• Paying up in new era for bank funding

    Deposit rich Middle East banks will not turn away from the capital markets this year, but, as lower liquidity sets in and international banks compete for position, they will have to grow used to paying more for funding, writes Tyler Davies.

    29 Feb 2016

  • Regional bid holds up as internationals turn away

    For all the difficulties facing bond issuers in the Middle East, at least local investors are still participating in deals. But issuance itself is scarce which could lead to more cash being sent to find opportunities further afield, writes Chris Wright.

    29 Feb 2016

  • Middle Eastern sovereigns face up to a new reality

    Falling oil prices, escalating geopolitical tensions and now a slew of ratings downgrades — the Middle East’s sovereign borrowers have a lot to contend with. But strong local demand and appropriate spreads should ensure ample funding is raised this year, writes Virginia Furness.

    29 Feb 2016

  • Sukuk the rock to cling to in Middle East storm

    The fiscal strain of low oil prices in the Middle East has prompted international investors to flee the region. Spreads have blown out but issuers need funding. That means the sukuk market could be about to come to the rescue, writes Virginia Furness.

    29 Feb 2016

  • Investors sanguine on MidEast, hope China and US stay afloat

    Once abundant, Middle Eastern capital market demand is drying up as the oil price has sunk ever lower. Meanwhile, fears of the knock-on effects of China’s economic woes have been making international investors fret. On the face of it, the Middle East is likely to face huge challenges this year. At GlobalCapital’s roundtable on January 26, bankers and investors in the region assembled to discuss how they see the opportunities and risks inherent in investing in the Middle East. Can the region ride out the storm?

    29 Feb 2016

  • Rich states adjust to harsher climate as oil keeps flowing

    Oil prices are central to the economies of the Middle East so the commodity price collapse of the last year has had a big impact. But how bad is the outlook for growth and government finances? Chris Wright assesses the situation.

    29 Feb 2016

  • Cash strapped governments look to project finance

    The liquidity crunch in the Middle East may have positive consequences for the development of infrastructure finance in the region — and in particular the role of private capital, says Chris Wright.

    29 Feb 2016

  • Middle East corporates bound back to bonds

    The loan market has provided ample support for corporates across the Gulf Co-operation Council (GCC) and Egypt in the last 18 months. This will continue, but issuers will also reacquaint themselves with the bond market with innovative products this year, writes Elly Whitaker.

    29 Feb 2016

  • Foreign and local demand shifts bond-loan balance

    The drop in oil prices in 2015 prompted Middle Eastern goverments and companies to rethink operations — pulling back on some projects, gobbling up reserves and adjusting subsidies. GCC international bond issuance took a hit as a result — last year $20.8bn was printed, down from $26.3bn in 2014. Looking forward to 2016, some issuers have announced more bond market issuance to fill funding gaps, others less as they brace for slower growth. At GlobalCapital’s roundtable, held in Dubai on January 26, representatives from companies, banks and goverments gathered to discuss how best to navigate demand and tap new pools of funding, as well as the changing attractiveness of the bond and loan markets.

    29 Feb 2016

  • Markets near "end of the road", warns El-Erian

    Mohamed El-Erian, chief economic adviser at Allianz, offered up his advice to anxious ABS market players in a packed-house keynote address at the ABS Vegas conference on Monday, as the former chief executive and co-CIO of Pimco described what he sees as the “end of the road” for the current global financial era.

    29 Feb 2016

  • Big banks may pull out of ABS market making, say panellists

    Large financial institutions may be unwilling to continue to make markets in securitizations if punitive liquidity regulation in the ABS space continues,, according to panellists at ABS Vegas.

    29 Feb 2016

  • Sterling bond mart open as Scotland Gas gets £250m

    Scotland Gas Networks came to the sterling bond market on Monday with a £250m 11 year offering that was nearly twice subscribed.

    29 Feb 2016

  • CFTC shorting data show thawing risk appetites

    Equity, currency and rates futures traders adopted a riskier posture last week after market prices stabilised, the weekly Commitment of Traders report showed.

    29 Feb 2016

  • Cinven sells first block in Coor since IPO

    Cinven sold a Skr735m ($86m) block of shares in Swedish outsourcing company Coor Service Management on Thursday last week. The deal represented a whopping 250 days of average trading in the stock.

    29 Feb 2016

  • Freddie Mac floats second STACR deal of 2016

    Freddie Mac is marketing STACR 2016-HQA1, the government sponsored agency's second credit risk transfer (CRT) offering of the year.

    29 Feb 2016

  • Two dealers look to break into PACE space

    Two major players in the securitization market are said to be looking to get in on the ground floor of the burgeoning market for Property Assessed Clean Energy (PACE) asset-backed securities.

    29 Feb 2016

  • Sponda preps €221m issue with Forum backing

    The board of Sponda, the Finnish property investment firm, has decided to raise €220.8m in a rights issue to partially repay a bridge loan.

    29 Feb 2016

  • Deutsche offers OneSavings vendor finance on mortgage sale

    Deutsche Bank has sold a £400m book of mortgages to OneSavings Bank, and financed the challenger bank’s purchase by buying notes in the resulting securitization, Rochester No. 2. Morgan Stanley arranged the deal, known as Project Granicus.

    29 Feb 2016

  • BP breaks Big Oil’s silence with €2bn bond

    BP on Monday became the first big oil company to brave Europe's corporate bond market this year, as it issued a €2bn dual tranche bond.

    29 Feb 2016

  • EIB to hit dollar market in second five year deal of 2016

    The European Investment Bank is to hit the dollar market with a five year benchmark, its second print in the currency this year, as issuers continue to focus on the short end of the curve.

    29 Feb 2016

  • Vote Now: GlobalCapital 2016 Bond Dinner Awards

    Voting is now open for the GlobalCapital 2016 Bond Dinner Awards. Read on for instructions on how to vote and how to download the voting sheets for each awards category. Voting closes on April 1.

    29 Feb 2016

  • Corporate private market bows to public benchmark issuance

    A booming public market has quietened the private market for corporate debt this month, despite investors being willing to buy MTN paper.

    29 Feb 2016

  • IBM follows $5bn takeout with €2.25bn offering to Europe

    IBM wasted little time after its $5bn five tranche trip to the dollar market a fortnight ago, moving to tap the euro market for a €2.25bn triple trancher this week.

    29 Feb 2016

  • Sovereigns hit screens in euros ahead of ECB meeting

    Two European sovereigns mandated for benchmark bonds in euros on Monday leading what is expected to be a scramble to get in and out of the primary market before the European Central Bank meeting on March 10.

    29 Feb 2016

  • French perfume group Alès turns to Euro PP for first time

    Alès Groupe, the French cosmetics company, has issued a €60m European private placement, its first bond issue in that format.

    29 Feb 2016

  • UCI returns with second RMBS

    UCI, the Spanish mortgage specialist, has announced its second post-crisis RMBS.

    29 Feb 2016

  • Sports Direct commits to using bank loans

    UK sportswear retailer Sports Direct has announced that it will no longer use its loan from owner, Mike Ashley and instead will draw on its credit facility from banks.

    29 Feb 2016

  • BNPP IP appoints head of EM fixed income

    BNP Paribas Investment Partners has hired Luther Bryan Carter as head of emerging market fixed income.

    29 Feb 2016

  • Hopes grow with budding Turkish corporate loans

    With two rare loans for Turkish corporates in the market — a $400m loan for Borusan Holdings and a $50m facility for clothing company DeFacto — bankers are hoping that deal flow from the country will pick up, helping to fill the void left by sanctioned Russian borrowers.

    29 Feb 2016

  • Out of Africa: Barclays expected to announce biz sale, CET1 boost

    Reports that Barclays will exit its African operations, known locally as Absa, have left emerging market bond and loan bankers puzzling what future the firm has in the region — historically one of its strengths within CEEMEA — but it is thought it will leave the UK firm better capitalised.

    29 Feb 2016

  • CS names new Russia boss as Hellman departs

    Steve Hellman, Credit Suisse’s chief executive officer for Russia and CIS, is leaving to pursue other opportunities outside the bank. The bank is promoting its regional private banking head to fill the seat.

    29 Feb 2016

  • TD gets busy in euros

    Toronto-Dominion Bank followed its quarterly earnings report with a deal on Monday, paying up versus floating rate and dollar formats to extend its euro fixed-rate senior curve with a five year transaction.

    29 Feb 2016

  • Euro underwhelm forces Solera rethink

    Solera Holdings’ $3.9bn debt acquisition package has been reduced, following insufficient demand for the $2bn-equivalent bond’s euro tranche.

    29 Feb 2016

  • Wang joins ICBC in new EMEA DCM team

    Yaping Wang has joined ICBC Standard Bank as a senior manager within its debt capital markets team after over six years at Royal Bank of Scotland.

    29 Feb 2016

  • UBS levfin MD leaves for Asian bank

    One of UBS's most senior managing directors in European leveraged finance has left the bank.

    29 Feb 2016

  • El-Amir: ‘2015 an anomaly' for UniCredit

    UniCredit was largely absent from the euro senior market last year, but, having successfully priced a new seven year last Friday, the bank’s head of group finance expects a busier year in 2016.

    29 Feb 2016

  • MAS cautions on rise in bullet, working capital loans

    The Monetary Authority of Singapore (MAS) published a paper on banks’ underwriting and corporate lending businesses on Monday. While the central bank did not observe a deterioration in underwriting standards, it cautioned the country's lenders about the increasing use of working capital and bullet loans.

    29 Feb 2016

  • Ford Motor Credit mandates two for S$ debut

    The financial services arm of US automaker Ford has picked two banks to arrange a potential bond denominated in Singapore dollars.

    29 Feb 2016

  • India's NSE creates listing panel to go public

    India’s National Stock Exchange has formed an official committee to move forward with its plans for a domestic IPO.

    29 Feb 2016

  • Loan Ranger: Knights in Schuld-shining armour

    The Ranger has discovered that chivalry is alive and well in the centuries-old German Schuldschein market. Schuldschein's finest were practically falling over themselves in their efforts to help the Ranger open doors, carry luggage and avoid deep puddles during her travels across Deutschland last week.

    29 Feb 2016

  • Birla Carbon $925m refinancing attracts banks

    A $925m refinancing for Birla Carbon has received commitments from eight banks, taking the total number of incoming lenders to 10. The loan, which has been in syndication for three months, is likely to be allocated in early March.

    29 Feb 2016

  • AusNet launches hybrid in Singapore dollars

    Australian energy firm AusNet Services started attracting bids for a 60 non-call 5.5 year subordinated offering on Monday. The hybrid issuance is denominated in Singapore dollars and marks the company’s first outing in the currency.

    29 Feb 2016

  • CDB Leasing preps $1bn Hong Kong float

    China Development Bank Financial Leasing Co is looking to raise as much as $1bn with a Hong Kong IPO in the first half of 2016, according to a source with knowledge of the plan.

    29 Feb 2016

  • CSRC quashes rumours on start of new IPO system

    The China Securities Regulatory Commission (CSRC) has denied rumours that it was set to implement the registration-based system for IPOs in March after another volatile period of trading last week.

    29 Feb 2016

  • Ranhill forges ahead with $181m listing

    Ranhill Holdings launched its MR760m ($181m) IPO on Monday morning, with the Malaysian utility firm finally deciding to go ahead with a one-day bookbuild for the float.

    29 Feb 2016

  • Debt worries costing Costa Rica as S&P slashes rating

    Standard & Poor’s downgraded Costa Rica from BB to BB- on Friday, keeping the sovereign’s rating on negative outlook as the Central American country’s public finances come under pressure.

    29 Feb 2016

  • Brazil’s Hypermarcas enjoys strong reception for buy-back

    Hypermarcas, the Brazilian pharmaceutical company, will not extend the early bird deadline on the tender offer for its 6.5% senior notes due 2021 after bondholders responded positively to the buy-back offer.

    29 Feb 2016

  • China Oriental wraps up dollar buy-back

    China Oriental Group completed a buy back of a portion of its outstanding dollar bonds this week with the transaction closing at a tender rate of 28.9%.

    29 Feb 2016

  • Record numbers bet big on ABS Vegas 2016

    The annual Las Vegas bash hosted by the Structured Finance Industry Group and IMN drew a record number of registered attendees this year – more than even before the financial crisis ­– as banks competed for larger slices of a smaller pie and all market participants tried to deal with big shifts in pricing and new regulation in the sector.

    29 Feb 2016

  • INTL jumps into ABS market making

    Weak liquidity in ABS markets has been a top complaint of market participants for the past 18 months as many dealers pull back, but broker-dealer INTL FCStone is viewing the dislocation as an opportunity to jump in.

    26 Feb 2016

  • P&M Notebook: Losing large amounts of money is the new flat

    The banking industry has progressed from the sort of soft, will-they-won’t-they mediocre revenue performance which characterised 2014 and 2015 to hardcore, unambiguous bottom line losses.

    26 Feb 2016

  • Comment: Why Italy is a safer bet than Spain

    Delve into the details of their respective economic and political prospects, and Italy’s investor credentials are seemingly more favourable than Spain’s, writes Jeremy Weltman.

    26 Feb 2016

  • Secondary pricing update: featuring Austria's dual tranche 2026s and 2047s

    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.

    26 Feb 2016

  • Abengoa's US subsidiary files for bankruptcy

    Abengoa, the Spanish renewable energy multinational, has filed for bankruptcy in the US under its operating subsidiary there: Abengoa Bioenergy US Holding.

    26 Feb 2016

  • Popular UniCredit spreads Friday feeling

    UniCredit launched its first public senior unsecured bond in over a year on Friday, drawing strong demand and giving the FIG market a confidence boost.

    26 Feb 2016

  • Former covered head quits Barclays

    Torsten Elling will not be returning to Barclays, having been on paternity leave since June last year, GlobalCapital understands.

    26 Feb 2016

  • Funding scorecard: Nordic agencies

    This week's scorecard looks at the funding progress of Nordic agencies.

    26 Feb 2016

  • Sberbank appoints new acting head of global markets in management changes

    Sergey Gorkov, deputy chairman of Sberbank’s executive board, is leaving the bank, and a new acting head of global markets and head of corporate business have been appointed.

    26 Feb 2016

  • Jiayuan launches $144m IPO at deep discount

    Jiayuan International Group has opened books for a HK$1.12bn ($144.16m) listing in Hong Kong, with the Chinese property firm marketing the IPO at a huge discount to its net asset value.

    26 Feb 2016

  • Eco World lays foundation for $500m IPO

    Eco World International, which dropped plans for a special purpose acquisition company IPO in 2015, is seeking to raise $500m with a listing by the middle of this year, said sources.

    26 Feb 2016

  • Four unwrap $430m HCP Global acquisition loan

    A $430m five year loan for Baring Private Equity Asia’s acquisition of cosmetics packaging company HCP Global has launched into general syndication.

    26 Feb 2016

  • Jiangxi Copper eyes $1bn with A and H share placements

    China’s state-owned Jiangxi Copper Company is lining up an A-share and H-share placement to raise a combined Rmb7bn ($1.07bn), according to a filing with the Hong Kong Stock Exchange.

    26 Feb 2016

  • Ranhill eyes one-day bookbuild for $191m IPO

    In an unusual move, Malaysia’s Ranhill Holdings may shorten bookbuilding for its MR807.5m ($190.96mm) IPO to just one day, as volatile market conditions have made it impossible to find the right window.

