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News Archive

  • Funding scorecard: European sovereigns

    Read on to find out how selected European sovereigns are faring in their funding progress this year.

    03 Jul 2015

  • Secondary pricing update: Featuring the UK's March 2046 inflation linker

    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.

    03 Jul 2015

  • Fed as big a risk as Greece for HY, says Deutsche

    Analysts at Deutsche Bank said on Friday in their review of the European high yield market that a rise in the main US interest rate would damage the second half of the year for the high yield market as much as a Grexit.

    03 Jul 2015

  • Elecnor refinances €600m with banks

    Elecnor, the Spanish engineering company, has refinanced €600m of loans, extending the deal for another five years but keeping the same size.

    03 Jul 2015

  • AES Gener roadshow gets going

    Chilean electricity firm AES Gener has added its name to the Latin American pipeline, picking banks for a dollar bond and raising hopes of summer supply.

    03 Jul 2015

  • In debt and unhedged: Fitch fingers Turkish corps as EMEA’s most exposed

    Turkey’s firms top the list of EMEA corporates most at risk from rising US interest rates and a stronger dollar, said Fitch. Although the countries with better hedged corporates are suffering from other problems, and not necessarily in a position to benefit.

    03 Jul 2015

  • HSBC loses two from CEEMEA DCM

    Two CEEMEA DCM bankers have departed HSBC — one poached by another bank and the other made redundant from the firm.

    03 Jul 2015

  • KRX builds momentum for IPO plans

    A long-awaited proposal to list Korea’s stock exchange is coming to a fruition, with the Financial Services Commission, the country’s top financial regulator, unveiling a roadmap for the IPO this week.

    03 Jul 2015

  • India’s IIFCL Asset Management preps for green bond

    India’s state-owned IIFCL Asset Management Company Limited (IAMCL) has partnered with the US Agency for International Development (USAID) to boost investment in India’s renewable energy sector via instruments like green bonds.

    03 Jul 2015

  • Lai Sun nabs 14 banks for HK$3.6bn club

    Lai Sun Development has completed a HK$3.6bn ($464m) club loan that saw 14 banks chip into the close to two times covered transaction.

    03 Jul 2015

  • MAS builds new Reit rules with focus on strong governance

    Singapore has tweaked rules governing real estate investment trusts (Reits), the mainstay of the city-state’s equity capital markets, with the changes prioritising good corporate governance and the interests of unitholders.

    03 Jul 2015

  • Ping An Real Estate gauges interest for dim sum

    Ping An Real Estate Company has picked three banks to prepare for an offshore renminbi (CNH) market as early as next week.

    03 Jul 2015

  • Hong Kong ECM round-up: Something Big this way comes

    Something Big Technology Holdings is planning to list on the Hong Kong Stock Exchange, with the float being brought to the market by sole sponsor KGI Capital Asia.

    03 Jul 2015

  • Alok Industries weaves together $475m loan

    Alok Industries has finally signed its $475m export performance bank guarantee-backed (EPBG) loan on June 30 with a total of eight banks committing to the transaction.

    03 Jul 2015

  • DB brings fifth Formosa of the year, MS follows with second visit

    Deutsche Bank is setting the benchmark for what it means to be a regular in the Formosa bonk market, making its fifth visit this year.

    03 Jul 2015

  • Malaysia’s challenges go beyond than Fitch rating

    Fitch positively surprised markets this week when affirmed Malaysia’s credit rating and revised its outlook to stable, having previously said it was more than 50% likely to downgrade the country. Although the new has allowed for a moment of optimism, there are still plenty of concerns about Malaysia’s economy.

    03 Jul 2015

  • Korea Expressway mulls first offshore bond of 2015

    Korea Expressway Corp is eyes the international bond market in the second half of the year, having delayed plans for offshore bonds in the first half due to lower onshore funding costs and an unfavourable swap price.

    03 Jul 2015

  • RMB round-up: July 3, 2015

    In this round-up, Hong Kong RMB deposits and cross-border RMB trade settlement recover slightly in May, Bank of Korea activates a RMB liquidity facility to support markets, Mizuho Bank launches free trade accounts in Shanghai's FTZ, and the FTZ authority ventures overseas with six new offices.

