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News Archive

  • Sabadell spurned as FIG investors find no value in peripheral senior debt

    The euro market provided a mixed bag this week with Royal Bank of Canada pricing a €1.25bn five year FRN just a day after Banco Sabadell was forced to pull a four year bullet.

    30 Jul 2015

  • Deutsche Boerse reopens euro hybrid market with a bang

    Deutsche Boerse revived the euro hybrid market on Thursday, selling the first such deal in the currency in three months and gathering a hefty order book in the process.

    30 Jul 2015

  • Covered bond concessions fall as six deals get priced

    Covered bond new issue premiums fell this week as six issuers raised a collective €5.5bn in three currencies with total demand of almost €8bn.

    30 Jul 2015

  • Loans, news in brief — July 31, 2015

    Amaya — Africell — Turkish Airlines — Ashtead

    30 Jul 2015

  • Commodities strain LatAm corporate credit

    The recent commodity downturn has sent LatAm corporate bond yields surging, just as the US looks set to raise interest rates.

    30 Jul 2015

  • Bpifrance sells €800m Orange block at discount of just 1.8%

    Bpifrance, the French public investment bank, on Wednesday evening sold an €800m block of Orange shares, in what was the largest and most aggressive accelerated bookbuild of the week so far.

    30 Jul 2015

  • Kauri supply returns as World Bank brings tap

    World Bank reopened the Kauri market on Thursday with a tap of a 4.625% October 2021 line.

    30 Jul 2015

  • SABMiller brews up rare corporate Aussie dollar deal

    SABMiller is set to make its debut in Australian dollars on Friday in one of only a handful of trades in the currency by an international corporate this year.

    30 Jul 2015

  • Supras find window down under

    A quartet of supranationals have spotted opportunities in Australasian currencies, despite turmoil in the Chinese stock market restricting involvement from the dominant investor base in Asia. But supply of public sector debt down under could drop next week given a smaller issuance window, said bankers.

    30 Jul 2015

  • KfW hires for swift eight year

    KfW has hired a pair of banks to run an eight year dollar deal. The deal, which is set to be priced on Friday, is the first syndication at the long end of the dollar curve this week.

    30 Jul 2015

  • Pramerica and Babson mark busy CLO day with pricings

    Babson Capital and Pramerica Investment Management capped a busy Thursday for the CLO market, pricing their respective vehicles and seemingly confirming 135bp as the clearing level for senior notes.

    30 Jul 2015

  • Funding official swaps treasury for agency

    A member of a sovereign’s funding team has left the country’s treasury for a job at a European agency.

    30 Jul 2015

  • Italian yields drop at auction after three months of rises

    Italy’s 10 year borrowing costs fell at auction for the first time since March on Thursday, although the sovereign fell slightly short of its maximum target for the sale.

    30 Jul 2015

  • Eurosystem RV 'destruction' obscures CB price discovery

    The secondary market is no longer a relevant tool for covered bond price discovery, say bankers, as spreads have come only to reflect the level at which the eurosystem will buy bonds rather than regular investors.

    30 Jul 2015

  • People Moves in Brief

    RBS runs out of Myles — Barclays folds ABS into credit — Citi raids Deutsche for ECM — Deutsche reignites European derivs with index trader — UniCredit looks internally for HY — MBS litigation vet joins Carlton Fields — Macquarie MD heads to CommonBond

    30 Jul 2015

  • Amaya launches euro add-on for US refi

    Canadian online poker platform Amaya has launched a $400m refinancing loan that will in part pay down debt incurred to acquire two rivals last year.

    30 Jul 2015

  • Uralchem nears finish line with $400m loan

    Russian Uralchem is in the advanced stages of syndicating a $400m loan with a four year tenor, according to bankers on the deal.

    30 Jul 2015

  • Agencies jump on sterling demand

    As sterling investors defy the summer slowdown Oesterreichische Kontrollbank and Swedish Export Credit Corporation brought opportunistic trades in the currency.

    30 Jul 2015

  • Thiam gets his scalpel out, but he should invest in IBD

    Credit Suisse’s new CEO has signalled a commitment to the bank's corporate finance business. But he will need to invest in it, writes David Rothnie.

    30 Jul 2015

  • Linxens shrinks US second lien tranche, creates one for euros

    French smart card manufacturer Linxens has shifted tranche sizes in its $1bn leveraged buyout loan, moving dollars from junior to senior tranches and creating a second lien for euro investors.

    30 Jul 2015

  • Africell gets four year tenor for $150m loan

    A recent $150m loan for Sub-Saharan-based telecommunications firm Africell has a four year tenor, bankers close to the deal have revealed.

    30 Jul 2015

  • Bankers caution as short Turkish MTNs cut off benchmarks

    Turkish banks have become reliant on short term MTN funding, using access to that market as a reason to refuse to print benchmarks after their spreads have drifted wider this year.

    30 Jul 2015

  • RBS runs out of Myles

    Royal Bank of Scotland’s former syndicate boss and, until recently, its chief operating officer for clients in the bank’s markets and international banking unit, has resigned.

    30 Jul 2015

  • Fertiliser firm flops as book fails to grow after guidance

    Georgia fertiliser firm, Rustavi Azot postponed its $180m five year non-call three bond on Wednesday, having released initial price guidance for the deal a week before.

    30 Jul 2015

  • China ABS going strong despite slowdown

    This year Chinese securitization has struggled to continue the momentum it showed at the end of 2014, failing to come close to the increased Rmb500bn ($82bn) quota from regulators. While there is more than one reason behind why issuance has been slow, market participants are still confident the budding asset class will come good by the end of the year.

    30 Jul 2015

  • Unlocking potential of RMBS key for China securitization

    Ever since China started its securitization market a decade ago, there has been a lot of talk about the vast potential for the product. And while it’s true that securitization has been developing strongly, the country’s true potential lies in the still mostly untapped residential mortgage-backed security (RMBS) sector.

    30 Jul 2015

  • Many hurdles to overcome for Singapore covered bonds

    The Lion City has been trying to develop a covered bond market for years but progress has been slow. That's mostly been down to the fact that its banks do not have first access to most of the mortgage loans they lend out. That privilege lies with the country’s pension fund, the Central Provident Fund (CPF).

    30 Jul 2015

  • RBC locks in funding before summer break

    Royal Bank of Canada has squeezed in senior funding before going into blackout, finding over €2bn of demand for a five year floater on Thursday.

    30 Jul 2015

  • RBS picks dollars for AT1 debut

    Royal Bank of Scotland will begin a roadshow for a long awaited additional tier one (AT1) debut on Monday that will be dollar denominated and might feature multiple tranches.

    30 Jul 2015

  • SG finally comes good with 1st covered bond

    Singapore can finally lay claim to a covered bond market after its largest bank, DBS, this week printed the country’s first deal in the asset class. The build-up was hardly plain sailing, but that did not stop DBS executing a very successful trade that will serve as a benchmark for its peers, writes Rev Hui.

    30 Jul 2015

  • DB fails expectations despite triple profits

    An uptick in fixed income trading helped to treble Deutsche Bank’s second quarter profits to €818m. The bank also capitalised on increased market volatility to benefit from a surge of currency trading.

    30 Jul 2015

  • MTN Leak: Oysters and cocktails

    Oysters, a shed, and a pair of Société Générale MTN bankers. Party time.

    30 Jul 2015

  • Union National Bank seeks 75bp for $500m loan

    Abu Dhabi's Union National Bank is looking for a margin of 75bp over Libor for a $500m three year loan, according to a banker on the deal.

    30 Jul 2015

  • ANZ snatches Roch as new head of Asia debt syndicate

    Alan Roch, former head of Asia Pacific bond syndicate at Royal Bank of Scotland, is joining Australia and New Zealand Banking Group in August.

    30 Jul 2015

  • Outsize mainland funds flood into Hong Kong ECM

    Chinese equities sent jaws dropping again this week after Shanghai posted its sharpest one-day plunge in eight years. While the market quickly picked itself up, equity capital market bankers believe this seesaw action is a huge incentive for mainland investors seeking a haven in Hong Kong, writes John Loh.

    30 Jul 2015

  • Créd Ag merges bonds, loans under Sodhi

    Crédit Agricole has named Atul Sodhi the head of debt origination and advisory for Asia Pacific, in a newly created role that will see the amalgamation of loans and bonds origination teams, GlobalCapital Asia understands. The move follows the departure of the French lender’s Asia head of DCM.

    30 Jul 2015

  • India plans share sales but jury out on approach

    India kicked off its yearly divestment programme with a bang this month after it called for banks to pitch for a fresh round of stake sales. But foreign banks have given it the cold shoulder, with only Deutsche Bank showing up to bid. Bankers are split on whether the government’s new approach will help or hurt its divestment plans, as John Loh reports.

    30 Jul 2015

  • New loans put Sri Lanka in focus but size, election seen curbing biz

    Two recent loans from Sri Lanka have once again put the spotlight on the country, which has seen few borrowers going down the syndicated route. Conversations with bankers reveal prominent arrangers are interested in securing business out of the South Asian country, but upcoming elections, the small size of its conglomerates and unfamiliarity pose constraints to dealflow, writes Shruti Chaturvedi.

    30 Jul 2015

  • Ak Bars bring first Russian new issue of 2015

    Ak Bars Bank has released guidance of 8% area yield for the first Russian new issue of 2015. Bankers away from the deal refuse to believe that the bond was not largely pre-sold.

    30 Jul 2015

  • China Merchants joins dual-tranche march

    China Merchants Holdings (International) became the third Chinese issuer in less than a week to access the international bond market with a dual-tranche offering split between five and 10 year bonds on July 27. The identical structures and close proximity of the deals meant it was more or less the same result for the Chinese conglomerate.

    30 Jul 2015

  • Beijing Juda’s maiden RMB thrives on lack of supplies

    Beijing Capital Juda last week priced its first bond, raising Rmb1.3bn ($209m) from an oversubscribed three year deal that saw investors eager to gobble up a dim sum trade.

    30 Jul 2015

  • Swap rate drives Shinhan’s successful return to RMB

    South Korea’s Shinhan Bank wrapped a stylish return to the offshore renminbi market on July 27, raising more than initially targeted on the back of strong demand. The issuer was also able to price the new dim sum bond inside its dollar curve thanks to a favourable cross-currency swap (CCS).

    30 Jul 2015

  • PFC sizzles as sell-down brings in $250m for India

    Power Finance Corp (PFC) defied gravity on July 27 when the Indian government pulled the trigger on its divestment of a 5% stake, raising the targeted Rp16bn ($250m) even after China worries sent markets tumbling.

    30 Jul 2015

  • Central China hits up $327m in block trade

    Central China Securities Co wrapped up its HK$2.53bn ($327m) placement on July 24, allowing its shares to resume trading on July 27 after what had turned out to be a longer-than-usual bookbuilding process.

    30 Jul 2015

  • Getting the star treatment in Singapore

    It’s nice to get out of Hong Kong this time of year, what with the summer heat beating down on us and Tai Tai obsessing over the latest luxury sale.

    30 Jul 2015

  • Ezion scores huge saving with DBS backing

    Ezion Holdings chose an unusual structure for its most recent bond outing in Singapore dollars. The borrower sold a bond with the support of a loan facility from sole lead DBS, which allowed it to save around 300bp in funding costs.

    30 Jul 2015

  • Privatbank asks for breathing room in restructuring effort

    Ukrainian lender Privatbank is asking investors for a short maturity extension on its 2015 Eurobonds, while it talks to holders of its 2015 ans 2016 notes in an effort to agree on a plan to restructure the bonds.

    30 Jul 2015

  • RBS to ramp up CIB restructuring after £1bn loss

    The restructuring of Royal Bank of Scotland’s investment bank continued to cost it dear in the second quarter, and the process is set to accelerate in the second half of 2015.

    30 Jul 2015

  • Philippine lender RCBC out for $200m three year loan

    Rizal Commercial Banking Corp (RCBC) is in the market for a $200m three year loan, making it the fifth lender from the Philippines to seek funds offshore this year. Two mandated lead arrangers and bookrunners are leading the syndication. The deal comes with a $100m greenshoe.

    30 Jul 2015

  • China Modern Dairy allocates $300m amid brimming demand

    China Modern Dairy has increased the size of its second overseas syndicated loan to $300m from a launch size of $150m, after two dozen retail lenders joined in general. The loan attracted lenders from Taiwan, China, Hong Kong, Japan, Indonesia, India and Korea.

    30 Jul 2015

  • Tingyi Holding to serve up debut dim sum

    Tingyi (Cayman Island) Holding Corp is making its inaugural appearance in the offshore renminbi (CNH) bond market on July 30, taking bids for a three year Reg S trade.

    30 Jul 2015

  • GC View: LatAm bond panic ignores the bigger picture

    Panic seems to have set in in Latin American bond markets. Bids are disappearing, according to several traders and bankers, and volumes are well down on last year. But though market participants may need to readjust expectations, they should not be too disheartened.

    30 Jul 2015

  • China securitization outlook, Part II: Unlocking the true potential of RMBS

    Ever since China started its securitization market a decade ago, there has been a copious amount of talk about the vast potential for the product. While it’s true that securitization has been developing strongly, the country’s true potential lies in the yet mostly untapped residential mortgage-backed security (RMBS) sector.

    30 Jul 2015

  • AMX spin-off eyes dollars Thursday after locals drive peso deal

    Opsimex, the telecoms tower spin-off of Mexican giant América Móvil, could issue in dollars as soon as Thursday if market conditions are good enough after completing a Ps15bn ($920m) local market bond sale on Wednesday.

    30 Jul 2015

  • Edmond de Rothschild Group names Hong Kong CEO

    Jing Zhang Brogle has been appointed CEO of the Hong Kong arm of Edmond de Rothschild Group. She moves to the bank with 14 years of experience in private banking and asset management.

    30 Jul 2015

  • ANZ names Roch head of debt syndicate for Asia

    Alan Roch, former head of Asia Pacific bond syndicate at Royal Bank of Scotland, is joining the Australia and New Zealand Banking Group in August.

    30 Jul 2015

  • CarMax files amid quieter week for auto ABS

    CarMax is looking to bring its third auto ABS of the year as the summer lull begins to take hold. Meanwhile, Flagship Credit Acceptance has priced its latest subprime deal.

    29 Jul 2015

  • Former Goldman bankers look to issue non-QM RMBS

    Shelter Growth Capital Partners, an investment manager that three Goldman Sachs alums founded in 2013, plans to securitize non-qualified mortgages, GlobalCapital has learned.

    29 Jul 2015

  • Implied volatility for individual US stocks decouples from indices

    With earnings season in the US continuing, the volatility surface for some individual equities have begun to show signs of elevated interest despite muted index activity.

    29 Jul 2015

  • China and HY bond oversupply top 2015 concerns in BAML credit poll

    Problems in Chinese and emerging market economies have become the biggest fear for credit investors for the rest of 2015, according to Bank of America Merrill Lynch’s July Credit Investor Survey – having not featured at all as a concern in the bank’s May poll.

    29 Jul 2015

  • Solvay plans €1.5bn rights issue to fund Cytec takeover

    Solvay, the Belgian chemicals company, is buying Cytec in a deal that values the US-based firm at $6.4bn and will be funded in part by a rights issue.

    29 Jul 2015

  • From Pontifexit to Grexit?

    The short term risk of Grexit might have receded, but nothing really looks solved. In nearly every currency union in history, once a sovereign joins a currency, it doesn't leave — except for the Pope.

    29 Jul 2015

  • MBS litigation veteran joins Atlanta law firm

    Crisis-era mortgage expert Brian Olasov has joined Carlton Fields Jorden Burt’s real estate and commercial finance practice group as executive director of financial consulting services.

    29 Jul 2015

  • BPCE resumes asset divestment programme with Nexity block

    BPCE, the French banking group, sold a €151m block of shares in Nexity, the French real estate firm, on Tuesday evening, as it continued to implement its plan to divest non-core assets.

    29 Jul 2015

  • UniCredit looks within for HY leaders

    UniCredit has moved quickly following departures to promote two of its leveraged finance bankers to head the bank's London-based high yield syndication and origination teams.

    29 Jul 2015

  • Deutsche Boerse to end hybrid dry spell

    Deutsche Boerse is set to break a long fallow patch for the euro hybrid market, conducting an investor call on Wednesday for a deal in the format that could price as soon as Thursday.

    29 Jul 2015

  • Barclays folds remainder of European ABS team into credit

    Barclays has put several members of its European ABS business at risk, and is folding those left on the trading desk into its European fixed income credit trading group.

    29 Jul 2015

  • EDC nips in with short-dated dollar print

    Export Development Canada leapt into the dollar market on Wednesday to get a $500m print away in line with its secondary curve.

    29 Jul 2015

  • IBM takes small size but good price in sterling

    IBM dipped into the sterling market on Wednesday for a small but sharply priced seven year print. While some expected a larger deal size than £300m, they agreed that the deal was a positive sign for a market that has seen declining supply in 2015.

    29 Jul 2015

  • CMBS hots up in Europe as GS readies Logistics

    Goldman Sachs came out with initial spread thoughts on its CMBS backed by UK industrial assets, including Amazon warehouses, while BNP Paribas has quietly placed a CMBS backed by an Italian retail property.

    29 Jul 2015

  • Italian costs set for return to falling ways

    Italy is almost certain to cut its 10 year borrowing costs for the first time since March in an auction on Thursday — and readied itself for that by selling debt at a smidge above 0% on Wednesday.

    29 Jul 2015

  • HeidelbergCement seals €4.4bn loan for Italcementi bid

    Deutsche Bank and Morgan Stanley will provide a €4.4bn bridge loan for German building materials supplier HeidelbergCement to buy Italian competitor Italcementi.

    29 Jul 2015

  • Permira keeps direct lending capital surge going

    Pemira debt managers has announced the final closing of a €1.1bn direct lending fund, Permira credit solutions II, further increasing the weight of capital in the mid-market.

    29 Jul 2015

  • Macquarie MD heads west to CommonBond

    CommonBond, the online student loan financier and recent ABS sponsor, has recruited a former Macquarie Capital managing director as its new CFO, the firm has announced.

    29 Jul 2015

  • SID Banka pumps up three year

    Slovenia’s development bank, SID Banka, increased priced its first deal in five years on Tuesday, raising the deal size from a planned €250m.

    29 Jul 2015

  • Sabadell’s four year fails

    Banco Sabadell was forced to pull a benchmark four year senior unsecured deal on Wednesday, as what many bankers saw as a juicy new issue premium failed to pull in sufficient demand.

    29 Jul 2015

  • PRA drops capital planning buffer from Pillar II

    The UK's Prudential Regulatory Authority has scrapped the capital planning buffer from its final framework for Pillar Two capital requirements.

    29 Jul 2015

  • DB, GS, MS and UBS pay most for juniors

    Deutsche Bank, Goldman Sachs, Morgan Stanley and UBS are paying the most for analyst-level staff, according to salary benchmarking site Emolument.com.

    29 Jul 2015

  • UralChem asks Natixis to lead on loan

    Russian fertiliser producer UralChem is in the market for a syndicated loan led by Natixis, according to a banker looking at the deal.

    29 Jul 2015

  • IB revenues flat but strong Q2 buoys Barclays shares

    Barclays investment bank revenues held firm in the second quarter, helping the bank post a strong set of results that sent its share price up on Wednesday.

    29 Jul 2015

  • Minsheng Leasing returns with $200m three year facility

    Chinese company Minsheng Financial Leasing has rolled out a $200m fundraising with two mandated lead arrangers and bookrunners. The deal follows an onshore facility being raised by the same borrower.

    29 Jul 2015

  • Fertiliser firm flops as book fails to grow

    Georgia fertiliser firm, Rustavi Azot has postponed its $180m five year non-call three bond, having released initial price guidance for the deal a week ago.

    29 Jul 2015

  • Rabo revels in cheaper dollars

    Rabobank enjoyed its visit to the dollar market for tier two debt on Tuesday, paying both a lower spread and new issue premium than it would have in euros.

    29 Jul 2015

  • BNPP fills in CEEMEA DCM gaps with promotions

    BNP Paribas has expanded the responsibilities of some of its senior CEEMEA DCM bankers, helping to fill spaces left open by departures, the most recent being Kirill Golikov.

    29 Jul 2015

  • Saga sale keeps lights on in ECM

    A sale of shares in UK insurer, Saga, is about the only thing keeping Europe’s equity capital market bankers from the beach and their thoughts from the next batch of deal launches in September.

    29 Jul 2015

  • Ezion launches Sing dollar bond supported by DBS loan

    Ezion Holdings has opened books for a five year Singapore dollar bond offering, which is supported by a loan facility from DBS, the first time such a structure has been seen in the city state.

    29 Jul 2015

  • SSAs turn creative to bring bonds in tough times

    Public sector borrowers are keeping deal flow steady despite a range of factors outside Europe making it difficult to manoeuvre.

    29 Jul 2015

  • Borrowers won't stop deals for all the anxiety in China

    China concerns have failed to dissuade European corporate borrowers from going about their capital markets business this week, with a number of bonds in the works and acquisition loans progressing.

    29 Jul 2015

  • Healthcare Global paves way for India float

    Healthcare Global Enterprises has filed a preliminary prospectus to list in India, with the trade led by Goldman Sachs and a swath of local banks, including Edelweiss, IDFC, IIFL, Kotak Mahindra Capital and Yes Bank.

    29 Jul 2015

  • Covered bonds take brunt of bank funding

    Covered bonds have been the weapon of choice for banks in euros so far this week, but senior unsecured and subordinated trades are beginning to pop up.

    29 Jul 2015

  • Turkish MTN volumes cannibalise benchmark supply

    Turkish banks have become reliant on short term MTN funding, using access to that market as a reason to refuse to print benchmarks after their spreads have drifted wider this year.

    29 Jul 2015

  • CEEMEA deals priced and pulled as LatAm limbers up

    CEEMEA supply is stumbling, with the week’s tally at one deal priced and one deal pulled. But Latin American offers hope of more fresh paper, with Mexican, Brazilian and Caribbean corporates all readying deals.

    29 Jul 2015

  • It’s finally here: DBS launches SG’s maiden covered bond

    It has been mooted for years but investors are finally getting their first taste of covered bonds out of Singapore with the Lion City’s largest bank DBS opening books to a dollar offering on July 29.

    29 Jul 2015

  • BNP Paribas picks new head of Vietnam

    BNP Paribas has named a new head of country for Vietnam and chief executive officer of its Ho Chi Minh City branch.

    29 Jul 2015

  • HK ECM round-up: KGI Securities, Xinyi Solar, Imperial Pacific

    Taiwan’s China Development Financial Holding said is seeking to list its brokerage unit KGI Securities in Hong Kong, under a plan that will see KGI restructuring its Asia Pacific operations in a bid to grow its business lines across Hong Kong and southeast Asia.

    29 Jul 2015

  • Standard Life Inv doubles up on Asia directors

    Global asset manager Standard Life Investments (SLI) has appointed two multi-asset specialists to the new role of investment director.

    29 Jul 2015

  • Steady as (China) goes? Foreign investors still positive on China despite equity rout

    China's recent stock market volatility has made some international investors more jittery about putting their money to work in the country's domestic markets, but it is not putting everyone off increase their exposure to Chinese assets.

    29 Jul 2015

  • Brazil rallies as investors reassess S&P blow, but IG rating in danger

    Brazil and Standard & Poor’s rating actions have a peculiar relationship. In March 2014, S&P downgraded the sovereign to BBB- but the bond market subsequently rallied as the rating agency offered a stable — rather than negative — outlook.

    29 Jul 2015

  • LME accepts RMB as collateral, paves way for further expansion

    The London Metal Exchange (LME) has accepted offshore renminbi (CNH) as eligible cash collateral for its clearing house, LME Clear, following regulatory approval from the Bank of England. LME Clear told GlobalRMB that the initiative laid the foundation for further expansion in the future.

    29 Jul 2015

  • WinWater 'killed' by last RMBS deal

    Bank of America Merrill Lynch and Credit Suisse were unable to shift a large chunk of WinWater Mortgage Loan Trust's last jumbo RMBS, market participants told GlobalCapital.

    28 Jul 2015

  • Hatteras closes in on first jumbo RMBS

    Real estate investment trust Hatteras Financial Corp has engaged a bank and been in talks with ratings agencies for its first jumbo RMBS issuance.

    28 Jul 2015

  • Commercial real estate lender welcomes two senior hires

    An CRE origination pioneer and CMBS expert have joined Hunt Mortgage Group, according to the company website.

    28 Jul 2015

  • SolarCity tries new structure, adds BAML for fourth ABS

    SolarCity has opted for a different structure with its fourth securitization, a deal that market participants say is a sign the market is evolving and should lead to more frequent solar ABS issuance.

    28 Jul 2015

  • Market on tenterhooks as rates traders brace for FOMC

    US Treasury markets pulled back on Tuesday, reversing direction from the previous session’s rally, as nervousness crept in ahead of the Federal Open Market Committee announcement on Wednesday.

    28 Jul 2015

  • Deutsche relights Europe credit derivs candle with index trader hire

    Deutsche Bank has hired a credit index trader in London, reprising a business that it looked to have exited this year.

    28 Jul 2015

  • Citi removes Deutsche's Barrier to ECM business

    Citigroup has hired Deutsche Bank’s head of equity capital markets for France to build its market share across France, Benelux and Switzerland.

    28 Jul 2015

  • Global Derivatives Awards 2015 — the nominees

    It is with great pleasure that GlobalCapital announces the nominees for its Global Derivatives Awards 2015. The winners will be unveiled at a gala dinner in London on September 24.

    28 Jul 2015

  • Corp market open for business, but issuers thin on the ground

    The corporate bond market is open for further issuance this summer, according to syndicate bankers, but the battle is likely to be in finding issuers who are willing to tap the market.

    28 Jul 2015

  • Another Greek election is the last thing the market needs

    Greece may be off most market participants’ radars for the moment. But with another election in the country looking increasingly likely, an already busy period for political risk could be about to grow worse.

    28 Jul 2015

  • Synthetic is not a synonym for bad in securitization

    Regulators, politicians and investors are right to be sceptical about synthetic securitizations as a tool for transferring risk. Pre-crisis deals were rife with confusing, and at times dishonest, documentation. But with the right approach, these deals can help banks reduce their risk and give qualified investors access to much needed yield.

    28 Jul 2015

  • German regions add to hopes of euro recovery

    A series of German sub-sovereigns have printed deals in euros this week, adding to hopes that the market for the currency is slowly returning to strength after weeks of difficulty.

    28 Jul 2015

  • New Saga block priced in otherwise quiet market

    Acromas Bid last night responded to reverse enquiry for Saga shares by selling what was its third block in the UK insurance provider for £141m and what could be one of the last blocks before the August break.

    28 Jul 2015

  • Italy places inflation linkers ahead of bond sale

    Italy kick-started a series of auctions this week by selling near the upper end of its target of inflation linked paper on Tuesday.

    28 Jul 2015

  • Senior PM joins Connecticut structured finance investor

    Aaron Garvey is joining Marinus Capital Advisors, a specialised structured finance investor, as a senior macro trader.

    28 Jul 2015

  • AFD raises dollars — but other SSAs may have missed boat

    Agence Française de Développement sold a dollar syndication on Tuesday, but with the latest statement from the US Federal Reserve’s Federal Open Market Committee due on Wednesday further deals are unlikely this week, said SSA bankers.

    28 Jul 2015

  • IFC pulls off rare Kanga

    International Finance Corporation has hit its target size for a rare five and a half year Kangaroo, despite turmoil in the Chinese stock market restricting Asian investor involvement.

    28 Jul 2015

  • Ashtead boosts facility to $2.6bn for growth

    Ashtead, the UK-based equipment rental company, has increased a credit facility to $2.6bn to fund an expansion of its fleet.

    28 Jul 2015

  • OeKB tops target for short-end sterling tap

    Oesterreichische Kontrollbank darted into the public market on Tuesday to tap a short dated sterling line.

    28 Jul 2015

  • Raiffeisen adds a chunk to CET1 with synthetic sale to Mariner

    Raiffeisen Bank International is putting its transformation programme into gear, selling off a chunk of exposure to a €705m portfolio of mostly commercial real estate loans to a New York based investment fund.

    28 Jul 2015

  • India ECM round-up: PFC sale dazzles as Adanis hunt for $2.5bn

    Power Finance Corp (PFC) has completed bookbuilding for the divestment of a 5% stake in the company by the Indian government, netting at least Rp16.76bn ($262.06m) with an offering that investors piled into.

    28 Jul 2015

  • Africell dials up $150m deal with international lenders

    Africell, the Sub-Saharan-based telecommunications firm owned by Lebanon's Lintel Group, has signed a $150m syndicated loan with local and international lenders.

