• DBS picks Poon to lead southeast Asia private banking

    DBS Private Bank has hired Joseph Poon as its regional head of southeast Asia, poaching him from UBS.

    27 Jul 2016

  • Clearstream to partner with CFETS for China bond access

    Clearstream is looking to better connect global investors to China’s interbank bond market (CIBM) with a link set to launch in October. The firm is also working on a joint venture (JV) with the China Foreign Exchange Trading System (CFETS) to launch a bond exchange in Europe, GlobalRMB has learned.

    27 Jul 2016

  • Deutsche poaches from JPM for syndicate head role

    Former JP Morgan banker Ed Tsui is joining Deutsche Bank as head of debt syndicate, Asia, according to an internal memo seen by GlobalCapital Asia.

    27 Jul 2016

  • Huge legacy list pushes CMBS secondary volumes

    A seller was out on Tuesday afternoon with a $711m list of legacy CMBS senior bonds, pushing volumes in the secondary market past $1bn for the day.

    26 Jul 2016

  • CLO players to flood annual ABS confab

    Information Management Network (IMN) has moved to secure the Eden Roc Miami Beach Hotel as a second host venue for is annual ABS East conference alongside the Fontainebleau Miami Beach, to accommodate an expected stampede of US CLO market participants.

    26 Jul 2016

  • Enav rises 11% as first post-Brexit IPO takes off

    Shares in Enav, the Italian state air traffic control operator, closed 11% higher on their first day of trading on the Milan Stock Exchange today.

    26 Jul 2016

  • BC Partners sells 7.8% of Com Hem at tight discount

    BC Partners sold a 7.8% stake in Com Hem, the Swedish cable TV operator and broadband provider, through an accelerated bookbuild led by Morgan Stanley on Monday night.

    26 Jul 2016

  • LSE merger scrapes approval from Deutsche Börse shareholders

    Deutsche Börse has narrowly achieved the required votes from its shareholders to approve its merger with the London Stock Exchange Group, meaning only the possible objections of regulators now stand in the deal's way.

    26 Jul 2016

  • Belgium to join buoyant dollar market

    A string of dollar issuance from public sector borrowers is set to extend into Wednesday, as Belgium mandated in the currency following a pair of deals from an agency and a supranational.

    26 Jul 2016

  • Yapi Kredi’s investor friendliness should not be taken for granted

    Yapi Kredi chose to cancel its deal before settlement last week, following the attempt coup in Turkey, and a four point drop in the bond's price. The decision was wise and investor friendly, but it's not a new precedent in emerging markets.

    26 Jul 2016

  • UK breezes through Brexit with syndication

    The Gilt market on Tuesday once again highlighted its immunity to concerns around the UK's vote to leave the EU, as the Debt Management Office conducted a trademark smooth execution with a tap of its 0.125% November 2065 inflation-linked bond.

    26 Jul 2016

  • Markit iBoxx eyes ETFs/TRS with infrastructure bond indices

    IHS Markit has launched indices that track US dollar, sterling and euro investment grade infrastructure corporate bonds, as well as US dollar high yield infrastructure names.

    26 Jul 2016

  • The madness of operational risk

    Bank operational risk is a perfect example of how good intentions can lead to strange conclusions. Commerzbank on Tuesday showed just how bizarre the rules have become.

    26 Jul 2016

  • Vodafone flirts with 30 year, proves popular enough for 15

    Vodafone paid its second trip to the European corporate bond market in a year on Tuesday, issuing a €1bn 15 year deal and entertaining the possibility of a 30 year trade.

    26 Jul 2016

  • Impact securities: bringing the ‘pay-for-success’ model to retail investors

    NPX, a Californian social financing company, last week launched what it claims is the first debt security to link returns with the achievement of impact metrics. GlobalCapital caught up with the company to find out how the new product, dubbed an ‘impact security’, differs from other offerings in the SRI market.

    26 Jul 2016

  • Heathrow heads out of blackout and into sterling

    Heathrow Airport came out of its earnings blackout to issue a benchmark 33 year sterling bond from its secured funding programme on Tuesday.

    26 Jul 2016

  • GSE recap advocates should prepare for long game

    Increased lobbying efforts to encourage the recapitalisation of government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac in the near future are likely to be futile given the political environment in the US.

    26 Jul 2016

  • Post-Brexit single-Bs pay to play

    Since the UK's Brexit vote, the European high yield market has produced an abundance of single-B rated deals — even though issuers are paying dearly for their timing.

    26 Jul 2016

  • Brexit is no disaster for the UK, but it has increased the risk of investing

    Euromoney’s survey shows the UK’s risk score falling in the wake of the shock referendum decision coming out in favour of a withdrawal from the European Union. The risk experts acknowledge the potential longer-term positives, the swift changes shoring up political stability, and the opportunities created by the pound depreciating. They are nevertheless concerned by the economic outlook and its impact on the fiscal metrics.

    26 Jul 2016

  • UniCredit: Papa the daddy after management clean-up

    UniCredit's new chief executive, Jean Pierre Mustier, has simplified the bank's management structure, cutting the number of his direct reports, naming a new CFO and COO, and handing Gianni Franco Papa, a broader, group-wide role.

    26 Jul 2016

  • Glimmer of hope for ABS after UK RMBS restarts

    Reviving the UK RMBS market in the aftermath of the country’s vote to leave the European Union is seen as key to maintaining issuance levels in European ABS – but despite steady secondary trading and a market reopening deal, it is far from clear that this is possible.

    26 Jul 2016

  • Hansteen gains new lender in £330m refinancing

    Hansteen, the UK-headquartered real estate investment trust (REIT), has agreed a new £330m credit facility with three banks, including one new lender.

    26 Jul 2016

  • Not very social, not very impactful, not really bonds: The capital markets’ Holy Roman Empire

    Inaccurately named and providing only debatable value, the pay-for-success Social Impact Bonds (SIBs) are not the panacea some hoped they might be.

    26 Jul 2016

  • Levloans rush for pre-August allocations

    Several loan deals have commitments due over the next week, as the market looks to allocate debt before the anticipated August slowdown.

    26 Jul 2016

  • BNP Paribas IP hires deputy head of EM fixed income

    BNP Paribas Investment Partners has appointed a deputy head of emerging market fixed income, who will be based in London.

    26 Jul 2016

  • Man extends core facility during 'challenging period'

    During the first half of the year, Man Group extended the maturity date of its core $1bn revolving credit facility by one year.

    26 Jul 2016

  • Operational risk hits Commerzbank as CET1 declines 50bp

    Commerzbank released a preliminary set of earnings on Monday evening, with the operational risk management helping drive an unexpected decline in the bank’s common equity tier one capital ratio.

    26 Jul 2016

  • FCA doesn’t need to be split. It needs more resources.

    The Treasury Select Committee’s judgement that the supervisory and enforcement roles of the UK’s Financial Conduct Authority should be split is flawed. The FCA doesn’t need to be balkanized, it needs to be given more resources to do its job.

    26 Jul 2016

  • BEH generous over sovereign, demand strong

    State-owned Bulgarian Energy Holding offered a handsome pick-up over Bulgaria’s sovereign curve at final guidance stage on Tuesday.

    26 Jul 2016

  • MCT eyes $751m from block-preferential offering combo

    Mapletree Commercial Trust has opened books on a S$1.02bn ($751.3m) dual tranche equity fundraising that is being conducted via an overnight share sale and preferential offering.

    26 Jul 2016

  • South Africa's MTN syndicates $1bn new money loan

    MTN, the South African telecommunications group, is syndicating a $1bn new money loan that could involve participation from non-relationship lenders.

    26 Jul 2016

  • Bank of America follows Wells into Aussie dollars

    Bank of America Corp returned to the Australian dollar market after a two year absence, with an A$750m ($565m) double tranche deal.

    26 Jul 2016

  • Wells Fargo pounds long end for popular senior

    Wells Fargo paid a third visit to the 10 year part of its euro senior curve on Tuesday, attracting strong demand to a deal deemed fairly priced.

    26 Jul 2016

  • Shell Philippines unit files for $632m listing

    Pilipinas Shell Petroleum Corp, the local arm of oil giant Royal Dutch Shell in the Philippines, filed for an IPO on Monday to raise up to Ps29.7bn ($632.1m), according to bankers.

    26 Jul 2016

  • Investors swallow Glenmark debut despite tight pricing

    Glenmark Pharmaceuticals sealed its debut $200m international bond at a tight yield of 4.5% on Monday, which bankers on the deal said was the tightest pricing achieved by an Indian high yield name.

    26 Jul 2016

  • BNP Paribas extends securitization revamp with double DB hire

    BNP Paribas's overhaul of its securitization business has stepped up a notch with the hire of two directors from Deutsche Bank's primary structured credit business.

    26 Jul 2016

  • Further delays to Fesco restructuring

    Russia’s Far Eastern Shipping Company (Fesco) requires extra time before the release of its preliminary restructuring proposal to bondholders, it said on Monday.

    26 Jul 2016

  • Cofco Agri feeds banks $2.7bn for refinancing

    Agricultural trading and processing company Cofco Agri is understood to have sent out a request for proposals for a dual-tranche facility to refinance debt.

    26 Jul 2016

  • UBS AM names Briscoe to head Apac fixed income

    UBS Asset Management has appointed Hayden Briscoe as head of fixed income for Asia Pacific.

    26 Jul 2016

  • Suuti eyes $9bn from India stake sales

    India’s state-owned holding company has revised some of the terms in its plan to sell down the government’s stakes in 51 companies, grouping together share sales in Axis Bank, ITC and Larsen & Toubro.

    26 Jul 2016

  • SocGen taps new heads for Japan, Switzerland

    Société Générale has appointed new group country heads for Japan and Switzerland, according to a statement from the bank on Tuesday.

    26 Jul 2016

  • Chinese duo ride on keepwells for new bonds

    CDB Capital, a wholly-owned subsidiary of China Development Bank Corp, is looking to raise as much as $500m from a new deal while unrated China Minsheng Investment Corp has returned for a three year bond, with both relying on keepwell structures.

    26 Jul 2016

  • Total Derivatives: PBoC support anchors short CNY rates

    The short-end of the CNY NDIRS curve is continuing to outperform the longer maturities as the PBoC keeps the financial system liquid ahead of month-end. Sources are wary ahead of this week's FOMC and BOJ announcements but say firmer domestic data could back more steepening momentum near-term, writes Deirdre Yeung of Total Derivatives.

    26 Jul 2016

  • Dilip, RBL Bank plan August IPOs as Clio files

    The scorching pace of Indian IPOs looks set to continue as Dilip Buildcon prepares to launch a Rp6.53bn ($97.5m) listing next week, with bankers expecting a solid response from investors.

    26 Jul 2016

  • Aditya Birla arm sounds out lenders for $130m

    Indian conglomerate Aditya Birla Group is understood to be in talks with banks for a syndicated loan for one of its flagship businesses Grasim Industries.

    26 Jul 2016

  • Ecuador taps market with bond prices at 2016 highs

    Ecuador gave as good a show as possible that technicals are outweighing fundamentals in EM bond markets with a new $1bn bond due 2022 just a week after announcing the worst fall in GDP since the introduction of the US dollar as the currency.

    26 Jul 2016

  • Fenghui Leasing, Adani start meeting investors

    China’s Fenghui Leasing Co obtained a first-time rating on Tuesday ahead of its offshore debut in dollars while India’s Adani Transmission has ditched a potential Masala bond in favour of just selling dollars.

    26 Jul 2016

  • Strong offshore demand drives Kookmin’s rare 3yr

    Kookmin Bank opted for an unusual three year bond this week to diversify its funding avenues. The bond found strong interest from offshore accounts eager to get their hands on the new deal, allowing the lender to price inside fair value.

    26 Jul 2016

  • Updated: Investors pile into S$719m Noble rights issue

    Singapore’s Noble Group has sown up its S$719m ($522m) rights offering with a 173.7% oversubscription, according to a stock exchange filing on Monday.

    26 Jul 2016

  • Northern Trust makes new hire in Sydney

    Northern Trust Capital Markets has hired Ben Brownette as a research analyst in its Sydney office in Australia.

    26 Jul 2016

  • Scarcity of deals drives CMBS to 2016 tights

    The expectation of light deal flow through the summer and into the fourth quarter is pushing spreads on conduit CMBS to the tightest levels of the year, as issuers aim to price the latest offering at 110bp over swaps for the benchmark triple-A class.

    25 Jul 2016

  • CEEMEA bond volumes blast through 2015 numbers

    CEEMEA bond volumes have already surpassed numbers reached in the whole of 2015, according to Dealogic data.

    25 Jul 2016

  • UBS shuffles investment banking top managers

    UBS has reorganised the leadership of its investment bank in Emea, naming new leaders for overlapping networks of sector and country client bankers.

    25 Jul 2016

  • Summer proves fruitful for US CLOs, but market still lags

    The US CLO market surged in July, with issuance picking up and spreads tightening, but industry insiders are cautioning that the sector still has a way to go before returning to the heights of the past few years.

    25 Jul 2016

  • AFD and NIB join pre-summer dollar rush

    A stream of dollar issuance over the last few weeks looks like it will keep flowing right into this Wednesday’s US Federal Reserve meeting, after a pair of borrowers mandated on Monday for no-grow $1bn deals.

    25 Jul 2016

  • Ineos to inject €1.1bn of single-B bonds into carefree high yield

    Petrochemical manufacturer Ineos on Monday launched a €1.1bn-equivalent refinancing deal into a high yield market that has thrown caution to the wind.

    25 Jul 2016

  • Reverse flex for Foncia LBO loan

    French residential real estate company Foncia on Monday reopened the book for a €800m loan backing its acquisition by a Partners Group-led consortium, after tightening pricing beyond guidance.

    25 Jul 2016

  • GE Money Bank lands first French RMBS deal in a year

    GE Money Bank in France on Friday offered up extra spread on the subordinate tranche of its €850m French RMBS deal, the first publicly placed deal in the asset class since July 2015.

    25 Jul 2016

  • Corporate bond market serene, but no deals amid blackouts

    The exceptionally borrower-friendly conditions of Europe’s investment grade corporate bond market kept improving on Monday, though with many issuers in earnings closed periods, there were no new deals.

    25 Jul 2016

  • SSAB gains 11% since Skr5bn rights issue

    Shares in SSAB, the Nordic steel producer, have risen by 11% since the company announced the completion of its oversubscribed Skr5bn ($599m) rights issue on Friday.

    25 Jul 2016

  • ESM opts for auction amid thinning liquidity conditions

    The European Stability Mechanism has chosen to tap its April 2024 line during its funding window this week, a move that bankers said was sensible given the seasonal thinning of liquidity in the market.

    25 Jul 2016

  • Cloetta gets sweet deal in debut syndication

    Cloetta, the Swedish confectionery company, has agreed Skr3.7bn ($430m) of unsecured loans with a group of four Nordic banks, its first syndicated loan.

    25 Jul 2016

  • 10 things about DCM markets every CFO should know

    From our extensive time in debt capital markets, we’ve come across plenty of myths and misconceptions about corporate funding. But equally there are certain golden rules that hold true for almost every issuer, whatever their size or profile. Here we’ve gathered 10 universal truths that we hope will help guide any finance director looking to raise funding via DCM loans or bonds.

    25 Jul 2016

  • Turkey risks sidelined as credit hits 12 month tight

    European credit markets shrugged off a barrage of bad news last week to march tighter, leaving iTraxx Europe at its tightest print in 12 months.

    25 Jul 2016

  • Franchise Brands to float on London’s Aim

    Franchise Brands, the UK franchising group that provides oven cleaning and car paint repair services, has announced plans to raise up to £3.5m through a listing on London’s Aim in the third quarter of 2016.

    25 Jul 2016

  • Eircom leans on high yield in refinancing with €200m tap

    Eircom, the Irish telecoms company, on Monday launched a €200m tap of a high yield bond issued last month, which would cut its exposure to bank lending in its new €2.4bn debt structure.

    25 Jul 2016

  • PorTel recovery price nudged up in CDS auction

    An auction to settle credit default swaps referencing Portugal Telecom International Finance returned a low final price, but slightly higher than had been indicated by secondary bond and CDS levels despite greater physical settlement interest to sell.

    25 Jul 2016

  • ISDA touts Hong Kong mandatory clearing tool

    The International Swaps and Derivatives Association has published a ‘clearing classification letter’ that will enable derivative counterparties to notify each other of their status for clearing requirements under Hong Kong’s mandatory clearing regime.

    25 Jul 2016

  • MPS shares tumble ahead of EBA stress tests

    Monte dei Paschi di Siena’s share price fell 8% on Monday morning, ahead of the European Banking Authority’s 2016 stress test results.

    25 Jul 2016

  • Bonds 'shut' for Turkish borrowers, but maturities well covered

    Turkish issuers have $2.5bn of public international bonds scheduled to mature before the end of this year but will have a tough time accessing bond markets aft the attempted coup of two weeks ago. But an EM syndicate banker said that most of those maturing bonds have already been refinanced.

    25 Jul 2016

  • Isbank launches loan deal on day of downgrade

    Türkiye İş Bankası (Isbank) launched a loan on Friday, arranged by National Bank of Abu Dhabi and Standard Chartered.

    25 Jul 2016

  • HKEX touts advantages to counter valuation concerns

    The Hong Kong Stock Exchange (HKEX) has released new research, which it hopes will dispel the long-held belief that equities in the city are undervalued when compared to shares on the Mainland.

    25 Jul 2016

  • IMF extends third precautionary liquidity line to Morocco

    The International Monetary Fund approved on Friday a two-year precautionary liquidity line (PLL) to Morocco to support the country as it pursues a reform agenda.

    25 Jul 2016

  • Metropolis Healthcare appoints duo for IPO

    India’s Metropolis Healthcare has mandated Credit Suisse and Kotak Mahindra Capital as the leads for its up to Rp10bn ($149m) IPO.

    25 Jul 2016

  • BEH picks five year euros

    Bulgarian Energy Holdings (BEH) opted on Monday for a five year for its first Eurobond in three years. The deal could come as early as Tuesday, according to a lead manager.

    25 Jul 2016

  • Rabobank hires new syndications banker in HK

    Rabobank has hired a banker for its loan syndications team in Hong Kong, replacing Kitty Leung who left the firm earlier this year.

    25 Jul 2016

  • World Bank to make SDR bonds a reality

    The World Bank is preparing to sell the first bond dominated in the IMF special drawing rights (SDR) unit of account, according to market sources.

    25 Jul 2016

  • Loan Ranger: Party people

    It's party season and time for Ranger to reminisce about the loan market’s best bashes.

    25 Jul 2016

  • NTPC gets ready for first taste of Masala

    India’s largest energy conglomerate NTPC is poised to pick banks to work on its upcoming Masala bond that could hit the market as early as the first week of August.

    25 Jul 2016

  • Glenmark, Kookmin attract bids for dollar bonds

    South Korea’s Kookmin Bank and Indian’s Glenmark Pharmaceuticals ventured out to the dollar debt market on Monday with their respective bonds.

    25 Jul 2016

  • DBS to set up securities business in Japan

    DBS is establishing a securities business in Japan to help investors grappling with the low interest environment in the country earn better returns in the rest of Asia.

    25 Jul 2016

  • Ironshore paves way for $100m US IPO

    Fosun International-backed insurer Ironshore is looking to raise some $100m via a US listing in a trade to feature only secondary shares, according to a filing with the US Securities and Exchange Commission.

    25 Jul 2016

  • Sri Lanka bags big commitment for $300m loan

    The government of Sri Lanka’s $300m three year borrowing has received a chunky commitment in syndication, according to a source.

    25 Jul 2016

  • Total Derivatives: Weak yuan to back steeper CNY curve?

    Improved liquidity conditions have offset the weak yuan to support the short-end of the CNY curve while currency-related export optimism supports paying in the longer tenors. Sources expect further steepening from current levels, writes Deirdre Yeung of Total Derivatives.

    25 Jul 2016

  • RFP out for $338m NBCC stake sale

    India’s state divestment unit has sent out a request for proposals to appoint up to three banks for its sell down in National Buildings Construction Corp, which could fetch Rp22.65bn ($338.04m).

    25 Jul 2016

  • Chile’s Enap marketing bond to finance buy-back

    Empresa Nacional de Petróleo (Enap), the Chilean state-owned oil company, will begin meeting investors on Monday ahead of a planned first dollar bond in nearly two years.

    25 Jul 2016

  • P&M Notebook: Banks make money when things happen

    Has everyone overdone the hand-wringing about the future of the fixed income trading business? The investment banks that reported results this week all managed decent numbers in their bonds and currencies businesses, thanks to record volumes associated with the UK referendum on membership of the European Union.

    22 Jul 2016

  • Marsa Maroc soars after Casablanca IPO

    Shares in Marsa Maroc, the Moroccan port terminal operator and cargo handler, have risen 20% this week after they began trading on the Casablanca exchange on Tuesday following the company's Dh1.9bn ($194m) IPO.

    22 Jul 2016

  • Enav eight times oversubscribed, lifting Italian ECM hopes

    The privatisation of Enav, the Italian air traffic control system, reached a successful conclusion on Thursday, proving that large IPOs can still happen in the post-Brexit equity market, even in Italy, where stocks have been hit hard.

    22 Jul 2016

  • Lecta cherry on the HY cake with size increase and pricing inside guidance

    Lecta Group, the southern European coated paper manufacturer, on Friday printed a €600m two tranche bond in a high yield market comfortably readjusted to post-Brexit times, as issuance surpassed €2.5bn in five days.

    22 Jul 2016

  • UK gets first LBO since Brexit with Morrison Utility Services

    HSBC and Société Générale have underwritten a sterling loan for what is, according to two bankers, the first UK leveraged buyout since the country voted to leave the EU almost a month ago.

    22 Jul 2016

  • Funding scorecard: European supranationals and agencies

    This week's funding scorecard looks at how far European supranationals and agencies have progressed in their 2016 funding programmes.

    22 Jul 2016

  • Pirelli's €6.4bn refi loan oversubscribed, though some banks turn away

    Pirelli’s €4.8bn refinancing loan has found strong demand, as roughly 20 banks will join it, and it was well oversubscribed. Some banks declined to participate, however, and one banker said the borrower was "taking the mickey" with the terms of the deal.

    22 Jul 2016

  • Emirates NBD nails down $500m Formosa PP

    Emirates NBD has printed a $500m 3.5 year Formosa private placement, marking a further opening of this market to Middle East issuers.

    22 Jul 2016

  • RMB round-up: China eases FTZ rules, OTC Clear to clear USDCNH CCS

    In this round-up, China eases rules on foreign investment in the free trade zones (FTZ) and OTC Clear receives approval to clear CNH cross currency swaps (CCS). Plus, a recap of GlobalRMB’s top stories this week.