    03 Jul 2015

  • ASEAN Bond Markets Issuer Roundtable: Twin hopes for rupiah bonds

    Indonesia has long been a source of both excitement and dashed hopes for debt bankers and bond investors. The sovereign is highly-regarded in the international bond market, and Indonesian corporations are a strong source of dollar bond supply across the credit curve. But the country's domestic debt market is still small, and although foreign investors have proven hungry for rupiah exposure in the past, the opportunities have not been large enough for banks or corporations inside the country. There are signs, however, that investors in both markets, inside and outside the country, may have some exciting times to come in the next few years. The Islamic bond market, although still nascent, is an obvious source of growth for the future. The country's huge infrastructure need will create hurdles, but it will also create rich opportunities for those able to overcome them. These twin sources of future growth dominate conversation among bankers, issuers and investors in the country at the moment. It is little surprise they did the same when Asiamoney sat down with some of the most prominent figures in Indonesia's capital markets for a discussion of the issues impacting the country's investor base now — and how high those investors' hopes are for the future.

    03 Jul 2015

  • ASEAN Bond Markets Investor Roundtable: Making the infrastructure leap

    Indonesia's debt issuers are spoiled for choice in the international markets. Many of these companies have tapped the dollar bond market already. There are also opportunities in euros, offshore renminbi, Singapore dollars, and other Asian local currency markets. But in the domestic bond market, they are still coming up against a reasonably limited investor base, as well as strong competition from bank lenders. They have been able to pick-and-choose the best markets for their funding needs so far, but the country's immense infrastructure funding needs means that all investors and lenders should be asked to play a role in the future. Asiamoney sat down with a panel of leading market participants in Jakarta to discuss exactly how issuers are going to help fund the anticipated boom in infrastructure spending in the country, and what hurdles they need to overcome before the eye-popping opportunities in the market can be realised.

    03 Jul 2015

  • SFIG elects new leadership

    Members of the Structured Finance Industry Group have elected a new executive committee and board of directors, the organisation announced on Wednesday.

    02 Jul 2015

  • Cometh the hour, cometh the PP

    Bankers will not admit it, but the public euro bond markets are de facto shut. Barring a miracle in Greece, they are expected to remain so until after Labor Day in early September.

    02 Jul 2015

  • Corporate acquisitions fuel first half IB figures

    Investment banking fees from private equity and loans are down drastically on the year, as the M&A wallet shifts to lean more on strategic acquirers.

    02 Jul 2015

  • SSAs swim for MTN lifeboat in Greek storm

    In a week when Greece’s negotiations with its creditors grew labyrinthine in their complexity, with contradictory statements spewing forth faster than the country’s spiralling yields could follow, public sector borrowers are changing their approach.

    02 Jul 2015

  • The canary just coughed

    Before the days of miniaturised electronics, coal miners would use a canary in a cage as an early warning system. If a tunnel was filling with carbon monoxide, the bird would die before the miners, leaving them time to get out.

    02 Jul 2015

  • Dollars offer banks cheap route out of euro shutdown

    European banks could escape the turmoil of the euro market by printing senior debt in dollars in the coming weeks, while the US market has become an equally attractive option for capital seekers, writes Tom Porter.

    02 Jul 2015

  • In praise of premiums

    New issue concessions of 50bp drew snorts of derision from some corners of the FIG market last week, but with Greece sending shivers down investors’ spines, the banks that paid up early may have the last laugh.

    02 Jul 2015

  • Ecolab uses roadshow's momentum to navigate through uncertain market

    US water, hygiene and energy technologies provider Ecolab reopened the corporate bond market on Wednesday with a €575m issue after a shorter than expected shutdown.

    02 Jul 2015

  • US FIG freezes but AT1 on the way

    Banks and insurers stayed on the sidelines as the situation in Greece brought dollar issuance to a stand-still this week ahead of the July 4 holiday in the US.

    02 Jul 2015

  • Fannie and Freddie wage raises could jumpstart reform

    A move by the Federal Housing Finance Agency to give big raises to the heads of Fannie Mae and Freddie Mac could lay the groundwork for meaningful reform of the government sponsored enterprises.

    02 Jul 2015

  • Turkish banks march on with loans regardless

    Turkish financial institutions have taken no notice of the slowdown of deals elsewhere in the CEEEMEA region, with several deals progressing this week.

    02 Jul 2015

  • Backlog of primary deals to build as Greek poll awaited

    The primary covered bond market was inactive this week, as issuers chose to wait until Greece's referendum is held on Sunday before deciding on whether or not to proceed.

    02 Jul 2015

  • Polsat seeks $4.7bn loan and bond refi

    Cyfrowy Polsat, the Polish television company, has begun meeting banks about a financing package as it seeks to replace some of its loans and bonds.

    02 Jul 2015

  • Funds grapple with Greek values at quarter end

    Fund managers with equities listed on the closed Athens Stock Exchange are struggling to prepare net asset valuations on their exposures for quarter end on June 30, which are soon due.

    02 Jul 2015

  • ICAP hires Knott as post-trade boss

    ICAP said on Thursday it had hired Jenny Knott as chief executive of its Post Trade Risk and Information Services unit.

