News Archive

  • Telenet draws on loans for Base purchase

    Belgian telecommunications company Telenet, which is owned by Liberty Global, has drawn on €1.2bn of loans to fund the €1.325m acquisition of Belgian mobile operator BASE.

    12 Feb 2016

  • Friday feast as three corporate bond issuers hit market as stocks rally

    As European equities rebounded on Friday from dismal trading on Thursday, there was a glimpse of the pent-up demand to issue corporate bonds, as three issuers launched deals, led by United Technologies Corp.

    12 Feb 2016

  • Bad week? Not for Tritax Reit, as capital raise grows to £200m

    Tritax Big Box Reit, a UK logistics real estate investment trust, closed a £200m follow-on capital raising on Friday morning, having increased the deal from a £100m-£150m range.

    12 Feb 2016

  • Funding scorecard: European supranationals

    This week we take a look at European supranationals and their targets for 2016

    12 Feb 2016

  • Saipem shares tumble after €3.5bn rights issue leaves €427m hanging

    Saipem, the Italian oil and gas engineering group, announced late on Thursday evening an 87.8% take-up for its €3.5bn rights issue, leaving the underwriters potentially on the hook for up to €427m. In a concerning sign, the shares were suspended on Friday after falling 11%, though they have recovered to 6% down.

    12 Feb 2016

  • Asia IPO round-up: Hutchison, Tianjin Bank, GoAir

    Chinese pharmaceutical company Hutchison China MediTech (Chi-Med) has picked a quartet of co-managers for a $100m listing on the Nasdaq.

    12 Feb 2016

  • TLAC arrives in Asia with MUFG to deliver first bond

    Mitsubishi UFJ Financial Group is set to break new ground in Asia with an inaugural offering of bonds that meet total loss-absorbing capacity (TLAC) requirements.

    12 Feb 2016

  • Baring Asia seeks $400m for Interplex acquisition

    A group of banks is firming up a $400m loan to back Baring Private Equity Asia’s bid for precision mechanical parts maker Interplex Holdings.

    12 Feb 2016

  • BSE picks Edelweiss as lead on IPO

    The Bombay Stock Exchange (BSE) has tapped Edelweiss Financial Services as the lead underwriter for its IPO in India that could raise as much as $200m at the end of the year.

    12 Feb 2016

  • KRX lays timeline for IPO in 2016 strategy

    The Korea Exchange has published a business plan outlining what it hopes to achieve this year, including preparing for its own IPO.

    12 Feb 2016

  • Malaysia's EPF goes clubbing for £140m

    Two lenders are financing a club loan of close to £140m ($202.8m) for a subsidiary of the Employees Provident Fund of Malaysia.

    12 Feb 2016

  • RMB round-up: February 12, 2016

    Happy Year of the Monkey from GlobalRMB. In this round-up, the Singapore Exchange and the Moscow Exchange see sustained activity in RMB spot and derivatives contracts in January 2016, KraneShares plans a new RQFII China bond exchange traded fund (ETF), and the UK appoints a vice-president for the Asian Infrastructure Investment Bank.

    12 Feb 2016

  • BNPP’s Gérardin: we are better placed than our competitors

    BNP Paribas’s corporate and institutional bank shone in 2015, with revenues up 13.2% compared with the previous year. And while some have criticised the bank for letting its strategy rely too much on competitor retrenchment, BNPP's head of CIB Yann Gérardin said it was already well into its strategic transformation.

    11 Feb 2016

  • Corporate bonds: gimme shelter

    It’s been an uncomfortable week for almost everyone in financial markets. But while the pressure on equities, commodities and bank credit is beginning to smack of panic, one asset class still has a ready investor base.

    11 Feb 2016

  • Commission firms up Mifid delay

    The European Commission made the planned delay to the Markets in Financial Instruments Directive rules official on Wednesday, formally proposing an extra year before the rules need to come into force. The market had expected a delay, as regulators and market participants alike were set to miss the deadline to build and test technical systems.

    11 Feb 2016

  • Bank securities thrashed in crisis déjà vu

    It was hard to tell which was more worrying this week: the see-saw action in bank stocks, or the one-way tumble in additional tier one bonds. The only conclusion bankers and investors could offer is that, whether or not the industry is on the cusp of another meltdown, the issues of capital and funding are paramount once again. Graham Bippart and Tyler Davies report.

    11 Feb 2016

  • New York MTA turns signals green for bond debut

    New York state's Metropolitan Transportation Authority (MTA) is planning its first ever green bond in a deal that could be the first of many from the rail infrastructure sector.

    11 Feb 2016

  • SSAs print euro deals through storm but Bund yield falls cause worry

    Supranational and agency borrowers showed their steel once again this week, printing a series of euro deals in the face of strong volatility.

    11 Feb 2016

  • Investors given third bite of the cherry in Lloyds’ ECN battle

    The UK Supreme Court extended investors’ legal battle with Lloyds this week, saying it will review an earlier ruling by the Court of Appeal that gave the UK bank the right to redeem a series of high coupon enhanced capital notes (ECNs) at par.

    11 Feb 2016

  • New rules and thin profits force CMBS lenders to change tack

    Several non-bank CMBS lenders are looking to change their approach to new loan origination this year in the face of onerous regulation and thinning profits, with some planning to cut back on loans bound for securitization and bulk up in on-balance sheet floating rate debt.

    11 Feb 2016

  • Nykredit to float… in one to two years

    Nykredit came one step closer to a listing on the Copenhagen Stock Exchange on Wednesday, as its committee of representatives approved the prospective listing. But investors will have to wait 12-24 months for the deal to hit their screens.

    11 Feb 2016

  • Norrey see his like again: Carl to retire

    Public sector borrowers and bankers alike applauded Carl Norrey’s contribution to the SSA business after hearing this week of his upcoming retirement. Some also expressed concern about the impact the loss of such a high profile figure could have on the market.

    11 Feb 2016

  • Mood split on health of short term markets

    The short-term money market was a rare oasis of calm this week but commercial paper dealers differed on the extent to which that can be regarded as a healthy sign.

    11 Feb 2016

  • Pacifico 3 stays on sidelines as LatAm credits join global sell-off

    Dollar bonds from Latin America remained elusive this week as global market turmoil kept borrowers on the sidelines.

    11 Feb 2016

  • ACSM: the forgotten fix for AT1?

    In early hybrid capital instruments, deferred coupons could be settled by proceeds from the sale of ordinary shares, in a process known as an alternative coupon satisfaction mechanism (ACSM).

    11 Feb 2016

  • People Moves in Brief

    Barclays reshuffles DCM team - Wells hires in European syndicate - Nomura names credit trading head

    11 Feb 2016

  • Argentina bond market return inches closer

    Argentina may be able to access international capital markets even if US creditors continue to reject restructuring proposals, said analysts this week.

    11 Feb 2016

  • Dollar issuance to resume after rough week

    Public sector bond issuance is expected to pick up next week after the end of the Chinese New Year holidays if the severe turbulence in the equities and credit market dies down.

    11 Feb 2016

  • SIF Group withdraws IPO on market volatility

    SIF Group postponed its €125m all-secondary Amsterdam IPO on Thursday even after trying for a smaller deal size ahead of books closing. It blamed deteriorated and volatile capital markets.

    11 Feb 2016

  • RBC hires oil and gas banker

    RBC has hired Martin Copeland as head of oil and gas in London.

    11 Feb 2016

  • Staley brings in JPM's Compton as COO

    Jes Staley, the new chief executive of Barclays, has brought JP Morgan's Paul Compton over to the firm as chief operating officer.

    11 Feb 2016

  • Russia expected in dollars and RMB, but sanctions worry raised

    Currency and tenor have been left open in the RFP for Russia’s first sovereign bond since 2013. Recommendations to print in dollars are expected to dominate and some have said that a renminbi tranche is a possibility. But the RFP has aroused suspicion that it could be a ruse to raise funding for sanctioned entities.

    11 Feb 2016

  • UBS steers first Swissie senior holdco through storm

    UBS priced its first Swiss franc-denominated senior bond issued out of the holding company on Monday.

    11 Feb 2016

  • Falling knife chops dollar market as issuance falls to 2008 levels

    Dollar issuance slumped to its lowest level since the Lehman Brothers crisis this week as investors stayed on the sidelines amid continuing volatility.

    11 Feb 2016

  • IG European corporate bond market tries to steady ship in choppy waters

    European corporate bond bankers were proven right this week in their thesis that A-rated and seasoned issuers could access primary markets with success but volatility has made building momentum a painful task.

    11 Feb 2016

  • IPO comfort as deals trade up despite sell-off

    European stockmarkets resumed their now familiar tumult this week, but equity capital market bankers took solace in the sturdy aftermarket performance of the IPOs still getting done. If this trend continues, investors may see value in buying new stock, despite the extreme volatility, and thereby keep the new issue market open.

    11 Feb 2016

  • MTN Leak: Six Nations gloom

    Developments over the weekend have cast a pall over bankers’ moods.

    11 Feb 2016

  • Financials under heavy scrutiny as Europe suffers dislocation

    European credit and equity markets suffered a sustained battering this week with financial borrowers facing ever greater scrutiny in the wake of poor results and concerns about their ability to meet coupon payments.

    11 Feb 2016

  • More UK RMBS swells pipeline

    Two UK RMBS deals have joined the European ABS pipeline, with Nationwide mandating leads for a new deal from its Silverstone master trust, and Kensington Mortgage Company announcing a £790.5m securitization of UK mortgages purchased from GE Money.

    11 Feb 2016

  • Morgan Stanley latest in flurry of RMBS settlements

    Morgan Stanley has joined a growing list of US and international banks that have recently settled with the US government to end investigations into its mortgage sales and trading practices leading up to the financial crisis.

    11 Feb 2016

  • Portugal in the danger zone amid spiralling bond yields

    Portugal is all but locked out of the capital markets after its yields shot up this week to reach their highest levels since the country exited its bail-out programme in May 2014. Ben Jaglom reports.

    11 Feb 2016

  • Loans, news in brief — February 11, 2016

    Sharjah Islamic Bank — Royal Jordanian Airlines — Ardmore — Telenet

    11 Feb 2016

  • African multilaterals to follow AFC to loans

    As Africa Finance Corporation launches a $150m loan, other African development finance institutions are lining up to follow, according to bankers.

    11 Feb 2016

  • Sonangol signs $1bn after lengthy syndication

    Sociedade Nacional De Combustíveis De Angola (Sonangol) has completed a lengthy loan syndication for a $1bn five year loan, with Chinese banks taking big tickets, according to a banker on the deal.

    11 Feb 2016

  • Loans ahoy for Standard Bank in South Africa, Kenya

    Standard Bank is in the market for two loans, a $750m deal for Standard Bank of South Africa and a deal for its Kenyan subsidiary, Stanbic Kenya, according to bankers.

    11 Feb 2016

  • STS impact on Spanish ABS would be limited, say conference goers

    The simple, transparent and standardised securitization framework will likely have a limited impact on the Spanish ABS market, but greater focus on capital relief could yield results, said panellists at AFME’s Spanish Funding Conference, held in Madrid on Thursday.

    11 Feb 2016

  • Battered high yield market in need of a LeasePlan ‘B’

    Europe’s high yield bond market suffered a severe disappointment on Thursday evening when LeasePlan Corp, the Dutch car finance bank, was forced to pull a €1.55bn bond. Market participants were hoping the offer would show the market was functioning properly, writes Victor Jimenez.

    11 Feb 2016

  • Not a Second Coming of the banking crisis…

    The best lack all conviction, while the worst are full of passionate intensity.