    22 Jul 2016

  • Greenland HK brushes off downgrade with $450m bond

    Real estate developer Greenland Hong Kong sold a highly popular bond on Thursday, in a move that highlighted investors’ lack of concern about the issuer’s high leverage.

    22 Jul 2016

  • Oil India extends deadline for $650m loan bid

    Oil India has extended the deadline for submission of bids for its request for proposals seeking a $650m loan with a $200m greenshoe, according to two bankers.

    22 Jul 2016

  • Two depart from Mizuho Singapore loans team

    Mizuho has recently seen the departures of two bankers in its loans team in Singapore — one each from origination and distribution.

    22 Jul 2016

  • LIG Nex1 block rings in $79m for KB Asset

    KB Asset PE Fund has raised W90.5bn ($79.1m) from an overnight sale of shares in South Korea’s LIG Nex1, in a deal that saw investors piling in to take advantage of one of the last chances of a block in the stock.

    22 Jul 2016

  • MUFG names corporate banking head for the Philippines

    Bank of Tokyo-Mitsubishi UFJ has appointed Melina Concha as executive vice-president and head of global corporate banking for the Philippines as part of the Japanese firm’s strategy to deepen its presence in the region.

    22 Jul 2016

  • China Railway steams ahead with $500m

    China Railway Group raised $500m effortlessly from its first dollar bond in more than two years, taking advantage of its link to the central government and an issuer-friendly environment to price the new note through its existing curve.

    22 Jul 2016

  • KWG adds to onshore RMB haul with Panda debut

    KWG Property Holding sealed its third appearance in the onshore bond market this year with a Rmb2bn ($299m) private placement on Thursday. But unlike its previous deals, which were sold by its onshore subsidiary, the latest offering was a direct issuance from the Cayman Islands-incorporated firm.

    22 Jul 2016

  • HDFC allocates $375m among 17 lenders

    Indian mortgage lender HDFC has allocated its $375m loan among 17 banks, introducing a smaller ticket level after launching general syndication to accommodate some lenders’ requests.

    22 Jul 2016

  • Brexit’s RMB factor: silver lining wanted

    In the immediate aftermath of the Brexit vote, London’s loss of its status as leading RMB hub in Europe seemed highly likely, a turn of events that left China and the UK to figure out how to move forward from the “golden era” they had on just ushered in. But a more nuanced picture is now starting to emerge.

    22 Jul 2016

  • Eighth US pension fund files lawsuit over alleged SSA market manipulation

    The list of lawsuits brought by pension funds against a group of banks and traders alleged to have manipulated the SSA market is now at least eight long, according to legal documents seen by GlobalCapital. It is likely that the lawsuits will be consolidated into a single action, according to one lawyer.

    21 Jul 2016

  • Brazil jumps on flat curve to price tight 30 year

    Brazil underlined its re-entry to EM investors’ good books on Thursday with a $1.5bn long 30 year issue that bankers saw as taking advantage of the sovereign’s particularly flat curve.

    21 Jul 2016

  • Chubut chugs Argentina along with $650m secured bond

    The province of Chubut’s debut dollar bond, sold on Tuesday, traded well on the break as bankers said demand for Argentina risk was unsated with at least two more provinces lining up issues.

    21 Jul 2016

  • Cash available for Argentine corps as Albanesi raises $250m

    Argentine electricity generation company Albanesi raised prospects of market access for small corporates from the country with a $250m seven year non-call four bond on Wednesday.

    21 Jul 2016

  • Republic of Cyprus EUR1bn 3.75% Jul 2023

    21 Jul 2016

  • Kingdom of Spain EUR6bn 1.3% Oct 2026

    21 Jul 2016

  • NRW.Bank USD1bn 1.25% Jul 2019

    21 Jul 2016

  • Rentenbank USD1.5bn 1.75% Jul 2026

    21 Jul 2016

  • AfDB USD1bn 1.25% Jul 2021

    21 Jul 2016

  • Don't MAR the MTN market

    The vagueness of the new Market Abuse Regulation is causing MTN dealers headaches. Given that no one is sure exactly quite what will constitute private information, many banks risk adopting too strict an interpretation just to minimise compliance risk.

    21 Jul 2016

  • Teva EUR1.75bn 0.375% Jul 20, EUR1.5bn 1.125% Oct 24, EUR750m 1.625% Oct 28

    21 Jul 2016

  • ECB waits but Spain, Cyprus and KfW pounce

    European Central Bank president Mario Draghi has in effect told market participants to come back after summer if they want to see any further monetary stimulus — but belief that such stimulus is on the way helped a trio of euro deals this week.

    21 Jul 2016

  • European Central Bank reveals might as it publishes CSPP list

    The true scale of the Eurosystem’s Corporate Sector Purchase Programme was revealed to the investment grade corporate bond market this week as it published its list of purchased bonds.

    21 Jul 2016

  • Teva’s M&A swoop brings in the crowds as buyers scramble for new paper

    Israeli-American pharmaceutical company Teva ripped through a severely undersupplied European corporate bond market this week, making savage price cuts on all three tranches of a €4bn trade that still ground tighter in secondary markets. Ross Lancaster reports.

    21 Jul 2016

  • MTN market MAR-red by 'serious concerns'

    New European rules on market abuse, which came into force on July 3, are a source of worry to MTN bankers who fear that too strict an interpretation could prevent them from conducting normal business.

    21 Jul 2016

  • VDP’s Hagen speaks out

    The VDP’s newly appointed president, Dr Louis Hagen, talks to GlobalCapital about the implications of Brexit, covered bond supervision in the banking union, the Net Stable Funding Ratio and the leverage ratio.

    21 Jul 2016

  • Teva sets the pulses racing with dollar blockbuster

    Teva Pharmaceuticals had the corporate dollar market in its thrall this week as it took advantage of US corporate earnings blackouts to print a $15bn M&A blockbuster that attracted nearly $70bn worth of orders.

    21 Jul 2016

  • Trio of top US CLO obligors downgraded in second quarter

    Three of the 30 most commonly held company exposures in US CLOs were downgraded in the second quarter of the year by S&P Global Ratings, reigniting concerns around collateral quality in the sector.

    21 Jul 2016

  • CIBC goes negative in covered bonds

    Canadian Imperial Bank of Commerce this week priced the first negative yielding non-Eurozone covered bond, with a well oversubscribed order book and a tiny new issue concession.

    21 Jul 2016

  • Loans, news in brief — July 21, 2016

    Coveris — Stolt-Nielsen

    21 Jul 2016

  • State aid rules

    You get justice in the next world. In this one, you have the law, and in the case of the European Court of Justice’s judgement on state aid rules written in 2013, the law isn't very clear.

    21 Jul 2016

  • People Moves in Brief

    Jefferies CLO head leaves - DB names EMEA corpfin heads - Mizuho hires US fixed income trading head

    21 Jul 2016

  • Rentenbank blasts open dollar 10s

    Rentenbank has opened the 10 year part of the dollar curve to elite borrowers with a heavily oversubscribed trade. While the public markets have been in rare health, dollar issuance had, until Wednesday, been confined to the three and five year maturities for months.The last time an SSA borrower printed over $1bn of 10 year paper was, according to Dealogic, at the end of May when the Inter-American Development Bank sold $1.5bn with a 2% coupon.

    21 Jul 2016

  • Turkish loans unflustered so far but pricing likely to move

    The loan market has closed at least two deals over the past week, mostly unperturbed by the upheaval in Turkey, although the price of refinancing will likely increase later in the year, bankers say.

    21 Jul 2016

  • CBA’s rare 10 year enjoys stellar bid

    Commonwealth Bank of Australia drew more demand than any other euro denominated Australian covered bond in over three years when it issued a €1.25bn 10 year this week.

    21 Jul 2016

  • Turkey trauma contained for now as cash floods into EM

    An attempted coup in Turkey last Friday threw its borrowers into a maelstrom of pulled bonds, credit rating uncertainty, and the country itself into a three month state of emergency. Unlike their loan market counterparts, bond and money market investors have been wary of calling the bottom of the resulting sell-off, but the damage is contained as EM bond inflows enjoyed another record week, writes Francesca Young.

    21 Jul 2016

  • Goldman’s DCM boost came from secret securitization of Barclays portfolio

    Goldman Sachs’s excellent DCM numbers this quarter were driven in large part by the lucrative exit from a large book of ex-Barclays loans, sold from the British bank’s non-core division to a consortium including Goldman last autumn.

    21 Jul 2016

  • Moody’s: green finance must go mainstream

    Moody’s has devised a systematic way to incorporate environmental risks into its ratings, and now offers special Green Bond Assessment grades. Michel Madelain, vice-chairman of Moody’s, tells Jon Hay green bonds cannot do all the heavy lifting for the green transition — conventional financing will have to help too.

    21 Jul 2016

  • Spain goes negative in threes as ECB holds back

    Spain on Thursday sold three year debt at a negative yield for the first time, capitalising on a fall on yields over the last few weeks that many bankers attribute to investor expectations of central bank stimulus.

    21 Jul 2016

  • Turkey’s bonds hammered, but EM appetite still insatiable

    Last week’s failed Turkish coup, and the resulting crackdown, has spooked holders of Turkey’s dollar denominated government bonds.

    21 Jul 2016

  • CEO of ICAP unit steps down

    The chief executive of ICAP’s EBS BrokerTec has stepped down from his post, and is set to leave “in due course,” according to the company.

    21 Jul 2016

  • Goldman reports deep cuts, shakes off volatility to beat estimates

    Goldman Sachs on Tuesday reported second quarter results that beat most estimates, with a 74% increase in earnings, continuing a streak of positive quarterly bank results as it cut costs and shook off Brexit-related macro volatility.

    21 Jul 2016

  • Clydesdale Bank reopens UK RMBS with £750m deal

    Thursday proved a busy day for primary European ABS. Clydesdale Bank reopened the UK RMBS market with a £750m ($990m) prime deal, while EDP priced its €600m electricity tariff receivables deal and GE Money Bank in France said it would print a minimum of €750m in French RMBS paper on Friday.

    21 Jul 2016

  • US drives FIG supply in first senior deals since Brexit

    US banks coming out of earnings blackouts provided all the fare in FIG this week, and deals flew to investors who have seen almost no paper since mid-June.

    21 Jul 2016

  • NRW.Bank and AfDB to come back for seconds

    Two of this week's benchmark issuers are planning second trips to the capital markets for benchmark funding in the third quarter.

    21 Jul 2016

  • Teva wraps up jumbo M&A deal with triple tranche Swissie

    Teva completed the final leg of the bond financing for its acquisition of Allergan's generic drugs business on Thursday, issuing a Sfr1bn ($1bn) triple tranche Swiss franc deal.

    21 Jul 2016

  • Kion gets €459m at no discount as Oaktree cuts Alstria Reit stake

    Shares in Kion Group, the world's second largest maker of forklift trucks, traded up more than 5% on Tuesday after it completed a 10% capital increase to partly finance its acquisition of Dematic, a Luxembourg-based firm specialising in automation and supply chain optimisation.

    21 Jul 2016

  • Credit Suisse underwriting loan for Galenica acquisition

    Credit Suisse is the sole underwriter of a bridge facility for Galenica's $1.53bn acquisition of US biopharmaceuticals firm Relypsa, the acquirer said on Thursday.

    21 Jul 2016

  • Prepare for a ‘Crexit’ by 2020 says Standard & Poor's

    Rating agency Standard & Poor’s said this week that global credit markets are poised either for a "slow burn" of deteriorating market conditions or something even worse: a credit exit, or "Crexit" — where a major economic or political shock triggers a shutdown of global markets altogether.

    21 Jul 2016

  • Mydentist to sink teeth into post-Brexit HY sterling market

    The UK’s largest dental company Mydentist on Thursday launched a £425m bond to refinance all of its debt, becoming the first high yield sterling deal since the country voted to leave the European Union.

    21 Jul 2016

  • Sterling comes alive as Wells blows the door open

    The first sterling senior unsecured FIG deals to hit the market since the Brexit vote brought in astonishing demand, first for a blockbuster £1bn trade from Wells Fargo, followed by a bond from Bank of America Merrill Lynch that brought total sterling issuance to £1.75bn on the week.

    21 Jul 2016

  • UBS renews American ambition with investment bank overhaul

    For the first time since the financial crisis, UBS has rediscovered its mojo in the US, writes David Rothnie.

    21 Jul 2016

  • July loan activity signals promising start to H2

    The Asian loan market is finally showing signs of life as receding concerns over the pace of renminbi depreciation and bank efforts to look beyond traditional borrowers propel activity. With two or three deals launching nearly every week this month, the pace of issuance has set a strong tone for the rest of the year. Shruti Chaturvedi reports.

    21 Jul 2016

  • Malaysia, India tweak Reit regimes to spur market

    There was a common thread in two new proposals by Malaysian and Indian regulators to reform their respective real estate investment trust regimes. Both countries are looking to increase Reit exposure to under construction or greenfield properties — moves that could give a much-needed boost to the asset class. John Loh reports.

    21 Jul 2016

  • Indian summer as abundant liquidity drives new issuance

    The recent success of Indian borrowers in the offshore bond market has sparked talk of a revival in issuance from the nation. While abundant market liquidity and the low yielding environment are a boon for issuers in the high beta country, the window is expected to be short lived, writes Narae Kim.

    21 Jul 2016

  • TCO starts massive debt raise with print only 10bp over sov

    Kazakhstani crude oil company Tengizchevroil (TCO) pulled in pricing 50bp from initial guidance on Wednesday to print its $1bn 2026s only 10bp over the Kazakhstan sovereign, according to a bookrunner on the deal.

    21 Jul 2016

  • LIG Nex1 block poised to fetch $79m

    A secondary sell-down in shares of South Korea’s LIG Nex1 is seeing a hot reception in the market, with the block expected to price at the top of the range to raise W90.5bn ($79.1m).

    21 Jul 2016

  • The periphery’s Brexit blues have vanished

    The immediate post-Brexit result landscape looked like a daunting one for eurozone periphery issuers. But just under a month later, one could argue they have never had it so good.

    21 Jul 2016

  • P2P lending without skin in the game looks like US subprime crisis — UK MP

    Speaking in a Treasury select meeting on Wednesday, CEO of the Financial Conduct Authority (FCA), Andrew Bailey, echoed concerns expressed by MP Chris Philp about risks in marketplace lending, saying it was worth considering options to force lending platforms to put “skin in the game”.

    21 Jul 2016

  • VPBank Finance, Cogobuy seek $100m deals apiece

    VPBank Finance, the consumer finance arm of state-owned Vietnam Prosperity Bank, is accessing the debt market for a $100m loan backed by accounts receivable.

    21 Jul 2016

  • Investors walk away from Turkey trades in MTNs

    MTN and CP investors have put Turkish bank deals on pause after the country's president declared a three month state of emergency on Wednesday, but the real test will come if the country is downgraded further by rating agencies, said MTN bankers.

    21 Jul 2016

  • Two Hungarian firms ask banks for tight margins

    Hungarian Eximbank is syndicating a $600m-equivalent loan with a tight margin, bankers said, after oil and gas firm MOL secured a tightly priced deal last month.

    21 Jul 2016

  • Wells has a high profile week in Aussie dollars

    Wells Fargo (A/A2/A-) offered two Australian dollar deals to the market this week, totalling A$1.65bn ($1.24bn).

    21 Jul 2016

  • Bank bosses report booming Brexit numbers

    US banks, which opened second quarter reporting this week and last, said Brexit had driven ‘new peaks’ in volumes at trading divisions, with signs of market share gains for the US houses as well.

    21 Jul 2016

  • Yes Bank trains sights on Taiwan for $100m five year

    India’s Yes Bank is eyeing Taiwanese liquidity for a $100m term loan that comes with an undisclosed greenshoe option.

    21 Jul 2016

  • CDB Capital to sell dollar bond as early as next week

    CDB Capital, a wholly-owned subsidiary of China Development Bank Corp, has mandated banks to arrange a roadshow from Friday for a Reg S only dollar trade.

    21 Jul 2016

  • No 'line in the sand' as Turkey emergency nudges spreads wider

    Turkey's president, Recep Tayyip Erdogan, declared a three month state of emergency late on Wednesday only a few hours after Standard & Poor’s smacked the country with a downgrade.

    21 Jul 2016

  • No cure for summer time blues

    Ah, summer. A time for relaxation and retreats to seaside holiday resorts for some quality time with the missus.

    21 Jul 2016

  • DBS, StanChart, UBS to face regulatory action

    Singapore’s authorities are set to take action against multiple banks where they have discovered failings in anti-money laundering controls relating to Malaysia’s scandal-hit investment fund 1MDB.

    21 Jul 2016

  • Trafigura launches $1.4bn Asia borrowing

    Invitations are out for commodities trader Trafigura’s annual Asian financing, which as in the past couple of years includes a renminbi tranche.

    21 Jul 2016

  • Credit Suisse hires from Deutsche in Japan

    Credit Suisse has made two senior appointments to its Japan’s investment banking and capital markets division, poaching from Deutsche Securities.

    21 Jul 2016

  • Afreximbank nears close on $300m loan with China Eximbank backing

    African Export-Import Bank is near completion of a $300m loan aimed at Chinese lenders, and most of the deal is guaranteed by China Eximbank.

    21 Jul 2016

  • China Jinjiang pockets S$184m from novel SGX float

    China Jinjiang Environment Holding Co has bagged S$184.3m ($135.8m) after wrapping up a Singapore listing, in a rare transaction from a mainland company.

    21 Jul 2016

  • China Minmetals digs dual-tranche replica

    China Minmetals Corp printed its first dollar bond of the year on Wednesday, replicating the same structure as its last outing a year ago. While some market participants reckoned the issuer was aggressive with pricing, the secondary performance of the notes indicated otherwise.

    21 Jul 2016

  • ECM unruffled by Singapore Exchange trade shut down

    The Singapore Exchange’s reputation took a beating after its longest ever trading disruption last week, although the incident had minimal impact on equity capital market desks, said bankers.

    21 Jul 2016

  • BNPP, DBS and HSBC see changes in loan units

    The Asian loans teams at three banks have seen changes recently following exits in Hong Kong and Singapore.

    21 Jul 2016

  • MTN Leak: London

    The sudden heatwave that struck London this week has caused many MTN bankers some serious distress.

    21 Jul 2016

  • Swift: RMB loses out to Canadian dollars in June

    The renminbi suffered a setback and was overtaken by the Canadian dollar as the fifth most used currency for payments globally, according to the Society for Worldwide Interbank Financial Telecommunication’s (Swift) RMB tracker for June.

    21 Jul 2016

  • EC World prices S$346m Reit IPO high on China demand

    EC World Real Estate Investment Trust has sealed its S$346.4m ($255.2m) Singapore listing after a wealth of interest from Chinese investors pushed pricing near the top of guidance, according to a source close to the IPO.

    21 Jul 2016

  • Even the Chinese find China bonds confusing

    The Brics New Development Bank (NDB) executed a landmark trade on July 18, making its capital markets debut with a Rmb3bn ($450m) bond in China. But when even the authorities have trouble knowing whether to classifying it as green or Panda debt, it is clear the need for unambiguous and official bond regulation is long overdue.

    21 Jul 2016

  • Argentine Albanesi beats size concerns to raise $250m

    Argentine electricity generation company Albanesi raised $250m of seven year non-call four bond paper on Wednesday in the highest-yielding issue to have emerged from the country this year.

    21 Jul 2016

  • Greenland HK, China Railway on track for new bonds

    Greenland Hong Kong and China Railway Group opened books for their respective dollar bonds on Thursday after meetings with investors earlier this week.

    21 Jul 2016

  • Credit Suisse makes senior hires in Japan

    Credit Suisse has appointed Masahito Shimada as director and head of equity capital markets and Yuhiko Yano as a managing director and head of corporate coverage in Japan.

    21 Jul 2016

  • HSBC loans team loses senior banker in HK

    A Hong Kong-based senior banker at HSBC, who has worked in the syndicated loans team for nearly a decade, is understood to have left the bank.

    21 Jul 2016

  • Indian IPOs: in demand if you’re disciplined

    India’s IPO market has been on a high recently as investors seek out new and interesting homes into which to park their money, and companies look to take advantage of the growing liquidity. The window for new deals is wide open but if issuers want to succeed, a pragmatic approach to valuations is needed.

    21 Jul 2016

  • FHA changes its tune, gives green light to PACE loans

    The Federal Housing Administration (FHA) announced this week that it would insure mortgages on properties that are also encumbered by Property Assessed Clean Energy (Pace) loans, reversing its previous position and opening the door for further expansion of the energy efficiency loan program.

    20 Jul 2016

  • Latest Fannie Mae CRT rides post-Brexit recovery

    Fannie Mae has priced its fourth credit risk transfer (CRT) deal of the year, CAS 2016-C04, amid high investor demand and a return to pre-Brexit spread level across structured finance markets.

    20 Jul 2016

  • Enav IPO pricing narrowed to top of range, covered throughout

    The price range for the IPO of Enav, the Italian state air traffic control network, has been tightened to €3.20 to €3.50, the top end of the initial €2.90 to €3.50 range.

    20 Jul 2016

  • Jefferies head of European CLO origination leaves

    Peter Melichar, head of European CLO origination at Jefferies, has left the bank, GlobalCapital understands.

    20 Jul 2016

  • Sapinda sells out of Buwog, netting €375m

    Sapinda has sold its 18.6% stake in Austrian-German home builder and asset manager Buwog, via an accelerated bookbuild on Tuesday evening.

    20 Jul 2016

  • S&P smacks Turkey with downgrade, prompts sell-off

    Standard & Poor’s has downgraded Turkey’s foreign currency debt rating to BB from BB+, putting the country at the same level as Bahrain and Croatia — and two notches below South Africa.

    20 Jul 2016

  • NRW.Bank grabs $1bn at ‘aggressive price’

    The run of success for public sector borrowers continued on Wednesday, as strong demand and a high quality book allowed NRW.Bank to price flat to its curve.

    20 Jul 2016

  • Periphery could take hit if ECB holds back

    The lack of any concrete monetary easing announcements at a meeting of the European Central Bank’s governing council on Thursday could spark a rise in eurozone periphery sovereign yields, analysts have warned.

    20 Jul 2016

  • ISDA, Markit settle CDS antitrust probe

    IHS Markit and the International Swaps and Derivatives Association (ISDA) have struck a deal with the European Commission that will open up access to the rights of their intellectual property, in a settlement over an anti-trust probe that has been ongoing since 2011.

    20 Jul 2016

  • Japanese bedrock of US CLO market eyes up European deals

    Japan’s Norinchukin Bank is considering investing in the European CLO market, which could push triple-A spreads — already historically low — to even tighter levels. David Bell reports.

    20 Jul 2016

  • Teva jams down pricing on €4bn M&A trade, as investors post jumbo orders

    Israeli-American pharmaceutical company Teva made a swift entry into the European investment grade corporate bond market on Wednesday, winning an order book to rival AB-InBev’s €13.25bn record breaker.