    26 Feb 2016

  • Samsung SDI trims C&T stake via $457m block

    Samsung SDI sold a W565.34bn ($457.0m) block in its sister company Samsung C&T on Thursday, taking advantage of strong demand to price the deal at the top of guidance.

    26 Feb 2016

  • RMB round-up: February 26, 2016

    In this round-up, RMB deposits in Taiwan held up in January while South Korea's fell further, Bank of China's RMB index closed 2015 on a positive note, Stock Connect sees more southbound than northbound trading, and the State Administration of Foreign Exchange added one RMB qualified foreign institutional investor (RQFII) quota this month. Plus, a recap of GlobalRMB's top stories this week.

    26 Feb 2016

  • Wanda Commercial Properties builds $400m loan

    A $400m loan for Wanda Commercial Properties Hong Kong has opened into senior syndication, with the deal coming just days after Moody’s revised the company’s outlook to negative from stable.

    26 Feb 2016

  • SGX puts in non-binding bid for Baltic Exchange

    The Singapore Exchange (SGX) has put in a non-binding bid to acquire London-based Baltic Exchange, the global hub for trading and settlement of physical and derivative shipping contracts.

    26 Feb 2016

  • Liberalisation of CIBM sidelines QFII/RQFII schemes, say portfolio managers

    The opening up of China’s interbank bond market (CIBM) is one of the most significant steps towards liberalising the country’s capital markets. But with inbound investment schemes like RQFII and QFII losing their attractiveness in the process, some in the country are starting to feel sidelined.

    26 Feb 2016

  • Alibaba in talks for new $4bn financing

    Chinese e-commerce giant Alibaba Group is understood to be in talks with banks for a loan of about $4bn, according to sources.

    26 Feb 2016

  • KORES set to dig up $500m in second quarter

    Korea Resources Corp is looking to issue a dollar bond in the second quarter of the year as it needs up to $500m for overseas investments.

    26 Feb 2016

  • Latham & Watkins boosts Asia business

    Latham & Watkins has beefed up its business in Asia by hiring three new partners and relocating two more to its Hong Kong office.

    26 Feb 2016

  • With G20 looming, still little clarity on RMB outlook

    China is hosting the G20 meeting this week in Shanghai and the question about the path ahead for the renminbi is front and centre. But, despite subdued volatility in the currency following the Chinese New Year holiday, the picture remains as muddled as ever.

    26 Feb 2016

  • Repo lenders seen as favourites to lead Argentine jumbo

    Lat Am bond bankers said the seven banks understood to have led Argentina’s repo trade in December were the strongest candidates to lead the sovereign’s seemingly imminent re-entry into international capital markets.

    25 Feb 2016

  • Lat Am secondary strong but issuers stay calm

    Latin American credit markets enjoyed another positive week on the back of a slight rally in oil prices, but bankers said most issuers were not keen to take a chance and announce a deal until the stability extended further.

    25 Feb 2016

  • Diversity beats price for Lat Am sovs as Peru builds € curve

    Not all emerging markets bond bankers may agree with the strategy — with certain deal-hungry New York dealers particularly vociferous in their opposition — but Latin American sovereigns are placing increasing faith in the euro market for their international funding, writes Oliver West.

    25 Feb 2016

  • Corporate issuers should not wait for Draghi magic

    Europe's corporate bond market is a shrunken thing this year, even though there is nothing fundamentally wrong with investor demand.

    25 Feb 2016

  • Vote Now: GlobalCapital European CLO Awards

    GlobalCapital is polling for its annual European CLO awards, honouring last year's CLO manager, arranger and deal of the year.

    25 Feb 2016

  • Primary not ready for MiFID revolution

    Trading divisions of banks have spent years preparing for the new Markets in Financial Instruments Directive, but their colleagues in primary markets could be unprepared.

    25 Feb 2016

  • High yield still waits for $2bn Solera to price

    The high yield market, desperate for some good news, was left waiting by the phone on Thursday as Solera Holdings' $2bn of notes were said to be struggling to get priced, even though they offered a 11% yield.

    25 Feb 2016

  • Real money drawn back to covered bonds

    Covered bonds, the ‘all weather asset class’, have been a haven of stability for issuers amid volatility in credit markets in recent weeks. But the repricing in the market, driving spreads out to attractive pre-CBPP3 levels, has also drawn back investors who many feared had left the market.

    25 Feb 2016

  • EIB lures another university away from capital markets

    The University of Edinburgh this week announced that it had raised a £200m loan from the European Investment Bank and a £100m private placement, after deciding against a £300m public bond.

    25 Feb 2016

  • Where there’s muck there’s — sometimes — brass

    Coal is about the most basic commodity. It has become deeply unfashionable in recent years, tarred as the worst culprit in global warming. The charge may be true, but the accusations are so vehement partly because promoters of other hydrocarbons — oil, gas, biofuels — want to disguise their own responsibility.

    25 Feb 2016

  • New issuance picks up but CLO mood remains glum

    New issuance picked up in the CLO market this week, but market confidence remains low amid volatile macroeconomic conditions and worries over the sector's high exposure to troubled corporate credit.

    25 Feb 2016

  • SSAs won’t brick it over Brexit — sterling deals keep up record run

    A record breaking start to the year for SSA issuance in sterling kept pace this week, as the bond market showed little sign of contagion from a drop in the currency to a seven year low versus the dollar — and indeed may even have received a boost from the devalued currency.

    25 Feb 2016

  • Investors swarm on MUFG’s TLAC debut as US FIG jumps

    The US FIG market rebounded sharply this week as Mitsubishi UFJ Financial exploited a favourable market backdrop and printed the first TLAC eligible senior trade from a Japanese bank.

    25 Feb 2016

  • LSE-Deutsche Börse merger talks raise spectre of “too-big-to-fail” clearing house

    A merger between London Stock Exchange Group and Deutsche Börse could bring huge cost savings and margin benefits — but would concentrate clearing house risk, running directly against the regulatory desire to end "too big to fail".

    25 Feb 2016

  • Fear for capital supply as CDS shows investors fear bank debt

    The European bank capital market is not expected to build on its trio of 2016 transactions any time soon, as volatility in credit default swaps betrays lingering buyside fears about lenders’ stability.

    25 Feb 2016

  • Jumbo start for Schuldscheine, but it’s mostly Hof the record

    This week the Schuldschein market completed what could be its second largest deal ever, for Aldi subsidiary Hofer, and also launched its first two green deals — in what looks like another impressive year for the market.

    25 Feb 2016

  • Credit braced for Brexit long haul but supply undaunted

    Senior capital markets bankers are preparing their teams for months of speculation on Britain’s possible exit from the European Union, after the markets treated them to a glimpse of investors’ uncertainty on the issue this week.

    25 Feb 2016

  • Jitters in periphery as fears rise over Spanish and Portuguese outlook

    Spain and Portugal continued to suffer political turmoil this week, with bankers worrying that Spain’s troubles might lead to a widening of its spread over Italian bonds.

    25 Feb 2016

  • Go long! Euro duration wide open as market awaits ECB

    The long end of the euro curve is wide open for public sector borrowers, after a pair of issuers printed deals this week and speculation grew that further central bank stimulus is on the way.

    25 Feb 2016

  • AfDB USD1bn 1.125% Mar 19

    25 Feb 2016

  • Dollar market shows strength as J&J and Cisco star

    Johnson & Johnson and Cisco Systems led an issuance blitz by top rated US blue chips this week as the dollar market enjoyed strong momentum. More than $23bn of corporate issuance came in four sessions.

    25 Feb 2016

  • UK DMO GBP2.75bn 0.125% Nov 65 Linker

    25 Feb 2016

  • ESM EUR3bn 0.5% Mar 26, EUR1bn 1.85% Dec 55 tap

    25 Feb 2016

  • National Express gets bridge as borrowers plan ahead

    In its annual results released on Thursday, British coach company National Express reported increased revenues, profits and margin year-on-year in every division. The company has taken extra precautions ahead of its bond refinancing, however, by signing a new bridge-to-bond facility.

    25 Feb 2016

  • Downgrade premium just the start of bond cost boost for ME sovs

    A swathe of ratings downgrades. one of which prompted Bahrain to first cancel a tap and then reprint it this week at a higher yield, is just one factor that will force Middle East sovereigns to pay up for bond funding just when they need it the most, writes Virginia Furness.

    25 Feb 2016

  • Brexit could hobble UK ABS market, analysts warn

    A UK vote to leave the European Union could result in serious long term regulatory and technical disincentives to invest in UK transactions, warn analysts and lawyers.

    25 Feb 2016

  • Options mythologies sandwiched between Brexit and bazooka

    Mounting clamour around the prospect of the UK voting this summer to leave the European Union raised the risk stakes for currency and options traders this week, but some volatility traders preferred to pin their hopes on the European Central Bank producing another ‘big bazooka’ next month.

    25 Feb 2016

  • Derivs industry faces rising hit from collateral fails: DTCC

    The industry-wide unsupported exposure of the derivatives market to collateral settlement failure is $27bn for sellside firms alone, the Depository Trust & Clearing Corporation said this week.

    25 Feb 2016

  • UBS reopens the euro holdco mart but could be a hard act to follow

    UBS launched the first euro senior bank holding company bond of the year on Thursday, but bankers were divided over the trade’s pricing, as well as whether more could follow.

    25 Feb 2016

  • 3i and BNP Paribas sell down Eltel stakes in first block since IPO

    3i and BNP Paribas, two of the largest shareholders in Eltel Networks, launched a block trade for 15% of the business on Thursday night.

    25 Feb 2016

  • Pirelli scraps bonds and rolls back to loans, will launch refi imminently

    Pirelli will not refinance its €6.8bn acquisition bridge loan in the bond market as planned. A torpid high yield bond market has spooked the borrower away from capital markets and back to bank loans.

    25 Feb 2016

  • UBS Group EUR750m 2.125% Mar 24

    25 Feb 2016

  • MTN Leak: Birthday disappearances

    Birthdays and doing one's duty meant a few MTNers were out the office this week.

    25 Feb 2016

  • Wind turbine firm Senvion seeks €400m-plus in all secondary IPO

    Senvion, the German wind turbine maker, has become the first of this year’s second wave of IPO candidates, announcing on Monday this week its intention to float in Frankfurt.

    25 Feb 2016

  • Loans, news in brief — February 25, 2016

    Goldman Sachs — Kurt Geiger — Genus — Heathrow — Investec — EPH

    25 Feb 2016

  • New derivs products mark shift to risk premium

    Two new derivative products that were launched this week suggest an increased focus on alternative sources of beta and exposure to risk premiums.

    25 Feb 2016

  • AfDB hits market in slow week for dollars

    Following a busy period in which KfW and Nordic Investment Bank priced deals, African Development Bank (AfDB) was the sole issuer to hit the market this week for a benchmark deal in dollars.

    25 Feb 2016

  • Bahrain USD600m 5.875% Jan 21 and 7% Jan 26 tap

    25 Feb 2016

  • Slovenia builds out long end of euro curve with 16 year

    The Republic of Slovenia printed a €1.5bn 16 year bond on Thursday from a book of €1.75bn and achieved its aim of building out the longer part of its curve.

    25 Feb 2016

  • Saipem’s rights issue a cautionary tale for resources sector

    Saipem, the Italian oil and gas engineering group, failed to sell all of its €3.5bn rights issue to shareholders by last Friday, in an ominous sign for other commodities firms that may still need to raise fresh capital.

    25 Feb 2016

  • ChemChina launches blockbuster $20bn European acquisition loan

    This week ChemChina launched syndication for the European tranche of its Syngenta acquisition loan. The deal is much bigger than many expected, at $20bn.

    25 Feb 2016

  • Amgen revives Swiss corporate issuance despite negative swap rates

    Even though the Swiss franc/dollar cross currency swap has been trading in negative territory through January and February, Amgen, the US biotechnology company, made an impressive debut in Swiss francs this week with a seven year bond, the largest in the currency this year.

    25 Feb 2016

  • Santander strengthens its Japanese funding channel

    Santander Consumer Finance opened up a new Tokyo Pro-Bond programme worth €10bn on Tuesday, following a similar move from its UK sister borrower last year.

    25 Feb 2016

  • Volatility puts verve back in ETF shorters

    Last summer investors turned to shorting bond exchange traded funds as the bond market kicked back into life amid the Greek crisis. Volatility has continued in earnest in 2016 as the Markit iTraxx Europe index, which tracks CDS spreads across investment grade issuers, hit a three year high of 121bp earlier this month.

    25 Feb 2016

  • Unédic adds name to 10 year euro comeback

    Unédic joined a mini resurgence in the 10 year part of the euro curve with the third new issue in the tenor in two weeks, following a one month dearth of supply.

    25 Feb 2016

  • Toyota and BMW enter quiet corporate MTN market

    Toyota turned to Japanese retail investors for funding this week, placing four Uridashi deals, more than doubling February's corporate private placement volumes in the process. Fellow auto company BMW followed suit with an MTN on Thursday.

    25 Feb 2016

  • Deutsche concerns subside after euro tender success

    Deutsche Bank tendered less than half the total bonds on offer in a euro senior repurchase offer on Tuesday, buying back the paper at spreads through secondary levels, as it sought to lower its debt burden and suppress any fears about its balance sheet.

    25 Feb 2016

  • EM currency MTN resurgence gathers pace

    While volatility still grips much of the developing world, the pace of emerging market currency issuance from supranationals has intensified, the drought of early February long forgotten.

    25 Feb 2016

  • StanChart takes the pain with soaring impairments

    Last year was not kind to Standard Chartered, a bank known for its emerging markets, commodities-focused business model and in the teeth of a brutal restructuring. The bank reported a full year loss of $1.5bn on Tuesday, after swallowing $1.8bn of restructuring charges.

    25 Feb 2016

  • Corporate issuers refuse fence on green day

    The European investment grade corporate bond market took another pause from issuance on Thursday, despite stock markets’ movement into green territory.

    25 Feb 2016

  • Portugal buys back bonds after upping funding target

    Portugal has bought back three government bonds during a volatile week for the sovereign in which it announced it would increase its issuance target for the year.

    25 Feb 2016

  • Investors remain hungry for USPP as Derwent London returns

    Property firm Derwent London has issued a £105m US private placement, its first since 2013. Three institutional investors, all of whom are new to the relationship, bought the notes.

    25 Feb 2016

  • ChemChina seeks blockbuster $20bn European tranche

    ChemChina is raising $20bn of loans in Europe for its $43bn acquisition of Syngenta although many bankers had expected the firm to raise just $13bn outside China.

    25 Feb 2016

  • Jumbo Schuldschein, but it’s Hof the record

    The Schuldschein market has just completed what could be its second largest ever deal — for around €1.6bn — in an especially private transaction for Aldi’s Austrian subsidiary, Hofer.

    25 Feb 2016

  • Slovenia 16 year offers double digit new issue premium

    Slovenia has firmed price guidance for a euro 16 year benchmark to 147bp over mid-swaps, a level that syndicate officials away from the deal said represents a double digit new issue premium.

    25 Feb 2016

  • UBS holdco could be hard act to follow

    UBS launched the first euro senior holdco deal of the year on Thursday and despite the trade’s strong reception and competitive pricing, bankers remain divided over whether more can follow.