    02 Jul 2015

  • SMBC acquires GE Capital $2.2bn European loan book

    Sumitomo Mitsui Banking Corp has increased its commitment to European leveraged finance, buying a $2.2bn portfolio of leveraged buyout loans from GE Capital.

    02 Jul 2015

  • Issuers primed to take up yawning dollar window next week

    Next week could provide a decent opportunity to issue dollars, said sovereign supranational and agency bankers, but borrowers will have to be cautious if they want to print in euros.

    02 Jul 2015

  • QE expansion helps bonds but fails to lift mood in CDS

    The European Central Bank’s decision to add 13 corporate issuers to its bond repurchase programme boosted cash markets but did little to lift the mood in European credit default swap indices ahead of a Greek referendum on Sunday.

    02 Jul 2015

  • Ghelamco wraps up in Belgium, thus avoiding eurozone volatility

    Belgian property developer Ghelamco insulated itself from broader market volatility as it priced a €77.1m bond for mainly Belgian investors, on the basis of yield only, not relative to a benchmark.

    02 Jul 2015

  • Ethias offers investors an exit with exchange

    Belgian insurer Ethias announced the terms of an exchange offer for its perpetual tier two 4.747% notes this week. The insurer has been blighted by negative headlines, which have hit the performance of its bond over the last six months.

    02 Jul 2015

  • QE makes a move for corporate bonds

    And the corporate bond market thought it would be a quiet week. Many syndicate bankers had been focused solely on Sunday's Greek referendum until the European Central Bank signalled its intention to barge into their world.

    02 Jul 2015

  • Danaher blows away mid-week market torpor

    US industrials company Danaher broke the lull afflicting primary corporate bond markets with a €2.7bn issuance to back its purchase of Pall Corporation on Wednesday.

    02 Jul 2015

  • MTN Leak: House of Lainer

    The Frankfurt MTN contingent was all aflutter this week after a brush with royalty — but it seems that Britain’s Queen Elizabeth II didn’t have time to discuss the latest market issues.

    02 Jul 2015

  • Oil and gas deals bouy a sluggish loan market

    Loans for the oil and gas sector have been keeping a languid loan market pepped up in the first half of the year.

    02 Jul 2015

  • Open outcry all but dead as CME closes pits

    The CME Group will phase out open outcry trading of almost all futures products on Monday.

    02 Jul 2015

  • It’s business as usual in non-core currencies as Greece shuts out euros

    Away from the spotlight of euro market turmoil, FIG issuers are continuing to find an abundance of funding opportunities in niche currencies.

    02 Jul 2015

  • IPO market grows more challenging as Greek crisis worsens

    Equity capital markets bankers this week faced some of the hardest market conditions in months, as they struggled to get IPOs over the line after the collapse of negotiations between Greece and its creditors. But even as the count of cancelled listings mounted, some deals were still squeaking through.

    02 Jul 2015

  • European high yield won't wait for a big, fat Greek drama

    In the absence of a eurozone catastrophe, which European high yield bankers and investors do not expect, the market is set either for a tolerable sell-off or a moderate rally. The Greek referendum on Sunday will decide which.

    02 Jul 2015

  • Covered bond borrowers must issue now

    As the technical backdrop looks stronger now than at any time this year, issuers should step up and execute funding plans before the Greece crisis gets any worse.

    02 Jul 2015

  • Corporate bond issuers sit snug amid choppy markets

    Europe's investment grade corporate bond market moved to a lethargic beat this week, but the mood is calm among bankers, and most issuers are comfortable biding their time on the sidelines.

    02 Jul 2015

  • Paul Hastings grabs nine from Ashurst

    Paul Hastings has expanded its structured finance team with the hire of nine lawyers from the US offices of British-based law firm Ashurst.

    02 Jul 2015

  • Loans, news in brief — July 3, 2015

    3i — ACE — Touax — Playtech

    02 Jul 2015

  • Old Money: Tossing a drachma — referendums and repudiation

    The Greek Prime Minister’s decision to provide voters with an opportunity to reject the country’s bailout conditions in a referendum is an unusual move, but not without precedent.

    02 Jul 2015

  • New SFR sponsors on the way as single loan market saturates

    More sponsors of single-family rental ABS deals backed by just one borrower could be coming to market, even as a wave of consolidation hits the asset class.

    02 Jul 2015

  • Airbus times first CB perfectly

    Airbus, the European aircraft manufacturer, showed just how flashily the convertible bond market can buck trends on June 26, when it issued a €500m deal that won exceptionally good terms, even as other markets frayed.

