• NIPs must rise say covered investors

    Covered bond investors believe new issue premiums will probably rise in the near future leading to a repricing of the market. But with buyers anxious to put their glut of cash to work in almost anything, the prospective move is likely to prove moderate.

    31 Aug 2016

  • Íslandsbanki in first Icelandic benchmark since crisis

    Íslandsbanki has become the first Icelandic bank to raise a benchmark deal in euros since the financial crisis, having tightened pricing 25bp on a four year senior trade on Wednesday.

    31 Aug 2016

  • Nordea goes tight as tier two returns to euros

    Nordea raised €1bn of new tier two funding on Wednesday, securing tight pricing in an asset class that has remained largely untouched in euros since the UK’s EU referendum.

    31 Aug 2016

  • Slovenia reopens CEE market with euro tap

    Slovenia became the first central and eastern European name to tap the core currency markets after the summer lull on Tuesday with a reopening of its €1bn March 2035s.

    31 Aug 2016

  • World Bank brings SDR bonds back to life

    The World Bank broke a 30 year silence in special drawing rights (SDR) bonds with the sale of the SDR500m ($700m) three year note in China on Wednesday. While the Mulan bond is widely seen as a symbolic gesture to promote the internationalisation of the renminbi, market participants said it is more than just that in spite of the relatively narrow investor base.

    31 Aug 2016

  • Ecom Agroindustrial to seek new lenders in $500m refinancing

    Swiss based commodity trader Ecom Agroindustrial will reach out to existing and new lenders in its $500m loan refinancing.

    31 Aug 2016

  • NPL specialist Pillarstone appoints COO as ambitions grow

    KKR-backed Pillarstone, the non-performing loan acquisition and advisory company, has picked a chief operating officer after starting operations last year.

    31 Aug 2016

  • Emaar picks 10 for bond

    Dubai’s Emaar Properties has picked banks for its first trade since 2014, a senior unsecured sukuk.

    31 Aug 2016

  • Vakifbank embraces margin ratchet

    The margin for Vakifbank’s latest loan will increase if the bank is downgraded, the move follows Akbank which set the trend for the ratchet earlier this month in the face of ratings downgrades for Turkish banks.

    31 Aug 2016

  • Decisive trade from QNB reopens GCC bonds

    Qatar National Bank (QNB) hit the screens with the first benchmark trade from the Gulf Cooperation Council after the summer break on Wednesday, taking orders in excess of $2.4bn by 10am.

    31 Aug 2016

  • Steinhoff signing $4bn acquisition loans on Wednesday

    Banks are signing documents for the $4bn of acquisition loans for South African-based Steinhoff on Wednesday. The deal has gone “better than expected,” according to one lead banker.

    31 Aug 2016

  • ING boosts Korea presence with new securities branch

    ING Bank has obtained a securities branch license from the Financial Services Commission of South Korea, giving it the ability to broker debt capital market and alternative investment deals for clients.

    31 Aug 2016

  • Luthman steps down as Liontrust UK equities co-head

    Jan Luthman, co-head of equities and a partner at UK asset manager Liontrust, is retiring after nearly 30 years in the investments industry.

    31 Aug 2016

  • IG corps race into autumn as HY warms up

    Europe’s investment grade corporate bond market has surprised few with the intensity of its start to autumn as issuers begin a run of primary activity that shows little sign of abating.

    31 Aug 2016

  • DBS breaks record with tightest dollar AT1

    DBS Bank sealed a landmark $750m additional tier one bank capital deal on Tuesday, marking not just its first dollar AT1 but also the first from a Singaporean lender. And it did it with style, managing to net the lowest ever coupon globally for this asset class.

    31 Aug 2016

  • Cambodia's NagaCorp rolls the dice on $107m top-up

    NagaCorp, which operates the only licensed casino in Cambodia's capital, has launched a top-up placement that could raise up to HK$832m ($107m), ending a three year absence from the equity market.

    31 Aug 2016

  • Negative yields no barrier to strong SSA market

    Investors are lining up to pour cash into the public sector primary market, with deals in dollars and euros gathering big books — even when offering negative yields.

    31 Aug 2016

  • Euros eyed in FIG restart

    HSBC and Nordea looked to reopen euro issuance for FIG borrowers this week, as investors showed strong appetite for riskier and higher yielding debt after the summer period.

    31 Aug 2016

  • Middle East bid ahead of Eid

    Primary markets have burst into life in CEEMEA with the Middle East the focus this week. Several mandates and a new deal from Qatar National Bank (QNB) have hit the screens.

    31 Aug 2016

  • JP Morgan's Singh jumps ship to Aviva

    JP Morgan has lost Singapore-based Chetan Singh to UK insurer Aviva, where he will lead mergers and acquisitions globally.

    31 Aug 2016

  • EQT presses ahead with Dometic sell-down

    Another large private equity sell-down in Sweden has stood out in a quiet week so far for primary equity capital raising.

    31 Aug 2016

  • China’s SDR strategy won’t displace dollar, says top political economist

    China has pushed hard for a greater role for the IMF special drawing rights (SDR) since the global financial crisis. But while the SDR may help the renminbi internationalisation strategy it will not help overthrow the dollar as the de facto world currency, according to Benjamin Cohen, professor of international political economy at the University of California Santa Barbara (UCSB).