    25 Feb 2016

  • RBC’s capital markets profit slips 4%

    Royal Bank of Canada reported a C$24m year-on-year decrease in profits from its capital markets division on Wednesday, as debt origination declined and the bank increased provisions against its oil and gas exposure.

    25 Feb 2016

  • TCC’s $3.5bn acquisition loan perks up Thai market

    TCC Group has invited banks to pitch for a $3.5bn financing to support its acquisition of a stake in retailer Big C Supercenter. Bankers are welcoming the deal as it provides an opportunity to book Thai assets following a lull in foreign currency loan activity from the country. Shruti Chaturvedi reports.

    25 Feb 2016

  • Glimmer of hope for Nigerian M&A loans

    Bankers are in discussions with a Nigerian corporate for an acquisition loan, representing welcome fodder for a depleted market, although the deal may not make it over the line, according to sources.

    25 Feb 2016

  • Sweden to trim foreign currency borrowing

    The Swedish National Debt Office has revised downward its forecast for foreign currency bond issuance in 2016 and 2017 after receiving higher than expected tax payments.

    25 Feb 2016

  • Kexim shows savviness with dual-listed dollar bond

    Export-Import Bank of Korea demonstrated its sophistication in the bond market on Wednesday with what market participants believe is the first single tranche dollar bond to be listed in both Singapore and Taiwan. Kexim’s success is set to encourage more high quality foreign issuers to follow in its footsteps.

    25 Feb 2016

  • Asian ECM in limbo until market regains stability

    Asia’s desolate equity capital markets are about to be tested with new listings for the first time since Goodbaby China Holdings pulled a Hong Kong IPO in early February. But with bankers finding it harder than ever to convince investors to buy deals, little can be done in the primary market until some stability returns, write Jonathan Breen and John Loh.

    25 Feb 2016

  • Cochin Shipyard to pin down banks for $147m India IPO

    Cochin Shipyard is going through pitches from nine local banks for an IPO in India that could raise more than Rp10bn ($147m), with the state-owned firm expected to choose up to three lead managers.

    25 Feb 2016

  • Asia focus pays off for HSBC as profits rise

    HSBC’s Asian business gained momentum last year, with the bank booking the lion’s share of its earnings from the region. But there are challenges ahead, with the firm under investigation by the US Securities and Exchange Commission (SEC) for its hiring practices.

    25 Feb 2016

  • Netmarble, Doosan Bobcat hunt leads for 2016 IPOs

    South Korean computer and mobile game developer Netmarble has shortlisted a trio of international banks and five local firms to lead its IPO, which could raise as much as W2tr ($1.6bn).

    25 Feb 2016

  • CLIQ to be first Spac to fold amid failed acquisition

    CLIQ Energy is set to be the first Malaysian special purpose acquisition company (Spac) to be liquidated after the regulator rejected its request for more time to make a qualifying acquisition.

    25 Feb 2016

  • Lee builds out DBS’s Asian debt ambitions

    The Asian debt capital market did not have an easy 2015 with numerous macro and political headwinds causing a fall in new issuance. While jittery conditions are here to stay, Clifford Lee, head of fixed income for DBS, told GlobalCapital Asia that his business is well positioned to combat the volatility.

    25 Feb 2016

  • Capital ‘a way off’ as CDS spasms

    The European bank capital market is not expected to build on its trio of 2016 transactions any time soon, as volatility in credit default swaps betrays lingering buyside fears about lenders’ stability.

    25 Feb 2016

  • India seals $739m from divestment in NTPC

    India raised Rp50.3bn ($739.3m) from a sell-down in NTPC this week as institutional investors pounced on the trade, giving the government’s divestment programme a last minute boost.

    25 Feb 2016

  • HKBN eyes HK$700m acquisition financing

    Hong Kong Broadband Network is raising a HK$700m ($90m) loan to fund its acquisition of telecoms businesses Concord Ideas and Simple Click Investments.

    25 Feb 2016

  • Deutsche rejigs DCM, loans as part of wider restructuring

    Deutsche Bank has made a series of senior changes to its debt and loan teams in Asia, which will see Haitham Ghattas, the new head of debt origination for Asia, take charge of four origination units.

    25 Feb 2016

  • DBS and their head-spinning annual results

    When I was a banker dazzling clients with my handsome good looks, I was never one to read too much into a bank’s financial results.

    25 Feb 2016

  • SBI makes quick return with $500m three year facility

    State Bank of India has picked banks for a fresh $500m fundraising that is expected to launch into syndication in the next couple of weeks.

    25 Feb 2016

  • Commitments due for AFC in dejected African market

    In an otherwise subdued African loan market, commitments for a $150m deal for Africa Finance Corporation were due on Thursday, according to a banker on the deal.

    25 Feb 2016

  • Areva signs €1.1bn liquidity facility, delays results

    Areva, the nuclear power construction firm 87% owned by the French government, has signed a €1.1bn bridge loan with six banks to “ensure the company’s liquidity for the 2016 fiscal year”.

    25 Feb 2016

  • Samsung SDI eyes $458m via C&T block

    Samsung SDI is paring its stake in sister firm Samsung C&T via an accelerated bookbuild worth up to W565.34bn ($458.23m), amid regulatory pressure on chaebols to unwind cross shareholdings.

    25 Feb 2016

  • Vingroup prices second CGIF-backed Vietnamese bond

    One of Vietnam’s largest property developers Vingroup raised VN$3tr ($135.5m) from a dual-tranche offering on February 18 in what was only the second transaction in the country to be backed by the Credit Guarantee Investment Facility.

    25 Feb 2016

  • ABC International’s head of DCM joins China Huarong

    China Huarong Asset Management has hired Richard Zhang in the newly created role of investment director to lead and oversee investment, with a focus on expanding the asset manager's offshore allocation.

    25 Feb 2016

  • Buy-back hint saves Brazil curve from Moody’s blow

    Brazilian bonds rallied on Wednesday afternoon after the country's treasury secretary told local press that the sovereign was considering buying back foreign bonds in what DCM bankers said was likely to have been a deliberate response to a ratings cut from Moody’s in the morning.

    25 Feb 2016

  • New FTZs coming, but Shanghai still in the spotlight

    Chinese authorities are set to announce a third batch of free trade zones (FTZs) this year with the preference likely falling on Western provinces. Meanwhile, the regulators have laid out more plans for the original pilot in Shanghai, aiming for the city to become the first to test full liberalisation of the capital account.

    25 Feb 2016

  • Two CLOs priced to give market a lift

    Credit Suisse Asset Management (CSAM) and Neuberger Berman investment advisers have priced their first CLOs of the year.

    24 Feb 2016

  • SoFi, DRB deals bring private SLABS sector to life

    Online lender SoFi and Connecticut based Darien Rowayton Bank have entered the ABS market with a combined total of $700m in bonds backed by private student loans, fueling analysts' expectations of a strong year of growth for student loan refinancings.

    24 Feb 2016

  • Regulators' reversal opens up Spanish capital relief

    A switch in regulator from the Bank of Spain to Europe’s Single Supervisory Mechanism and more regulatory certainty has reopened a route to capital raising for Spain’s banks — synthetic securitization.

    24 Feb 2016

  • People Moves in Brief

    Edwards out at Mitsubishi - CS cuts SSA head - BMO banker departs

    24 Feb 2016

  • The FIG Idea: Banging tech? No

    Banks are doing whatever they can to attract some tech company glamour. JP Morgan's CFO Marianne Lake claimed the bank was a tech firm at its investor day on Tuesday. Lloyd Blankfein has made the same claim for Goldman Sachs. Now every self-respecting bulge bracket firm has an in-house incubator — even Commerzbank has a couple. Banks are desperate to inject some Silicon Valley sparkle.

    24 Feb 2016

  • Nyrstar sells whole rump of €274m rights issue in ABB

    Nyrstar, the Belgian zinc producer, has successfully completed the sale of all the new shares on offer in its rights issue, after selling the rump of the deal in an accelerated bookbuild on Wednesday.

    24 Feb 2016

  • Grand City Properties sells €450m hit convertible after earlier deals pay off

    Grand City Properties issued its fourth convertible bond on Wednesday, raising €450m, more than the other three deals put together. The German housing company capitalised on the successful performance of its earlier deals to win €2.5bn of demand and strong terms.

    24 Feb 2016

  • ABS industry lobbies Congress for risk retention relief

    Experts and legislators sparred over the impact of impending risk retention regulation on securitization in a US congressional hearing on Wednesday, as market advocates looked to relax the rules seen as hobbling the ABS sector.

    24 Feb 2016

  • HSBC takes giant step into the bulge bracket

    The merger between capital financing and banking is a logical staging post in the transformation of HSBC’s investment banking aspirations, writes David Rothnie

    24 Feb 2016

  • Delta Lloyd cuts rights issue to €650m, shares rebound

    Delta Lloyd, the Dutch insurance company, bowed to investor pressure and cut the size of its planned rights issue by a third on Wednesday, to €650m.

    24 Feb 2016

  • AfDB places first benchmark of 2016 in tricky market

    The African Development Bank was unable to tighten pricing from guidance on its first benchmark of the year on Wednesday, which bankers away from the deal put down to a difficult market backdrop.

    24 Feb 2016

  • Apax nearly exits Auto Trader in £850m block

    Apax made on Tuesday night its first selldown of stock in Auto Trader, the UK car sales website, since floating the business last March. As had been expected after the IPO was increased, Apax was able to sell virtually its whole remaining stake in one go.

    24 Feb 2016

  • BAML back in CMBS with €317m Blackstone deal

    Bank of America Merrill Lynch has launched the first European CMBS deal since September last year, with a €317m securitization of a loan to Blackstone, secured by German retail properties.

    24 Feb 2016

  • Dutch SSA joins sterling rush

    A Dutch agency has become the latest public sector borrower to dip into a record breaking sterling market for the year so far, after mandating banks on Wednesday for a deal.

    24 Feb 2016

  • TradeStation sells FX to focus on equities and derivs

    TradeStation Group has sold the accounts of its IBFX/TradeStation Forex subsidiary to OANDA as IBFX looks to exit the forex dealer business.

    24 Feb 2016

  • Sweden shrinks foreign currency borrowing needs

    The Swedish National Debt Office has revised downward its forecast for foreign currency bond issuance in 2016 and 2017 after receiving higher than expected tax payments.

    24 Feb 2016

  • LyondellBasell Industries comes alone to price inside its dollar curve

    LyondellBasell Industries, the Dutch/US petrochemical producer, emerged as the only corporate bond deal on Wednesday, offering a six year benchmark transaction.

    24 Feb 2016

  • ISDA warns of fragmentation on trading platform rules

    Regulators should focus on broad outcomes and similarities between US and European Union trading platforms rather than conduct a granular, rule-by-rule comparison of the two frameworks, the International Swaps and Derivatives Association has said.

    24 Feb 2016

  • ChemChina to launch European loan for Syngenta buy

    Syngenta will imminently launch into syndication its European non-recourse loan for its acquisition by ChemChina, according to a banker familiar with the deal.

    24 Feb 2016

  • Pirelli scraps bond, will refi bridge with loan imminently

    Pirelli will not refinance its €6.8bn acquisition bridge loan in the bond market as planned. A torpid high yield bond market has spooked the borrower away from capital markets and back to bank loans.

    24 Feb 2016

  • Solera captivates levfin market as pricing due

    All eyes in the European leveraged finance market are focused on Solera’s $3.9bn debt package, the only deal in play.

    24 Feb 2016

  • Genus stocks up with loan refi

    Genus, the bovine and porcine genetics company, retained all of its relationship banks when it signed a £160m revolving credit facility on Monday.

    24 Feb 2016

  • Lat Am euro debate continues as Peru prices

    Latin America sovereigns’ new found fancy for euro denominated bonds has sparked fierce words from syndicate bankers defending and questioning the trend.

    24 Feb 2016

  • Kazagro asks to modify bond leverage covenants

    Kazagro on Monday launched a consent solicitation for its euro denominated 2019s and dollar denominated 2023s, asking to change some of its leverage covenants.

    24 Feb 2016

  • Czech’s EPH loan creeping to a close

    In a very low-key transaction, the Czech Republic’s Energetický a průmyslový Holding (EPH) will complete its €1.5bn loan refinancing in the coming days.

    24 Feb 2016

  • Toyota enters quiet corporate MTN market

    Toyota turned to Japanese retail investors this week, placing four Uridashi deals and more than doubling February's volume of private placements.

    24 Feb 2016

  • HSBC hires Westerman as co-head of global banking, capital financing joins banking

    HSBC has hired Matthew Westerman, former chairman of EMEA investment banking at Goldman Sachs, as co-head of global banking. The division will expand to take in capital financing and the larger clients from commercial banking.

    24 Feb 2016

  • Santander strengthens its yen funding channel

    Santander Consumer Finance opened up a new Tokyo Pro-Bond programme worth €10bn on Tuesday, following a similar move from its UK sister borrower last year.

    24 Feb 2016

  • Low voltage from market for Zambia’s Zesco loan

    After a rough ride for Zambian loans and bonds in recent months, state-owned power firm Zesco will finally sign its delayed seven year loan this week.

    24 Feb 2016

  • Extra yield no Bahrain-er for investors

    Bahrain’s decision to revive last week's cancelled bond sale was driven by reverse enquiry from investors who were unperturbed by the issuer’s new junk status, according to bankers on the deal.

    24 Feb 2016

  • Russian Railways tenders for euro bonds

    Russian Railways is offering to buy back up to €150m of its €1bn 3.374% 2021s.

    24 Feb 2016

  • Tumultuous rights issues dominate European ECM

    There are still no block trades or IPOs being done in Europe, but equity capital markets bankers have been keeping themselves busy with rights issues, especially as some of them are proving rather hard to execute.

    24 Feb 2016

  • Temasek makes euro debut with dual-trancher

    The Singapore government’s investment arm Temasek Holdings ventured into the euro-denominated bond market for the first time this week with a dual tranche offering driven by reverse enquiry.

    24 Feb 2016

  • ESM hits dual tranche while AfDB readies in dollars

    The SSA market has seen a steady stream of activity across the euro and dollar markets this week. The European Stability Mechanism priced the week’s biggest deal on Tuesday, printing €4bn in 10 and 40 year tenors. Meanwhile African Development Bank led the charge in dollars, preparing to print a $1bn no-grow in its first benchmark deal of the year.

    24 Feb 2016

  • Corporate market proves a quiet pool, but deep

    The hidden depth of demand in Europe’s corporate bond market was made amply clear on Monday, when Vodafone trounced market expectations that it would issue a €3bn bond — itself a large and bullish transaction — by raising €6bn.

    24 Feb 2016

  • RIP RQFII? PBoC drops quotas for bond market access

    The People’s Bank of China (PBoC) has flung open the doors to China’s bond market by allowing almost all types of foreign financial institutions and asset managers to directly invest in the onshore inter-bank bond market without a quota. The move is a positive one for capital markets liberalisation but leaves a question mark over the future of schemes like QFII and RQFII.

    24 Feb 2016

  • Bahrain braves market return

    The Middle East has provided the only source of CEEMEA supply so far this week. Bahrain bounced back to hog the spotlight, returning to tap $600m of bonds less than a week after an unexpected Standard & Poor’s downgrade led the issuer to cancel a previous $750m attempt. Meanwhile, yet another Latin America sovereign came to the euro market.