    02 Jul 2015

  • Ammeraal Beltech avoids Greek jitters and closes its €300m loan

    Dutch conveyor belt provider Ammeraal Beltech has ridden through the sour mood infecting leveraged finance markets, closing a €300m loan that backs its buyout by Advent International.

    02 Jul 2015

  • FIG senior revenues lowest on record as activity slows

    Investment banks are making less money from senior unsecured DCM than ever before, while sluggish capital issuance from European banks has dragged down global FIG volumes in 2015.

    02 Jul 2015

  • No Greece panic in loans, but leveraged deals face price hike

    Greece’s teetering to the brink of default this week rattled capital markets from Monday, but for syndicated lending any difference in mood appeared confined to leveraged loans.

    02 Jul 2015

  • Commerzbank boosts capital with loan book sales

    Commerzbank said on Tuesday that it had increased its capital by €105m by selling two poorly performing legacy loan portfolios.

    02 Jul 2015

  • Pbb pauses IPO bookbuild

    Deutsche Pfandbriefbank opted not to start bookbuilding for its IPO on Monday, as the deepening crisis in Greece made the German specialist bank reflect on whether this was the best time to go public.

    02 Jul 2015

  • Italy’s Banca Sistema hit by Greece, but IPO still twice covered

    Banca Sistema, an Italian bank that specialises in factoring government invoices, completed its IPO in Milan on Monday, raising €146m and achieving a market capitalisation of €302m, despite being buffeted by market anxiety about the Greek debt crisis.

    02 Jul 2015

  • Deutsche names Igarashi head of EMEA Japan desk

    Deutsche Bank appointed Kenichi Igarashi head of the Japan desk within EMEA Corporate Banking Coverage.

    02 Jul 2015

  • Orion Engineered Carbons pulls repricing becoming the fourth casualty this month

    Orion Engineered Carbons has become the fourth company to pull a leveraged loan this month, as Greek-induced volatility batters the market.

    02 Jul 2015

  • Hermes taps Tikehau exec to kick-start CLO business

    Hermes Investment Management has tapped recent CLO debutant Tikehau Capital for its new head of private debt and CLOs.

    02 Jul 2015

  • Core ABS avoids Greek contagion, says Prytania

    Until the Greek crisis finds some kind of resolution, European securitization markets are likely to be frozen up, or worse, pummelled by uncertainty.

    02 Jul 2015

  • Sukuk bookrunners at HSBC’s heels as supply soars to record levels

    The sukuk market has managed a record first half volume this year, although with the Greek debacle threatening a long and volatile summer debt bankers have doubts a full year record is possible.

    02 Jul 2015

  • Mithra ups Brussels IPO, prices at €72m

    Mithra Pharmaceuticals, the Belgian business devoted to women’s health, raised €72.3m on Monday from its initial public offering in Brussels.

    02 Jul 2015

  • ADB wows with brave appearance in primary

    Asian Development Bank managed to raise $1bn on Thursday — becoming the only public sector issuer to bring a syndication this week in the run up to a referendum in Greece on its bail-out terms.

    02 Jul 2015

  • CEEMEA primary ready for post-Greece referendum resurgence

    Emerging markets bankers are hopeful the rising tension between Greece and its creditors will not halt CEEMEA bond supply over the summer, with bankers on the National Bank of Egypt and Kazakhstan bonds saying they considered even pricing this week.

    02 Jul 2015

  • CBR Fashion cancels IPO

    German fashion holding company CBR Fashion was the second prospective ECM issuer to withdraw its IPO this week, blaming volatility caused by the Greek crisis.

    02 Jul 2015

  • América Móvil mandates despite volatility

    Mexican telco América Móvil has hit the road despite the threat of a Greek default. The firm is looking at dollar and global local peso bonds, but has a definite currency preference, said bankers close to the sale.

    02 Jul 2015

  • Spanish auction result reassures on Greek contagion risk

    The reception to a Spanish bond sale on Thursday morning showed that deadlock over negotiations between Greece and its creditors has failed to derail the ability of members of the European periphery to raise funds.

    02 Jul 2015

  • New Deutsche boss warns on conduct

    New Deutsche Bank chief executive John Cryan leaned heavily on Deutsche’s conduct problems in his first day message to staff, as the German bank anticipates more damage to its capital base from fines.

    02 Jul 2015

  • Renaissance mulls dollar or rial debut to fund buyback

    Omani oil and gas firm Renaissance Services has picked banks for a subordinated perpetual deal in either dollars or Omani rial.

    02 Jul 2015

  • Greece keeps US issuers quiet, pipeline building

    The US investment grade market endured its first week of zero supply of 2015 as the situation in Greece forced borrowers to the sidelines ahead of the July 4 holiday and crucial US jobs data.