    31 Aug 2016

  • Bank capital comes alive with UOB out for tier two

    Just a day after DBS sealed a $750m deal from a Basel III compliant additional tier one note, the bank capital market has seen some fresh action with United Overseas Bank eyeing a tier two offering.

    31 Aug 2016

  • High yield names soar with Road King, Haikou Meilan

    Two Chinese high yield names made their mark on Tuesday, with Road King Infrastructure bagging $500m and Haikou Meilan International Airport netting $200m from its first G3 bond offering.

    31 Aug 2016

  • Royal Industries seeks additional $95m after default

    Royal Industries Indonesia, which failed to pay the first principal instalment of a loan borrowed in June 2015, has asked banks for additional funds to help resolve its liquidity problem.

    31 Aug 2016

  • BPCL eyes three bilaterals for Russia oilfield loan

    Bharat Petroleum Corp (BPCL), which sent a request for proposals for a $750m borrowing in July, is said to be planning to raise the money from three banks but on a bilateral basis rather than through a syndication.

    31 Aug 2016

  • Chongqing Western jumps on LGFV bandwagon

    Chongqing Western Modern Logistics Industry Zone Development Construction raised $500m from bond investors on Tuesday, with generous initial price guidance allowing the issuer to tighten by as much as 30bp.

    31 Aug 2016

  • Lanka Orix Leasing preps first overseas foray

    Lanka Orix Leasing Company has tapped two banks to lead its debut offering in the international bond market. The Sri Lankan firm is set to hit the road from Thursday.

    31 Aug 2016

  • Trio hired for $322m NBCC sale as QSR seeks IPO

    The Indian government has picked three banks to work on its 15% sell down in construction firm NBCC, according to sources.

    31 Aug 2016

  • Reverse enquiry prompts Cabei’s Rmb700m Formosa return

    The Central American Bank for Economic Integration (Cabei) ventured into Taiwan’s Formosa bond market for the third consecutive year, raising Rmb700m ($105m) from a reverse-enquiry driven offering.

    31 Aug 2016

  • EDL Gen to rake in $312m as 10 year proves popular

    Electricite du Laos Generation Public Company (EDL Gen), which started bookbuilding for its debut dollar bond in Thailand last Friday, has settled on raising $312m from three tranches, according to a source.

    31 Aug 2016

  • Issuance alternatives holding back middle market CLOs

    Middle market CLO volume has been down year over year compared to 2015, with sources saying that middle market managers are exploring alternatives to traditional CLO issuance.

    30 Aug 2016

  • NorthStar prices SLABS offering to strong demand

    NorthStar Education Finance (NEF) priced a $90m private student loan refinancing offering to strong demand from investors, after a four year departure from the securitization market.

    30 Aug 2016

  • Blockchain firm Symbiont hires bank veteran as president

    Symbiont, a startup technology firm specialising in smart contracts and distributed ledgers for financial markets, has named a former Morgan Stanley senior banker as president and chairman of its board of directors.

    30 Aug 2016

  • KPN increases refi bond in hustling market

    Koninklijke KPN, the Dutch telecoms company, on Tuesday boosted the size of an initial €1bn offering after books reached five times oversubscription despite competing against three other borrowers for investors’ attention.

    30 Aug 2016

  • State aid’s grey zone

    Showing flexibility over Caixa Geral de Depósitos latest recapitalisation may not have been such a bad decision, but by using logic inconsistent with other cases the European Commission risks making its State aid rules appear arbitrary and meaningless.

    30 Aug 2016

  • Obvion closes in on €4bn in RMBS

    Dutch lender Obvion has returned to its regular prime Dutch RMBS shelf for the second time this year, having also sold the world’s first green RMBS with “Green Storm” and one “Purple Storm” which securitized mortgages on parent bank Rabobank’s balance sheet.

    30 Aug 2016

  • Delinquents: Deep subprime autos threaten to once again discredit ABS

    It’s not just the level of delinquencies in subprime auto ABS — which in March hit a record high — that threatens to put the securitization industry back in the spotlight of public disapproval.

    30 Aug 2016

  • Sukuk-ie cutter needed for real boost to asset class

    Sukuk stepped into the spotlight recently after JP Morgan decided to include Islamic bonds in its EM bond indices, but while eligibility will give the asset class a boost, it will be a while before the product is fully mainstream.

    30 Aug 2016

  • Coca-Cola pushes down low on 20 year as September surge begins

    Coca-Cola came for euros on Tuesday with a 20 year bond that was priced aggressively, as a slug of borrowers took aim at the market.

    30 Aug 2016

  • Evonik swoops for €1.9bn M&A take out

    German chemical company Evonik hit the reopened European investment grade corporate bond market at pace on Tuesday as it sought financing for its €3.5bn acquisition of US industrial gas provider Air Products’ speciality and coating additives business.

    30 Aug 2016

  • SSAs line up dollar deals in ‘extremely well bid’ market

    A trio of issuers on Tuesday mandated for dollar deals across the shorter end of the curve, as underlying US Treasury yields stayed slightly elevated after last Friday’s meeting of central bankers in Jackson Hole.

    30 Aug 2016

  • The Fed chair who yelled wolf

    Janet Yellen’s August 26 speech at the Jackson Hole Economic summit once again suggested the imminent arrival of rate hikes, but it’s an act which the market is beginning to tire of.