    24 Feb 2016

  • BlackRock warns futures markets not to fight the Fed

    Inflation data and distortions from oil prices may lead the Federal Reserve to move faster on raising rates than futures prices imply, BlackRock has warned.

    24 Feb 2016

  • FIG momentum falters as fears remain

    The FIG market has been licking its wounds again this week after a punishing start to February, with euro senior unsecured supply abating and covered bonds taking over.

    24 Feb 2016

  • NTPC books swell for $739m divestment

    Institutional investors flocked to India’s Rp50.3bn ($739.3m) sell down in NTPC, with the first leg of the trade almost 2x covered, giving the government’s divestment programme an eleventh hour boost.

    24 Feb 2016

  • Jumei eyes loan to finance take private

    Nasdaq-listed Jumei International Holding is planning to finance its proposed take private transaction with a combination of loans and equity.

    24 Feb 2016

  • Khazanah divides opinion with dollar sukuk debut

    Khazanah Nasional made its inaugural appearance in the dollar sukuk market this week with a $750m transaction. But the landmark trade courted plenty of controversy around its execution and the notes’ subsequent secondary performance.

    24 Feb 2016

  • MUFG writes first chapter for TLAC bonds in Asia

    Mitsubishi UFJ Financial Group successfully wrapped up Asia’s first bond that meets total loss-absorbing capacity (TLAC) requirements on Tuesday. By providing a strong benchmark in this new asset class, the transaction is set to encourage more issuance from Japan.

    24 Feb 2016

  • Leissner leaves Goldman after relocating to US

    Tim Leissner, the chairman of Goldman Sachs’ southeast Asia operations, is understood to have left the bank.

    24 Feb 2016

  • ANZ names new CEO for Singapore

    Australia and New Zealand Bank has appointed David Green as the new chief executive officer for Singapore, replacing Vishnu Shahaney, who is taking up a new role at the bank.

    24 Feb 2016

  • Doosan Bobcat issues RFP for Korean float

    South Korea's Doosan Bobcat, which controls US machinery maker Bobcat, has sent out a request for proposals for a domestic IPO it plans to launch this year.

    24 Feb 2016

  • Kexim to break new ground with unique dollar bond

    Export-Import Bank of Korea (Kexim) opened books on Wednesday for a single tranche dollar bond to be dual listed in Singapore and Taiwan. While the Korean issuer has taken this approach before in offshore renminbi, sources close to the latest deal say this is the first of its kind in dollars.

    24 Feb 2016

  • Bank of China HK seals $2bn triple trancher

    Bank of China Hong Kong sneaked in to the bond market on Tuesday with a triple-tranche dollar deal in the midst of several other well flagged competing transactions. But the Chinese lender raised a hefty $2bn, which bankers said proved that it is one of the strongest credits in the region.

    24 Feb 2016

  • HKBN plugs in for HK$700m acquisition loan

    Hong Kong Broadband Network has hit the syndicated loan market for HK$700m ($90m) to fund its acquisition of telecom businesses Concord Ideas and Simple Click Investments.

    24 Feb 2016

  • IOSCO picks KL for first Asia Pacific office

    The International Organisation of Securities Commissions (IOSCO) is planning to set up an office in Malaysia, marking the first time the body will have a presence outside of its headquarters in Spain.

    24 Feb 2016

  • PSX gets new directors to boost governance

    The Securities and Exchange Commission of Pakistan has named several new members to the board of the Pakistan Stock Exchange (PSX) in a bid to burnish the newly-created bourse’s credentials as a frontline regulator.

    24 Feb 2016

  • Photos from Asiamoney’s New Year Awards Dinner 2016

    Issuers, bankers, brokers and analysts gathered in Hong Kong at the JW Marriot hotel on February 17 to celebrate the achievements of those who were top-ranked in Asiamoney polls in 2015 or who had won deal or bank awards.

    24 Feb 2016

  • TCC Group readies $3.5bn loan for Big C stake

    Food-to-finance conglomerate TCC Group is understood to have sent out term sheets for a $3.5bn loan to back its acquisition of a stake in retailer Big C Supercenter.

    24 Feb 2016

  • Supply expectations halt Argentina rally

    Argentina's finance minister, Alfonso Prat-Gay’s announcement that the country would issue up to $15bn of bonds to pay holdout investors cooled enthusiasm for the sovereign’s existing debt on Tuesday.

    24 Feb 2016

  • Lendmark markets first ABS since Springleaf acquisition

    Georgia-based subprime lender Lendmark Financial Services is marketing LFT 2016-A, the company's first transaction since it acquired 127 branches from rival Springleaf Finance last November.

    23 Feb 2016

  • Equity derivs stand out in pressured market

    Markets divisions of many banks have struggled to grow in the years since major post-crisis regulation was passed, but in 2015 equity derivatives was a brighter spot.

    23 Feb 2016

  • Eurotunnel on the road for secured refi

    Groupe Eurotunnel has mandated Deutsche Bank and Goldman Sachs for a roadshow, exploring potential refinancing for some of the secured notes issued from Channel Link Enterprises Finance, the whole business securitization backed by the operators of the Channel Tunnel.

    23 Feb 2016

  • AfDB to launch first benchmark of 2016

    The African Development Bank is set to bring its first benchmark of 2016 in what is proving to be a quiet week for dollar deals.

    23 Feb 2016

  • CaixaBank structures €14bn retained RMBS

    CaixaBank has structured a huge retained RMBS deal, backed by a €14.41bn portfolio of Spanish mortgages.

    23 Feb 2016

  • Credit Suisse makes senior hires for Asian algorithmic trading

    Credit Suisse has made two senior appointments to its ‘advanced execution services’ (AES) team in Hong Kong, which offers algorithmic trading strategies.

    23 Feb 2016

  • Portugal in debt buyback as yields fall

    Portugal is set to buy back bonds maturing over the next three years as its yields dropped to two week lows on Tuesday.

    23 Feb 2016

  • Subprime mortgage lending set for comeback

    Subprime mortgage lending could be poised for a comeback this year, as originators ramped up production of mortgage loans to risky borrowers in the final quarter of 2015.

    23 Feb 2016

  • Brexit brush-off as UK DMO breezes through and EAA debuts in sterling

    Any fears that investors might be nervous about sterling bonds in the run-up to the UK’s referendum on European Union membership eased with a pair of deals on Tuesday.

    23 Feb 2016

  • TLAC is failing its ultimate test — HSBC

    HSBC is the ultimate test for the international rules on total loss-absorbing capacity (TLAC). If they don’t work for that shop, then how can anyone be certain they will work elsewhere? That’s why it is worrying that the bank has had to compromise its TLAC plan.

    23 Feb 2016

  • Four bookrunners picked for ASR float

    NL Financial Investments, the Dutch state agency, has named bookrunners for the IPO of insurer ASR, having already chosen the global co-ordinators earlier this year.

    23 Feb 2016

  • Corporate bond issuance rests, though Vodafone performs

    A bullish start to the week in the investment grade corporate bond new issue market was followed by encouraging secondary market performance from Vodafone’s four tranche deal, but no new transactions.

    23 Feb 2016

  • LSE and Deutsche Boerse in merger talks

    The London Stock Exchange Group and Deutsche Boerse are in talks over a potential merger, the boards of both groups said in a joint statement on Tuesday.

    23 Feb 2016

  • ESM prints €4bn at 10s and 40s

    The European Stability Mechanism raised €4bn on Tuesday with a dual tranche deal at the long end of the curve, printing a 10 year bond through mid-swaps while hitting €1bn on a tap of a 40 year bond.

    23 Feb 2016

  • Heathrow extends revolver and bags new term debt

    Heathrow has extended the maturity of its £1.4bn revolving credit facility, signed November 2014.

    23 Feb 2016

  • Kurt Geiger allocates buyout debt

    Kurt Geiger, the luxury UK shoe retailer, allocated its £150m all-senior acquisition debt at a notable margin even after its oversubscription.

    23 Feb 2016

  • Fate of Saipem rights issue could send shivers through resources sector

    Saipem’s unfortunate €3.5bn capital raise could have wide-ranging consequences for other firms desperately in need of fresh cash to weather the commodities downturn.

    23 Feb 2016

  • Driest January in high yield since Lehman

    The high yield market in Europe issued just $1bn of new deals in January, the lowest January figure since 2009.

    23 Feb 2016

  • Deutsche hails quashed fears with completed tender

    Deutsche Bank tendered some of its euro senior unsecured bonds at spreads through secondary levels on Tuesday, as it sought to lower its debt burden and suppress any fears about its balance sheet.

    23 Feb 2016

  • Mitsubishi UFJ loses syndicate head

    One of Mitsubishi UFJ’s most senior syndicate bankers has left the firm.

    23 Feb 2016

  • Volatility puts bank DCM activity at 20 year low

    European bank DCM activity has had the slowest start in over 20 years, and although some market participants anticipate a turnaround later in the year, financial institutions face pressing challenges to their capital funding plans.

    23 Feb 2016

  • It's all snow-ver: White out at BMO

    A vice-president in BMO Capital Markets’ DCM team has left the bank, GlobalCapital understands.

    23 Feb 2016

  • Bamford quits Barclays as syndicate moved to banking

    Mark Bamford, head of global fixed income syndicate, is leaving the firm, and several promotions have been made to fill the gap. Fixed income syndicate has also been transferred out of fixed income and given its own risk reporting.

    23 Feb 2016

  • Peru offers 25bp premium after curve widens

    Peru opened books on its second euro deal in four months on Tuesday, after announcing an investor call on Monday which caused its secondary curve to widen 20bp.

    23 Feb 2016

  • HSBC's Middle East profits down

    HSBC Group’s Middle East business took a $300m hit in 2015, mainly due to higher loan impairment costs as the bank expects an increase in loan defaults in the UAE, according to its annual report.

    23 Feb 2016

  • Porsche €200m Schuldschein zooms across the finish line

    Yet another German car maker has completed a lap of the private debt market. Porsche AG closed order books for its €200m Schuldschein this week.

    23 Feb 2016

  • New buds for green Schuldscheine

    This week will see the Schuldschein market host its first two green deals, a new direction for the centuries-old private debt market.

    23 Feb 2016

  • Kexim to hit road for euro return

    Export-Import Bank of Korea (Kexim) has hired banks to run investor meetings in Europe for a potential euro bond, which would be its first syndication in the currency since 2013.

    23 Feb 2016

  • IsDB mandates for Asia and ME sukuk roadshow

    The Islamic Development Bank is embarking on a three day sukuk roadshow, starting on Sunday.

    23 Feb 2016

  • SUEK seizes opening in Russian market with whopper

    The Russian loan market has brought its first dollar deal of the year with Siberian Coal Energy Company (SUEK) signing a long-awaited $1bn pre-export finance facility. The deal is its first syndicated loan since January 2014 and exceeds the size of any Russian loan of 2015.

    23 Feb 2016

  • The comeback kingdom: Bahrain taps again

    The Kingdom of Bahrain has returned to tap bonds less than a week after an unexpected Standard & Poor’s downgrade led to the issuer cancelling a $750m dual tranche bond increase. Rival bankers said the strategy was right, but were surprised by the tight pricing offered.

    23 Feb 2016

  • Cocos ‘symptom not cause’ of bank rout

    Bank of England governor, Mark Carney on Tuesday told UK members of parliament the contingent bank capital market worked exactly as it should when bonds and shares suffered a sharp sell-off earlier this month.

    23 Feb 2016

  • Goldman Sachs releases energy exposure figures

    Goldman Sachs had $10.6bn of credit exposure to the oil and gas industry as of December 2015, according to its annual regulatory filing.

    23 Feb 2016

  • Far East Consortium seals HK$1.35bn loan

    Far East Consortium International has sealed a HK$1.35bn ($174m) three year loan, with the proceeds to go towards redeeming an outstanding renminbi bond and for general working capital.

    23 Feb 2016

  • MUFG opts for triple-trancher for Asia’s first TLAC bond

    Mitsubishi UFJ Financial Group is on its way to sell Asia’s first bond that meets total loss-absorbing capacity (TLAC) requirements. Launched on Tuesday, there is plenty of guesswork among market participants about fair pricing.

    23 Feb 2016

  • India DCM: Time for a reality check

    For years market participants have been talking about India’s potential in the international bond market but volumes have always disappointed. While this week’s return of National Thermal Power Corp (NTPC) to dollars have got enthusiasts talking once again, their excitement is likely to be short lived.

    23 Feb 2016

  • NTPC prices tight $500m bond on rarity value

    India’s National Thermal Power Corp (NTPC) ended an absence of more than a year from the international bond market this week with a tightly priced transaction that left little money on the table for investors.

    23 Feb 2016

  • India IPO roundup: Cochin Shipyard, Equitas and HCG

    India’s Cochin Shipyard is set to hear pitches from nine local banks for its more than Rp10bn ($147m) IPO on Thursday, from which the state-owned firm will pick up to three lead managers.

    23 Feb 2016

  • China's ZTO Express eyes $1bn listing

    Chinese logistics firm ZTO Express has sent out a request for proposals for an IPO that could raise as much as $1bn, according to sources.

    23 Feb 2016

  • Netmarble, Doosan Bobcat gather pace with IPOs

    South Korea's Netmarble has shortlisted a trio of international banks and five local houses to lead its IPO, which could raise as much as W2tr ($1.6bn).

    23 Feb 2016

  • Cheung Kong thrives despite 'weak' structure

    Cheung Kong Infrastructure Holdings (CKI) made a strong comeback to the dollar hybrid bond market on Monday with a perpetual non-call five. Despite the tight pricing and a structure that some considered weak, investors were keen to participate thanks to the borrower’s credentials and a lack of supply in the primary market.

    23 Feb 2016

  • Spain could widen against Italy as investors warm to Renzi

    Spain's spread over Italian bonds could widen further as investors fret over its finances while responding positively to the reforms led by Italy prime minister Matteo Renzi, despite Spain shrugging off a move from positive to stable outlook from Moody's late last week.

    23 Feb 2016

  • KRX creates task force to target foreign business

    The Korea Exchange (KRX) has put together a global marketing department to work on attracting international investors and companies to the country's main board.

    23 Feb 2016

  • GlobalCapital Asia/Asiamoney Australia Deals and Investment Bank of the Year 2015: Results

    It was a challenging year for Australian capital markets in 2015 as the fall in commodity prices and volatile conditions made executing deals that much tougher. So it is testament to the depth and breadth of banks in Australia that so many were able to produce standout performances. Our thanks to all those firms that took the time to pitch. Full write-ups of each award will be published in the next Asiamoney supplement in late March.

    23 Feb 2016

  • India kick-starts $740m sell down in NTPC

    The Indian government is selling down a 5% stake in state-owned NTPC that could raise at least Rp50.3bn ($739.3m), giving equity capital markets in Asia a much needed shot in the arm.

    23 Feb 2016

  • Khazanah, BoC HK market dollar bonds

    Khazanah Nasional started taking orders for its first Islamic bond in dollars on Tuesday, while Bank of China’s Hong Kong branch launched bookbuilding for a triple tranche senior dollar deal.