    02 Jul 2015

  • Credit Bank of Moscow floats in second Russian IPO of the year

    Credit Bank of Moscow started trading on the Moscow Exchange on Wednesday, after raising Rb13.2bn ($237m) in the year’s second Russian initial public offering.

    02 Jul 2015

  • ECB adds to PSPP list — and euro market woes

    Investors and issuers in the euro SSA market could face even more challenging conditions after the European Central Bank on Thursday added several names to the list of assets it can buy, analysts have warned.

    02 Jul 2015

  • Slowest first half for European securitization since 2009

    The first half of 2015 was the slowest first half of the year for primary European securitization issuance since 2009, according to Dealogic data.

    02 Jul 2015

  • Puerto Rico credit risks isolated

    Puerto Rico’s unsustainable debt problems have intensified this week, but the wider municipal bond market has so far remained resilient.

    02 Jul 2015

  • Playtech gets €200m facility in acquisition drive

    UK gambling technology company Playtech has secured a €200m revolving credit facility to acquire online forex trading platform Ava Trade for $105m.

    02 Jul 2015

  • Danaher makes mid-week charge

    US industrials company Danaher broke the torpor afflicting primary corporate bond markets with a €2.7bn issuance to back its purchase of Pall Corporation on Wednesday.

    02 Jul 2015

  • Wilmington gets extension for £65m deal

    Wilmington, the UK business information and education firm, has extended a £65m revolving credit facility that had been due to mature in July next year.

    02 Jul 2015

  • Abengoa nets S&P upgrade for debt cut

    Spanish construction and energy company Abengoa may be on course to recovering investor trust after Standard & Poor’s backed its strategy to reign in its leverage burden.

    02 Jul 2015

  • 3i bolsters buyside power with $150m fund

    3i group has shown its belief in floating rate bonds, launching a fund that will target the asset class on both sides of the Atlantic.

    02 Jul 2015

  • BSP tenders for subordinated bonds

    Bank Saint Petersburg is offering to repurchase a total of up to $50m of its $100m 10.5% 2017s and $101m 11% 2018s.

    02 Jul 2015

  • Ace lines up $5.3bn of debt to buy Chubb

    Ace, the Swiss-based insurance company, will fund part of its $28.3bn bid for rival Chubb with $5.3bn of new debt.

    02 Jul 2015

  • QE moves into corporate bond space

    And the corporate bond market thought it would be a quiet week. Many syndicate bankers have been focused solely on Sunday's Greek referendum, until the European Central Bank signalled its intention to barge into their world.

    02 Jul 2015

  • IndiGo, CCCC, China Rongzhong line up for IPOs

    Interglobe Aviation, which operates Indian passenger airline IndiGo, has lifted off for its IPO of at least $400m, filing a preliminary prospectus with the market regulator.

    02 Jul 2015

  • Icelandic bank rush on Scandinavia continues with Íslandsbanki

    Íslandsbanki has raised Skr150m via a reopening of its existing notes and is the second Icelandic bank to issue in a Scandinavian currency this week.

    02 Jul 2015

  • Emerging market banks outperform peers

    The Basel Committee’s Annual Report, published this week, highlights the strength of emerging market banks compared to those in developed markets, driven by poor macroeconomic conditions in the developed world.

    02 Jul 2015

  • Ethias offers investors exchange on 4.474%s

    Belgian insurer Ethias announced the terms of an exchange offer for its perpetual tier two 4.747% notes this week. The insurer has been blighted by negative headlines which have hit the performance of its bond over the last six months.

    02 Jul 2015

  • Halkbank signs $890m loan refi with banks

    Halkbank has agreed a $888m equivalent loan with banks, making use of the novel 364/367 day tenor structure introduced by peer Turkish banks this year.

    02 Jul 2015

  • Competitors erode HSBC's sukuk supremacy

    HSBC sits in its traditional top stop in the sukuk league table halfway into to what should be a record year for international benchmark issuance. But its lead has shrunk to the smallest margin in five years, with regional banks snapping at its heels.

    02 Jul 2015

  • Huiyuan eludes Greek crisis with juicy deal

    China Huiyuan Juice Group raised €200m ($223m) from its debut euro bond on June 29, a lone success as Asia's primary bond market stuttered amid the Greek debt crisis. Market volatility proved no hindrance for the deal’s unconventional execution as a heavily anchored book allowed the juice maker to wrap up bookbuilding within two hours.

    02 Jul 2015

  • Sunway on way to success with $147m IPO all covered

    The Malaysian ECM market is getting ready for some fresh activity after a near two-month dry spell, with Sunway Construction Group throwing open books to an IPO worth as much as MR550m ($147m) that comes supported by a 10-strong cornerstone group.