    28 Jul 2015

  • Weaker names widen as covereds explode

    Four banks were selling a spectrum of covered bonds on Tuesday, in stark contrast to a senior unsecured market that is wobbling again as it approaches the summer break.

    28 Jul 2015

  • SID Banka opens books

    Slovenia’s development bank, SID Banka, opened books on a €250m three year deal on Tuesday morning.

    28 Jul 2015

  • Singapore should take a green leaf out of China’s book

    China is expected to introduce incentives for green bond issuance as part of its efforts to push forward its developing green bond market. Singapore should do the same, if it wants to bring its sluggish bond market back to life.

    28 Jul 2015

  • RenCap hires global head of investment banking

    Renaissance Capital has hired James Friel as global head of investment banking.

    28 Jul 2015

  • Cognita second schools firm to issue in high yield

    International schools operator Cognita on Tuesday began roadshowing its £280m bond, becoming the second borrower from the private education industry in the speculative grade market this year.

    28 Jul 2015

  • China securitization outlook, Part I: Sluggish volumes are no cause for concern

    This year Chinese securitization has struggled to continue the momentum it showed at the end of 2014, failing to come close to the increased Rmb500bn ($82bn) quota from the regulators. While there is more than one reason behind why issuance has been slow, market participants are still confident the budding asset class will come good by the end of the year.

    28 Jul 2015

  • Keep calm and carry on: ECM bankers look past latest China rout

    Just when it seemed like calm was returning to China’s whipsawing stock market, investors were thrown another curveball on Monday, as Shanghai suffered its worst one-day plunge in eight years. While ECM desks in Hong Kong were rattled by the rout, they are not pressing the panic button.

    28 Jul 2015

  • Corrected: Sacombank seals $50m fundraising with five

    Vietnam’s Sacombank has completed an overseas fundraising of $50m, with a group of five lenders supplying the funds. The loan comes close on the heels of a borrowing by Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) that is now in its final leg. An overall lull in the syndicated loan market this year has driven banks to look beyond larger southeast Asian economies for business.

    28 Jul 2015

  • BAML stays local for post-results party

    Bank of America Merrill Lynch followed the lead of most US rivals by choosing to stay in dollars for post-results funding this week.

    28 Jul 2015

  • Formosa bonds surge on weaker renminbi expectations

    Taiwan's stature as an offshore renminbi hub is being given a lift from expectations of the currency's further depreciation against the dollar. A flurry of deals came in the last month, with a particular surge in the last week.

    28 Jul 2015

  • Indian loans: the price is right

    The supply-demand dynamic for overseas syndicated loans from India so far this year is firmly in favour of demand. This has resulted in price compression that is a headache for banks but makes it a great time for Indian corporates to refinance. Borrowers should act now.

    28 Jul 2015

  • Six fire Citic Capital’s HK$1.8bn bullet into market

    Citic Capital Holdings has hit the market for a HK$1.8bn ($232m) three year loan, with six mandated lead arrangers and bookrunners in tow. The company is paying a lower margin for the three year borrowing than for a two year it signed in 2013.

    28 Jul 2015

  • SriTex to weave dollar return in H2

    Sri Rejeki Isman (SriTex) is seeking to return to the dollar bond market for up to $420m in the second half of the year.

    28 Jul 2015

  • Numericable prices with few surprises

    Numericable set final pricing on its €800m leveraged loan late Monday, in a refinancing transaction that bankers said yielded few surprises with its speed and success.

    28 Jul 2015

  • Total Derivatives: PBoC triggers short-end CNY offers

    Short-end CNY swaps have been very well offered after the People's Bank of China (PBoC) injected cash into the financial system and increased its currency fixing. The 1s/3s NDIRS slope remains flat but a very near-term correction is thought unlikely given the current equity market volatility, writes Deirdre Yeung of Total Derivatives.

    28 Jul 2015

  • Oil, downgrade double whammy hits Pacific Rubiales as LatAm HY suffers

    Colombian oil company Pacific Rubiales had some of the worst of an ugly Monday for Latin American high yield credit as lower oil prices and a downgrade at the end of last week push its bond prices 3.5-4 points lower on the day.

    28 Jul 2015

  • Ranhill eyes return with $173m IPO by year-end

    Malaysia’s Ranhill Group, which was forced to shelve an MR753m ($197m) IPO in 2013, will be making a comeback after the reverse takeover of its power and water assets received the approval of the regulators, paving the way for a MR660m deal.

    28 Jul 2015

  • Swap rate sees Shinhan surf Korean RMB wave

    South Korea’s Shinhan Bank wrapped a successful return to the offshore renminbi market on July 27, raising more than initially aimed on the back of strong demand. The issuer was also able to price the new dim sum bond inside its dollar curve thanks to a favourable cross currency swap (CCS).

    28 Jul 2015

  • China Merchants hops on dual-tranche bandwagon

    China Merchants Holdings (International) became the third Chinese issuer in less than a week to access the international bond market with a dual-tranche offering split between five and 10 year bonds on July 27. The identical structures and close proximity of the deals meant it was more or less the same result for the Chinese conglomerate.

    28 Jul 2015

  • Zhuhai loan doubles to HK$2bn with ten on board

    Port and ferry service provider Zhuhai Holdings Investment has allocated its new borrowing after raising the size to HK$2bn ($258m), twice the amount at which it was launched.

    28 Jul 2015

  • Brazil blues rob BTG of upgrade chance

    Fitch removed the positive outlook from privately owned Brazilian bank BTG Pactual’s ratings on Monday, saying the deterioration in the operating environment in Brazil outweighed the positive effects of the acquisition of Swiss private bank BSI.

    28 Jul 2015

  • Driven Brands whole business ABS well oversubscribed

    Roark Capital’s whole business securitization of Driven Brands was well oversubscribed on Friday, allowing Roark to refinance debt it used to acquire Driven Brands.

    27 Jul 2015

  • AES to bring first utility-sponsored solar ABS

    Virginia-headquartered energy provider AES Corporation is set to become the first utility company to tap the growing market for securitizations of solar assets, the company has confirmed.

    27 Jul 2015

  • AIG affiliate sells CRT RMBS through Bermudan company

    AIG's United Guaranty Corp was close to pricing a credit risk transfer issuance tied to residential mortgage insurance contracts on Monday.

    27 Jul 2015

  • Bulls in Europe sell credit volatility in hope of China 'snap back'

    One area of European credit not reflecting the global market's bearish tone on Monday was iTraxx options trading, where traders reported plenty of demand among participants to sell volatility even as spreads continued to widen.

    27 Jul 2015

  • Flagship to launch subprime auto deal

    Flagship Credit Acceptance has hit the market with its second auto transaction of the year.

    27 Jul 2015

  • Brazil CDS hits year's wide as commodity fall continues

    Credit default swaps referencing Brazil have hit their widest levels of the year, with the continuing crash in commodities weighing heavily on those names most exposed and adding to a raft of other woes for the country.

    27 Jul 2015

  • US equity options market shrugs off energy slump

    Despite earnings season confirming the worst for energy companies and some having announced major write downs, US equity volatility is yet to stir.

    27 Jul 2015

  • Investors get Hero at a discount

    The second PACE securitization from HERO Funding Trust this year was priced on Monday, according to a source close to the transaction.

    27 Jul 2015

  • New Mauritius Hotels completes rights issue, raises PP

    New Mauritius Hotels (NMH) on Monday issued 161.4m shares on Monday upon completion of a fully subscribed rights issue.

    27 Jul 2015

  • TIGF shows duration works again with 10 year euro

    French gas distribution company Transport et Infrastructures Gaz France on Monday became the first corporate issuer to aim for the long end of the curve for almost a month, amassing an almost three times subscribed book for a 10 year print.

    27 Jul 2015

  • Sector no hindrance as Urenco prints

    Urenco, the UK headquartered uranium enrichment company, on Monday shook off lingering concerns surrounding its sector, attracting a strong order book for a new seven year print.

    27 Jul 2015

  • Mid-market demand surges for Weener

    Weener Plastik, the German plastic packaging systems provider, has allocated its €250m acquisition loan on the back of heavy oversubscription.

    27 Jul 2015

  • Three deals priced before China disrupts market

    It seemed that after the Greek crisis abated, however nominally, the European securitization market was ready to make a last sprint before heading towards the door for the summer holidays. On Friday, two ABS deals went into investors' pockets.

    27 Jul 2015

  • Deutsche Bank offers up juicy spread for CMBS

    Deutsche Bank is offering investors a juicy premium for its multi-jurisdictional Deco 2015-Charlemagne CMBS .

    27 Jul 2015

  • Euro deals in pipe as issuers eye last week for trades

    This week could be the last opportunity for borrowers to bring euro deals before the market shuts down for summer, according to SSA bankers and issuers — and some trades are already on the production line.

    27 Jul 2015

  • Zegona to raise £251m in share placing to back Telecable buyout

    Zegona, an Aim-listed operating company set up to buy, fix and sell European telecom firms, is acquiring the entirety of Telecable de Asturias for €369m.

    27 Jul 2015

  • Dollars open for size as agency mandates

    A French agency was first out of the blocks in the dollar market this week with a $500m no-grow mandate — but SSA bankers believe there could also be opportunities in larger size.

    27 Jul 2015

  • Italian automotive company debuts with PP

    Coils Lamiere Nastri, an Italian automotive parts producer, has made its first foray into the bond markets and could be back for more.

    27 Jul 2015

  • IFC opens up Kanga belly

    International Finance Corporation is set to launch a new Kangaroo line, as other supranationals and agencies look to follow in the format.

    27 Jul 2015

  • Kazakh Railways collects $300m syndicated loan

    Kazakhstan Temir Zholy (KTZ), the Kazakh state-owned rail company, has signed a $300m loan with the European Bank for Reconstruction and Development and five other international lenders.

    27 Jul 2015

  • Stahl postpones €585m refi and dividend loan

    Stahl, the Dutch provider of chemicals for leather processing, has postponed its €585m refinancing and dividend payment loan after being jostled out of the market by competition.

    27 Jul 2015

  • Teva to raise $34bn in new equity and debt for Allergan bid

    Israeli pharmaceutical company Teva has 15 days to raise $33.75bn of funds to buy US firm Allergan's generics business.

    27 Jul 2015

  • House of Fraser offers new floater in refi strategy

    British retailer House of Fraser on Monday announced a £175m floating rate issue, part of an all debt refinancing strategy that includes loans and new revolving credit facilities.

    27 Jul 2015

  • AFME hires new Brussels head

    The Association for Financial Markets in Europe has appointed a new head of its Brussels office.

    27 Jul 2015

  • Asia ECM round-up: Central China, Union Frozen, Golden Meditech

    Central China Securities Co wrapped up a HK$2.53bn ($327m) placement on July 24, allowing its shares to resume trading on Monday after what had turned out to be a longer-than-usual bookbuilding process.

    27 Jul 2015

  • Equities buoy second quarter profits at UBS

    UBS reported its second quarter results on Monday, with a very strong performance in its equities trading business more than offsetting weaker numbers elsewhere in the investment bank.

    27 Jul 2015

  • Finarvedi seeks debut bond to refinance short term debt

    Italian steelmaker Finarvedi on Monday launched its €300m note, the company’s first issue, with the aim of cutting down the group’s use of short term funding.

    27 Jul 2015

  • Local banks busy with Turkish PF loans

    One of the two largest project finance loans in the Turkish pipeline has already been financed entirely by local banks, but there could be international lenders in a forthcoming motorway project.

    27 Jul 2015

  • Brazil collapse deters issuance as spreads and premiums rise

    Brazilian credits had yet another tough day on Friday to complete a torrid week for the country in bond markets. The rough ride has put at least one issuer off of coming to market.

    27 Jul 2015

  • Final FIG fling under threat from China, Greece

    What many bankers view as the final week for FIG issuance before the summer break has suffered an early setback, after China’s stock market plunged 8.5% on Monday.

    27 Jul 2015

  • Turkish Airlines requests proposals this week for $3bn loan

    The deadline for banks to submit proposals for Turkish Airlines’ loan is the end of this week, according to a banker on the deal.

    27 Jul 2015

  • UBS is 'Back in Black'

    The Swiss bank was mandated for a French RMBS for Crédit Foncier de France – perhaps a surprising move for some who thought the bank was fully out of the securitization business.

    27 Jul 2015

  • TLAC, AT1 to come from UBS

    UBS will begin issuing TLAC-eligible holding company debt in the third quarter of this year, when it also plans to return to the additional tier one (AT1) market it debuted in earlier this year.

    27 Jul 2015

  • Rustavi Azot awaits ‘sizeable’ orders later today

    Georgian firm Rustavi Azot has held price guidance for its $180m five year non-call three notes at 12.5%-13% and is expecting to price the deal later on Monday.

    27 Jul 2015

  • Nikko Asset Management promotes DeSerio

    Nikko Asset Management has promoted Fred DeSerio to serve as senior managing director, head of sales and co-head of the business for the Americas.

    27 Jul 2015

  • Russia's VTB betting on closer China ties, as RMB business soars

    The announcement of a partnership between the China Financial Futures Exchange (CFFEX) and Moscow Exchange (Moex) on July 15 comes on the back of rapid growth in RMB usage for trade and investment in Russia. And closer ties are on the cards now that infrastructure is being put into place to make Moscow an RMB hub, Riccardo Orcel, deputy CEO of VTB Group, told GlobalRMB.

    27 Jul 2015

  • Loan Ranger: An unorthodox Turkish bath

    One loans director recalls receiving an unexpected Turkish bath at a loan signing ceremony.

    27 Jul 2015

  • Syngene launches $86m IPO as PFC sell-down overwhelmed

    India’s Syngene International has flung open the books to its Rp5.5bn ($86.0m) IPO, with the trade bagging anchor investors including the Monetary Authority of Singapore and Government of Singapore.

    27 Jul 2015

  • Gunvor uses accordion to up revolver to $1.0627bn

    Commodities trader Gunvor Singapore has exercised an accordion feature to increase the amount of its latest revolver to $1.0627bn, with seven lenders joining the 31-strong syndicate. This is the second increase by the company, which was initially seeking $550m and wound up the borrowing at $911.7m on the back of strong demand.

    27 Jul 2015

  • Indonesia builds from a position of strength

    There is little doubt that the Republic of Indonesia is one of the most recognisable Asian borrowers in the international debt market, approaching investors with regular, sensibly-priced issues that have won it plaudits from fund managers and bankers alike. But despite its steadfast reputation among the global investor base, the country cannot afford to sit back.

    27 Jul 2015

  • Diversity and innovation: Indonesia tops Asian sovereign issuance

    The rise of the Republic of Indonesia in the international bond market has been spectacular over the past few years, with a series of high profile transactions that not only showcased the borrower’s attractiveness to investors, but also its willingness to innovate. The prospect of a ratings upgrade just around the corner should help continue momentum, but the economic picture is mixed, writes Rev Hui.

    27 Jul 2015

  • China Merchants, Shinhan open for dollars and renminbi

    China Merchants Holdings (International) Company has opened books on a dual tranche offering that could raise the firm as much as $700m.

    27 Jul 2015

  • CICC's IPO: Swan song or new beginning?

    China International Capital Corporate (CICC) has filed for its IPO in Hong Kong. It is a venerable name, but as Philippe Espinasse writes, its best days may be behind it.

    27 Jul 2015

  • Total Derivatives: Flat curve to drive CNY 3y paying?

    CNY swaps have been better bid as bets on People's Bank of China (PBoC) easing are unwound. At current levels, sources say flatness in the 1s/3s curve slope is likely to back more paying in three years, writes Deirdre Yeung of Total Derivatives.

    27 Jul 2015

  • Créd Ag’s Sodhi made head of loans and bonds origination for Apac

    Crédit Agricole has named Atul Sodhi the head of debt origination and advisory for Asia Pacific in a newly created role that will see the amalgamation of loans and bonds origination teams, GlobalCapital Asia understands. The move follows the departure of the French lender’s Asia head of DCM.

    27 Jul 2015

  • eHi Car, Tingyi hit road for maiden offshore bonds

    China’s eHi Car Services and Tingyi Holding Corp will be on the road for investor meetings this week ahead of dollar and offshore renminbi (CNH) notes, respectively.

    27 Jul 2015

  • All covered: CRSC opens $1.8bn Hong Kong IPO

    China Railway Signal & Communication Corp (CRSC) hit the road for its HK$14.00bn ($1.81bn) IPO in Hong Kong on July 27, launching the trade with a covered book and putting half of the offering in the hands of a whopping 16 cornerstone investors.

    27 Jul 2015

  • Khmer Brewery's $80m loan gets one

    An $80m four year loan for Cambodian borrower Khmer Brewery has received a commitment from a Taiwanese bank. The deal, which has three banks at the helm, is targeting banks that have some presence in the southeast Asian nation.

    27 Jul 2015

  • CDB taps onshore USD, seen as new OBOR funding channel

    China Development Bank (CDB) is preparing to issue an onshore US dollar bond this week. While not the first for the bank in onshore dollars, cheap onshore borrowing costs mean that the deal is being seen as offering a new template for cost-effective funding of China's macro outbound strategy.

    27 Jul 2015

  • KfW finds €1bn as issuers tipped to get creative

    KfW was able to double its minimum target with a rare 20 year bond on Friday, using a tactic that SSA bankers away from the deal believe other issuers could follow over the summer.

    24 Jul 2015

  • Apple goes long for inaugural sterling

    Apple made its debut in the sterling market on Friday, targeting long maturities of 14 and 27 years as it tapped its fifth funding currency since returning to the bond markets in 2014 following a long absence.

    24 Jul 2015

  • MuniFin hits Kanga long end as IFC mandates for belly

    Municipality Finance on Friday launched its first new Kangaroo bond in over a year, as International Finance Corporation came alongside with a mandate for a long five year deal in the format.

    24 Jul 2015

  • Funding scorecard: French agencies

    Read on to see how selected French agencies are progressing through their 2015 funding programmes.

    24 Jul 2015

  • Secondary pricing update: featuring EIB's $3bn seven year

    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.

    24 Jul 2015

  • World Peace chooses four to arrange NT$6bn facility

    Electronic components distributor World Peace Group has picked a quartet of banks to lead its latest borrowing of NT$6bn ($195m).

    24 Jul 2015

  • China to widen RMB trading band again

    China's State Council said on July 24 that it was planning to expand the FX trading band for the renminbi in a move that it placed among various measures to promote exports and support growth. It would be the fourth such adjustment since the RMB’s depegging from the dollar in 2005.

    24 Jul 2015

  • RMB round-up: July 24, 2015

    In this round-up, Singapore's RMB business continues to grow, China RMB cross border trade settlement jumped 25% in June, Taiwan's RMB deposits inch up in June, the Stock Connect's northbound quota is replenished by the A-share sell-off in July, and Malaysia settled 1.9% of its trade with China in RMB in the first month of launching a clearing bank.

    24 Jul 2015

  • Extended bookbuilding for $327m Central China block

    Trading in Central China Securities Co remained suspended for a second day as bookbuilding for its HK$2.53bn ($327m) accelerated block trade, launched on July 23, went on longer than expected.

    24 Jul 2015

  • CCBI and NBAD make new hires

    Hong Kong-based banker Justin Kwok has started working CCB International in a senior ECM role, having joined the bank a few week ago, sources tell GlobalCapital Asia.

    24 Jul 2015

  • Dim sum shortage aids Beijing Capital Juda’s Rmb1.3bn 3yr

    Beijing Capital Juda priced its first bond, raising Rmb 1.3bn ($209m) from oversubscribed three year deal that saw investors eager to gobble up a dim sum trade.

    24 Jul 2015

  • Indonesia continues euro push, but at what cost?

    The Republic of Indonesia printed its second ever bond in euros on July 23 as it continues to expand its funding sources in a bid to diversify away from dollars. While the sovereign made a conscious decision to pay up to achieve its aim, market participants are split whether the cost of diversification was worth it.

    24 Jul 2015

  • Chinese pair sells twin dollar dual tranchers

    Two Chinese issuers in the commodities sector – China Oilfield Services (COSL) and China Minmetals Corp – launched bookbuilding for dollar bonds on July 23. But there was little concern about the competition as the borrowers only looking to raise $1bn each and bankers were confident about the amount of liquidity in the market.

    24 Jul 2015

  • Frasers block sale nets $103m as volatility ebbs

    The first Singaporean real estate investment trust (Reit) to tap the equity market since Manulife US Reit pulled its S$569m ($426m) IPO this month was welcomed by investors with open arms, as Frasers Commercial Trust priced its block trade at the top.

    24 Jul 2015

  • BFI Finance exits with $105m for its three year loan

    Indonesian vehicle financing firm BFI Finance has wound up its three year loan at an increased size of $105m after 18 banks piled in. The deal was launched at $75m on May 11 and originally included a greenshoe that could take it up to $100m.

    24 Jul 2015

  • ETF multi-listings look to cater to RMB demand

    Multiple listings of ETFs could become a smart strategy for firms looking to attract a broader investor base for products sold under the renminbi qualified foreign institutional investors (RQFII) scheme. An RQFII ETF that was first listed in London was recently taken to Euronext Paris via Euroclear Bank, and Euroclear reckons the move is paving the way for others to exploit RMB alternatives.

    24 Jul 2015

  • IMF SDR review set to boost SSA demand for RMB products, hedging

    A positive outcome to this year's review by the International Monetary Fund (IMF) of the potential inclusion of the renminbi into its Special Drawing Rights (SDR) facility could give a boost to interest in the currency from sovereigns, supranationals and agencies (SSAs), say market participants. Meanwhile, the IMF review is progressing, with the multilateral busy gathering data on trading flows.

    24 Jul 2015

  • ‘Anti-benchmark’ investor eyes credit and EM

    Tobam, a Paris asset manager, is preparing to launch new funds in European credit and emerging market debt, which will bring its innovative investing approach to European fixed income for the first time.

    23 Jul 2015

  • AMX nears peso bond but August prospects divide LatAm bankers

    Few Latin American debt bankers gave the impression they could predict levels of new issuance in the coming weeks with much certainty with predictions for August ranging from “totally dead” to “much busier than usual” on Thursday afternoon.

    23 Jul 2015

  • Jamaica pays up but size and maturity impress

    Jamaica’s $2bn bond sale on Thursday showed that bond markets were “constructive as well as cautious” said LatAm debt bankers, though the sovereign was seen paying up for its dual tranche deal.

    23 Jul 2015

  • Cosan waits after roadshow as Brazil takes hit

    A torrid week in secondary markets for Brazilian credits meant that no bankers were surprised that industrial conglomerate Cosan opted not to issue on Thursday having completed investor meetings on Wednesday ahead of a planned 144A/Reg S deal.

    23 Jul 2015

  • Freddie prices first jumbo CRT RMBS

    Freddie Mac’s first ever credit risk transfer securitization tied to jumbo mortgages was priced on Thursday.

    23 Jul 2015

  • What happened to the dream of consistent regulation?

    Global finance needs global regulation. Everyone acknowledges it, but everyone ignores it.

    23 Jul 2015

  • Strong demand for US auto deals continues

    Prime and subprime auto ABS deals encountered strong investor demand this week, with another transaction expected to be launched soon.

    23 Jul 2015

  • After a summer storm, some quiet

    Earlier in July, every market tracked in our recurring indicator of option implied volatility showed pricing at above-average levels. US and European large-cap stocks had short term put options priced more than two standard deviations above their average levels. Hang Sang Index options were five standard deviations higher: as mainland investors discovered the sell button and margin calls rolled in, both A- and H-shares briefly gave back all of their gains year-to-date.

    23 Jul 2015

  • People Moves in Brief

    Cairnduff returns to Europe — BNPP hires for EM syndicate — LeMaire leaves UniCredit — New FIG DCM head at RBS

    23 Jul 2015

  • ESM EUR2bn 0.875% Oct 19 tap

    23 Jul 2015

  • SSA market in euros sputters back to life — but longevity questioned

    The public sector euro market is regaining some colour after a debilitating combination of Greek debt sickness and quantitative easing exhaustion — but despite a prognosis for a strong September, the sector is still far from full health.

    23 Jul 2015

  • Pfandbrief demand swells and spreads stay tight

    Germany dominated covered bond supply this week with four banks raising €2.5bn after collecting orders of nearly €6bn in total.

    23 Jul 2015

  • Acquisition debt primed for Vedici-Vitalia consolidation

    Marketing began this week for leveraged loans of €725m backing the merger of French private healthcare groups Vedici and Vitalia.

    23 Jul 2015

  • Bonds under €250m handle the week's boiling HY market

    The European high yield market this week saw towering deals like SoftBank’s $4.5bn and Synlab’s €1.1bn, but investors also found a place in their portfolios for smaller notes.

    23 Jul 2015

  • Sainsbury’s achieves appealing dual CB-hybrid deal

    J Sainsbury, the UK supermarket chain, raised £500m of hybrid capital on Thursday with twin issues of a convertible bond and a regular hybrid bond.

    23 Jul 2015

  • Verallia speeds up its €1bn LBO loan as investors snap up euros

    Verallia, the French glass bottle maker, has accelerated the bookbuilding for a €1bn leveraged loan as investors have gobbled up the acquisition debt, asking for big tickets.

    23 Jul 2015

  • Credit option skew flips on ‘relentless’ vol selling

    Greater stability in European credit spreads has brought a big reversal of iTraxx index options, say traders, after the volatility skew reached an all time record inversion during the recent Greece debt negotiations.

    23 Jul 2015

  • Cades USD3bn 1.875% Jul 20

    23 Jul 2015

  • Bluefield presses on with solar IPO as NextEnergy pulls

    Bluefield Partners, the UK investment adviser focused on solar power infrastructure, is pressing on with its bid to float a fund, Bluefield European Solar Fund, despite the failure of a similar deal today.

    23 Jul 2015

  • Beni Stabili prices €200m CB at mid-range, buys old bond

    Beni Stabili, the Italian property company largely owned by Foncière des Régions, priced on Thursday a €200m convertible bond at a 0.875% coupon and 32.5% conversion premium.

    23 Jul 2015

  • MD leaves Bayside for distressed job

    Bayside Capital, a credit investment firm and affiliate of private equity house HIG Capital, has lost a managing director and a founding member of its European credit platform.

    23 Jul 2015

  • M&A drives dollar funding to record highs

    UnitedHealth Group and Intel printed jumbo bonds this week to finance M&A, sending dollar volumes to a record for the month of July.

    23 Jul 2015

  • Goldman Sachs EUR1.5bn 2% July 23

    23 Jul 2015

  • Numericable rips forward on €800m leveraged loan

    Numericable has followed the example set last week by its parent company Altice and accelerated an €800m refinancing loan to close for commitments by Friday.

    23 Jul 2015

  • UK DMO GBP4bn 3.5% 2068 tap

    23 Jul 2015

  • Goldman Sachs EUR1bn July 17 FRN

    23 Jul 2015

  • DVB Bank EUR500m 1% July 19

    23 Jul 2015

  • World Bank USD3.5bn 2.5% Jul 25

    23 Jul 2015

  • World Bank brings 10 year as dollars sizzle across curve

    World Bank reopened the tricky 10 year part of the dollar curve this week, paving the way for further issuance at the long end by public sector borrowers.

    23 Jul 2015

  • Vistra cruises through volatile markets, gets tight pricing

    European corporate and fund services provider Vistra allocated its $700m acquisition loan on Tuesday afternoon, having marketed the deal in one of levfin’s most volatile fortnights.

    23 Jul 2015

  • Uniaq EUR500m 6% July 46

    23 Jul 2015

  • Zambia hits new yield high for Africa sovs

    Zambia has printed its $1.25bn bond with a yield higher than any other outstanding African sovereign bond, as investors have this year punished the country for falling copper prices, a weak kwacha and a gaping budget deficit.

    23 Jul 2015

  • Time Warner EUR700m 1.95% Sep 23

    23 Jul 2015

  • FMS W USD1.5bn 1.25% Jul 18

    23 Jul 2015

  • Euros worth the wait for Warner after €3.5bn book

    Time Warner issued a well received eight year euro bond on Tuesday, as it finally pulled the trigger on a trade that was first mandated at the end of April.

    23 Jul 2015

  • SNCF eager for ultra-long after century sale

    French rail operator SNCF Réseau joined the 100 club this week and now wants to print more ultra-long debt, but investors and MTN dealers doubt demand will support it. Jonathan Breen reports.

    23 Jul 2015

  • Banco Popolare EUR1bn 2.75% July 20

    23 Jul 2015

  • Ibercaja Banco EUR500m 5% July 25

    23 Jul 2015

  • AMCo comes again for a bolt-on levloan

    Amdipharm Mercury, the UK generic pharmaceuticals company also known as AMCo, has laid out price guidance for a €163.7m leveraged loan that will fund a bolt-on acquisition.