    30 Aug 2016

  • No yield? No problem for Finland’s no-grow €3bn deal

    Finland is bringing a seven year euro benchmark that is almost certain to be priced with a negative yield — but that should do little to quell demand, said bankers on and off the deal.

    30 Aug 2016

  • MuniFin switches up green plans

    Municipality Finance will sell its debut green bond in dollars, rather than in euros as it previously intended, in order to secure cheaper funding.

    30 Aug 2016

  • HSBC picks new private bank investment services head

    HSBC Private Bank in the US has chosen a former EMEA DCM head at the group to lead its investment services and product solutions.

    30 Aug 2016

  • DNB takes size at tight spread to highlight covered bond bid strength

    DNB Boligkreditt issued a larger than average euro benchmark 10 year covered bond on Tuesday at a spread that was arguably flat to its curve illustrating solid demand for non-Eurozone deals that still of a substantial pick-up to core markets.

    30 Aug 2016

  • RLB Oberosterreich takes covered bonds on the road

    Raiffeisenlandesbank Oberosterreich has mandated joint leads for its first benchmark euro covered bond.

    30 Aug 2016

  • Christian Hansen adds non-Nordic lenders in €700m deal

    Christian Hansen, the Danish bioscience company, has added two non-Nordic banks to its core syndicated loan in a €700m refinancing.

    30 Aug 2016

  • T2 looks attractive as HSBC reaffirms holdco health

    HSBC found strong demand for an eight year senior bond from its holding company on Tuesday, mirroring UBS’s recent reopener and revealing a potential opportunity for banks’ looking to issue more deeply subordinated debt.

    30 Aug 2016

  • EI Bank slips in sukuk ahead of busy market

    Emirates Islamic Bank (EI Bank) slipped into the market on Tuesday ahead of plenty of expected supply to raise $250m with a tap of its dollar sukuk due 2021.

    30 Aug 2016

  • Shellanoo Group prepares Autumn IPO in Tel Aviv

    Shellanoo, the Israeli tech group backed by Roman Abramovich, will.i.am and Nikki Minaj, is preparing an IPO in Tel Aviv in September or October

    30 Aug 2016

  • Burgan Bank back for bond

    Kuwait's Burgan Bank will re-engage with investors this week after first setting up an EMTN programme for a senior dollar bond in July.

    30 Aug 2016

  • Alba set to sign loan on Wednesday

    The loan for Aluminium Bahrain (Alba), which is expected to grow beyond its initial target of $750m, is due to be signed on Wednesday.

    30 Aug 2016

  • The Suuti saga: a series of unfortunate events

    The Specified Undertaking of the Unit Trust of India (Suuti), the government agency looking to sell down its holdings in 51 companies, did the right thing when it recently revised a request for proposals after clashing with potential bidders. But the drama shows that the body should have gotten it right the first time.

    30 Aug 2016

  • Haikou Meilan International Airport takes off for G3 debut

    Haikou Meilan International Airport Company launched its inaugural dollar bond on Tuesday, with initial price guidance set in the 5.35% area.

    30 Aug 2016

  • Singapore exchange gets nod for dual class share IPOs

    The Singapore Exchange has received the go ahead from its listing advisory committee to allow companies to float using a new structure, in an effort to deepen the city-state’s capital markets.

    30 Aug 2016

  • Asia Minerals seeks $61m dual trancher; Soechi gets commitments

    Manganese producer Asia Minerals is accessing liquidity in the syndicated loan market for a $61m two tranche borrowing.

    30 Aug 2016

  • World Bank releases price guidance for landmark Mulan bond

    The World Bank has announced the price guidance for its upcoming Mulan bond.

    30 Aug 2016

  • DBS en route for maiden dollar AT1

    DBS Bank is all set for its debut additional tier one bank capital offering in dollars, having found solid demand from investors on Tuesday.

    30 Aug 2016

  • PTA picks seven for dollar deal

    The Eastern and Southern African Trade and Development Bank (PTA) has chosen seven banks to lead its latest loan refinancing which launches into syndication this week.

    30 Aug 2016

  • HY picks up double-B issuance trail with Saipem

    Saipem, the Italian oil services company, on Tuesday began a roadshow for a benchmark issue in a high yield market still looking at a thin pipeline.

    30 Aug 2016

  • ING Mongolia appoints new chief representative

    ING Bank has named Erik Versavel as the new chief representative for Mongolia from September 15 as the former country head takes on a new role at the Dutch lender.

    30 Aug 2016

  • SDR bond shows way through China accounting roadblock

    Incompatible accounting standards could soon be a thing of the past for foreign issuers looking to tap into China’s onshore bond market with the World Bank’s upcoming SDR trade providing a template on how to get around this long standing issue.

    30 Aug 2016

  • Investors roll out red carpet for Waskita, Aneka IPOs

    Waskita Beton Precast is expected to price its IPO near the top end of the range to raise Rph5.16tr ($390.61m), in a deal some have described as the hottest Indonesian listing in years.

    30 Aug 2016

  • Yestar, Nonghyup hit the road for new deals

    China’s Yestar International Holdings Company and South Korea’s Nonghyup Bank have kicked off investor meetings for their respective bond offerings.