    11 Feb 2016

  • Sovereigns dodge credit market barrage

    European credit markets, led by the banking sector, have seen risk escalate over the past several weeks with the Markit iTraxx Europe Main index seeing its spread widen to the highs of June 2013. One bright spot however, has been the region’s sovereign credit, which has largely steered clear of the contagion that developed in the corporate market.

    11 Feb 2016

  • European lev loans blast past ‘broken’ US market

    Despite the flimsy state of Europe's high yield market, its sister leveraged loan business remains vibrant, and this year is the most open of the four main leveraged finance markets: bonds and loans in dollars and euros, writes Max Bower.

    11 Feb 2016

  • Fitch moves BP to stable outlook

    Fitch has changed the outlook for its issuer default rating on BP from positive to stable in expectation that the oil and gas producer’s financial leverage will increase this year.

    11 Feb 2016

  • Busy secondary market holds back CLO primary issuance

    The dearth of primary market CLO issuance so far in 2016 is being driven partly by a wave of activity in the secondary market, said investors this week.

    11 Feb 2016

  • Italy’s yields rise at auction but Ireland steady

    A rise in eurozone periphery sovereign yields this week took its toll on Italy’s borrowing costs at an auction on Thursday, but Ireland showcased its semi-core status as its costs fell at a bond sale.

    11 Feb 2016

  • Catena Media shoots up on start of trading

    Catena Media floated on Nasdaq First North Premier on Thursday, after completing an initial public offering that valued the firm at Skr1.698bn ($200m). By 3pm, its share price was up 15.5%.

    11 Feb 2016

  • US public sector borrower to make green debut

    New York state's Metropolitan Transportation Authority (MTA) announced its first ever green bond this week while the German state of North Rhine-Westphalia (Land NRW) mandated banks for its second.

    11 Feb 2016

  • Vasan returns to UBS for EMEA debt head role, Cree to co-head combined SSA team at DB

    UBS’s new global head of debt capital markets has made his first senior hire, naming Vinod Vasan, former co-head of debt origination at Deutsche, co-head of debt capital markets and client solutions coverage EMEA. Vasan’s former co-head at Deutsche, Nigel Cree, has also changed roles and will be running an integrated SSA business for the German bank.

    11 Feb 2016

  • Fragmentation still the key concern on STS

    Market participants remain split on the likely effectiveness of the European Commission’s simple, transparent and standardised (STS) securitization proposals, with the potential for fragmented interpretation still seen as a key potential stumbling block for the plan.

    11 Feb 2016

  • Shell scraps £10bn bridge facility for BG deal

    Royal Dutch Shell has cancelled its £10.07bn ($14.56bn) bridge loan, instead opting to pay for the cash element of its $82bn acquisition of BG Group with cash on balance sheet.

    11 Feb 2016

  • KfW appoints head of new issues

    KfW has made an internal promotion to replace its former head of new issues Petra Wehlert, who became head of capital markets at the German agency on February 1.

    11 Feb 2016

  • Goldman Sachs EUR1.25bn FRN Dec 17

    11 Feb 2016

  • Banks prepare for US onslaught as regulators ink deal

    Financial market regulators finally have something to cheer about, after a host of recent setbacks, as Europe and the US this week took a big step towards aligning their treatment of central counterparties (CCPs). But the move could also heighten competition for clearing banks in Europe.

    11 Feb 2016

  • Rentenbank alone in difficult dollar mart

    Rentenbank was the sole issuer to test the dollar market this week, printing a $750m floating rate note.

    11 Feb 2016

  • Barclays reshuffles DCM top deck

    Barclays has promoted Jim Glascott, global head of debt capital markets, to chairman of global finance and risk solutions Americas. Following the appointment, Mark Lewellen, EMEA DCM head, will have a bigger, global job.

    11 Feb 2016

  • Kion’s €450m bond call with loans ‘a no brainer’

    Germany’s Kion Group, the largest European forklift truck manufacturer, is redeeming its €450m of secured notes at their first call date next week with proceeds from a new, cheaper loan facility.

    11 Feb 2016

  • EIG urges Pacific bondholders to take cut price offer

    Energy investor EIG has extended the deadline for its tender offer on the outstanding senior notes of troubled Colombian-Canadian oil firm Pacific Exploration & Production after receiving a lacklustre response from bondholders.

    11 Feb 2016

  • Action prices dividend recap at impressive margin

    Action, the Benelux non-food discount retailer, has allocated its €1.2bn dividend recap and refinancing facilities at an impressive margin in volatile market conditions.

    11 Feb 2016

  • Nomura names flow credit head for EMEA

    Nomura has hired James Milligan from HSBC as head of flow credit in global markets for EMEA.

    11 Feb 2016

  • Fears brew as sub debt sinks again

    Fears about additional tier one (AT1) bonds deepened on Thursday, as the asset class gave up Wednesday’s gains and resumed its steady march downward.

    11 Feb 2016

  • Capital markets holds firm for Natixis

    Natixis defied the grim tone of the markets in the fourth quarter of 2015 as its capital markets business reported an increase in revenues. The bank argues its results vindicate its progress towards an asset-light model, as the investment solutions business bumped up revenues.

    11 Feb 2016

  • CEEMEA names tipped for rapid return once volatility subsides

    Hopes of primary issuance from CEEMEA receded again on Thursday as regional borrowers were caught up in the global market turmoil.

    11 Feb 2016

  • Market pukes despite SG’s profit increase

    Société Générale’s fourth quarter profits, released on Thursday, were up 19.5% on the year to €686m. But the profit bump could not overcome the market’s thirst for bank blood and its shares plummeted 13% on the open.

    11 Feb 2016

  • BlueBay AM brings in high yield reinforcements from JP Morgan, BNPP

    RBC’s BlueBay Asset Management on Thursday appointed a new portfolio manager and a new senior credit analyst to its European high yield team in London.

    11 Feb 2016

  • Credit Suisse slows corporate finance growth as volatility hits banks

    The Swiss bank is dialling down its expansion plans for its corporate finance division but remains committed to the business, writes David Rothnie

    11 Feb 2016

  • Lender selling down Tata Comms $250m loan

    One of the four lenders on Tata Communications’ latest $250m club loan is selling down some of its hold, launching the trade into syndication at four levels.

    11 Feb 2016

  • HK publishes guide to simplify IPO documents

    The Hong Kong Stock Exchange has published a guide to help potential issuers produce clear listing documents, as it fears investors are drowning in a sea of jargon.

    11 Feb 2016

  • Korea's Netmarble seeks W2tr with 2016 listing

    South Korean game developer Netmarble Games is looking to raise as much as W2tr ($1.7bn) from an IPO and has given banks until February 18 to respond to a request for proposals.

    11 Feb 2016

  • Abengoa requests yet another €700m loan

    Spanish renewable energy company Abengoa has asked lenders to sign a new credit facility as its March 28 deadline to avoid bankruptcy looms ever closer, but an accord appears elusive.

    11 Feb 2016

  • India Exim mulls Panda bond in H1 2016

    Export-Import Bank of India (India Exim) is considering selling a renminbi-denominated bond in China’s domestic market in the first half of the year.

    11 Feb 2016

  • Clifford Modern Living files for HK listing

    Clifford Modern Living Holdings, which provides property management services in China, has filed to list in Hong Kong via sole sponsor Guotai Junan Capital.

    11 Feb 2016

  • SAIC-GMAC brings China’s first revolving auto ABS

    The China auto ABS market is having a busy start this year with SAIC-GMAC Automotive Finance poised to follow in the footsteps of Beijing Hyundai and Volkswagen to become the third issuer in 2016. But the originator is creating a first for Chinese auto ABS with a revolving structure.

    11 Feb 2016

  • Shinhan eyes tier two of up to $500m

    South Korea’s Shinhan Bank plans to beef up its tier two capital buffer by as much as $500m in the first half of the year.

    11 Feb 2016

  • HPCL set to launch $465m loan into general

    Indian refiner Hindustan Petroleum Corp (HPCL), which in December picked five banks to supply a $465m 21 month refinancing, is set to open the transaction to retail lenders next week.

    11 Feb 2016

  • EU and US strike long-awaited accord on central counterparty equivalence

    Europe and the US have taken a big step towards cohesion on their treatment of central clearing counterparties (CCPs), with the European Commission and the Commodity Futures Trading Commission unveiling a common approach towards equivalence between the two CCP regimes.

    11 Feb 2016

  • CBOE anoints VIX watchdogs after August 2015 fallout

    CBOE Holdings said this week that the administration of the CBOE Volatility Index (VIX), its widely followed benchmark of short term options implied volatility, is now aligned to the Principles for Financial Benchmarks established by the International Organization of Securities Commissions (IOSCO).

    11 Feb 2016

  • Ranger Capital reopens direct lending fund

    Dallas-based Ranger Capital has reopened its Ranger Specialty Income Fund (RSIF) to new investors after a year-long pause in fundraising.

    10 Feb 2016

  • Soitec readies two-stage cap increase to buy back CB

    Soitec is seeking to raise €130m-€180m through two successive capital increases, it said on Wednesday.

    10 Feb 2016

  • Fannie Mae prices first CAS deal of 2016

    Fannie Mae has priced CAS 2016-C01, the government sponsored enterprises’ first credit risk transfer deal of 2016.

    10 Feb 2016

  • Scandi Tobacco does first Copenhagen IPO of 2016

    Scandinavian Tobacco, the cigar and pipe tobacco maker, rose 2% when it made its stock market debut on Wednesday, before returning to the level at which its IPO was priced.

    10 Feb 2016

  • BlackRock debuts its Euro CLO on second try

    BlackRock has sold its debut European CLO, after starting marketing for the transaction late last year, but holding off launching it because of tough market conditions.

    10 Feb 2016

  • Ex-RBS syndicate banker joins Wells

    A syndicate banker who left RBS in October last year started at Wells Fargo this week.

    10 Feb 2016

  • Vasan heads back to UBS

    Vinod Vasan, who resigned from Deutsche Bank on Wednesday morning, will be returning to UBS.

    10 Feb 2016

  • High yield veers to bigger deals, but no breakthrough

    Most deals in the European high yield market this year have been smaller than €300m, in stark contrast with how strongly the market opened in 2015 — but this week’s rash of bigger deals has yet to generate much optimism.

    10 Feb 2016

  • Bpifrance prints €500m as market panic calms

    Bpifrance Financement sold a five year €500m bond on Wednesday as a moderate rise in Bund yields suggested calm after a turbulent open to the week.

    10 Feb 2016

  • More insurance buyers to turn to CLOs

    More insurance companies may soon turn their attention to the CLO market, according to one of the world’s largest insurance company asset managers.

    10 Feb 2016

  • B&B Hotels hit with wide pricing by market volatility

    B&B Hotels, France’s third largest budget hotels group, closed the book for its €339m seven year term loan ‘B’ at a wide price this week, as the European leveraged loan market works through the last of the deals underwritten in 2015.

    10 Feb 2016

  • CA Immobilien gets €150m retail bond

    Austrian property developer CA Immobilien was the only European company to issue a corporate bond on Wednesday, as European bourses rebounded after sell-offs, but the deal gave few clues about the wider market.

    10 Feb 2016

  • Oil tanker group Ardmore completes refinancing round

    Ardmore, the operator of mid-size chemical and petroleum tanker ships, has finished a round of refinancing initiated in January.

    10 Feb 2016

  • Ex-Barclays boss heads to fintech startup

    Rich Ricci, the former chief executive of Barclays investment bank, has joined freemarketFX, a startup FX business, as chairman.