    23 Jul 2015

  • ABN wows with dollar tier two debut

    ABN Amro was inundated with orders as it exploited a lack of subordinated supply by Yankee issuers to print its inaugural tier two offering in dollars.

    23 Jul 2015

  • Loans, news in brief — July 24, 2015

    Amedes — Akbank AG — Socar — EMC — DAE

    23 Jul 2015

  • JPM director retires from finance to work on DJ biz

    Abhishek Mistry, JP Morgan’s executive director of mortgage research, has left the banking industry to focus on his DJ software business, a person at the bank has confirmed.

    23 Jul 2015

  • UBS hires for EM credit sales

    UBS has added to its emerging market credit sales capabilities with a hire from Mizuho.

    23 Jul 2015

  • Takeover of private LeasePlan includes €480m mando CB

    A consortium of long term investors is to buy 100% of LeasePlan Corp, the Dutch car fleet management business, funding the deal in part by issuing a €480m mandatory convertible bond.

    23 Jul 2015

  • Unrated duo draw good interest with first July prints

    Bolloré and Eurofins Scientific became the first unrated names to tap the euro market in July this week, showing that the market is back on track by drawing comfortably oversubscribed trades.

    23 Jul 2015

  • FIG periphery wide open after pair print €1.5bn reopening

    Two periphery banks this week made clear that their market is back in business. Like the wider FIG market, the periphery had been closed since early June. There is room, albeit temporarily, for more, writes Virginia Furness.

    23 Jul 2015

  • KommuneKredit eyes another niche after Maple debut

    KommuneKredit could branch out into more niche currencies after receiving an enthusiastic response for its inaugural Canadian dollar benchmark.

    23 Jul 2015

  • Peripheral covered bonds reopen after 12 week gap

    The primary market for peripheral European covered bonds leapt back to life this week after a 12 week hiatus, with investors queuing up to buy a series of deals that emerged in quick succession.

    23 Jul 2015

  • Uniqa emboldens Ibercaja with success in sub market

    Austrian insurer Uniqa Group proved that subordinated debt is back on the table on Monday, paving the way for Ibercaja to print a tier two.

    23 Jul 2015

  • Investors flock to Sainsbury's hybrid

    J Sainsbury, the unrated UK supermarket chain, made its hybrid capital bond debut on Thursday, drawing a strong order book for the sterling deal. Finding fair value was a challenge as Sainsbury's has no outstanding conventional bonds.

    23 Jul 2015

  • Bavarian Sky to follow E-Carat in autos

    Opel Bank (formerly part of what was GMAC) looked to wrap the sale of its E-Carat 8 deal this week, and BMW Bank announced it will follow with a deal from its Bavarian Sky German auto loan securitization shelf.

    23 Jul 2015

  • Petfood producer shows pedigree with €217m loan

    Private equity firm Pamplona has completed the syndication of a €217m debt facility to buy Budapest-headquartered Partner in Pet Food (PPF).

    23 Jul 2015

  • Fiat mandates three for Ferrari’s NY IPO

    Fiat Chrysler Automobiles put to rest rumours about the bank group working on its much-hyped spin-off of Ferrari, the Italian luxury sports car manufacturer, on Thursday, as it announced that two European houses and one American one were to lead the transaction.

    23 Jul 2015

  • RWE picks Eurodollar to help diversify hybrid investor base

    RWE, the German power company, sold its second hybrid capital bond of 2015 on Thursday — unusually choosing the Eurodollar market — to garner demand from yield-hungry investors in Asia and Switzerland.

    23 Jul 2015

  • Goldman said to miss ABN Amro IPO — though that will not hurt revenue

    Goldman Sachs is out of the running for the IPO of ABN Amro, according to a banker still competing for the deal. That leaves six banks still in the race.

    23 Jul 2015

  • RMBS issuers try different tactics to woo investors

    Taking their cue from the successes of Precise and Paragon’s UK buy to let RMBS trades last week, three more RMBS issuers hopped into the market this week.

    23 Jul 2015

  • Overladen miners feel the weight of gold

    The all-important deadline of July 20 passed without incident, Greece having redeemed its debt to the ECB with the help of a bridging loan. That doesn’t mean the crisis in Greece is resolved – far from it – but it does give the market some breathing space.

    23 Jul 2015

  • The FIG Idea: It’s banking, but not as we know it

    Love it or hate it, banking is here to stay. But banks in their current incarnation are clearly not. The banking industry is undergoing a radical overhaul, driven by powerful intrinsic and extrinsic factors.

    23 Jul 2015

  • Slovenia sells €1.25bn with single digit NIP to reopen euro sovereigns

    Slovenia gave CEEMEA the privilege of producing the first post-Greek agreement Eurozone sovereign deal this week. Pricing with only a single digit new issue premium and a pack of investment grade accounts in the book proved the sovereign is increasingly leaving its EM roots behind. But the success will still raise hopes among CEEMEA governments looking for duration.

    23 Jul 2015

  • Ado Props’ relaunched IPO sells, trades down

    Ado Properties, the Berlin-focused residential property company, priced its relaunched IPO on Wednesday at the bottom of its price range. The shares fell 2.5% on their debut on Thursday.

    23 Jul 2015

  • Dutch bank returns to yen with burst of private MTNs

    ABN Amro has hit the yen market with a trio of chunky private medium term notes, its first deals in the currency in over a year.

    23 Jul 2015

  • Eurofins piles on the NIP to calm capacity concerns

    Eurofins Scientific, the Luxembourg-based laboratory analysis firm, made its third bond market appearance of 2015 on Thursday, offering a juicy new issue premium to offset fears about investor saturation.

    23 Jul 2015

  • Basis swap moves drive bank renminbi MTN flurry

    Commonwealth Bank of Australia and Lloyds Bank have placed a quartet of private medium term notes in renminbi — and more notes in the currency could follow.

    23 Jul 2015

  • KommuneKredit in sweet Maple debut

    KommuneKredit priced its first Canadian dollar benchmark in line with guidance this afternoon after increasing the deal in response to strong central bank demand.

    23 Jul 2015

  • Nationwide hits lucky number 7 and prints €1bn

    Nationwide Building Society stood out on another busy day in the covered bond market, shaking off three rivals to print a €1bn mortgage backed bond on Thursday in line with Lloyds and Bank of Nova Scotia.

    23 Jul 2015

  • LeMaire leaves UniCredit for new pastures

    Dominique LeMaire, global head of high yield capital markets at UniCredit, has left the firm, and is headed to a rival later this year.

    23 Jul 2015

  • Babson gives CLO price guidance

    Babson Capital has given price guidance on its €416.2m Euro CLO 2015-1 BV, its third, with price guidance for its floating triple-A notes at 135bp over Euribor.

    23 Jul 2015

  • Goldman resuscitates FIG market with €2.5bn staggered dual trancher

    The FIG market cranked into life on Monday with Goldman Sachs’ €2.5bn dual tranche offering proving there is demand at both the long and short ends of the curve.

    23 Jul 2015

  • Commodity credits feel heat and Xover suffers despite broader calm

    A return of stability in the European credit market has exposed mounting concerns for companies involved in commodities trading, with sector names underperforming credit indices and cash bonds.

    23 Jul 2015

  • Law firm copes with partner's departure

    Cadwalader Wickersham & Taft is dealing with the departure of long-time US structured finance partner Robert Ughetta after several brushes with the law.

    23 Jul 2015

  • SoftBank sounds klaxon for high times in high yield

    In what was hailed as a momentous, perhaps record breaking, week in high yield finance, Japanese telecoms operator SoftBank took the crown by raising the year’s biggest Asian offshore high yield deal, writes Victor Jimenez.

    23 Jul 2015

  • Zambia no fool to pay up

    Those watching Zambia bonds might think that the $1.25bn deal this week yielding 9.375% demonstrates a borrower on the ropes considering in 2012 it paid a coupon of 5.375% for its debut bond. In fact, this is a borrower showing smarts when the rest of the CEEMEA gang appear to have bottled it.

    23 Jul 2015

  • Auburn oversubscribed thanks to discounts and bigger step-ups

    Lead managers on Capital Home Loans post-crisis debut RMBS had books oversubscribed across all tranches on the new Auburn 9 by Wednesday afternoon, before increasing the deal size and pricing on Thursday.

    23 Jul 2015

  • Slovenia EUR1.25bn 2.125% Jul 25

    23 Jul 2015

  • Hope rises for Russians as Ak Bars Bank mandates

    Ak Bars Bank has mandated Credit Suisse and UBS to arrange a Eurobond. If the deal goes ahead, it will be the first new issue from Russia this year.

    23 Jul 2015

  • Cinven taps June bonds in €1bn issue to buy Synlab

    Synlab, the German laboratory services provider, is being acquired by private equity firm Cinven. The deal will be partly funded with €1.08bn of high yield debt which was priced on Thursday.

    23 Jul 2015

  • Ardshinbank joins 12% club with five year

    Armenian financial Ardshinbank priced a $100m five year amortising deal on Wednesday, and became one of only a handful of CEEMEA borrowers in recent years to offer a 12% yield.

    23 Jul 2015

  • US Treasury reviews marketplace lending

    The US Treasury is looking into regulation of the burgeoning marketplace lending sector, raising the possibility of ‘skin in the game’ rules for platforms and potentially ushering in the development of a secondary market.

    23 Jul 2015

  • KfW smashes its green sterling debut with £500m print

    German agency KfW expanded its stable of green bond issues to a fourth currency this week when it sold a debut sterling-denominated green bond.

    23 Jul 2015

  • StormHarbour hires Buccellati as senior advisor

    StormHarbour said it has hired Federico Buccellati, the former head of advisory for southern Europe at HSBC, as a senior advisor.

    23 Jul 2015

  • Oppenheimer hires two to launch primary bond business in Europe

    Boutique investment bank Oppenheimer & Co has started a European debt capital markets operation, with the hire of two managing directors from KNG Securities.

    23 Jul 2015

  • Rustavi Azot eyes Monday pricing

    Georgian firm Rustavi Azot released price guidance for its $180m five year non-call three notes on Thursday, and now expects to price the bond on Monday.

    23 Jul 2015

  • Gazprom launches consent solicitation

    Gazprom is asking for consent to modify the terms and conditions of its £500m 5.338% loan participation notes due 2020.

    23 Jul 2015

  • Ico knocks out chunky Brazilian real MTN

    Spain’s Instituto de Crédito Oficial has raised over $100m equivalent with a private medium term note in Brazilian reais, and is keen to print more MTNs in the currency.

    23 Jul 2015

  • Russian government joins CPI-linked CEEMEA club

    The Russian government has joined a growing group of sovereign CPI-linked bond issuers, and analysts expect the government to return for at least one more sale this year.

    23 Jul 2015

  • Apple picks one UK bank, two US for sterling bond debut

    Apple is set to issue its first ever sterling bond, after mandating banks on Thursday. It is the third currency in which the issuer will have made its debut in 2015.

    23 Jul 2015

  • Goldman joins DB in CMBS pipeline

    Goldman Sachs has announced it intends to sell a £646m loan to Logicor, a unit of private equity giant Blackstone, on a portfolio of 42 industrial properties in the UK.

    23 Jul 2015

  • SoFi adds CS as joint lead for next ABS

    Marketplace lender SoFi is set to bring its latest securitization in the next few days, adding Credit Suisse as a joint lead manager alongside Morgan Stanley and Goldman Sachs, according to a person familiar with the transaction.

    23 Jul 2015

  • Basel firms up rule for simple securitizations

    The Bank for International Settlements on Thursday released its final criteria for simple, transparent and comparable securitizations, standards which should lower capital charges for deals that qualify.

    23 Jul 2015

  • Numericable rips forward with €800m loan

    Numericable has followed the example set last week by its parent company Altice and accelerated an €800m refinancing loan to close for commitments by Friday.

    23 Jul 2015

  • Dexia goes solo for €2bn

    Dexia Credit Local was the sole voice in the senior market on Thursday and printed a €2bn three year, the largest deal since UBS in May.

    23 Jul 2015

  • China’s stock market loss becomes India’s gain as money floods in

    The Chinese stock market’s rapid plunge into bear territory this month has brought unexpected gains for the equity capital markets of another large emerging economy — India. ECM bankers in that country have started to see a big uptick in interest from international investors eager to park their funds in a safe haven, writes Rashmi Kumar.

    23 Jul 2015

  • Rustavi Azot releases guidance

    Rustavi Azot released price guidance for its $180m five year non-call three notes and now expects to price the bond on Monday.

    23 Jul 2015

  • Zambia offers 50p NIP for amortiser

    Zambia has released price guidance of 9.25%-9.75% for an 11 year amortising bond, at a yield level that was the highest for a sub-Saharan African sovereign benchmark.

    23 Jul 2015

  • Scarcity propels BoCom’s AT1 to super tight success

    Bank of Communications managed to pull off a super-aggressive trade this week, pricing its $2.45bn additional tier one (AT1) offering in line with its larger peers Bank of China (BoC) and Industrial and Commercial Bank of China (ICBC). The key to that impressive feat was taking advantage of an investor base that had been starved of bank capital paper as well as higher yielding products, writes Rev Hui.

    23 Jul 2015

  • Asian ECM news in brief, July 23, 2015

    CICC in limelight for $1bn — LIG Nex1 gets IPO nod — Pakistan preps for State Life sale — San Miguel brews $739m

    23 Jul 2015

  • Caribbean Sagicor plans unsecured bond for refi

    Barbados-headquartered insurance company and financial services group Sagicor Financial Corporation will meet fixed income investors next week ahead of a potential senior unsecured bond issue that it plans to use to buy back existing debt.

    23 Jul 2015

  • Credit Suisse thrives but IB goes sideways

    Credit Suisse group reported a year-on-year increase in profits, but private banking and wealth management made the running, with the investment bank still dragging.

    23 Jul 2015

  • Asia ECM round-up: IPOs for CICC and State Life, Ezra wraps up rights

    CICC has filed its long-awaited IPO with the Hong Kong Stock Exchange, with the Chinese investment bank eyeing $1bn in proceeds. The trade is slated to launch at the end of September via leads ABC International and CICC, but interest is already building.

    23 Jul 2015

  • Indonesia continues euro push with 10 year

    The Republic of Indonesia returned to the euro market on July 23 as it looks to extend its curve with a new 10 year offering.

    23 Jul 2015

  • Akbank's German subsidiary gets larger syndicate for $205m refi

    Akbank AG, the Frankfurt based subsidiary of Turkey’s Akbank, has completed a $205m refinancing and increased the syndicate to 19 banks.

    23 Jul 2015

  • Guenthardt gets BAML sole head role as Cox departs

    Bank of America Merrill Lynch has given Peter Guenthardt the role of sole head of Asia Pacific global capital markets, following the departure of his former co-head and BAML veteran Jason Cox, according to a memo seen by GlobalCapital Asia.

    23 Jul 2015

  • Saudi Electricity demands tight margins for jumbo loan

    Saudi Electricity Company is asking to pay a margin of between 35bp and 50bp for a basket of up to $5bn of loans, according to a banker on the deal.

    23 Jul 2015

  • Union Frozen launches $371m rights as Jardine wraps up

    Thai Union Frozen Products Public Company opened books for a Bt12.72bn ($371m) preferential public offering on July 20, following non-deal roadshows that brought positive feedback from the investor community.

    23 Jul 2015

  • News of Bharti $1bn loan lifts hopes for more from India telcos

    Bharti Airtel is reported to be eyeing a $1bn syndicated loan to fund its acquisition of telecoms spectrum in India. Bankers are hoping the deal is not the last from the country’s telco majors, which have so far failed to come offshore for funding since the spectrum auction earlier this year, writes Shruti Chaturvedi.

    23 Jul 2015

  • China Railway tests demand for $2bn IPO

    China Railway Signal & Communications Corp (CRSC) started investor education for its $2bn Hong Kong IPO on Monday, July 20, becoming the first issuer brave enough to proceed with its equity-raising plans following the mainland stock market’s dramatic collapse earlier this month.

    23 Jul 2015

  • Dev Bank of the Philippines sends out RFPs for $300m loan

    DBP hunts for funds — Oxley out with S$110m — LK Machinery seeks HK$600m

    23 Jul 2015

  • Please beer with me

    A good friend of mine recently invited me on a "business trip" to review a prospective client’s operations, conveniently located in one of southeast Asia’s most picturesque countries.

    23 Jul 2015

  • Credit not greenness delivers for China first

    Xinjiang Goldwind Science & Technology ventured into uncharted territory on July 16 issuing the maiden green bond by a Chinese issuer. While the deal is expected to be the first of many, investors were largely indifferent to the trade’s green credentials.

    23 Jul 2015

  • Ardshinbank joins 12% club

    Armenian financial Ardshinbank priced a $100m five year amortising deal on Wednesday, and became one of only a handful of CEEMEA borrowers in recent years to offer a 12% yield.

    23 Jul 2015

  • Dutch bank returns to yen with MTN burst

    ABN Amro has hit the yen market with a trio of chunky private medium term notes, its first deals in the currency in over a year.

    23 Jul 2015

  • Central China and Frasers in the market for $417m blocks

    Central China Securities Co is placing out new H-shares in a deal expected to raise HK$2.53bn ($327m). The trade makes it the first Chinese broker to tap equity investors for funds since China’s stock market meltdown sent the region into a tailspin earlier this month.

    23 Jul 2015

  • Taqa closes aggressive $3bn refi oversubscribed

    Abu Dhabi National Energy Company (Taqa) has closed its $3bn refinancing, with the deal oversubscribed despite what loan officials described as “aggressive” negotiations with banks.

    23 Jul 2015

  • Ping pong challengers

    Our table tennis tussle with BNP Paribas last week has inspired another potential battle on the ping pong table: Leak against Mizuho.

    23 Jul 2015

  • COSL, China Minmetals, Capital Juda open books

    Three Chinese issuers came out on July 23 with new bonds. China Oilfield Services (COSL) and China Minmetals launched bookbuilding for dollar offerings, while Capital Juda started taking bids for a offshore renminbi (CNH) bond.

    23 Jul 2015

  • Chew departs RHB structured finance team

    Paul Chew, head of structured finance for RHB Bank Singapore has left the firm.

    23 Jul 2015

  • Adani Ports’ maiden trip sparks pricing debate

    Adani Ports and Special Economic Zone has become the first Indian bond issuer in almost two months, successfully wrapping up its debut outing on July 22. Market observers welcomed the deal as it injected some much needed variety in the China-dominated Asian bond market, but its pricing was a point of debate.

    23 Jul 2015

  • Thailand eases process for selling bonds

    Thailand’s Security and Exchange Commission (SEC) has announced a new approval system that aims to make selling debt easier and more efficient.

    23 Jul 2015

  • Barclays names Apac corporate banking head

    Barclays has promoted from within as it seeks to grow its underpenetrated corporate banking business in Asia Pacific, tapping Alexander Harrison for the newly-created role of head of corporate banking for the region.

    23 Jul 2015

  • ABN Amro names Greater China and wholesale banking Asia CFO

    ABN Amro has announced the appointment of Oliver Kuan to CFO of the bank’s Greater China offices and wholesale banking Asia businesses.

    23 Jul 2015

  • Guenthardt becomes BAML sole GCM head as Cox exits

    Bank of America Merrill Lynch has given Peter Guenthardt the role of sole head of Asia Pacific global capital markets, following the departure of his former co-head and BAML veteran Jason Cox, according to a memo seen by GlobalCapital Asia.

    23 Jul 2015

  • Citi and Prosper advance P2P ratings but triple-A still challenging

    Citi has received a single-A rating from Moody’s for a securitization of consumer loans originated through online lending platform Prosper, the second deal of its type to be publicly rated.

    22 Jul 2015

  • Tranchelet appetite returns on wider dispersion

    Credit traders and strategists report growing interest among investors to trade iTraxx Crossover “tranchelets” — slices of the index’s 0%-10% equity tranche — amid a heightened focus on jump-to-default risk for European high yield names.

    22 Jul 2015

  • Freddie Mac close to first jumbo risk transfer deal

    Freddie Mac is close to selling a securitization of jumbo mortgages in what market participants are calling a threat to one of the only remaining parts of the US non-agency market.

    22 Jul 2015

  • New subprime auto deal on the way

    Flagship Credit Acceptance is bringing its second subprime auto transaction of the year, four months after its last outing.

    22 Jul 2015

  • Former head trader at RBS joins minority investment bank

    Patrick Beranek has been hired by the Mischler Financial Group’s capital markets division as the managing director of structured products, according to the company website.

    22 Jul 2015

  • Can Nomura’s international expansion deliver in corporate finance?

    Armed with a strengthened credit rating, Nomura is upgrading in Europe and plans a US expansion, targeting $1bn of international corporate finance revenues by 2018, writes David Rothnie.

    22 Jul 2015

  • Banca Popolare de Vicenza mandates banks for IPO

    Banca Popolare di Vicenza, the 150 year old Italian bank, has picked three banks to lead its initial public offering in Milan.

    22 Jul 2015

  • HSBC names new Americas markets head

    HSBC has named Greg Pierce head of markets, Americas, as the previous head Didier Deschamps moves to a strategic role.

    22 Jul 2015

  • US tax authority sows confusion for basket options

    New guidance from the US Internal Revenue Service has left many tax advisers baffled about how to treat over-the-counter options on baskets of securities dictated by models.

    22 Jul 2015

  • Tikehau keeps CLO momentum with hire

    Tikehau has followed the pricing of its debut €354.7m CLO with a new hire for the business, as it builds up its team for a €1bn-€2bn programme.

    22 Jul 2015

  • Initial price thoughts out for Towd Point RPL RMBS

    Bank of America Merrill Lynch and JP Morgan sent initial price thoughts to potential investors in Towd Point Mortgage Trust’s new securitization of re-performing mortgages on Wednesday.

    22 Jul 2015

  • Bolloré paves way for Eurofins

    Unrated French issuer Bolloré sold its second ever euro deal on Wednesday, drawing a strong order book that bodes well for Eurofins Scientific, another unrated corporate that could tap the market as soon as Thursday.

    22 Jul 2015

  • Thames Water refinances sub debt with £175m bond at 5.875%

    Thames Water (Kemble) Finance Plc, the subordinated holding company vehicle of the Thames Water group, issued a £175m bullet bond on Tuesday, joining the dense flow of deals in a high yield market relieved of the eurozone’s recent tensions.

    22 Jul 2015

  • CVC makes hire for private debt push

    CVC Credit Partners has hired Chris Fowler, a former levfin originator at GE Capital, to give a boost to the firm’s private debt operations.

    22 Jul 2015

  • 'Ducks line up' for super rare three year Maple

    A European issuer is about to bring the first three year Maple bond in two years, after several moving parts moved into place to make the deal possible.

    22 Jul 2015

  • Lloyds appoints head of New York ABS syndicate

    Lloyds Bank has promoted a senior ABS trader in New York to be head of its North America ABS syndicate, according to an announcement from the firm.

    22 Jul 2015

  • KfW preps debut sterling green bond

    KfW is set to print a green bond in sterling for the first time, having mandated three banks to run a five year syndication.

    22 Jul 2015

  • Verallia speeds up €1bn LBO loan as investors snap it up

    Verallia, the French glass bottle maker, has accelerated the bookbuilding for its €1bn leveraged loan, as investors have gobbled up the acquisition debt, asking for big tickets.

    22 Jul 2015

  • World Bank brings 10 years back in dollars

    World Bank is enjoying a strong response to the first 10 year dollar benchmark from a public sector issuer since early June.

    22 Jul 2015

  • E-CARAT 8 adds to pipeline purge

    Along with the three RMBS deals that have IPTs on screen, the successful pricing of German auto ABS E-CARAT 8 will virtually empty the visible European securitization pipeline.

    22 Jul 2015

  • Securitization taps on full flow

    Taking their cue from the successes of Precise and Paragon’s UK buy to let RMBS trades last week, three more RMBS issuers plan to price their deals this week.

    22 Jul 2015

  • Portugal exceeds auction target

    Portugal overshot its maximum target at a dual tranche auction on Thursday, and was also able to reduce its borrowing costs on the shorter of the two tenors on sale.

    22 Jul 2015

  • Vistra cruises volatile markets, tightens pricing

    European corporate and fund services provider Vistra allocated its $700m acquisition loan on Tuesday afternoon, having marketed the deal in one of levfin’s most volatile fortnights.

    22 Jul 2015

  • Snai uses €110m mirror note to buy Cogemat

    Italian gaming company Snai on Tuesday issued a €110m bond to support its acquisition of a domestic competitor, Cogemat.

    22 Jul 2015

  • UK plans new regulatory overhaul

    The UK government has said it wants further changes to the country's regulation, with the Prudential Regulatory Authority coming within the Bank of England, and more oversight over the Bank from the Treasury.

    22 Jul 2015

  • Core champion needed in FIG as periphery softens

    The FIG market is in need of a core European champion to restore confidence after the less than stellar performance of the periphery on Wednesday, say bankers.

    22 Jul 2015

  • Russia turns to CPI linkers

    The Russian government has joined a growing group of sovereign CPI-linked bond issuers, and analysts expect the government to return for at least one more sale this year.

    22 Jul 2015

  • FIG market pauses for breath after racing start to week

    The FIG market took a breather on Wednesday after bursting into life earlier this week. After five days of a strong rally, a weaker US market close on Tuesday meant that issuers took the opportunity to pause for digestion.

    22 Jul 2015

  • LatAm market awaits Jamaica after shelf filing

    Caribbean island nation Jamaica filed a bond shelf with the SEC for issuance of up to $3bn on Tuesday, taking it one step closer to a much anticipated deal that would be at least partly used to finance PetroCaribe loans owed to Venezuela.

    22 Jul 2015

  • Access all areas in dollars as euros creeps back to life

    Borrowers looking to pick up size over the summer will be encouraged by a look at the dollar market this week, as investors piled into benchmarks across the curve — and there are also signs of a reopening euro market.

    22 Jul 2015

  • Ardshinbank guides to double digits

    Armenia's Ardshinbank has released price guidance at a yield of 12% for a dollar five year amortising bond.

    22 Jul 2015

  • Dubai Aerospace repays debt after StandardAero sale

    Dubai Aerospace Enterprise will repay $705m of loans ahead of schedule with funds from the sale of its maintenance, repair and operations unit, StandardAero.

    22 Jul 2015

  • Rustavi Azot guides in wide double digit range

    Rustavi Azot has released price guidance for its $180m five year non-call three notes at 11%-13% yield. The note is expected to be priced later this week.

    22 Jul 2015

  • Summer boom as high yield issuers pile in after Greek truce

    Just when markets usually wind down for summer, they are winding up, after weeks of Greece-induced torpor. Europe’s corporate bond market is swinging back into action, but while investment grade issuers are taking it slowly, high yield is ablaze with 12 deals.

    22 Jul 2015

  • Slovenia demonstrates duration bid for CEEMEA peers

    Slovenia priced a €1.25bn 10 year transaction on Tuesday with only a single digit new issue premium, according to bookrunners. The thirst for duration should help encourage other European sovereigns.

    22 Jul 2015

  • Kexim picks perfect window for offshore RMB return

    Export Import Bank of Korea (Kexim) made a quick return to the offshore renminbi market this week, copying the pioneering approach it took in February when it sold the country’s first single tranche CNH deal to be listed in both Taiwan and Singapore.

    22 Jul 2015

  • EM goes old school as Caucasus credits offer double digits

    CEEMEA is refusing to put its feet up for the summer. Slovenia has reopened European sovereign supply, Zambia is prepping a dollar benchmark and rarer names are offering old school emerging market yields in the double digits.

    22 Jul 2015

  • ECM deals fail and succeed as investors remain active before holidays

    Europe’s equity capital markets continue to experience a mixture of deal failures and successes, as investors remain open for business, despite the nearness of August's lull, but selective.

    22 Jul 2015

  • Euroclear-DTCC joint venture could offer model for Bond Connect

    A joint venture between New York's Depository Trust & Clearing Corporation (DTCC) and the Euroclear group could provide a model for a future Bond Connect scheme allowing foreign investors easier access to China's onshore bond markets, Euroclear has told GlobalRMB.

    22 Jul 2015

  • Asian ECM roundup: LIG Nex1 gears up for $450m IPO; San Miguel brews for $739m

    South Korean weapons maker LIG Nex1, which filed for an IPO worth W400bn-W500bn ($360m-450m) in early June, has received the regulator’s approval to go ahead with its listing.

    22 Jul 2015

  • Rarity drives CCB Leasing’s red hot debut

    China Construction Bank (CCB) Financial Leasing Corp successfully issued its debut dollar bond on July 21. The $500m deal was multiple times covered as high quality investors competed to get their hands on the strong name in a rare sector that offered attractive pricing.