    30 Aug 2016

  • Greenland nabs $300m with tight pricing

    Greenland Holding Group raised $300m on Monday with a deal that was priced through its curve — a feat that was possible despite the firm being hit with a ratings downgrade earlier this year.

    30 Aug 2016

  • Vietnam firm sets up 2016’s biggest listing

    State-owned Vietnam Engine and Agricultural Machinery Corp has clinched an IPO worth D2.1tr ($95.8m) after selling shares on the Hanoi Stock Exchange, according to a disclosure with the bourse.

    30 Aug 2016

  • Total Derivatives: Data expected to slow CNY steepening

    An improvement in global risk sentiment has helped steepen the CNY curve this week but sources expect weakness in upcoming domestic data to limit scope for further steepening from current levels, writes Deirdre Yeung of Total Derivatives.

    30 Aug 2016

  • Jiangsu NHL bags additional $100m from tap

    Jiangsu NewHeadLine (NHL) Development Group bagged $100m on Monday with a tap of its existing $200m 6.20% 2019s, seizing one of the last windows of issuance before a busy September begins.

    30 Aug 2016

  • Ecuador trades up as investors snub negative outlook

    Fitch placed recession-hit Ecuador’s B rating on negative outlook at the end of last week but bond investors took little notice as the sovereign’s 2022s, issued in late July, reached 11 points above par.

    30 Aug 2016

  • Banks lap up China Mengniu Dairy $200m refi

    China Mengniu Dairy has added seven members to the syndicate of lenders for its $200m fundraising.

    30 Aug 2016

  • Chongqing LGFV, Road King out for dollars

    Action in the Asia ex-Japan dollar bond market picked up a notch on Tuesday with a number of issuers launching transactions.

    30 Aug 2016

  • China XD Plastics winds up $180m loan with seven

    Nasdaq-listed China XD Plastics Co has signed a $180m two year financing after a senior syndication phase that lasted a month.

    30 Aug 2016

  • HSBC: Shenzhen Connect to ignite A-share foreign ownership

    HSBC’s head of Hong Kong/China equity research Steven Sun said in a media briefing on Monday that the impending launch of the Shenzhen Hong Kong Stock Connect scheme is likely to trigger a huge increase in the foreign ownership of Chinese stocks.

    30 Aug 2016

  • RiverNorth fund, new SoFi deal light up MPL sector

    Investment manager RiverNorth Capital Management has received approval for a $1bn closed end fund that will invest in marketplace loan assets. Meanwhile, SoFi is readying the latest ABS offering from its unsecured consumer lending program.

    29 Aug 2016

  • Asia readies for bond onslaught on Fed rate hike prospect

    Asian debt capital market bankers are advising bond issuers to hit the market sooner rather than later in September, on the back of indications from the Federal Reserve that the case for an increase in rate hike had “strengthened in recent months”.

    29 Aug 2016

  • Lee & Man Paper, NewOcean raise syndicated loans

    A subsidiary of Lee & Man Paper Manufacturing has signed loans worth HK$4bn ($515.6m) to refinance debt, including bilateral loans, and for general corporate funding.

    29 Aug 2016

  • Jiangsu NHL keeps LGFV momentum strong with tap

    Jiangsu NewHeadLine (NHL) Development Group has returned to the debt market just months after making its debut, with the Chinese local government financing vehicle tapping its January notes.

    29 Aug 2016

  • Maybank Kim Eng makes top hires in London

    Patrick Han has joined Maybank Kim Eng in London as chief executive officer, a role that gives him oversight of the firm's UK operations.

    29 Aug 2016

  • Citi Apac debt syndicate head to leave

    Citi has lost its head of Asia Pacific debt syndicate in Hong Kong, with Duncan Phillips jumping ship to financial services technology firm Ipreo.

    29 Aug 2016

  • Total Derivatives: CNY curve steepens after Yellen

    Last week's comments from Fed Chair Yellen have increased US rate hike expectations, supporting upward momentum in long CNY swap rates and a steeper curve. Sources say the move is likely to be short lived and that domestic data will provide direction again later this week, writes Deirdre Yeung of Total Derivatives

    29 Aug 2016

  • Rici revives $200m IPO as Brexit fears subside

    Rici Healthcare Holdings, which delayed bookbuilding for its $200m IPO in Hong Kong due to Brexit, plans to make a comeback at the end of September or early October, said sources.

    29 Aug 2016

  • Crédit Agricole names new country head for Hong Kong

    Crédit Agricole has strengthened its Hong Kong operation with the appointment of a new senior country officer.

    29 Aug 2016

  • Eight banks to bid for NBCC India sell down

    A group of eight firms are to pitch for a place on the Indian government’s stake sale in construction company NBCC on Tuesday.

    29 Aug 2016

  • Allocations revealed for Sri Lanka $700m loan

    Allocations are out for the government of Sri Lanka’s $700m three year borrowing, which was more than doubled from the launch size of $300m.

    29 Aug 2016

  • HSBC rejigs Apac DCM with new HY and FIG heads

    HSBC is making some senior-level changes to its debt capital markets team in Asia Pacific, with the current head of high yield capital markets and CMB debt origination, Wallace Lam, moving to commercial banking.