    10 Feb 2016

  • Only two come in euros for SSAs as New Year and Yellen cause pause

    Issuance slowed in the sovereign, supranational and agency bond market this week thanks to Chinese New Year and the anticipation of US Federal Reserve chairperson, Janet Yellen's testimony to US Congress.

    10 Feb 2016

  • Sharp AT1 turnaround as issuance returns to FIG

    Additional tier one paper rebounded sharply on Wednesday as fears about the risk of coupon deferral subsided and investors— and Goldman Sachs — decided to test the senior market with a short dated issue.

    10 Feb 2016

  • Turkish new issues stay afloat in choppy market

    The recent new issues from Turk Eximbank and Kuveyt Turk are both trading well, leading to hopes that further bonds from the country may follow.

    10 Feb 2016

  • Royal Jordanian Airlines lands dual loan facility

    Royal Jordanian Airlines has signed a $275m five year dual tranche loan facility with a syndicate of seven banks.

    10 Feb 2016

  • Deutsche's head of FIG origination quits as bank restructures SSAs and syndicate

    Deutsche Bank's global head of FIG origination has left the bank to head to another firm.

    10 Feb 2016

  • Multi-notch downgrades hit Brazil’s Andrade Gutierrez and Gol

    Two more Brazilian companies suffered multi-notch downgrades on Tuesday as the country’s macroeconomic woes continued to take a heavy toll on the corporate sector.

    10 Feb 2016

  • Russia hogs focus with RFP, Sonangol grabs $1bn loan

    Russia has the market’s attention this week, releasing an RFP for a bond of “up to $3bn”. The deal would be the country’s first since 2013.

    10 Feb 2016

  • EasyJet EUR500m 1.75% Feb 2023

    10 Feb 2016

  • Fitch reaffirms World Bank at AAA

    Fitch has confirmed the World Bank's credit rating at AAA, citing its ‘excellent asset quality’ and good liquidity.

    10 Feb 2016

  • Corporate bonds wait for windows, levfin chugs on

    Just when it seemed like Europe’s investment grade corporate bond new issue market was regaining momentum, last week’s slow but steady pick-up in deal flow was scuppered by Monday afternoon.

    10 Feb 2016

  • New stocks outperform markets as they start trading

    European stockmarkets may be in turmoil, but businesses are still having their IPOs covered, and in some cases even trading up on their first days in secondary.

    10 Feb 2016

  • AT1s dictate as FIG market flutters

    An unprecedented sell-off of additional tier one paper led to turmoil across credit and equity markets this week, but a sharp pricing rebound left the FIG market looking much different on Wednesday.

    10 Feb 2016

  • GlobalCapital Loans Awards: The winners announced

    On Tuesday night the loan market gathered in all its finery to hear the winners of the 13th Syndicated Loan, Leveraged Finance and Private Placement Awards at the Guildhall, in London. The results are below.

    10 Feb 2016

  • Avant brings largest yet offering to market

    Chicago-based online subprime consumer lender Avant is marketing a $300m ABS transaction, the platform's largest offering to date and its first rated deal, an Avant spokesperson tells GlobalCapital.

    09 Feb 2016

  • Ditch-A-Bank

    The sell-off in European banks is terrifying and baffling, all at the same time. GlobalCapital would be first to admit there are still issues — poor growth, weak balance sheets, non-performing loans, defered tax assets, complex forms of untested capital cooked up in regulatory labs – but the continent’s biggest banks aren’t going anywhere. For one thing, they are still too big to fail.

    09 Feb 2016

  • Solid fundamentals seen in European CLOs despite price volatility

    Mezzanine spreads have widened in European CLOs by 100bp-200bp in a matter of weeks, with further volatility expected, but one investor said on Tuesday there was no need to panic.

    09 Feb 2016

  • Ascential prices IPO, trades flat on first day

    Ascential priced its initial public offering on Tuesday, for a deal size of £279.9m. After a rocky first day on the London Stock Exchange, the information and events business finished the day with its shares trading at the exact level at which they had been priced.

    09 Feb 2016

  • Countryside counts on long-only support for IPO

    Countryside Properties has received enough demand from investors to complete its IPO. The UK house and flat developer is counting on strong interest from UK long-only funds to weather difficult market conditions.

    09 Feb 2016

  • CIB brightens sombre tone at UniCredit

    UniCredit released its fourth quarter results on Tuesday, but these did little to reassure stakeholders, who have already seen the bank’s share price fall this year to its lowest level since 2012. However, while the bank as a whole took a hit, its corporate and investment banking division (CIB) grew year on year.

    09 Feb 2016

  • Omantel to withdraw $130m sukuk

    Oman Telecoms (Omantel) is withdrawing a $130m dual currency sukuk it issued on January 27, two sources have told GlobalCapital.

    09 Feb 2016

  • Rapid US home price growth stokes bubble fears

    Home prices in markets across the US are growing at a rate that that is outpacing underlying market fundamentals, according to Fitch Ratings.

    09 Feb 2016

  • Obama to double SEC and CFTC budgets with bank fees

    US president Barack Obama is asking Congress to double funding, over the next five years, for Wall Street watchdogs through appropriations and user fees as he seeks to impose new liability linked fees on financial firms.

    09 Feb 2016

  • ASML adds to the pipeline after three year absence

    ASML Holding, the Dutch manufacturer of lithography machines for computer chip production, has hired four banks to arrange a roadshow for its first bond in three years.

    09 Feb 2016

  • Corporate bonds retreat as investors lie in wait

    After the chaotic conditions of Monday, European investment grade corporate bond issuance took a step back from the turbulence emanating from other markets.

    09 Feb 2016

  • Why Europe needs to find more misselling

    Europe’s banks, with a few notable exceptions, have yet to be hit hard with claims of unethical dealing. But that is likely to change. Thanks to a quirk of the European regulatory system, supervisors need to find some misselling before it is too late.

    09 Feb 2016

  • UBS prices first Swissie senior holdco bond

    UBS has priced its first Swiss franc-denominated senior bond issued out of the holding company on Monday.

    09 Feb 2016

  • Sharjah Islamic Bank readies murabaha loan

    Sharjah Islamic Bank is close to launching a $200m murabaha loan, according to bankers.

    09 Feb 2016

  • BNPP should tip its strategy hand

    BNP Paribas has impressive targets for cutting costs and increasing capital, after outshining some of its major competitors by posting a full year profit. But it needs to tell a compelling story about how it plans to hit them.

    09 Feb 2016

  • Shire $18bn loan oversubscribed in syndication

    Pharmaceuticals firm Shire completed the syndication of an $18bn acquisition loan on Friday and will use proceeds to buy rare disease specialist Baxalta.

    09 Feb 2016

  • Politics muffle periphery high yield market

    High yield bond offerings from companies in southern Europe are expected to remain below €10bn this year, according to Moody's, as uncertainty over reform policies in Spain and Italy hangs over the market.

    09 Feb 2016

  • Supreme Court extends Lloyds ECN battle

    The UK Supreme Court will review an earlier ruling by the Court of Appeal that gave Lloyds Bank the right to redeem a series of high coupon Enhanced Capital Notes at par.

    09 Feb 2016

  • Debt rejection no bar to Argentina’s capital markets return, say analysts

    Argentina may be able to access international capital markets even if US creditors continue to reject restructuring proposals, according to strategists at Barclays.

    09 Feb 2016

  • Portugal yields move out of step with periphery on government fears

    Portugal’s 10 year yields have risen while fellow eurozone periphery sovereigns Italy and Spain have staged a moderate rally, with bankers noting that investor fears are focused on Portugal’s political outlook.

    09 Feb 2016

  • African multilaterals to follow AFC to loans

    As Africa Finance Corporation launches a $150m loan, other African development finance institutions are lining up to follow, according to bankers.

    09 Feb 2016

  • Relationship banks show Sanoma faith on return

    Sanoma, the Finland headquartered media and publishing company, has retained support from its relationship banks in a €500m refinancing deal. But two banks did not return, as the group sought to slim down its syndicate.

    09 Feb 2016

  • AT1s hit unprecedented lows as Deutsche seeks to allay fears

    An investor reappraisal of additional tier one paper left the asset class trading at unprecedented lows on Monday, forcing Deutsche Bank to reassure the market of its ability to pay its coupons.

    09 Feb 2016

  • Keurig deal leaves questions on price points

    Keurig Green Mountain, the US speciality coffee and coffee machine firm, increased the euro term loan ‘B’ tranche of the $6.4bn debt package backing its acquisition by JAB Holding, the German investment group.

    09 Feb 2016

  • Puma Energy plans more private placements to fuel EM expansion

    Puma Energy, the emerging markets-focused oil products storage and distribution firm, on Tuesday announced plans to raise more money with private placements to expand its activities in Africa, Asia and Latin America.

    09 Feb 2016

  • Lead orders and yield get Kuveyt Turk done

    Kuveyt Turk, an Islamic Turkish bank, survived a rough market on Monday to print a $350m Basel III compliant tier two sukuk. Even the leads were surprised by how well the deal went, although their own orders and the high yield on offer helped.

    09 Feb 2016

  • SSA chief to retire

    One of the sovereign, supranational and agency bond market's best known bankers is set to retire, after almost 30 years in the finance industry.

    09 Feb 2016

  • Signals turn green for transportation ABS

    The normally quiet transportation ABS space is on track for an active February, with two trades hitting the market and deal watchers saying they are bullish on the performance of transportation bonds despite liquidity concerns.

    08 Feb 2016

  • 'Double or quits' for traders as credit market pain ratchets up

    Tumultuous trading on Monday took credit spreads to some of their widest since 2013, in what was variously described as ‘great entry levels’ for new trades or a ratcheting up of pain for those already nursing bruises from last week’s debacle.

    08 Feb 2016

  • Derivatives markets price greater Brexit risk

    Derivatives market prices reflect growing uncertainty over the UK's forthcoming referendum on European Union membership, analysts said this week, even though the vote will not be held before June at the earliest and the Brexit campaign is widely expected to fail.

    08 Feb 2016

  • Vote now: GlobalCapital US Securitization Awards

    GlobalCapital is calling for nominations for its US Securitization Awards, to be announced at a gala dinner in New York in May.

    08 Feb 2016

  • Markit touts first tradable EM interest rate swap index

    Markit is preparing to launch what it said will be the first tradable emerging markets interest rate swap index.

    08 Feb 2016

  • Scandi Tobacco IPO a 'safe haven' from market turmoil

    Cigar and pipe tobacco maker Scandinavian Tobacco has narrowed the price range for its IPO, and is oversubscribed throughout the range. According to a banker on the deal, investors are flocking to a stock they can trust, as European indices fall sharply.

    08 Feb 2016

  • BMW defies vicious volatility to print

    After hiding in the shadows of private placement markets in January, BMW rose above the parapet with a dual tranche public bond on Monday, only to be hit by another sharp global sell-off. Yet the deal still got done, at a good size and with tight new issue premiums.

    08 Feb 2016

  • Ascential narrows range again before IPO book close

    Ascential, the information and events business formerly known as Top Right Group and Emap, narrowed the price range for its IPO before closing the book on Monday.

    08 Feb 2016

  • Widening periphery spreads may deter issuers

    The widening spreads between core and periphery eurozone government bonds may lead some issuers to hold back from bringing deals, say bankers.

    08 Feb 2016

  • Talk of negative rates saps CLO confidence

    A struggling global economy and a sluggish US recovery has raised the spectre of negative US interest rates, giving CLO investors another item to add to a growing list of concerns in 2016.

    08 Feb 2016

  • UK ABS paper set to launch

    Skipton Building Society priced a £450m UK prime RMBS deal on Monday, and a new UK auto ABS deal is set to be priced tomorrow in a "selectively buoyant" European ABS market.