    22 Jul 2015

  • Expensively cooked: BoCom brings forth first Chinese AT1 of 2015

    Bank of Communications (BoCom) opened books on July 22 to what is the first additional tier one (AT1) transaction out of China this year, selling a dollar-denominated preference share offering. Similar to its predecessors Bank of China (BoC) and Industrial and Commercial Bank of China (ICBC), BoCom already has plenty of clarity on the book ahead of launch in spite of some aggressive price guidance.

    22 Jul 2015

  • Singapore to ease retail access to corp bonds

    Singapore is finalising plans to make it easier for retail investors to buy local currency corporate bonds.

    22 Jul 2015

  • Trafigura returns with $1.6bn triple trancher

    Commodity trader Trafigura has returned for its annual Asian financing, seeking $1.6bn from the offshore loan market. A number of existing lenders have formed the mandated lead arranger and bookrunner group for the deal, which mirrors the company’s 2014 fundraising in structure.

    22 Jul 2015

  • LK Machinery Co launches HK$600m loan, Baoxin zooms up to $242m

    Die casting machine manufacturer LK Machinery Co has launched syndication for an HK$600m ($77m) three year amortising loan, picking HSBC and United Overseas Bank to arrange the deal.

    22 Jul 2015

  • Huafa Group, Shanghai Electric connect for bonds

    Zhuhai Huafa Group is preparing to make its second foray into the offshore bond market, with investor meetings expected to kick off on July 23 for a renminbi offering.

    22 Jul 2015

  • Beijing Energy plays it safe with euro debut

    Chinese companies are really taking the euro bond market in their stride this year, with Beijing Energy Investment Holdings (BEIH) adding to the record-breaking volumes with another €300m ($326m). But unlike the euro deal from state-owned peer Beijing Infrastructure a day earlier, BEIH had to rely more on anchor orders to get its deal away.

    22 Jul 2015

  • Adani Ports takes orders for 144A 5yr

    One of India’s largest port operators Adani Ports and Special Economic Zone is venturing into the international bond market for the first time, opening books for a 144A/Reg S five year on July 22.

    22 Jul 2015

  • RBC bringing its first aircraft ABS

    RBC Capital Markets has grabbed its first engagement as a bookrunner on an aircraft ABS issuance, according to a source close to the deal.

    21 Jul 2015

  • Cap markets head leaves Carlyle real estate sub

    Capital markets head Doug Lee has left Carlyle Group subsidiary Metropolitan Real Estate, according to a source at the company.

    21 Jul 2015

  • Greek shipping IPO heads for New York

    A rare Greek IPO was announced on Tuesday, as Poseidon Containers, based in Athens, set out to raise about $230m by floating in New York, to finance purchases of container ships.

    21 Jul 2015

  • UBS goes top of table with rare €865m Kone ABB for Toshiba

    A quiet patch for block trades was broken on Tuesday evening when UBS launched an €865m accelerated bookbuild in Kone Corp, the Finnish maker of lifts — an exceptionally rare deal in the stock, which has a €20bn market capitalisation.

    21 Jul 2015

  • German Startups cans IPO, partly blames rival

    German Startups Group Berlin withdrew its IPO this week, having failed to achieve coverage on the deal, according to a person close to the situation.

    21 Jul 2015

  • Crossover reverses gains as HY borrowers ramp up

    The more settled nature of the credit market this week is very supportive for new corporate bond issuance, say traders, but has brought a reversal of the recent outperformance of iTraxx Crossover versus the Main index.

    21 Jul 2015

  • Liberty’s Telenet sells €530m bond

    Telenet, Belgium’s largest cable operator and a subsidiary of Liberty Global, issued a €530m high yield bond on Tuesday, to refinance its 6.375% 2020 bond.

    21 Jul 2015

  • Mediclinic plans August rights issue to fund investment in Spire

    Mediclinic, the South African healthcare group, will launch on August 11 a R10bn ($810m) rights issue to fund its takeover of Cinven’s remaining stake in London-listed Spire Healthcare.

    21 Jul 2015

  • Fed strikes out alone with new capital charge

    The US Federal Reserve has revised its rules on calculating how much extra capital big banks need to hold, so that banks which use more short term funding need bigger capital buffers.

    21 Jul 2015

  • Deutsche, Morgan Stanley launching new PACE deal

    Deutsche Bank and Morgan Stanley have started marketing a new PACE securitization from HERO Funding Trust, according to a source working on the transaction.

    21 Jul 2015

  • Why football and capital markets should never mix

    The adding of FC Barcelona legend Pep Guardiola’s name to a list of pro-independence candidates for the Catalonia regional parliament elections in September is the latest in a long line of football/capital markets crossovers. Rarely do they end well.

    21 Jul 2015

  • ESM seals €2bn deal, but worries on euro market's strength remain

    The European Stability Mechanism comfortably raised the €2bn it needed from a tap issue on Tuesday — but there were doubts as to whether it has reopened the euro market for SSAs.

    21 Jul 2015

  • Bolloré, RWE and Eurofins lift hopes of corporate bond issuance

    Three companies on Tuesday added to the prospects for corporate bond issuance in Europe this week. Bolloré and RWE are set to complete deals roadshowed in June while Eurofins scientific has given a new mandate.

    21 Jul 2015

  • Time Warner brings €700m bond after long wait for opportunity

    Time Warner issued a well received eight year euro bond on Tuesday, as it finally pulled the trigger on a trade that was first mandated at the end of April.

    21 Jul 2015

  • BNPP hires for EM syndicate from HSBC

    BNP Paribas has hired Alex Karolev from HSBC for emerging market syndicate.

    21 Jul 2015

  • UK demand hits fresh highs at ultra-long Gilt sale

    The UK Debt Management Office reopened a 2068 bond on Tuesday with a syndication that was nearly four times subscribed.

    21 Jul 2015

  • World Bank to reopen 10 years in dollar deluge

    World Bank joined a swarm of issuers looking to print in the dollar market with a mandate on Tuesday for the first 10 year benchmark in seven weeks.

    21 Jul 2015

  • IAG replaces banks in €1.4bn loan over pricing

    International Airlines Group replaced Bank of America Merrill Lynch and Deutsche Bank as the initial lenders in its €1.4bn acquisition facility because the pricing they wanted for the loan was too expensive, according to a banker on the deal.

    21 Jul 2015

  • RBS names new UK FIG DCM head

    RBS has appointed Doug Munro head of financial institutions debt capital markets for the UK and Ireland.

    21 Jul 2015

  • DB losing account bank biz on downgrade

    Deutsche Bank has been removed as account bank from at least two securitizations following Standard & Poor’s downgrade of the bank’s credit rating to BBB+.

    21 Jul 2015

  • Members Equity sells its second post-crisis Oz RMBS

    Members Equity Bank priced a A$1.5bn Australian RMBS, its first of the year.

    21 Jul 2015

  • Spain back in negative yield club as Portugal lines up auction

    Spain’s three month borrowing costs dipped back into negative territory and to a record low on Tuesday, as the eurozone periphery enjoyed a strong run of trading before Portuguese auctions later this week.

    21 Jul 2015

  • DomusVi offers €125m tap to fund Geriatros buyout

    DomusVi, the French operator of private care homes for the elderly, announced on Tuesday a €125m tap of its subsidiary HomeVi’s only high yield bond, as it is acquiring Geriatros from private equity fund Magnum.

    21 Jul 2015

  • DVB Bank swoops in to secure €500m

    DVB Bank SE made an opportunist move into the market on Tuesday after announcing a four year trade on Monday.

    21 Jul 2015

  • Periphery bounces back to support senior and sub trades

    Two peripheral bank trades on Tuesday offered further proof that the FIG market is once again in rude health. Ibercaja Banco opened books on its long awaited tier two and Banco Popolare opted for a senior five year.

    21 Jul 2015

  • Beijing Infra extends euro curve with new 4yr

    Beijing Infrastructure Investment returned to the euro market on July 20 with a €600m ($650m) four year bond, just four months after making its debut in the currency. The quick return was a resounding success for the state-owned issuer as investors that had stayed on the sidelines for the first deal came pouring in.

    21 Jul 2015

  • VTB buyback offer peeks into fears for Russian growth

    VTB's huge multi-tranche tender offer makes financial sense, but also demonstrates the pessimistic outlook for Russian growth at one of Russia’s biggest corporate lenders, despite this year’s rally in the country’s bonds.

    21 Jul 2015

  • What if the FCA didn’t exist?

    The UK’s conduct regulator may have lost its boss, but it’s still going from strength to strength, despite having less reason than ever before to exist at all.

    21 Jul 2015

  • Basis swap moves drive burst of bank renminbi MTNs

    Commonwealth Bank of Australia and Lloyds Bank sold a quartet of private medium term notes in renminbi on Monday — and more notes in the currency could follow.

    21 Jul 2015

  • After Altice terms out M&A revolver debt, Numericable does the same

    After its parent company Altice zipped through the leveraged loan market with a refinancing of revolver drawdowns last week, Numericable, the French cable company, has followed with a similar deal.

    21 Jul 2015

  • Slovenia flirts with 30 year but takes 10s in the end

    Slovenia launched a 10 year euro benchmark on Tuesday, but decided against adding a 30 year tranche.

    21 Jul 2015

  • Emirates Motor Company drives away with $175m loan

    The Abu Dhabi based Emirates Motor Company (EMC) has closed a $175m loan that includes an Islamic component with four banks.

    21 Jul 2015

  • Kexim picks Formosa on favourable CCS

    Export Import Bank of Korea (Kexim) is set to make another outing to the offshore renminbi bond market this year with a new bond dual listed in Taiwan and Singapore. It looks to take advantage of cost currency swap rates between dollars and renminbi.

    21 Jul 2015

  • Oxley builds S$110m bullet with one bank

    Singapore listed property developer Oxley Holdings has launched an S$110m ($80m) two year bullet into the market. The company has picked one bank to arrange the financing, which offers a margin that steps up based on time elapsed.

    21 Jul 2015

  • Gazprom launches consent solicitation

    Gazprom is asking for consent to modify the terms and conditions of its £500m 5.338% loan participation notes due 2020.

    21 Jul 2015

  • Cosan could open Brazilian HY with second bond attempt

    Industrial conglomerate Cosan looks set to provide the toughest test of investor appetite for Brazilian credit risk since Petrobras published its delayed 2014 financials results in April.

    21 Jul 2015

  • RenCap Securities hires for FICC Sales

    Renaissance Capital Securities, the US subsidiary of Renaissance Capital, has hired a senior Sberbank employee as a director in fixed income currencies and commodities sales.

    21 Jul 2015

  • BEIH adds to rush of euro bonds by Chinese issuers

    Beijing Energy Investment Holding (BEIH) is set to join the string of Chinese issuers who have increasingly tapped the euro bond market this year.

    21 Jul 2015

  • Trading shines at Morgan Stanley

    Morgan Stanley’s Institutional Securities division has put in a stellar performance in the last three months, with revenues in that division up 22% to $5.17bn on the year.

    21 Jul 2015

  • Chinese friends-and-family euro bonds make more sense than you think

    The unusual execution of some recent Chinese euro deals might not be everyone’s cup of tea, especially those participants who like to preach best market practices. But the doomsayers should not be so quick to condemn. What the Chinese have shown is the type of flexibility that is needed to get deals done.

    21 Jul 2015

  • CCB Leasing woos investors with rarity value

    China Construction Bank (CCB) Financial Leasing Corp came straight to the market after a roadshow for its debut dollar outing. Bankers on the deal hope the borrower’s strong name in a rare sector as well as decent premium attract strong demand.

    21 Jul 2015

  • Nomura boosts research with Tang

    Nomura, has named Shengbo Tang as head of Hong Kong and China insurance and non-bank financials research.

    21 Jul 2015

  • Xinte Energy eyes $500m Hong Kong IPO

    Xinte Energy, a Chinese company that operates in the photovoltaic industry, is seeking a listing that could raise as much as $400m-$500m in Hong Kong, having filed a preliminary prospectus with the city’s regulator on July 20.

    21 Jul 2015

  • Tata Steel seeks to cut pricing on 2014 refi

    Tata Steel is looking to reprice a $3.1bn refinancing it sealed in 2014 and has asked banks on that deal for feedback. Although the loan is not performing remarkably in secondary, the company will be able to cut costs thanks to its solid banking relationships, said a source who worked on the 2014 borrowing.

    21 Jul 2015

  • ICBC Singapore in onshore RMB repo, expects more to come

    Industrial and Commercial Bank of China (ICBC) Singapore has completed the first onshore RMB repo transaction among foreign institutions, after the Chinese central bank gave the green light to offshore RMB clearing banks and RMB clearing correspondent banks to participate in the onshore repo market.

    21 Jul 2015

  • Jardine Cycle, Sunsuria rights issues resonate well

    Existing shareholders have sprung into action to support Jardine Cycle & Carriage’s S$1.0bn ($729m) one-for-nine rights issue, with the deal ending up well oversubscribed.

    21 Jul 2015

  • Northern Trust beefs up Apac with new heads

    Wealth and asset management firm Northern Trust Corporation has bumped up two of its veteran employees as the company focuses on growth in Asia Pacific.

    21 Jul 2015

  • BoC index shows overseas RMB usage hit new high in May

    Bank of China’s (BoC) latest level for its cross-border RMB Index (CRI) shows that RMB usage in overseas markets reached a high in May, with the share of RMB usage in global payments standing at 2.18%, exceeding the previous record of 2.17% in December 2014.

    21 Jul 2015

  • Legacy non-agency RMBS widens on big sales

    Legacy non-agency RMBS spreads widened last week as some investors took advantage of new liquidity to sell legacy paper.

    20 Jul 2015

  • CFPB could tap auto ABS enforcer as new number two

    The architect of the US Consumer Financial Protection Bureau’s enforcement strategy against non-bank auto lenders could take over as the agency’s deputy director, sources say.

    20 Jul 2015

  • New round of US auto transactions flood market

    Bankers working on NextGear’s $433.33m dealer floorplan ABS are planning to price the issuance midweek, amid another surge of deals for the asset class.

    20 Jul 2015

  • Challenges still for derivs, says ISDA, as Dodd-Frank turns five

    Marking the five year anniversary of the Dodd-Frank Act, the International Swaps and Derivatives Association has put forward a wish list of “targeted amendments” for derivatives regulatory regimes.

    20 Jul 2015

  • Cellnex prints new crossover at 3.25%

    Cellnex Telecom, the broadcasting tower business floated by Abertis Infraestructuras in May, marketed and sold its first bond issue on Monday, raising €600m.

    20 Jul 2015

  • Garfunkelux first bond post-Greek tug of war

    German debt collector Garfunkelux issued a €365m high yield bond on Monday, becoming the first in the mainstream, public euro high yield market since June 24.

    20 Jul 2015

  • Currency options fearless, despite Greece and China

    A strong compression in implied volatility globally across most asset classes has brought euro/dollar volatility to near dead calm, despite unanswered questions about what the results of Greece’s bail-out discussions will be.

    20 Jul 2015

  • Germany's Ado Properties brings IPO back after Greek deal

    Ado Properties relaunched its €400m initial public offering in Frankfurt on Monday, less than a month after postponing the deal because of the Greek debt crisis.

    20 Jul 2015

  • Merlin Properties seeks €1bn rights, three months after last

    The chief executive and other top officers of Merlin Properties, the acquisitive Spanish real estate company, have been on the road this week, for the company’s second rights issue in three months, as it seeks €1.034bn to buy Testa, another property firm.

    20 Jul 2015

  • Dufry launches HY bond to buy World Duty Free

    Swiss travel retailer Dufry began roadshowing on Monday its €500m high yield bond, part of the financing package to support its buyout of World Duty Free.

    20 Jul 2015

  • Acquisition debt primed for Vedici-Vitalia consolidation

    Leveraged loans of €725m backing the merger of French private healthcare groups Vedici and Vitalia are being marketed at a bank meeting today.

    20 Jul 2015

  • Cinven mandates BAML, MS for CeramTec IPO

    Cinven has appointed Bank of America Merrill Lynch and Morgan Stanley to lead the public sale of one of its largest assets, CeramTec, the German high performance ceramics manufacturer.

    20 Jul 2015

  • Citi hires high yield specialist for loan sales team

    Citi has hired a high yield and distressed salesperson from Barclays to its Europe, Middle East and Africa loan sales business in London.

    20 Jul 2015

  • ESM to bring size back to euros — but will others follow?

    The European Stability Mechanism is set to bring the first syndicated euro deal with a size over €1bn in more than a month — but SSA bankers are split on whether it will reopen the euro market.

    20 Jul 2015

  • SSAs line up in dollars — but long end still shut

    A French agency is the latest SSA issuer preparing to tap a dollar market that is in good health — although not every point on the curve may be open for borrowers wishing to follow this week.

    20 Jul 2015

  • TIGF mandates for second bond as market heats up again

    The corporate bond pipeline is swelling again as Transport et Infrastructures Gaz France, the French gas distribution and storage company, mandated banks on Monday for its second ever euro deal.

    20 Jul 2015

  • SNCF dazzles with ton debut in 'trade of the year'

    French railway operator SNCF Réseau has more than doubled the length of its outstanding maturity curve with a century long medium term note.

    20 Jul 2015

  • Cerberus tweaks Auburn to cut extension risk

    The capital structure on Auburn 9, the new buy-to-let RMBS sponsored by Cerberus Capital Management, has been tweaked to increase the step-up margin, reflecting investor nervousness about extension of the bonds.

    20 Jul 2015

  • 888 wins $650m of loans to buy bwin.party

    888 Holdings, the London-listed online gaming firm, will buy rival bwin.party using a $600m term loan and $50m revolving credit facility.

    20 Jul 2015

  • Verallia leads levfin wave with price talk on €1bn deal

    Price talk has emerged on the €1bn leveraged loan backing Apollo Global’s acquisition of Verallia, as the French glass bottle maker joins a rush of leveraged finance issuance.

    20 Jul 2015

  • Insurance capital resumes with Uniqa

    Austrian insurer Uniqa Group has launched a €500m subordinated note, its first appearance in the market since 2013.

    20 Jul 2015

  • Créd Ag DCM head returns to Europe

    Crédit Agricole’s head of DCM for Asia is returning to London, GlobalCapital understands.

    20 Jul 2015

  • Center Parcs to buy back 'B' notes with £560m bond

    Center Parcs UK, the holiday resort group being bought by Brookfield Property Group, issued a £560m high yield bond this week.

    20 Jul 2015

  • Goldman brings first long senior bond since May

    The FIG market is slowly cranking into life with Goldman Sachs’ staggered dual tranche offering proving there is demand at both the long and short ends of the curve.

    20 Jul 2015

  • Socar seeks $8bn loans for oil and gas project

    Socar, the State Oil Company of Azerbaijan Republic, is in talks with Japanese banks to raise $8bn for an oil and gas project, the firm’s president has told the ANS television station.

    20 Jul 2015

  • Carpet maker Balta rolls out €290m acquisition bond

    Balta Group, a Belgian carpet maker, on Monday announced a €290m secured bond to support its acquisition by private equity firm Lone Star.

    20 Jul 2015

  • Hope of Russian new issue as Ak Bars mandates two

    Ak Bars Bank has mandated Credit Suisse and UBS to arrange a Eurobond. If the deal goes ahead, it will be the first new issue from Russia this year.

    20 Jul 2015

  • Loan Ranger: Table tennis and tavernas

    GlobalCapital went truly global last week and sent Silver to the streets (beaches) of Greece to report on the Greek debt crisis (drink Ouzo).

    20 Jul 2015

  • Loans round-up: NTPC mandate, Chailease, Buynow

    Mizuho has emerged as a frontrunner for National Thermal Power Corp’s $100m loan. The company mandated the Japanese bank for its previous fundraising.

    20 Jul 2015

  • Natixis’ Soldaini set for CEEMEA move

    Natixis has appointed Pascal Soldaini to a CEEMEA focused position in its global infrastructure and projects business.

    20 Jul 2015

  • Still Mexico’s moment

    While some of the shine has come off its reform programme, Mexico occupies a key position in the emerging market universe, with its highly respected central bank, finance ministry team and policy agenda lauded by the international investor community. Philip Moore reports on the country’s progress since President Peňa Nieto came to power in 2012 and the long term impact of the far-reaching and ambitious reform programme.

    20 Jul 2015

  • Stable sovereign standing out in a volatile world

    In local and international bond markets the Mexican government has led the way in recent years, demonstrating the importance of a proactive and innovative debt management strategy. This has allowed the country to calmly navigate periods of volatility in emerging markets. With such volatility likely to persist until after the Federal Reserve finally raises interest rates, GlobalCapital sat down with the country’s debt chief and leading bankers and local investors in Mexico City to find out what Mexico does and needs to do to achieve such stability.

    20 Jul 2015

  • RMB FX reforms to boost RMB usage, says HSBC

    Reforms in China's foreign exchange system and capital account will see the renminbi take on a greater role in the global economy, leading to an "inevitable" inclusion of the currency in the Special Drawing Rights (SDR) basket of the International Monetary Fund (IMF), HSBC said in a July 20 report.

    20 Jul 2015

  • Mexico looks to private sector for infrastructure solutions

    Finance Minister Luis Videgaray’s decision to cut annual infrastructure spending by $1.15bn in his January 2015 budget was unfortunate considering how much needs to be spent on the country’s inadequate roads, railways, ports and power facilities. Philip Moore reports on whether the private sector can help fill the infrastructure finance gap.

    20 Jul 2015

  • Afores ready for next stage of evolution

    Mexico’s private pension funds (Afores) have played a key role in supporting the growth of the domestic capital market since the late 1990s. Now it’s time for them to diversify, writes Philip Moore.

    20 Jul 2015

  • StanChart lays out simpler structure

    Standard Chartered’s restructuring has taken a step forward as group chief executive Bill Winters named the bank’s new management. The team, which includes heads of the regional and client businesses, is due to submit plans for the bank by the end of 2015.

    20 Jul 2015

  • Myanmar sets sights on first credit rating

    The Republic of the Union of Myanmar could soon be making waves in the international debt market, having enlisted the help of Citi and Standard Chartered to attain its first credit rating.

    20 Jul 2015

  • Oil price casts shadow over Mexico’s ambitious energy reforms

    Mexico’s energy reforms are a game-changer, with some saying oil and gas output could be doubled over the next 10 years, meaning the country could become one of the top five producers in the world, rivalling the likes of Iraq and China. However, the oil price needs to recover first for the ambitious programme to be fully realised. Philip Moore reports.

    20 Jul 2015

  • Mexico’s corporates sitting pretty, but not complacent

    Mexico could hardly enjoy a better reputation among emerging market investors right now, with companies in the country revelling in their new role as darlings of the capital markets. GlobalCapital met leading borrowers and banks in Mexico City to discuss how far-reaching the effects of the energy reforms will be, and the prospects for peso-denominated funding amid the government’s attempts to entice international buyers into the domestic corporate debt market.

    20 Jul 2015

  • Union Frozen melts $371m rights as Landing, Hanny underwhelm

    Thai Union Frozen Products Public Company opened books for a Bt12.72bn ($371m) preferential public offering on Monday, July 20, following non-deal roadshows that brought some positive feedback from the investor community.

    20 Jul 2015

  • Chinese trio hits road for offshore bonds

    Three Chinese names are meeting with investors for new bonds. China Oilfield Services (COSL) and HNA Capital have mandated banks for dollar offerings, while Capital Juda has opted for offshore renminbi (CNH) on its first international outing.

    20 Jul 2015

  • Minsheng Leasing's onshore facility nets 14

    Chinese company Minsheng Financial Leasing’s $175m-$200m facility may be increased in size following an oversubscription. The Credit Suisse-led loan is due to wind up sometime this week.

    20 Jul 2015

  • Beijing Infrastructure launches second euro outing of 2015

    Beijing Infrastructure Investment started receiving bids for a four year euro-denominated bond on July 20, the second time it is tapping the currency this year.

    20 Jul 2015

  • China Railway steams ahead with $2bn HK IPO

    China Railway Signal & Communications Corp (CRSC) started investor education for its $2bn Hong Kong IPO on Monday, July 20, becoming the first issuer brave enough to proceed with its equity-raising plans following the mainland stock market’s dramatic collapse earlier this month.

    20 Jul 2015

  • Total Derivatives: CNY 2s/5s NDIRS seen steeper

    CNY swaps were better offered on Monday because of economic concerns, despite a sizeable recovery in Shenzhen-listed equities. The 2s/5s NDIRS slope is expected to steepen on a corrective move after the recent flattening, writes Deirdre Yeung of Total Derivatives.

    20 Jul 2015

  • Structured finance expert joins solar finance company

    Khalil Qasimi, a former mergers and acquisitions head at Exelon, has joined commercial solar finance company Empower Energies as senior director of structured finance.

    17 Jul 2015

  • HSBC takes Spray from UniCredit

    HSBC has appointed Tim Spray as head of loan syndications EMEA, less than three months after he was given a new role at UniCredit.

    17 Jul 2015

  • Secondary pricing update: featuring KfW’s $6bn whopper

    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.

    17 Jul 2015

  • High yield and levloan issuance in 2015 could still match 2014 totals

    This could still be a record year for European leveraged finance, Moody's has said, even though issuance of both bonds and loans in the first half was down on 2014's levels.

    17 Jul 2015

  • Pent-up demand drives bulging KfW Kanga tap

    KfW on Friday priced the largest Kangaroo deal since April and has reopened the Australian market for more supranationals and agencies to follow, said niche currency bankers.

    17 Jul 2015

  • Funding scorecard: Scandinavian agencies

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

    17 Jul 2015

  • Three banks propose social addition to Green Bond Principles

    Three banks will publish on Monday a set of principles for social and sustainability bonds, which they suggest should be added as an appendix to the Green Bond Principles.

    17 Jul 2015

  • Three banks propose social addition to Green Bond Principles

    Three banks will publish on Monday a set of principles for social and sustainability bonds, which they suggest should be added as an appendix to the Green Bond Principles.

    17 Jul 2015

  • SID banka back at last

    Slovenia’s development bank, SID banka, has picked banks for a potential euro transaction five years after its last benchmark issue.

    17 Jul 2015

  • Sebi unveils India’s muni bond rules

    The Securities and Exchange Board of India (Sebi)’s subcommittee for developing a municipal bond market has released regulations for the instruments. While the rules provide detailed requirements for listing and issuing muni bonds, many more reforms are needed at the local government level.

    17 Jul 2015

  • Down but not out: HK and China ECM in recovery mode

    The past few weeks in China’s boom-then-bust stock market have been a time to forget, but the volatility has not sapped bankers’ appetite for deals, with many still on the prowl as the market takes a breather going into the annual summer lull.

    17 Jul 2015

  • Baoxin Auto loan set to zoom past $150m

    Chinese car dealer Baoxin Auto Group could increase the size of its latest borrowing from $150m, following healthy demand during syndication that saw lenders from the Gulf, Taiwan and Hong Kong join in.

    17 Jul 2015

  • Why A-shares crisis won't slow RMB internationalisation

    When a market doubles in size in a year, only to collapse by a quarter in a few weeks, a dose of panic is all but guaranteed. That’s exactly what has been happening with Chinese stocks, which went from boom to bust in the blink of an eye. But more surprising than the panicked reactions of Chinese regulators have been the many voices among international observers that the crisis spells doom for the RMB internationalisation process. That seems unlikely.

    17 Jul 2015

  • Irish central bank greenlights Stock Connect investment

    The Central Bank of Ireland has clarified rules governing investments by Ireland-registered UCITS funds that want to invest in China A-shares via the Shanghai-Hong Kong Stock Connect.

    17 Jul 2015

  • Investors gobble up Minsheng Investment’s $300m bond

    China Minsheng Investment’s (CMI) $300m offering on July 16 resonated well with the combination of robust anchor demand, a standby letter of credit (SBLC) and juicy yields proving a winning recipe.

    17 Jul 2015

  • Goldwind begins China’s green bond era with $300m first

    Xinjiang Goldwind Science & Technology ventured into an uncharted territory on July 16 issuing the maiden green bond by a Chinese issuer. While the deal is expected to be the first of many, investors were largely indifferent about the trade’s green credentials.

    17 Jul 2015

  • Intermediation and regulation hold the key for Mexican bank investors

    Mexico is seen as a bright spot in the emerging markets, and investors are hungry for assets. But while disintermediation has provided plenty of fodder in corporate funding markets, the banking sector has yielded far less issuance. Could an increase in lending tip the scales? Will Caiger-Smith reports.

    17 Jul 2015

  • VTB launches big buyback offer

    VTB has launched a multi-tranche tender offer for dollar, Australian dollar and Swiss francs bonds.

    17 Jul 2015

  • Zhongsheng mulls upping $150m three year facility

    Chinese automobile dealer Zhongsheng Group Holdings is considering increasing the size of its $150m loan to accommodate excess demand. The deal offers all-ins close to 400bp and juicy pricing was instrumental in bringing in banks.