    29 Aug 2016

  • CLO managers ramp up deal volume into fall

    CLO managers are beginning to ramp up issuance activity ahead of an expected market escalation in September, with three issuers bringing new offerings this week.

    26 Aug 2016

  • Funding scorecard: European sovereigns

    Find out how far European sovereigns are progressing in their funding targets as we approach the post-summer funding season.

    26 Aug 2016

  • Bank of Queensland to consider covered bonds

    The universe of active covered bond issuers is set to further expand with the Bank of Queensland hiring leads to explore options for a potential covered bond structure.

    26 Aug 2016

  • Little rationale for dollar covered as senior so strong

    The outlook for euro-denominated primary covered bond volumes may be revised lower over the course of this year as cheap dollar senior unsecured funding and negative euro yields hinder prospects.

    26 Aug 2016

  • ICMA gets new green bond director from EIB

    Peter Munro, head of investor relations and marketing at the European Investment Bank, is set to leave the supranational for a secondment with the International Capital Market Association (ICMA).

    26 Aug 2016

  • CS seeks consent to change EoD

    Following an internal restructuring, Credit Suisse has asked covered bond holders for their consent to amend the definition of an issuer event of default (EoD).

    26 Aug 2016

  • Morgan Stanley founds two new multi-asset funds

    Morgan Stanley Investment Management, the asset management division of Morgan Stanley, has launched two new multi-asset global funds, the Global Balanced Fund and the Global Balanced Defensive Fund.

    26 Aug 2016

  • SSA secondary pricing: featuring EBRD's $1.25bn four year

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

    26 Aug 2016

  • Postal Savings Bank wins go ahead for HK listing

    Postal Savings Bank of China is set to kick off investor education for its $8bn IPO after the Hong Kong Stock Exchange approved its plan on Thursday.

    26 Aug 2016

  • Electronic FX trading hits tipping point in Asian emerging markets

    Falling costs, increasing transparency requirements and the advent of new technological solutions are encouraging traders in key Asian markets to make the switch from voice to electronic FX trading

    26 Aug 2016

  • EDL Gen on track for dollar debut as books open

    Electricite du Laos Generation Public Company (EDL Gen) has started building books for a $300m bond it is looking to price in Thailand on September 2. The deal is progressing well, attracting interest from a wide array of investors including high net worth individuals.

    26 Aug 2016

  • Sri Lanka to hike syndicated loan to $700m

    The government of Sri Lanka’s three year borrowing has turned out to be a hit, allowing it to hike the loan to $700m, beyond the $500m it was eyeing after a greenshoe.

    26 Aug 2016

  • Yangon bourse welcomes bank as third listing

    Local outfit Myanmar Citizens Bank officially floated its shares on the Yangon Stock Exchange on Friday, the third ever listing on the YSX.

    26 Aug 2016

  • RBI gives nod to shore up bank capital via Masala bonds

    The Reserve Bank of India is allowing banks to issue offshore rupee-denominated bonds to raise their Basel III tier two and additional tier one ratios, as part of a series of measures to develop the country’s fixed income and currency markets.

    26 Aug 2016

  • RMB round-up: CIMB inks custodian deal with CCB, AIIB set for new members, CFETS adds to daily FX rates

    In this round-up, CIMB signs a custodian deal with China Construction Bank to facilitate investments into China, Asian Infrastructure Investment Bank (AIIB) plans membership expansion and the China Foreign Exchange Trade System (CFETS) starts publishing daily exchange rates for the RMB against the British pound, euro and Japanese yen. Plus, a recap of GlobalRMB’s top stories this week.

    26 Aug 2016

  • Baoxin exits with bigger $750m borrowing

    Baoxin Auto Group has hiked the size of its latest borrowing to $750m from $550m, after its acquisition by China Grand Auto made the deal more appealing, according to bankers.

    26 Aug 2016

  • Dentons snags new capital markets partner

    The Hong Kong office of law firm Dentons has bulked up its capital markets group with a new partner.

    26 Aug 2016

  • Parent gives nod to BoCom International IPO

    Bank of Communications Co is moving ahead with the IPO of its investment banking subsidiary BoCom International in Hong Kong, after its board approved the planned $300m listing.

    26 Aug 2016

  • Cikarang, Far East gauge appetite for dollar bonds

    Indonesia’s Cikarang Listrindo and Hong Kong’s Far East Consortium International have set sights on the international bond market, having appointed banks to work on their respective dollar offerings.

    26 Aug 2016

  • Eastspring appoints new Singapore CEO

    Eastspring Investments has named Phil Stockwell as chief executive officer for Singapore, effective September 1.

    26 Aug 2016

  • CIPS set to become pillar of RMB ecosystem

    The China cross-border interbank payment system (CIPS) may struggle to get a large number of banks to sign up as direct participants, but with new features such as netting set to be added, it will become an essential component of China’s renminbi internationalisation strategy.

    26 Aug 2016

  • Colombia heard prepping bond sale amid peace announcement

    Wednesday’s announcement from Colombia’s government that it had successfully concluded peace talks with the FARC guerrilla group after more than 50 years of war comes just as the sovereign lines up a prefinancing issue in dollars.

    25 Aug 2016

  • Peru's Exalmar seeks consent to shop loan

    Pesquera Exalmar, the Peruvian fishmeal farm, has extended the deadline of a tender offer and consent solicitation on its 7.375% bonds due 2020 from August 19 to August 30 as it seeks bondholder approval for a new senior secured loan.