    20 Jul 2016

  • Morgan Stanley reports $1.6bn profit

    Morgan Stanley reported profits of $1.6bn for the second quarter of 2016 compared with $1.8bn in the prior year quarter.

    20 Jul 2016

  • Coveris hits transatlantic slipstream

    US packaging firm Coveris is hoping to join a rush of transatlantic issuance, as it marketed a $350m dollar and euro denominated loan over a lender call on Wednesday.

    20 Jul 2016

  • Larger managers dominate 'crazy' Reynolds deal

    New Zealand-based packaging firm Reynolds Group has priced its $2.25bn loan package at the tight end of guidance, following what one investor called a "crazy" syndication phase.

    20 Jul 2016

  • AMG improves loan terms after deleveraging push

    Dutch-American materials firm Advanced Metallurgical Group has amended a $320m loan. The issuer also improved the terms of the deal, having made a commitment in 2011 to lower its leverage.

    20 Jul 2016

  • Fresh from the Canaries: post-Brexit HY debut

    Naviera Armas, the Spanish passenger and cargo ferry operator, on Thursday offered its first ever bond. Naviera's bond is also the first debut in the post-Brexit high yield market, which has been dominated by southern European borrowers.

    20 Jul 2016

  • ANZ hires loan syndicate director

    Australia and New Zealand Bank has made an appointment to its loan syndications team in London.

    20 Jul 2016

  • EBA recommends MREL overhaul

    The European Banking Authority has taken the first step toward aligning Europe’s capital requirements rules with expected changes to the rules that will apply to the world’s biggest banks.

    20 Jul 2016

  • Macedonia bats off legality challenge, but yield boosted

    Macedonia returned to the bond market on Tuesday to finally print a €450m seven year bond after a challenge to the legality of the issue forced a postponement of the deal when leads opened books on July 14.

    20 Jul 2016

  • US continues to drive FIG supply

    US banks coming out of earnings blackouts have provided all the fare in FIG so far this week, and the trend continued Wednesday as Goldman Sachs and Bank of America hit the euro senior unsecured markets. And though primary market activity is subdued, those deals that are coming are ballooning with pent-up demand.

    20 Jul 2016

  • TCO releases initial guidance for first stage of big debt raise

    Kazakhstani crude oil company Tengizchevroil (TCO) has released price guidance for its $1bn 10 year bond at 300bp over US Treasuries, a level that one analyst called fair.

    20 Jul 2016

  • Qatar's Commercial Bank scoops dollars in Japan

    Qatar's Commercial Bank has signed a $166m loan from a group of Asian lenders, mostly Japanese, extending a trend of Middle Eastern borrowers heading east for cash.

    20 Jul 2016

  • Banks saved by the Brexit as Wells blasts sterling door open

    US banks seemed to have been saved by the Brexit. Though profits fell at a handful, nearly all of the big hitters that have reported so far have beaten analyst expectations, thanks in large part to boosts in trading following the UK vote to leave the EU. That has spurred primary activity.

    20 Jul 2016

  • Trouble in Turkey fails to choke wider EM bond pipeline

    All eyes are on Turkey this week after the attempted coup in the country last weekend, but the wider CEEMEA market has continued to churn out bonds, demonstrating the asset class’s resilience to single-country events.

    20 Jul 2016

  • SSAs dive into sparkling liquidity

    The public sector bond market is enjoying its third busy week in a row, as issuers of a varying credit quality took advantage of enviable conditions to win big books and tight pricing on a kaleidoscope of deals.

    20 Jul 2016

  • Thai Future Fund mandates for Bt100bn IPO

    The Thai government has hired three local and two international banks to work on the planned Bt100bn ($2.8bn) listing of the Thailand Future Fund (TFF), which sources said is slated to hit screens next year.

    20 Jul 2016

  • Megadeals from Teva, Softbank star in busy corporate debt markets

    The word of the week in corporate financing markets is Teva — except when it’s Softbank.

    20 Jul 2016

  • China Minmetals woos dollar investors

    China Minmetals Corp started attracting attention from investors on Wednesday morning, taking bids for a dollar offering divided into a five and 10 year.

    20 Jul 2016

  • UBS Grounds Apac IB team with new chairman

    UBS has made yet more changes to its investment banking business, naming Matthew Grounds as chairman of investment banking for Asia Pacific.

    20 Jul 2016

  • Guangzhou bank hires four for $1.5bn HK IPO

    Guangzhou Rural Commercial Bank has mandated a quartet of banks for a Hong Kong listing that could be worth around $1.5bn, according to sources familiar with the matter.

    20 Jul 2016

  • Abundant liquidity drives ONGC to solid finish

    ONGC Videsh made an opportunistic move on Tuesday, taking advantage of abundant market liquidity to achieve what some considered an aggressively priced bond. But with expectations high that the window for issuance is short lived, more credits from the high beta country will keep knocking on investors’ doors.

    20 Jul 2016

  • India throws cash lifeline to state banks

    The Indian government is setting aside Rp229.15bn ($3.42bn) in additional funds for the 2016-2017 fiscal year to recapitalise its state-owned banks, according to a Ministry of Finance announcement.

    20 Jul 2016

  • Small steps on a long journey

    Just a few weeks apart, announcements were recently made by the Stock Exchange of Hong Kong (HKEX) and Singapore’s SGX respectively about changes to front line regulatory functions they perform. The approaches under these proposals couldn’t have been more different, writes Philippe Espinasse.

    20 Jul 2016

  • UMW Oil & Gas drills for new $150m loan

    A subsidiary of Malaysian upstream oil and gas company UMW Oil & Gas Corp has approached the syndicated loan market for a $150m fundraising.

    20 Jul 2016

  • Trafigura poised for annual Asian borrowing

    Commodities trader Trafigura is expected to launch its annual Asia-focused syndicated loan shortly, with the firm having sent invitations for roadshows in the region.

    20 Jul 2016

  • Chubut trades up as Argentines roll on

    Predictions that the Argentine province of Chubut’s debut public dollar bond would trade well were proven correct on Wednesday as bankers said demand for Argentina risk was unsated despite large new issue premiums.

    20 Jul 2016

  • India Exim takes 144A route for new bond

    Export-Import Bank of India is set to meet and update investors in Asia, the Middle East and the United States ahead of a proposed 144A trade.

    20 Jul 2016

  • China provides first glimpse of CIPS phase two

    China gave the first sign that it has started phase two of the renminbi cross-border interbank payment system (CIPS) with Bank of China Hong Kong (BOCHK) becoming the first offshore direct participant last week.

    20 Jul 2016

  • Investors pile into credit cards, auto ABS

    Following the busiest week of primary ABS issuance in 2016, the ABS market is extending a rally as investors pour into credit card and auto transactions, leading issuers to ramp up deal sizes.

    19 Jul 2016

  • New Cerberus UK RMBS deal could surface from CHL portfolio

    A new deal from Cerberus Capital Management’s Towd Point shelf, Auburn 10, could surface in the European ABS market soon, which would be backed by part of the private equity firm’s £2.5bn portfolio of Capital Home Loan (CHL) UK buy-to-let mortgages.

    19 Jul 2016

  • NRW.Bank next up as AfDB, Renten sail through dollar test

    NRW.Bank will bring a no-grow $1bn three year dollar benchmark on Wednesday, after African Development Bank and Rentenbank on Tuesday comfortably raised dollars in longer tenors.

    19 Jul 2016

  • Spain and Cyprus revel in big books, tight pricing

    Spain drew nearly €30bn of orders for a new €6bn 10 year benchmark on Tuesday, as Cyprus tightened pricing by 20bp on a seven year deal.

    19 Jul 2016

  • Negative yielding covered bonds come of age

    The floodgates to negative yielding covered bonds have taken four months to properly open, but with two such deals seen in less than a week, many should now follow.

    19 Jul 2016

  • Projected early 2017 rate hike to boost RMBS market

    Markets are eyeing a 51.6% chance of US interest rate rise in the first half of 2017, giving the RMBS market hope for a boost next year as yields rise and investors are enticed back to the sector.

    19 Jul 2016

  • Another US pension fund sues over alleged SSA trading manipulation

    The City of Bristol Pension Fund has joined the Boston Retirement System in filing a lawsuit against a group of banks and traders for alleged manipulation of SSA debt in the secondary market.

    19 Jul 2016

  • When ordinary information turns dangerous

    Rules to stop insider trading are well intentioned, but can stop markets functioning properly by making the ordinary exchange of views, gossip, colour and rumour dangerous. Reacting to information is exactly what markets are about.

    19 Jul 2016

  • HY brushes off Brexit with swarm of busy Bs

    The European high yield market has taken Brexit in its stride, with already as much issuance in the four weeks since the UK referendum as in the first two months of this year, writes Victor Jimenez.

    19 Jul 2016

  • Riemser seeks div recap, Vue places private debt

    Riemser, the German pharmaceuticals firm, has release priced guidance on its €286m seven year term loan ‘B’ dividend recap. While the UK's Vue Entertainment has privately placed its €120m term loan.

    19 Jul 2016

  • UKAR dropped conflict rules for Credit Suisse on Granite

    UK Asset Resolution (UKAR) suspended its policy of preventing its sellside advisers from taking on buyside roles in portfolio sales, allowing Credit Suisse to work for both sides during the £13.3bn sale of the Northern Rock Granite portfolio, according to a report from the National Audit Office released on Tuesday.

    19 Jul 2016

  • GC VIEW Equities: not flight from risk, but flight to quality

    Rather than being the end of the world as we know it, the Brexit vote has caused a flight to quality in equity capital markets.

    19 Jul 2016

  • Softbank lines up yen loan for £24bn Arm acquisition

    Softbank, the Japanese technology and telecoms group, has taken a ¥1tr ($9.5bn) loan for its £24bn acquisition of Arm Holdings, the UK firm which designs mobile phone chips. The loan could be syndicated to non-Japanese banks if the refinancing strategy requires it, said one senior banker.

    19 Jul 2016

  • Fed: bank capital costs will keep CDS basis wide

    Persistent dislocations between the CDS and cash bond markets are only likely to continue, because of the increased cost of regulations, limited balance sheet capacity at banks, and relative illiquidity in the cash bond markets, according to a staff report from the New York Federal Reserve.

    19 Jul 2016

  • Teva sets out euro stall as dollars crunch tighter

    With its $15bn of new bonds ratcheting tighter, Israeli-American pharmaceutical company Teva has set out the structure of the euro part of its M&A bond financing for the acquisition of Allergan's generic drugs business.

    19 Jul 2016

  • Schaeffler consolidates post-IPO credit position

    Schaeffler, the German industrial bearings manufacturer, has consolidated its financial position with a €2.3bn loan refinancing package, following its €938m initial public offering in 2015.

    19 Jul 2016

  • Deutsche names corporate finance heads for Germany

    Deutsche Bank has appointed co-heads of corporate finance for Germany, Austria and Switzerland

    19 Jul 2016

  • Douglas seeks repricing under CVC stewardship

    CVC-owned German cosmetics retailer Douglas has launched a repricing request for its €1.22bn cov-lite term loan ‘B’, holding an investor call on Tuesday afternoon.

    19 Jul 2016

  • Sterling comes alive with Wells, TSB deals

    The sterling denominated FIG market awakened on Tuesday with news of the first deals since the UK’s vote to leave the EU on June 23.

    19 Jul 2016

  • Europe's bail-in case leaves banks in limbo

    The European Court of Justice ruled on Tuesday that criteria set by the European Commission in 2013 for funnelling public money into ailing banks — requiring first a bail-in of private capital — are neither contrary to EU law nor binding on member states.

    19 Jul 2016

  • Turkey at risk of losing IG investor participation

    Moody’s has put Turkey on review for downgrade after the attempted coup in Turkey at the weekend, prompting fears that if such action is taken some investment grade bond funds will be unable to hold the country’s debt.

    19 Jul 2016

  • TCO confirms bond size and maturity

    Lead managers on the bond for Kazakhstani crude oil company Tengizchevroil (TCO) on Tuesday confirmed that the deal would be a $1bn 10 year note.

    19 Jul 2016

  • Enav IPO multiple times covered as bookbuild nears completion

    The IPO of Enav, the Italian state air traffic control network, is “progressing well”, with yield-focused investors from Europe and the US piling into the deal, a banker on it said.

    19 Jul 2016

  • Sekerbank loan survives Turkey turmoil

    While Sekerbank postponed the roadshow for a tier two bond over the weekend, the borrower has succeeded with a $130m loan — although one lender asked for more time before signing, according to a lead banker.

    19 Jul 2016

  • Yapi Kredi cancels bond after attempted coup

    Yapi Kredi has cancelled the $550m 4.5% 2023 bond it sold on July 12 rather than settle it on Tuesday as scheduled. The bank said it will return to the bond market in September at the earliest.

    19 Jul 2016

  • It’s too soon to feast on Masala bonds

    Housing Development Finance Corp added some flavour to the debt market last week, selling the first Masala bond from an Indian corporate. The deal broke new ground, opening a new fundraising channel for the country's borrowers. But it also raises questions about the long-term development of the asset class.

    19 Jul 2016

  • Bank of America keeps pace in US bank earnings

    Bank of America Merrill Lynch kept pace with JP Morgan and Citi in the second quarter earnings announcements, with profits up across all four divisions, and especially so in the banking and markets divisions.

    19 Jul 2016

  • Sebi eases India Reit rules to get asset class going

    The Securities and Exchange Board of India has issued a consultation paper on real estate investment trusts (Reits) that eases some restrictions, in a bid to get the asset class off the ground.

    19 Jul 2016

  • SGX pledges fixes after longest trading disruption

    The Singapore Exchange (SGX) said following a post-mortem into its longest trading disruption last week that it is yet to find out why its backup system failed to kick in after a hardware malfunction.

    19 Jul 2016

  • BNP Paribas loses loans banker in Singapore

    BNP Paribas is losing a loan syndicate banker in Singapore, according to two sources.

    19 Jul 2016

  • Mizuho Americas names new fixed income trading head

    Mizuho Americas has hired Thomas Harnett as senior managing director and head of fixed income sales and trading.

    19 Jul 2016

  • Buyers swoon over Busan Bank’s tier two debut

    Investors turned up in large numbers to take advantage of Busan Bank’s offshore bank capital debut, with the robust demand set to encourage the rare South Korean issuer to become a more frequent name in the debt market.

    19 Jul 2016

  • Puerto Rico has triggered credit event, rules ISDA

    US territory the Commonwealth of Puerto Rico has triggered a failure to pay credit event, the International Swaps and Derivatives Association’s Determination Committee has ruled after a week of deliberation.

    19 Jul 2016

  • Clisa wins 80% take-up for tender after bond outing

    Argentine infrastructure group Clisa (Compañía Latinoamericana de Infraestructura & Servicios) will buy back at least 80% of its 11.5% bonds due 2019 after receiving a strong response to a tender offer.

    19 Jul 2016

  • ONGC Videsh out with dollar dual-trancher

    ONGC Videsh has broken its two year dollar bond hiatus, opening books for a dual-tranche offering split between a 5.5 year and 10 year.

    19 Jul 2016

  • Industrial Securities looks to HK for $200m IPO

    Industrial Securities Co is planning an up to $200m float in Hong Kong and has filed an application with the city’s exchange, according to a source close to the deal.

    19 Jul 2016

  • Wanda Commercial Properties wraps up $400m deal

    A $400m loan for Wanda Commercial Properties Hong Kong has closed with six lenders joining in senior syndication.

    19 Jul 2016

  • MPL ABS heats up, while Moody’s lifts CHAI downgrade threat

    The marketplace loan ABS pipeline came alive this week, with SoFi and Marlette Funding each pricing new deals. Meanwhile, Moody’s Investors Service has lifted its warning of a potential downgrade of marketplace lending (MPL) bonds from the City held for assets issuance (Chai) shelf.

    18 Jul 2016

  • CLO primary rolls on with Prudential, CSAM deals

    The US CLO new issue market is rolling headlong into the dog days of summer, with Prudential Fixed Income and Credit Suisse Asset Management each pricing new deals.

    18 Jul 2016

  • Citi's Corbat quizzed on political turmoil, takes Venezuela writedown

    Citi on Friday announced a drop in earnings during the second quarter, with CEO Michael Corbat blaming heightened uncertainty in light of recent geopolitical events, even as the bank beat analyst estimates and reported higher trading revenue in fixed income.

    18 Jul 2016

  • SFR ABS gains steam in second half

    The US single family rental (SFR) ABS market is gaining traction after a quiet first half of the year, as investors seek new methods of accessing the US residential housing market on the back of low RMBS volumes.

    18 Jul 2016

  • First GC BondMarker results

    See how World Bank and NWB's benchmarks scored in GC BondMarker

    18 Jul 2016

  • StormHarbour arranging Portuguese electricity tariff ABS for EDP

    Portuguese electricity operator Energias de Portugal (EDP) is tapping the securitization market for a fourth time to fund part of its electricity tariff deficit for 2016.

    18 Jul 2016

  • BW Offshore surges after $100m rights issue is oversubscribed

    Shares in BW Offshore, one of the world’s largest operators of floating oil production and storage vessels, traded up in Oslo on Monday after the company completed its Nkr847m ($101m) rights issue.

    18 Jul 2016

  • SSAs straight out of dollar blocks before suspected deluge

    A pair of public sector borrowers on Monday hit screens with mandates earlier in the day than usual, which bankers suggested was due to a desire to get ahead of other possible issuers.

    18 Jul 2016

  • ‘Game on’ in euros as Spain picks line-up for 10s

    Spain is lining up its second 10 year euro benchmark of the year, as bankers responded to a question about market conditions with: “It’s game on.”

    18 Jul 2016

  • CVC at it again with Lecta’s €590m HY paper

    The recent run of leveraged finance deals from companies owned by CVC Capital Partners continued this week as Lecta Group, the coated paper maker, on Thursday began pricing a €590m bond.

    18 Jul 2016

  • Ethos Capital begins $137m IPO in Joburg

    Ethos Private Equity, the largest private equity firm in sub-Saharan Africa, has announced plans to raise up to R1.8bn ($123m) by listing a permanent capital vehicle in an IPO on the Johannesburg Stock Exchange.

    18 Jul 2016

  • Clydesdale readies UK RMBS return

    Clydesdale Bank is preparing to issue a new deal from its Lanark RMBS master trust, despite the clogged pipeline of UK issuers caused by the unexpected British vote to leave the European Union.

    18 Jul 2016

  • iTraxx on track to perform despite upheaval

    The iTraxx indices are set to benefit from the increasing likelihood of a compromise between Italian authorities and the EU over a bailout or recapitalisation of its banks, as well as the support the European Central Bank’s purchase programmes are giving to cash bonds.

    18 Jul 2016

  • Teva rolls out dollars while paving the way for euros

    Teva, the Israeli-American pharmaceutical company, has begun the dollar portion of a multi-tranche bond financing of its acquisition of Allergan's generic drugs business, with euro tranches due to follow soon.

    18 Jul 2016

  • Direct lending looks for post-Brexit PE punch

    Alternative lending funds have raised record amounts of capital in the past 18 months, yet with macro-economic conditions deteriorating, the short term outlook for the sector looks uncertain.

    18 Jul 2016

  • Stolt-Nielsen wins backing from three banks for Jo Tankers acquisition

    Norwegian gas and oil shipping and storage company Stolt-Nielsen has agreed $325m of new debt arrangements with three of its relationship banks to fund the purchase of Jo Tankers' chemical tanker operations.

    18 Jul 2016

  • Turkish covered bonds hold tight

    The one and only euro benchmark Turkish covered bond issued by Vakifbank widened slightly on Monday following the attempted coup over the weekend.

    18 Jul 2016

  • Sekerbank bond show pulled as Turkey sells off

    Turkish Sekerbank has postponed the roadshow for its tier two bond as Turkish bonds opened Monday around 15bp-20bp wider after the failed coup over the weekend.

    18 Jul 2016

  • UG taps 2020s for Balkans acquisition spree

    Balkan telecoms provider United Group on Tuesday sold a €150m tap to fund the purchase of smaller peer companies in the former Yugoslavia.

    18 Jul 2016

  • JPM opens up FIG as conditions improve further

    JP Morgan, fresh off the back of its projection-beating results, was the sole issuer in the European FIG senior market on Monday. The bank was sole bookrunner on its benchmark euro-denominated 7.5 year senior unsecured bond.

    18 Jul 2016

  • NDB debuts with aggressively priced green bond

    The Brics New Development Bank (NDB) marked its first appearance in the capital markets with a Rmb3bn ($448m) green bond on Monday that was notable for its extremely tight pricing.

    18 Jul 2016

  • Lenders 'holding firm' on live Turkish loans after coup attempt

    Banks involved in two live loans for Turkish financial institutions are so far unruffled by Friday's attempted coup against president, Recep Erdogan. However, lenders will likely review their appetite over the longer term for exposure to the country.

    18 Jul 2016

  • ICICI Prudential tests appetite for $400m IPO

    ICICI Prudential Life Insurance Co has kicked off investor education for its September IPO that could raise around $400m, according to a source familiar with matter.

    18 Jul 2016

  • P&M Notebook: What are you going to do about Brexit?

    Results season kicks off, and the market is desperate for Brexit wisdom. Meanwhile, UniCredit is just getting on with it.

    18 Jul 2016

  • Solid interest in Jinjiang Environment $137m IPO

    China Jinjiang Environment Holding Co has told investors that its S$184.34m ($137m) Singapore IPO is comfortably covered, as the fixed price offering appears poised to sail through.

    18 Jul 2016

  • OCBC merges mainland units, creates OCBC Wing Hang China

    Oversea-Chinese Banking Corp has merged its two subsidiaries in the Mainland — OCBC Bank (China) and Wing Hang Bank (China) — in a bid to comply with the country’s single presence policy for foreign lenders.

    18 Jul 2016

  • Kaisa $3bn bond to complete offshore debt restructuring

    Kaisa Group Holdings, which last year became the first Chinese property developer to default on its offshore notes, plans to wrap up its debt restructuring by the end of this week after reaching an agreement with creditors in May.

    18 Jul 2016

  • Q&A: Working Group on US RMB Trading and Clearing

    The Michael Bloomberg-led working group is seeking to establish a RMB clearing hub in the US. Michael Knorr, head of payments and liquidity risk management at Wells Fargo, and a member of the group’s operating model options subcommittee, gave GlobalRMB his views on the challenges ahead.

    18 Jul 2016

  • Pakistan seeks bidders for Kapco divestment

    The Pakistan government is preparing to exit its position in Kot Addu Power Co (Kapco) and has called on investors to make their interests known.

    18 Jul 2016

  • Loan Ranger: Exercise of mind, body... and liver

    Last week loans bankers were busy theorising, hiking and drinking, from the lofty heights of the Italian mountains, to the lowly lows of some of London's boozers .