    17 Jul 2015

  • Intex Solutions sets up shop in Shanghai

    Structured finance analytics provider Intex Solutions has set up an office in Shanghai as it looks to meet the demands of China’s emerging securitisation market.

    17 Jul 2015

  • Ravenous investors push GSE risk transfer spreads tighter

    Fannie Mae’s third credit risk transfer securitization of the year was well oversubscribed and tightly priced, as more investors than ever pile into the asset class.

    16 Jul 2015

  • German Startups slows €60m IPO to give investors more time

    German Startups Group, the Berlin-based venture capital firm, had been due to finish bookbuilding its IPO on Thursday, but instead extended the sale until Tuesday 21 July.

    16 Jul 2015

  • Abengoa sells its own shares, and Abengoa Yield’s

    Citigroup sold a 4.17% stake in Abengoa’s class ‘B’ shares in an accelerated bookbuild on Thursday night, for €97.6m.

    16 Jul 2015

  • Citi fixed income revenues jabbed by the Swiss

    Citigroup’s fixed income division and currencies business barely recovered from a rough start in spread products last quarter, executives at the bank said during an earnings call on Thursday.

    16 Jul 2015

  • Greek deal a plaster over a pustule

    Greece may have passed a big hurdle on the way to arranging a further bail-out package this week calming markets along the way, but borrowers that relax over the summer could well find themselves regretting not having taken immediate advantage of the better conditions.

    16 Jul 2015

  • Atlanta MBS lawyer takes two to Bryan Cave

    Former name partner Rick White of Busch White Norton has rejoined Bryan Cave's real estate capital markets team in Atlanta, Georgia, bringing two colleagues with him.

    16 Jul 2015

  • German Startups slows IPO to give investors more time

    German Startups Group had been due to finish bookbuilding its IPO on Thursday, but instead extended the sale until Tuesday 21 July.

    16 Jul 2015

  • Goldman mortgage woes dampen earnings but M&A lifts IB

    A big provision for mortgage litigation dented Goldman Sachs’s second quarter results, but strong M&A activity lifted investment banking revenues in a lacklustre quarter for underwriting.

    16 Jul 2015

  • US equity volatility falls at breakneck speed with VIX

    After the recent spike on Grexit fears and a crash for Chinese equities, implied volatility levels for US stocks have fallen back to earth with stunning speed, say traders.

    16 Jul 2015

  • EDC USD1bn 1.75% Jul 20

    16 Jul 2015

  • EIB USD3bn 2.25% Aug 22

    16 Jul 2015

  • Stahl seeks a €585m levloan for refi and dividend payment

    Stahl, the Dutch provider of chemicals for leather processing, has launched €585m of leveraged loans to refinance debt and pay a dividend.

    16 Jul 2015

  • Covered bond bankers ditch the autopilot

    Time is up for the covered bond lemmings. They’ve had it too easy for too long. Gone are the days of pricing a covered bond exactly where your neighbour wished they had printed theirs. Issuers need to be nimble and bankers insightful.

    16 Jul 2015

  • Litigation pain swings from BAML to Goldman

    Though Bank of America remains by far the most fined bank in history, in the second quarter results for the US banks, it was Goldman that felt the heat, sucking up a $1.45bn provision for mortgage litigation and regulatory matters.

    16 Jul 2015

  • Santander Consumer Finance EUR1bn 1.1% Jul 18

    16 Jul 2015

  • Profits flounder in Europe as banks focus on capital

    The vast majority of commercial banks in the eurozone are missing targets of 10% return on equity, well behind their US rivals, as they confront regulation driving them to be more domestically focused.

    16 Jul 2015

  • ABN, NAB reopen Swiss for international FIG

    International financial new issue supply returned to the Swiss market this week after a lull of more than a month, as ABN Amro and National Australia Bank priced new seven year bonds.

    16 Jul 2015

  • AdP restarts corp market with massive book

    Aéroports de Paris reopened the corporate bond market on Wednesday after two weeks’ silence, using an attractive new issue premium to amass a hefty order book for a €500m deal.

    16 Jul 2015

  • Former RBS banker moves to supply chain finance

    Former Royal Bank of Scotland banker Richard Tynan, who has held EMTN and syndicate management jobs, has joined capital finance solutions firm PrimeRevenue.

    16 Jul 2015

  • Pfandbriefbank reprivatised for €1.2bn despite Greece anxiety

    Deutsche Pfandbriefbank, nationalised during the financial crisis, made its stockmarket debut on Thursday and traded up 6.5%, after pricing its IPO on Wednesday evening at the bottom of the range.

    16 Jul 2015

  • US FIG bounces back with $15bn week as vol recedes

    US and Yankee banks took home more than $15bn this week as they raced to wrap up funding plans amid improving market conditions.

    16 Jul 2015

  • Prospect of bond flurry puts credit in balance after epic index rally

    A continuation next week of the European credit market’s recent rally will depend on its ability to absorb new bond issues, say traders, with a flurry of “post-Greece, pre-summer” deals looking increasingly likely.

    16 Jul 2015

  • FIG braces for two week shootout but it could be curtains for capital

    The FIG market was blown open by Greece’s approval of reforms this week, but some bankers are concerned it may have come too late for the bank capital market.

    16 Jul 2015

  • Société Générale EUR1.5bn FRN Jul 18

    16 Jul 2015

  • EIB tees up longer tenors over summer break for public sector

    A strong performance from issuers in dollars this week means that more borrowers should look at printing in July, said SSA bankers.

    16 Jul 2015

  • France’s Linxens goes to dollar market for bulk of its LBO debt

    French smart card manufacturer Linxens has launched $1bn of leveraged loans to back its buyout by CVC. The deal has a hefty dollar slice.

    16 Jul 2015

  • Periphery back to falling yields as Greece worries reduce

    The eurozone periphery has enjoyed a turnaround after several weeks of rising borrowing costs at auctions, as Greece and its creditors took several steps towards a third bail-out package for the country.

    16 Jul 2015

  • Let the healing begin! SSA euro market ready for ESM recovery trade

    Glimmers of light are shimmering through the thicket of obstacles to euro issuance for public sector borrowers — but little benchmark supply is expected to join a scheduled supranational issue.

    16 Jul 2015

  • Rocket Internet bags €550m at 3% with controversial CB

    Rocket Internet, the German internet business group, raised €550m this week with a convertible bond that was criticised by rival bankers, but according to bookrunner JP Morgan was “a super-successful transaction”.

    16 Jul 2015

  • Bankers predict surge as corp pipe unclogs

    Corporate bond bankers are gearing up for a midsummer surge of dealmaking, with issuers looking likely to take advantage of renewed risk appetite to clear out a pipeline that has looked worryingly blocked since early June.

    16 Jul 2015

  • Italian flag carrier back after restructuring

    Italian national airline Alitalia capitalised on an issuance window this week to print its first bond under a new ownership structure, which took effect early this year. The company sold the bond as a private placement, and comes as bankers suggest more corporate borrowers could issue in the format after weeks of sluggish activity in public markets.

    16 Jul 2015

  • Citi high yield credit trader jumps to Barclays

    A high yield credit trader has left Citi in London and is heading to Barclays.

    16 Jul 2015

  • Covered bond issuers binge on pre-summer investor appetite

    The covered bond market proved itself fully open for business this week with eight issues taking in more than €7bn of orders combined.

    16 Jul 2015

  • US investors stay cool amid torrent of M&A dollar deals

    The high-grade dollar market enjoyed a dramatic rebound as corporates exploited calm in the markets to print a deluge of deals that pushed July issuance to record levels.

    16 Jul 2015

  • After Greek MPs back bailout, Verallia makes its levfin move

    After a month of speculation, Verallia, the French glass bottle maker, has come to market, setting a Friday bank meeting for €1bn of leveraged loans to back its buyout by Apollo Global Management.

    16 Jul 2015

  • Carlyle rides out volatility, prices CGMS CLO 2015-2

    Carlyle’s €414m Carlyle Global Market Strategies CLO 2015-2 priced late last Friday as the vehicle bore through a bumpy final two weeks of its marketing period.

    16 Jul 2015

  • Altice puts quicken revolver spin

    Altice accelerated the deadline on its refinancing exercise this week, bringing forward the deadline for commitments to just three days after the deal was launched.

    16 Jul 2015

  • Listing rules in flux as UK pushes for overhaul

    The market is poised for an overhaul of Europe’s securities rules, as part of the European Commission’s Capital Markets Union agenda. The UK has weighed in on the debate arguing for a stripped down process, a split prospectus, and no blackout period.

    16 Jul 2015

  • Covered bond market jolts into life with €7bn spree

    Covered bond issuers have provided more than €7bn of supply this week after a moribund spell, proving themselves to be more nimble and opportunistic than perhaps ever before.

    16 Jul 2015

  • Sunrise Medical trades up after surfing through choppy markets

    German wheelchair maker Sunrise Medical’s €315m acquisition loan has begun trading in secondary markets after being priced in line with initial guidance.

    16 Jul 2015

  • Metalloinvest plays hardball with banks for $750m loan

    Metalloinvest’s $750m loan was no picnic for lending banks — the Russian miner self-arranged the deal and pushed hard on pricing — but this tenacious deal will not encourage a run of Russian deals soon, according to bankers.

    16 Jul 2015

  • Loan value rules will blast hole in bank capital

    Changes to the rules for valuing bank assets will blast a hole in bank capital in a change which would be “bigger than Basel”, and could leave some institutions with negative equity.

    16 Jul 2015

  • Naspers USD1.2bn 5.5% Jul 25

    16 Jul 2015

  • Georgia and Zambia to keep post-restart CEEMEA supply rolling

    The Republic of Zambia and Georgian firm Rustavi Azot kicked off roadshows this week, providing hope that a reopening of the CEEMEA sovereign and corporate markets — courtesy of Kazakhstan and Naspers — maintains momentum.

    16 Jul 2015

  • People Moves in Brief

    UniCredit hires Loder for syndicate — Patel quits Citi corps desk — ICG hires two for loans

    16 Jul 2015

  • Verallia reheats HY with €860m buyout bond

    Verallia, the French glass bottle maker, started sounding investors on Thursday for an €860m-equivalent bond to finance its acquisition by alternative investment fund Apollo Global Management.

    16 Jul 2015

  • Finally! Something to worry about that isn't Greece

    Greece’s position as the dominant driver of market sentiment has been unassailable in recent months. But there may be a hiatus if an agreement is reached on bridging finance for Greece, potentially leaving room for another theme to shape credit spread direction.

    16 Jul 2015

  • CDC comes back for seconds of Samurai

    Caisse des Dépôts et Consignations made a successful return to the Samurai market this week with a ¥20bn ($161m) dual-tranche deal.

    16 Jul 2015

  • Thermo Fisher deal draws plaudits for reduced premium

    Thermo Fisher Scientific became the first US issuer to tap the euro corporate bond market for a fortnight on Thursday, bucking expectations by grabbing a skinny new issue premium compared with European issuers.

    16 Jul 2015

  • Telecom Italia concludes buyback, Terna to follow

    Telecom Italia announced the indicative results of a dollar and euro bond buyback on Thursday afternoon. It will repurchase around €980m of notes from seven bonds.

    16 Jul 2015

  • Jumbo new issues break CEEMEA drought

    Kazakhstan, Naspers and Renaissance Services reopened CEEMEA new issuance this week, relieving cash gorged investors of $5.325bn between them, in the second largest week for the region so far this year, writes Francesca Young

    16 Jul 2015

  • Wohnen makes bond debut in rejuvenated market

    Deutsche Wohnen, the German property company, issued its first conventional bond on Thursday, benefiting from strong market sentiment after Greece’s parliament approved a new bailout package.

    16 Jul 2015

  • Fast-growing SFR ABS sponsor hires CFO

    B2R Finance, which issued its first single-family rental ABS deal earlier this year, has hired a former senior executive at American Express and Fannie Mae as its CFO.

    16 Jul 2015

  • Paragon and Precise reignite Europe's securitization market

    Paragon Group and Precise Mortgages both launched and priced their UK buy-to-let RMBS deals on Thursday, paying higher spreads than on their last such deals.

    16 Jul 2015

  • After Greek MPs back bailout, Verallia makes its move for LBO loan

    After a month of speculation, Verallia, the French glass bottle maker, has come to market, setting a Friday bank meeting for €1bn of leveraged loans to back its buyout by Apollo Global Management.

    16 Jul 2015

  • Deutsche to serve up second multijurisdictional CMBS

    Deutsche Bank is looking to sell what would be the second multijurisdictional CMBS in Europe since the crisis, a month after JP Morgan sold the first, backed by DoubleTree hotel properties in the UK and Amsterdam.

    16 Jul 2015

  • Spark lit in ABS market as pipeline builds

    The ABS pipeline in Europe is emptying fast, with deal after deal being announced on Thursday as issuers look to make up for lost time.

    16 Jul 2015

  • Corporate pipeline begins to refill as Sainsbury's seeks hybrid

    J Sainsbury, the unrated UK supermarket chain, on Thursday became the first issuer to join the corporate bond pipeline in three weeks, announcing a roadshow for a possible hybrid capital deal.

    16 Jul 2015

  • CEEMEA concessions are signs of sophistication not EM stress

    CEEMEA borrowers pounced on a clear window this week and paid for it with premiums as high as 50bp. But while everyone talks about the size of the concessions, it’s worth noting that issuers showed the maturity to accept them.

    16 Jul 2015

  • Omani Renaissance sells dual currency perpetual

    Omani oil & gas firm Renaissance Services sold a dual tranche dollar and Omani rial perpetual bond on Wednesday amounting to $125m.

    16 Jul 2015

  • Spain shakes off months of yield rises to cut costs at auction

    Spain’s borrowing costs returned to a downward trajectory on Thursday after several months of constant rises — but, like the rest of the eurozone periphery, its yields barely reacted to an important step in the Greek crisis.

    16 Jul 2015

  • Fannie prices risk transfer deal, increases size

    Fannie Mae’s third credit risk transfer securitization of the year has been priced, with the final size exceeding the sponsor's initial target.

    16 Jul 2015

  • Banco Mercantil tender awaiting CB approval

    Banco Mercantil do Brasil extended the settlement date for a buyback of its 2020 dollar denominated subordinated debt this week, because it has not yet received central bank approval to increase the amount it can purchase.

    16 Jul 2015

  • Slow and steady for Kenya infrastructure deals

    Deals for the Kenya Pipeline Company and the Itare Dam project provided a boost for the Kenyan infrastructure sector, but these types of deals move in slow motion according to bankers.

    16 Jul 2015

  • MTN Leak: Death by ping pong

    Leak was dead excited when BNP Paribas invited us out for a spot of tennis, given all the glamorous professional tournaments which the bank sponsors. But when the day came it turned out to be the type of tennis played on a table, and we weren’t spectating.

    16 Jul 2015

  • Sunrise Medical trades up after surfing choppy markets

    German wheelchair maker Sunrise Medical’s €315m acquisition loan has begun trading in secondary markets after being priced in line with initial guidance.

    16 Jul 2015

  • HY in shape to catch up issuance record

    The European high yield market has gone through two weeks of stagnation due to the Greek debt crisis, and has fallen short of the volume produced over the first half of last year — but 2015’s second half looks reassuring.

    16 Jul 2015

  • HK ECM in spotlight as issuers face big decisions

    The bursting of China’s stock market bubble last week rattled investors, with Asian bourses feeling a contagion effect from the mainland’s collapse. As indices begin to steady, ECM bankers in Hong Kong are adamant the market is open for business, but discussions with potential issuers on pricing and timing are taking centre stage, writes Rashmi Kumar.

    16 Jul 2015

  • UK unveils deal details as Renten prints big

    The UK Debt Management Office has finalised details on the timing and tenor of what will be its second syndication of the 2015-16 financial year.

    16 Jul 2015

  • Asia wakes up to debt market new normal as vol recedes

    Primary deals are once again flowing in Asia ex-Japan amid a gradual untangling of the Greek debt crisis and an improving Chinese equities market. But even with the worst apparently behind them, market participants in the region are predicting issuance to be stop-start and dominated by investment grade credits as they prepare for the second half of the year, writes Rev Hui.

    16 Jul 2015

  • BoCom suits up for first offshore Chinese AT1 of 2015

    The return of one of China’s big four banks next week has put the market in a state of eager anticipation, with Bank of Communications (BoCom) set to go on the road for an additional tier one (AT1) preference share offering that could be as large as $2.46bn.

    16 Jul 2015

  • Updated: Jupai raises $53m with smaller US IPO as UTAC files

    Chinese wealth management service provider Jupai Holdings priced its $53m IPO on the New York Stock Exchange at the bottom end of guidance on July 16, as its selling shareholders reined in the number of secondary shares on offer.

    16 Jul 2015

  • Privatbank's reprofiling plan punctured

    Ukrainian lender Privatbank failed in its first attempt to reprofile its 2016 bonds, which surprised some analysts. But not those inured to the numerous iterations of most Ukrainian restructuring exercises.

    16 Jul 2015

  • Sunflower oil companies lead Ukrainian food loan flurry

    Ukrainian food producers are ramping up their push for internationally syndicated loans. One sunflower oil producer has signed a loan, another is in the market and a third food company has set its sights on a deal.

    16 Jul 2015

  • BAML profits more than double on falling costs

    Bank of America Merrill Lynch’s second quarter profits have jumped by 132% year-on-year, but with a fall in global banking income and small growth elsewhere, the profits were largely driven by a drop in litigation costs.

    16 Jul 2015

  • Long-only funds lap up Phoenix block deal

    India’s Phoenix Mills, a shopping mall operator, has scooped Rp2.83bn ($45m) from a qualified institutional placement that resounded well with international long-only funds, surprising even those close to the deal with their strong interest.

    16 Jul 2015

  • India's loan market all set for a second half revival

    The pipeline for offshore Indian loan syndications is showing signs of life, with opportunistic corporate refinancings and more borrowing by housing finance companies pushing dealflow. Bankers expect the second half of the year to be busier than a very quiet first six months, writes Shruti Chaturvedi.

    16 Jul 2015

  • HSBC picks new head for Apac DCM syndicate

    HSBC has made several changes to its Asia Pacific DCM syndicate, with Carla Goudge replacing Matthias Knobloch as head of the desk, according to an internal memo seen by GlobalCapital Asia.

    16 Jul 2015

  • Greece blows senior open but supply stays short

    Santander Consumer Finance and Société Générale both opted for defensive three year senior unsecured trades on Thursday, the first euro benchmark FIG deals in three weeks.

    16 Jul 2015

  • Kenya Pipeline completes $350m 10 year loan at last

    After a long time working on the deal, Kenya Pipeline Co has completed its $350m 10 year loan.

    16 Jul 2015

  • Recreating my own version of GSElevator

    Inevitably much of the talk with my pals this week has been about the guy from GSElevator as the newspapers are filled with excerpts of his book, especially his time in Hong Kong.

    16 Jul 2015

  • Seller navigates turbulence to net $30m in Bloomage sale

    Yong Rong Global Excellence Fund managed to navigate choppy conditions in Asia’s equity capital markets to exit Bloomage Biotechnology in a HK$231.5m ($30m) block on Monday, July 13, wooing investors eager to take a position in the company at discounted levels.

    16 Jul 2015

  • Korean Air lands $192m in comeback trade

    Hanjin Transportation defied the odds to raise W217.84bn ($191.57m) from a block trade in Korean Air Lines, with sole bookrunner Morgan Stanley winning plaudits for its handling of the transaction that hit the market just a week after the first attempt fizzled out.

    16 Jul 2015

  • Goldwind to fly with first China green bond

    Xinjiang Goldwind Science & Technology went live this week with what will be China’s first green bond. The trailblazer drew plenty of attention, with more deals expected both on and offshore once the country’s green bond regulations are finalised later this year.

    16 Jul 2015

  • Asia people and markets, news in brief — July 17, 2015

    ANZ’s Holian quits as head of Asia debt syndicate — Deutsche scoops senior ECM hire from UBS — Barclays picks Wang for China equity strategy

    16 Jul 2015

  • SCG times it well with red hot $400m debut

    The first dollar bond to emerge from China following the Greek debt agreement proved to be a hit, with Shanghai Construction Group (SCG) attracting an eight-times covered book for a $400m offering.

    16 Jul 2015

  • French lenders help ChemChina hunt for €600m loan

    A €600m ($663m) two year financing for China National Chemical Corp (ChemChina) has been opened into syndication. Two French lenders are leading the deal and they have invited a select group of banks to participate.

    16 Jul 2015

  • Renaissance raises perpetual

    Omani oil and gas firm Renaissance Services has sold a dual tranche dollar and Omani rial perpetual bond amounting to $125m.

    16 Jul 2015

  • Chinese duo set to dig into dollar bond market

    China Minsheng Investment (CMI) went live on July 16 with its debut dollar bond, while China Minmetals Corp has appointed banks for a dollar bond.

    16 Jul 2015

  • Central Bank delays Banco Mercantil do Brasil buyback

    Banco Mercantil do Brasil extended the settlement date for a buyback of its 2020 dollar denominated subordinated debt this week, because it has not yet received central bank approval to increase the amount it can purchase.

    16 Jul 2015

  • DTAs half of Greek banks’ funds, says ECB

    Chair of the European Central Bank’s supervisory board Danièle Nouy has revealed deferred tax assets (DTAs) are equivalent to nearly half of Greek banks’ own funds.

    16 Jul 2015

  • Tianjin Binhai stutters in $800m dollar debut

    Tianjin Binhai New Area Construction & Investment Group did not have the best start to life in the dollar bond market, after both its three and five year notes widened by 10bp on their first day of trading this week.

    16 Jul 2015

  • Asia ECM round-up: TCCI, Duty Free, Syngene, Hikvision

    Cement maker and importer TCC International Holdings has wrapped up its HK$3.63bn ($468.23m) rights issue in style, with the deal oversubscribed by nearly 16%.

    16 Jul 2015

  • Nonghyup wraps up quick return with $300m

    South Korea’s Nonghyup Bank made a rapid return to the offshore bond market on July 15. Having learned lessons from its reduced outing last year, the Korean lender shuffled its banks and opted to raise just $300m. More importantly, bankers believe this deal could act as price guidance for Kookmin’s upcoming covered bonds.

    16 Jul 2015

  • Red Sena gets regulator’s nod for $105m Spac

    Red Sena, the Malaysian special purpose acquisition company (Spac), has been given the greenlight by the regulator to list on the local bourse, despite worries that Spacs had fallen out of favour.

    16 Jul 2015

  • Petron zeroes in on seven for $550m refi

    Philippine oil refining company Petron Corp has lined up seven banks to lead its $550m refinancing loan. The deal is likely to go into further syndication sometime in August, according to a source.

    16 Jul 2015

  • New US auto deals hit the road after busy week

    World Omni Financial and Enterprise Fleet Management are marketing new auto deals which may go live next week, following a bumper week for the asset class.

    15 Jul 2015

  • Freddie close to full risk-off on all STACRs

    Freddie Mac is close to obtaining reinsurance coverage for all of the retained portions of its risk transfer securitizations, a vice-president at the firm told GlobalCapital.

    15 Jul 2015

  • Credit feels drag as options expiry precedes Greek vote

    Lingering uncertainty over Greece put a curb on credit spread movement on Wednesday, as a Greek parliamentary vote on austerity reforms failed to materialise in time to affect the July index options expiry.

    15 Jul 2015

  • Deutsche Pfandbriefbank IPO succeeds, at bottom of range

    Deutsche Pfandbriefbank, nationalised during the financial crisis, has priced its IPO on Wednesday evening, at the bottom of the range, giving it a market capitalisation of €1.45bn.

    15 Jul 2015

  • Block action with Micro Focus, Entertainment One, Talanx

    Three block trades took place on Tuesday night, as Europe’s equity capital markets appear to be returning to normality after the stress of the Greek debt negotiations of the past few weeks.

    15 Jul 2015

  • Regulators release autopsy of Oct '14 'Flash Crash'

    New regulations restraining the risk taking ability of dealer banks contributed to last October’s sudden and mysterious selloff in US Treasury futures and options — dubbed the “Flash Crash”.

    15 Jul 2015

  • European banks set to lose market share

    European investment banks could be set to lose market share, both globally as US volumes outpace Europe, and in their home markets, according to research from Morgan Stanley’s bank equities team.

    15 Jul 2015

  • Loans, news in brief — July 16, 2015

    Bank Sohar — Eesti Energia — Barwa Real Estate — Sodexo — Peab

    15 Jul 2015

  • Blythe Masters to chair subprime auto ABS sponsor

    Blythe Masters will serve as non-executive chairman of the board of directors at Santander Consumer USA Holdings, the consumer lender and subprime auto loan securitizer has announced.

    15 Jul 2015

  • AdP restarts corporate bond market, more to come

    Aéroports de Paris reopened the corporate bond market on Wednesday after two weeks' silence, using an attractive new issue premium to amass a €5bn order book for the €500m deal.

    15 Jul 2015

  • There are ways to fix FFELP ABS, says Deutsche

    Issuers do have some options to improve the performance of FFELP student loan ABS, according to research analysts at Deutsche Bank.

    15 Jul 2015

  • Banks fights over scraps in German IB

    An unwelcome slump in deal activity comes just as banks are getting back on the front foot, writes David Rothnie.

    15 Jul 2015

  • Corporate syndicate manager leaves Citi

    Sameer Patel, a corporate bond syndicate banker at Citi, has departed the bank to join a competitor.

    15 Jul 2015

  • TwentyFour brings in £250m for fund

    TwentyFour Asset Management has raised £250m for its UK Mortgages Fund, which will invest in whole loans with an aim to securitize them in the future.

    15 Jul 2015

  • Italian flag carrier makes first market appearance since restructuring

    Alitalia, the Italian national airline, has printed its first bond since a new ownership structure took effect early this year.

    15 Jul 2015

  • ICG announces two senior hires for European loans business

    Intermediate Capital Group, the specialist asset manager, has made two additions to its 35-strong credit fund management team in Europe.

    15 Jul 2015

  • ESM tipped to follow EU into belly of euro curve

    The European Stability Mechanism has sent out a request for proposals for a euro benchmark — and could ape the European Union, which brought a five year on Wednesday, said public sector bankers.

    15 Jul 2015

  • Precise remains at initial levels as leads offer guidance

    Precise has issued a capital stack and guidance on its buy-to-let RMBS, with the senior class remaining at the spread offered at the initial thoughts stage.

    15 Jul 2015

  • Garfunkelux first EU name after HY wait

    Garfunkelux Financial Services, a German debt collection company, on Wednesday became the first European company to break the ice in the mainstream euro high yield market by starting a roadshow for a €365m deal.

    15 Jul 2015

  • Portugal shaves one year rate at auction

    Portugal’s one year borrowing costs fell at auction for the first time since April as the sovereign overshot its maximum target in a debt sale on Wednesday.

    15 Jul 2015

  • Stahl seeks €585m loan for refi and dividend

    Stahl, the Dutch provider of chemicals for leather processing, has launched €585m of leveraged loans to refinance debt and pay a dividend.

    15 Jul 2015

  • Metalloinvest signs rare Russian loan for $750m

    Russian iron ore producer Metalloinvest has signed a $750m pre-export finance facility, becoming the first Russian corporate borrower to follow Uralkali into the international syndicated loan market this year.

    15 Jul 2015

  • BNP and Intesa provide €306 loan for Kenya dam project

    Italian construction firm CMC Ravenna has raised €306m from BNP Paribas and Intesa Sanpaolo to build the Itare Dam in Kenya, with most of the funds guaranteed by Italian export credit agency SACE.

    15 Jul 2015

  • Japanese Softbank visits reopened HY

    SoftBank Group on Wednesday began roadshowing for euro and dollar bonds, even though the European high yield market has been at a standstill for two weeks while Greece negotiated its third bailout.

    15 Jul 2015

  • Kazakhstan uses window to print huge $4bn bond

    Kazakhstan printed a gigantic $4bn dual tranche bond this week, drawing a book of around $9.5bn for the notes.

    15 Jul 2015

  • Naspers new issue premium a hard act to follow

    Naspers reopened the market for CEEMEA corporates this week. But the rare nature of the credit means that few other borrowers can get away with similarly modest — if historically slightly elevated — premiums, said bankers on the deal.

    15 Jul 2015

  • Commission reopens bank capital debate with CRD IV review

    The European Commission is investigating whether higher bank capital requirements have restricted bank lending, particularly to smaller businesses and infrastructure.

    15 Jul 2015

  • Profits flounder as eurozone banks target capital

    The vast majority of commercial banks in the eurozone are missing targets of 10% return on equity, well behind their US rivals, as they confront regulation driving them to be more domestically focused.