    25 Aug 2016

  • Yield chasers push Lat Am local currency issuance back on radar

    Latin America global local currency issuance, one of the biggest casualties of the so-called 'taper tantrum' that rocked EM bond markets in 2013, is back on the agenda as dollar yields plummet.

    25 Aug 2016

  • UBS enjoys blowout and boosts hopes for tier two supply

    UBS this week priced a 10 year senior unsecured bond from its holding company that was described as an "absolute blowout", and which has improved prospects for tier two issuance.

    25 Aug 2016

  • Crédit Agricole CIB leans on capital strength to target double revenues

    Though Crédit Agricole is rarely considered one of the glitziest houses in the capital markets, a target of doubling revenues in global markets in five years’ time stands in sharp contrast to the gloom pervading its peers. It’s a plausible plan, too — the future belongs to the well-capitalised.

    25 Aug 2016

  • ANZ and Natixis add to covered pipe

    ANZ New Zealand and Natixis Pfandbriefbank have mandated leads to roadshow euro denominated covered bonds.

    25 Aug 2016

  • Sparebank’s premium ensures swift success

    Sparebank 1 Boligkreditt followed Commerzbank into the covered bond market this week with another 10 year and with a 20bp premium to the German lender, its sale was a lot smoother.

    25 Aug 2016

  • People Moves in Brief

    StanChart names syndicate head - BAML ECM head leaves - Langley retires from Barclays

    25 Aug 2016

  • What the ECB does to corporate capital structures

    It’s hard to shed too many tears when a leveraged private equity company with stacks of non-recourse debt transforms into a respectable listed investment grade corporate, with the attendant switch from mammoth securitization financings to regular unsecured vanilla bonds. But monetary policy is now systematically pushing in this direction.

    25 Aug 2016

  • Portugal and Italy tipped for trades amid downgrade and political fears

    A pair of eurozone periphery sovereigns have deals in the pipeline — but could face problems bringing the trades, bankers warned this week.

    25 Aug 2016

  • UniCredit sees solid interest for rare Italian covered bond

    UniCredit Italy took advantage of constructive conditions and scarce Italian covered bond supply to launch a 10 year on Wednesday. The bank was rewarded with a well oversubscribed order book while paying little new issue premium.

    25 Aug 2016

  • Any Port in a ratings storm

    Amid much turmoil over whether Portugal will lose the one investment grade rating that is keeping it on the European Central Bank’s shopping list, no one is asking a vital question.

    25 Aug 2016

  • SEK USD1.3bn 1.125% Aug 19

    25 Aug 2016

  • Banks rush to comply with new margin regs

    A requirement looming next week for major banks in the US to begin posting initial margin on uncleared swaps has prompted a chaotic scramble to comply with the deadline, said observers, while also elevating concerns about the preparedness of the rest of the market to meet future mandates. Dan Alderson reports.

    25 Aug 2016

  • Barclays blasts through AT1 market as August tops $6bn

    Neither heat nor summer holidays could put a dampener on Barclays’ $1.5bn additional tier one trade on Wednesday. The bank brought in a $15bn book for its deal, and on Thursday was hotly traded on the secondary market.

    25 Aug 2016

  • MTN Leak: Too damn hot

    The heatwave making London so unbearably sticky has, it would appear, also afflicted the Europeans of the MTN market.

    25 Aug 2016

  • EIB USD3.5bn 1.375% Sep 21

    25 Aug 2016

  • Covered issuers seize 'almost free' funding before it disappears

    A surfeit of supply hit the long end of the covered bond curve this week as issuers piled in to take advantage of extraordinarily cheap funding conditions that are unlikely to last long. Bill Thornhill reports.

    25 Aug 2016

  • Clean energy issuers hit back on MBA fear tactics

    Residential Property Assessed Clean Energy (PACE) platforms have hit back against criticism from the mortgage industry, in a tussle over whether PACE loans will rank ahead of mortgages and could push borrowers to take on more debt. Some are seeing comments from the mortgage industry as an attempt to quash a competitor product, which has financed the rapid growth of solar installations in the US.

    25 Aug 2016

  • EM risk rears head as SA suffers political upheaval

    South Africa was thrown into financial uncertainty this week as its finance minister, Pravin Gordhan, became embroiled in a corruption probe by the country’s elite police unit, the Hawks. Volatility hit local currency bonds, which remain some 50bp wider, but the country’s sovereign curve is already recovering and in equities and loans it is business as usual. But some say this underplays the risk of investing in South African assets.

    25 Aug 2016

  • Melrose pulls in £1.6bn for Nortek acquisition

    Melrose, the UK industrial buyouts specialist, completed its jumbo rights issue on Wednesday, raising £1.6bn to partly finance its reverse takeover of Nortek, a US air conditioning systems manufacturer.

    25 Aug 2016

  • LSE and Deutsche Börse submit merger to regulators

    The London Stock Exchange (LSE) and Deutsche Börse have submitted their merger plans to European competition regulators, in the hopes of wrapping up the deal in the first half of 2017.

    25 Aug 2016

  • How low can euro go? SSAs to rip up plans

    A dance of low yield limbo is forcing public sector borrowers to rewrite their autumn funding plans as crushed rates have made the short end of the euro curve all but inaccessible. Lewis McLellan reports.