    02 Jul 2015

  • Afrexim $1bn loan bolsters Africa flow

    African Export-Import Bank is wrapping up general syndication of a two year loan on Thursday, having added $300m to the size of the deal on strong demand.

    02 Jul 2015

  • Vietnam lifts ownership shackles on listed stocks

    Vietnam has impressed the market by removing limits on foreign ownership of stocks in many listed companies, a move that has thrust it into the international spotlight. But while a spurt of new IPOs and more outside investment is expected, leading companies may stay away, reports Rashmi Kumar

    02 Jul 2015

  • Silver linings for Dalian Wanda, Far East blocks

    Stronger markets in Hong Kong and China on June 30, after consecutive days of losses, paved the way for two accelerated blocks, as a cornerstone in Dalian Wanda Commercial Properties exited the firm, while Far East Horizon found an opportune window to raise new capital.

    02 Jul 2015

  • Asia ECM hopes for summer lull to restore calm after China plunge

    The spectacular rise in China’s A-share market has been the stuff of dreams, capturing the imagination of investors the world over. But after a violent correction, Asia’s equity capital markets are on a knife edge, and bankers hope the market will find some calm in the summer, before the year’s biggest trades hit screens in the fourth quarter, writes John Loh.

    02 Jul 2015

  • China Life Insurance completes inaugural C-ROSS bond

    China Life Insurance issued a core tier two subordinated bond on June 25 as it became the first Chinese insurer to get to grips with the country’s new insurance capital regime. Now that a benchmark has been set, other Chinese insurers are expected to follow in China Life’s footsteps.

    02 Jul 2015

  • China breathes life into Reits as maiden trust raises $493m

    China has taken a welcome but quirky approach to its first publicly-traded real estate investment trust (Reit), as a decade-long effort to bring the structure to the mainland bears fruit.

    02 Jul 2015

  • IndusInd $682m QIP frustrates with large syndicate group

    India’s IndusInd Bank raked in Rp43.26bn ($681.85m) from a qualified institutional placement on June 26 that proved extremely popular, as the pipeline of ECM fundraisings feeding into the country’s banks continues to stack up.

    02 Jul 2015

  • Universal and Harmonicare price HK IPOs

    Healthcare firms Universal Medical Financial & Technical Advisory Services Co and Harmonicare Medical Holdings priced their IPOs this week, capping the stampede of listings out of Hong Kong as the pre-summer rush nears an end.

    02 Jul 2015

  • Risks closer to home pose 'bigger threat' to Asia bonds

    Asia ex-Japan’s bond market has not avoided the shockwaves from the Greek crisis, with debt issuance grinding to a halt this week. But while most attention is on Athens, market observers in Asia said that the real threat is closer to home, writes Narae Kim.

    02 Jul 2015

  • Forget me not because I will be back soon

    Hong Kong is a city where people always come and go. The revolving door means there are always plenty of welcoming and going away parties taking place. But even in this city of nomads, having to welcome someone back only a month after bidding them farewell is a little awkward.

    02 Jul 2015

  • BAML picks from within for Asia IB co-heads

    Bank of America Merrill Lynch has named new co-heads for its investment banking division in Asia, splitting the role between bankers with southeast Asia and China expertise. This follows the appointment of global IB co-heads earlier this year.

    02 Jul 2015

  • Chailease International wraps up Rmb1.8bn financing

    Taiwanese leasing company, Chailease International Finance Corp, raised Rmb1.8bn ($296m) on June 26 through an offshore renminbi-denominated syndicated loan arranged by ANZ.

    02 Jul 2015

  • Renaissance mulls dollars

    Omani oil and gas firm Renaissance Services has picked banks for a subordinated perpetual deal in either dollars or Omani rial.

    02 Jul 2015

  • SmVak goes local for debut deal

    Czech corporate Severomoravské vodovody a kanalizace Ostrava (SmVak) has picked banks for a rare Reg S local currency deal.

    02 Jul 2015

  • People Moves in Brief

    KfW names Horst's successor - Deutsche loses M&A head - BAML's Von Sponeck heads to buyside - Hermes raids Tikehau for CLO push

    02 Jul 2015

  • FIG senior revenue lowest on record

    Investment banks are making less money from senior unsecured DCM than ever before, while sluggish capital issuance from European banks has dragged down global FIG volumes in 2015.

    02 Jul 2015

  • MRF-linked funds could reach Rmb1tr by 2020, say experts

    The mutual recognition of funds (MRF) scheme opens today for application by Mainland and Hong Kong-based fund managers. Foreign asset managers with mainland joint ventures are likely to enjoy early success, though analysts expect the programme to achieve wide popularity.