    08 Feb 2016

  • Solera seeks $2bn buyout bond with euro tranche

    Solera Holdings, the US car insurance software maker, will start on Wednesday meetings with European investors for a $2bn-equivalent bond in dollars and euros to fund its acquisition by Vista Equity Partners.

    08 Feb 2016

  • High yield still hopes for deals, despite dreary conditions

    Bankers still hope to bring high yield bond issues to market this week in Europe, even though market conditions are highly volatile.

    08 Feb 2016

  • Sonangol signs $1bn after lengthy syndication

    Sociedade Nacional De Combustiveis De Angola (Sonangol) has completed a lengthy loan syndication for a $1bn five year loan, with Chinese banks taking big tickets, according to a banker on the deal.

    08 Feb 2016

  • Ireland to auction €1bn 2026s

    Ireland is to auction €1bn of May 2026 bonds on Thursday in the wake of an upgrade of the sovereign's credit rating by Fitch.

    08 Feb 2016

  • Loans ahoy for Standard Bank in South Africa, Kenya

    Standard Bank is in the market for two loans, a $750m deal for Standard Bank of South Africa and a deal for its Kenyan subsidiary, Stanbic Kenya, according to bankers.

    08 Feb 2016

  • Kuveyt Turk guides for tier two

    Kuveyt Turk has released initial price thoughts for the third Basel III compliant tier two bond to come out of Turkey.

    08 Feb 2016

  • Russia releases RFP, 'most' banks expected to pitch

    Russia released a request for proposals late last week for its first Eurobond since 2013. Of the 23 banks that that received the RFP, “most” are expected to pitch for the bond, said bankers in London.

    08 Feb 2016

  • Solera holds meetings ahead of acquisition

    Solera, the US insurance claims processor, held bank meetings on Tuesday in New York and Wednesday in London for a $1.9bn term loan ‘B’, backing its $6.5bn acquisition by Vista Equity Partners.

    08 Feb 2016

  • HSBC relocation could force bond sell-off

    Market participants say a decision to move out of the UK could have a negative impact on HSBC’s bonds, with the bank poised to determine the future location of its headquarters within days.

    08 Feb 2016

  • BNP Paribas reveals investment banking plans as revenues grow

    BNP Paribas enjoyed a 13.2% rise in corporate and institutional banking (CIB) revenues in 2015 over 2014 — and is outlining plans to gain more market share at the expense of some of its “retreating European peers”.

    08 Feb 2016

  • Brazil’s Gerdau loses first investment grade rating

    The pain continued for the Brazilian steel sector on Friday as leading producer Gerdau suffered the loss of its first investment grade rating.

    08 Feb 2016

  • Large bonuses are back but few are happy

    Few bankers were happy with their bonuses at the start of 2016, despite a surge in the value of their payments.

    08 Feb 2016

  • P&M Notebook: CS, DB - where’s the good news?

    If this is what first quarter results are going to be like, count GlobalCapital out. Another bank with a pretty decent set of businesses, and another stonking loss. Credit Suisse appears to have taken after Deutsche in all of the wrong ways.

    08 Feb 2016

  • Loan Ranger: Desert adventures

    Bringing true Western style to a different terrain, the Ranger commandeered a contact's vehicle while riding her steed (a camel) across the Arabian desert.

    08 Feb 2016

  • HSBC latest bank to settle with DOJ

    HSBC has become the latest financial institution to reach an accord with the US Department of Justice (DOJ) over its role in the 2008 financial crisis.

    05 Feb 2016

  • Onorato ships €300 debut bond at tight end

    Italian ferry operator Onorato Armatori on Friday sold €300m of secured notes as investors backed its plans for a new financial structure.

    05 Feb 2016

  • WFS lands €240m for CAS acquisition including first CCC of the year

    Worldwide Flight Services, the French cargo and luggage handling company, on Friday sold a €100m tap of its 2021 bond and €140m of triple C rated notes to support its purchase of US peer Consolidated Aviation Services.

    05 Feb 2016

  • ECB plans to publish leveraged loan limits

    The European Central Bank will publish its leveraged lending guidelines in the next three to six months, firming up the informal guidance it sends to banks directly.

    05 Feb 2016

  • Secondary pricing update: featuring EFSF's dual tranche tap

    Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

    05 Feb 2016

  • CMC Markets completes £218m IPO, trades down

    CMC Markets, the financial spread betting firm, priced its £218m initial public offering last Friday, before falling 2.5% in early trading. It has fallen further since.

    05 Feb 2016

  • Truck manufacturer Kion signs €1.5bn refinancing

    Kion, the Ba2/BB+ rated German industrial truck manufacturer, has agreed a €1.5bn refinancing facility with 'investment grade style features' through a club deal with 13 relationship banks.

    05 Feb 2016

  • Ascential homes in on middle of range, covered within it

    Ascential, the information and events business formerly known as Top Right Group and Emap, has narrowed the price range for its IPO, homing in on the middle of the original range, and is covered within that range.

    05 Feb 2016

  • Riberas family to buy Gestamp stake for €875m as Arcelor retrenches

    ArcelorMittal on Friday announced the sale for €875m of its 35% stake in the Spanish car parts supplier Gestamp Automoción to the Riberas family, who are yet to disclose details of how they will finance the purchase.

    05 Feb 2016

  • Funding scorecard: supranationals

    This week's scorecard looks at the funding progress of supranationals so far in 2016.

    05 Feb 2016

  • Santander UK prints huge private deal

    Santander UK has taken advantage of deep demand for short dated floating rate debt to print a €750m deal in the private market.

    05 Feb 2016

  • France's LFB and Invivo add to Euro PP momentum

    Laboratoire Français du Fractionnement et des Biotechnologies (LFB), the French biopharmaceutical company, announced on Tuesday that it had raised a €124m Euro private placement, as the Euro PP market gathers pace, according to bankers.

    05 Feb 2016

  • Arcelor bonds tighten as it plans $3bn raise

    ArcelorMittal bowed to the inevitable and announced a $3bn rights issue last Friday morning, after its credit spread had widened to distressed levels as global steel prices slumped. Goldman Sachs, Bank of America Merrill Lynch and Crédit Agricole are global coordinators.

    05 Feb 2016

  • Healthcare duo eye 2016 Hong Kong floats

    China Resources Pharmaceutical Group and Union Medical Healthcare (UMH) are planning to bring IPOs to Hong Kong this year and potentially raise a combined $1.15bn.

    05 Feb 2016

  • Frasers entertaining SGX Reit listing

    Property development firm Frasers Centrepoint is toying with the idea of floating a real estate investment trust (Reit), backed by its Australian industrial assets, on Singapore’s main board.

    05 Feb 2016

  • Bhira Investments gets one more at the top

    One more bank has joined the top group for a loan for Tata Power subsidiary Bhira Investments. The borrower had initially shortlisted six lenders for the facility to refinance a $460m loan it wrapped up in October 2014.

    05 Feb 2016

  • S&P downgrades Renhe amid possible default

    Standard & Poor’s has downgraded Chinese mall developer Renhe Commercial Holdings to CCC- on Friday with the rating agency casting doubt over the company’s ability to repay a bond due in March.

    05 Feb 2016

  • RMB round-up: February 5, 2016

    In this round-up, Charles Li promises Bond Connect and RMB derivatives, ICBC sees cross-border business booming, Moscow Exchange looks to connect with Chinese investors, offshore RMB (CNH) still a top three currency on the EBS FX trading platform, and China clarifies rules for foreign banks looking to join the onshore FX market. Plus, a recap of the top GlobalRMB stories this week.

    05 Feb 2016

  • Sri Lanka weighs offshore return in 2016

    The Democratic Socialist Republic of Sri Lanka is mulling a return to the international bond market as it needs to raise $11bn in 2016.

    05 Feb 2016

  • Commerzbank sets up securities office in Beijing

    Commerzbank announced this week that it has received approval from the China Securities Regulatory Commission (CSRC) and Beijing Administration for Industry and Commerce (BAIC) to open a securities representative office in the Chinese capital.

    05 Feb 2016

  • UK retail bonds: go long and go green

    The retreat of a market maker from the London Stock Exchange’s Order Book for Retail Bonds is a sad sign of the severity of challenges facing the market.

    04 Feb 2016

  • Troubled Thiam ahead?

    Credit Suisse’s numbers were ugly, whichever way you slice them — a loss of Sfr6.4bn ($6.44bn), shares down 11%, bonuses down 36%. Even after “adjustments”, the bank still lost Sfr420m in its core businesses.

    04 Feb 2016

  • Numis pulls out of UK retail bond trading as Orb issuance dwindles

    Numis Securities is pulling out of market-making in UK retail bonds, in a gloomy sign for the market after a period of low issuance on the London Stock Exchange's Orderbook for Retail Bonds, writes Ross Lancaster.

    04 Feb 2016

  • HY upbeat with LeasePlan’s €1.5bn bond

    Green shoots began to appear in Europe's high yield market this week after a dire start to the year, with less than €1bn of issuance in January. Five deals were marketed, two of which were priced, but bankers will not be sure the market is reviving until LeasePlan brings the first big deal, writes Victor Jimenez.

    04 Feb 2016

  • Argentina edges closer to settlement with US holdouts

    Argentina came a step closer to regaining capital markets access this week with the announcement of a first settlement with holders of its default debt. Analysts warned, however, that a rapid resolution to negotiations with the remaining holdouts is unlikely.

    04 Feb 2016

  • IG corporates take off with Easyjet but bankers cool hopes of full return

    After nearly three weeks of radio silence, Europe’s investment grade corporate bond market has re-opened, with four successful issues this week, But issuers must still tread warily, as investors' interest is capricious, writes Ross Lancaster.

    04 Feb 2016

  • Hypo Tirol pays up but gets successful deal away

    Hypo Tirol overcame lingering concerns in the aftermath of the Heta Asset Resolution debacle to issue an oversubscribed and relatively well distributed five year Pfandbrief on Thursday.

    04 Feb 2016

  • People Moves in Brief

    Anoa to build origination team - RBC hires in FIG trading - Barclays cuts in structured finance

    04 Feb 2016

  • Caixabank issued largest covered bond since 2011

    Caixabank issued its largest Cédulas in five years on Monday. It was also the biggest since 2014 and enticed more investors than any Spanish deal in three years.

    04 Feb 2016

  • First signs of IPO health lift ECM mood in Europe

    Equity capital market participants this week hailed the successful IPO of Clydesdale and Yorkshire Bank Group, and its strong first two days of trading. If other listings also deliver in the aftermarket, bankers think it could spark a surge of new deals, regardless of volatility, writes Olivier Holmey.

    04 Feb 2016

  • Pulled Länder deal: primary dealers 'throwing in the towel'

    The extraordinary sight of a German public sector borrower pulling a syndication mid-week led not only led to criticism of the deal’s execution but also reawakened fears over banks' diminishing ability to take down and warehouse sovereign and sub-sovereign bonds. Craig McGlashan reports.

    04 Feb 2016

  • Elite name LVMH wins scorching terms with $600m synth-CB

    The exceptionally advantageous terms issuers can get in the convertible market — and the product’s appeal to the bluest of blue chip names — were highlighted again on Thursday when LVMH Moët Hennessy Louis Vuitton, the French luxury goods group, raised $600m at a deeply negative yield.

    04 Feb 2016

  • Citi in first yen since 2013 as core currencies struggle

    Citigroup started marketing its first yen bonds in more than two years on Thursday after mandating banks for a five year issue in global format.