    25 Aug 2016

  • Business as usual in South African ECM, as PPC, enX group launch rights issues

    The sun continued to shine on South African equity capital markets this week, despite growing political volatility.

    25 Aug 2016

  • EIB reopens jumbo dollars as market prays for dull Jackson Hole

    The European Investment Bank this week cut the ribbon on the post-summer market for large dollar benchmarks, although there were more than a few nervous glances ahead to this Friday’s Jackson Hole speech by US Federal Reserve chair Janet Yellen.

    25 Aug 2016

  • South African loans unruffled though MTN falls short

    The $1bn loan for telecoms firm MTN needed an accordion feature to get it to target size, even though the loan market has so far shrugged off the volatility surrounding allegations against the country’s finance minister.

    25 Aug 2016

  • More to come from Russian borrowers and even chance of M&A

    Loan bankers expect more activity from Russian borrowers in the final months of the year, as Norilsk Nickel prepares to come to the market and rumours circulate of a large M&A financing.

    25 Aug 2016

  • The calm before the dollar storm

    Bankers are braced for a bumper September of corporate dollar issuance as M&A funders look to tap the market amid huge demand for high grade paper.

    25 Aug 2016

  • Turkey investors wary but negative outlook already priced on 18 banks

    Just over a month has passed since the attempted coup in Turkey. With a backlog of issuance from the country sitting in the pipeline, GlobalCapital discussed the investment case with four London-based fund managers.

    25 Aug 2016

  • Saudi hedges in vogue as sov bond looms

    Abundant oil reserves transform a country’s economy. The results are not always positive — some sovereigns suffer from the “Dutch Disease”, which inhibits exports of non-oil goods through an appreciation in the real exchange rate. But overall natural resources, in particular oil and gas, prove to be a boon for the lucky country’s finances.

    25 Aug 2016

  • Banks and exchanges power up in blockchain

    Blockchain initiatives in financial markets came to the fore this week, with a group of banks teaming up to apply the technology to making payments and settling transactions, while a survey of 25 financial exchanges found that most of them are testing distributed ledger technology.

    25 Aug 2016

  • Langley retires from Barclays

    John Langley, who heads global financing and risk solutions at Barclays, the division covering DCM, ECM, leveraged finance and risk solutions, is retiring from the industry. He has been with Barclays for 10 years, and the industry for 26.

    25 Aug 2016

  • HPA prices its second SFR ABS transaction of the year

    Home Partners of America (HPA) priced its second single family rental (SFR) transaction of the year this week, bolstering what has otherwise been a quiet corner of the US securitization market in 2016.

    25 Aug 2016

  • Nordea turned to dual advisers to structure debut CDO

    Nordea said that Barclays and JP Morgan, alongside its own investment banking arm Nordea Markets, worked on its landmark €8.4bn synthetic CDO, the bank’s first and the first from the Nordic region.

    25 Aug 2016

  • Hemso, GGND sound opening shot for a buzzing September

    Hemso Fastighets and Galp Gas Natural Distribuiçao on Thursday mandated banks to issue bonds during the first two weeks of September.

    25 Aug 2016

  • Fixed income fuels record earnings at RBC

    After reporting two consecutive quarters of year-on-year decreases in capital markets revenue, Royal Bank of Canada delivered a C$635m profit from the division as the bank booked record third quarter results.

    25 Aug 2016

  • Fisch boosts its convertibles desk with two key hires

    Fisch Asset management, the boutique asset manager, has made a pair of appointments in its convertible bond team.

    25 Aug 2016

  • Land NRW gets longest Laender deal ever

    The State of North Rhine-Westphalia sold on Thursday the longest dated benchmark ever from a German state, in a move which may encourage other Laender to follow suit.

    25 Aug 2016

  • HC fills in Italcementi’s LBO funding gap

    The gap to repay a €2.7bn bridge facility that supports HeidelbergCement's purchase of Italcementi is set to close once the former cashes in the sale of its West Virginia factory.

    25 Aug 2016

  • Covereds look to end August strong

    This week’s covered bond supply has already exceeded the whole of July’s and its likely there will be more deals next week as issuers grab cheap funding before a potential spread widening.

    25 Aug 2016

  • Wanda arm’s new loan sparks off concerns

    Wanda Commercial Properties Hong Kong has made a rapid return to the syndicated loan market, launching a fresh $500m borrowing barely two months after signing its last facility. Simultaneously, parent Dalian Wanda Group is also understood to be seeking a $700m-$800m club loan, prompting discussions about the company’s appetite for debt. Shruti Chaturvedi reports.

    25 Aug 2016

  • Investors and banks seek long dated Gilt in October

    Gilt-edged market makers and investors are calling for the UK Debt Management Office to sell a long dated conventional syndication in October and follow it with an index-linked deal in November.

    25 Aug 2016

  • Poland seals Europe’s inaugural Panda trade

    Poland became the first European country to issue a Panda bond on Thursday, printing a landmark Rmb3bn ($451m) deal. The depreciating renminbi was not enough to put off foreign investors, while the yield pick-up over other sovereign bonds helped ensure a strong order book. Addison Gong reports.