    02 Jul 2015

  • Halcyon Agri completes $413m loan facility

    Rubber company Halcyon Agri Corporation completed a $413m loan on July 1 for working capital and to refinance an acquisition loan that was taken last year.

    02 Jul 2015

  • HSBC makes Mexico DCM hire

    HSBC has added a coverage banker to its Mexico business.

    02 Jul 2015

  • UniCredit’s Papa makes his mark as CIB chief

    When Gianni Franco Papa became head of UniCredit’s corporate and investment bank in January, it marked a new era, but there was none of the upheaval that often comes with senior management changes, writes David Rothnie

    02 Jul 2015

  • Stock Connect flows picking up despite A-share volatility

    News that BlackRock will start using the Shanghai-Hong Kong Stock Connect (SHSC) shows the trading link is beginning to appeal a wider range of investors as the early technical issues get resolved. This increasing popularity is even holding up in the face A-share volatility with turnover on the northbound channel on the rise.

    02 Jul 2015

  • Four banks dominate Asia’s largest Cash Management Poll – Press Release

    Voters in Asiamoney's Cash Management Poll - the biggest of its kind in the region - split their admiration between four banks with US, European and Asian names taking the top spots.

    02 Jul 2015

  • Europe makes RQFII progress with Hungary quota, first Paris ETF

    It's been a good week for Europe's renminbi ambitions with the State Administration of Foreign Exchange (Safe) extending a Rmb50bn RMB qualified foreign institutional investor (RQFII) quota to Hungary, while China Construction Bank (CCB) listed its RQFII ETF on Paris’ Euronext.

    02 Jul 2015

  • Mizuho issues inaugural CNH Pro-Bond

    The Tokyo Pro-Bond market has welcomed its first offshore renminbi offering, with Mizuho Bank printing an Rmb250m ($41.1m) trade.

    02 Jul 2015

  • ANZ names global head for corporate advisory

    ANZ has promoted Martin Hanrahan to global head of corporate advisory, responsible for providing mergers and acquisitions services to international and institutional banking clients in Australia and Asia.

    02 Jul 2015

  • Fitch ABS director moves to BAML

    Brad Sohl has joined Bank of America Merrill Lynch’s ABS banking team from Fitch Ratings, where he worked as a senior director in the agency’s ABS group.

    01 Jul 2015

  • Puerto Pobre: the ‘All Star Island’ confronts restructure challenge

    Puerto Rico this week made two crucial payments on its state debt, but a restructuring — and therefore a default — look increasingly inevitable. The diverse spread of investors in the island’s bonds may impede negotiations, however.

    01 Jul 2015

  • Bigger drop in used car prices moot for auto ABS

    Used car prices are projected to drop again for the second half of 2015 and at a higher rate for the next two years, but market participants say performance for auto ABS will remain strong.

    01 Jul 2015

  • Deutsche Annington wraps up capital raise

    Deutsche Annington, the German housing company, successfully completed a €2.25bn rights issue, it said on Wednesday.

    01 Jul 2015

  • Barclays Swiss fixed income salesperson heads to Deutsche

    A fixed income salesperson at Barclays Capital with a focus on Swiss clients is leaving the bank and said to be heading to Deutsche Bank in London.

    01 Jul 2015

  • Ex-Barclays convertibles research head resurfaces as fund manager

    Aberdeen Asset Management has hired the former head of European convertible bonds and equity derivatives research as a convertibles investment manager.

    01 Jul 2015

  • Ecolab keeps roadshow momentum going in uncertain markets

    US water, hygiene and energy technologies provider Ecolab reopened the corporate bond market on Wednesday with a €575m issue after a shorter than expected shut down.

    01 Jul 2015

  • Muni CDS market tested as Puerto Rico teeters

    An illiquid, niche space to begin with, credit default swap markets on US municipal debt are being sorely tested by an unprecedented risk of Puerto Rico default.

    01 Jul 2015

  • SSAs go private as Greece and US data shut syndications

    Public sector borrowers are snapping up opportunities in the medium term note market, as Greece’s bail-out negotiations and imminent US non-farm payroll data stifle syndicated supply.

    01 Jul 2015

  • América Móvil mandates despite volatility

    Mexican telco América Móvil has hit the road despite the threat of a Greek default. The firm is looking at dollar and global local peso bonds, but has a definite currency preference, said bankers close to the sale.

    01 Jul 2015

  • Periphery loses gains as Tsipras talks tough

    Eurozone periphery sovereign bonds lost some of their advances from Wednesday morning, following the latest fiery comments by the Greek prime minister Alexis Tsipras.