    15 Jul 2015

  • Aéroports de Paris boldly reopens bond issuance before Greek vote

    Vive la France! Tuesday’s national Bastille Day holiday obviously did Aéroports de Paris some good, as on Wednesday morning it reopened Europe’s mainstream investment grade corporate bond market after a fortnight’s shutdown.

    15 Jul 2015

  • Updated: KDB breaks Korean records in Sing dollar bonds

    Korea Development Bank (KDB) made a rare venture into Singapore dollars, pricing a S$200m ($146.8m) three year bond. The deal was not only KDB’s biggest deal in the currency, but it was also the largest issue by a Korean name.

    15 Jul 2015

  • SMBC pays up with jumbo $3bn return

    Jumbo transactions from Japanese banks are nothing new when it comes to the international debt market although Sumitomo Mitsui Banking Corp (SMBC) did surprise some by opting to pay up with a $3bn four tranche offering on July 14.

    15 Jul 2015

  • KNOC launches global roadshow ahead of offshore return

    Korea National Oil Corp (KNOC) has announced a series of investor meetings in Asia, Europe and US as it gears up for the first offshore bond of 2015.

    15 Jul 2015

  • Loans round-up: Asia Education Investment, Frasers Centrepoint, Tesco Korea

    CVC-sponsored Asia Education Investment is in the market for a $165m triple tranche facility, part of which will be used to recapitalise the major shareholder.

    15 Jul 2015

  • Zambia mandate prompts secondary softening

    Zambia has picked banks for a dollar bond and finishes a roadshow next week. Stabilising copper prices have raised some analysts' outlooks on Zambia's existing Eurobonds, although those notes dropped in the secondary following announcement of a new trade.

    15 Jul 2015

  • Fund’s role in Greek rescue raises alarm — as EU raises funds

    The future of Greece as a eurozone country was hanging in the balance on Wednesday — all but shutting down the euro benchmark market for public sector borrowers.

    15 Jul 2015

  • Opinion: CEEMEA concessions are signs of increasing sophistication not EM stress

    CEEMEA borrowers pounced on a clear window this week and paid for it with premiums as high as 50bp. But while everyone talks about the size of the concessions, it's worth noting that issuers showed the maturity to accept them.

    15 Jul 2015

  • Binhai, Nonghyup open books for US dollar bonds

    Tianjin Binhai New Area Construction & Investment Group Co and Nonghyup Bank braved volatile market conditions to open books for their respective US dollar bonds on Wednesday, as the world waits for signs of a concrete debt restructuring deal from Greece.

    15 Jul 2015

  • Hanjin makes second attempt to fly $192m Korean Air block

    Hanjin Transportation is back in the market to offload its W220.1bn ($192m) stake in Korean Air Lines just a week after its first attempt collapsed, offering a juicier discount this time around in the hopes of wooing investors and combating volatility.

    15 Jul 2015

  • Star Petroleum clears way for Thai IPO

    Star Petroleum Refining, the Thai energy company part-owned by state oil giant PTT and Chevron Corp, has filed a long-awaited application to list in Thailand, with the trade being led by four domestic banks.

    15 Jul 2015

  • Ping An Real Estate shells out for new dim sum

    Ping An Real Estate issued the first offshore renminbi (CNH) bond in three weeks on July 14, making it the first borrower to test appetite since the Greek referendum. Although the issuer had to offer a decent premium to get the deal done, the level was flat to its onshore funding costs.

    15 Jul 2015

  • Lenders lap up Turk Eximbank’s two year loan tranche

    Turk Eximbank closed a €500m loan on Tuesday with its novel two-year tranche proving popular with banks.

    15 Jul 2015

  • FIG market covered as Greece drags on

    Banks have turned to covered bonds for an open funding route this week, with FIG borrowers reluctant to be the first to test the senior unsecured and capital markets.

    15 Jul 2015

  • No holiday just yet for CEEMEA market

    Kazakhstan and Naspers jumped through a small window in Tuesday to reopen the CEEMEA market, with deals chunky enough to make this week the second biggest for the region so far this year.

    15 Jul 2015

  • Shanghai Construction debuts in dollars with 8x covered blowout

    The first dollar bond to emerge from China following the Greek debt agreement proved to be a hit with Shanghai Construction attracting an eight times covered book for a $400m offering.

    15 Jul 2015

  • Panda bonds for foreign banks as PBoC steps up liberalisation

    The People’s Bank of China (PBoC) is to allow offshore commercial financial institutions to issue RMB-denominated bonds onshore in a bid to expand the Panda bond market, two sources have told GlobalCapital Asia's sister publication GlobalRMB. It may even permit proceeds to be moved offshore.

    15 Jul 2015

  • Dewan Housing constructs $110m loan with one lead

    India’s Dewan Housing Finance has sketched out tentative terms for a $110m facility and enlisted one lender to co-ordinate the fundraising. Its loan is expected to be followed by more financings from industry peers.

    15 Jul 2015

  • Updated: Trio clinches mandate for hotly contested HPCL RFP

    Hindustan Petroleum Corp (HPCL) has mandated a group of three banks for its latest outing in the offshore syndicated loan market. The request for proposals for the new $200m five year bullet was sent out less than a month after the company wrapped up a separate $400m loan.

    15 Jul 2015

  • KoGas re-ignites Asian bonds with $500m

    Asia’s primary debt capital market was crowded on July 14 as opportunistic issuers rushed out to take advantage of a favourable, but perhaps short, issuance window. Korea Gas Corp (KoGas) was among the throng.

    15 Jul 2015

  • Deutsche makes senior ECM hire from UBS

    Deutsche Bank has scooped Kefei Li as a senior member of its ECM team, with the former UBS banker expected to start in his new position from October.

    15 Jul 2015

  • Barclays hires new China equity strategy lead

    Barclays has put Victor Wang at the helm of its China financials research and China equity strategy team, poaching the veteran analyst from Credit Suisse as the bank expands its coverage of Chinese equities.

    15 Jul 2015

  • Updated: ANZ’s Holian quits as head of Asia debt syndicate

    James Holian, ANZ’s head of debt syndicate for Asia, has left his role and is now considering his options within the lender GlobalCapital Asia understands.

    15 Jul 2015

  • Shanghai-Hong Kong Stock Connect timeline - infographic

    The Shanghai-Hong Kong Stock Connect has been a notable achievement in China’s plan to open up its capital markets, but it can be hard to keep up with the trading link’s new developments. Thankfully, GlobalCapital Asia’s infographic is here to give you a helping hand.

    15 Jul 2015

  • Amex upsizes after large reverse enquiry

    Strong investor demand after a couple of quiet weeks in ABS allowed American Express and Capital One to increase the size of credit card deals this week.

    14 Jul 2015

  • More agency RMBS coming as banks up originations

    Banks have disclosed that they originated more residential mortgages last quarter, but market participants say the loans will only be securitized in agency deals.

    14 Jul 2015

  • 400 Capital hires former RMBS banker

    Structured credit investor 400 Capital Management has hired a new director with a background in investing and banking within residential and commercial mortgage debt.

    14 Jul 2015

  • Iran's nuclear accord with west drives up oil market volatility

    Oil market volatility was driven higher this week as traders placed bearish bets amid the prospect of more Iranian supply following its sanctions deal combined with weak fundamental data.

    14 Jul 2015

  • Credit options expiry hangs in balance ahead of Greek reforms vote

    The timing and political fallout of a Greek parliamentary vote on reforms could prove crucial for iTraxx credit index options on Wednesday, with the July expiry due to take place at 4pm.

    14 Jul 2015

  • HY nearing deal breakthrough after Greek agreement

    High yield borrowers continue to hold back deals and avoid paying steeper issue premiums than they would have faced before the latest Greek crisis, but the new bailout offer is easing fears.

    14 Jul 2015

  • #ThisIsACanKicking that will create a scrappy SSA market

    What the Greece agreement means for its future and European democracy is open to debate. But the Greek crisis’s can kicking of the last few years will certainly increase in volume and frequency — meaning SSAs should get used to a window driven market.

    14 Jul 2015

  • EIB revives seven years in dollars

    European Investment Bank brought the first seven year benchmark in dollars since April on Tuesday — providing encouragement for any issuers hoping to find depth at the longer end of the dollar curve.

    14 Jul 2015

  • France's Linxens goes to dollar market for bulk of LBO debt

    French smart card manufacturer Linxens has launched $1bn of leveraged loans to back its buyout by CVC. The deal has a hefty dollar slice.

    14 Jul 2015

  • SSAs keep euro wheels turning as Greece puts brakes on benchmarks

    A German region managed to raise €500m via a tap and a supranational is lining up a euro deal, despite the Greek debt crisis limiting benchmark opportunities in the currency.

    14 Jul 2015

  • Rentenbank whips out chunky sterling deal

    Rentenbank has returned to sterling with its largest print in the currency in over seven years as opportunities for cross currency arbitrage to euros abound, according to syndicate bankers.

    14 Jul 2015

  • Corp market looks transatlantic for post-Greece supply

    Syndicate bankers and investors are keen to see who will be the first issuer to take to the euro market should the market see its desired outcome in Wednesday’s vote in the Greek parliament. It may not be the obvious familiar faces that reopen the market, however.

    14 Jul 2015

  • Fixed income weighs on stellar JPM results

    JP Morgan beat market expectations for earnings per share, but its fixed income markets business took a battering, with a decrease of 21% in revenues year on year.

    14 Jul 2015

  • Senior high yield credit trader leaves SocGen

    Societe Generale has lost a senior high yield credit trader from its London operations.

    14 Jul 2015

  • Rocket Internet nosedives after €550m CB proves a damp squib

    Rocket Internet, the German internet business group, launched on Monday night its first convertible bond, and raised €550m. But the deal, led by JP Morgan, was criticised by rival bankers, and led to a steep fall in Rocket Internet’s share price on Tuesday.

    14 Jul 2015

  • Sodexo reduces revolver without Credit Agricole

    French catering, support and care services group Sodexo has amended and extended $1.3bn of credit facilities, but previous bookrunner Credit Agricole has left the syndicate.

    14 Jul 2015

  • Altice puts a bullet in its revolver

    Altice is back in the European loan market, but for once not with an extravagant M&A financing. This month, Patrick Drahi’s telecoms group is seeking to refinance debt under its revolving credit facilities.

    14 Jul 2015

  • Paragon’s offered spread jumps 30bp from March

    In the four months since Paragon priced its last UK buy to let RMBS, the lender’s outstanding bonds — along with much of the rest of the market — have drifted lower in price as Greece cast the pall of uncertainty over global capital markets.

    14 Jul 2015

  • CVC grows Evonik trade to €519m, 6% to go

    CVC Capital Partners took another swift step towards its exit of Evonik Industries on Monday night, pouncing after the German chemical company’s shares had hit an all time high to sell a block of shares for €519m, in a deal that was increased.

    14 Jul 2015

  • Citi names IB head for Germany

    Citi has named Christian Kames investment banking head for Germany, Austria and Switzerland.

    14 Jul 2015

  • Hardenberg takes over from Mobius at Templeton

    Carlos Hardenberg will take over from Mark Mobius later this year as lead portfolio manager of Templeton Emerging Markets Investment Trust (Temit).

    14 Jul 2015

  • PBoC relaxes foreign central bank, SWF access to interbank market

    The People’s Bank of China (PBoC) on July 14 increased the access that foreign central banks, supranationals and sovereign wealth funds have to China’s interbank market, in a move that has been seen as a big step in the promotion of RMB internationalisation.

    14 Jul 2015

  • Recipharm gets Skr1.5bn term loan for expansion

    Expanding Swedish pharmaceutical company Recipharm has signed a Skr1.5bn ($176m) term loan with three relationship banks.

    14 Jul 2015

  • Kazakhstan dives into window with dual trancher

    Kazakhstan opened books on a dual tranche dollar bond on Tuesday morning, and is looking for at least $2bn, according to a source close to the deal. Debt bankers away from the bond felt confident size would not be an issue, but were divided over whether the start point was appropriate or very cheap.

    14 Jul 2015

  • Paris gets indicative CNH benchmark rate

    Paris-based financial institutions, together with the local renminbi clearing bank, Bank of China Paris branch (BoC Paris), have launched a local CNH indicative rate to help drive SME demand for the currency, GlobalRMB has learned. The pricing arrangement, which is not yet a real benchmark, is aiming to create a more liquid CNH market in the Paris financial hub.

    14 Jul 2015

  • Naspers starts with 40bp premium for 10 year

    South African firm Naspers opted for a 10 year tenor for its first deal in two years. Debt bankers away from the deal applauded the decision, but could not agree on the premium the deal offered.

    14 Jul 2015

  • FIG set for July jolly as covereds return

    FIG borrowers are set to shun the conventional Bastille Day start to summer and print through July, but many are waiting for a guinea pig trade to test investors’ new issue premium demands.

    14 Jul 2015

  • Citi credit specialist jumps to Rabo

    Rabobank has hired a banker from Citi’s credit trading desk to fill its vacant position of financials credit analyst, GlobalCapital understands.

    14 Jul 2015

  • Eesti Energia refinances €150m after downgrade

    Eesti Energia, the Estonian energy company, has refinanced three bilateral credit facilities and cancelled one loan, following the firm’s downgrade by Standard & Poor's in June.

    14 Jul 2015

  • Turk Eximbank to complete €350m loan on Tuesday

    Turk Eximbank will complete its refinancing of €350m of loans today (Tuesday) and will hold a signing ceremony in London at lunchtime.

    14 Jul 2015

  • Auburn gets a makeover as Cerberus nears acquisition

    The Auburn UK buy-to-let RMBS platform is making its return under a new owner, months after Lloyds TSB attempted to sell Auburn 8 but pulled the deal.

    14 Jul 2015

  • By the dozen: Sinochem $500m financing attracts 24

    Sinochem Hong Kong has wound up its $500m bullet with a syndicate of 28 lenders, including 24 that came in during general. What some market participants had called thin pricing did not prevent oversubscription, signalling that three year liquidity is readily available to top tier China names at all-ins of below 120bp.

    14 Jul 2015

  • Seller braves choppy markets to net $30m from Bloomage block

    Yong Rong Global Excellence Fund managed to navigate choppy market conditions in Asia’s equity capital markets to exit Bloomage Biotechnology in a HK$231.5m ($30m) block on Monday evening, wooing investors eager to take a position in the company at discounted levels.

    14 Jul 2015

  • NagaCorp kicks off $300m fundraising for Cambodia ops

    NagaCorp, which runs the only licensed casino in Cambodia's capital, Phnom Penh, is said to be sounding out the market for a borrowing of around $300m to fund its expansion in Cambodia.

    14 Jul 2015

  • Asia primary DCM on the mend following Greek progress

    No sooner had the first tentative signs appeared of an agreement over Greece's debt crisis than the Asia ex-Japan primary debt capital markets finally woke up to some action from a trio of deals.

    14 Jul 2015

  • First non-state Caucasus issuer heads to bond market

    Rustavi Azot, the only manufacturer of nitrogen fertilisers in the South Caucasus region, has mandated Citi and Galt & Taggart to arrange a $180m five year non-call three bond. The bond will be the first from a privately owned company in the Caucasus region.

    14 Jul 2015

  • CCB Financial Leasing preps dollar, Weichai set for offshore debut

    China Construction Bank (CCB) Financial Leasing Corp has hired eight banks to prepare for its outing to the dollar bond market as early as next week. Meanwhile, Weichai Power is gearing up for its maiden offshore bond, which will be in either US dollars or euros.

    14 Jul 2015

  • India ECM round-up: Divestment meeting ahead; Paranjape, AGS seek IPOs

    India has told banks vying for divestment mandates in 10 of its state-owned firms to attend a meeting on July 16 in New Delhi, as the government moves forward with plans to raise about $3bn from the selldowns.

    14 Jul 2015

  • SMI scraps $141m placement plans on volatility

    Instability in the market has scuppered SMI Holdings Group’s plans to raise HK$1.09bn ($141m) via a placement, with the Hong Kong-listed company pulling the deal.

    14 Jul 2015

  • China Huarong delays $100m three year financing

    China Huarong International, which recently sent out invitations for a debut $100m three year offshore syndicated loan, has put the financing on hold as it irons out some details related to documentation.

    14 Jul 2015

  • French issuers loving dim sum, but buyside still wary

    French financial institutions and corporates have been quick to jump at the funding opportunity offered by the offshore RMB bond market. Despite the line-up of success stories, however, French asset managers feel the market has some way to go before it comes of age.

    14 Jul 2015

  • Time for Asian ECM to end its reliance on cornerstones

    China’s domestic stock market has been gripped by chaos in recent weeks, and as investors duck for cover, it would be easy for bankers to fall back on cornerstone support to get deals done. But they would be missing a crucial opportunity for Asia ECM to grow up.

    14 Jul 2015

  • Santander Consumer brings Drive deal in busy week for autos

    Santander Consumer USA is bringing a new deal this week off its recently resuscitated Drive Auto platform for deep subprime auto loans.

    13 Jul 2015

  • Issuer under ratings review launching new FFELP ABS

    Nonprofit student lender Access Group Inc is launching a new Federal Family Education Loan Program (FFELP) ABS issuance, at the same time as Fitch Ratings is reviewing some of its earlier deals for downgrades.

    13 Jul 2015

  • CLO manager replaces outgoing CFO

    US middle-market lender and CLO manager Fifth Street Finance has promoted Steven Noreika to CFO, replacing Richard Petrocelli, who is leaving the firm.

    13 Jul 2015

  • Barclays launching new whole business deal

    Barclays plans to launch a $460m whole business securitization by auto services company Driven Brands next week, a source at the bank said.

    13 Jul 2015

  • CVC seeks to sell another chunk of Evonik

    CVC stepped into the market on Monday evening after a strong day for European stocks to sell another chunk of Evonik Industries, the German chemicals company it floated in 2013.

    13 Jul 2015

  • Bluefield dares solar IPO after others fail

    Bluefield Partners, the UK solar energy investment firm, launched on Monday the bookbuild for the IPO of a new fund, despite the failure of two solar power IPOs in the past three months. The sale will run until July 30.

    13 Jul 2015

  • Aroundtown gets €320m stealthy IPO

    Aroundtown Property Holdings, the German-focused property company, raised €320m on Monday with a capital increase conducted as an intraday accelerated bookbuild, that was really its IPO.

    13 Jul 2015

  • UniCredit loads up with syndicate hire

    UniCredit CIB has hired a covered bond and SSA syndicate banker from Barclays.

    13 Jul 2015

  • European HY issuance falls far short of last year, as US thrives

    Europe may be heading towards breaking its long run of record years for high yield bond issuance.

    13 Jul 2015

  • Greece wins a stay of execution, but pipeline still frozen

    Despite having marketed their deals weeks ago, ABS issuers seem to still be sitting on the sidelines at the moment though markets reacted exuberantly to the news that Greece had struck a deal with its creditors.

    13 Jul 2015

  • Greek agreement sets stage for corporate bond comeback

    The corporate bond market is preparing for a new wave of issuance after Greece reached a tentative agreement with its creditors on Monday morning. But deals are likely to depend on the Greek parliament approving the agreement.

    13 Jul 2015

  • Macquarie Bank grinds spreads in on German RMBS

    Macquarie became the only issuer to hit the European ABS market last week when it priced a €186.54m German RMBS deal.

    13 Jul 2015

  • UK picks tenor for second syndication of year

    The UK Debt Management Office has finalised details on the timing and tenor of what will be its second syndication of the 2015-16 financial year.

    13 Jul 2015

  • Supranational to test post-Greece deal waters

    A supranational is set to become the first European SSA to bring a syndication after Greece reached a deal with its creditors on Monday morning — but will steer clear of euros.

    13 Jul 2015

  • Italian borrowing costs fall as periphery awaits Greek deal dividend

    Italy’s medium to long term yields fell at auction for the first time in four months on Monday, as Greece struck a deal with its creditors — but there could be even greater gains ahead for the eurozone periphery.

    13 Jul 2015

  • BNG back for more long dated Aussie dollars

    Bank Nederlandse Gemeenten has returned to the Kangaroo bond market with a 10 year tap, less than a week after it added to the same line.

    13 Jul 2015

  • Are committees killing investment banking?

    The new chief executives at Deutsche Bank and Barclays have plenty of challenges ahead. Internal bureaucracy could well be the biggest.

    13 Jul 2015

  • Platform lands bridge loan for £1.35bn Alent bid

    US speciality chemical products holding company Platform will buy UK firm Alent for £1.35bn using a $1.9bn bridge loan from Credit Suisse.

    13 Jul 2015

  • Carlyle rides out volatility to price CGMS CLO 2015-2

    Carlyle’s €414m Carlyle Global Market Strategies CLO 2015-2 priced late Friday as the vehicle bore through a bumpy final two weeks of its marketing period.

    13 Jul 2015

  • The view from the top

    The following quotes have been extracted from speeches or press statements made by senior European policymakers and regulators in 2014 and 2015. These quotes were selected to provide a high level overview of the direction of travel for bank capital, TLAC, resolution and bail-in.

    13 Jul 2015

  • European AT1 landscape: overview of structures

    13 Jul 2015

  • Polling the AT1 Investor Base

    The charts and information included in the following pages have been extracted from a piece published by Morgan Stanley’s European Banks Research team on May 20, 2015 entitled ‘AT1 – The Investor Base’. The research piece was published on the back of an AT1 survey conducted independently by Morgan Stanley’s Fixed Income Research department in April 2015. The extracts included here are for illustrative purposes only and selected to provide a recent perspective of the AT1 investor base. For the avoidance of doubt, these information points do not constitute Morgan Stanley Research and should not be considered as a Morgan Stanley research publication.

    13 Jul 2015

  • European ABS hits a milestone, says S&P

    European ABS has hit a post-crisis marker, as default rates continue to decrease and deals are upgraded, according to S&P.

    13 Jul 2015

  • Banque de France backs RMB SDR inclusion, preps for CIPS launch

    Banque de France (BdF) is working with the financial sector to ready the market for the China International Payment System (CIPS) launch later this year, and has told GlobalRMB that the progress of the RMB means that inclusion in the IMF's SDR basket is simply a matter of "when and how".

    13 Jul 2015

  • Greek deal opens FIG but investors favour cash

    An 11th hour deal to avert a Greek exit from the eurozone had FIG borrowers eyeing the primary market again on Monday, but investors remain cautious and will have the upper hand on pricing.

    13 Jul 2015

  • Afreximbank names bank group for its largest loan

    African Export-Import Bank has named the banking group Afreximbank for its completed syndication of a $458m and €406m dual tranche term loan, its largest ever.

    13 Jul 2015

  • Greece deal leaves LatAm wide open, say bankers

    Latin American primary bond supply should pick up in the next couple of weeks after eurozone leaders unanimously agreed to a new bailout package for Greece, say DCM bankers.

    13 Jul 2015

  • Barwa Real Estate pays down debt with $175m from IBQ

    Barwa Real Estate (BRE), the Qatari real estate company, has received $175m in Shariah-compliant financing from the International Bank of Qatar.

    13 Jul 2015

  • CEEMEA pins hopes on Wednesday window

    CEEMEA debt bankers spent Monday morning on the phone to issuers following news of a Greek bailout agreement. But prospects for supply still hinge on a Greek parliamentary vote on Wednesday, and even then not just any CEEMEA issuer will be able to launch, said debt bankers.

    13 Jul 2015

  • Belarusbank signs biggest ever Belarusian bank loan for €203m

    Belarusbank, the largest commercial bank in Belarus, has signed a €203m loan that one of its lenders said was the biggest ever in the Belarusian banking sector.

    13 Jul 2015

  • Worst seen over for China after stock plunge

    The worst crash in China’s domestic stock market since the late 1990s has dominated headlines for weeks but its potential impact may have been exaggerated, with the sell-off mostly felt by very highly-leveraged investors, said analysts. The economy will also be largely unscathed, they say.

    13 Jul 2015

  • Asia ECM bankers grapple with big question: to launch or not to launch?

    Primary deal flow in Asia ex-Japan’s equity capital markets is expected to come close to a standstill this week as investors continue to come to grips with the topsy-turvy nature of China’s stock markets. With the summer lull also looming, syndicate bankers are now holding important discussions with potential issuers about finding the right window for transactions.

    13 Jul 2015

  • Details out for Air India $300m syndication

    Details of the invitation for a $300m loan for troubled carrier Air India are out. The bank had mandated Citi and State Bank of India to lead the deal in May.

    13 Jul 2015

  • Loan Ranger: Loan market assault course

    The loan market faced a ruthless assault course last week — with obstacles from Greece, China and the London transport system — aimed at closing down the market.

    13 Jul 2015

  • Grog: What will hopefully be the last portmanteau pun on Greece for a long time

    "Grexit", "Greferendum" — the slamming together of "Greece" and other semi-appropriates words has been the only consistent part of the debt talks between Greece and its creditors.

    13 Jul 2015

  • HKTMA launches RMB bond indicative quotes for price transparency

    Hong Kong Treasury Markets Association (TMA) launched on Monday a set of RMB bond indicative quotes aiming at increasing the price transparency for RMB-denominated institutional bonds issued in Hong Kong by the Ministry of Finance (MoF) of China.

    13 Jul 2015

  • SocGen names Asia global market sales heads under new structure

    In line with the restructuring of its global markets businesses, Société Générale has announced the appointments of heads of global markets in several of its Asian offices, including Japan, Korea, Greater China and southeast Asia.

    13 Jul 2015

  • Banque du Caire raising $250m loan, eyes Asian demand

    Egypt’s Banque du Caire is in the market for a $250m one year facility, looking to make the most of abundant liquidity across Asia by sending out invitations to banks in the region. The deal comes as financial institutions from Brazil and Turkey are also tapping Asian lenders.

    13 Jul 2015

  • Total Derivatives: Firm trade data pushes CNY 5y-10y rates higher

    Firm trade data and a continuing equity market recovery supported domestic paying in CNY swaps and a steepening in the curve on Monday. A market source sees scope for further steepening in the 2s/5s NDIRS curve slope, writes Deirdre Yeung of Total Derivatives.

    13 Jul 2015

  • PRA targets ‘window dressing’ with average leverage ratio

    UK banks will find it harder to game leverage ratios as regulators plan to introduce stricter disclosure rules than those in Europe.

    13 Jul 2015

  • HSBC bolsters Apac loan syndication team

    HSBC has boosted its loans team in Asia Pacific with a new hire who will specialise in real estate related financings, according to an internal memo seen by GlobalCapital Asia.

    13 Jul 2015

  • Goldwind to issue China’s first green bond, CMI hits road with offshore debut

    Xinjiang Goldwind Science & Technology has hired three banks to arrange investor meetings ahead of what will be the first green bond by a Chinese issuer.

    13 Jul 2015

  • Barclays promotes Pratt to Apac chairman of global finance

    Barclays has promoted Jon Pratt to the newly created roles of head of banking, Hong Kong and chairman of global finance, Asia Pacific as part of the bank’s efforts to merge its bonds and loans teams, according to an internal memo seen by GlobalCapital Asia.

    13 Jul 2015

  • A volatile asset class? Get real.

    Europe’s idiosyncratic post-crisis bank capital structures may be tough to navigate, but investors have wised up and with volatility declining, real money is running out of excuses to stay away from additional tier one, writes Tom Porter.

    12 Jul 2015

  • A quantum, for solace: how much capital needs to be raised?

    Banks across Europe are coming to terms with the severity of new capital regulations. The problem now is: what, exactly, are those terms? Graham Bippart reports.

    12 Jul 2015

  • Banks await final orders with markets open for business

    Just as Europe’s banks were really getting stuck in to their post-crisis regulatory capital requirements, rulemakers have thrown them another curveball that will define issuance patterns for the rest of the decade, writes Tom Porter.

    12 Jul 2015

  • Investors confront shifting sands of bank capital risks

    As regulators have looked to make banks bankruptcy-proof in the years since the financial crisis, bank capital investors have been forced to adapt quickly to new layers of protection. For seasoned buyers, the disruptive force of the Financial Stability Board’s rules on total loss-absorbing capacity (TLAC) is simply the next challenge.

    12 Jul 2015

  • Insurers finally come face to face with Solvency II

    The banking sector has already gone through much of the confusion of its own regulatory overhaul, with once exotic instruments like additional tier one becoming practically mainstream. With Solvency II on the horizon, it’s now the insurance sector’s turn, writes Nathan Collins.

    12 Jul 2015

  • Sitting on their hands: banks and liability management

    Liability management for financial institutions has had a quiet time of it in 2015. Banks spent the post-crisis years buying back debt to generate capital, and will spend the years ahead fitting their capital stack to the new regulatory reality. But for now, the market is becalmed. Owen Sanderson reports.