    18 Jul 2016

  • Lifestyle International bags six lenders for HK$8bn loan

    Lifestyle International Holdings, which operates the well-known Sogo department stores, is set to allocate a HK$8bn ($1bn) fundraising shortly.

    18 Jul 2016

  • Second Malaysian Spac to face liquidation

    Sona Petroleum has become the second special purpose acquisition company (Spac) in Malaysia to face liquidation after it failed to convince shareholders to approve a $25m buyout deal.

    18 Jul 2016

  • L&T Tech spies Rp9bn September listing

    Indian conglomerate Larsen & Toubro is preparing a potential Rp9bn ($134.1m) IPO for its subsidiary L&T Technology Services, just days after pricing the float of one of its other tech units.

    18 Jul 2016

  • 361 Degrees wraps up tender offer, Yuexiu to follow

    Chinese sportswear maker 361 Degrees has announced the results of a tender offer for its offshore renminbi-denominated notes.

    18 Jul 2016

  • New BlackRock Oz country head takes charge

    Dominik Rohe has been promoted to the role of country head for BlackRock Australia, starting his new position in Sydney on Monday.

    18 Jul 2016

  • SGX to split regulatory and commercial roles

    The Singapore Exchange (SGX) is planning to create a separate subsidiary that will assume all of its front-line regulatory functions, as the bourse looks to separate its commercial and regulatory roles.

    18 Jul 2016

  • Genting, ICTSI raise $800m worth of loans

    Hospitality business Genting Hong Kong, which operates cruise liners, has signed a $500m borrowing to refinance debt taken for funding six vessels.

    18 Jul 2016

  • Busan Bank eyes up to $250m from tier two

    South Korea’s Busan Bank is looking to tie up its first Basel III compliant transaction in the offshore bond market, opening books on Monday for a dollar tier two capped at $250m.

    18 Jul 2016

  • Galicia, Petrobras trade up as Argentine corps beat bumps in road

    Lat Am bond bankers said that conditions continued to be supportive for most Argentine borrowers, although the contrasting fortunes of the deals in the market last week showed that investors were becoming more selective.

    18 Jul 2016

  • Glenmark Pharma preps international debut

    India’s Glenmark Pharmaceuticals is looking to make its first foray into the offshore bond market, hiring banks to organise a roadshow this week.

    18 Jul 2016

  • Africa Finance Corp brings first Swiss franc bond at super-low rate

    The Africa Finance Corp, the private sector-backed West African multilateral development bank, made its debut issue in the Swiss franc bond market on Wednesday.

    15 Jul 2016

  • Gamenet makes €200m bond an Italian HY hat trick

    Gamenet, the Italian gambling machine operator,opened a roadshow on Monday for €200m of high yield notes — the third high yield issue from an Italian borrower since the UK referendum on June 23.

    15 Jul 2016

  • Secondary pricing update: featuring BNG's social debut

    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.

    15 Jul 2016

  • Autoliv $1.1bn refi shows tough competition in Nordic loans

    Swedish car safety specialist Autoliv has refinanced a $1.1bn revolving credit facility, with two banks leaving and two joining the syndicate. Deals in the region have seen rival lenders increase their share of bookrunning volumes this year.

    15 Jul 2016

  • Bankers surprised by 'incredible' levloans bounceback

    Two Ardian owned firms joined several others in the market late this week — leaving levloan participants incredulous at the market's strength in the wake of the Brexit vote.

    15 Jul 2016

  • Funding scorecard: European sovereigns

    Find out how European sovereigns are progressing in their funding programmes.

    15 Jul 2016

  • Faroe Petroleum drops 10% after £62m capital increase

    Shares in Faroe Petroleum, the British oil and gas exploration firm, have fallen 8% today after the company announced it had completed a £62m capital increase on London’s Aim to finance its acquisition of new production assets in the Norwegian North Sea.

    15 Jul 2016

  • Macedonia forced to postpone bond as opposition claims it's illegal

    The Republic of Macedonia delayed its Eurobond sale on Thursday after a political opponent to the government challenged the legality of the issue.

    15 Jul 2016

  • BEH roadshows bond with Bulgarian state comfort letter

    State-owned Bulgarian Energy Holding will meet investors next week for its first Eurobond for three years. BEH has mandated JP Morgan and Banca Imi to arrange the meetings, which run from July 18-22.

    15 Jul 2016

  • SGX explains Thursday trading suspension

    The Singapore Exchange (SGX) reopened for trading on Friday after a hardware glitch forced it to shut down for half of Thursday, in what was the longest trading disruption ever experienced by the bourse.

    15 Jul 2016

  • CS hires Apac head of financial sponsors coverage

    Patrick No has taken up a new role at Credit Suisse as head of financial sponsors coverage in the investment banking and capital markets (IBCM) division for Asia Pacific.

    15 Jul 2016

  • BSE starts accepting secondary shares for IPO

    The Bombay Stock Exchange has set up an escrow account for shareholders to tender their shares for sale in the exchange’s upcoming offer-for-sale, which will ultimately be part of its IPO, according to a document on the bourse’s website.

    15 Jul 2016

  • Cogobuy, Rotam eye $100m apiece from new loans

    A unit of e-commerce platform Cogobuy Group has launched a $100m borrowing into general syndication via a single mandated lead arranger and bookrunner.

    15 Jul 2016

  • Link Reit paves the way for HK’s green market

    Link Real Estate Investment Trust brought the first green bond from a Hong Kong corporate on Thursday, printing $500m worth of notes at a level that was considered fair value among investors.

    15 Jul 2016

  • JPM Singapore IB head leaves for Fullerton

    Yeo Hong Ping has left JP Morgan as head of Singapore investment banking to join Fullerton Financial Holdings, a subsidiary of sovereign wealth fund Temasek Holdings, according to a source with knowledge of the move.

    15 Jul 2016

  • WFOEs weigh up China’s private fund rules

    China is continuing its push to establish the renminbi as an investment currency by opening up its private fund industry to wholly foreign-owned firms. While this is likely to spark plenty of interest, market participants said foreign asset managers need to be ready to launch even before registering for a licence.

    15 Jul 2016

  • ICBC Asia seals $1bn AT1 debut at record low coupon

    ICBC Asia made its debut in the additional tier one market on Thursday with a bang, netting $1bn from a deal that boasted the lowest coupon on record for an AT1 in Asia ex-Japan.

    15 Jul 2016

  • BoCom International listing in the works

    Bank of Communications, China’s fifth biggest bank, is mulling an IPO of its investment banking arm in Hong Kong, issuing a request for proposals for a possible $300m listing, sources said.

    15 Jul 2016

  • RMB round-up: SGX sees strong product trading, cross-border trade settlement picks up, MRF flows pass Rmb2bn

    In this round-up, Singapore Exchange reports strong trading of RMB currency futures, China’s RMB cross-border trade settlement jumps and sales under Mutual Recognition of Funds (MRF) pass Rmb2bn in May. Plus, a recap of GlobalRMB's coverage this week.

    15 Jul 2016

  • VPBank Finance sets out for $100m three year

    VPBank Finance, a subsidiary of state owned Vietnam Prosperity Bank (VPBank), has hit the market for a $100m borrowing with one bank at the helm.

    15 Jul 2016

  • Chinese healthcare firm vies for HK listing

    Hospital operator Guangdong Kanghua Healthcare Co has filed for approval to float on the Hong Kong Stock Exchange, joining a group of its Chinese peers opting to list in Hong Kong.

    15 Jul 2016

  • China Railway, Minmetals, Greenland ready dollar deals

    China Railway Group, China Minmetals Corp and Greenland Hong Kong Holdings are set to hold roadshows with investors next week ahead of their respective dollar offerings.

    15 Jul 2016

  • HDFC nets $100m for five year facility

    Indian mortgage lender HDFC has received about $100m worth of commitments during general syndication of its $375m five year loan.

    15 Jul 2016

  • Argentines back in style after Celulosa pulled

    A trio of Argentine borrowers dismissed any worries about fading investor interest for the country’s issuers by raising a combined total of $950m on Thursday, although bankers said companies that could offer liquid deals would find the going much easier.

    14 Jul 2016

  • Euro investors help Uruguay to dual dollar tap

    Uruguay reiterated the extremely favourable conditions available to Latin American investment-grade issuers after raising $1.147bn of bonds through a tap of its 2027s and 2050s on Wednesday.

    14 Jul 2016

  • Cosan, Crédito Real keep up non-Argentina supply

    Two high yield companies reminded bond markets that there’s life in Latin America outside of Argentina by selling dollar deals linked to liability management exercises this week.

    14 Jul 2016

  • Pemex set to sell ¥80bn JBIC-backed Samurai

    Mexican state-owned oil company Pemex was expected to raise ¥80bn ($759m) of 10 year Samurai bonds on Friday morning Japan time in its first yen deal since 2008.

    14 Jul 2016

  • Deutsche Bahn EUR350m 0% Jul 2021

    14 Jul 2016

  • PepsiCo EUR750M 0.875% Jul 2028

    14 Jul 2016

  • Euro PP volumes wilt in the face of stiff competition

    Euro private placement volumes have fallen by as much as a third this year, facing tough competition from tightly priced bank loans and the Schuldschein market, which has produced its strongest ever first half this year. Silas Brown and Elly Whittaker report.

    14 Jul 2016

  • EBRD’s second public green deal draws crowd

    The European Bank for Reconstruction and Development saw strong demand for its return to the public green bond market this week amid calls for regulators to avoid curbing the nascent industry.

    14 Jul 2016

  • Valeant reassures investors after ex CEO sells shares

    Valeant moved to reassure its investors on Thursday over the company’s future after former CEO Michael Pearson sold off a large portion of his shares, causing a drop in the value of the stock on Thursday morning.

    14 Jul 2016

  • Marlette markets after industry spends week in regulatory spotlight

    After a week of regulatory scrutiny of the fintech industry, New Jersey-based Marlette Funding is in the market with its latest marketplace loan ABS.

    14 Jul 2016

  • US long-onlies keen as UniCredit sells Fineco, Pekao stakes

    Two block trades by UniCredit this week, totalling €1.08bn, offered further confirmation that the equity capital market is functioning well, and that there is ample demand for good European stocks, including from US long-only investors.

    14 Jul 2016

  • Corporate bonds break on through to the other side with negative yield trip

    Deutsche Bahn’s negative yielding new issue this week brought Europe’s investment grade corporate bond market into unchartered territory. But while market participants predict more such deals, many are also calling a bubble in the asset class. Ross Lancaster reports.

    14 Jul 2016

  • GSE recapitalisation favoured by US voters

    A poll of likely US voters found that there is widespread support for the recapitalisation of the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, which have been in conservatorship since 2008.

    14 Jul 2016

  • Bayer agrees financing for increased Monsanto bid

    Bayer announced on Thursday it had increased its all-cash offer for Monsanto from $122 a share to $125 a share on July 1, after several weeks of talks.

    14 Jul 2016

  • ESM EUR2.5bn 0.5% Mar 2026 tap, EUR2.5bn 0.875% Jul 2042

    14 Jul 2016

  • KfW USD5bn 1% Jul 2019

    14 Jul 2016

  • M&A outlook bleak, but appetite for sterling remains

    Though many consider the outlook for European M&A to be bleak for the remainder of 2016, the deals have kept on coming this week and are receiving positive responses from underwriters and participants alike.

    14 Jul 2016

  • AFD EUR1.5bn 0.25% Jul 2026

    14 Jul 2016

  • IFC USD2.5bn 1.125% Jul 2021

    14 Jul 2016

  • Issuers churn out $3bn in CMBS as spreads recover

    US CMBS issuers have cranked out over $3bn in conduit and single borrower offerings in the past week, as spreads in the sector tighten in on the back of low supply and a muted reaction to the Brexit event last month.

    14 Jul 2016

  • Funding rush in SSAs sets up busy summer

    Forget Christmas; it could be all over by Labour Day in the public sector bond market. An open issuance window so vast and glorious it could grace the Vatican, a menacing looking autumn, and minimal borrowing left to do mean issuers may complete funding programmes over the summer rather than rely on September and beyond. Lewis McLellan reports.

    14 Jul 2016

  • BoE rate freeze no shock to those who paid attention

    Bank of England governor Mark Carney’s decision to leave rates untouched on Thursday threw investors used to hand-holding for a loop. More fool them.

    14 Jul 2016

  • UniCredit gets cracking on NPLs and cuts Polish stake

    UniCredit’s new CEO, Jean-Pierre Mustier, has sent strong signals to the market this week that he will be determined about reshaping the bank, which by last week had lost 75% of its market value in the past year.

    14 Jul 2016

  • IPP completes £125m capital raise at narrow 1.97% discount

    International Public Partnerships, the UK investment firm dedicated to financing public infrastructure projects, has completed its £125m capital increase on the London Stock Exchange.

    14 Jul 2016

  • UK mulls cat bonds for disaster relief

    The UK’s insurance industry could be co-opted to help some of the most vulnerable countries on earth, if a plan for foreign aid bonds gets off the ground. The instruments could also help London in its quest to become a centre for catastrophe bonds, a project announced in last year’s UK budget.

    14 Jul 2016

  • Rabobank could kick off summer scramble in dollars

    Rabobank visited the US market twice this week ahead of what could be another busy summer of dollar funding for European banks.

    14 Jul 2016

  • FIG bankers braced for capital issuance flood

    JP Morgan stormed straight out of earnings blackout with a benchmark trade immediately after kicking off Wall Street results season on July 14, and with rivals emerging from earnings blackout in the coming days, the rest of the month promises to be busy.

    14 Jul 2016

  • Pharnext completes Paris IPO, raising €30.9m to fund advanced clinical trials

    Pharnext, a French biopharmaceutical company specialising n treatments for neurological conditions such as Alzheimer’s disease, has successfully completed its IPO on the Alternext market of Euronext Paris.

    14 Jul 2016

  • Europe’s MAR-vellous medicine: Could new rules kill order inflation?

    New European market abuse rules have caused confusion for syndicate teams and investors alike as banks scramble for detail. But along with new bureaucracy, the rules could spell an end to order inflation.

    14 Jul 2016

  • ESM dual tranche cures euro buyers’ post-Brexit nerves

    Supply-starved investors pounced on new euro benchmarks from the European Stability Mechanism and Agence Française de Développement this week, the first since the UK’s Brexit vote.

    14 Jul 2016

  • Monsanto shareholders shrug at slightly higher bid from Bayer

    Monsanto’s shares moved only a little on Thursday afternoon, suggesting investors are not yet convinced by Bayer’s revelation of a new, slightly higher offer for the company, as it revives its drive to create a global leader in agricultural science.

    14 Jul 2016

  • Asian investors show new-found love for insurance sub debt

    A growing number of European insurance firms are targeting Asian investors for subordinated debt in dollars. Huge order books have shown there is strong appetite for the deals, a factor other insurers are unlikely to ignore. Tyler Davies reports.

    14 Jul 2016

  • EM rally could run and run

    The rally in emerging markets is built on sand, yet it could have staying power.

    14 Jul 2016

  • Dollar market marches on as M&A funders dig deep

    Comcast shone amid the corporate blackout with a $4.5bn M&A financing this week, as investors continued to show a strong appetite for high-grade paper despite a backup in rates.

    14 Jul 2016

  • AA drops in London after Invesco sells 13% for £181m via accelerated bookbuild

    Shares in AA, the UK breakdown assistance operator, fell by as much as 6% on Thursday after Invesco sold its 13% stake via an accelerated bookbuild which began on Wednesday evening.

    14 Jul 2016

  • EM rally grips market as inflows rocket, but how long can it last?

    As EM bond fund weekly inflows have jumped to record breaking highs and CEEMEA paper continues its crunch ever tighter, attention is turning to how long the rally can last.

    14 Jul 2016

  • LSE/Deutsche Börse merger points to Frankfurt clearing win

    The proposed merger of the London Stock Exchange and Deutsche Börse looks set to allow Frankfurt to prise euro swaps clearing away from London, amid rising expectations that regulators will require the combined entity to move euro business back within the eurozone.

    14 Jul 2016

  • Piraeus programme update could herald new deal

    Piraeus Bank has become the third of the four largest Greek banks to update its covered bond programme in what is likely to be a prelude to issuance.

    14 Jul 2016

  • MAF Global Securities USD300m 4.75% May 24 tap

    14 Jul 2016

  • State Transport Leasing Company USD500m 5.95% July 21

    14 Jul 2016

  • Yapi Kredi Bankasi USD550m 4.5% July 23

    14 Jul 2016

  • No cherries for UK’s Belgian waffle — the Rulebook

    A little bit of uncertainty was taken out of markets as the UK, fresh off the back of a bout of direct democracy that left it without a government to speak of, went 180 degrees and filled its political void with unelected officials.

    14 Jul 2016

  • Equity and credit arb traders suffer sharp unwind

    Big moves in credit, equity and foreign exchange markets this week were magnified by mass unwinding of previously popular trades as investors capitulated to a reversal of fortunes for Japan and European banks.

    14 Jul 2016

  • People Moves in Brief

    Commerz merges levfin — ING hires Arkus for FIG — Nordea DCM head steps down — CS hires M&A head from DB

    14 Jul 2016

  • Nordea DCM co-head said to step down

    One of Nordea’s Stockholm-based co-heads of debt capital markets is said to have stepped down from the post.

    14 Jul 2016

  • BNPP taps rare bond as FIG starts to wind down for summer

    A tap by BNP Paribas of its first ‘regionally targeted’ bond was the only euro-denominated senior debt on offer this week, though investors seemed hungry for more.

    14 Jul 2016

  • Japanese buying prompts Quebec Kanga tap

    The province of Quebec issued a A$75m ($57.3m) tap to its May 2026 Kangaroo bond, taking the total outstanding to A$435m.

    14 Jul 2016

  • Trio of German issuers keep the covered bond market lively

    The covered bond primary market was kept busy this week as a trio of German banks supplied the market in euros and dollars across a range of maturities.

    14 Jul 2016

  • Majid Al Futtaim taps 2024s for $300m, reopens GCC

    Emirati holding company Majid Al Futtaim (MAF) printed a $300m opportunistic tap of its May 2024s on Monday to reopen the Gulf Corporation Council bond market after Ramadan.

    14 Jul 2016

  • StanChart poaches from Morgan Stanley for European DCM

    Standard Chartered has made a new hire in its Europe DCM team who will be focused on corporates.

    14 Jul 2016

  • Brexit brings pre-crisis flashback for US/EU credit

    In the heady days of 2004-2007, before the Great Moderation came to a shuddering halt, it seemed set in stone that European investment grade credit default swaps traded tighter than their North American counterparts.

    14 Jul 2016

  • Angola, Nigeria meet investors in London

    After a year of muted issuance, two African sovereigns met investors in London this week. While both Angola and Nigeria held non-deal roadshows, investors said the timing was "no coincidence" for the former.

    14 Jul 2016

  • Variety keeps dollars fresh

    Another three SSA dollar deals hit screens on Thursday, all living up to the high standards set by a multitude of predecessors this week.

    14 Jul 2016

  • OpenDoor brings change to bond markets: interview

    OpenDoor Trading has completed a second investment round as it stays on course for an October launch. GlobalCapital spoke to chief executive officer Susan Estes about the firm’s aims not only to help revive liquidity in the US Treasury market but also to become the first US bond trading platform both majority owned and controlled by women.

    14 Jul 2016

  • Northern UK borrowers at highest risk of negative equity — Moody’s

    UK mortgage borrowers in the north and west of the UK would be most affected in a hypothetical house price decline scenario, according to Moody’s Investors Service, which would affect RMBS with high collateral concentrations in those areas.

    14 Jul 2016

  • nanoFlowcell plans London IPO amid restructuring

    nanoFlowcell, a European tech firm focussed on energy-storage solutions and electric cars, is considering listing on the London Stock Exchange, the company said in a statement on Thursday.

    14 Jul 2016

  • HY pushes Brexit jitters aside with Sisal’s €725m bond — and CVC’s hand

    Italian gaming operator Sisal priced the all-bond funding of its buyout by CVC Capital Partners on Thursday, and brought to life a high yield market still stunned by the Brexit vote.

    14 Jul 2016

  • CVC furthers levfin dominance with technology LBO

    CVC Capital Partners has proved a source of comfort for leveraged finance investors this year, supporting issuance with numerous buyouts. Czech security software firm Avast is the latest to turn to the market in marketing $1.6bn of loans.

    14 Jul 2016

  • MuniFin to launch debut green bond in Q3

    Municipality Finance, the Finnish agency, will come to market with its first ever green bond in September.

    14 Jul 2016

  • JPM's Dimon: Brexit won’t disrupt services

    Banks are set to get a big boost in their markets divisions in their second quarter earnings, if they follow JP Morgan's lead. The US bank, the first to report second quarter earnings, posted a profit increase of 23% in markets after volatility and volumes surged in the aftermath of the UK vote to leave the European Union.

    14 Jul 2016

  • Hot stuff: HDFC brings landmark maiden Masala

    The Masala bond market finally sprang into life this week as Housing Development Finance Corp sealed the first offshore rupee deal from an Indian corporate. With a benchmark now set and the currency one of the better performers this year, market watchers said the door has opened for peers to follow. Rashmi Kumar reports.

    14 Jul 2016

  • Steinhoff deal shows hope for sterling loans

    Lenders are still keen to underwrite sterling loans after the UK’s Brexit vote — as shown in Steinhoff’s £452m deal — said one head of Emea loan syndicate.

    14 Jul 2016

  • Tencent presses play for $3.5bn Supercell facility

    Tencent is sounding out banks for yet another multibillion dollar borrowing, this time to back its acquisition of mobile game maker Supercell. The Chinese technology company is used to getting an easy ride in the loan market, where it has raised $6.89bn since December. But the structure for the latest deal means it will have to pay up to lure banks, writes Shruti Chaturvedi.

    14 Jul 2016

  • India IPO deals head for record year on first half surge

    Indian equity capital market volumes may be down on last year, but there is no dearth of IPOs. The animal spirits are clearly present in the country as confidence grows in new companies, which are coming in greater numbers to tap both foreign interest and a resurgent domestic investor base. Jonathan Breen and John Loh report.

    14 Jul 2016

  • CaixaBank names new DCM head

    CaixaBank has reorganised its debt capital markets and syndicate teams, following the departure of Maria Castro to head funding for the bank.

    14 Jul 2016

  • Teva starts engines for multi-tranche deal

    Teva Pharmaceutical Industries has started a series of investor calls and meetings to market a triple currency bond that is expected to be one of the largest new issues of the year.

    14 Jul 2016

  • Olam harvests $500m perpetual on bumper demand

    Singapore’s Olam International found eager investors for its $500m perpetual trade on Thursday, showing that it has successfully regained the market’s confidence following a change in shareholding structure driven by a short seller report.

    14 Jul 2016

  • Croatia’s Zagrebački buys back 50% of Eurobonds

    Croatia’s Zagrebački Holding completed a buy-back of nearly half of its outstanding Eurobonds on Thursday.