    01 Jul 2015

  • Det Norske boosts borrowing facilities

    Norwegian oil exploration company Det Norske has completed syndication of its $550m revolving credit facility and also increased its reserve base lending facility.

    01 Jul 2015

  • Ammeraal Beltech avoids Greek jitters, closes €300m loan

    Dutch conveyor belt provider Ammeraal Beltech has bucked the sour mood infecting leveraged finance markets, closing a €300m loan that backs its buyout by Advent International.

    01 Jul 2015

  • Fiat Chrysler gets strong support for first refi

    Fiat Chrysler Automobiles has completed syndication of a €5bn revolving credit facility, in the company's first loan refinancing since Fiat Group Automobiles merged with Chrysler last year.

    01 Jul 2015

  • BPCE keeps Samurai market alive

    BPCE priced its second Samurai deal of the year on Wednesday. The Japanese market is proving a useful source of funding as the Greek crisis forces issuers to avoid the euro and dollar markets.

    01 Jul 2015

  • Arion Bank goes niche for nice saving

    Icelandic lender Arion Bank has printed its second international bond of the year in, this time opting for Norwegian kroner, which enabled it to save 100bp after swapping back to euros.

    01 Jul 2015

  • Bond borrowers strike in eye of Europe's storm

    Syndicate bankers fully expected a shutdown of corporate bonds this week amid Europe’s Greek turmoil, since many issuers had taken advantage of rosier conditions in the year’s first half and could afford to sit out volatile markets until at least the Greek referendum on Sunday.

    01 Jul 2015

  • Turkey's TSKB seeks refi for $134m loan

    Industrial development bank Turkiye Sinai Kalkinma Bankasi has mandated Commerzbank to arrange a one year loan that, like its Turkish peers, could contain a novel 367 day tranche.

    01 Jul 2015

  • IPO market a mess as Greek crisis worsens

    Only three days into the week, one can safely say this is the most trying one for Europe’s equity capital markets so far this year. But even as the count of cancelled IPOs mounts, some deals are still squeaking through.

    01 Jul 2015

  • FIG knuckles down to business after Greek hiatus

    After panic on Monday, a sense of order returned to the FIG market and while things are certainly much weaker and flows very light, traders are marking bonds tighter once more.

    01 Jul 2015

  • Greece blocks SSA pipeline but deals lined up

    SSA bankers hoped on Wednesday morning an agreement on Greece’s economic reforms could be reached to unlock the public sector pipeline after the country fell into arrears with the IMF on Tuesday night with bailout requests and a referendum keeping primary market activity subdued.

    01 Jul 2015

  • Von Sponeck resurfaces at Helios as Presley enters the bulding at BAML

    Alex Von Sponeck, previously head of CEEMEA debt financing origination at Bank of America Merrill, Lynch, has become a partner Helios Credit Partners, an Africa and emerging markets focused direct lending fund.

    01 Jul 2015

  • Sukuk pipeline builds in CEEMEA to defy eurozone chaos

    Although those in the CEEMEA bond market seem to have given up for the summer already, two SSAs — International Finance Facility for Immunisation and the International Finance Corporation — as well as Arab Petroleum Investments Corp have mandated banks for a sukuk.

    01 Jul 2015

  • RenCap hires strategist

    Renaissance Capital has hired Elena Kolchina as a fixed income desk strategist and credit analyst.

    01 Jul 2015

  • Apicorp plots sukuk path

    Arab Petroleum Investments Corp (Apicorp) is likely to bring its debut sukuk deal in September, and has ambitious price plans for the first issue of its newly rated sukuk platform, according to debt bankers.

    01 Jul 2015

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 29 Jun 2015
1 JPMorgan 201,791.92 788 8.93%
2 Citi 171,864.46 659 7.61%
3 Barclays 164,018.90 542 7.26%
4 Bank of America Merrill Lynch 163,142.52 605 7.22%
5 Deutsche Bank 138,540.84 593 6.13%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 30 Jun 2015
1 JPMorgan 21,361.13 46 6.91%
2 Deutsche Bank 19,293.83 77 6.24%
3 BNP Paribas 18,863.06 111 6.10%
4 Credit Agricole CIB 14,964.90 71 4.84%
5 HSBC 14,232.00 78 4.61%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 30 Jun 2015
1 Goldman Sachs 15,847.20 51 10.26%
2 UBS 15,146.37 52 9.81%
3 Bank of America Merrill Lynch 13,535.48 54 8.76%
4 JPMorgan 11,690.13 64 7.57%
5 Deutsche Bank 11,530.07 54 7.47%