    12 Jul 2015

  • Issuers seek best solution as regulators move the goalposts

    European banks have rolled up their sleeves and got on with the job of issuing loss-absorbing instruments to meet the new capital demands of Basel III, with another €80bn of capital printed across additional tier one (AT1) and tier two in 2014. AT1 accounted for 48% of capital volume in 2014 as banks made strides towards filling their 1.5% of risk weighted assets bucket. Still more banks have made debuts in the AT1 market in 2015 and many early issuers are expected to return to take advantage of cheaper pricing later this year.

    12 Jul 2015

  • Banks desperate to see the final act in post-crisis capital

    Banks have cleaned up and found an investor base for billions in new age loss-absorbing capital, but with regulators putting the finishing touches to the post-crisis framework, there is no shortage of challenges ahead, writes Tom Porter.

    12 Jul 2015

  • Waiting for the capital raisings and recovery regimes to pay off

    After a turbulent few years, the bottom is now in sight for bank ratings. As bank creditors have become bank capital providers, banks have been downgraded again and again, while agencies have thrown out and redrafted their criteria. Owen Sanderson reports.

    12 Jul 2015

  • Mortgage bond PM departs Citadel

    Sam Choi, a mortgage bond portfolio manager at Citadel in New York, is no longer working for the firm, according to a GlobalCapital source.

    10 Jul 2015

  • New rule could mean FFELP prepays, says Deutsche

    The US government's proposal to expand student debt relief could mean better recoveries for investors in securities backed by student loans, according to Deutsche Bank.

    10 Jul 2015

  • Five banks to lead Poste Italiane’s €4bn IPO

    Pilot fishing has begun for what could be one of the highest profile IPOs of 2015 – that of Poste Italiane, the Italian postal service.

    10 Jul 2015

  • Peab decreases revolver to Skr4bn

    Peab, the Swedish construction firm, has refinanced a Skr5bn (€530m) revolving credit facility and reduced the size to Skr4bn (€426m).

    10 Jul 2015

  • Bologna Airport takes off with €63m IPO

    Bologna Airport priced its IPO on Wednesday night after achieving a three times oversubscription, despite this week’s difficult market backdrop.

    10 Jul 2015

  • UniCredit launches Iberia operation with Barclays hire

    UniCredit has hired Pedro Fernández de Santaella as head of CIB for Iberia, at the same time as it opens a branch in Spain.

    10 Jul 2015

  • Flow Traders IPO yields 20% pop

    Friday was a great day for Flow Traders to make its stockmarket debut. You might almost think they were traders. The Euro Stoxx 50 index opened 1.6% up as hopes rose of a debt deal for Greece, and doubled that gain by the afternoon. With that wind in its sails, Flow Traders zoomed up 14%.

    10 Jul 2015

  • IFC USD2.25bn 1.625% Jul 20

    10 Jul 2015

  • Funding scorecard: European supranationals and agencies

    This week's scorecard features updates on the progress of selected European supranationals and agencies through their funding targets for the year.

    10 Jul 2015

  • Periphery yields plummet before Italian auction as Greece nears deal

    Investors are putting their money firmly on hopes that Greece will reach a deal with its creditors over the weekend. Italy is set to be the first to benefit from the resulting plunge in eurozone periphery yields.

    10 Jul 2015

  • UK picks banks for its next syndicated Gilt

    The UK Debt Management Office has announced which banks will be on its next bond syndication, a conventional Gilt with a maturity of at least 40 years, scheduled for the second half of July.

    10 Jul 2015

  • Secondary pricing update: As the final Greek deadline approaches

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

    10 Jul 2015

  • SmVak koruna debut saves barren CEEMEA

    Czech corporate Severomoravské vodovody a kanalizace Ostrava (SmVak) saved CEEMEA from a washout week on Friday, launching an international Reg S local currency deal.

    10 Jul 2015

  • Ringgit market shows promise for bond issuers

    Opportunities await issuers in the ringgit bond market, as the currency can allow them access to an open and educated investor base, strong liquidity and savings, say bankers. But while the costs are low and the benefits numerous, the prospects may be limited to higher rated names looking to print smaller deal sizes.

    10 Jul 2015

  • There’s no case for the ‘suitcase’ in MENA markets

    Bankers are sharpening their elbows in the Middle East as competition ramps up. GlobalCapital caught up with HSBC’s head of capital markets and financing for MENA and Turkey, Selim Kervanci, to see how the lower oil price is affecting the region’s capital markets, and the next drivers for development of its bond markets.

    10 Jul 2015

  • Loans round-up: ChemChina, AAG Energy, SMC Global Power

    A syndication for a €600m ($663m) two year financing for China National Chemical Corp (ChemChina) is currently under way. Two French lenders are leading the deal and they have invited a select group of lenders to participate.

    10 Jul 2015

  • Phoenix shops for $45m as global long-onlys flood in

    Indian shopping mall operator Phoenix Mills has raised $45m via a qualified institutional placement that resounded well with international long-only funds, even surprising those close to the deal with their strong interest.

    10 Jul 2015

  • Investors get relief but China financial crisis threat looms

    There was finally some relief for equity capital markets on Friday, with the China and Hong Kong indices witnessing the second consecutive day of rallies after suffering one of their worst routs at the beginning of the week. But experts warn that the respite could be short-lived and the possibility of a financial crisis in the Mainland has now risen.

    10 Jul 2015

  • Goudge steps up as HSBC rejigs Apac DCM syndicate

    HSBC has made several changes to its Asia Pacific DCM syndicate with Carla Goudge replacing Matthias Knobloch as the head of the desk, according to an internal memo seen by GlobalCapital Asia.

    10 Jul 2015

  • All eyes on Verallia as levfin market grapples with pricing

    Leveraged loan market participants were in uncertain mood this week. Greek volatility made its mark on the market but not all deals have gone wide as a result.

    10 Jul 2015

  • Kingboard Chemical brews HK$5bn syndication

    Laminates manufacturer Kingboard Chemical is in the market with an HK$5bn ($645m) five year offering that is now in general syndication. The borrowing comes nearly five months since its subsidiary wrapped up an HK$4bn facility.

    10 Jul 2015

  • Beijing Infrastructure picks six for second 2015 outing

    Beijing Infrastructure Investment has mandated six banks to work on a proposed international bond, just four months after it tapped the market with a euro offering.

    10 Jul 2015

  • Clearstream looks to future of RMB liquidity provision as swap costs rise

    The use of collateral management and repo to facilitate renminbi liquidity between different markets is set to increase as global interest rates rise and currency swaps become more expensive, according to Denis Noonan, vice president of product management at Clearstream Banking.

    10 Jul 2015

  • Euronext to launch indices targeting Chinese investors

    Euronext is working with the Shenzhen Stock Exchange to create indices to be used in multi-currency ETFs targeting Chinese and European investors looking to invest in each other's market, Euronext's head of listings has told GlobalRMB.

    10 Jul 2015

  • AES scores 10bp NIC as LatAm brushes off Greece, China

    Chilean electricity company AES Gener sold a new 10 year deal that bankers considered extremely tight given the volatility in markets and recent deals.

    09 Jul 2015

  • Pacific plummets as takeover pulled but some eye chance

    Pacific Rubiales’ bonds tumbled as much as 12 points in secondary markets on Thursday after Alfa and Harbour Energy withdrew their bid for the company in the face of opposition from shareholders.

    09 Jul 2015

  • Debt exchange sweetens troubled Tonon’s future

    Brazilian sugar and ethanol producer Tonon Bioenergia will be able to pay in kind the coupons on most of its senior unsecured bonds until January 2017 after investors agreed to a debt exchange designed to ensure the beleaguered company avoids bankruptcy.

    09 Jul 2015

  • Are Chinese equities set for normal returns?

    The sell-off in Chinese equities has caused a fundamental shift in investor expectations for the future distribution of returns in A-shares.

    09 Jul 2015

  • Cellnovo rides storms to €30m diabetes IPO

    Whether investors can look past the turmoil around Greece at a promising growth story was tested this week, as Cellnovo attempted to float in Paris. The test was passed: the IPO was priced on Thursday.

    09 Jul 2015

  • Gold options market calm despite currency jitters

    For all the panic in markets that Greece and the Chinese stock plunge have caused, investors are not piling into traditional safe haven, gold.

    09 Jul 2015

  • Pfandbriefbank starts €1bn IPO despite turmoil, soon covered

    After a week’s hesitation, Deutsche Pfandbriefbank has gone ahead with its IPO, in a sign of confidence in the market – despite the ever uglier masses of cloud building over Greece and China. If it is completed, the deal will raise over €1bn, and be almost certainly the largest IPO left in the European market before the August lull.

    09 Jul 2015

  • Investors oversubscribe to Cabela's credit card ABS

    A $400m securitization of Cabela’s credit card receivables was oversubscribed by the time it was priced late on Wednesday, a source familiar with the deal said.

    09 Jul 2015

  • Supra CP volumes soar on dollar yields and Greek crises

    Supranational euro-commercial paper issuance has rocketed up this year, driven by rising yields in dollars and a flight to quality caused by repeated Greek crises, according to traders and issuers in the ECP market.

    09 Jul 2015

  • Chorus Clean Energy fights till last day, then pulls €100m IPO

    Hopes remained high on Monday that Chorus Clean Energy would complete its IPO this week, but on Thursday the German solar and wind power plant operator gave up the struggle.

    09 Jul 2015

  • Akbank revives Turkish longer dated FI loans with 3yr deal

    Akbank set a template this week that bankers hope Turkish peers will seek to emulate by closing Turkey’s first standalone three year term loan since 2006.

    09 Jul 2015

  • Loan bankers shrug off spiralling China woes

    Plummeting Chinese stocks and a slump in commodity indices rattled Asian markets and global credit traders this week, but loan bankers and emerging market bond officials were unfazed – even while some admitted that the problem could end up hurting their markets.

    09 Jul 2015

  • Wyndham priced too tight for some investors

    Wyndham Consumer Finance’s timeshare ABS issuance was priced a little too tightly for some investors in a slow week for ABS.

    09 Jul 2015

  • Swiss sellers surge as FIG business collapses

    Credit Suisse and UBS stormed to the top of the bookrunner charts for senior FIG bonds in the first half, but their rivals will be more worried about the dive in overall volumes across the market versus a year earlier.

    09 Jul 2015

  • Zalando backers bag €244m with ABB, shares trade up

    Block trades made a tentative return to the European equity capital market this week, though bankers had said on Monday that they did not think deals were likely.

    09 Jul 2015

  • FIG issuers may downsize to be sure of euro demand

    Financial institutions may have to revise their size ambitions if they want to print euros before the summer, according to syndicate bankers, who continue to be asked for pricing updates despite the Greece deadlock.

    09 Jul 2015

  • Intesa tipped for AT1 as AIG breaks dollar drought

    FIG bankers are expecting US banks to ramp up issuance as earnings season gets underway next week, while European issuers are also eyeing the dollar market.

    09 Jul 2015

  • The dream of simpler bank capital is dead

    Investors have been complaining about a lack of harmonisation across bank capital products for years. But with new loss-absorbency rules putting it more at risk than ever, they appear to have fallen silent.

    09 Jul 2015

  • Outright refusal of non-risk retention CLOs is now a thing

    Potential investors in US CLOs are beginning to take a harder line on risk retention compliance, directly telling managers that if they ain’t complyin’, they ain’t buyin’.

    09 Jul 2015

  • China crash fears spark EM and commodity credit trading volatility

    Fears that the Chinese stock market bubble has finally burst brought a new wave of worry to credit derivatives trading this week, adding to volatility as Greece concerns took a backseat for the first time in weeks.

    09 Jul 2015

  • SSAs enjoy dollar depth with chunky deals

    The depth of the dollar market for public sector borrowers was showcased by a trio of deals this week, as even those that aimed for tight pricing rather than size overshot volume targets.

    09 Jul 2015

  • Charter’s blockbuster steals show in dollar comeback

    Charter Communications led a dramatic comeback for dollar issuance on Thursday as the US cable and telecoms company peppered the curve with a six-part $15.5bn M&A financing.

    09 Jul 2015

  • Niche market no panacea for European SSAs

    Bank Nederlandse Gemeenten and Nordic Investment Bank took advantage of pockets of demand to price deals in Australian dollars and Norwegian kroner this week — but bankers said further niche currency activity would likely remain limited until global volatility subsides.

    09 Jul 2015

  • Dollars the only game in town for Aussie covereds

    Two Australian banks issued dollar covered bonds this week, breaking a blackout of over three weeks. Westpac came first with an $800m three year floating rate note on Tuesday, then CBA followed with a five year on Thursday.

    09 Jul 2015

  • Caffil sails through Greek storm to print 3 yr euro benchmark

    Caisse Française de Financement Local struck a defiant note on behalf of the covered bond market in the face of the Greek crisis on Thursday by printing the first euro deal from a European issuer in three weeks.

    09 Jul 2015

  • UBS fights back in US ECM with syndicate hire from DB

    UBS has hired what it said was its first ever global head of equity syndicate, in a bid to fight its way back up the US equity capital markets league table.

    09 Jul 2015

  • HSBC loses loan trading boss

    HSBC has lost its global head of loan trading, as it merges distressed and loans trading into a wider group.

    09 Jul 2015

  • Yield hungry CP buyers look to corporates

    US company Procter & Gamble printed over $15bn more Euro-commercial paper this year than in the same period of 2014, marking a growing trend in the corporate sector as short-end investors snap up any paper offering a yield.

    09 Jul 2015

  • G-Day approaches — but SSA troubles to stay

    The eurozone will hold its breath over the weekend as Greece’s creditors decide whether to accept new proposals on economic reforms from the country’s government — but regardless of the outcome, public sector borrowers are in for a difficult few months.

    09 Jul 2015

  • Samurai shines amid euro FIG shutdown

    Credit Suisse is set to print the latest in succession of Samurai trades, as European banks turn to the size and tight pricing offered by yen, a stark contrast to a euro market paralysed by the Greece crisis, writes Virginia Furness.

    09 Jul 2015

  • Pemberton makes first close on its €547m mid-market loan fund

    Pemberton Capital Advisors, a UK asset manager, has won €547m of commitments for a fund that will lend to mid-market companies in the UK and Europe, adding another player to this increasingly crowded market.

    09 Jul 2015

  • UK unis hungry for PPs

    Issuance of US-style private placements from UK universities has in recent years been limited to a couple of deals a year, but with four already in 2015, including one this week, bankers are predicting a steady flow for the rest of the year, writes Elly Whittaker.

    09 Jul 2015

  • KfW USD6bn 1.125% Aug 18

    09 Jul 2015

  • Margins in southern Europe to hold but lev could widen

    Bankers don’t expect margins for investment grade loans in southern Europe to change in the near future, although leverage deals in Italy, Spain and Portugal could widen.

    09 Jul 2015

  • South Africa's Investec closes $200m new money 3yr loan

    South Africa’s Investec Bank has completed a $200m new money term loan, in its second deal of the year after a $400m refinancing in February.

    09 Jul 2015

  • Goldman names Cook co-chair of IBD

    Goldman Sachs said that Karen Cook would become co-chairman of its investment banking division.

    09 Jul 2015

  • ‘Complacent’ US markets ignore growing Greek risk

    Despite the mounting uncertainty over the future of the euro and Greece’s membership of it, US markets have so far taken the weekend’s Greek referendum result in their stride.

    09 Jul 2015

  • People Moves in Brief

    New ECM heads at UBS, HSBC - ABN relaunches FIG biz - HSBC loses loans trading head - Highbridge starts euro CLO shop

    09 Jul 2015

  • Citi picks Lavelle to launch UK IB offensive

    Citi has shaken up its UK management as it tries to address underperformance in Europe’s biggest investment banking market, writes David Rothnie.

    09 Jul 2015

  • Vistra keeps currency split open and heads to NY for $700m loan

    Vistra, the European corporate and fund services provider, has been marketing a $700m acquisition loan in New York and London, despite uncertain levfin markets.

    09 Jul 2015

  • Pressure on Europe’s banks pushes spreads wider

    European financials have seen their credit risk nearly double since March, steered by the prospect of less government aid for banks and the ongoing Greek crisis.

    09 Jul 2015

  • Loans, news in brief — July 10, 2015

    Hutchison — Cavotec — Finmeccanica — KLM — Elecnor

    09 Jul 2015

  • UK firms up banker behaviour rules

    UK authorities have finished their overhaul of personal responsibility in banking, making senior managers accountable for wrongdoing or problems in their business lines. The initiative comes as new bosses at Barclays and Deutsche Bank plan drives to boost personal accountability in their organisations.

    09 Jul 2015

  • Corp bond market is open, but alternatives are more tempting

    Europe's corporate bond market went without a new issue this week, as issuers were once more forced to wait for an end to Greece’s protracted negotiations with its creditors. However, the market remains open for issuance at the right price, bankers said.

    09 Jul 2015

  • A new beginning for Barclays

    All political careers supposedly end in failure, but the same seems to be true of investment bank chief executives.

    09 Jul 2015

  • New sectors primed for China’s euro bond rush

    This year has already proven to be a record one in terms of Chinese issuers taking advantage of the low yielding environment in Europe. But a pair of landmark trades over the past two weeks could drive issuance to scale even greater heights this year, writes Rev Hui.

    09 Jul 2015

  • SSAs bulk up in dollars

    A pair of public sector borrowers were able to place larger than planned dollar benchmarks on Thursday.

    09 Jul 2015

  • Volatility forces Korean Air to shelve block

    A W240.4bn ($212m) accelerated bookbuild in Korean Air Lines collapsed on July 8 after investors baulked at buying shares as the worst rout in China’s domestic stock market in years spilled over into the rest of Asia.

    09 Jul 2015

  • Global sukuk supply in stall mode, says S&P

    The global sukuk market is heading for a correction in 2015, with total supply dropping between 40%-50%, according to Standard & Poor’s. But its claim of a stalling sukuk market overlooks thriving international benchmark issuance.

    09 Jul 2015

  • Poland picks four banks for next bond in euros or dollars

    Poland has mandated four banks for a bond in euros or dollars.

    09 Jul 2015

  • L-Bank goes short for sterling return

    L-Bank has launched its first sterling deal of 2015 and its first new line in the currency in over a year.

    09 Jul 2015

  • Naspers moves to front of queue as CEEMEA awaits clear widow

    South Africa firm Naspers surprised some debt bankers by positioning itself to pounce on a calm market, if such a market appears. The company is taking a dollar bond on a roadshow, which would be the first test of EM new issue premiums in almost a month.

    09 Jul 2015

  • Loan market a mainstay amid China, Greece uncertainty

    Loans bankers are keeping a close eye on the recent volatility in Chinese stocks and the cautious atmosphere in the Asian bond market. While most said it was too early to assess the impact of either event, they were hoping the skittishness of bond and equity investors might swing the pendulum in favour of syndicated loans, writes Shruti Chaturvedi.

    09 Jul 2015

  • Boom to bust: no end to China stock drama

    China’s stock markets have gone from being the darling of investors to a ticking time bomb, with nearly $3.5tr in value vaporised in less than a month. Chinese officials have unleashed a torrent of desperate measures almost every day this past week to stem losses, but with little success. Some tough lessons will now have to be learnt, writes Rashmi Kumar.

    09 Jul 2015

  • KRX en route to be listed but storm clouds ahead

    Big changes are in store for the Korea Exchange (KRX) as it gets closer to a long-awaited IPO, a move expected to help the bourse compete more effectively with international stock exchanges. But hurdles stand in the way, writes John Loh.

    09 Jul 2015

  • Reduction in BTL tax relief no problem for the market

    UK Chancellor of the Exchequer George Osborne’s budget, announced on Wednesday, won’t impact the UK’s buy-to-let sector, despite a provision that will reduce mortgage interest relief for rental landlords.

    09 Jul 2015

  • European cash piles to stay large, says Moody's

    Corporate cash piles grew over the course of 2014 and, while they make up a smaller percentage compared to revenues, they are likely to stay high in the future, according to data from Moody’s.

    09 Jul 2015

  • Akbank closes three year loan at $275m but with scope to grow

    Akbank has closed its ground-breaking three year loan at $275m – only slightly bigger than its initial $250m target – but an accordion feature means this could grow further.

    09 Jul 2015

  • Stats ChipPac inches closer to $500m syndicated loan

    Singaporean chipmaker Stats ChipPac has moved one step closer to restructuring its debt as it prepares for a takeover by Jiangsu Changjiang Electronics Technology (JCET). And a $500m syndicated loan arranged by Barclays, DBS and ING is on the cards as part of the acquisition.

    09 Jul 2015

  • Morgan Lewis & Bockius raids K&L for SF partners

    Law firm Morgan Lewis has brought three new partners into its structured finance transactions services group from rival K&L Gates.

    09 Jul 2015

  • Vistra keeps currency split open as it heads to NY for $700m loan

    Vistra, the European corporate and fund services provider, is marketing its $700m acquisition loan in New York, after showing the deal to London investors on Wednesday.

    09 Jul 2015

  • Banks selected for Hutchison's £6bn bridge loan

    Hutchison Whampoa has completed syndication of its £6bn bridge loan for the acquisition of O2 UK. The loan will not be taken out in the bond market until the acquisition is completed.

    09 Jul 2015

  • HY market looks for issuance before August break

    High yield market participants expect plenty more activity before the summer break, undeterred by the absence, so far, of a long lasting solution to the Greek debt saga.

    09 Jul 2015

  • NIB taps spare Norwegian krone cash for five year funding

    Nordic Investment Bank found a rich seam of demand in Norwegian kroner this week, enabling it to sell the largest SSA deal of the year in the currency.

    09 Jul 2015

  • Crédit Agricole retains debt consolidation financing ABS

    Crédit Agricole issued and retained a €650m consumer debt consolidation financing ABS on Wednesday.

    09 Jul 2015

  • FIG issuers could downsize for last crack at euros

    Financial institutions may have to revise their size ambitions if they want to print euros before the summer, according to syndicate bankers, who continue to be asked for pricing updates despite the Greece deadlock.

    09 Jul 2015

  • Brazilian Tonon gets 18 month life saver as investors approve debt exchange

    Brazilian sugar and ethanol producer Tonon Bioenergia will be able to PIK the coupons on most of its senior unsecured bonds until January 2017 after investors agreed to a debt exchange designed to ensure the beleaguered company avoids restructuring.

    09 Jul 2015

  • Delays can't dent Iranian optimism

    Firms eager to set up Iran-focussed funds have had to contend with extension after extension of the talks upon which their prospective businesses depend. But as yet another deadline for an agreement on lifting Iran’s sanctions approaches, there are still firms creating fresh investment vehicles.

    09 Jul 2015

  • Naspers moves to front of CEEMEA queue

    South Africa firm Naspers surprised some debt bankers by positioning itself to pounce on a calm market, if such a market appears. The company is roadshowing a dollar bond, which would be the first test of EM new issue premiums in almost a month.

    09 Jul 2015

  • Haixia cuts losses from Haitong Securities in $816m exit

    Haixia Capital raised HK$6.33bn ($816m) on Tuesday evening by selling all of its stake in Haitong Securities despite a crash in the Hong Kong and China stock markets, preferring to cut its losses and move on rather than wait for an opportune window.

    09 Jul 2015

  • Alok Industries exits with $475m EPBG loan

    Alok Industries signed its $475m export performance bank guarantee-backed (EPBG) loan on June 30, with a total of eight banks committing to the transaction, following a four month syndication process.

    09 Jul 2015

  • Four transmit $240m dividend recap loan for AsiaSat

    Four banks have launched a $240m dividend recapitalisation loan for Asia Satellite Telecommunications (AsiaSat) sponsor Carlyle. These banks entered a facility agreement with AsiaSat on June 24 and opened the deal to retail participation on June 29.

    09 Jul 2015

  • Sunway hits the top with local support driving $128m IPO

    Malaysia’s Sunway Construction Group priced its MR478.44m ($127.60m) listing at the top of expectations on July 6, with strong local interest supporting the trade even as volatility hit equities in Hong Kong and China.

    09 Jul 2015

  • Singapore erects new real estate trust rules

    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.

    09 Jul 2015

  • Asia loans news in brief, July 10, 2015

    BNPP helps TDF seek €200m — CIMC Enric flags off $150m loan — HKR hits market for HK$4.8bn

    09 Jul 2015

  • Australia in focus as Citi hires banker for equity origination

    Citi has hired Hamish Whitehead as managing director for its equity capital markets origination team in Australia, in line with the firm’s plans to beef up its business and relationships in the country.

    09 Jul 2015

  • Updated: India’s Bharat PetroResources, Biocon look for loans

    Bharat Petroleum Corp (BPCL) subsidiary Bharat PetroResources has sent out a request for proposals for a $125m borrowing. The proceeds of the loan are for capital expenditure in Brazil, according to a banker who received the invitation.

    09 Jul 2015

  • Greece, China stocks continue to take toll on Asia bonds

    High volatility curbed activity in the Asia ex-Japan bond market again this week, as the Greek crisis and China's stock market crash kept issuers on the sidelines. As the deal drought continued, some market watchers said the summer lull had already started.

    09 Jul 2015

  • Becoming a bellboy for the buyside

    I never fail to be amused by stories from friends who jump ship to the buyside and end up having a miserable time.

    09 Jul 2015

  • China moves closer to green bonds with PBoC draft rules

    The People’s Bank of China (PBoC) is set to unveil China's first green bond regulations as early as September, after circulating a draft to the market.

    09 Jul 2015

  • Innocean a hit with domestic names as $302m IPO sealed

    Innocean Worldwide raised W340bn ($302m) from its South Korean IPO by pricing the deal just above the middle of guidance despite turbulent times for markets.

    09 Jul 2015

  • China, with Western characteristics

    The stock market of the world’s second largest economy is in crisis. China’s A-shares have suffered their biggest three-week drop in a decade, wiping more than $3tr off the market.

    09 Jul 2015

  • Dismay for SGX as Manulife S$569m IPO collapses

    Manulife US Real Estate Investment Trust (Reit) has snatched away hopes of Singapore seeing its first sizeable IPO this year, delaying its plans for a S$569m ($426m) listing amid turbulence in global markets.

    09 Jul 2015

  • John Keells returns for slimmer $395m, two tipped for Sri Lanka sovereign loan

    Sri Lankan conglomerate John Keells has returned for its resort project financing, cutting the loan size by $50m to $395m in its second attempt. The original $445m facility was delayed after the incoming government in Sri Lanka changed rules on casino licences, which meant banks had to rethink the loan, taking into account the absence of casino revenues.

    09 Jul 2015

  • MTN Leak: Sports day

    While the summer sun lulls London’s MTN flag wavers into a sluggish slumber, the experts here at Leak Towers recommend a spot of exercise to help get the blood, brainwaves, and deals flowing again.

    09 Jul 2015

  • Swiss IBs grab more of dwindling FIG business

    Credit Suisse and UBS stormed to the top of the bookrunner charts for senior FIG bonds in the first half, but their rivals will be more worried about the dive in overall volumes across the market versus a year earlier.

    09 Jul 2015

  • Finance ministry stays focused on structural change as reform benefits become visible

    As Mexico finally, if modestly, starts to outperform much of Latin America in growth, deputy finance minister Fernando Aportela tells Oliver West that the structural changes the government is making will have significant medium and long term effects.

    09 Jul 2015

  • CEEMEA bond fees collapse as Russia closure ends 'subsidy'

    Emerging market debt houses in CEEMEA are suffering from a loss of business in Russia and the bottom line impact is even worse than the headline fall in issuance would suggest. Not only were the country's banks and corporates the highest fee payers in the region, but intensifying competition elsewhere as a result of the Russia crisis is also squeezing revenues.

    09 Jul 2015

  • Citic CLSA adds Wu in the UK, CS ramps up equity research

    Citic CLSA Securities hired corporate finance specialist Wu Gang for its London team. The appointment comes as the company, formed from a 2013 acquisition, tries to take advantage of the M&A opportunities between China and Europe.

    09 Jul 2015

  • Bharat PetroResources shoots $125m RFP

    Bharat Petroleum Corp (BPCL) subsidiary Bharat PetroResources has sent out a request for proposals for a $125m borrowing. The proceeds of the loan were for capital expenditure, according to a banker who received the invitation.

    09 Jul 2015

  • Non-QM securitizers still searching for supply

    The first securitizations of mortgages that fall outside of post-crisis origination guidelines are taking longer than expected because of a lack of supply, say market participants.

    08 Jul 2015

  • Credit Suisse loses CLO sales director

    A director in Credit Suisse's CLO sales team in New York has left the bank after around 15 years there.

    08 Jul 2015

  • Options markets signal anxiety as earnings season arrives

    Options markets for single stocks in the US are indicating higher implied volatility in advance of earnings announcements starting this week.

    08 Jul 2015

  • CMBS sponsor targets marketplace loans

    A CMBS sponsor plans to securitize commercial mortgages arranged through Realty Mogul, an online marketplace lending platform for real estate investors.

