated for this year.

    04 May 2015

  • Swift to partner with PBoC for second phase of CIPS

    The Society for Worldwide Interbank Financial Telecommunication (Swift) is poised to play an important role in China's upcoming offshore renminbi Cross-border Inter-bank Payment System (CIPS).

    04 May 2015

  • Total Derivatives: PBoC expectations steepen CNY curve

    A weak Chinese manufacturing report has triggered offered-side interest in 5-10 year CNY swaps. But the curve has steepened on short-end outperformance backed by expectations of further monetary easing measures by the People's Bank of China (PBoC), writes Deirdre Yeung of Total Derivatives.

    04 May 2015

  • VIG constructs $125m fundraising with one

    Real estate developer Vietnam Investment Group Joint Stock Co (VIG) is looking to borrow $125m offshore in a deal led by one bank.

    04 May 2015

  • Lights, camera, action: UFO raises $96m with top IPO pricing

    Shareholders of UFO Moviez have added Rp6.125bn ($96m) to their coffers after the company’s IPO priced at the top of guidance, despite the deal seeing just a small oversubscription because of the recent battering suffered by the Indian stock index.

    04 May 2015

  • KaiLong to woo renmimbi investors with S$200m dual-FX Reit

    China’s KaiLong, a property investor and manager, is seeking to raise S$200m ($150.27m) by floating its industrial parks in Shanghai as a real estate investment trust (Reit) on the Singapore stock exchange.

    04 May 2015

  • Huawei set to plug in with syndicated bond debut

    Huawei Investment & Holding Co has mandated five banks ahead of its inaugural dollar bond that will hit the market as early as next week.

    04 May 2015

  • Shenzhen Qianhai Financial raises Rmb500m in offshore first

    Shenzhen Qianhai Financial Holdings has tied up an Rmb500m ($81.7m) term loan with a group of five lenders in a transaction that marks the first Hong Kong-Qianhai cross-border renminbi syndication. Though the financing demonstrates appetite by banks in Hong Kong for offshore renminbi deals, onshore loosening will likely crimp further business coming their way.

    04 May 2015

  • Citi fires up Asia IB with new Sydney hire

    Citi has announced the appointment of Ian Maxton as managing director and vice chairman of investment banking. The move follows a number of recent hires within Citi’s investment banking and financial institutions businesses.

    04 May 2015

  • Harman of the US plans maiden euro bond

    Harman International Industries, a US maker of audiovisual equipment, has hired banks for its first euro bond, having previously issued only in dollars.

    01 May 2015

  • Funding scorecard: European sovereigns

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

    01 May 2015

  • Secondary pricing update: a volatile week in the eurozone

    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.

    01 May 2015

  • Shell signs £10bn bridge loan for BG bid

    Royal Dutch Shell signed a £10.1bn bridge facility on Friday that will back its acquisition of BG Group. The loan replaces the £3bn facility arranged when the deal was announced on April 8.

    01 May 2015

  • NH Hotels postpones €200m high yield issue on banks' advice

    NH Hotel Group, the Spanish hotel chain, has pulled its €200m senior unsecured bond issue.

    01 May 2015

  • Supporting the backbone of the Egyptian economy

    Depending on which statistics you read, up to 75% of Egypt’s workforce is employed in the SME sector, making it a crucial part of the country’s economy. Getting finance into the sector is therefore crucial.

    01 May 2015

  • Welcoming the world back to Egypt

    The sun is beginning to shine again on Egypt’s tourism sector as visitors start to return in number after the 2011 revolution. As the tourists return so will investment, aided by the government sponsored tourism private equity fund that could ultimately reach $1bn in size.

    01 May 2015

  • Living with a covered bond shortage and the big QE squeeze: a buyside perspective Crédit Agricole CIB Covered Bond Roundtable

    The relative value of covered bonds compared to sovereign bonds has improved, but the pace of European Central Bank buying has not slackened, as had been widely hoped. And even though the ECB has marginally scaled back primary market purchases this year compared to last, it remains an aggressive secondary market buyer.

    01 May 2015

  • Restoring order: Sisi puts Egypt back on the right track

    President Abdel Fattah el-Sisi has brought much-needed strong leadership back into the heart of Egyptian government. His task now is to rebuild the country’s economy.

    01 May 2015

  • Strength of Egypt’s banks bodes well for economic recovery

    While Egypt’s banking sector remains strong despite the upheavals of recent years, the loan to deposit ratio is exceptionally low, even by emerging market standards. The message? Corporate Egypt needs to start borrowing again.

    01 May 2015

  • International markets ready for Egypt’s return

    With the sovereign back in the international bond markets, the path is gradually clearing for Egypt’s banks and companies to finally access the global debt markets. Meanwhile, demand for Egyptian equities is picking up pace.

    01 May 2015

  • Buying back into the Egypt story

    Foreign direct investment is returning to Egypt, with $8bn expected in 2015 — double the volume attracted last year. While the new investment law will make it easier for foreign companies, the trick will be encourage new inflows — which have been poor since the Arab Spring.

    01 May 2015

  • Addressing the infrastructure shortfall

    With $16bn needing to be spent a year between now and 2020 to plug its infrastructure gap, Egypt has its work cut out. One of the most ambitious projects is to widen the iconic Suez Canal which could cost $200bn over the next 15-20 years.

    01 May 2015

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 04 May 2015
1 JPMorgan 132,246.16 466 8.23%
2 Barclays 121,205.54 385 7.54%
3 Citi 119,844.04 442 7.46%
4 Bank of America Merrill Lynch 112,710.02 398 7.01%
5 Deutsche Bank 102,482.68 424 6.38%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 26 May 2015
1 JPMorgan 17,798.88 33 7.86%
2 Deutsche Bank 14,789.71 55 6.53%
3 BNP Paribas 12,178.86 74 5.38%
4 Credit Agricole CIB 11,292.84 51 4.99%
5 HSBC 11,097.02 60 4.90%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 26 May 2015
1 Goldman Sachs 12,081.32 35 10.28%
2 UBS 11,744.69 32 10.00%
3 Bank of America Merrill Lynch 11,513.68 43 9.80%
4 Deutsche Bank 9,566.55 40 8.14%
5 Morgan Stanley 8,524.66 41 7.26%