    23 Feb 2016

  • Lat Am rallies but dollar issuers still absent

    The good run in Latin American credit extended on Monday as the region’s bond markets finally gave off encouraging signs after more than a week of positive tone. But still no dollar new issues came.

    23 Feb 2016

  • Oil drives up CMBS delinquencies in February

    Plummeting oil prices are beginning to take their toll on the CMBS market, with around $55m of loans backed by properties in oil producing regions of the US reporting delinquencies this month.

    22 Feb 2016

  • Caixabank closes €2bn synthetic CLO

    Caixabank has structured a synthetic CLO transferring the risk on a €2bn portfolio of loan and lease obligations to Spanish small and medium enterprises (SMEs).

    22 Feb 2016

  • DagangHalal eyes Aim IPO in March

    DagangHalal, the halal verification business, expressed on Monday its intention to float on London’s junior stock market.

    22 Feb 2016

  • Saipem could force reappraisal of rights issue risks

    With the year not two months old, seven leading equity capital markets banks have got saddled with what is understood to be at least €50m each of Saipem shares, after the rump of its rights issue failed to sell.

    22 Feb 2016

  • Deutsche Bahn takes express route to tight price for €500m no-grow bond

    Deutsche Bahn printed a €500m 10 year no-grow bond on Monday, a deal that achieved aggressive pricing but did not tighten beyond its guidance stage.

    22 Feb 2016

  • New hires at Demica boost origination teams

    Working capital solutions provider Demica has announced new hires that will add expertise in the securitization and fintech sectors.

    22 Feb 2016

  • CME launches Japanese LNG futures contract

    CME Group has added to the energy products it offers by introducing a Japanese liquefied natural gas futures contract.

    22 Feb 2016

  • Secondary heats up for RMBS, CLOs

    US non-agency RMBS, CLOs and CMBS saw an uptick in secondary market activity last week as widening spreads have made for an attractive entry point in many securitized asset classes.

    22 Feb 2016

  • Trad-X teams up with Eurex to boost interest rate swap presence

    Trad-X, a trading platform for interest rate derivatives, has partnered with Eurex Clearing on several initiatives as it looks to boost volume.

    22 Feb 2016

  • CME debuts IPO-linked futures as deal count plunges

    The Chicago Mercantile Exchange Group (CME) said last week that it is launching a new futures contract in March designed to offer exposure to newly offered equity shares and corporate spin-offs.

    22 Feb 2016

  • Derivatives outlook key to Mexican exchange

    Bolsa Mexicana de Valores, the only exchange in Mexico and the second largest in Latin America, expects growth in derivatives revenues and has retained bullish ratings from bank analysts as a result.

    22 Feb 2016

  • Cable volatility ignores strong economic data amid Brexit talk

    Options market participants have demanded higher premiums to bear exposure to volatility in the British pound after talks in Brussels failed to produce a decisive deal to help UK prime minister David Cameron win the upcoming referendum.

    22 Feb 2016

  • Vodafone doesn't miss a beat with €6bn raid

    Vodafone once again showed its capacity to surprise the capital markets on Monday, issuing €6bn of bonds in four tranches, only two working days after a £2.9bn convertible bond.

    22 Feb 2016

  • ESM goes for 10s and 40s as duration window opens

    The European Stability Mechanism has picked banks to sell a 10 year benchmark and a tap of its €1bn December 2055 bonds, amid a strong window for duration plays in euros, said bankers.

    22 Feb 2016

  • SSAs tipped for sterling supply despite currency drop

    A plunge in sterling’s value on Monday after the UK government picked a date for the country’s European Union membership is unlikely to stop SSAs adding to a record breaking year in the currency so far, said bankers.

    22 Feb 2016

  • World Bank places rare naira clip

    World Bank has raised funds in Nigerian naira for the first time since March 2014. The one year clip comes in spite of rumbles of a potential currency devaluation.

    22 Feb 2016

  • US leveraged loans horror show haunts Europe

    The past week has brought no sign of leveraged loan new issuance in either the US or Europe, and several deals have struggled in syndication.

    22 Feb 2016

  • One bank to provide all Sponda's sponds

    Finnish property firm Sponda appointed just one lender to provide its €325m bridge loan, which will fund its acquisition of six prime properties in Helsinki.

    22 Feb 2016

  • HSBC hedges TLAC worries with holdco plan

    HSBC plans to sidestep continued global uncertainty about how TLAC rules will work by issuing senior debt from its holding company until further notice, according to the bank’s strategic plan laid out in its annual results on Monday.

    22 Feb 2016

  • Peru euro bonds widen on investor call

    The Republic of Peru could become the third Latin America sovereign to issue in euros in 2016 after holding an investor call at 10.30am UK time on Monday.

    22 Feb 2016

  • Signs of life in European HY secondary market

    There was positive news for the European high yield secondary market last week as it posted its largest total return since October 2015.

    22 Feb 2016

  • NAB battles through Boris blowout

    National Australia Bank found itself taking on the might of London mayor Boris Johnson alone on Monday morning, launching a short sterling senior deal as other borrowers shied away from a nervous FIG market.

    22 Feb 2016

  • Ukrainian Railways back on track after restructuring

    Ukrainian Railways (UkrZaliznytsa) has successfully restructured its $500m Eurobonds due May 2018 and will extend the maturity by three years.

    22 Feb 2016

  • Investec back for bigger refi

    South African Investec is refinancing a $335m credit facility and is increasing the size of the deal to $400m.

    22 Feb 2016

  • Handelsbanken mandates for Kangaroo

    Svenska Handelsbanken has chosen three banks to work on its first Kangaroo bond since 2014.

    22 Feb 2016

  • Varun Beverages eyes late 2016 IPO in India

    Varun Beverages, the flagship of India’s RJ Group, has mandated two local banks for its IPO and is looking to open books by the end of this year, according to a source close to the trade.

    22 Feb 2016

  • Arkus departs Credit Suisse

    Greg Arkus, head of supranational, sovereign and agency debt capital markets and syndicate at Credit Suisse, left the bank on Monday, as the Swiss firm makes a series of job cuts at its global markets business, GlobalCapital can reveal.

    22 Feb 2016

  • Netmarble starts building IPO lead shortlist

    South Korean game developer Netmarble Games has started selecting firms to lead its potential W2tr ($1.6bn) IPO.

    22 Feb 2016

  • Indian loans round-up: Tata Steel and Videocon Hydrocarbon

    Tata Steel has received a new commitment at the senior level for its $1.5bn refinancing, with banks yet to join in general syndication.

    22 Feb 2016

  • What's in store for RQFII?

    The RMB qualified foreign institutional investor (RQFII) programme has been a runaway success, expanding to sixteen jurisdictions and over 150 institutions in just five years since launch, quickly catching up to the popularity of sibling programme QFII. Yet, to retain its appeal amid market volatility and the evolution of competing investment channels, it may be time for RQFII to revamp.

    22 Feb 2016

  • Bank of Qingdao gets nod for green bond

    Bank of Qingdao is poised to keep China’s green debt momentum rolling, winning approval to issue a bond of up to Rmb8bn ($1.23bn) into the onshore debt market.

    22 Feb 2016

  • Updated: DBS builds out Asian debt ambitions

    The Asian DCM market did not have an easy 2015 with numerous macro and political headwinds causing a fall in new issuance. While jittery conditions are here to stay, Clifford Lee, head of fixed income for DBS, told GlobalCapital Asia that his business is well positioned to combat the volatility.

    22 Feb 2016

  • Veteran banker takes over China market regulator

    China has appointed a new chairman to its stock market regulator, who bankers hope will take a hands-off approach to governing the country’s markets.

    22 Feb 2016

  • SBI returns for new $500m loan

    State Bank of India is back in the loan market for a fresh $500m fundraising that is expected to launch into syndication in the next couple of weeks.

    22 Feb 2016

  • Cheung Kong, NTPC fire up dollar returns

    Cheung Kong Infrastructure Holdings (CKI) is on track for a comeback to the dollar hybrid bond market, while India’s National Thermal Power Corp kicked off bookbuilding for a 10 year Reg S offering on Monday.

    22 Feb 2016

  • DBS posts record 2015 but IB disappoints

    Singapore’s DBS has released a solid set of financial results for 2015 with both total income and net profits hitting record levels. But while most of its fee-related businesses recorded strong growth, the lender’s investment banking unit saw its income drop by 25%.

    22 Feb 2016

  • Loan Ranger: No sugar coating

    In one very refreshing coffee meeting this week, the Ranger was reminded that one of its most beloved contacts doesn’t sugar the pill when it comes to speaking his mind.

    22 Feb 2016

  • I don’t know what you did last quarter

    With result season now in full swing after the Lunar New Year holidays, now is perhaps an opportune time to reflect on the fact that Hong Kong remains one of the few major markets around the world (and in Asia in particular) not to require companies listed on its Main Board to publish quarterly accounts. With talk of a third board to attract smaller companies with lower listing requirements, and recurring issues with disclosure (or lack thereof) by smaller listed businesses, a change in the rules is probably long overdue, writes Philippe Espinasse.

    22 Feb 2016

  • HSBC profits rise as Asia pivot aids growth

    HSBC booked the lion’s share of its 2015 earnings from Asia, with the region contributing to more than 80% of the group’s profits before tax as the bank continues to look eastward for growth. But there are challenges ahead, with the firm under investigation by the US Securities and Exchange Commission (SEC) for its hiring practices.

    22 Feb 2016

  • GlobalCapital Asia/Asiamoney China Deals and Investment Bank of the Year 2015: Results

    China has become the biggest and arguably the most important capital market in Asia. The size and scope of transactions combined with the fast pace of reform is influencing capital markets well outside the country’s borders. In our first China Deals and Investment Bank of the Year Awards, we select the standout transactions and institutions. Our thanks to all those firms that took the time to pitch. Full write-ups of each award will be published in the next Asiamoney supplement in late March.

    22 Feb 2016

  • BIDV proves popular with $150m in the bag

    Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has received commitments worth $150m for its loan of up to $200m ahead of the deadline of February 26.

    22 Feb 2016

  • Evergrande gets thumbs up for looser bond covenants

    Evergrande Real Estate Group said on Monday that it has received the requisite consent from bondholders to relax terms on two of its outstanding dollar bonds.

    22 Feb 2016

  • Fourth CHAI deal debuts as downgrades loom for 2015 bonds

    Citi is marketing a $140.9m marketplace loan ABS deal from its CHAI program, the fourth from the shelf so far, even as Moody’s mulls downgrades of some of the subordinate classes of previous marketplace loan deals from the bank.

    19 Feb 2016

  • ABN Amro bond adds to Swiss FIG bonanza

    Dutch lender, ABN Amro returned to the Swiss franc market on Friday with a 8.9 year note, making it the third FIG issuer this week to take advantage of arbitrage opportunities in this market.

    19 Feb 2016

  • P&M Notebook: The Matrix Revolution

    Like the film of the same name, investment bank 'matrix' structures make GlobalCapital’s head hurt, and become tedious when they’re repeated a few times. Trying to decipher which banker is responsible for which business becomes a complex head-scratcher. One imagines revenue-credit discussions are similarly painful.

    19 Feb 2016

  • Funding scorecard: European sovereigns

    Read on to discover how far advanced selected European sovereigns are in their funding programmes after the first month and a half of the year.

    19 Feb 2016

  • New Abengoa plan too vague, says Moody’s

    Rating agency Moody’s on Friday added its voice to those of analysts and investors in London and Madrid asking for details on Abengoa’s debt reduction.

    19 Feb 2016

  • Vodafone readies path for up to €3bn of bonds

    Vodafone wasted no time catching its breath after closing books on Thursday's £2.9bn convertible bond, as it announced on Friday its intention to raise up to €3bn of conventional bonds as early as Monday.

    19 Feb 2016

  • Secondary pricing update: featuring EIB's $4bn May 2019

    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.

    19 Feb 2016

  • DNB fills its boots after four year absence

    DNB Bank priced its first public euro senior unsecured bond for more than four years on Friday, and became the latest bank to take as much as possible from its order book as conditions remain uncertain.

    19 Feb 2016

  • Swissies welcome first insurance capital of 2016

    Zurich Insurance sold a Sfr200m hybrid bond on Thursday, benefiting from the relative resilience of its home market as Swiss franc investors got their first taste of insurance capital this year.

    19 Feb 2016

  • Yangtze River Development eyes US IPO

    Yangtze River Development is looking to raise as much as $57.5m for a project in Wuhan, China, by listing on the New York Stock Exchange, according to a filing with the US regulator.

    19 Feb 2016

  • United Asia Finance hits market for HK$600m loan

    United Asia Finance has launched a HK$600m ($77m) four year fundraising into syndication. The Sun Hung Kai-backed company is offering a high all-in compared to the sub-100bp being paid by other Hong Kong blue chip names.

    19 Feb 2016

  • RMB round-up: February 19, 2016

    In this round-up, PBoC sets a volatile fix for USD/CNY suggesting it has changed its methodology again, JP Morgan AM gets approval for a new MRF product, BlackRock boosts holdings in Chinese ADRs by 500% and Safe plans more RMB convertibility schemes in FTZs. Plus, a recap of the top GlobalRMB stories this week.

    19 Feb 2016

  • Terms emerge for Baring’s Interplex acquisition loan

    Five banks have opened into senior syndication a $455.75m facility that will back Baring Private Equity Asia’s proposed acquisition of Singapore-based Interplex Holdings.

    19 Feb 2016

  • Outside, but increasing chance of free floating RMB: Nikko AM

    The question of where next for the renminbi continues to be the subject of fevered speculation and speculators as China spends billions to support the currency. The most likely scenario is that China will do more to curb capital outflows, but there is a growing possibility it could allow a free float of the currency, according to the senior investment team at Nikko Asset Management.

    19 Feb 2016

  • SAIC-GMAC prices landmark revolving China auto ABS

    China’s first revolving auto ABS successfully priced this week with SAIC-GMAC Automotive Finance bagging Rmb3bn ($456m) from the landmark Rongteng 2016-1 Retail Auto Mortgage Loan Securitization.

    19 Feb 2016

  • UBS loses senior DCM syndicate member

    A senior syndicate member of UBS's Asia debt capital markets team has left the firm.

    19 Feb 2016

  • Vodafone breaks CB mould but £2.9bn is tough sale

    The extraordinary versatility of convertible bonds — but also the market’s unpredictability — were highlighted on Thursday when Vodafone launched an unprecedented £2.88bn bond designed to achieve the near impossible: debt-like funding that counts as equity but is not dilutive to shareholders, writes Jon Hay.

    18 Feb 2016

  • Lat Am shrugs off rating blows, needs issuers

    Negative rating actions on two of the region’s largest sovereigns did not dampen the mood in Latin American credit markets this week, even though bankers saw a good window for dollar issuance but no one to fill it.

    18 Feb 2016

  • The cheek of green Apple

    Apple’s $12bn nine tranche bond this week deserved plaudits for kick-starting the US corporate bond market after weeks of nerves over volatility.

    18 Feb 2016

  • Mexico returns to euros as Lat Am bankers see more sovereigns on way

    Bond bankers expect European investors will have more Latin American sovereigns to occupy them in the future, after Mexico showed that very low yields are still on offer in euros for those issuers that choose not to hedge their currency exposure.