    14 Jul 2016

  • Credit Suisse hires EMEA M&A head from Deutsche

    Credit Suisse has hired Cathal Deasy to run EMEA M&A.

    14 Jul 2016

  • Kunlun sells Rmb3.35bn CB with rare rating

    Kunlun Energy Co printed a Rmb3.35bn ($500.99m) convertible bond this week that was settled in US dollars, but came with a rare rating that soothed fears about the renminbi's possible depreciation.

    14 Jul 2016

  • Aviva Investors adds to EM team

    Aviva Investors has enlisted a new equities fund manager as it grows its emerging market team.

    14 Jul 2016

  • JPM shrugs off departures, still the bank to beat in European corpfin

    Despite a steady flow of senior departures, the US bank remains the firm to beat in Europe, writes David Rothnie.

    14 Jul 2016

  • Trigo nears close on €200m Ardian buyout package

    French quality control and assessment services firm Trigo had replies due Wednesday on its €198m buyout loan package. The momentum is building for European mid-market leveraged buyouts with several deals in the market this week.

    14 Jul 2016

  • Stalwart JPM steady in Q2

    Reporting on earnings for a chaotic second quarter, JPMorgan set a dulcet tone for bank earnings season, showing steady rise on profits in all but two of the banks’ units, and with group profit down only $90m from June last year.

    14 Jul 2016

  • Bahrain steps up loan activity, following Oman

    Omani borrowers have lit up the loan market with deals this year but Bahrain — another country vulnerable to oil price shocks — has seen little deal flow. Two large dollar deals for Bahraini borrowers in recent weeks, however, have shown the country is back in the fray.

    14 Jul 2016

  • Malaysia regulator proposes tweaks to Reit rules

    The Securities Commission Malaysia (SC) has released a consultation paper seeking public feedback to improve its guidelines on real estate investment trusts (Reits), it said on Thursday.

    14 Jul 2016

  • Baoxin opens up $550m dual trancher to retail lenders

    Baoxin Auto Group has opened up three more levels of participation for its $550m dual-tranche financing after launching the senior phase a month ago.

    14 Jul 2016

  • Off for the summer, see you in 2050

    As someone who made his fortune in good old-fashioned banking, more and more I find that I’m losing touch with all the new-fangled technologies that keep popping up.

    14 Jul 2016

  • GS Engineering breaks hiatus with $150m convertible

    South Korea’s GS Engineering & Construction Corp made its first appearance in the dollar convertible bond market in over two years, raising $150m from its return.

    14 Jul 2016

  • Goldman's Galvin takes ECM syndicate chief role at DB

    Simon Galvin has left Goldman Sachs to join Deutsche Bank as head of ECM syndicate Asia, filling a role left vacant since March, according to sources close to the move.

    14 Jul 2016

  • Fully booked: Regal Hotels seals $350m note

    Hong Kong’s Regal Hotels International Holdings executed a swift dollar trade this week, getting in and out of the market in just three days. Despite being unrated and with few comparables offering guidance, the firm managed to slash pricing by 30bp and found plenty of support.

    14 Jul 2016

  • NDB eyes G3 as it kicks off funding in RMB

    The Brics New Development Bank (NDB) is gearing up for its debut capital market appearance and is expected to price a renminbi denominated green bond on Monday. The trade is just the start of its funding ambitions, as the supranational seeks an international rating to tap G3 markets, its chief financial officer told GlobalRMB. Paolo Danese reports.

    14 Jul 2016

  • Books over €600m for first EM euro deal since Brexit

    Macedonia was on track to price the first euro-denominated bond from CEEMEA since the UK referendum on June 23 on Thursday morning.

    14 Jul 2016

  • Nigeria meets investors in London

    The Central Bank of Nigeria is undertaking a non-deal roadshow in London to meet rates, FX and credit investors.

    14 Jul 2016

  • MPS could take €4bn capital hit in private NPL fix

    Monte dei Paschi di Siena could be left with a capital shortfall of €4bn if it completes a sale of non-performing loans to Fondo Atlante.

    14 Jul 2016

  • 'No coincidence' Angola is meeting investors in London

    Representatives from Angola met investors in London on Thursday as part of a four day non-deal roadshow. The African sovereign recently walked away from discussions with the International Monetary Fund about borrowing money.

    14 Jul 2016

  • Sekerbank mandates six for tier two

    Turkey's Sekerbank has mandated six banks for a Reg S only subordinated tier two Basel III compliant bond.

    14 Jul 2016

  • CS boosts China coverage with senior hires

    Credit Suisse has made three senior hires in its China investment banking and capital markets (IBCM) team, in the latest expansion of its onshore presence.

    14 Jul 2016

  • India plans 15% National Buildings Construction Corp stake sale

    The India government has given the nod for a 15% stake sale in state-owned National Buildings Construction Corp to raise a potential Rp17bn ($253.9m).

    14 Jul 2016

  • Uruguay jumps on rally to sell longest EM sovereign deal of 2016

    South American sovereign Uruguay raised $1.147bn of bonds on Wednesday via a tap of its 2027s and 2050s in the longest maturity EM sovereign bond sale of the year.

    14 Jul 2016

  • Deutsche hires ECM syndicate head from Goldman

    Deutsche Bank has hired Simon Galvin to be its new head of ECM syndicate Asia, according to a source familiar with the matter.

    14 Jul 2016

  • Link Reit goes green as ICBC Asia starts AT1 journey

    The green bond market is set for some new action with Link Real Estate Investment Trust kicking off a dollar transaction on Thursday.

    14 Jul 2016

  • Heavy demand seen for inaugural mobile phone ABS

    Investors piled into the first ever US mobile phone payment ABS offering this week, following almost six months of market buzz leading up to issuance.

    13 Jul 2016

  • US long-onlies drive UniCredit’s €749m Bank Pekao sale

    UniCredit used similar tactics on its accelerated bookbuild sale of 10% of Bank Pekao on Tuesday night to those it had used for Monday’s sale of FinecoBank — and achieved a similar result: multiple times oversubscription, led by one very large anchor order.

    13 Jul 2016

  • Funding Circle hires former Nomura boss as CFO

    Jeremy Bennett, the former CEO of Nomura International and EMEA, and architect of the UK’s crisis-era £800bn Asset Protection Scheme, has joined Funding Circle as global chief financial officer.

    13 Jul 2016

  • EIF, development agencies team up to boost European SME ABS

    The European Investment Fund (EIF) has teamed up with several European economic development institutions to establish a risk sharing platform to support the securitization of small and medium enterprise (SME) loans in Europe.

    13 Jul 2016

  • Two CLOs price ahead of expected primary wave

    Invesco and Soundpoint Capital Management have each priced CLOs this week ahead of a wave of issuance from big name managers that is expected to hit the primary market before the August lull.

    13 Jul 2016

  • Funding round puts OpenDoor Trading on course for launch

    OpenDoor Trading has completed a second investment round as it stays on course for a fourth quarter launch. The firm aims not only to help revive liquidity in the US Treasury market but also to become the first US bond trading platform both majority owned and controlled by women.

    13 Jul 2016

  • AFD hits sweet spot with 10 year euros

    Agence Française de Développement hit the sweet spot for supply-starved, yield-hungry investors on Wednesday with a 10 year euro benchmark.

    13 Jul 2016

  • EBRD hammers pricing on green dollar return

    The European Bank for Reconstruction and Development kept pricing tight for its return to the green bond market on Wednesday.

    13 Jul 2016

  • C rated names face higher 2018 maturities

    C rated issuers will struggle to find refinancing opportunities over the next two years, Moody’s warned on Wednesday.

    13 Jul 2016

  • Dollar downpour shows market depth

    The insatiable public sector investor base swallowed three dollar trades on Wednesday, encouraging other issuers to join the fun.

    13 Jul 2016

  • Europe’s rescue fund is losing money

    The European Union’s fund for resolving troubled banks is losing money because of the prevalence of negative interest rates, Single Resolution Board chair Elke König said at a European Parliament hearing on Wednesday.

    13 Jul 2016

  • Demica grows origination team with triple hire

    Demica has added to its European trade receivables and supply chain finance origination team with three new multijurisdictional hires.

    13 Jul 2016

  • PerkinElmer’s €500m debut screeches tighter in secondary

    PerkinElmer, the US human and environmental health technologies company, rolled into a piping hot European bond market on Tuesday and aggressively cut pricing on its debut euro bond, only for it to snap 35bp tighter in secondary.

    13 Jul 2016

  • L-Bank fashionably late to dollar party

    L-Bank will join the flood of dollar trades hitting screens this week on Thursday, after mandating four banks for a five year Reg S bond.

    13 Jul 2016

  • PorTel June 20 CDS triggered in credit event

    Seven bonds will be deliverable when dealers hold an auction next Thursday to settle credit default swaps referencing Portugal Telecom International Finance, with ISDA's Determinations Committee including June 20-terminating PorTel contracts in those triggered by the bankruptcy filing of Brazilian parent firm Oi.

    13 Jul 2016

  • GenSight Biologics trades up after €46m Paris IPO

    GenSight Biologics, a niche French biotechnology firm focused on treating degenerative retinal and nervous system disorders, has completed its all-primary IPO on Euronext Paris, raising €46m to help bring its flagship drug GS010 to market in Europe and the US.

    13 Jul 2016

  • Crédit Agricole wins in Steinhoff acquisition tussles

    South Africa's Steinhoff has agreed to buy UK discount retailer Poundland in a £597m deal, with Crédit Agricole one of two banks underwriting the loan financing. The French bank also benefited from Steinhoff’s thwarted bid for Darty earlier this year, when it co-underwrote a facility for rival bidder Fnac.

    13 Jul 2016

  • AR Packaging, Cegid LBOs undeterred by Brexit

    Swedish firm AR Packaging and French software firm Cegid both successfully allocated leveraged buyout loan packages this week — with the margins undisturbed by the UK's vote to leave the EU.

    13 Jul 2016

  • Commerzbank completes levfin merger, leaving out levloan chief

    Commerzbank has merged its high yield and leveraged loan teams, appointing the former HY head to lead the new unit and leaving the former levloan head without a position at the bank.

    13 Jul 2016

  • Old Money: what makes a financial centre?

    Financial centres come and go, but they're mostly very resilient. London's been near the top of its game since the Napoleonic Wars. Will it take Brexit in its stride?

    13 Jul 2016

  • Turkey enjoys warm welcome to covered bond club

    Competition is becoming much fiercer in the Turkish banking sector. After years of rampant loan growth in many markets, banks will have to fight much harder to find new customers and bigger margins in the future.

    13 Jul 2016

  • Top healthcare banker quits JP Morgan for PE fund

    One of the most senior women in JP Morgan’s European investment banking division has quit to join a private equity fund.

    13 Jul 2016

  • ESMA: Give small firms two years' grace on clearing

    The European Securities and Markets Authority (ESMA) has proposed a two year extension on the deadline for smaller trading counterparties to comply with a derivatives clearing obligation under the European Market Infrastructure Regulation (EMIR), citing lack of progress on the initiative.

    13 Jul 2016

  • Bank of Georgia looks for seven year money

    Bank of Georgia is targeting a seven year bond, with the roadshow for the deal finishing on Wednesday.

    13 Jul 2016

  • STLC sells rare new Russian quasi-sovereign

    Russia's State Transport Leasing Company (STLC) printed the first new Russian quasi-sovereign paper for six years on Tuesday, taking advantage of the recent rally in Russia debt to draw a $2.5bn book for a $500m five year deal.

    13 Jul 2016

  • Man GLG hires five for EM debt, including ex-Itaú head of capital markets

    Man GLG has hired five senior investment professionals from Barclays, HSBC, American Century Investments Banco Itaú BBA. The appointments complete Man GLG's recently established emerging markets debt team.

    13 Jul 2016

  • Final order pushes Yapi Kredi above $500m

    A last minute order saw Yapi Kredi Bankasi relaunch a new senior deal at an increased size on Tuesday. The Turkish bank offered a 10bp new issue premium, according to lead bankers.

    13 Jul 2016

  • Helios Towers picks up $105m loan for acquisition

    Democratic Republic of Congo firm, Helios Towers DRC, has received a $105m loan to buy 950 telecommunications towers and for capex needs.

    13 Jul 2016

  • UniCredit shows market healthy with twin block trades

    UniCredit has dominated the headlines again this week, but this time for a better reason. Italy’s largest bank has also been its biggest loser of shareholder value, its shares falling 75% since last summer, as investors have lost trust in the sector.

    13 Jul 2016

  • India’s REC powers up $150m syndication

    India’s Rural Electrification Corp (REC) has sent banks a request for proposals for a new $150m loan.

    13 Jul 2016

  • Zurich draws $13bn book for Asia-targeted sub debt

    Zurich pulled in very strong demand for a dollar-denominated deeply subordinated bond on Wednesday, following in Prudential PLC’s footsteps by targeting investors in the Asian market.

    13 Jul 2016

  • Shandong Trust preps September $300m IPO filing

    Shandong International Trust Corp, which is planning a $300m Hong Kong listing, is set to ask for approval for the deal in September, according to a source familiar with matter.

    13 Jul 2016

  • RMB in SDR: means but not an end

    The renminbi is joining the IMF special drawing rights (SDR) later this year, but that achievement does not mean mission accomplished for China’s authorities. For Beijing to achieve its stated goals of making the RMB a reserve currency and the SDR a real world currency more steps will be needed, according to leading monetary policy experts.

    13 Jul 2016

  • Negative corporate yields become reality

    The first corporate bond new issue has been priced in euros at a negative yield. Deutsche Bahn raised €350m of five year debt on Wednesday with a 0% coupon, at a yield of -0.006%.

    13 Jul 2016

  • Last hurrah for SSAs ahead of summer holidays

    Public sector borrowers are in the middle of a monster week of borrowing, with seven benchmarks hitting screens so far.

    13 Jul 2016

  • CEEMEA, Lat Am bursting with deals once more

    New deals from Turkey’s Yapi Kredi, Majid Al Futtaim, and Russia’s State Transport Leasing Company this week prove that CEEMEA has finally shaken off any Brexit-related concerns and is now revelling in its apparent ‘safe haven’ status.

    13 Jul 2016

  • EC World Reit starts order-taking for $260m IPO

    EC World Real Estate Investment Trust has opened books on its S$350.7m ($260.1m) listing in Singapore, as investors continue to flock to the relative safety of Reits and amid a hunt for yield.

    13 Jul 2016

  • Adira Dinamika takes $225m from general

    Indonesia’s Adira Dinamika Multi Finance has wrapped up its latest fresh money borrowing at an increased amount of $225m. The halo of indirect ownership by Temasek helped the company rake in commitments.

    13 Jul 2016

  • Olam and Regal head out for fresh deals

    Singapore’s Olam International is seeking investors for a subordinated dollar perpetual non call five trade, opening books on Wednesday morning with initial guidance in the 5.5% area.

    13 Jul 2016

  • Issuers gear up for results in brighter week for FIG

    Tightening spreads encouraged a sprinkling of new deals in the FIG market this week, but for the most part issuers were battening down the hatches for results season.

    13 Jul 2016

  • NDB sets sight on Rmb3bn bond debut in China

    The BRICS New Development Bank (NDB) is set to venture into the bond market for the first time next week with a Rmb3bn ($448m) offering to be sold in China’s interbank bond market.

    13 Jul 2016

  • ONGC Videsh fires up bond comeback

    ONGC Videsh is ready to return to the dollar debt market after a hiatus of two years, mandating banks for a potential offering on Wednesday.

    13 Jul 2016

  • Margin revealed for Pertamina $1.5bn five year loan

    Pricing details have emerged on a five year fundraising by Indonesian state-owned oil company Pertamina.

    13 Jul 2016

  • Korea’s KT Corp connects for new 10 year

    South Korea’s KT Corp won over investors for 10 year paper on Tuesday, despite recent sharp movements in Treasury yields, as the borrower’s rarity value and industry strength proved attractive.

    13 Jul 2016

  • Chongqing LGFV finds success with $800m note

    Chinese local government financing vehicles have been on a roll recently, pushing out a parade of deals in the international bond market. The latest to join the fray is Chongqing Nan’an Urban Construction and Development, which raised $800m from a well received deal on Tuesday.

    13 Jul 2016

  • ZTO Express files for $2bn US float

    Chinese logistics firm ZTO Express is seeking approval for an IPO in the US that could raise up to $2bn, according to a source familiar with the matter.

    13 Jul 2016

  • Pemex eyes JBIC-backed Samurai

    Mexican state owned oil company Pemex is expecting to price a 10 year Samurai bond on Friday morning Japan-time in what would be its first yen-denominated deal since 2008.

    13 Jul 2016

  • OCC puts online lending, auto standards in spotlight

    US Comptroller of the Currency Thomas Curry put marketplace lending in the spotlight this week, and said in a statement that the Office of the Comptroller of the Currency (OCC) will be closely monitoring the industry's growth, while it also remains concerned about loosening underwriting standards in auto lending.

    12 Jul 2016

  • And tonight… UniCredit sells 10% of Bank Pekao

    A day after selling 10% of its Italian online retail investment service Fineco Bank for €328m, UniCredit has this evening launched an accelerated bookbuild of 10% of Bank Pekao, the Polish bank of which it owns 50.3%.

    12 Jul 2016

  • Melrose won’t set the tone for all UK loans — other borrowers could face more testing times

    The latest $1.25bn underwritten loan for the UK’s Melrose may look like a Brexit-defying success. But in reality, the firm is a lender’s darling and this doesn’t necessarily mean the gates are open wide for all UK loans.

    12 Jul 2016

  • Adler hustles CB/rights issue over the line with Citi’s help

    Adler Real Estate completed the accelerated bookbuild of its highly unusual convertible bond-cum-rights issue on Monday, raising €131m after a tough sale that it had hoped would fetch €150m.

    12 Jul 2016

  • Commission expands SME supporting factor

    Only three days before he leaves office as a European Commissioner, Jonathan Hill announced the Commission is making a wider range of loans to small and medium sized enterprises eligible for reduced risk weights on bank balance sheets.

    12 Jul 2016

  • CRT market retraces Brexit related spread widening

    Agency credit risk transfer (CRT) bonds have clawed their way back to pre-Brexit levels following a period of volatility in the wake of the UK referendum, giving the government sponsored enterprises (GSEs) a lift ahead of an expected wave of summer issuance.

    12 Jul 2016

  • AFD mandates for 10 year euro return

    Agence Française de Développement looked set to become only the second borrower to emerge with a euro benchmark since the UK’s Brexit vote after announcing plans for a new 10 year on Tuesday.

    12 Jul 2016

  • EBRD’s seen in green

    Initial price thoughts for a new green bond from the European Bank for Reconstruction and Development were released on Tuesday afternoon

    12 Jul 2016

  • British property and the strength of shadow banking

    Nobody likes it when markets seize up, but the post-Brexit plight of the UK commercial property funds shows markets working well, not badly. It also demonstrates why markets, not banks, are the best providers of financing.

    12 Jul 2016

  • Ascendis Health sets terms for R1.2bn rights issue

    Ascendis Health, the South African maker of diet supplements, garden pesticides and medical equipment, has announced the final terms of its fully underwritten R1.2bn ($83m) rights issue.

    12 Jul 2016

  • Home builder SSM Holding plans IPO in Stockholm

    SSM Holding, a leading Swedish builder of flats, is preparing to list on the Stockholm exchange, the company said in a statement on Tuesday morning.

    12 Jul 2016

  • ESM prints dual tranche smash hit

    The European Stability Mechanism reopened the euro benchmark markets for SSA borrowers on Tuesday with a €5bn dual tranche deal.

    12 Jul 2016

  • Deutsche Bahn prints first negative yield corporate bond

    After tightening twice from initial price thoughts, Deutsche Bahn, the state-owned German railway company, sold €350m of five year notes to yield minus 0.006% on Tuesday, the first negative yielding primary deal from a corporate issuer.

    12 Jul 2016

  • Resa goes for little and long with triple tranche

    Resa, a Belgian gas and electricity distribution system operator for the province of Liège, made its debut in the euro bond market on Tuesday, targeting the long end with a €500m triple tranche offering.

    12 Jul 2016

  • Margin deadline threatens docs tsunami

    Regulators have failed to consider the data challenges of their plans to impose margin on uncleared swaps, threatening a “tidal wave of new documents”, said D2 Legal Technology, a consulting firm specialising in legal and regulatory data management.

    12 Jul 2016

  • Mozambique’s debt struggle won’t dampen bid for Africa

    Mozambique’s debt story has been unravelling since the disclosure of some $1.4bn of additional public loans in April, but if anyone thought this painful tale of investor woe was enough to dampen appetite towards Africa, they’d be completely wrong.

    12 Jul 2016

  • KfW leads dollar torrent

    KfW paved the way for a slew of dollar mandates from SSA borrowers on Tuesday with a $5bn new issue.

    12 Jul 2016

  • Global regulatory alignment for securitization won’t last

    The Basel Committee on Banking Supervision’s updated securitization framework shows strong alignment with the European Commission on risk weights — but adverse discussions in the European Parliament mean that the chances creating the elusive 'level playing field' for high quality securitizations looks slim.

    12 Jul 2016

  • Foncia holds meeting for chunky €1bn LBO loan

    Foncia, the French residential real estate company, on Tuesday began marketing its €1bn LBO loan into an "issuer friendly" market, according to one investor.

    12 Jul 2016

  • Acciona boosts syndicated loan to €2.2bn

    Spanish infrastructure and renewable energy company Acciona has amended a loan signed in March 2015, increasing the deal size and reducing the margin.

    12 Jul 2016

  • More reason to love Monday: CBOE adds to Weeklys options suite

    The Chicago Board Options Exchange will start listing Monday-expiring ‘Weeklys’ options on the S&P 500 index from August, taking the number of SPX expiries it offers each week to three.

    12 Jul 2016

  • IHS and Markit wrap up $13bn merger

    Data firms IHS and Markit completed their merger on Tuesday, after shareholders agreed terms for a deal worth $13bn in which bond, loan and derivative services are key areas of focus.

    12 Jul 2016

  • 'Major order book' for GTLK as new quasi sov sets pricing

    Russia's State Transport Leasing Company (GTLK) has set final pricing for its debut $500m five year bond at 5.95% area, having released guidance at 6.25% area earlier on Tuesday morning in London.

    12 Jul 2016

  • BNPP reaps rewards of rare product as FIG turns taps on

    BNP Paribas secured strong demand and tight pricing for a tap of its first "regionally targeted" bond on Tuesday, with a broad range of German accounts helping to bolster the size of the original deal.

    12 Jul 2016

  • EuroChem dips into brave new Russian loan market

    As fertiliser firm EuroChem refinances a five year old loan, the borrower will find that pricing and lenders in the Russian market are changing, according to two bankers.