    04 Feb 2016

  • Pain trades abound as financials panic routs credit, equity crowd

    Credit and equity markets suffered a crisis of confidence this week, with several previously crowded trades rapidly unraveling in the face of rising concerns about European banks, US Federal Reserve policy and a perceived lack of European Central Bank firepower to revitalise the continent’s stagnant economy.

    04 Feb 2016

  • Russia, China join action as block sellers find windows for trades

    The pent-up demand from equity owners to sell down blocks of shares was evident again on Thursday evening, as two deals were launched, after the Euro Stoxx 50 had managed to rise 0.3% on the day.

    04 Feb 2016

  • Do AT1s know they’re born?

    The first missed additional tier one (AT1) coupon payment may not be the harbinger of impending doom some think, but the implications for banks’ capital costs would be severe.

    04 Feb 2016

  • DB in eye of storm as bank credit spasms

    Deutsche Bank’s riskiest subordinated debt hit fresh lows on Thursday, and some of its rivals have been dragged into the sell-off as investors worry about certain exposures and tumbling profits.

    04 Feb 2016

  • FCE BANK and Praxair grab window of hope to print €1.9bn of bonds

    As European equity markets briefly rallied on Thursday, Ford Credit Europe (FCE Bank) and Praxair stepped into the breach, printing €1.9bn of paper for a starved primary market.

    04 Feb 2016

  • Anoa Capital set to build origination biz

    Anoa Capital, a Luxembourg-based boutique investment bank, is building out an origination team following the hire of Mike Turnbull as head of origination.

    04 Feb 2016

  • Biotech firm Brain brings first German IPO of year

    Biotechnology Research And Information Network priced and allocated its €32.5m initial public offering on Wednesday. The German biotech business is due to start trading in Frankfurt on February 9.

    04 Feb 2016

  • IPIC targets cheap funding with ‘discreet’ club

    Abu Dhabi’s government-related entities (GREs) are expected to turn to the loan market this year as redemptions and expansion projects in the region increase the need for funding.

    04 Feb 2016

  • Pronto! Italy’s stormer clears 30 year path

    Italy set bankers’ hearts aflutter this week with an early contender for deal of the year, breaking several records with a €9bn 30 year benchmark. But more importantly, the trade blasted open a hole at the long end that other sovereigns could pile through.

    04 Feb 2016

  • There’s love at five for KBN but worries persist at long end of the curve

    Kommunalbanken showed there is scope for action in the belly of the dollar curve with the first five year benchmark in the currency for three weeks, but longer dated deals still appear out of reach.

    04 Feb 2016

  • Dollar borrowers struggle with windows

    Home Depot brought some much needed relief to the dollar market this week with a $3bn print that demonstrated that investors are prepared to deploy cash for high quality names.

    04 Feb 2016

  • CFTC vows to lighten ‘onerous reg burdens’ for derivatives end users

    Commodity Futures Trading Commission (CFTC) chairman Timothy Massad has emphasised his "commitment to protecting commercial end-users from overly onerous regulatory burdens", drawing a sharp distinction between the core users of derivatives and the activities linked to the financial crisis.

    04 Feb 2016

  • Covered bonds revive as real money returns

    Concerns over the exodus of real money investors from the covered bond market were put to rest this week as a series of deals met exceptionally strong demand, with the sea change in sentiment being most conspicuous in the French sector.

    04 Feb 2016

  • NWB EUR1.5bn 0.05% Feb 21

    04 Feb 2016

  • Loans, news in brief — February 4, 2016

    InVivo's includes all for loan — Safe Bulkers extends

    04 Feb 2016

  • AFD EUR1bn 0.125% Mar 21

    04 Feb 2016

  • L-Bank EUR1bn 0.05% Nov 21

    04 Feb 2016

  • Italy EUR9bn 2.7% Mar 47

    04 Feb 2016

  • KBN USD1bn 1.625% Feb 21

    04 Feb 2016

  • EIB USD4bn 1.25% May 19

    04 Feb 2016

  • Lat Am SSA duo find Swiss buyers’ sweet spot

    Two Latin American multilaterals this week defied investor jitters around looming US non-farm payroll numbers to tap the Swiss franc market.

    04 Feb 2016

  • Goldman Sachs EUR1.5bn 3% Feb 31

    04 Feb 2016

  • Goldman Sachs EUR1bn 0.875% May 19

    04 Feb 2016

  • Canadian issuers face up to commodity slump

    Crude oil is Canada’s second largest export and its price collapse is forcing debt issuers to reconsider their plans, continuing a process they began last year.

    04 Feb 2016

  • Goldman sets bar for banks on the sidelines

    Goldman Sachs reopened the senior financial institutions market with a dual-tranche bond on Thursday, establishing a sought after reference point for pricing new issues and feeding hopes for a pick-up in issuance.

    04 Feb 2016

  • University of Leeds picks banks for debut sterling

    The UK higher education sector maintained its love affair with capital markets this week, as the University of Leeds announced a roadshow for its debut bond.

    04 Feb 2016

  • Sukuk likely as bankers speculate over Saudi’s international debut

    Saudi Arabia will likely issue its long anticipated debut dollar bond in dual sukuk and conventional format, according to bankers in the region.

    04 Feb 2016

  • Spain prints near bottom of range in long end auction

    Spain cut yields but printed at the lower end of its size target at a long end bond auction on Thursday, although bankers are confident that there would be demand if the sovereign chose to bring a long dated syndicated deal.

    04 Feb 2016

  • Stateside lures Middle East banks as demand for debt falls locally

    Middle Eastern banks are casting their funding nets wider in order to counter spiralling costs of funding and dwindling local demand, say bankers in the region.

    04 Feb 2016

  • Downbeat Deutsche Bank can’t afford to wait too long for Warren

    The German lender can’t afford any further introspection after losing its place at the summit of European corporate finance, writes David Rothnie.

    04 Feb 2016

  • Widening spreads, regulation weigh on Euro CLOs

    European CLO managers have expressed concern about the state of the European market, despite suggestions the market offers relative value compared to its US counterpart.

    04 Feb 2016

  • Renovate America opens up 2016 PACE pipeline

    Property Assessed Clean Energy (PACE) loan issuer Renovate America is marketing a second green bond PACE securitization after a successful debut in November 2015.

    04 Feb 2016

  • Cades hits £500m as KommuneKredit prepares sterling tap

    Caisse d'Amortissement de la Dette Sociale (Cades) priced a £500m three year bond on the same day that KommuneKredit mandated for a tap in the currency.

    04 Feb 2016

  • Repo market wins regulation reprieve

    The European Securities and Markets Authority (ESMA) has backed away from rules which could have crippled the repo market, through bypassing high level laws that were fundamentally ill-conceived. But the initiative, supposed to improve settlement discipline, will still hurt liquidity in the bond market.

    04 Feb 2016

  • Investors warm to MiFID II research rule

    Some investors and brokers are warming up to a controversial part of the upcoming Markets in Financial Instruments Directive that will force bank clients to buy fixed income research that traditionally they have gotten for free.

    04 Feb 2016

  • Safe Bulkers agrees loan extension during tough time for dry bulk

    Safe Bulkers, the dry bulk shipping firm domiciled in Monaco, has extended the maturity on an outstanding loan, as the dry bulk industry battles against oversupply.

    04 Feb 2016

  • MTN Leak: Groundhog Day

    Groundhog Day passed on Monday and the Leak team, lunching out with bankers two days running this week, worried that we might have stumbled into the Bill Murray movie.

    04 Feb 2016

  • Colombian toll road concessionaire targets $272m bond

    A return of dollar issuance from Latin America edged closer on Thursday as details emerged of planned project bonds from Colombian toll road concessionaire Pacifico 3.

    04 Feb 2016

  • Small banks left in model switch limbo

    Caught between two regulatory initiatives, many small banks are unsure about whether to embark on the long and costly journey of developing their own regulatory capital models.

    04 Feb 2016

  • Oman prepares for capital markets lift-off

    The head of Oman’s central bank has called for his country's borrowers to embrace capital market funding, with the sovereign widely expected to lead the charge itself with a large bond or sukuk.

    04 Feb 2016

  • Bellwether Goldman deal sets senior in motion

    Goldman Sachs opened with attractive spreads on its dual tranche senior trade on Thursday, ending the recent glut of long-dated supply and establishing a sought after reference point for pricing new issues.

    04 Feb 2016

  • ChemChina $43bn deal yields jumbo loans bonanza

    The prospect of a huge financing package to back ChemChina’s $43bn acquisition of Syngenta has left bankers guessing how the two banks arranging the funding are going to structure and distribute the debt, especially as the lenders are working under separate mandates. Despite their size, the loans are expected to be well supported thanks to abundant liquidity in Europe and the target’s strong credentials, writes Shruti Chaturvedi.

    04 Feb 2016

  • Leveraged loans look set for slowdown after resilient January

    European leveraged loan bankers and investors had a chance to sit back and take stock of the market this week, as no deals were launched, after 20 arrived in a surprisingly busy January.

    04 Feb 2016

  • Argentina edges closer to settlement with US holdouts

    Progress has been made in negotiations between the Argentinian government and US holdout creditors, court-appointed mediator Daniel Pollack said late Wednesday.

    04 Feb 2016

  • Credit Suisse staggers to full year loss

    Credit Suisse reported a loss of Sfr6.44bn for the fourth quarter of 2015, as the bank’s restructuring ramped up and it crammed exceptional items into last year’s numbers. Like Deutsche Bank in the third quarter, a chunky goodwill writedown was the main culprit. But the bank also suffered from its exposure to leveraged loans.

    04 Feb 2016

  • IPIC lines up ‘discreet’ club loan

    Abu Dhabi’s government related entities (GREs) are expected to turn to the loan market this year as redemptions and expansion projects in the region increase the need for funding.

    04 Feb 2016

  • Bankers hail syndicate shrinking on CEEMEA bonds

    A DCM banker at a top emerging markets house has said that around half their pipeline of CEEMEA mandates for this year carry a formal or informal tier structure for the banks mandated, which may indicate a closing of the era of many-handed deals.

    04 Feb 2016

  • Hikvision's €400m debut leaves Europe cold

    Hangzhou Hikvision Digital Technology raised €400m in its international bond debut on Wednesday, in what was the second euro-denominated trade by a Chinese issuer this year. But unlike China Development Bank’s (CDB) deal last week, there was little European demand for Hikvision.

    04 Feb 2016

  • Myanmar tees up first Yangon Stock Exchange listing

    Myanmar held the first session of its new parliament this week, its first democratically elected legislature in over 50 years. The country is also preparing for a similarly rare event in its capital markets, with regulators set to name the first company to be allowed to float on the Yangon Stock Exchange (YSX). Jonathan Breen reports.

    04 Feb 2016

  • Investors spy Mexican peso re-entry point

    Some medium term note investors believe the Mexican peso may now be undervalued, a pair of deals in the currency suggested this week.

    04 Feb 2016

  • Citi leaves euros to Goldman, heads for yen

    Citigroup could issue its first yen bonds in over two years this week, after mandating banks for a five year issue in global format.

    04 Feb 2016

  • Swedish duo take covered bonds by storm

    Swedbank and SEB this week launched deals that attracted the largest order books and the widest distribution of any covered bonds issued this year, along with the smallest concessions.

    04 Feb 2016

  • Bahrain to tap 2020s to maintain IG rating

    The Kingdom of Bahrain is considering a tap of its dual tranche note issued last November in a bid to save its investment grade rating, according to investors in the region.