    18 Feb 2016

  • People Moves in Brief

    Dodd retires from Santander - Manu back in the market - Daiwa cuts in DCM and syndicate

    18 Feb 2016

  • Apple's $12bn heralds US bond wave

    Apple's $12bn nine-tranche bond this week has not only kick-started a US corporate bond market that had been drained by weeks of volatility, but also signalled the beginning of a wave of supply from US issuers that is expected to hit European shores.

    18 Feb 2016

  • Banks pitch plan to subvert tough ABS capital rules

    At least two European banks are pitching bespoke structures to insurers that allow them to invest in securitizations without incurring the punishing capital charges laid out by Solvency II, but other market participants warned against the instruments, and argued that banks should fulfil the spirit, not just the letter, of regulation.

    18 Feb 2016

  • German issuers drive covered bonds forward

    Eight issuers brought €5bn of new covered bonds this week, bringing the total of euro benchmarks issued in February to €14.25bn. German issuers formed the bulk of new paper but more Aussie and Swedish issuance, and a Singaporean mandate, is an encouraging sign for the market.

    18 Feb 2016

  • Venezuela reforms too little too late but bonds rally

    With a four hour presentation, and after two years of broken promises, Venezuelan president Nicolás Maduro finally announced economic reforms on Wednesday. But although bonds rallied slightly, analysts saw the measures as too little, too late.

    18 Feb 2016

  • FIG performance sets up banks for bigger bounce

    Banks are lining up for another big week of bond issuance in euros after shrugging off concerns of a sector meltdown, with nearly €8.5bn of fresh senior debt set to hit the market.

    18 Feb 2016

  • Romania prints euro taps with skinny premiums

    Romania priced euro benchmark taps of its 2025s and 2035s on Thursday evening in London at new issue premiums of 10bp and 16bp, respectively, according to a syndicate official on the deal.

    18 Feb 2016

  • CMBS supply ramps up, but spreads remain pressured

    Issuers flooded the pipeline this week with around $4bn of new CMBS deals, but spreads failed to reverse the widening trend that has dominated the market since the beginning of the year.

    18 Feb 2016

  • Banca Popolare di Vicenza nears IPO and capital increase

    Banca Popolare di Vicenza came a step closer to launching its listing and capital increase this week, as it announced the date of a shareholder meeting to approve the deal.

    18 Feb 2016

  • Vodafone’s unique £2.88bn CB gets done after tough sale

    JP Morgan and Morgan Stanley, bookrunners of Vodafone’s unprecedented £2.88bn mandatory convertible bond, have just gone out with a message saying the book for the deal is covered. The book will close at 7.45pm London time.

    18 Feb 2016

  • Macquarie lands solid debut covered bond

    Macquarie issued its inaugural covered bond on Thursday, meeting a strong reception with the five year €500m paper twice subscribed by investors. Westpac has also opened books on a $1.35bn deal, as Fitch said it expects Australian covered bond issuance to rise this year.

    18 Feb 2016

  • Solera in US roadshow after grim London reception

    Insurance claims processor Solera Holdings has just three more days of roadshowing to persuade investors to get involved in its $4bn bond and leveraged loan financing, with the jury out on whether a strong week of meetings in the US can trump the torrid time the company had when courting investors in Europe, write Max Bower and Victor Jimenez.

    18 Feb 2016

  • Thames Water rides through its volatility

    Thames Water priced a £300m senior secured no-grow bond on Thursday, clinching the deal after two weeks of volatility in its outstanding bonds.

    18 Feb 2016

  • GRE spree will test Middle East loan market

    A run of loans for highly-rated Middle Eastern government related entities (GREs) is expected to shape the year for Gulf loans.

    18 Feb 2016

  • SGX lines up trading overhaul and asks for market feedback

    Singapore Exchange (SGX) is looking to make changes to rules governing futures trading on the exchange, as well as clearing derivatives and a number of other contract specifications.

    18 Feb 2016

  • Euros are go as ESM and EU line up deals

    A healthy pair of benchmarks this week and strong conditions mean the euro market is wide open for a pair of supranationals to bring planned deals next week.

    18 Feb 2016

  • Helaba pulls in €1.25bn with first zero coupon covered bond

    Helaba brought the biggest Pfandbrief since 2011 on Tuesday, pulling in €1.25bn with a long four year deal. It was the first ever euro benchmark covered bond issued with a zero percent coupon, but given the persistent low interest rate environment it is unlikely to be the last, with some bankers alarmed at the prospect of negative yielding covered bonds.

    18 Feb 2016

  • US regs seek Q1 rollout of swaps opt-in rules

    Regulators in the US are close to proposing rules that would require banks to lock in derivatives counterparties in other countries to US resolution regimes and give up their termination rights.

    18 Feb 2016

  • Santander Chile launches senior note buy-back

    Santander’s Chilean arm has launched a tender offer for up to $500m on its 3.875% fixed rate 2022s and its floating rate notes due 2018.

    18 Feb 2016

  • Cred Ag floats ‘tier three’ as support grows

    Crédit Agricole explicitly backed the newly proposed type of French senior debt in its full year results this week, as support for the asset class appears to be spreading across the country’s financial institutions.

    18 Feb 2016

  • KfW USD4bn 1.625% Mar 21

    18 Feb 2016

  • Spain cuts costs at auction as market enjoys calm

    Spain took advantage of much better conditions compared with turmoil last week to cut its three and five year borrowing costs at auction on Thursday — although its 10 year yields rose.

    18 Feb 2016

  • Mining ambitions need to be more minor

    The shrinking of balance sheets has become a common theme in recent years, particularly in the financial sector. Investors are punishing banks that are either unwilling or unable to implement a more conservative financial strategy.

    18 Feb 2016

  • BNG EUR1.75bn 0.25% Feb 23

    18 Feb 2016

  • Swissie arb open for FIG banks after Goldman issue

    Two FIG issuers this week took advantage of good conditions to tap the Swiss franc market, revealing an opportunity for other banks to escape widened euro and dollar spreads.

    18 Feb 2016

  • Austria EUR1bn 0.75% Oct 26, EUR1.5bn 1.5% Feb 47

    18 Feb 2016

  • EM traders scramble for cover after Bahrain pull fiasco

    Bahrain’s decision to pull its $750m tap on Thursday was hailed by some as a prudent move to protect investors, but aggressive secondary market action following the downgrade has still left some smarting, writes Virginia Furness.

    18 Feb 2016

  • Negative swap spreads drive KfW wide while macro environment improves

    KfW this week printed its widest five year KfW dollar benchmark since 2009 as negative swap spreads took their toll on pricing despite an improving macroeconomic backdrop.

    18 Feb 2016

  • MTN Leak: Multicultural cuisine

    MTNers are looking forward to food from all corners of the world in a couple of weeks.

    18 Feb 2016

  • Nationwide prices triple currency RMBS

    Nationwide Building Society’s Silverstone Master Issuer RMBS deal was priced on Thursday, landing almost £1bn equivalent across sterling, euro and dollar denominated tranches.

    18 Feb 2016

  • Another EM sov rating shambles

    Bahrain joined Poland this week in the dubious honour of being downgraded by Standard & Poor’s after the pricing of a new bond but before settlement.

    18 Feb 2016

  • Regulatory kicking of US ABS 'will drive next crisis'

    Vanishing liquidity in the ABS market is pushing spreads on many asset classes to their widest levels in a year. But worse could follow. Market insiders fear regulators stand not only to destroy the very arena they hope can drive growth, and subsequently financial strength, back into the economy, but they could be ushering in the next crisis. Sam Kerr reports.

    18 Feb 2016

  • UK’s IPO market wakes up to Brexit risk as poll looms

    Prospectuses for UK IPOs are now routinely warning investors that the country leaving the European Union is a risk factor — a marked change from last year.

    18 Feb 2016

  • Roche returns to euros with aggressive pricing

    Hoffmann La-Roche returned to the European corporate bond market exactly a year after its last offering in euros and as it did then, achieved aggressive pricing for a €650m bond.

    18 Feb 2016

  • Amgen revives corporates from slumber, winning over €6bn orders

    US biotechnology company Amgen made its dash into primary corporate bond markets on Thursday with a dual tranche deal that took €2bn out of the market.

    18 Feb 2016

  • Aircraft ABS market set to soar in 2016

    Low oil prices and a strong demand for aircraft will help aircraft ABS thrive in 2016, wrote analysts from Moody’s Investor Service in a report this week.

    18 Feb 2016

  • BNP Paribas solves sector team question with investment bank revamp

    The French bank has simplified its investment banking structure, ending a year of uncertainty and turning the focus of its coverage teams away from London, writes David Rothnie.

    18 Feb 2016

  • SSAs beckoned to euro market

    Public sector bankers are hoping borrowers take advantage next week of some of the best market conditions so far this year — but some are pessimistic about the volumes possible.

    18 Feb 2016

  • NIB hits $1.25bn in strengthening dollar mart

    Nordic Investment Bank has printed the second dollar benchmark from an SSA this week, as issuers contend with the effects on pricing of negative swap spreads.

    18 Feb 2016

  • Credit Agricole untangles complex structure

    Crédit Agricole penned an €18bn deal to simplify its complex ownership structure, something investors have long criticised, to boost its capital base and allow it to pay dividends fully in cash.

    18 Feb 2016

  • Barclays country head resigns

    Marcel Koebeli, the country head of Switzerland at Barclays, has left the bank.

    18 Feb 2016

  • European leveraged loans hit hard in secondary

    The secondary market for European leveraged loans has had a tough February, with wider market volatility dragging down prices every day of the month so far.

    18 Feb 2016

  • Hung bridges not a burden, say European banks

    High yield bankers insist that the European market will not be paralysed by some of the banks holding debt they have been unable to sell, even after the failure of last week's €1.55bn financing for LeasePlan.

    18 Feb 2016

  • Malone moving back to slimmed-down RBS

    The former head of loan syndications at Bank of Tokyo-Mitsubishi UFJ is moving back to his old firm, Royal Bank of Scotland, according to sources, though the bank now looks very different to the firm he left in 2012.

    18 Feb 2016

  • EM currencies back on MTN menu as risk-taking investors hunt yield

    Emerging market currencies appear to be back in fashion with medium term note investors this week, after supply had weakened in early February from a strong January start.

    18 Feb 2016

  • Brazil rating slide continues but bond buyers ignore S&P

    A strong performance in Brazil’s bond curve on Wednesday underlined how unsurprised bond investors were to see Latin America’s largest sovereign receive yet another rating downgrade.

    18 Feb 2016

  • Santander Chile looks to buy back senior notes

    Santander’s Chilean arm has launched a tender offer for up to $500m on its 3.875% fixed rate 2022s and its floating rate notes due 2018.

    18 Feb 2016

  • Turkish bank loan refis: I need a dollar

    In this year’s round of Turkish bank loan refinancings, dollar commitments will receive a higher margin than those in euros, in a rare move to encourage more lending in the currency,

    18 Feb 2016

  • Bankers slam S&P as Bahrain pulls deal after downgrade

    Bahrain took the decision to pull its $750m tap on Thursday morning after a shock move by Standard & Poor’s to downgrade the sovereign to junk. Bankers on the deal have criticised S&P for its “clumsy” timing.

    18 Feb 2016

  • Old Money: 'A good sweating' — turning up the heat in oil

    "Big Oil peers into the abyss," declared The Economist in the summer of 1986, hailing the world’s third oil shock. Its famous forerunners of 1973 and 1979 featured huge OPEC price hikes. The 1986 shock, by contrast, starred a 70% price fall — from $32 a barrel to below $10.

    18 Feb 2016

  • Indian stake sales get leg up from Sebi OFS rejig

    In a boost for share sales in Indian state-owned firms, the country’s securities regulator has refined the rules for offer for sale (OFS), reducing the risks that have plagued such sell-downs in the past. Market participants lauded the move, but with stock prices still shaky, deal volumes are unlikely to rise quickly, writes John Loh.

    18 Feb 2016

  • MUFG set to bring debut TLAC bond to Asia

    With Mitsubishi UFJ Financial Group set to issue Asia's first bond to meet total loss-absorbing capacity (TLAC) requirements by the end of this month, market participants are trying to gauge its impact. It will set a benchmark in Asia but many banks from other parts of the region still have a long way to go before they will be ready to sell the new form of capital. Narae Kim reports.

    18 Feb 2016

  • Bank of Portugal blocks Novo Banco sale

    Portugal's central bank vetoed the sale of one of Novo Banco’s non-core business units on Wednesday, arguing it was protecting the rescued lender’s reputation as its own sale progresses.

    18 Feb 2016

  • Commitments fire up ONGC Videsh, Saka Energy loans

    Loans for ONGC Videsh and Saka Energi Indonesia have had commitments from banks, with the former likely to close at the end of this week.

    18 Feb 2016

  • Deutsche, ANZ lose senior bankers but SG hires in India

    Deutsche Bank and Australia and New Zealand Bank have lost senior members of their teams in Asia.

    18 Feb 2016

  • Saverglass allocates buyout debt at tight pricing

    Saverglass, the French bottle maker, has allocated its €365m loan at tight pricing with syndication not proceeding past the early bird stage.

    18 Feb 2016

  • Baring Asia lines up five for $456m Interplex loan

    Baring Private Equity Asia has lined up five banks to syndicate a $456m loan that backs its bid for Singapore-based Interplex Holdings.

    18 Feb 2016

  • SAIC-GMAC revs up China’s first revolving auto ABS

    SAIC-GMAC is poised to become the third issuer in the China auto ABS market this year. But the auto finance company has set its sights on a landmark trade, opening books on the country’s first auto ABS with a revolving structure.

    18 Feb 2016

  • HCL Tech eyes $1bn from rare Indian US IPO

    HCL Technologies is preparing to launch a $1bn float in the US, which would make it the first Indian company to list there in more than two years.

    18 Feb 2016

  • Philippines marks return with $2bn blowout

    The Asia ex-Japan primary bond market got off to a blazing restart after the Chinese New Year holidays with the Republic of the Philippines raising $2bn from a popular accelerated one-day switch plus new money transaction.

    18 Feb 2016

  • When talking big can backfire

    Award ceremonies are a time to drink, catch up with old friends and brag about the success of your business and your team. And for old retirees like me, it appears to be the time to put your foot into your mouth.

    18 Feb 2016

  • HPCL $465m refi enters general syndication

    A $465m 21 month refinancing for Hindustan Petroleum Corp (HPCL) has gone into general syndication after the borrower mandated banks for the loan in December 2015.

    18 Feb 2016

  • Late arrival: MTR HK$15bn marks return after nine years

    Hong Kong’s MTR Corp has a reputation for recalibrating pricing in the region’s syndicated loan market and its latest HK$15bn ($1.9bn) dual-tranche facility is no different. The company has returned to the market after a gap of nearly 10 years, but its long absence is unlikely to pose a challenge, writes Shruti Chaturvedi.

    18 Feb 2016

  • Indonesia in line for chunky Cikarang listing

    Indonesia-based power producer Cikarang Listrindo is planning to launch the country's largest IPO for almost a year.

    18 Feb 2016

  • Russia files lawsuit against Ukraine on $3bn debt

    Russia has filed a lawsuit against Ukraine in the High Court in London, with regards to the default on $3bn of bonds at the end of last year.