    12 Jul 2016

  • NBO offers tap at 23bp NIP

    National Bank of Oman has set terms for a $100m tap of its $500m 3.125% 2019s at 200bp over mid-swaps, which a syndicate official away from the deal said equates to a new issue premium of around 23bp.

    12 Jul 2016

  • Yapi Kredi extends Turkish trickle

    Yapi Kredi Bankasi opened books on a seven year note on Tuesday morning, offering a 20bp premium at initial price thoughts.

    12 Jul 2016

  • Increasing concerns over debt repayment as Moody's drops Moz

    Moody’s has downgraded Mozambique with a negative outlook blaming weaker government willingness to honour its debt related obligations as a primary concern.

    12 Jul 2016

  • India invites banks to bid for Hudco sell-down

    The Indian government is planning to launch an IPO to offload part of its position in Housing and Development Corp (Hudco) and has sent out a request for proposals to lead the transaction.

    12 Jul 2016

  • Ezion targets S$141m fundraising via rights issue

    Singapore-listed Ezion Holdings is planning to sell up to S$141.3m ($104.3m) worth of stock through a rights issue at a subscription price of S$0.29 apiece, according to a filing with the Monetary Authority of Singapore on Monday.

    12 Jul 2016

  • GLP makes Rmb1.5bn Panda bond debut

    Global Logistic Properties this week became the first international corporate to publicly issue a Panda bond, successfully closing a Rmb1.5bn ($224m) dual-tranche offering on Monday.

    12 Jul 2016

  • IPOs and cornerstones: better together

    Asia’s infatuation with cornerstone investors is showing no signs of letting up, as issuers continue to hand over record amounts of stock in their IPOs. The practice has come in for some criticism, but the naysayers are short sighted. Cornerstone demand, for better or worse, is what the market needs right now.

    12 Jul 2016

  • Fineco block trade a blowout, UniCredit leaps 13.5%

    UniCredit’s shares leapt 13.5% today after it declared the beginning of a strategic review of its business after the market close last night. The announcement coincided with the launch of a sale of 10% of one of its finest assets — FinecoBank.

    12 Jul 2016

  • CS axes Russia onshore private banking booking platform

    Credit Suisse is shutting its onshore booking platform in Russia, a part of its international wealth management division.

    12 Jul 2016

  • HDFC set to break new ground with first Indian Masala bond

    Housing Development Finance Corp is set to put its name in the history books after launching the very first Masala bond from an Indian issuer on Monday evening. The offshore rupee trade has been a long time coming but if successful, it could unleash a torrent of new issuance from Indian firms.

    12 Jul 2016

  • Shenzhen Expressway builds up traffic for $300m

    Shenzhen Expressway raised $300m from its bond comeback on Monday, finding robust investor interest thanks to its strong credentials.

    12 Jul 2016

  • Asian trio steps out for dollar trips

    A diverse group of issuers headed to the dollar debt market on Tuesday, with a Chinese local government financing vehicle, a Singaporean real estate firm and a South Korean telephone company vying for investor attention.

    12 Jul 2016

  • China XD Plastics opens $180m in senior

    Nasdaq-listed China XD Plastics Co has launched a $180m two year financing into senior syndication via a single mandated lead arranger and bookrunner.

    12 Jul 2016

  • PSB constructs China’s first internationally rated RMBS

    Foreign investors have got their first taste of Chinese residential mortgage backed securities after Postal Savings Bank of China managed to draw them in with the inaugural internationally rated offering from the asset class.

    12 Jul 2016

  • KoGas steams ahead with tight $900m deal

    State-owned Korea Gas Corp has become the first issuer from the country to venture out to the debt market following Brexit, netting $900m via two tranches that were sold at identical spreads.

    12 Jul 2016

  • Tencent starts search for $3.5bn loan for Supercell acquisition

    Tencent is said to be sounding out lenders for yet another multi-billion dollar borrowing following it's recent offer game for game developer Supercell. The move comes after the Chinese technology firm has already raised $6.89bn from syndicated loans in the past seven months.

    12 Jul 2016

  • IMF support, new CB governor propel Sri Lanka to bond success

    Everything fell into place for the Sri Lankan government’s return to the debt market on Monday when it sealed $1.5bn from a dual-trancher, shrugging off concerns about its fiscal problems and recent rating downgrade.

    12 Jul 2016

  • Credit Suisse makes senior hires to boost Mainland presence

    A trio of new names are joining Credit Suisse’s investment banking and capital markets (IBCM) team in China, as it looks to bolster its onshore business.

    12 Jul 2016

  • Indo Exim nets commitments from 24 lenders

    A $725m loan for Indonesia Eximbank that hit general syndication at the end of May has attracted commitments from 24 lenders.

    12 Jul 2016

  • Celulosa Argentina offering double digit price talk

    Argentine pulp and paper company Celulosa Argentina has announced initial price thoughts of 10% area for a $200m seven year non-call four senior unsecured bond as it eyes a debut cross-border transaction.

    12 Jul 2016

  • Cosan brings more Brazil supply with tender tap

    Brazilian industrial conglomerate Cosan followed the strategy of its compatriot Petrobras on Monday, tapping recently issued bonds after a strong response to a tender offer.

    12 Jul 2016

  • SoFi readies latest student loan refi ABS

    California-based student loan refinancing platform SoFi is in the market with its latest transaction, SoFi Professional Loan Program 2016-C, its third offering since market turmoil hit the online lending industry in May.

    11 Jul 2016

  • UniCredit sells €350m of FinecoBank, hints that it will keep main units

    UniCredit has launched this evening a sale of 10% of FinecoBank, its direct, multichannel banking subsidiary, at the same time as opening a strategic review of its business.

    11 Jul 2016

  • IPO of Italy's Enav fully covered on day one

    The IPO of Enav, the Italian state air traffic control network, has already received enough orders to cover the entire deal, including the 9% greenshoe, a source close to the deal said.

    11 Jul 2016

  • US CLO market recovers from Brexit shock

    US CLO spreads have made a comeback as investors alter their thinking on the impact of the last month's UK referendum on EU membership.

    11 Jul 2016

  • Comparethemarket.com owner BGL seeks London IPO

    BGL, the owner of UK insurance-to-energy price comparison website Comparethemarket.com, has invited banks to pitch for the lead roles in its IPO.

    11 Jul 2016

  • ISDA mulls Puerto Rico failure to pay credit event

    ISDA’s Determination Committee was in its third day of deliberation on Thursday over whether the Commonwealth of Puerto Rico has triggered a failure to pay credit event, following the island having suspended as much as $1bn of general obligation debt payments that it was scheduled to make on July 1.

    11 Jul 2016

  • EBRD goes green in dollars

    The European Bank for Reconstruction and Development has announced its intention to sell a dollar denominated green bond.

    11 Jul 2016

  • KfW plans dollar market return with three year benchmark

    KfW announced plans on Monday to return to the dollar market with a new three year benchmark.

    11 Jul 2016

  • Citi hires from BAML as it names strategic equity co-heads

    Citigroup has appointed two bankers to head its strategic equity solutions (SES) business for EMEA, including one it has hired from Bank of America Merrill Lynch.

    11 Jul 2016

  • Pepsi pops over to Europe with rare €750m 12 year

    US soft drinks and snacks group PepsiCo returned to the investment grade European bond market after a two year absence on Monday, clinching a very tight new issue premium.

    11 Jul 2016

  • UK levloan market in confusion over Brexit signals

    Two UK leveraged loans that borrowers launched shortly before the UK referendum have ended in contrasting results, with one closed successfully and the other pulled.

    11 Jul 2016

  • PorTel credit auction set with seven bonds deliverable

    Seven bonds will be deliverable into an auction to settle credit default swaps referencing Portugal Telecom International Finance, the International Swaps and Derivatives Association’s (ISDA's) EMEA Determinations Committee has ruled.

    11 Jul 2016

  • ESM to bring big dual tranche

    The European Stability Mechanism has selected banks for a large, dual tranche transaction, expected to price on Tuesday.

    11 Jul 2016

  • Quantitative Brokers launches market-close trading algorithm

    Quantitative Brokers, a Manhattan based provider of agency algorithms for futures and fixed income markets, has added a new strategy that targets best execution around an instrument’s close or settlement price benchmark.

    11 Jul 2016

  • Basel Committee lowers ABS risk weight floor

    The Basel Committee on Banking Supervision has updated its framework for the regulatory capital treatment of securitization, allowing a “modest” reduction in minimum capital requirements for deals that meet “simple, transparent and comparable” (STC) criteria.

    11 Jul 2016

  • World Bank and NWB available to rate on GCBondscore

    Last week's new benchmarks are available to rate on GCBondscore.

    11 Jul 2016

  • Salini Impregilo back with €172m tap

    Construction company Salini Impregilo was the second Italian borrower in the high yield market on Monday, as a fortnight of no issuance ended.

    11 Jul 2016

  • Russia gets slim discount on $812m Alrosa block trade

    Russia sold a 10.9% stake in Alrosa, the world’s leading diamond miner, via an accelerated bookbuild which began in the evening on July 6, announcing the pricing on Monday this week.

    11 Jul 2016

  • E-CO Energi adds two banks to syndicate

    Norwegian renewable power company E-Co Energi brought in two new banks to its latest Nkr1.5bn (€160.6m) refinancing, and saw two leave the syndicate.

    11 Jul 2016

  • CVC turns its charms on HY with €725m LBO offering

    Italian gaming operator Sisal on Monday started a roadshow for the all-bond funding of its buyout by CVC Capital Partners, in a high yield market still stunned by the Brexit vote.

    11 Jul 2016

  • Early signs suggest strong potential for 'tier three' growth

    Banks considering ‘tier three’ issuance will be buoyed by the recent performance of Nykredit’s senior resolution notes, which have already traded well and helped the bank attract a rating upgrade.

    11 Jul 2016

  • Syndicate revealed in $3bn ‘a la carte’ TCO loan

    A total of 12 banks have participated in the $3bn loan for Tengizchevroil (TCO), the Kazakh oil field joint venture. Banks could choose from a range of ticket sizes.

    11 Jul 2016

  • The MAF adds up, re-opens GCC

    Majid Al Futtaim (MAF) printed a $300m opportunistic tap of its May 2024s on Monday to re-open the Gulf Corporation Council bond market after Ramadan.

    11 Jul 2016

  • ING hires new UK FIG head

    ING has appointed Greg Arkus as its new UK head of financial institutions.

    11 Jul 2016

  • UBS names LSE boss as vice-chairman in IB

    UBS has hired Chris Gibson-Smith, former chairman of the London Stock Exchange, as vice chairman of corporate client solutions EMEA, the firm's investment banking businesses.

    11 Jul 2016

  • Tengizchevroil picks many for bond to fund massive expansion project

    Kazakhstani crude oil company Tengizchevroil (TCO) has picked a raft of banks to manage a debt sale that will help to finance a $36.8bn expansion project.

    11 Jul 2016

  • Banks revealed for $1.25bn Melrose acquisition loan

    Four banks will underwrite the $1.25bn loan for UK investment firm Melrose's acquisition of Nortek of the US. It is the largest acquisition announced by a UK company since the country voted to leave the EU on June 23.

    11 Jul 2016

  • Weekend block fetches $363m for Telefónica

    Telefónica Internacional carried out the second weekend block trade of the year to raise HK$2.82bn ($363.43m) for its China Unicom sell-down, and the unusual timing worked in the vendor’s favour.

    11 Jul 2016

  • Loan Ranger: Noack on the move

    In a market that generally sees few people moves, there was a rare flurry of activity last week as many made plans to move jobs, or homes, for new opportunities.

    11 Jul 2016

  • Updated: TCC International picks four for $450m refi

    Cement producer TCC International Holdings has chosen a group of four lenders to helm its latest $450m outing in the syndicated loan market.

    11 Jul 2016

  • VW steers tight China auto ABS return

    Volkswagen Finance Services ventured into the China auto ABS market for the second time this year with its Rmb2.99bn ($446m) Driver China Four offering – the company’s tightest priced securitization in the country.

    11 Jul 2016

  • Banks eye Wharf spin-off for acquisition financing

    Banks are hoping for opportunities to finance loans arising from a potential spin-off of the communications, media and entertainment (CME) assets of Hong Kong conglomerate Wharf Holdings.

    11 Jul 2016

  • L&T Infotech launches IPO, Endurance seeks listing nod

    India’s L&T Infotech has kicked off bookbuilding for its up to Rp12.4bn ($184.9m) IPO after placing a third of the offering with anchor investors.

    11 Jul 2016

  • India seeks banks for divestments in 51 firms

    India’s government has kicked off a plan to offload its minority stakes in 51 listed and unlisted companies, issuing a request for proposals to select three banks that will lead the share sales.

    11 Jul 2016

  • Regal Hotels checks in for new bond

    Hong Kong-listed Regal Hotels International Holdings has mandated banks for a dollar-denominated offering, and is set to start investor meetings on Tuesday.

    11 Jul 2016

  • GLP’s HK unit launches first foreign corp Panda

    The Hong Kong unit of Global Logistic Properties has launched on Monday what market participants are calling the first public Panda bond from an international corporate.

    11 Jul 2016

  • KoGas ventures out for first deal of the year

    State-owned Korea Gas Corp (KoGas) has gone out with its first international bond outing of the year, launching a dual-trancher dollar trade on Monday morning.

    11 Jul 2016

  • Shenzhen Expressway routes bond via onshore entity

    Shenzhen Expressway, which held a roadshow earlier this month for its first international bond in more than four years, has kicked off bookbuilding for a five year trade.

    11 Jul 2016

  • MUFG boosts Australia ABS team with new hire

    MUFG Securities Asia has poached a former Westpac executive to head its asset-backed securities unit for Australia and New Zealand as the Japanese brokerage extends its international reach.

    11 Jul 2016

  • Sri Lanka bond seeks to shrug off downgrade

    The Sri Lankan government is making a comeback to the bond market, launching a dual-tranche dollar transaction on Monday morning.

    11 Jul 2016

  • Lat Am bankers want more high grade supply after Transelec success

    Latin American DCM bankers are hoping that Transelec’s blow-out bond issue on Thursday will encourage more investment grade issuers from the region to come to market, saying that deal’s success was in part down to the short supply of triple-B corporates in primary markets.

    11 Jul 2016

  • Argentine Clisa to price seven year on Thursday

    Compañía Latinoamericana de Infraestructura & Servicios (Clisa), the Argentine infrastructure group, will open books on a new seven year bond on Monday, according to a local filing.

    11 Jul 2016

  • Citi names new Japan corporate banking head

    Citi has named Jason Rekate as its new head of the corporate banking division in Japan.

    11 Jul 2016

  • Block trades in Hera and Stabilus go well

    Two block trades were successfully placed in Europe this week, including a small stake in Italian multi-utility Hera that was snapped up very quickly on Thursday night.

    08 Jul 2016

  • Italy clears Enav IPO for take-off

    Bookbuilding for the €805m IPO of Enav, the Italian state air traffic control network, will begin on Monday, July 11, the Ministry of Economy and Finance said in a statement late on Thursday evening.

    08 Jul 2016

  • Noack takes BTMU loans role, UniCredit seeks replacement

    Mathias Noack, who oversees syndicated loans at UniCredit, will become head of syndicated loans at BTMU in London. UniCredit is looking for Noack’s replacement.

    08 Jul 2016

  • NAB grabs dollars

    National Australia Bank printed its biggest ever dollar trade as investors shrugged off volatility and piled into new issues.

    08 Jul 2016

  • Funding scorecard: supranationals

    This week's scorecard looks at the progress of supranationals in their funding programme, including World Bank and IFC's first week of their new funding year.

    08 Jul 2016

  • Secondary pricing update: featuring the first post-Brexit 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.

    08 Jul 2016

  • China Logistics prices HK$3.4bn float at top end

    Warehouse developer China Logistics Property Holdings Co has added HK$3.4bn ($438.3m) to its coffers after sealing a Hong Kong IPO at the top of price guidance, according to a source close to the deal.

    08 Jul 2016

  • Chongqing rakes in Rmb1bn from dim sum outing

    Chongqing Grain Group sealed a successful Rmb1bn ($150m) dim sum bond on Thursday, coming close on the heels of Bank of China, which raised a mammoth $3bn in currencies including offshore renminbi, dollars and euros.

    08 Jul 2016

  • ICBC Luxembourg makes $800m comeback

    ICBC Luxembourg became the Chinese lender’s fourth overseas unit to issue a fixed rate dollar bond this year, raising $800m from a three year offering.

    08 Jul 2016

  • HT Global gets investors comfortable for HY debut

    India’s HT Global IT Solutions Holdings took a two-pronged approach to pricing its $300m high yield bond on Thursday as finding the best comparables posed a challenge.

    08 Jul 2016

  • Yihai bags $111m from IPO, Sampyo issues RFP

    Yihai International Holding has priced its IPO towards the top end of guidance, raising HK$858.0m ($110.6m).

    08 Jul 2016

  • Huai’an keeps LGFV momentum going with new deal

    A local government financing vehicle of the Huai’an municipality in China has raised $300m from the bond market, finding decent demand not just from domestic accounts but also from European and global investors.

    08 Jul 2016

  • China Orient AM raises $350m amid overwhelming demand

    China Orient Asset Management International has increased the size of its debut syndicated loan to $350m from $200m, after commitments in excess of $800m poured in.

    08 Jul 2016

  • GS Engineering & Construction wraps up $150m CB

    South Korea’s GS Engineering & Construction Corp has raised $150m with its first dollar convertible bond in over two years.

    08 Jul 2016

  • RMB round-up: Hong Kong RMB deposits pick up, strong FX trading in China market in June, StanChart RMB index falls to 2014 lows

    In this round-up, Hong Kong saw RMB deposits, trade and clearing pick up, foreign exchange trading in China as direct trading of Korean won and South African rand is launched, and Standard Chartered’s RMB Globalisation Index (RGI) fell to its lowest since August 2014. Plus, a recap of our coverage this week.

    08 Jul 2016

  • HKT raises $750m from tightly priced trade

    Hong Kong Telecommunications (HKT) stood out in what was a very crowded Thursday for the Asia ex-Japan dollar bond market, pricing the region’s tightest triple B rated 10 year bond.

    08 Jul 2016

  • ICBC Asia gears up for AT1 debut

    The Asia ex-Japan additional tier one market could finally be getting some action with Industrial and Commercial Bank of China (Asia) set to go on the road next week for its debut AT1.

    08 Jul 2016

  • First trading-based CNH fix launched by Icap

    Electronic broker Icap launched the first offshore renminbi (CNH) FX benchmark based on market trading, the first said on July 7. The new fix, which is priced at the open of European markets, aims to fill the gap between Asian trading sessions.

    08 Jul 2016

  • New RMB index aims to become global benchmark

    A new index series created by Thomson Reuters and licensed to the Hong Kong Exchange (HKEX) is aiming to become the renminbi equivalent of the widely used DXY dollar index, one of the series’ creators at Thomson Reuters told GlobalRMB.

    08 Jul 2016

  • Transelec nets negative NIP as Lat Am marches on

    Bond market participants said that the warm reception for Chilean utility Transelec’s latest issue on Thursday showed that there was huge pent-up demand for EM high grade corporates in a Lat Am primary market dominated by sub-investment grade Brazil and Argentina.

    07 Jul 2016

  • Lat Am bursts through 2015 volumes as pipe bulges

    Bond bankers covering Latin America expect the pipeline to continue to grow even after the region’s year-to-date new issue volumes overtook 2015’s full-year total with almost six months still to run.

    07 Jul 2016

  • Real chance for Gol as bondholders shun exchange

    More than three-quarters of Brazilian airline Gol’s bondholders decided not to participate in a distressed bond exchange designed to alleviate the company’s debt burden, as a rally in the Brazil’s currency improved the issuer’s prospects.

    07 Jul 2016

  • Five star World Bank reopens dollars

    World Bank reopened the SSA market on Wednesday with a $5bn three year dollar deal that met with a rapturous reception from supply starved, but cautious, investors.

    07 Jul 2016

  • World Bank USD5bn 0.875% Aug 19

    07 Jul 2016

  • Dollar market set for a bumper July

    The strong run of US corporate bond issuance continued this week as borrowers enjoyed a firm technical backdrop, despite a collapse in US Treasury yields following the Brexit vote.

    07 Jul 2016

  • Brave new world for corporate bonds as rates buyers pile in

    Rates investors, increasingly running out of options to secure positive yield, are showing up in unfamiliar markets. The big beneficiary? The corporate sector.

    07 Jul 2016

  • NWB USD1.4bn 0.875% Jul 18

    07 Jul 2016

  • BNG EUR1bn 0.05% Jul 2024

    07 Jul 2016

  • Loans, news in brief — July 7, 2016

    Orpea — Groupe SEB — Halkbank

    07 Jul 2016

  • Euro swaps could stay in UK even without clearing

    There is no reason why euro swaps trading would have to leave London where it is overwhelmingly concentrated, dealers believe, even if Brexit leads European authorities to insist that clearing of the contracts takes place within the Eurozone.

    07 Jul 2016

  • Equity market open for business, as Melrose and CBs win appetite

    Europe’s equity capital market is alive and open for deals, despite widespread fears that the UK’s vote to leave the European Union would poison it for months, writes Jon Hay.

    07 Jul 2016

  • UK loans dodge Brexit premium but property co shakedown begins

    UK real estate companies are facing a rough ride in loan markets after the country’s decision to leave the EU on June 23. But the rest of Britain’s borrowers have escaped paying a Brexit premium thus far, write Elly Whittaker and Robert Cooke.

    07 Jul 2016

  • Commercial real estate needs securitization

    The news that seven open ended commercial real estate funds froze redemptions this week should come as no surprise. Funding highly illiquid, chunky investments with cash that investors can pull at short notice is a flawed strategy.

    07 Jul 2016

  • Investors eye US middle market CLOs for Brexit hedge

    Investors in Europe and the US are looking at the US middle market CLO sector as a hedge against macroeconomic uncertainty in the wake of Brexit.

    07 Jul 2016

  • MTN Leak: Thank God for football

    With the low interest rate environment taking its toll on the euro, it’s a good job we have the Euros to give everyone something to talk about.

    07 Jul 2016

  • Credit risk is out there

    Looking at corporate bond issuance in Europe over the last two weeks you would be forgiven for thinking the Brexit vote had never happened.

    07 Jul 2016

  • Citi retains top position in CEEMEA, but banks shuffle lower down

    At the end of the first half of this year, the top three banks for CEEMEA have remained staunchly in place from last year, with Citi leading the pack, but there has been a shake-up further down the table. Bank of America Merrill Lynch has entered the top 10 in fifth position and French houses BNP Paribas and Société Générale have fallen to ninth and 10th, respectively.

    07 Jul 2016

  • Zinc firm Nyrstar raises €115m with CB but shares dive

    Nyrstar, the Belgian zinc and lead company that completed a €291m rights issue in February, launched a €115m-€150m convertible bond on Wednesday.