    04 Feb 2016

  • Baring, Singha raise acquisition financings

    Two acquisition financings are due to hit general syndication after Chinese New Year. One is a loan for Baring Private Equity Asia’s acquisition of HCP Global, and the other is for Singha Asia, which is buying stakes in two companies from Vietnam’s Masan through the issue of new capital.

    04 Feb 2016

  • Apac stands tall for CS amid global losses

    Credit Suisse announced its full year results for 2015 this week with the Swiss lender reporting pre-tax losses of Sfr2.42bn ($2.39bn). However its Asia Pacific business was one of the standout performers posting a pre-tax gain.

    04 Feb 2016

  • China's Safe relaxes QFII rules to encourage inbound investment

    China’s State Administration of Foreign Exchange (Safe) has relaxed the rules on the Qualified Foreign Institutional Investor (QFII) scheme in another attempt to encourage inbound investment by offshore market participants. The move comes at a time when China has shut down the majority of its outbound investment schemes.

    04 Feb 2016

  • BeiGene stock gains 18% on first day

    The stock of Chinese biopharmaceutical company BeiGene has shot up 18% on its first day of trading on the Nasdaq.

    04 Feb 2016

  • Market tantrums force Goodbaby to pull IPO

    Goodbaby China Holdings has pulled its HK$1.3bn ($167.0m) Hong Kong IPO, deciding to cancel on the day it was due to price. Volatile markets and a weaker than expected book meant the leads decided to play it safe.

    04 Feb 2016

  • CFETS RMB index may point the way forward, say experts

    Markets were sceptical when the People’s Bank of China (PBoC) first launched an official RMB foreign exchange (FX) index, based on a trade-weighted basket of 13 currencies. Nearly two months later, experts are starting to give some credibility to the basket and are even proposing making it a more official part of China’s FX policy.

    04 Feb 2016

  • Bankers and their (not) so funny jokes

    We in the banking industry always like to think of ourselves as charming, funny individuals. How could we not be, since most of us, bar the incomprehensible quants, earn our money by flogging stuff.

    04 Feb 2016

  • Bank woes not due to commodity derivs: OCC

    Investors have been looking for ways to explain the poor performance of global banks this year. While negative interest rates in Europe and Japan have gained the attention of some, others are focused on bank exposure to the energy sector to explain low equity valuations.

    03 Feb 2016

  • CIFC plans for growth in 2016

    CIFC made headlines last week when it announced that it had engaged JP Morgan to explore “a range of strategic alternatives” to its business model, but rumours of a definitive sale or merger with another manager are premature.

    03 Feb 2016

  • Barclays transfers derivatives book to JP Morgan in rundown

    Barclays will offload a legacy derivatives portfolio to JP Morgan as part of the British bank's plans to run down its non-core assets.

    03 Feb 2016

  • Labeyrie taps up for Aqualande subsidiaries buyout

    Labeyrie Fine Foods, the French producer of smoked salmon and foie gras, on Wednesday sold a €80m tap of its 2021 secured notes to finance the acquisition of food producers Pére Olive and King Cuisine from Aqualande.

    03 Feb 2016

  • ANZ sharpens Antipodean flavour in Swissie market

    ANZ New Zealand this week became the latest in a slew of Antipodean financial institutions to print Swiss franc denominated debt.

    03 Feb 2016

  • Russia and China sell equity stakes via block trades

    The arid landscape for equity block trades so far this year in EMEA was brightened on Wednesday by two evening sales, both with a Russian flavour and involving elite clients.

    03 Feb 2016

  • CYBG rises on first day of trading, even as FTSE falls

    Clydesdale and Yorkshire Bank Group rose when it began trading after its IPO on Wednesday, having completed its separation from National Australia Bank with a £396m flotation.

    03 Feb 2016

  • Tradeweb launches US-listed ETF over-the-counter marketplace

    Tradeweb Markets has launched an electronic over-the-counter marketplace for US-listed exchange traded funds.

    03 Feb 2016

  • CYBG 'no challenger bank', says CFO after London listing

    As Clydesdale and Yorkshire Bank Group completes its long-awaited demerger from National Australia Bank and floats on the London Stock Exchange, the firm's CFO Ian Smith sits down with Olivier Holmey to discuss CYBG's "challenger" status, its long road back to independence, and its future.

    03 Feb 2016

  • Wells Fargo settles mortgage suit

    Wells Fargo is the latest financial institution to settle a lawsuit with the US government, as the post-crisis litigation era draws to a close.

    03 Feb 2016

  • Five alive! KBN shows there's life beyond dollar threes

    Kommunalbanken on Wednesday sold the first five year dollar benchmark from an SSA in three weeks, printing a $1bn no-grow bond.

    03 Feb 2016

  • Italian ABS see flurry of NPL activity

    A private securitization platform has emerged in the Italian non-performing loan (NPL) space, with other issuers also launching deals ahead of a recently announced state guarantee being finalised.

    03 Feb 2016

  • Goldman promotes in primary markets, names levfin head

    Goldman Sachs has named a new head of its EMEA financing group, which houses primary capital markets, as Jim Esposito switches roles to become chief strategy officer of the securities division.

    03 Feb 2016

  • Strife begins at 50: Joint Laender pulls plug on seven year

    The rare sight of a pulled German bond issue rocked the SSA market Wednesday afternoon. The issuer blamed market conditions but there were rumblings that this was a failure of process, not context.

    03 Feb 2016

  • Numis pulls out of UK retail bond trading as Orb issuance dwindles

    Numis Securities is pulling out of market making in UK retail bonds and its head of fixed income is leaving the firm, after a period when new issuance of bonds on the London Stock Exchange's Orderbook for Retail Bonds has dwindled.

    03 Feb 2016

  • VW pays double for largest post-crisis Spanish auto deal

    Volkswagen Financial Services' Driver España Three transaction was priced on Wednesday, with the issuer offering double the spread offered on the senior notes of the previous deal from its Spanish ABS programme.

    03 Feb 2016

  • CMC narrows IPO range ahead of book close

    CMC Markets, the financial spread betting firm, narrowed the price range of its London IPO on Wednesday, ahead of the book’s closing the next day.

    03 Feb 2016

  • NWB and EIB hit ground running in euros

    The European Investment Bank and Nederlandse Waterschapsbank priced deals on a day in which another issuer pulled a trade.

    03 Feb 2016

  • Fried Frank hires partner to run restructuring practice

    Law firm Fried Frank has hired an experienced specialist to set up a European restructuring practice.

    03 Feb 2016

  • Weak Mexican peso attracts MTN interest

    Medium term note investors believe the Mexican peso may be undervalued, as they took punts with a series of deals in the currency.

    03 Feb 2016

  • Four banks drop out as TVO returns for €1.3bn refi

    Teollisuuden Voima Oyj (TVO), the Finnish nuclear power company, has refinanced its €1.3bn debt facility with a reduced syndicate.

    03 Feb 2016

  • NBAD goes under the radar with super-tight secret loans

    In a secretive deal that has only come to light now, NBAD signed $1bn of tightly priced one year loans with five close relationship banks at the end of last year. The lenders were Bank of America Merrill Lynch, Crédit Agricole, Citigroup, HSBC and Bank of Tokyo-Mitsubishi UFJ.

    03 Feb 2016

  • BoE suggests major changes to regulations

    From bonus caps to pre-trade transparency, the Bank of England has suggested big changes to proposed European Union financial regulation in response to a call for evidence from the European Commission.

    03 Feb 2016

  • WFS offers tap, new bond for CAS acquisition

    Worldwide Flight Services, the French cargo and luggage handling company, is seeking to raise €240m through a bond tap and new issue, to support its purchase of US peer Consolidated Aviation Services.

    03 Feb 2016

  • Stockholm County Council to roadshow euro green bond

    Stockholm County Council has selected four banks for a green bond roadshow, beginning on February 8, with a view to selling a euro green bond.

    03 Feb 2016

  • Cabei reopens Swiss franc market for global SSAs

    Central American Bank for Economic Integration (Cabei) became the first non-European SSA to tap the Swiss market this year on Tuesday.

    03 Feb 2016

  • FIG looks to corporate bonds for inspiration

    FIG borrowers were encouraged by the reopening of Europe's corporate bond primary market this week, suggesting euro senior supply could return in spite of the weak market backdrop.

    03 Feb 2016

  • Restructuring may be ‘unavoidable’ for Brazil’s CSN, says Fitch

    Steelmaker Companhia Siderurgica Nacional (CSN) could be the next major Brazilian corporate to be forced into a debt restructuring, Fitch Ratings has warned.

    03 Feb 2016

  • EM volumes take Jan beating, but bankers still optimistic on 2016

    CEEMEA bond volumes were in January only half that of the same month in 2015, according to Dealogic data, but EM bankers in London said that despite the slow start, they still believe this year will pick up pace.

    03 Feb 2016

  • Barclays cuts in primary ABS

    Barclays has cut a structurer from its primary ABS business in Europe, following last year's sweeping cuts to its secondary business.

    03 Feb 2016

  • Italy leads odd assortment of tenor choice in SSAs

    Kommunalbanken (KBN) are set to price the first five year dollar bond for three weeks on Wednesday while Italy’s 30 year bond was the first SSA issuance in the tenor for 2016.

    03 Feb 2016

  • Deal drought extends despite pick-up in covereds

    Attractive spreads have improved sentiment considerably in the covered bond market, but senior issuance remains elusive as cautious banks deal with gloomy data.

    03 Feb 2016

  • IPOs continue apace but few new names join the mix

    The European equity capital markets have in recent days displayed some encouraging signs of normality, despite continued volatility on stock exchanges worldwide. But few new deals are being launched.

    03 Feb 2016

  • Duo working independently on ChemChina-Syngenta financing

    Two banks are working on separate loans for financing to back ChemChina's $43bn cash offer to acquire Swiss company Syngenta.

    03 Feb 2016

  • Syngenta’s mega-merger brings two prongs of debt

    The wave of Chinese acquisitions of Western companies has reached a new peak, with confirmation that state-owned ChemChina has sealed the deal to buy Syngenta, the Swiss agrichemicals and seeds business, for $43bn, as China seeks to secure its food supply.

    03 Feb 2016

  • Rating agency behind CYBG’s listing delay named

    Clydesdale and Yorkshire Bank Group’s decision on Tuesday to delay its London IPO by 24 hours surprised and frustrated those working on the deal. The cause of the timetable change was a last minute request for information from Moody’s.

    03 Feb 2016

  • QDII suspension adds salt to wounded China outbound investment

    The Qualified Domestic Institutional Investor (QDII) investment scheme has become the latest cross-border channel to be shut down by the Chinese regulators as they scramble to control China’s capital outflows.

    03 Feb 2016

  • Turkish bonds return, Mubadabla preps refi

    Turk Eximbank took the emerging markets by surprise this week, jumping in early on Monday to print a $500m five year and reopen Turkey primary bonds this year.

    03 Feb 2016

  • ABS research pro firms up P2P role

    Dipesh Mehta, formerly of Barclays ABS research, has landed a staff job at UK peer-to-peer lending platform, Funding Circle.

    03 Feb 2016

  • BeiGene prices high on swollen IPO

    Chinese biopharmaceutical company BeiGene has raised $158m from a Nasdaq IPO after increasing the size of the offer and pricing it at the top of guidance.

    03 Feb 2016

  • Korea’s Netmarble to send out RFP for IPO

    South Korean game developer Netmarble Games is to send out a request for proposals for an IPO on Thursday, according to sources in the country.

    03 Feb 2016

  • Poor turnout for GCL New Energy rights issue

    Investors have stayed quiet as GCL New Energy attempted a rights issue to raise as much as HK$2.5bn ($320.6m), with only one proper application made for the offer, leaving a third unaccounted for.