    08 Jul 2015

  • Nomad Foods raises $320m for deals, seeks move to NY

    Nomad Foods, the renamed cash shell Nomad Holdings that has bought Iglo Birds Eye, raised around $321m of new equity on Wednesday in an accelerated bookbuild.

    08 Jul 2015

  • Deutsche Pfandbriefbank says ‘go’ to IPO

    After a week’s hesitation, Deutsche Pfandbriefbank has gone ahead with its IPO. The bookbuild had been due to begin on Monday June 30, but Pbb and its leads delayed the launch, to consider how badly demand could be affected by the Greek crisis.

    08 Jul 2015

  • KfW kick starts dollar funding frenzy

    A pair of issuers have mandated in dollars as KfW blasted open the new issue market after a fortnight without fixed rate benchmark issuance.

    08 Jul 2015

  • Osborne whacks banks with new 8% tax – shares plunge

    UK bank shares fell sharply on Wednesday afternoon after George Osborne, chancellor of the exchequer, announced a new 8% surcharge tax on banks’ profits, which took the market by surprise.

    08 Jul 2015

  • Italian companies announce bond buybacks

    Two Italian companies have announced plans for debt buybacks, with Finmeccanica and Telecom Italia both expected to complete tender offers next week.

    08 Jul 2015

  • Refinancing pressure in HY low, says Moody’s

    European high yield borrowers have pushed out many of their maturities beyond 2018 and face low needs to refinancing in the short term, according to a research paper published by Moody's on Wednesday.

    08 Jul 2015

  • UK slashes borrowing target, lowers Gilt sales by £3.5bn

    The UK’s Debt Management Office will have a little less work to do this financial year after it cut its 2015-16 target by £14bn on Wednesday.

    08 Jul 2015

  • Pemberton makes first close on €547m mid-market loan fund

    Pemberton Capital Advisors, a UK asset manager, has won €547m of commitments for a fund that will lend to mid-market companies in the UK and Europe, adding another player to this increasingly crowded market.

    08 Jul 2015

  • Ecoop ’em coming... EIB adds to euro flow

    European Investment Bank has printed in Ecoop format for the second day in a row, as conditions improved for eurozone periphery sovereign issuers — aside from Greece.

    08 Jul 2015

  • Cavotec eyes M&A with increased €95m credit facility

    Switzerland-headquartered engineering group Cavotec has increased its revolving credit facilities to €95m, saying it will use the additional funds to support mergers and acquisitions and growth.

    08 Jul 2015

  • StanChart RGI drops again on low dim sum issuance

    Standard Chartered’s Renminbi Globalisation Index (RGI) fell for a second consecutive month, to 2,145 in May from a revised 2,150 in April. But the bank said it would pick up in the second half of the year.

    08 Jul 2015

  • Macquarie looks to reopen RMBS mart

    Macquarie has issued initial price thoughts on its much anticipated German RMBS deal.

    08 Jul 2015

  • French homebuilder dethrones SSA as top CP issuer

    French home building company LMA unseated supranationals and agencies to be the most active Euro-commercial paper issuer in the first half of this year, printing 75% more than in the same period of 2014.

    08 Jul 2015

  • Volkswagen dips back into Rmb

    Volkswagen Financial Services China on Wednesday priced a Rmb1.9bn (€283m) auto ABS transaction, the second renminbi ABS for the parent group.

    08 Jul 2015

  • Dutch recovery boosting RMBS, but LTV cap will limit it

    The housing market in the Netherlands is taking off, with a 16% rise in house sales in the first five months of the year, which has good implications for RMBS recovery rates, said Moody’s on Wednesday.

    08 Jul 2015

  • CS targets yen with euros still off limits

    Credit Suisse has made a strategic move into the Samurai market and is marketing a multi-tranche yen denominated bond.

    08 Jul 2015

  • Russian ALM to stay busy as BSP tenders

    Bank St Petersburg (BSP) was one of two Russian borrowers to complete a tender offer this week, and debt bankers expect the Russian asset liability management sector to stay busy in the coming months.

    08 Jul 2015

  • Turk Eximbank nears close with €350m loan

    Turk Eximbank wants to wrap up €350m of loans in the next week, having set terms for the deal, which comprises one and two year tranches.

    08 Jul 2015

  • UniCredit hires former Rabo MTN dealer

    UniCredit has brought new blood to its MTN and private placement desk, hiring a new associate director.

    08 Jul 2015

  • Steinhoff signs €650m Schuldschein loan

    The Austrian subsidiary of Steinhoff International, the South African furniture retailer, has issued an inaugural Schuldschein for €650m, the second largest of the year.

    08 Jul 2015

  • L&G grabs research head from JP Morgan

    Legal & General Investment Management has raided JP Morgan Asset Management to fill its newly created position of head of research.

    08 Jul 2015

  • Amid China rout, Jupai launches $70m NYSE IPO

    Chinese wealth management firm Jupai Holdings opened books for its $70.44m IPO on the New York Stock Exchange on July 7, as the sell-off in China’s domestic stock market intensifies. China Renaissance and Credit Suisse are leading the trade.

    08 Jul 2015

  • KfW blows the door off dollars as Greece locks out euros

    KfW is enjoying a thumping response from the bond market in what is the first test of depth in dollars since talks between Greece and its creditors broke down at the end of June.

    08 Jul 2015

  • Peru’s Cofide nabs dual trancher amid volatility

    Peruvian development bank Corporación Financiera de Desarrollo (Cofide) attracted more than $2bn of orders for an $800m dual tranche bond offering on Tuesday, jumping into a short lived window of market calm.

    08 Jul 2015

  • No fresh cash for IMH tender

    Russian firm Industrial Metallurgical Holding (IMH) exchanged $150.8m of its June 2016 notes into a new 2018 deal this week, but not enough to allow it to bring fresh investors into the new note.

    08 Jul 2015

  • Asia Satellite beams $240m dividend recap loan

    Four banks have launched a $240m dividend recapitalisation loan for Asia Satellite Telecommunications (AsiaSat) sponsor Carlyle. These banks entered a facility agreement with AsiaSat on June 24 and opened the deal to retail participation on June 29.

    08 Jul 2015

  • Gramercy Funds Management hires two sovereign analysts

    Gramercy Funds Management has hired two analysts for its investment research team.

    08 Jul 2015

  • Peru's Cofide takes the plunge while CEEMEA stays sidelined

    Peru’s Corporación Financiera de Desarrollo (Cofide) proved Latin America’s resilience amid widespread volatility with an $800m two part deal this week. In CEEMEA, Poland added its name to the pipeline of mandates hoping for a window.

    08 Jul 2015

  • McFarlane jettisons Jenkins ahead of new IB strategy

    The Barclays board this week ejected chief executive Antony Jenkins amid concerns that Barclays is not delivering fast enough growth. John McFarlane, who came in as chairman in April, has taken over as executive chairman while the bank searches for a new CEO.

    08 Jul 2015

  • Erste Bank loses senior originator

    A senior originator at Erste Bank in Vienna is leaving the firm.

    08 Jul 2015

  • Equity action continues as Greece staggers, China plunges

    It doesn’t matter how long you’ve worked in financial markets – they still regularly surprise you.

    08 Jul 2015

  • Dollars offer narrow path to FIG funding

    It is now two weeks since a financial institution sold a benchmark transaction in euros, but Westpac has shown it may be time for issuers to consider alternatives.

    08 Jul 2015

  • Ex-Lehman EM syndicate head heads to Guggenheim Securities

    Guggenheim Securities has hired Andrew Schwartz as a senior managing director and head of global credit.

    08 Jul 2015

  • Corporate bond and loan markets all functional, but longing for Greek deal

    Last week proved that companies could issue bonds in Europe if they wanted to — Danaher even raised €2.7bn. But this week shows that most of them don’t want to.

    08 Jul 2015

  • Hanjin seeks Korean Air exit with $212m block

    Hanjin Transportation is looking to offload all of its stake in Korean Air Lines via a W240.4bn ($212m) block on July 8, launching the trade to investors after the country’s stock markets closed.

    08 Jul 2015

  • HSBC banker follows Morin to CS

    A FIG banker from HSBC has joined Credit Suisse alongside Charlie Morin, who became the Swiss bank’s head of insurance DCM last month.

    08 Jul 2015

  • Thai Oil picks two for investor meetings

    Petrochemical firm Thai Oil has mandated HSBC and Standard Chartered for a series of investor meeting starting on July 13.

    08 Jul 2015

  • PBoC floats China’s first green bond rules

    Peoples Bank of China (PBoC) has begun circulating a draft of China’s first green bond regulations, with a final version expected to hit the market by the end of 2015.

    08 Jul 2015

  • Coli lands inaugural Chinese property euro bond

    The Chinese property sector landed in the euro bond market for the first time on July 7, with China Overseas Land & Investment (Coli) raising €600m ($660m) from a four year offering.

    08 Jul 2015

  • Culiangwang rights issue falls short as KrisEnergy gets going

    Underwriters for China Culiangwang Beverages Holdings’ HK$794m.90m ($102.5m) rights issue have had to step in to find investors for the offering, after the deal ended up being under-subscribed by 6%.

    08 Jul 2015

  • Seven supply Bumi Armada’s $755m borrowing

    Bumi Armada has signed a loan and standby letter of credit facility worth a $755m with a group of seven banks. The money will be used to take out a bridge loan the company raised in March 2014 for the acquisition and installation of the Armada Kraken floating production storage and offloading vessel (FPSO).

    08 Jul 2015

  • BAML launching new Cabela's credit card deal

    Bank of America Merrill Lynch is structuring a $340m deal backed by Cabela’s credit card receivables, according to an investor briefed on the transaction, which has not been formally announced yet.

    07 Jul 2015

  • Whispers out for Wyndham timeshare deal

    Banks working on Wyndham Consumer Finance’s securitization of timeshare loans have told investors the levels at which they expect to release pricing guidance.

    07 Jul 2015

  • Sankyo and Towa show CBs kicking amid wild markets

    Amid turmoil in global stock markets, two Japanese companies issued convertible bonds outside Japan on Tuesday. Both achieved successful sales in the middle of their price ranges — though the deals differed markedly in other ways.

    07 Jul 2015

  • Highbridge kick-starts European CLO business with senior hires

    US-headquartered Highbridge Principal Strategies has hired two senior portfolio managers in London to start a new European CLO platform.

    07 Jul 2015

  • Europcar upgraded two notches after IPO

    Moody’s upgraded Europcar's corporate family rating from B3 to B1 on Tuesday, rewarding the car rental group for the improvement in its debt metrics since it raised €475m in its Paris IPO.

    07 Jul 2015

  • Brazil and commodity credits blow wide as China's stock bubble bursts

    Fears that the Chinese stock market bubble has burst brought a new wave of worry to credit derivatives trading on Tuesday, with Greece concerns taking a backseat for the first time in weeks.

    07 Jul 2015

  • Hello... is it EIB euro looking for?

    A public sector borrower eked out €500m of tightly priced euro supply on Tuesday, as activity in the currency was subdued while market participants digested the latest news on Greece’s bail-out negotiations.

    07 Jul 2015

  • KfW to sell benchmark in eye of Greek storm

    Germany’s KfW is to become the first borrower to sell a fixed rate dollar benchmark since negotiations between Greece and its creditors broke down at the end of June.

    07 Jul 2015

  • New York P2P fund goes Long former Nomura trader

    Marketplace loan securitizer Blue Elephant Capital Management has hired a former fixed income trader from Nomura as it seeks to access a broader set of institutional investors.

    07 Jul 2015

  • S&P assigns rating to Kraft Heinz after merger

    Standard & Poor’s on Monday assigned a rating of BBB- to the newly constituted Kraft Heinz Company, the corporation created by the merger of American food groups Heinz and Kraft.

    07 Jul 2015

  • Spanish RMBS shows up in ECB purchases

    In its breakdown of last month’s ABS purchases, the European Central Bank divulged that Spanish RMBS has for the first time been among its primary market buys.

    07 Jul 2015

  • Volumes drop, but secondary more robust than primary in Q2

    Both the primary and secondary markets for European corporate debt struggled in the second quarter of 2015, but the primary market was the harder hit of the two, according to data released by Trax on Thursday.

    07 Jul 2015

  • Reverse enquiries drive lonely BNG Kanga tap

    Bank Nederlandse Gemeenten has added to a long dated Kangaroo bond, as investors hunting for liquidity pushed through what is one of a handful of deals in the format in the past month.

    07 Jul 2015

  • Sukuk hasn't stalled

    Standard & Poor’s told the market this week that global sukuk volumes have stalled with the absence of Malaysia’s central bank. But the real story behind the "stall" is a surge in international benchmark volumes, which will make sukuk the global asset class debt bankers are hoping for.

    07 Jul 2015

  • KLM gets an upgrade to €575m with revolver

    Dutch airline KLM has refinanced a €575m revolving credit facility, increasing the size in syndication.

    07 Jul 2015

  • Finmeccanica reduces revolver amid Italian loan boom

    Italian defence contractor Finmeccanica has refinanced its flagship revolving credit facility in a bustling Italian loan market.

    07 Jul 2015

  • ECB publishes ABSPP guidelines as it gains ABS experience

    The European Central Bank has published a list of guidelines for its purchases under the Asset Backed Securities Purchase Programme (ABSPP), as part of its desire to give the market more clarity on its due diligence processes.

    07 Jul 2015

  • Kainos floats for £52m, unruffled by Greece

    Kainos Group, a Belfast-based software company, priced its IPO on Tuesday, raising £52m for selling shareholders and gaining a listing on the London Stock Exchange.

    07 Jul 2015

  • Vistra and Orangefield test levfin market with $700m for LBO

    European corporate and fund services providers Vistra and Orangefield are holding bank meetings for a $700m transatlantic buyout loan, despite uncertain leveraged finance markets.

    07 Jul 2015

  • ECB turns screw on Greek banks with moral hazard warning

    The European Central Bank has piled pressure on Greek banks by making it harder for them to access emergency funding and warning moral hazard could be a reason for it to halt support.

    07 Jul 2015

  • South Africa becomes first RMB hub in Africa

    The People’s Bank of China (PBoC) and the South African Reserve Bank (SARB) have signed a Memorandum of Understanding (MoU) for the clearing and settlement of renminbi in South Africa, the two central banks announced on July 7. The move makes South Africa the first offshore RMB hub in Africa.

    07 Jul 2015

  • Bank capital harmonisation has been left for dead

    Investors have been complaining about a lack of harmonisation across bank capital products for years. But with new loss-absorbency rules putting it more at risk than ever, they appear to have fallen silent.

    07 Jul 2015

  • Citi’s capital markets head Lavelle to run UK CIB

    Citi has promoted Michael Lavelle, head of EMEA capital markets origination, to head of UK and Ireland Corporate and Investment Banking and vice chairman of EMEA corporate and investment banking.

    07 Jul 2015

  • S&P says sukuk stalling as dollars threaten ringgit

    The global sukuk market is heading for a correction in 2015, with total supply dropping between 40%-50%, according to Standard & Poor’s. But their claim of a stalling sukuk market overlooks thriving international benchmark issuance.

    07 Jul 2015

  • Akbank adds accordion to close three year loan this week

    Akbank has added an accordion feature to its ground-breaking three year loan, as it seeks to close the deal on Thursday.

    07 Jul 2015

  • Pacific takeover talk could drive bid for bonds

    Turbulence surrounding the potential takeover of Colombia’s largest independent oil company Pacific Rubiales is leaving some investors hopeful the borrower’s bonds are undervalued.

    07 Jul 2015

  • Philip Morris eyes $1.3bn block for Indonesian unit

    Philip Morris International is looking to pare down its stake in Indonesian subsidiary HM Sampoerna, in a deal that could raise some $1.3bn. Five banks have been tapped the run the share sale, which could be the largest in Indonesia since 2013.

    07 Jul 2015

  • BNPP sounds out banks for €200m TDF loan, Delta Merlin enters general

    BNP Paribas is sounding out lenders for a triple tranche loan that relates to the acquisition of telecom company TDF’s business in France, according to a source.

    07 Jul 2015

  • China and its stock markets need some tough love

    For all China’s talk of cracking down on investors manipulating the market, it seems to have turned a blind eye to the fact that it is one of the biggest culprits when it comes to market interference. The regulator’s frantic move over the weekend to stabilise stock markets looks like panic and has caused more harm than good.

    07 Jul 2015

  • Updated: Sunway finishes strong with top pricing for $128m IPO

    Malaysia’s Sunway Construction Group priced its MR478.44m ($127.60m) listing at the top of expectations on July 6, with strong local support holding up the trade even as volatility wreaked havoc on equities in Hong Kong and China.

    07 Jul 2015

  • ABN Amro recruits Tessier for FIG rebuild

    Former Barclays director Charles Tessier will join ABN Amro in August, as the Dutch bank attempts to relaunch a financial institutions debt capital markets business in Europe.

    07 Jul 2015

  • China's CIMC Enric sets sail with $150m loan

    Natural gas storage and transportation service provider CIMC Enric Holdings is seeking a $150m loan from the offshore market. The company has chosen one lender to arrange the fundraising, according to a banker away from the trade.

    07 Jul 2015

  • Golden Throat swallows $108m Hong Kong IPO

    Golden Throat Holdings Group Company priced its HK$835.3m ($108m) Hong Kong IPO two cents above the lower end of guidance, taking a conservative stance on the deal after being engulfed in a torrid period of volatility in China and the city’s stock markets.

    07 Jul 2015

  • Formosa bond market set to mature with more frequent issuers, says DB

    Deutsche Bank's fifth Formosa bond has firmly established it as a frequent issuer in Taiwan's RMB market, with total issuance so far of Rmb4.5bn ($733m). The bank tells GlobalRMB that it sees the market becoming a more consistent funding venue with more regular issuers in the future.

    07 Jul 2015

  • Fonterra debuts in Formosas with 10y, longest from a corporate

    Fonterra Co-operative Group, the New Zealand-based dairy company, has debuted in Taiwan’s RMB bond market, notching up a couple of landmarks in the process.

    07 Jul 2015

  • Coli seeks Chinese comfort in euros amid Greek volatility

    China Overseas Land & Investment (Coli) is braving the international bond market with a euro bond on July 7 in spite of the continued volatility generated by the Greek debt crisis.

    07 Jul 2015

  • Hengtao adds another brokerage to HK IPO line-up

    Hengtao Securities has entered the fray for a Hong Kong IPO, just as China’s domestic stock market endures its worst correction in more than two decades and shares of newly-listed Guolian Securities Co continue to slide for a second straight day.

    07 Jul 2015

  • Four bring HKR Intl’s HK$4.8bn loan to market

    Hong Kong and China property developer HKR International launched an HK$4.8bn ($619m) dual tranche loan into the market on Monday. Four mandated lead arrangers and bookrunners are helming the five year bullet.

    07 Jul 2015

  • Citi ramps up Oz business with new ECM originator

    Citi has hired Hamish Whitehead as managing director for its equity capital markets origination team in Australia, in line with the firm’s plans to beef up its business and relationships in the country.

    07 Jul 2015

  • Bad for Greece could be good for US MBS

    Mortgage-backed securities have traded wider since Greece defaulted on its debt last week, but some investors are viewing the default as good news for the asset class.

    06 Jul 2015

  • Santander Consumer head resigns

    Santander Consumer CEO Thomas Dundon has left the subprime auto lender to pursue new opportunities, the company disclosed in a securities filing.

    06 Jul 2015

  • New timeshare ABS coming in slow week for new prints

    A new securitization of timeshare loans will not receive much competition from other deal sponsors in what looks to be another slow week for new prints.

    06 Jul 2015

  • Stern Agee CRE pair split for new jobs

    Two former GE Capital employees who moved in tandem through the CMBS teams of Hypo Real Estate, StormHarbour and Stern Agee have finally parted ways.

    06 Jul 2015

  • Elumeo holds up after bijou IPO comes off despite Greece

    Shares in Elumeo, a German company that sells jewellery online and through a television channel, closed at €24.75 today, 1% below their IPO price, despite the strong sell-off in European markets today after Greece’s referendum on Sunday.

    06 Jul 2015

  • Cellnovo seeks €40m to roll out diabetes device in IPO

    Whether investors can look past the turmoil around Greece at a promising growth story will be tested this week, as Cellnovo attempts to complete its IPO in Paris.

    06 Jul 2015

  • Chorus Clean Energy still hopes to price IPO, Pfandbriefbank waits

    A few IPOs remain in the market, although several have been pulled in the last few days — or, like that of Germany’s Deutsche Pfandbriefbank, put on hold.

    06 Jul 2015

  • HSBC hires Isaacs for ECM

    HSBC has hired Antony Isaacs to be head of UK equity capital markets and corporate broking.

    06 Jul 2015

  • Hope still alive in ECM after Greferendum – but is it justified?

    Equity capital markets were tense but calm on Monday. Screens went red after Greek voters rejected creditors’ bailout terms in Sunday’s referendum – but ECM specialists were relieved the sell-off wasn’t worse.

    06 Jul 2015

  • Corporate bond issuers seek other options in 'non-functional' market

    As Europe's corporate bond market increasingly resigns itself to a potential early close for summer, issuers are assessing other markets they can tap for funding needs.

    06 Jul 2015

  • It's only 'moral hazard' if it costs Europe

    Resolving a bank that’s about to fall over is all about forcing losses on bondholders and protecting essential functions. Sovereign resolution seems to be about the opposite.

    06 Jul 2015

  • UK ABS issuance soars, but Dutch RMBS disappoints

    Though Dutch RMBS issuance has fallen short of expectations, the UK securitization market has seen a surge in issuance this year — a 67% year on year increase — according to Rabobank.

    06 Jul 2015

  • Agency braves post Greek referendum market

    A European agency has become the first SSA borrower to bring a syndication after a referendum on bail-out conditions returned a ‘no’ vote in Greece over the weekend.

    06 Jul 2015

  • SSAs to win extra fans in MTNs

    Supranationals and agencies grow in popularity among euro private medium term note investors, as the buy-side shuns risk and moves to top rated borrowers.

    06 Jul 2015

  • Leveraged finance looks to secondary for clearing levels

    After a second quarter in which leveraged finance borrowers, in the main, felt exuberant, pricing has swung back from tight levels. The market is now trying to gauge the clearing point for new deals.

    06 Jul 2015

  • Turkey's TSKB doubles loan in its biggest ever refinancing

    Turkiye Sinai Kalkinma Bankasi, the industrial development bank, has closed a €256m-equivalent refinancing loan with banks, increasing it from the deal it signed last year.

    06 Jul 2015

  • CEEMEA stays open despite Greek vote

    Ripples from Greece’s weekend referendum reached the CEEMEA market on Monday. But a lack of recent bond issuance against crashing yearly volumes meant the immediate impact was minimal, and debt bankers are not ruling out deals this week.

    06 Jul 2015

  • Greek bank solvency questioned as ECB mulls life support

    There are fears that the dire liquidity situation at Greek banks could hasten the country’s exit from the euro.

    06 Jul 2015

  • China likely to sculpt its own green bond guidelines: HSBC

    China has been slowly but steadily sowing the seeds of a green bond market with the first deal expected this year. However, the country is unlikely to use internationally accepted guidelines - the Green Bond Principles (GBP) - instead it may seek to tailor guidelines its own domestic standards, says HSBC.

    06 Jul 2015

  • Investors shun bank MTNs for safe havens

    Banks could be in for a difficult few weeks in the euro private medium term note market, as a risk-off mentality pushes investors toward triple-A borrowers.

    06 Jul 2015

  • Leveraged loan deals take brunt of market's Greek fear

    It was not just eurozone politicians that came into this week fearing Greece’s impasse with creditors. Leveraged loan bankers were stuck between a confident buyside and stubborn issuers.

    06 Jul 2015

  • Corporate and HY bonds are doable for the desperate

    Europe’s corporate bond new issue market will have another subdued week, following Sunday’s forceful 'no' vote in Greece’s referendum on bailout terms.

    06 Jul 2015

  • Vexit tempers CDS blowout on Greece but Sen Fin goes to wides

    Traders said the decision of Greek finance minister Yanis Varoufakis to resign was a key brake on credit market panic following the country’s decision to reject European creditor proposals.

    06 Jul 2015

  • India whips out $3bn divestment mandates

    India is on the divestment trail again, with the government issuing two requests for proposals (RFPs) to offload its stakes in 10 state-owned firms, which could net about Rp190bn ($3bn) in proceeds at current share prices.

    06 Jul 2015

  • FIG bonds frozen in Greek vacuum

    Financial bonds were frozen on Monday despite a definitive 'no' vote in Greece's referendum on its European bailout terms. Neither bankers nor investors are willing to make a market moving call on how the situation will play out.

    06 Jul 2015

  • Poland picks four for next bond

    Poland has mandated four banks for a bond in euros or dollars.

    06 Jul 2015

  • Hong Kong ECM round-up: Huarong, Alibaba, Yee Hop, Carnival

    China Huarong Asset Management has filed a preliminary prospectus for a chunky $3bn Hong Kong IPO despite the weak performance of its closest comparable, China Cinda Asset Management.

    06 Jul 2015

  • Deals still on in ECM but Greece clarity needed

    Equity capital markets were tense but calm on Monday, after Greek voters rejected creditors’ bailout terms in Sunday’s referendum.

    06 Jul 2015

  • SSAs take to dollars as Greek ‘no’ vote shuts euros for summer

    SSA borrowers are set to turn to give up on euro finding for the summer after Greece rejected creditors' proposals in a referendum on Sunday. The dollar market looks to be their likely destination.

    06 Jul 2015

  • GC Blog: Supras get catty in Greece crisis

    Never let it be said that such a serious organisation as the European Stability Mechanism would take an opportunity to include some cheeky subtext in one of its press releases, but Blog couldn’t help but feel that was exactly what it was doing as the clock ticked down to the make-or-break Greek referendum on Sunday.

    06 Jul 2015

  • As euro mart stays frozen, Macquarie steps onto the ice

    Macquarie is looking to brave the market with a German RMBS this week in what would be the first RMBS or ABS deal in two weeks.

    06 Jul 2015

  • Domestic demand drives Innocean $302m IPO

    Innocean Worldwide has raised W340bn ($302m) from its South Korean IPO by pricing the deal just above the middle of guidance despite turbulent times for markets, thanks to domestic institutions signing up in droves and pushing pricing higher.

    06 Jul 2015

  • GS hires DB banker for FIG DCM

    Goldman Sachs has hired a banker from Deutsche Bank to join its FIG DCM team in London.

    06 Jul 2015

  • Sri Lanka sounds banks out for $500m loan

    The Democratic Socialist Republic of Sri Lanka is eyeing the syndicated loan market having started sounding banks out over a possible $500m trade.

    06 Jul 2015

  • Greek fallout divides Asian bonds, RMB resurfaces with caution

    There was renewed bemusement on bond desks in Asia on Monday after Greeks voted against bailout measures over the weekend. There were no new dollar mandates as secondary prices widened but offshore renminbi bond issuers are testing the market.

    06 Jul 2015

  • CR Pharma nets $281m from seven banks

    China Resources Pharmaceutical Group (CR Pharma) it raised $281m from a three year bullet loan having attracted commitments from a total of seven banks.

    06 Jul 2015

  • Respite from China’s A-share rescue seen short-lived

    China took more drastic measures over the weekend to restore calm in its roiling stock market, including setting up a stabilisation fund and curbing new IPOs. Shares jumped as much as 8% on the news but ECM bankers say it does not go far enough to put a floor under the sell-off.

    06 Jul 2015

  • Manulife S$569m SGX Reit crumbles on volatility

    Manulife US Real Estate Investment Trust (Reit) has snatched away hopes of Singapore seeing its first sizeable IPO this year, scrapping plans for a S$569m ($426m) listing amid turbulence in global markets.

    06 Jul 2015

  • 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, MS follows with second

    Deutsche Bank is setting the benchmark for what it means to be a regular in the Formosa bond market, making its fourth 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 buoy 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
  • 27 Jul 2015
1 JPMorgan 226,649.48 872 8.89%
2 Citi 194,151.45 730 7.61%
3 Bank of America Merrill Lynch 192,861.64 689 7.56%
4 Barclays 184,157.59 602 7.22%
5 Deutsche Bank 155,176.64 654 6.09%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Jul 2015
1 HSBC 27,727.61 100 7.69%
2 JPMorgan 21,982.84 50 6.10%
3 BNP Paribas 21,419.13 130 5.94%
4 Deutsche Bank 21,038.50 96 5.83%
5 Credit Agricole CIB 17,624.18 80 4.89%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Jul 2015
1 UBS 17,011.43 60 9.97%
2 Goldman Sachs 16,393.06 54 9.61%
3 Bank of America Merrill Lynch 14,330.10 59 8.40%
4 JPMorgan 14,207.16 73 8.33%
5 Morgan Stanley 12,306.41 60 7.21%