    07 Jul 2016

  • Brexit no Lehman for levloan market, but there will be pain

    One week after the UK voted to leave the EU, euro leveraged loan market participants said there will be victims, like the Exterion deal, but no fundamental shifts like those seen in 2008.

    07 Jul 2016

  • Adler Real Estate widens €150m CB range, adds Citi

    Adler Real Estate, a German residential property company, has extended the sale period for its €150m convertible bond issue, which comes with pre-emption rights for shareholders, added Citigroup as a bookrunner and broadened the price range.

    07 Jul 2016

  • Disarray on margin as EC urged to go faster

    Confusion reigns over Europe’s plans to impose margin on uncleared swaps, with the European Commission facing calls from supervisory bodies to pick up its pace on implementing the rules, as an industry survey found that banks are woefully unprepared to meet the deadlines.

    07 Jul 2016

  • Hollywood Bowl IPO hits the gutter but AIM firms remain optimistic

    Hollywood Bowl, the UK’s largest 10 pin bowling alley operator, has postponed its plan for a London IPO in July as a result of market uncertainty surrounding Brexit.

    07 Jul 2016

  • Tikehau brings in Temasek and Peugeots in €510m capital increase

    Tikehau Capital, the French asset manager that specialises in private debt, has raised €510m of new share capital, including from Temasek and the Peugeot family, as it targets opportunities outside Europe.

    07 Jul 2016

  • Lifted hedges leave credit and equity exposed for new woes

    Credit and equity fund managers taking off hedges may have contributed to the resilience of these markets in the wake of the UK's EU referendum, according to derivatives traders, but a cocktail of calamities this week hinted at a precarious exposure to any further sudden moves.

    07 Jul 2016

  • Lead orders drive tightly priced KfW print

    KfW’s got a tap over the line with a tight price on Tuesday, but required a significant push from joint lead managers to do so.

    07 Jul 2016

  • Carney cuts capital buffer amid scepticism

    The Bank of England won’t impose a capital buffer meant to counteract the creation of credit bubbles, citing an increasingly fragile British economic outlook after the nation voted to leave the European Union.

    07 Jul 2016

  • People News in Brief

    AfDB loan head jumps to another development bank - Pimco hires two for EM - Ashurst continues finance push - Swedbank reshuffles IB - Jefferies plunders Goldman for trading

    07 Jul 2016

  • Wyndham adds timeshare deal to summer pipeline

    Timeshare operator Wyndham Vacation Ownership is marketing a $300m timeshare deal through their Sierra shelf as esoteric ABS issuers rush to get deals done before the summer lull settles over the market.

    07 Jul 2016

  • Brexit-weary funds thrilled by £1.66bn Melrose rights issue

    UK investors eager for North American exposure rushed to buy into Melrose Industries on Wednesday, pushing its shares up 46%, after it announced a heavily dilutive £1.655bn rights issue to finance the acquisition of Nortek, a US maker of heating and air conditioning systems.

    07 Jul 2016

  • Bank woes pressure Main/Financials basis

    The parlous condition of the European banking system keeps coming back to haunt the global economy, with the latest attack of lurgy coming from Brexit. The UK electorate’s vote to leave the EU has laid bare the weak credit quality of lenders, a state of affairs that needed little revealing.

    07 Jul 2016

  • Axpo bonds over a tender offer

    Axpo, the Swiss energy utility company, on Thursday issued a Sfr350m ($358m) eight year bond to support its buy back of outstanding Sfr700m 2020 notes.

    07 Jul 2016

  • Yes Bank wins foreign support for $1bn capital raise, GDRs may come later

    Yes Bank, India’s fifth largest private sector bank, has found good demand for its $1bn equity capital raising on a round of investor pre-marketing meetings.

    07 Jul 2016

  • Nykredit enjoys strong return to ‘tier three’ as issuers mull comeback

    Nykredit Realkredit was marketing its second “senior resolution note” on Thursday, breaking a month’s hiatus in FIG supply.

    07 Jul 2016

  • MTNs 'too expensive' given risk environment

    The MTN market has been all but shut since Wednesday thanks to overly ambitious pricing targets from issuers, according to MTN bankers.

    07 Jul 2016

  • Nykredit Realkredit EUR500m 0.75% July 21

    07 Jul 2016

  • Purple Storm: Obvion shows full cap stack is back

    Obvion’s €1bn Purple Storm Dutch RMBS deal, which sold the entire capital stack, shows that despite the growth of whole loan portfolio sales, there is still interest in using securitization as a balance sheet relief tool.

    07 Jul 2016

  • BofE cut to capital requirement puts 50bp on AT1 safety buffer

    The Bank of England cut the UK’s countercyclical buffer requirement with immediate effect on Tuesday, softening risks associated with payments on additional tier one (AT1) debt.

    07 Jul 2016

  • Spain exceeds auction target as costs plunge

    Spain blew through its latest auction target with sales of debt at five, nine and 15 years, thanks to a drastically reduced cost of funds.

    07 Jul 2016

  • Macedonia mandates for first euro deal since Brexit as pipeline swells

    With the Republic of Macedonia on the road for the first euro-denominated bond from an emerging market issuer since Brexit and EM credit continuing to rally, bankers are expecting a strong few weeks pre-summer.

    07 Jul 2016

  • Covered bonds tighten as summer squeeze beckons

    Covered bond secondary market volumes saw a small improvement on Thursday, but with limited supply and continued central bank buying, the market is set to become more technically squeezed over summer.

    07 Jul 2016

  • Axpo issues new bond for tender offer

    Axpo, the Swiss energy utility company, on Thursday issued a offered a CHF350m ($358m) eight year bond to support its buy back of outstanding CHF700m ($716m) 2020 notes.

    07 Jul 2016

  • Corporate bond market offers riches but few issuers are willing to jump

    The incredibly conducive issuance conditions in Europe’s investment grade corporate bond market were on show again this Thursday, but no borrower was willing to take advantage.

    07 Jul 2016

  • Exterion pulls £220m loan under Brexit duress

    UK advertisement operator Exterion Media had begun offering term loans earlier in June, but the deal is now off the table as the UK's vote to leave the EU claims a victim in the leveraged finance markets.

    07 Jul 2016

  • Commerzbank shows covered bonds are open

    Commerzbank issued the first euro covered bond since June 15 on Monday, and though it was a clear success, no other issuer ventured to follow.

    07 Jul 2016

  • Eskom lands largest ever ‘B’ loan with AfDB

    South African state-owned electricity firm Eskom has signed $1.34bn of loans, arranged by African Development Bank. The financing includes what four bankers said was the largest ever ‘B’ loan tranche.

    07 Jul 2016

  • SRI bonds smooth risky execution

    Bank Nederlandse Gemeenten placed its inaugural social bond on Wednesday sharing the socially responsible investment (SRI) sector with a tap from the International Finance Corporation. The Dutch agency now wants more of the same.

    07 Jul 2016

  • HSBC taps Tait as commercial banking head for Apac

    Stuart Tait has been named HSBC’s new regional head of commercial banking, Asia Pacific, replacing Paul Skelton who has decided to leave the firm to pursue other opportunities.

    07 Jul 2016

  • Frontier Resources reborn as healthcare company

    Frontier Resources has announced its intention to buy Concepta Diagnostics, a healthcare company specialising in infertility treatments, through a reverse takeover on London’s Aim market, worth £3m.

    07 Jul 2016

  • Indian oil companies eye up to $1.9bn for Russia oilfields

    Three Indian state-owned oil companies have hit the loan market for fresh money to support their joint acquisition of oil fields in Russia. Several banks are keen to submit bids but the adverse impact from US sanctions on Russia could pose a challenge, writes Shruti Chaturvedi.

    07 Jul 2016

  • BOC prints triple decker in ‘landmark’ green bond

    The Asian debt market has had a slow but steady stream of deals since the Brexit vote on June 23, but Bank of China blasted the issuance window wide open on Tuesday with a $3bn five tranche, multi-currency transaction — the region’s largest international green bond. Max Bower reports.

    07 Jul 2016

  • GS Engineering & Construction builds $150m convertible

    South Korea’s GS Engineering & Construction Corp has launched a $150m convertible bond, it’s second equity-linked trade this year.

    07 Jul 2016

  • AfDB loan head hops to another development bank

    The former head of loan syndication at African Development Bank has left for a role at a developmental financial institution in Cairo.

    07 Jul 2016

  • Nykredit bursts back on to ‘tier three’ scene

    Nykredit Realkredit was marketing its second “senior resolution note” on Thursday, breaking a month’s hiatus in FIG supply.

    07 Jul 2016

  • BEH plans third quarter Eurobond issue

    Bulgarian Energy Holding is planning a Eurobond and the note has been assigned an expected rating of BB- by Fitch.

    07 Jul 2016

  • GF Securities out for HK$4bn dual trancher with seven

    China's GF Securities, which made its debut in the offshore syndicated loan market in 2014, has launched a HK$4bn ($515.4m) loan into general.

    07 Jul 2016

  • Career picks can be so cryptic

    I’m sad to say that the banking profession is not all the rage these days. Instead, keen young things are more interested in joining the next Google or Facebook and turning themselves into multi-millionaires overnight.

    07 Jul 2016

  • Kuwait-ing game on as next GCC sov lines up

    Kuwait has joined the roster of Gulf Co-operation Council (GCC) sovereigns looking for international financing to help plug increasing fiscal deficits, but while DCM bankers are in no doubt an issue would be met with strong demand, the sovereign has plenty of work to do before coming to market.

    07 Jul 2016

  • Pricing details emerge on ChemChina $12.7bn facility

    China National Chemical Corp met bankers in Hong Kong this week ahead of a $12.7bn fundraising for its acquisition of Swiss biotech firm Syngenta.

    07 Jul 2016

  • Fitch junks senior UK CMBS tranche as CRE concerns grow

    Fitch Ratings has downgraded a Morgan Stanley UK CMBS deal, Ulysses (European Loan Conduit No. 27) as the British referendum result shakes confidence in UK commercial real estate.

    07 Jul 2016

  • South Korean banks shop for debt

    Two South Korean banks, Woori and Busan, are preparing for investor meetings next week as they both line up bond issues.

    07 Jul 2016

  • Asian ECM set for better days after dismal first half

    Asia’s equity capital markets had a ghastly first quarter before making a slow turnaround, but market watchers are calling for more from the second half of the year. Safe bets such as real estate investment trusts are expected to be hot, while insulated regions such as south and southeast Asia are likely to be a growing source of business. Jonathan Breen reports.

    07 Jul 2016

  • Pakistan ECM set to grow after regulator push

    Pakistan’s equity capital markets are on the verge of a well needed boost, after the country’s financial regulator set out plans to develop and grow them over the next two years.

    07 Jul 2016

  • Postal Savings Bank and CR Beer prep jumbo offerings

    A pair of Chinese firms are preparing potential multi-billion-dollar deals. Postal Savings Bank of China Co is seeking approval for a Hong Kong IPO that could raise up to $8bn, according to sources familiar with the matter, while China Resources Beer (Holdings) Co is aiming to net HK$9.5bn ($1.2bn) from a rights issue in the next few weeks.

    07 Jul 2016

  • CS harmonises bank as equities, fixed income combined

    Credit Suisse has restructured its Asia Pacific investment banking team, naming Ali Naqvi as head of global markets for the region from co-head and making him responsible for both equities and fixed income.

    07 Jul 2016

  • Small print won’t spoil CIBM party

    With the first institution officially through the door of the new China interbank bond market (CIBM) access scheme, market participants are now scrutinizing the CIBM rules and how they will play out. The outlook is positive but investors should beware the small print.

    07 Jul 2016

  • HK-incorporated pair join Panda exchange spree

    The list of Panda bonds set to launch in China’s exchange market has just gotten longer with a pair of Hong Kong-incorporated companies receiving approval by the Shanghai Stock Exchange.

    07 Jul 2016

  • Mustier’s ascent complete, Unicredit’s new CEO looks to finish the job

    UniCredit’s new chief executive has a deep knowledge of the bank and a strong mandate for change. But the group’s sprawling empire and the politics embroiling it will put those to the test, writes David Rothnie.

    07 Jul 2016

  • Pimco hires two for EM

    Pimco has hired a global strategist and a portfolio manager for its emerging markets business.

    07 Jul 2016

  • MPS in focus as hopes fade on lasting NPL fix

    Monte dei Paschi di Siena (MPS) has become a symbol of Italy’s banking woes, but a private sector salve will not end the lender’s non-performing loan (NPL) problem. A poor performance in the European Banking Authority’s (EBA) 2016 stress tests will only hammer home the size of the mountain left to climb, writes Tyler Davies.

    07 Jul 2016

  • Five deals open in bumper day for bonds

    The Asian debt market has followed up strongly on Bank of China’s successful $3bn green bond, with five deals launched on Thursday and more expected.

    07 Jul 2016

  • Crédito Real eyes new bond for LM

    Mexican microfinance lender Crédito Real has hired three banks to manage an investor roadshow and tender offer as it looks to push out debt maturities.

    07 Jul 2016

  • Argentina’s Galicia to restart Lat Am FIG supply

    Argentine lender Banco de Galicia y Buenos Aires will begin meeting investors next week ahead of a proposed Basel III compliant tier two bond issue that would be the first of its kind from the country.

    07 Jul 2016

  • China outlines foreign bank reserves rules for FX trading

    China’s foreign exchange and interbank money market announced on Wednesday that foreign financial instituions conducting FX forward-trading will have to start setting aside reserves later in the year.

    07 Jul 2016

  • HT Global opens books to $300m five year debut

    India’s HT Global IT Solutions Holdings is set to give a lift to the Asian high yield market, launching a $300m deal on Thursday with price guidance set at a hefty 7.625% area.

    07 Jul 2016

  • SGX Bond Pro eyes Asia local currency opportunities

    The Singapore Exchange’s electronic bond trading platform, SGX Bond Pro, is planning to expand into Asian local currency notes later this year. While the initial stage of expansion will be in markets closet to home, the exchange’s head of fixed income trading, Tsai Li Renn, told GlobalRMB that linking up with China could also be on the horizon.

    07 Jul 2016

  • MPL platform acquisitions could revive deal flow

    Acquisitions of marketplace lending platforms by banks could entice ABS investors back to the asset class, and industry sources said that such a move would be a vote of confidence in a sector that has experienced a number of setbacks in 2016.

    06 Jul 2016

  • Tullow Oil and Nyrstar prove CB buyers’ thirst for tough risks

    It was a rough day for stocks on Wednesday, but a great day for equity capital markets, with two convertible bonds launched and priced — the first since the UK’s vote to quit the European Union was revealed on June 24. They came on top of a roaring reception for Melrose Industries’ announcement of a £1.7bn rights issue for an acquisition in the US.

    06 Jul 2016

  • US mortgage rates tumble after Brexit vote

    US mortgage rates have fallen continuously since the UK voted to leave the European Union, with the potential to drive a wave of refinancing activity across the US housing market.

    06 Jul 2016

  • Pfandbriefzentrale reopens Swiss market with first negative 10 year

    Pfandbriefzentrale der Schweizerischen Kantonalbanken issued on Tuesday the first ever Swiss franc 10 year bond to be priced with a negative yield by a non-government issuer.

    06 Jul 2016

  • €2bn GE Money Bank French RMBS deal prepped

    European ABS investors are set to get a rare slice of French RMBS, with GE Money Bank in France hitting the road with €2bn of French residential mortgages.

    06 Jul 2016

  • World Bank, NWB bag first post-Brexit benchmarks

    A pair of bumper dollar deals from top-tier borrowers reopened the SSA benchmark market on Wednesday after a two-week hiatus, drawing something of a line under a period of market uncertainty.

    06 Jul 2016

  • BNG uses social skills to rein in pricing

    Bank Nederlandse Gemeenten sold its first social bond on Wednesday, using the more captive investor base for socially responsible investments (SRI) than the usual SSA buyer crowd to achieve a tighter price.

    06 Jul 2016

  • Banks woefully unprepared for swap margin deadlines, finds survey

    A lack of clarity around margin mandate regulations and compliance requirements has left banks unprepared to comply with approaching uncleared derivative margining deadlines, an industry survey has found.

    06 Jul 2016

  • Nordic CLO manager Accunia lands debut deal

    Scandinavian asset management firm Accunia priced its debut CLO on Tuesday, as other CLO managers switch from sponsor structures to originator risk retention models to account for the uncertainty over future UK passporting rights.

    06 Jul 2016

  • US CMBS issuance hits four year low in June

    Private label CMBS issuance plummeted in June to the lowest levels since February 2012, according to Kroll Bond Ratings analysts, with just $968.3m pricing during the month.

    06 Jul 2016

  • Nestlé grabs second Eurodollar of the year

    Nestlé printed its second Eurodollar deal of the year on Wednesday, as it rode through a weak market backdrop to double the size of its offering to $600m and achieve very tight pricing on a swap basis.

    06 Jul 2016

  • Poult’s €230m loan prices wider in post-Brexit market

    Groupe Poult, the French biscuit maker, on Wednesday opened syndication for a €230m loan for its merger with Dutch waffle specialist Banketgroep. The deal priced wider than it would have before the UK's Brexit vote, according to a lead banker.

    06 Jul 2016

  • Pirelli refi set to close this week

    Pirelli, the Italian tyre manufacturer acquired by ChemChina last year, will complete syndication of its loan refinancing this week, according to a lead banker.

    06 Jul 2016

  • The Rulebook: Counterintuitive capital snuffer

    Nearly one intense decade into the re-regulation of the financial sector, tensions in Europe threaten to tear the new rulebook apart. The Rulebook is GlobalCapital's round-up column, and take on, the week's developments.

    06 Jul 2016

  • 'Resillient' loan market supports Melrose acquisition

    UK investment firm Melrose will rely on relationship banks for $1.25bn of debt to support its acquisition of Nortek, as the loan market continues to support deals in the wake of the Brexit vote.

    06 Jul 2016

  • Out of Africa: embattled bank offers investors exit

    African Bank is gathering responses this week for a two tier buy-back of its outstanding dollar and Swiss franc debt in a bid to reduce its interest expense. The bank was bailed out by the Reserve Bank of South Afica in April.

    06 Jul 2016

  • Italy mulls new bank fund with MPS in spotlight

    Monte dei Paschi di Siena has been at the centre of discussions about a possible new bank investment fund in Italy, after the lender’s huge bad loan problem came to the fore once again this week.

    06 Jul 2016

  • Jefferies plunders Goldman for trading

    Jefferies has hired a new managing director for its EM trading team.

    06 Jul 2016

  • Melrose lifts ECM spirits with £1.7bn rights deal for M&A

    Melrose Industries, the UK company that aims to buy, improve and sell underperforming industrial businesses, will conduct a heavily dilutive £1.655bn rights issue, cheering equity capital markets bankers who had feared months of weak activity, especially in the UK, after the shock of the Brexit referendum.

    06 Jul 2016

  • SSA borrowers bounce back for busy month

    With the hree new issues in the market this week progressing well, the SSA market seems to have put Brexit chaos in the past and returned to business as usual.

    06 Jul 2016

  • FIG issuers on sidelines as sentiment sours

    Any improvements in risk appetite were quickly reversed by renewed Brexit and Italian banking fears this week, prompting some issuers to shelve planned deals.

    06 Jul 2016

  • Oman Shipping steers course in country's loan run

    Oman Shipping Company is syndicating an underwritten loan, after other state-owned Oman firms PDO and Dhofar Power Company wrapped up deals in recent weeks.

    06 Jul 2016

  • Swedbank shuffles execs, names new IB boss

    Swedbank has made a number of changes in its investment bank group as well as its large corporates and financial institutions (LC&I) division.

    06 Jul 2016

  • Updated: BOC goes for triple decker in Asia's largest green bond

    Bank of China has printed Asia’s largest green bond in a $3bn deal split between dollar, euro and CNH tranches. The landmark trade attracted strong investor demand and gave a much needed fillip to the dim sum bond market.

    06 Jul 2016

  • PNB Housing Finance seeks $370m IPO

    India’s PNB Housing Finance has filed a draft prospectus for a listing that could raise as much as Rp25bn ($369.7m), putting it on track to be one of the country’s largest IPOs this year.

    06 Jul 2016

  • Big beats are back in rhythmic European corporate market

    The European investment grade corporate bond market has been ticking along like a metronome this week, printing a steady deal a day. And encouragingly, big deals have returned.

    06 Jul 2016

  • EM skids on oil drop but buying continues

    Aside from an oil related blip over the last 24 hours, emerging market bonds have continued their strong post-Brexit run this week though borrowers are taking a wait-and-see approach.

    06 Jul 2016

  • Yunnan Metropolitan keeps LGFV bonds rolling

    Yunnan Metropolitan Construction Investment Co has become the latest local government financing vehicle in the offshore bond market. With more new issues in the pipeline, the LGFV bond spree shows no signs of slowing but the market is not open to all names.

    06 Jul 2016

  • Car drives in for $150m three year loan

    Credit Suisse has sent out invitations for a $150m three year bullet loan for China Auto Rental (Car).

    06 Jul 2016

  • Mapletree taps three leads for equity raising

    Singapore real estate investment trust Mapletree Commercial Trust has hired DBS, Goldman Sachs and HSBC to help it raise equity funding to back a S$1.78bn ($1.33bn) acquisition.

    06 Jul 2016

  • Turk Eximbank extends deadline on €300m loan

    Turk Eximbank, which sent out invitations for a €300m ($337m) equivalent loan in early June, has extended the deadline for responses, according to a source.

    06 Jul 2016

  • Fashion house JNBY plans $150m HK IPO

    Chinese fashion house JNBY Design is looking to float in Hong Kong to raise some $150m, filing a preliminary prospectus with the city’s stock exchange on Tuesday.

    06 Jul 2016

  • Beijing Capital seals $240m refinancing

    Chinese state-owned Beijing Capital (Hong Kong) has refinanced a $180m one year bridge loan signed last year.

    06 Jul 2016

  • Gol sees low exchange take-up as bondholders bet on recovery

    Just 22% of Brazilian airline Gol’s bondholders agreed to a distressed debt exchange after several weeks of discussions, with one credit analyst saying that a rally in the real — and thus an upturn in the issuer’s prospects — meant many investors opted not to accept a haircut on their paper.

    06 Jul 2016

  • Citic Envirotech looks to loans, CICC prepays debt

    Water treatment company Citic Envirotech, which tapped an existing bond last week, has now set its sights on the syndicated loan market.

    06 Jul 2016

  • Woori Bank to hit the road for dollar AT1

    South Korea’s Woori Bank is set to meet investors for its second dollar-denominated Basel III additional tier one bond.

    06 Jul 2016

  • China Resources Beer brews HK$9.5bn rights issue

    China Resources Beer (Holdings) Co is preparing a jumbo rights issue, aiming for a size of HK$9.5bn ($1.2bn).