    03 Feb 2016

  • Mubadala could fight for tight $2bn loan refi

    Mubadala, the Abu Dhabi investment firm, has launched a $2bn loan refinancing and will likely aim for a tight margin despite a choppy Middle East loan market, according to bankers.

    03 Feb 2016

  • Deutsche Bank names new chief for Thailand

    Deutsche Bank has appointed Phumchai Kambhato as its new chief country officer for Thailand, the Germany lender announced on Wednesday.

    03 Feb 2016

  • China Gas, China Modern Dairy prepay loans

    Integrated natural gas company, China Gas, and milk producer China Modern Dairy have become the latest Chinese borrowers to prepay foreign currency loans.

    03 Feb 2016

  • Kexim takes charge of Korean green bond boom

    Asia's green bond market welcomed the return of Export-Import Bank of Korea (Kexim) this week. Despite volatility, the frequent issuer priced a green bond flat to its conventional debt and market participants expect more Korean issuers to follow suit, reports Narae Kim.

    03 Feb 2016

  • Middle East banks to issue 144A as local demand falls

    Middle Eastern banks are casting their funding nets wider in order to counter spiralling costs of funding and dwindling local demand, say bankers in the region.

    03 Feb 2016

  • Hangzhou Hikvision launches bond debut in euros

    Hangzhou Hikvision Digital Technology launched its maiden international bond on Wednesday, opening books for a euro-denominated three year trade at the Asia open.

    03 Feb 2016

  • PGI picks Khoo to head southeast Asia

    Principal Global Investors (PGI) has appointed Celestine Khoo as the asset manager’s new head of southeast Asia.

    03 Feb 2016

  • CLO market looks east for triple-A buyers

    The US CLO market is looking to Japan and other Asian markets in order to find triple-A buyers as the pool of investors interested in the debt continues to shrink.

    02 Feb 2016

  • US prime jumbo RMBS market inches towards recovery

    The US prime jumbo RMBS market continues to show slow signs of improvement, although it remains well below its pre-crisis peak.

    02 Feb 2016

  • Rare container deal gets guidance

    Bookrunners have released guidance for CLIF 2016-1, a $140.1m ABS transaction backed by shipping container lease receivables.

    02 Feb 2016

  • Russia to rev up privatisation of crown jewels

    The shake-up in world economic affairs produced by the plunging oil price threw up a new result this week, as news emerged that Russia’s president Vladimir Putin wants to push forward privatisation of some of the largest state companies.

    02 Feb 2016

  • Private banking and investment banking: The problem with blurring the boundaries

    It’s been an axiom of recent bank restructurings that more private banking and wealth management is better. Gather the substantial and sticky deposits of the wealthy, harness their investments, and skim fees off the top, using as little balance sheet as possible. Dodge the tax evasion fines, and it’s a good and stable business to be in.

    02 Feb 2016

  • Judge rules for bondholders in £169m Canary Wharf court case

    A High Court judge has ruled in favour of bondholders in their dispute with the Canary Wharf Group over the real estate group’s early repayment of £577.9m of securitized notes in July 2014.

    02 Feb 2016

  • ECB breathes life back into covered bonds

    It is no coincidence that Tuesday’s €1bn covered bond from BPCE attracted more investors for a French seven year deal than at any time in the last year. The European Central Bank has started to scale back its purchases.

    02 Feb 2016

  • KBN to reopen dollar fives as EIB goes short

    Kommunalbanken is readying a five year bond in what will be the first dollar benchmark in the tenor for three weeks. Meanwhile, European Investment Bank priced a more conservative three year bond.

    02 Feb 2016

  • Alliance accelerates tap as HY tries opening

    Alliance Automotive, the Blackstone-owned French car parts supplier, this week tapped its 2021 notes for €70m as the European high yield market tries to regain momentum after a poor January.

    02 Feb 2016

  • Scandi Tobacco covered, but not at top of range

    Cigar and pipe tobacco manufacturer Scandinavian Tobacco has received enough demand from investors to get its Copenhagen IPO done, but it is not yet covered throughout the price range.

    02 Feb 2016

  • The Brexit fight is on: look to the big issues

    Capital market participants tend to keep their heads below the political parapet. Brexit is one issue they must not ignore. It would sabotage the City’s leadership in financial services and be an assault on the fabric of global governance.

    02 Feb 2016

  • Primary dealer problems can no longer be a secondary concern

    Another week, another bank exits a major European primary dealership. Problems that have been apparent for several years are now having tangible effects — and it is about time politicians took note.

    02 Feb 2016

  • Concerns raised over STS impact on ABCP

    The European Commission’s consultation on the regulatory framework for financial services has revealed concerns that the implementation of ‘simple, transparent and standardised’ securitization requirements could starve European asset-backed commercial paper (ABCP) of vital money market fund investors.

    02 Feb 2016

  • Euro go a long, long way: Italy sparks duration fever with record deal

    Italy has sold the largest ever 30 year bond in euros, a trade that is likely to inspire other issuers into the tenor amid what some bankers are calling a key time for the SSA market.

    02 Feb 2016

  • Not everything can be tier two

    The European Commission's group of ‘experts’ are making welcome steps towards unraveling the complexities of bank capital. But the multiplicity of loss-absorbing instruments exists for a reason — not everything can become tier two capital.

    02 Feb 2016

  • EasyJet breaks euro silence with blowout debut

    As the euro investment grade corporate bond market approached nearly three weeks without a new issue, EasyJet broke the silence on Tuesday with its long-awaited debut bond.

    02 Feb 2016

  • Euro trio hit screens in Chinese New Year scramble

    A trio of issuers prepared to print in euros across the maturity curve in a dash before the Chinese New Year holiday starts next week, following a pair of euro benchmarks on Tuesday.

    02 Feb 2016

  • Do AT1s know they’re born?

    The first missed additional tier one (AT1) coupon payment may not be the harbinger of impending doom some think, but the implications for banks’ capital costs would be severe.

    02 Feb 2016

  • Derivatives exchange trading volume surges in year's volatile start

    January trading produced one of the most volatile starts to a year on record, with volumes in listed options and futures reflecting heightened activity.

    02 Feb 2016

  • LCH.Clearnet recognised as clearing house by Singapore

    LCH.Clearnet, the clearing business majority owned by the London Stock Exchange Group, has been granted clearing house status by the Monetary Authority of Singapore.

    02 Feb 2016

  • InVivo agrees first syndicated loan

    French conglomerate InVivo has raised €680m, in the company's first syndicated loan to involve all of the its relationship banks.

    02 Feb 2016

  • Gecina block fails to clear, again

    Blackstone sold on Monday night a block of shares in French property company Gecina – the second such trade in five months. Just like last time, the deal failed to clear.

    02 Feb 2016

  • Acadia drops sterling tranche from £1.5bn acquisition debt

    Acadia, the US psychiatric and behavioural healthcare provider, closed its $955m term loan facility on Thursday after first adding, then removing, a sterling tranche.

    02 Feb 2016

  • Lundin extracts more from smaller syndicate

    Oil and gas exploration firm Lundin Petroleum managed to increase the size of its reserve-based bank facility to $4.3bn. Though some banks did not return for the refinancing, the company received a further $700m in the way of an accordion feature.

    02 Feb 2016

  • SolarWinds launches $1.5bn buyout debt at large discount

    SolarWinds, the US IT management software firm, priced its $1.5bn first lien acquisition debt package at a hefty discount on Monday while finalising the euro tranche size.

    02 Feb 2016

  • Danske launches mammoth buyback as capital jumps

    Danske Bank launched its largest ever share buyback on Tuesday, having exceeded its regulatory capital requirements by more than expected.

    02 Feb 2016

  • Sovereign loan sets tone for Argentina holdout negotiations

    Argentina’s government reopened negotiations with holdout creditors on Monday after securing a $5bn loan from seven global banks last week.

    02 Feb 2016

  • NBAD mandates for investor meetings

    National Bank of Abu Dhabi has mandated six banks for investor meetings starting February 8.

    02 Feb 2016

  • Debt exchange earns Cobre del Mayo upgrade from Fitch

    Fitch upgraded Cobre del Mayo to CC on Monday following the successful completion of an exchange of the Mexican copper miner’s outstanding eurobonds.

    02 Feb 2016

  • Türk Eximbank lures $1bn for first Turkish deal of 2016

    Türk Eximbank issued a $500m five year bond on Monday, commanding a $1.09bn book and bringing hope to syndicate officials that more deals from the country may follow.

    02 Feb 2016

  • UBS burns profit in tender to build capital

    A UBS debt buyback weighed on results for the fourth quarter last year, with the Swiss bank reporting profit of just Sfr234m. UBS preferred to highlight the “adjusted” figure of Sfr754m profit, which strips out the tender cost of Sfr257m, and restructuring charges, including Sfr143m in the investment bank.

    02 Feb 2016

  • SFC slaps Goldman Sachs on the wrist for Takeovers breach

    Hong Kong’s stock market regulator has publicly censured Goldman Sachs for breaches of the Code on Takeovers and Mergers, it said in a statement on Tuesday.

    02 Feb 2016

  • Beijing Hyundai overtakes VW to break China auto ABS record

    Volkswagen’s record for the tightest priced China auto ABS, set only a fortnight ago, was broken this week. Beijing Hyundai Auto Finance, which made its securitization debut with a Rmb1.5bn ($228m) deal, is the new record holder.

    02 Feb 2016

  • Chinese green bonds have yet to pass the test

    The future looks bright for China’s domestic bond market having started the year in full throttle with Shanghai Pudong Development Bank (SPDB) and Industrial Bank raising a combined Rmb30bn ($4.6bn). But while the volumes may be impressive, making sure issuers honour the green label will be the real test.

    02 Feb 2016

  • Four pack $430m loan for HCP Global

    Four banks are due to bring a $430m five year loan for Baring’s acquisition of cosmetics packaging company HCP Global to the market after Chinese New Year.

    02 Feb 2016

  • Dilip Buildcon shrinks IPO plans

    Indian construction firm, Dilip Buildcon, has scaled down and refiled a draft prospectus for a listing that it first sought approval for nearly a year ago.

    02 Feb 2016

  • CYBG delays IPO after prospectus problem

    Clydesdale and Yorkshire Bank Group decided on Tuesday morning to delay its London IPO by a day, to make an unexpected, last minute addition to its prospectus. As a person close to the bank put it: “Someone somewhere is going to be sitting on the naughty step.”

    02 Feb 2016

  • Lewis joins Manulife AM as senior strategist

    Manulife Asset Management has appointed Geoff Lewis as key macro strategist, Asia, on the capital markets & strategy team.

    02 Feb 2016

  • BeiGene to price US IPO early

    Chinese drug maker BeiGene has decided to price its US listing on Tuesday evening, a day earlier than planned, according to sources close to the deal.

    02 Feb 2016

  • Kexim makes green bond comeback

    Export-Import Bank of Korea (Kexim) started building books for its second green bond on Tuesday, almost three years after selling its debut. That green bond was not only the borrower’s first, but Asia’s inaugural offering.

    02 Feb 2016

  • XL Axiata plans rights issue to repay shareholders

    Indonesian telecom giant XL Axiata is preparing a rights issue as it looks to pay back a $500m shareholder loan.

    02 Feb 2016

  • Vietnam’s BIDV returns for $200m

    Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), which allocated its last loan in September 2015, is back for a borrowing of up to $200m.

    02 Feb 2016

  • Total Derivatives: RMB curve steeper on equity strength

    The short-end of the RMB swap curve has been steady as the People’s Bank of China (PBoC) continues to provide the money market with liquidity ahead of next week's Chinese New Year holiday. Five-year swaps have been better bid on improving risk sentiment though and the 1s/5s NDIRS slope has steepened accordingly, writes Deirdre Yeung of Total Derivatives.