    18 Feb 2016

  • Vodafone's £2.9bn hedged mando throws spotlight on derivatives

    (updated with more detailed analysis 2.20pm) Vodafone is today issuing an unprecedented £2.88bn mandatory convertible bond, with many innovative features, that combines aspects of two recent trends in the market: the equity-neutral CB and the subordinated, equity-accounted deal.

    18 Feb 2016

  • Romania offers 20bp NIP to turn on euro taps

    Romania is offering a 20bp new issue premium on taps of its euro-denominated 2025 and 2035 bonds, according to a lead manager on the trade.

    18 Feb 2016

  • Norwegian lender issues second note in Swiss francs

    SpareBank 1 Nord-Norge took advantage of good conditions in Swiss francs on Thursday to print its second deal in the currency.

    18 Feb 2016

  • Swissie arb open for banks after Goldman record

    Goldman Sachs printed its largest ever deal in Swiss francs on Wednesday, revealing an opportunity for other banks escaping widened euro and dollar spreads.

    18 Feb 2016

  • Manulife AM: How to invest in a weakening RMB

    Confidence in holding RMB assets may have hit rock bottom with no new incentives from regulators to boost the market, but Geoff Lewis, senior strategist at Manulife Asset Management, believes there are silver linings for those with an investment horizon of 12 months or more.

    18 Feb 2016

  • Senior levfin banker departs Deutsche Bank

    A senior banker from Deutsche Bank’s Asia leveraged finance team has left the firm, according to sources.

    18 Feb 2016

  • Energy collapse erodes US CLO credit quality

    Credit quality of companies backing US CLOs is sliding, with energy exposure the primary driver of the increase in default risk, but European CLOs remain comparatively unaffected by the trend.

    17 Feb 2016

  • Eurex signs up Credit Agricole for IRS clearing

    Eurex has signed up Crédit Agricole Corporate & Investment Banking as a member of its clearing house for interest rate swaps.

    17 Feb 2016

  • Bankia to reimburse IPO retail investors

    Bankia will repay retail investors the €1.85bn they invested in the Spanish bank’s ill-fated initial public offering, to compensate them for losses incurred.

    17 Feb 2016

  • US HY buyers surprised over Europe's Solera doubts

    As Solera Holdings began on Tuesday in New York the last leg of its $2bn bond roadshow, investors in the US voiced their surprise at how negative some of its European counterparts remain about the success of the deal.

    17 Feb 2016

  • Total trades up before and after €651m block

    Groupe Bruxelles Lambert, the Belgian investment holding company, took advantage of Total’s strong market performance on three consecutive days to sell €651m of stock in the French oil and gas company on Tuesday night.

    17 Feb 2016

  • Nationwide triple currency RMBS set to price

    Nationwide Building Society's latest deal from the Silverstone RMBS master trust is set to be priced on Thursday, and will offer an equivalent €1.4bn of triple-A paper across three currencies.

    17 Feb 2016

  • Spanish region sells rare bond

    The Chartered Community of Navarre made a rare appearance in the bond market through Santander on February 11.

    17 Feb 2016

  • NIB in the wings as KfW heats up market

    Nordic Investment Bank is preparing a three year dollar benchmark, following a KfW five year deal that had to brave a backdrop of negative swap spreads.

    17 Feb 2016

  • Market abuzz over possible downgrade of Prosper ABS

    A Moody’s Investors Service decision to place several classes of recent ABS deals backed by Prosper loans on review for downgrade caused a stir among investors this week.

    17 Feb 2016

  • Fitch joins Moody’s in junking Anglo American

    Fitch has became the second rating agency to downgrade Anglo American to junk status this week, but the miner’s bonds held steady in the face of another blow to the company's credit rating.

    17 Feb 2016

  • Critical Massimo: BMO hires SSA ‘legend’

    BMO Capital Markets has made an addition to its public sector debt capital markets team, picking up an industry veteran who was most recently at Credit Suisse.

    17 Feb 2016

  • ESM could go long with 2016 icebreaker

    The European Stability Mechanism has sent out a request for proposals for its first deal of the year — and could follow an Austrian deal this week by hitting the long end of the curve, said SSA bankers.

    17 Feb 2016

  • Daiwa puts syndicate and DCM veterans at risk

    Daiwa Capital Markets has placed two London-based executive directors at risk, GlobalCapital understands.

    17 Feb 2016

  • Glencore draws solid support from core banks despite troubles

    Glencore's core relationship banks showed strong support for its refinancing of a $8.45bn one-year loan, despite volatility for commodities and a recent downgrade for the mining and trading firm.

    17 Feb 2016

  • Gulf banks dip into mezzanine loans for bigger margins

    As the Middle East's banks face rising funding costs, one is arranging what it describes as a mezzanine loan for a Gulf schools operator in a drive for juicier loan margins.

    17 Feb 2016

  • Mexico dual tranche jumps on euro rally

    Three positive days in markets pushed Mexico to sell its second deal of the year on Tuesday as Latin America sovereigns become more pragmatic about choosing issuance windows.

    17 Feb 2016

  • Abengoa needs €1.6bn under new viability plan

    Abengoa, the Spanish firm threatening to become the largest bankruptcy in its country’s history, needs €1.655bn over the next two years in order to carry out its restructuring plan.

    17 Feb 2016

  • Risk-on retail laps up Deutsche EM debt

    Four days of global equity recovery has been enough to rekindle Japanese retail investors' interest in Deutsche Bank senior debt in an emerging market currency.

    17 Feb 2016

  • Bahrain increases tap to $750m

    Bahrain increased the size of its bond tap on Tuesday from $500m to $750m. While bankers away from the trade said while it came cheap for a tap, it was not surprising given the challenges the country faces.

    17 Feb 2016

  • Colombia tightens despite S&P outlook verdict

    Colombia’s sovereign bonds closed tighter on the day on Tuesday despite lower oil prices driving Standard & Poor’s to place the government’s BBB credit rating on negative outlook.

    17 Feb 2016

  • Barclays rolls out sweeping reorganisation of DCM structure

    Barclays has announced a swathe of debt capital markets promotions, several new desk heads, and a new structure for EMEA, following last week's changes to the DCM management team.

    17 Feb 2016

  • Total block raises hopes of further ECM deals

    The long wait for a European block trade ended on Tuesday night, as a shareholder in Total sold €651m-worth of stock in the French oil and gas business, sparking hopes of further ECM deals in coming days.

    17 Feb 2016

  • Window blows open as SSA issuers rush to deals

    SSA issuers have come through a battering time in markets to print euro deals, with Austria hitting the long end of the curve and BNG also printing. But the scars are showing as KfW is demonstrating in the dollar market.

    17 Feb 2016

  • Créd Ag floats first ‘tier three’

    Crédit Agricole has upped its odds on being the first French bank to publicly issue a new type of sub-senior debt, dubbed ‘tier three’, to protect senior bondholders.

    17 Feb 2016

  • Bahrain braves tap as Mexico cashes in on euros

    Investors have only been offered a tap of a Bahrain bond in the CEEMEA primary market this week so far, but it has been far from quiet as other events and people moves in EM caught the eye.

    17 Feb 2016

  • Standard Bank refutes HY closure reports

    Standard Bank has denied a Reuters news report on Tuesday it is ceasing business on the EM desk that focuses on high yield.

    17 Feb 2016

  • Honeywell takes €4bn but bond issuance still stuttering

    Europe’s corporate debt markets are in a phase of taking two steps forward, then one step back. This is a sharp contrast with the US, where investment grade bonds are blazing hot and leveraged finance crawling.

    17 Feb 2016

  • Banks charge at shaky issuance window

    European banks have been stacking up senior unsecured tranches in euros this week as they try and take size from the market before it slams shut again.

    17 Feb 2016

  • MTR makes a stop for HK$15bn loan

    Hong Kong’s MTR Corp is seeking a loan of HK$15bn ($1.9bn) in two tranches and has picked a quartet of banks to helm the trade.

    17 Feb 2016

  • China Hongqiao misses target on $488m rights issue

    Chinese aluminium manufacturer China Hongqiao Group has wrapped up its HK$3.8bn ($487.8m) rights issue, with shareholders signing up for roughly 80% of the offering.

    17 Feb 2016

  • SocGen names new head of India FIG

    Société Générale has named Sayan Das its head of financial institutions group in India, a newly created role at the bank.

    17 Feb 2016

  • Lai Sun $119m rights issue falls short

    Hong Kong property developer Lai Sun Development has closed a HK$924.3m ($119m) one-for-two rights offering that was just short of 70% subscribed.

    17 Feb 2016

  • S&P warns of Indian public banks downgrade

    Standard & Poor’s has warned that Indian stated-backed banks could soon be facing a slew of downgrades as the amount of capital needed to provide for bad loans is likely to shoot up.

    17 Feb 2016

  • Hyflux sails in for $300m in three currencies

    Singapore-based wastewater treatment company Hyflux has returned to the loan market for a $300m triple currency refinancing.

    17 Feb 2016

  • Philippines launches new bond as Indonesia goes on NDR

    The Asia ex-Japan bond market finally saw some primary activity on Wednesday with the Republic of the Philippines set to be the first sovereign issuer of the year. The country launched a new 25 year bond and is giving investors the option to switch out of 16 outstanding deals at the same time.

    17 Feb 2016

  • Second Singaporean covered bond readies roadshow

    The covered bond market could see the second Singaporean deal soon, with United Overseas Bank (UOB) mandating leads for a series of European investor meetings that could result in its first deal.

    17 Feb 2016

  • Mobile phone ABS gets mixed reception

    The possibility of bonds backed by contract payments on mobile phones has drawn interest from investors, but plan concerns over phone upgrades and payment defaults prevail.

    16 Feb 2016

  • Nouy’s right: EU should stop using directives for financial regulation

    The chair of the supervisory board of the European Central Bank, Danièle Nouy, is absolutely correct in regretting that so much European financial regulation has been done in the form of directives.

    16 Feb 2016

  • Equity skew leads US and Japan risk signals higher

    A protracted slump in equity markets has pushed some risk measures in the US and Asia to extremes.

    16 Feb 2016

  • Circle Property valued at £42m after Aim IPO

    Circle Property, a specialist regional UK property business, traded up 2.7% after floating on London’s junior Aim stockmarket on Tuesday.

    16 Feb 2016

  • Vickers-Bank spat underlines UK’s toxic attitude to regulation

    The UK has some of the world’s best regulators, but has ended up with some of the most poorly designed regulation. John Vickers’ criticism of the Bank of England shows why politicised regulation can be a problem.

    16 Feb 2016

  • Parliament should not have final say on EU sovereign disputes

    A former European Central Bank president has reiterated his suggestion that the European Parliament should be the final arbiter in disputes between member nations and Europe’s institutions. But that will do little to stop the big boys throwing their weight around — and would be far from a democratic process.

    16 Feb 2016

  • US CLOs to play smaller role in debt refinancing

    The CLO market is likely to play less of a role in refinancing corporate debt than it has in the past, given lower new issuance, even as the demand for refinancing of speculative debt is set to soar in the next four years.

    16 Feb 2016

  • Oil firm hedging leave them a levered bet

    The derivatives hedging strategies of big name oil producers in recent years have left them levered on swings in the spot price of oil — a position that makes them a risky but potentially lucrative bet for investors.

    16 Feb 2016

  • IPO market empty, yet open, bankers say

    Not a single initial public offering is being marketed in Europe this week. But bankers say that, though their diaries are empty, good issuers could still get deals done.

    16 Feb 2016

  • Rocket Internet to buy back a cheap chunk of 2015’s CB

    Rocket Internet, the German start-up incubator, has said it will spend up to €150m this year to buy back some of the €550m convertible bond it issued only last July.

    16 Feb 2016

  • KfW offers widest spread since 2009 as negative swap spreads take toll

    KfW hit screens with a five year dollar benchmark on Tuesday that is offering the issuer’s widest swap spread at the tenor in several years, which bankers away from the mandate attributed to negative swap spreads and market-wide volatility last week.

    16 Feb 2016

  • Italian government passes NPL securitization scheme

    The state guarantee for senior tranches of non-performing loan (NPL) securitizations has been approved by the Italian government, with some new details of the plan emerging.

    16 Feb 2016

  • No corporate ready to take window

    As the benign market conditions of Monday carried through into Tuesday morning, the bullish nature of HoneyWell’s €4bn four tranche bond failed to build momentum as no deals followed.

    16 Feb 2016

  • Cui joins Natixis for ABS trading

    Peter Cui has joined Natixis in London for ABS and CLO trading.

    16 Feb 2016

  • Austria prints dual tranche 10s and 30s in window of opportunity

    Austria has printed €5bn in a dual tranche issuance, pricing in 10 and 30 year tenors as the sovereign took advantage of a window of opportunity arising from a rally in global equities.

    16 Feb 2016

  • CAF draws Swiss demand to print a dual trancher

    Latin American supranational Corporacion Andina de Fomento received a warm welcome from asset managers and bank treasuries on its second outing of the month in the Swiss franc market on Tuesday.

    16 Feb 2016

  • Italian minibond market may host first sukuk issue

    Italy's minibond market may soon host its first Islamic financing, if a deal now in the works comes to fruition.

    16 Feb 2016

  • Ex-SSA syndicate boss makes market return

    Emmanuel Smiecench, former managing director on the sovereign, supranational and agency syndicate desk at Société Générale, has returned to the market.

    16 Feb 2016

  • FMS-W overshoots floater target as central banks come on board

    FMS-Wertmanagement increased the size of a dollar floating rate note on Tuesday after receiving strong demand, and more floaters could follow as bankers report growing interest in the format from central banks.

    16 Feb 2016

  • BTMU loans head resigns

    The head of loan syndications at Bank of Tokyo-Mitsubishi UFJ has resigned to join another bank.

    16 Feb 2016

  • Novo Banco 'no' vote sets precedent and new questions for CDS

    A landmark ruling this week that Novo Banco has not triggered a credit event will set a precedent for future European government interventions in banks, market participants said, but it could prompt further amendments to the International Swaps and Derivatives Association's (ISDA) credit definitions.

    16 Feb 2016

  • Saipem sells all unwanted rights but banks still on the hook

    By the second day of Saipem’s auction of its unsold rights, all of them had been sold to investors — but with the share price still 3.3% below the subscription price at Thursday's close, the underwriters may yet have to buy up to €427m of stock.

    16 Feb 2016

  • Pendragon slashes margin with new club loan and PP

    Pendragon, the UK car dealer, has refinanced its debt, issuing a private placement and signing a new unsecured club revolving credit facility that cut its margin by a hefty 85bp.

    16 Feb 2016

  • Sharjah Islamic Bank plans to grow loan beyond $200m launch

    Sharjah Islamic Bank (SIB) is raising a murabaha loan which was launched at $200m but will grow far beyond that size, according to a banker on the deal.

    16 Feb 2016

  • Two replies due this week as levloans pipeline thins out

    Element Materials Technology, the UK product testing firm, and Vermaat Groep, the Dutch hospitality contractor, have replies due Tuesday for their respective buyout loan packages.

    16 Feb 2016

  • KNPC back in talks for long-awaited loan

    Kuwait National Petroleum Company is in talks for $10bn of loans which have been in the pipeline for almost a year, although syndication has not taken off yet.

    16 Feb 2016

  • BNPP names new heads for industry sector banking groups

    BNP Paribas has handed responsibility for its industry sector coverage groups to one of its most senior bankers in Paris.