    06 Jul 2016

  • Busan Bank picks leads for dollar tier two

    South Korea’s Busan Bank is getting ready to meet investors next week before it ventures out to the offshore bond market in mid-July.

    06 Jul 2016

  • Fagron finishes recap after US blow via €88m rights issue

    Fagron, the Belgian-Dutch pharmaceutical compounding company, completed its recapitalisation on Tuesday as banks sold the €5m rump of its rights issue in a swift accelerated placement.

    05 Jul 2016

  • Engenium heads north with rare cross border deal

    Engenium Capital, formerly the Mexican finance unit of GE's equipment lending and leasing business, is in the market with an equipment ABS transaction demoninated in US dollars.

    05 Jul 2016

  • Brexit to push Japanese buyers to US CLO market

    The result of the UK referendum on EU membership is likely to encourage Japanese triple-A investors to focus more heavily on US CLO paper, said CLO market participants this week.

    05 Jul 2016

  • SSAs issuers can't afford to take their foot off the pedal

    Brexit has left many issuers sitting out of the market avoiding volatility, but given the troubling times ahead, they might be better advised to keep funding.

    05 Jul 2016

  • Europe needs team-building course on regulation

    European supervisory authorities’ open letter to EU commissioner Jonathan Hill requesting he rethink and minimise a damaging delay over approving swaps margin rules demonstrates that Europe needs to overhaul its process or putting together regulation in favour of a more coordinated approach.

    05 Jul 2016

  • Thanks but no thanks, Mr Carney

    While Bank of England governor Mark Carney took an admirable step to encourage UK bank lending on Tuesday, the syndicated loan market does not need more bank liquidity, it needs gutsy treasurers.

    05 Jul 2016

  • Italian synthetic CMBS bondholders brace for losses

    Weakness in the Italian commercial property market will hit bondholders in Natixis’ legacy Infinity 2006-1 “Classico” synthetic CMBS deal, after a listed Italian property fund defaulted on a €378m loan backing the bulk of the deal.

    05 Jul 2016

  • CA Immo lands €350m book for bond

    CA Immobilien Anlagen, the Austrian real estate business, was able to increase the size of a new issue to €140m on Tuesday, with strong support from domestic investors.

    05 Jul 2016

  • Total attracts outsiders into its €2.75bn blowout, cuts pricing sharply

    Total was able to take a clean run at the European investment grade corporate bond market on Thursday as it issued a €2.75bn dual tranche deal and attracted buyers from outside the usual corporate investor base.

    05 Jul 2016

  • Gold futures surge to two-year high on Brexit fallout

    Gold and other precious metals have been major beneficiaries as safe haven investments in the wake of the UK’s Brexit vote, with gold futures this week hitting their highest level since July 2014. But some believe the wider precious metals sector has overshot.

    05 Jul 2016

  • GenSight Biologics begins all-primary IPO in Paris

    GenSight Biologics, a French biotechnology firm specialising in treatments for degenerative retinal diseases and central nervous system disorders, has opened the books for its all primary IPO on Euronext Paris.

    05 Jul 2016

  • SSA taps keep dripping

    A pair of European agencies tapped euro lines today in a recovering but still cautious SSA market.

    05 Jul 2016

  • NWB to snatch first post-Brexit benchmark

    Nederlandse Waterschapsbank will tomorrow print the first benchmark since the UK shocked markets with a vote to leave the European Union on June 23.

    05 Jul 2016

  • Credit traders wrong-footed in CRE panic after lifting hedges

    European credit fund managers look precariously positioned after last week’s rally, with the market having taken a turn for the weaker and options trading activity suggesting few are well hedged.

    05 Jul 2016

  • French issuer Orpea lands Schuldschein amid Brexit furore

    Orpea, the French retirement home provider, has completed a €276.5m Schuldschein deal just days after the UK voted to leave the European Union, with the deal closing oversubscribed despite upheaval across European financial markets.

    05 Jul 2016

  • Capital targets too low, says EU-commissioned report

    The levels of bail-inable debt European regulators are seeking to impose on all of the EU’s banks are too low to be useful in a resolution, according to an independent report commissioned by the European Parliament.

    05 Jul 2016

  • Rentenbank doubles down in dollars

    After reopening the post-Brexit dollar market with a $150m tap on June 23, Rentenbank is coming back for more, opening books for another tap to be priced on Tuesday.

    05 Jul 2016

  • Post-Brexit IG loan pipeline shows some hope

    As the Bank of England frees up more capital for UK banks to encourage them to lend, already under-lent loans bankers look at how M&A might boost the lackluster market.

    05 Jul 2016

  • Artsana allocates €550m pre-Brexit buyout term loans

    Unrated Italian health and beauty product maker Artsana has allocated the loan funding for its 60% stake acquisition by Investindustrial, with pricing unaffected by the Brexit vote.

    05 Jul 2016

  • BoE buffer cut to support AT1 coupons

    The Bank of England cut the UK’s countercyclical buffer requirement with immediate effect on Tuesday, softening risks associated with payments on additional tier one (AT1) debt.

    05 Jul 2016

  • EUROPEAN CORPORATE BOND PIPELINE

    GlobalCapital's latest information on forthcoming and planned corporate bond issues in the European market.

    05 Jul 2016

  • CORPORATE BOND PRICED DEALS TABLE

    GlobalCapital's handy table of recently priced corporate bond issues, with links to the stories about them.

    05 Jul 2016

  • New Russian state-owned corporate roadshows

    Russia's State Transport Leasing Company (GTLK) finishes the roadshow for its debut Eurobond early next week, setting it up to become the first new Russian quasi-sovereign issuer for six years, according to a lead manager.

    05 Jul 2016

  • Equate leaves some behind in $5bn refinancing

    Kuwait’s Equate bargained hard on the terms of its latest $5bn bridge loan refinancing, bankers said, and the syndicate for the latest loan shrunk as some lenders passed on the deal.

    05 Jul 2016

  • Shenzhen Expressway hires banks for dollar return

    Shenzhen Expressway has mandated banks to prepare its first outing in the international bond market in more than four years.

    05 Jul 2016

  • Burgan Bank picks five for bond

    Kuwait's Burgan Bank has picked five banks to manage its senior bond offering after establishing a new EMTN programme on Sunday.

    05 Jul 2016

  • Fesco to restructure Eurobonds by Christmas

    Far Eastern Shipping Company (Fesco) kicked off restructuring talks with advisors to its Eurobond holders on Tuesday and aims to complete the process before Christmas.

    05 Jul 2016

  • Moscow lays foundations of RMB hub

    Russian and Chinese authorities are working towards the establishment of a renminbi hub in Moscow, at a time when Russian banks are seeing growth in RMB-related business and the central bank has begun investing in the currency.

    05 Jul 2016

  • Updated: Greentown nets $200m from HK listing

    Greentown Service Group has priced its Hong Kong IPO slightly above the mid point of the original range, raising HK$1.55bn ($200m) in the aftermath of Brexit, according to sources.

    05 Jul 2016

  • There’s little appetite for dim sum bonds

    After months of inactivity, offshore renminbi-denominated bonds finally came to life this week with two Chinese issuers announcing their respective transactions. The deals are widely expected to fare well and have excited some market participants, but it would be premature to call a comeback of the dim sum market.

    05 Jul 2016

  • CICC addresses China Investment Sec merger rumours

    CICC has responded to recent speculation that it is merging with China Investment Securities, saying there are discussions for a strategic co-operation although nothing concrete has been signed yet.

    05 Jul 2016

  • Elusive Shenzhen Connect a signal of China’s reform ambitions

    It has been mooted for months but the Shenzhen-Hong Kong Stock Connect remains elusive with little detail on when the scheme will launch. But instead of being too overly fixated on timing, market participants said the focus should instead be on the scheme’s potential impact and the further liberalisation of China’s securities market.

    05 Jul 2016

  • Total Derivatives: CNY curve steepens after firm data

    Firm data on the Chinese economy has backed paying in CNY swaps and some steepening across the 1s/10s slope. Sources still say the curve is too flat. Bank of China will price a Green bond issue later today, writes Deirdre Yeung of Total Derivatives.

    05 Jul 2016

  • Doosan Bobcat files for Korea IPO approval

    Global construction equipment maker Doosan Bobcat has asked for the go ahead to launch its South Korean IPO, according to a statement from the Korea Exchange.

    05 Jul 2016

  • China's capital markets need reform, says ex-PBoC vice-governor

    Wu Xiaoling, former vice-governor of China's central bank, has spoken out about the poor quality of financing available to Chinese businesses, saying they need more channels to help them develop.

    05 Jul 2016

  • Yihai narrows price range on $115m IPO

    Yihai International Holding has narrowed the price guidance on its up to HK$889.2m ($114.6m) Hong Kong IPO to the upper half of the marketing range, said a source close to the transaction.

    05 Jul 2016

  • Indian oil cos seek $1.9bn for Russia oilfield purchase

    Indian state-owned oil companies Bharat Petroleum Corp, Indian Oil Corp and Oil India have sent out separate requests for proposals for borrowings totalling $1.9bn to finance their acquisition of a stake in an East Siberian oilfield.

    05 Jul 2016

  • HK IPO round-up: Foxconn, Chengdu Xingrong, Nanfang

    Hon Hai-owned Foxconn Interconnect Technology, also known as FIT Hon Teng, is eyeing a listing in Hong Kong that could fetch up to $600m after the summer, said sources close to the deal.

    05 Jul 2016

  • India ECM: Metropolis and Genesis Colors prep IPOs

    Metropolis Healthcare is planning to ride on the strong interest among investors in India’s healthcare sector and sell shares in an IPO.

    05 Jul 2016

  • UBS promotes Yeoh to new ASEAN equities role

    UBS has promoted Choo-Guan Yeoh to the newly created position of head of ASEAN equities, putting her in charge of development of the business in the region.

    05 Jul 2016

  • Celulosa Argentina mandates for bond

    Argentine pulp and paper company Celulosa Argentina is getting ready to meet international bond investors ahead of a second attempt to issue cross-border debt, according to a pricing supplement filed on Monday.

    05 Jul 2016

  • BOC eyes landmark green bond

    Bank of China has hit the market for its multi-currency green bond, with an offshore renminbi portion in only the second time a green dim sum bond has been sold.

    05 Jul 2016

  • Postal Savings Bank files for $8bn IPO nod

    Postal Savings Bank of China Co is seeking approval from the Hong Kong Stock Exchange to list, in a deal that could raise up to $8bn, according to sources familiar with the matter.

    05 Jul 2016

  • ChemChina holds roadshow for $12.7bn acquisition loan

    China National Chemical Corp held a roadshow on Tuesday in Hong Kong for banks invited to join its $12.7bn loan in general syndication, as it looks to tie up funds for its acquisition of Swiss firm Syngenta.

    05 Jul 2016

  • CS combines equities, fixed income under Naqvi

    Credit Suisse has promoted Ali Naqvi to head of global markets for Asia Pacific from co-head and put him in charge of both equities and fixed income, according to sources close to the move.

    05 Jul 2016

  • Italy yet to decide on Enav IPO

    Pier Carlo Padoan, Italy’s finance minister, who has had his days full dealing with the stress in the country’s banking system, has still not officially announced whether Italy will proceed with the IPO of Enav, the country’s air traffic control system.

    04 Jul 2016

  • ESMA asks European Commission to go faster on margin rules

    A joint committee of European financial regulators has written to EU Commissioner Jonathan Hill urging him to minimise any delay by the European Commission in implementing margin rules on uncleared swaps.

    04 Jul 2016

  • Nova Ljubljanska IPO preparation delayed until volatility subsides

    Slovenian Sovereign Holdings (SSH), which manages Slovenian state assets, has postponed marketing for the IPO of Nova Ljubljanska banka, the country's largest bank, citing market turbulence surrounding the UK’s vote to leave the European Union.

    04 Jul 2016

  • BAML: Private ABS market set to surge

    Analysts at Bank of America Merrill Lynch have forecast an acceleration in the growth of the private and bilateral securitization market, at the expense of the transparent public market.

    04 Jul 2016

  • Alone on Monday, ASML Holding wins investors’ full attention

    ASML Holding, the Dutch manufacturer of lithography machines for computer production, was alone in the European corporate bond market on Monday when it issued a €1.5bn dual tranche bond and attracted hefty demand from investors.

    04 Jul 2016

  • Afme appoints new chairman of high yield board

    The Association for Financial Markets in Europe has voted in the board of its high yield market division and appointed a new chairman.

    04 Jul 2016

  • Conditions clear for benchmarks as SSAs extend tap run

    A pair of public sector borrowers on Monday joined the handful of issuers that have sold well subscribed taps since the UK voted on June 23 to leave the European Union. But there are growing hopes that the first new issue since Brexit could happen this week — in euros, at least.

    04 Jul 2016

  • Treasury Corp of Victoria roadshows for green bond

    The Treasury Corp of Victoria has mandated National Australia Bank to lead an Australian dollar green bond.

    04 Jul 2016

  • Groupe SEB adds three more to bank group

    Groupe SEB, the French kitchen appliance and coffee machine maker, has added three banks to its group in the syndicating of its bridge loan.

    04 Jul 2016

  • BNG sounds out investors for social bond debut

    Bank Nederlandse Gemeenten held an investor call on Monday to gauge interest in a possible debut social bond.

    04 Jul 2016

  • PorTel credit event triggered on Oi filing, rules ISDA

    Dealers will hold an auction to settle credit default swaps referencing Portugal Telecom International Finance, after the International Swaps and Derivatives Association’s (ISDA's) EMEA Determinations Committee ruled that a bankruptcy credit event had been triggered on the contracts

    04 Jul 2016

  • Fitch tolls alarm bell on scarce post-Brexit HY issuance

    The European high yield market has dealt with bouts of risk aversion and fund outflows before — but the UK’s June 23 referendum on European Union membership has thrown up further challenges for the asset class, said Fitch Ratings in its first post-Brexit market report.

    04 Jul 2016

  • Petit Forestier launches €525m loan despite Brexit jitters

    Petit Forestier, the French refrigerated van and truck hire company, launched its €525m acquisition loan into syndication just days after the UK voted to leave the EU.

    04 Jul 2016

  • LSE and Deutsche Börse in HQ talks

    Merger talks between the London Stock Exchange Group and Deutsche Börse remain on course despite the United Kingdom’s recent vote to leave the European Union, with LSEG shareholders on Monday almost unanimously approving the plans. But comments from the German exchange this week suggest there are tough talks ahead on where to locate the merged group's holding company.

    04 Jul 2016

  • Loan volumes droop but Schuldscheine shine

    EMEA loans are down sharply this year and few are optimistic that the second half will provide a boost. However, the Schuldschein market has ploughed ahead with deals in another year of strong issuance volumes despite the UK’s Brexit vote last month.

    04 Jul 2016

  • Ashurst continues finance push with hire

    Ashurst has picked up a new partner for its finance division, following the recent appointment of a former loans banker from Royal Bank of Scotland.

    04 Jul 2016

  • Brexit no Lehman for levloans

    One week after the UK voted 'Out' of the European Union, euro leveraged loan market participants say there will be consequences but not fundamental shifts like those seen in 2008.

    04 Jul 2016

  • Bank of Georgia embarks on roadshow

    Bank of Georgia starts the roadshow for a dollar denominated bond on Wednesday, which it will offer in conjunction with a tender offer for its $400m 7.75% 2017s. Demand is expected to be good for both deals.

    04 Jul 2016

  • FIG pipeline to build despite Brexit jitters

    Bankers expect supply to build in the euro FIG market after a steady start to the week, but analysts and economists urged caution on calling the bottom of the “post-Brexit” rally.

    04 Jul 2016

  • Kernel updates $215m loan as CIS gears up for trade

    Ukrainian food producer Kernel has refinanced a $215m pre-export credit facility, as agricultural firms in the region prepare to launch annual financings.

    04 Jul 2016

  • Burgan Bank closes in on senior bond issue

    Kuwait's Burgan Bank established a new EMTN programme on Sunday which has taken it one step closer to issuing in senior format.

    04 Jul 2016

  • DTEK secures consent to dispose of assets

    Ukrainian energy company DTEK secured the approval of its bondholders to dispose of some $400m of assets which will enable it to cut its debt burden by 17% on June 30.

    04 Jul 2016

  • Investors reject 'final offer' from Brunswick Rail

    Investors rejected the latest offer from Russia’s Brunswick Rail on Thursday as the fight to receive better restructuring terms on the company’s notes due 2017 continues.

    04 Jul 2016

  • Strong interest bubbles up for Refresco's €872m loan

    Refresco Gerber, the Dutch drinks bottling company, lost one bank and added two new ones to its syndicate in its €872m refinancing which saw strong demand, the firm said.

    04 Jul 2016

  • Halkbank closes $705m refi after bond success

    Turkey’s Halkbank signed a $705m-equivalent annual loan refinancing on Monday morning after issuing a benchmark bond last week to strong demand.

    04 Jul 2016

  • Pakistan regulator lays out plan to grow capital markets

    Pakistan’s equity capital market suffers from a lack of high quality listed companies and initiatives are needed to boost the market as a whole, according to a new plan from the country’s regulator.

    04 Jul 2016

  • Piramal, Natsteel seal facilities worth $555m

    Indian company Piramal Healthcare has sealed a $145m refinancing bridge loan with four lenders.

    04 Jul 2016

  • Chinese RMBS goes international with PSB

    The Chinese securitization market is set for a big boost with Postal Savings Bank of China scheduled to launch the country’s first internationally rated residential mortgage-backed securitization (RMBS) on Thursday.

    04 Jul 2016

  • SSA veteran hands over reins

    Waltraut Burghardt, head of Oesterreichische Kontrollbank’s international finance department, is set to leave the agency at the end of the year, GlobalCapital can reveal.

    04 Jul 2016

  • Loan Ranger: Loan market parties on

    With the UK’s vote to leave the EU and England's miserable performance at the football, there didn't seem too much to celebrate last week. But loan marketeers had other ideas.

    04 Jul 2016

  • Nomura bulks up Asia ECM team with double hire

    Nomura has added a pair of bankers to its Asia ex-Japan equity capital markets team, according to sources familiar with the matter.

    04 Jul 2016

  • RMB starting to challenge global monetary order, says think tank

    China is working hard to delivering on the promise of creating a multicurrency, global monetary system despite the difficulties in challenging the dollar’s status, according to an annual report by the think tank Official Monetary and Financial Institutions Forum (OMFIF) published on June 30.

    04 Jul 2016

  • Three LGFVs build on market re-opening

    Two entities of China’s Chonqing municipality — the Nan’an district financing vehicle and the Chonqing Grain Group — have mandated banks for potential deals while Huai’an’s local government financing vehicle is also seeking a new bond.

    04 Jul 2016

  • Korean regulators adopt perpetual AT1s

    South Korea has amended regulations to adopt perpetual maturities for additional tier one bonds, in line with a request from the Bank for International Settlements.

    04 Jul 2016

  • BOC to plant new multi-currency green bond

    Bank of China is planning to issue a multi-currency international green bond, in what will be China’s second offshore financial green offering.

    04 Jul 2016

  • EC World, Jinjiang Environment eye Singapore IPOs

    China-based EC World Real Estate Investment Trust has fixed the price range for its Singapore IPO to raise as much as S$365.97m ($272.7m), according to a draft prospectus filed with the city-state’s regulator.

    04 Jul 2016

  • Six take China Lesso’s $300m loan into general

    Home building materials maker China Lesso Group has approached the loan market for a $300m borrowing, some two years after sealing its debut syndicated facility.

    04 Jul 2016

  • TAL Education doubles debut loan to $400m

    Chinese tutoring service provider TAL Education has raised $400m from its maiden syndicated loan, doubling the deal from the launch size of $200m after receiving ample support from domestic banks.

    04 Jul 2016

  • Clisa next up in Argentina’s corporate rebuild

    Argentine infrastructure company Compañía Latinoamericana de Infraestructura & Servicios (Clisa) is meeting fixed income investors ahead of a liability management exercise that highlights the stark improvement in the outlook for Argentine companies this year.

    04 Jul 2016

  • Total Derivatives: 1s/5s NDIRS seen too flat; Green bonds

    CNY swaps have been bid on firmer data and the view that rates are too low. 5-year paying interest has been evident and the 1s/5s NDIRS curve slope is considered too flat. Meanwhile, Bank of China is planning to issue Green bonds, writes Deirdre Yeung of Total Derivatives.

    04 Jul 2016

  • CGIF launches new green bond guarantee

    The Credit Guarantee and Investment Facility is setting up a new guarantee scheme for green bonds in a bid to address the construction risks faced by investors.

    04 Jul 2016

  • MRCB-Quill plans $106m fundraising for acquisition

    Malaysia’s MRCB-Quill Real Estate Investment Trust is looking to raise MR427m ($106m) through an equity placement in the fourth quarter of this year to part-fund the acquisition of an office tower in the capital.

    04 Jul 2016

  • Yihai starts IPO as Fosun Pharma eyes spin-off

    Yihai International Holding launched its Hong Kong IPO last Thursday to raise HK$$889.2m ($114.6m), with the company choosing to go it alone without the aid of cornerstone investors.

    04 Jul 2016

  • Ascendis, PPC bring contrasting rights issues in Joburg

    Two South African rights issues are under way - one from a position of strength and one to deal with weakness - as the Johannesburg Stock Exchange rallies after the shock of Brexit last Friday.

    01 Jul 2016

  • Secondary pricing update: the post-Brexit picture

    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.

    01 Jul 2016

  • KfW showcases Kanga demand with chunky tap

    KfW found enough demand to print a A$400m ($299.2m) tap of its January 2019 Kangaroo bond late last week, highlighting a remarkable return to stability for markets after the previous week's Brexit vote.

    01 Jul 2016

  • P&M Notebook: Brexit McBrexitface

    So it’s one week after the chaotic morning of Brexit, and remarkably little has been clarified. Markets panicked then calmed down, the only grown-up left in Britain (a Canadian ex-Goldman banker) promised more cheap money, but the future of the City isn’t any clearer.

    01 Jul 2016

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Jul 2016
1 JPMorgan 224,809.92 893 8.72%
2 Citi 198,357.42 701 7.70%
3 Barclays 185,152.03 584 7.18%
4 Bank of America Merrill Lynch 179,762.77 612 6.97%
5 HSBC 161,839.60 645 6.28%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 18,078.81 87 6.37%
2 HSBC 16,282.66 75 5.74%
3 SG Corporate & Investment Banking 14,434.20 68 5.08%
4 Barclays 14,301.22 27 5.04%
5 ING 13,320.97 84 4.69%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 9,517.56 52 9.58%
2 Goldman Sachs 8,816.07 50 8.87%
3 Citi 6,871.31 35 6.91%
4 Morgan Stanley 6,449.82 34 6.49%
5 UBS 6,126.84 31 6.16%