    02 Feb 2016

  • Gunvor lines up banks for refinancing

    Commodity trader Gunvor Singapore has begun talks for a loan to refinance a $1.0627bn dual tranche revolver it wrapped up in July last year.

    02 Feb 2016

  • Lippo announces early tender result

    Lippo Karawaci has completed an early exchange offer to repurchase its outstanding notes as part of a debt management exercise. The result shows that the firm has come close to what it was expected to raise with the bond swap.

    02 Feb 2016

  • MSCI to delete closely held HK stocks

    US-based index provider MSCI will exclude Hong Kong listed securities with a high ownership concentration from its Global Investable Market Indexes (GIMI), it said in a statement on Monday.

    02 Feb 2016

  • OneMain prices first ABS since Springleaf buy

    Subprime consumer lender OneMain Financial priced OMFIT 2016-1 on February 3, its first consumer loan ABS deal since Springleaf acquired the company from CitiFinancial Credit Company last November.

    01 Feb 2016

  • Fears of CLO defaults extend beyond commodities

    CLO managers and investors may want to look beyond the struggling commodities sector for signs of default risk, as idiosyncratic and one-off defaults in industries such as healthcare and retail will also pressure the CLO market in 2016.

    01 Feb 2016

  • Spain's Merlin holds back debut bond

    Spanish real estate firm Merlin Properties does not plan to rush its bond market debut, despite having hired Moody's and Standard & Poor's to provide credit ratings.

    01 Feb 2016

  • Countryside’s London IPO valuation could top £1bn

    Countryside Properties, the UK house and flat developer, could float between 30% and 50% of its stock in London, in an IPO that would give it a valuation of £1.125bn at mid-range.

    01 Feb 2016

  • SIF starts building book for Amsterdam IPO

    SIF, the Dutch maker of components for the offshore wind, oil and gas markets, has set the price range for its all-secondary initial public offering at a level that implies a valuation of €357m-€434m.

    01 Feb 2016

  • Cardiff wins sector's lowest coupon

    Cardiff University broke the two week silence in Europe's investment grade corporate bond market with a £300m deal on Monday that achieved the lowest coupon ever for a public benchmark bond by a UK university.

    01 Feb 2016

  • Turbo Finance to reopen UK auto ABS market

    FirstRand Bank announced its sixth UK auto ABS deal on Monday, the first publically placed UK auto offering since September last year.

    01 Feb 2016

  • Observers eye attractive 'entry point' with latest SLABS pricing

    Student loan ABS market observers think that the time may be right to jump into SLABS, as the market is now offering some of the cheapest triple-A credit in ABS.

    01 Feb 2016

  • OTC margins: The challenges of regulatory compliance

    Even by the standards of today’s fast-changing regulatory environment, the new OTC variation margin requirements due to be introduced from March 2017 pose a major challenge to sell-side and buy-side alike. Asset managers will face major operational burdens and risks as they prepare to comply; the scale of which may not yet be fully appreciated.

    01 Feb 2016

  • Ascential’s IPO covered by third day of bookbuild

    Ascential, the information and events business formerly known as Top Right Group and Emap, has got its London IPO covered.

    01 Feb 2016

  • US broker buys European IB run by former Jefferies chief

    Stifel Financial, known largely for its brokerage businesses, has become the latest US financial services firm to make a bid to win capital markets business in Europe.

    01 Feb 2016

  • RBC adds financials trading head and senior high yield strategist

    Royal Bank of Canada has made two senior hires in its London credit business as it looks to expand in financials and high yield trading.

    01 Feb 2016

  • SFOA admits individuals as International Commodities & Derivatives Association

    The Swiss Futures & Options Association (SFOA) has changed its name to reflect changing membership, becoming the International Commodities and Derivatives Association (ICDA).

    01 Feb 2016

  • Skipton adds prime paper to UK RMBS pipeline

    Skipton Building Society has returned to the UK RMBS market after nearly two years, with a new prime deal from its Darrowby shelf hitting the market this week.

    01 Feb 2016

  • EIB's dollar benchmark pricing 'punchy', say bankers

    The European Investment Bank is out with a three year dollar benchmark, which bankers away from the deal feel is aggressively priced — although its leads disagreed with that assessment.

    01 Feb 2016

  • Sovereign bankers wary of Gilt syndication boost

    Gilt investors have suggested that syndications form part of the UK Debt Management’s main issuance programme, rather than being used as a supplement — but bankers are cautious about such a move, despite the extra fees it would bring in.

    01 Feb 2016

  • Onorato brings HY 'back from dead' with bond offer

    Onorato Armatori, the Italian ferry operator, woke up the high yield market with a four day roadshow on Monday for its €300m debut bond. The issuer was followed by four more announcements.

    01 Feb 2016

  • Italy hits screens in long end, Spain could follow

    Italy is set to benefit from a Bank of Japan-induced rally in eurozone government bonds late last week after mandating for a 30 year benchmark on Monday — and bankers suggest Spain could follow with a similar deal.

    01 Feb 2016

  • Agency duo out in five year euros

    Agence Française de Développement (AFD) and L-Bank are out with long five year euro benchmarks, as bankers reported a lack of demand at the short and long end of the curve.

    01 Feb 2016

  • Replies due Tuesday on Keurig $6.4bn acquisition debt

    Keurig Green Mountain, the US coffee maker, had replies due on Tuesday for a $6.4bn debt package backing its $13.9bn acquisition by JAB, the German investment group.

    01 Feb 2016

  • Crude futures fall on 'self-defeating' cuts

    WTI crude oil front month futures fell from Monday, erasing gains from last week.

    01 Feb 2016

  • CYBG guides IPO valuation at £1.59bn as book closes

    Clydesdale and Yorkshire Bank Group was due to close the book for its IPO at 2pm on Monday, having put out a final message to inform investors that orders below 180p a share risked missing out. At that level, the deal size would be £397.5m.

    01 Feb 2016

  • IFC steps in to ease loan woes for Nigerian banks

    International Finance Corp (IFC) is set to offer a funding lifeline to Nigeria’s banks after the country sought emergency loans this weekend.

    01 Feb 2016

  • ECB sets requirements for ratings agencies

    The European Central Bank is updating its criteria for the rating agencies it uses to assess the quality of collateral it lends against in repo transactions and purchases for its quantitative easing programmes, and says it is strengthening its own due diligence processes.

    01 Feb 2016

  • FIG in 'deep distress' but ready for restart

    Volatility has pushed FIG senior supply to its lowest January total since 2008, but a resilient covered bond market profited from the gloom, with issuance at its strongest since 2012.

    01 Feb 2016

  • S&P cuts Azerbaijan to junk

    Standard & Poor’s cut Azerbaijan’s credit rating to sub-investment grade on Friday as declining oil prices and general government deficits continue to put downward pressure on the sovereign.

    01 Feb 2016

  • Loan Ranger: Top Trumps

    Donald Trump-esque behaviour pervaded the loan market last week and the Ranger spotted a number of clangers from market participants.

    01 Feb 2016

  • Turk Eximbank offers 35bp-45bp NIP for new five year

    Turk Eximbank (Turkiye Ihracat Kredi Bankasi) has released initial price thoughts for the first Turkish bond of the year at 425bp area over mid-swaps.

    01 Feb 2016

  • Deutsche AT1s hit new lows on coupon risk

    Some of Deutsche Bank’s additional tier one (AT1) bonds plumbed new depths in the secondary market on Monday as more investors began to worry about the lender’s ability to pay coupons on the notes.

    01 Feb 2016

  • Citi UAE appoints ex-Lebanon head as CEO

    Citi UAE has brought in Elissar Farah Antonios as its new chief executive officer.

    01 Feb 2016

  • P&M Notebook: Doesn’t look good for Deutsche

    Deutsche Bank had a pretty dreadful 2015, and its boss, John Cryan hasn’t been shy about letting the market know. The bottom line was damaged most by litigation and restructuring, but look through to investment banking and things don’t get much better.

    01 Feb 2016

  • Yangon exchange to name first listing

    Myanmar’s stock market regulator is set to name the first company to be able to sell its shares on the Yangon Stock Exchange (YSX).

    01 Feb 2016

  • Thai True preps $1.7bn rights issue

    Thai telecoms and media company True Corporation is planning to sell Bt60bn ($1.68m) worth of shares through a rights offering, according to a filing with the Stock Exchange of Thailand.

    01 Feb 2016

  • Late retail surge as govt offloads Engineers India stake

    The Indian government has raised as much as Rp6.37bn ($94.2m) after selling down its 10% stake in Engineers India, with the offering more than twice subscribed - nearly four times so by retail investors.

    01 Feb 2016

  • Asian equity bankers brace for torrid 2016

    Equities is proving a tough business to get right in Asia, with yet more banks forced to cut staff in recent months. Barclays and CIMB are just the latest in a long line of casualties, and as the fee pool continues to shrink, industry insiders reckon that more pain is in store for the bit players, writes John Loh.

    01 Feb 2016

  • BSE seeks Sebi IPO approval

    The Bombay Stock Exchange (BSE) has kicked off its plans to go public, which have been in the works for three years, with a formal request for IPO approval from India’s market regulator.

    01 Feb 2016

  • MMC plans on bond restructuring amid downgrade

    Mongolian Mining Corp (MMC) has hired two advisers as it seeks to restructure its outstanding bond. The plan comes as the country struggles with declining commodity prices and lower growth in China.

    01 Feb 2016

  • China keeps up green momentum with Industrial Bank

    There is plenty of optimism surrounding China’s budding green bond market this year. Fresh from Shanghai Pudong Development Bank’s (SPDB) landmark Rmb20bn ($4.3bn) transaction, Industrial Bank has now joined the fray by raising Rmb10bn.

    01 Feb 2016

  • Renminbi: Let it go, let it go, says Saxobank

    There is a rapidly forming view that China has given up on reform, given up on RMB internationalisation. The solution? Let the RMB float freely as promised, a radical shift in approach that would preserve China’s foreign exchange reserve and put the reform agenda back on track, says Saxobank.

    01 Feb 2016

  • Stoehr returns to Credit Suisse in new UHNWI financing role

    Carsten Stoehr has returned to Credit Suisse in the newly created role that fits in with the bank’s new strategy of focusing high net worth individuals in the region. He rejoins the bank after resigning from Standard Chartered at the end of 2015.

    01 Feb 2016

  • Indonesia mandates five for sukuk in Q1

    The Republic of Indonesia has chosen five banks to work on a dollar sukuk to be sold in the first quarter of the year.

    01 Feb 2016

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 01 Feb 2016
1 Barclays 32,828.49 74 9.02%
2 Citi 24,327.69 73 6.68%
3 JPMorgan 19,485.37 90 5.35%
4 Bank of America Merrill Lynch 19,402.46 63 5.33%
5 Deutsche Bank 18,951.64 53 5.21%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 09 Feb 2016
1 HSBC 1,012.56 4 6.74%
2 SG Corporate & Investment Banking 1,007.03 4 6.70%
3 Commerzbank Group 875.20 4 5.82%
4 BNP Paribas 826.35 4 5.50%
5 ING 796.36 4 5.30%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 09 Feb 2016
1 UBS 2,173.75 4 24.65%
2 Deutsche Bank 657.35 5 7.45%
3 BNP Paribas 645.21 6 7.32%
4 Goldman Sachs 561.40 6 6.37%
5 Bank of America Merrill Lynch 542.61 4 6.15%