    16 Feb 2016

  • Mexico returns to euros with dual tranche

    Mexico is looking to sell its fifth euro denominated bond in four years after releasing initial price thoughts for six and 15 year tranches on Tuesday.

    16 Feb 2016

  • Sanctions lift may not bring bond for Belarus

    European Union ministers decided on Monday to permanently lift most sanctions on Belarus. But international banks remain wary of leading the country back to the Eurobond market.

    16 Feb 2016

  • Hopes for Solera’s $2bn high yield bond sale fading fast

    Solera Holdings, the car insurance software maker, may be on the verge of abandoning its attempt to issue a $2bn high yield bond, according to three market sources in London.

    16 Feb 2016

  • Bahrain pulls tap trigger with chunky NIP

    Bahrain reopened its 2021s and 2026s with close to a 50bp concession on Tuesday — evidence of the fact that wider spreads in the Gulf bond market are here to stay.

    16 Feb 2016

  • ‘No faith’ in FIG as tranches stack up

    More banks are expected to bring dual tranche trades in the coming days to get a jump start on 2016 funding, with issuers distrustful of primary market conditions.

    16 Feb 2016

  • Plucky poultry producer proffers profit plan

    MHP, the Ukrainian poultry producer, is asking holders of its Eurobonds maturing in 2020 to accept an amendment to the terms of its bonds which would prevent a covenant breach.

    16 Feb 2016

  • Indian infra trust IPOs are a work in progress

    India is finally set to welcome its first publicly listed infrastructure investment trusts (InvITs), with GMR Infrastructure and IRB Infrastructure Developers having officially asked the Securities and Exchange Board of India for approval to create and list their respective vehicles. But while the first deals are certainly welcome, much more needs to be done for the asset class to have a strong foundation.

    16 Feb 2016

  • 2016: the year of RMB re-nationalisation?

    After two years of promoting renminbi internationalisation at full speed, Chinese regulators have put on the brakes as they go to extraordinary lengths to stop the currency leaving the country. Could RMB internationalisation become RMB re-nationalisation in 2016?

    16 Feb 2016

  • Loans round-up: ONGC Videsh, Saka Energi, Bhira Investments

    A $1.775bn loan for ONGC Videsh, the international arm of India’s Oil and Natural Gas Corp, has attracted commitments from just two lenders in syndication, with the deal due to close by the end of this week.

    16 Feb 2016

  • NSE softens stance on IPO as Sebi rejigs OFS rules

    India’s National Stock Exchange (NSE) has relented to listing on a rival bourse, but on the condition that regulatory disclosures are made to an independent third party rather than the competitor exchange.

    16 Feb 2016

  • HPCL hunts for $465m refi in general

    Hindustan Petroleum Corp (HPCL) has launched a $465m 21 month refinancing into general syndication with three participation levels on offer.

    16 Feb 2016

  • Cikarang poised for $300m Indo listing

    Indonesia is gearing up for its largest IPO in almost a year, with power producer Cikarang Listrindo eyeing a $300m listing on the Jakarta Stock Exchange in the first half of 2016.

    16 Feb 2016

  • Union Medical tests demand for $150m IPO

    Union Medical Healthcare has kicked off pre-deal investor education for its $100m-$150m IPO in Hong Kong, which is set to go on for the next two weeks, according to sources.

    16 Feb 2016

  • Samsung SDI eyes banks for C&T block

    Samsung SDI is in the process of choosing leads to run the sale of its shares in Samsung C&T later this month, according to a source with knowledge of the deal.

    16 Feb 2016

  • Indiabulls steps up debt reduction programme

    Indiabulls Real Estate is moving forward with its plans to reduce its offshore borrowings and is in the market with an up to $50m buy-back of its dollar bond.

    16 Feb 2016

  • China Oriental raises tender price for buy back

    China Oriental Group has increased the tender price on its offer to repurchase all or a portion of its dollar-denominated bonds.

    16 Feb 2016

  • GlobalCapital Asia/Asiamoney Best Country Deal Awards 2015: Results

    It may have been one of the tougher years to execute a transaction in Asia ex-Japan, but there was plenty of innovation and interest in 2015 across loans, equities and bonds. After considering a bumper selection of awards pitches from firms across the region, we have picked our standout transactions. Our thanks to all those firms that took the time to pitch. Full write-ups of each award will be published in the next Asiamoney supplement in late March.

    16 Feb 2016

  • Saipem banks cheered by rise in share price today

    Saipem's share price rose 13.7% on Monday morning, bringing some relief to bookrunners on the firm’s rights issue, which are facing up to€427m of exposure to its shares. By the end of the day, however, the stock was up just 1.4%.

    15 Feb 2016

  • Poor sentiment weighs on RMBS mezz spreads

    Kensington Mortgage Company’s second near prime deal from its Trinity Square shelf was priced last Friday with a spread on the senior tranche that held firm compared to the first deal. But the mezzanine notes were priced wider with the volatile backdrop weighing on the ABS market.

    15 Feb 2016

  • UBS hires new EM sales head

    UBS has hired a new head of emerging market sales.

    15 Feb 2016

  • Trichet calls for Parliament to settle rows

    Repeats of the Greek government’s stand-off with its international creditors last year could be avoided by giving the European Parliament the “last word” when members of the eurozone are in conflict with its institutions, according to one of the currency bloc’s founding fathers.

    15 Feb 2016

  • Central banks could struggle with another financial crisis, says former ECB boss

    Central banks may lack the political capital needed to deal with another global financial crisis — and the problem is particularly acute in Europe, according to Jean-Claude Trichet, the former president of the European Central Bank.

    15 Feb 2016

  • Message from LeasePlan’s withdrawal 'not obvious' for Solera deal

    After LeasePlan postponed its €1.55bn bond last week, US software producer Solera Holdings stands alone in the European high yield market as it roadshows a $2bn acquisition bond. But some bankers said that it will be hard for the Texan issuer to draw any lessons from LeasePlan's pain.

    15 Feb 2016

  • Carnival Corp jostled in primary, but comes tighter

    Carnival Corporation, the US cruise ship operator, returned to the euro bond market for the second time in under four months with a €500m five year deal on Monday.

    15 Feb 2016

  • US corporate hopes to break Swiss franc market's silence

    Amgen, the US multinational bio-pharmaceutical company, on Monday announced plans for its debut bond in Swiss francs, a transaction that bankers hope could turn a gloomy February market around.

    15 Feb 2016

  • HoneyWell leaps on window with €4bn print

    HoneyWell International took the earliest possible moment to issue its first euro denominated bond since 2001, bringing a €4bn four tranche offering to market.

    15 Feb 2016

  • Austria looks for 10 year as rally rouses issuers

    Austria is to print a 10 year benchmark as investor sentiment rebounded after a torrid time last week as BNG priced a seven year bond.

    15 Feb 2016

  • Delta Lloyd rights issue faces shareholder opposition

    Delta Lloyd, the Dutch insurance company, is facing opposition to its planned €1bn rights issue - more than the company is now worth - from as many as a third of its shareholders.

    15 Feb 2016

  • Public market renaissance could stifle MTNs, fear bankers

    A rally in Japanese equity prices on Monday led to a friendlier tone in public bond markets than has been seen in recent weeks. Medium term note bankers fear that will shift attention away from their market.

    15 Feb 2016

  • Bankers look to bright spots in patchy IG market

    Many in the investment grade loan market have experienced a patchy start to the year and are wondering where the deals will come from. But bankers say there are signs of a pick-up, if you look closely.

    15 Feb 2016

  • Inevitable 'comedown' for levloans primary

    The European leveraged loan market is set for a slowdown in primary activity, with the pipeline underwritten towards the end of 2015 near its completion.

    15 Feb 2016

  • Macquarie Capital appoints new financial sponsors head

    Macquarie Capital has appointed a new head of UK financial sponsors, its second high profile hire since December.

    15 Feb 2016

  • Dodd to leave Santander, replacement named

    Santander’s global head of DCM will next month step in to fill the void left by Mark Dodd, who is retiring from the firm after more than 30 years in the capital markets.

    15 Feb 2016

  • FIG back in the game as banks bounce again

    Multiple FIG bonds hit the primary market for the first time in a month on Monday as European bank stocks continued their rebound to ease the pressure on borrowers.

    15 Feb 2016

  • Akbank’s loan refi to face syndicate shake-up

    The syndicate for Akbank’s bellwether one year loan refinancing could change as geopolitical and liquidity concerns affect banks’ appetite for the tightly priced Turkish loan.

    15 Feb 2016

  • Ukraine to raise $5bn in 2016

    Ukraine's ministry of finance has announced plans to raise $5bn in the international markets according to its recently published debt management plan.

    15 Feb 2016

  • FMS prints as investor confidence rises

    FMS-Wertmanagement has tapped a sterling bond for £250m with an oversubscribed book as European and Japanese equity price gains spurred investor confidence.

    15 Feb 2016

  • Europe rallies back inside US as ECB promises more firepower

    European credit and equity markets improved for a second day on Monday, after the European Central Bank said that it would consider further stimulus at the next meeting in March.

    15 Feb 2016

  • ME banks get creative as dollar costs soar

    Middle East banks are dreaming up new funding schemes this year, turning to private placements and the Asian markets as the cost of borrowing in dollars soars on the back of market volatility.

    15 Feb 2016

  • Warnings of backlash following Novo Banco credit event decision

    An external review to determine whether a credit event has been triggered on Novo Banco concluded on Monday, with market participants warning ahead of ruling that a disappointing result could undermine the credit default swap market.

    15 Feb 2016

  • Loan Ranger: The big night

    Last week the loan market gathered for the highly-anticipated 13th Syndicated Loan, Leveraged Finance and Private Placement Awards (otherwise known as the GlobalCapital loans awards) for a night of awards and tales of adventure.

    15 Feb 2016

  • Commerz IB looks to grow advisory, ABS businesses

    Commerzbank posted stellar results on Friday, sending its stock soaring in a week where fears about the banking system ravaged markets. And though the investment bank saw revenues fall, Michael Reuther, its chief, told GlobalCapital exclusively that the division is set to increase its client base, and even enter some new markets.

    15 Feb 2016

  • StanChart RGI shows first annual decline, limited upside for H1 2016

    Standard Chartered’s Renminbi Globalisation Index (RGI) fell 2.1% month-on-month in December, bringing 2015 full-year change to minus 0.2%, the first annual decline since the index started in 2012.

    15 Feb 2016

  • Samsung Engineering covers $1.06bn rights issue

    Samsung Engineering’s W1.27tr ($1.06bn) rights issue has been 99.9% covered, with the remainder to be sold to the public, according to a source close to the deal.

    15 Feb 2016

  • Sberbank CIB hires new client chief

    Sberbank CIB has hired a new director of its client management department.

    15 Feb 2016

  • Ranhill delays $196m Malaysia IPO further

    Ranhill Holdings remains undecided on when to open books for its MR807.5m ($195.94m) Malaysian IPO and is taking a day-by-day approach on the launch due to volatile market conditions, said sources.

    15 Feb 2016

  • Indian infra names prepare first ever InvITs

    GMR Infrastructure and IRB Infrastructure Developers are seeking separate approvals from India’s stock market regulator to launch the country’s first publicly listed infrastructure investment trusts (InvITs).

    15 Feb 2016

  • Listorti resigns from ANZ to set up own fund

    Eddie Listorti, global co-head of fixed income, currencies and commodities at Australia and New Zealand Bank, has stepped down to set up his own commodities-focused fund, according to an internal memo obtained by GlobalCapital Asia.

    15 Feb 2016

  • Sun Hung Kai constructs HK$15bn five year

    Hong Kong blue chip Sun Hung Kai Properties has wrapped up a HK$15bn ($1.93bn) refinancing with 17 banks coming in for a piece of the deal.

    15 Feb 2016

  • Lohia takes on wider risk role for Barclays

    Barclays has made Sushir Lohia head of global finance and risk solutions (GFRS) for Asia Pacific, according to an internal memo seen by GlobalCapital Asia.

    15 Feb 2016

  • Baring Asia lines up five for Interplex loan

    Baring Private Equity Asia has tapped five banks to helm a $400m loan to back its bid for Singapore-based Interplex Holdings, with the deal to open into general syndication shortly.

    15 Feb 2016

  • Senior or bank capital? Busan Bank weighs its options

    Following a four year absence, South Korean lender Busan Bank has finally kicked off preparations for a dollar comeback which is scheduled for the second half of the year. However, the bank is still mulling over the best format to issue in.

    15 Feb 2016

  • HSBC decides to keep headquarters in the UK

    HSBC has decided to remain headquartered in the UK following an extensive review by its board of directors, ending months of speculation that it could return to Hong Kong.

    15 Feb 2016

  • NewStar prices third CLO of the year

    NewStar Financial has priced the third CLO of the year, a $348m middle market deal backed by a portfolio of SME loans.

    12 Feb 2016

  • Leeds University braves volatility to clinch tight NIP with debut bond

    The University of Leeds kept the UK higher education sector’s run of activity in capital markets this year going at a healthy pace on Friday, as it grabbed a window of stability to print its debut bond.

    12 Feb 2016

  • Deutsche's shares shoot on buyback offer

    Deutsche Bank’s shares jumped 10% on Friday, after the bank launched a tender offer for over $5bn in senior unsecured bonds.

    12 Feb 2016

  • UK DMO selects syndicate and tenor for Gilt

    The UK Debt Management Office has mandated banks for the sale of a Gilt set for the week beginning February 22.

    12 Feb 2016

  • Secondary pricing update: featuring Italy's €9bn March 2047

    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.

    12 Feb 2016

  • Countryside trades up after IPO, but can market stay open?

    Countryside Properties traded up 4.4% in London on Friday, after completing an initial public offering that valued it at just over £1bn. Bookrunners said its business regenerating public sector land was what won investors over.

    12 Feb 2016

  • Enterprise Inns’ £350m bond caught in HY mudslide

    A day after UK pub company Enterprise Inns showed a strong start to the year in a trading update, equity investors backed the credit, but its unsecured notes due 2018 kept sliding down in a market hit by LeasePlan’s sale failure.

    12 Feb 2016

  • 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 €1.325bn 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 and agencies

    This week's funding scorecard looks at the funding progress of European supranationals and agencies

    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

  • Updated: Hutchison, Tianjin Bank, GoAir gear up for IPOs

    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

  • Dollar swap is key for India Exim Panda

    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 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
  • 23 May 2016
1 JPMorgan 157,969.59 612 8.49%
2 Citi 140,907.65 478 7.57%
3 Barclays 138,179.72 407 7.42%
4 Bank of America Merrill Lynch 135,108.02 429 7.26%
5 HSBC 118,759.90 448 6.38%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 May 2016
1 UniCredit 12,701.79 49 7.31%
2 HSBC 10,564.64 41 6.08%
3 Barclays 10,439.06 10 6.01%
4 Morgan Stanley 9,604.70 6 5.53%
5 Citi 9,178.92 27 5.28%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 May 2016
1 Goldman Sachs 5,755.03 35 9.07%
2 JPMorgan 5,540.75 33 8.73%
3 Citi 4,580.99 26 7.22%
4 UBS 4,345.11 20 6.85%
5 Morgan Stanley 4,152.81 20 6.55%