    25 Aug 2016

  • StanChart names new syndicate head for Europe and Americas

    Standard Chartered has named a new head of bond syndicate for Europe and the Americas.

    25 Aug 2016

  • Japanese buyers pile into Kangas

    The long end of the Kanga curve saw action this week, as Japanese investors hunted for yieldy paper.

    25 Aug 2016

  • UBS holdco deal boosts hopes for tier two resurgence

    The €1.25bn 10 year issued by UBS’ holding company (holdco) on Wednesday attracted the largest amount of orders for a non-debut deal of this sort and will spur tier two trades next week.

    25 Aug 2016

  • End of summer heralds block trade bonanza

    Two accelerated bookbuilds lit up the Asian market this week as equity capital market bankers foresaw brightening prospects for block trades. As one banker said that term sheets for potential overnight share sales were “flying around”, the end of the summer could usher in a bumper harvest of deals. John Loh reports.

    25 Aug 2016

  • Sharjah charges on without Citi for sukuk deal

    Citi will not work on Sharjah Islamic Bank’s upcoming bond deal after initially being named on the mandate. The bank could not reach an agreement with the issuer regarding its role on the deal, according to two sources.

    25 Aug 2016

  • Zuma reassurance fails to quell South Africa volatility

    South African president Jacob Zuma has spoken out in support of the country's troubled finance minister, Pravin Gordhan, but this did little to reassure the market as volatility in local currency bonds and the rand extended into Thursday.

    25 Aug 2016

  • Handelsbanken sells out of Industrivärden in $536m clean-up operation

    Handelsbanken sold its entire 6.8% stake in Industrivärden, the Swedish investment company that owns 25% of the bank, for Skr4.49bn ($536m), unwinding the last significant cross-shareholding between Industrivarden and its portfolio of companies.

    25 Aug 2016

  • Huarong International seeks HK$1.5bn in two tranches

    Huarong International Financial Holdings is seeking a HK$1.5bn ($193m) dual tranche loan and has picked a Taiwanese bank to lead the trade.

    25 Aug 2016

  • MTN may need to morph loan to reach $1bn

    The loan for South Africa’s MTN, which is partly underwritten by BAML and Citi, may have to include an accordion feature to hit its $1bn target size, said a banker on the deal.

    25 Aug 2016

  • MAS to rein in Singapore PBs risk appetite in bonds

    The Monetary Authority of Singapore sees scope for more clarity on the disclosure of bond rebates given to private banks, with the Private Banking Industry Group reviewing its code of conduct.

    25 Aug 2016

  • India softens RFP rules after request pulled on pitch failure

    The Indian government has reissued a request for proposals to manage divestments in 51 companies held by its holding company after an initial RFP flagged up problems with conflicts of interest. But with the hitches now fixed, equity capital market bankers are predicting increasing interest from bidders, writes Jonathan Breen.

    25 Aug 2016

  • China Orient finds lowest price among fund managers

    China Orient Asset Management Corp demonstrated its strength in the bond market this week, pricing a $650m deal off the back of a $4.2bn order book.

    25 Aug 2016

  • Motherson eyes QIP as Sebi frowns at drop in volumes

    Motherson Sumi Systems has appointed ICICI Securities, IDFC, IIFL, JM Financial and UBS as the leads on its qualified institutional placement, which is expected to raise $400m-$450m.

    25 Aug 2016

  • RBL Bank hits price roof on hot Rp12bn IPO

    India’s RBL Bank priced its Rp12.1bn ($180.4m) IPO at the top end of guidance after a surge of demand pushed the deal to close nearly 70 times subscribed, said sources familiar with it.

    25 Aug 2016

  • When it pays to save money at any cost

    Issuers are known for a lot of things — their savviness with deals, their eccentricities and sometimes their penny pinching tendencies.

    25 Aug 2016

  • India’s largest stock exchange taps four for listing

    India’s largest bourse, the National Stock Exchange, has moved a step closer to an IPO, naming four firms as joint global co-ordinators for its domestic listing.

    25 Aug 2016

  • Xinyuan attracts yield hunters with $300m transaction

    China’s Xinyuan Real Estate brought a three year deal to the dollar market on Wednesday, attracting yield-hungry investors with an 8% handle.

    25 Aug 2016

  • Corrected: Deutsche sees departure from ECM team

    Hemant Sabherwal, a Hong Kong-based director of equity capital markets at Deutsche Bank, has left the German lender.

    25 Aug 2016

  • Bank Dhofar picks up $100m loan for funding gap

    Five banks have completed syndication of a $100m loan for Oman’s Bank Dhofar. The loan fills a funding gap while the bank waits to sell its first medium term note, the chief financial officer told GlobalCapital.

    25 Aug 2016

  • Who will back UK corporate finance in post-Brexit world?

    The Brexit vote has damaged banks’ UK hiring plans and left their revenue projections in tatters, but the country’s status as Europe’s biggest fee pool will remain intact, writes David Rothnie.

    25 Aug 2016

  • Colombian bonds flat on historic peace announcement with tax reform in focus

    Colombia’s dollar bonds did not budge on Wednesday after the announcement of a successful conclusion of four years of peace talks, but investors and analysts said the news was crucial for the approval of a tax reform needed for the sovereign to maintain its credit rating.

    25 Aug 2016

  • SFC raps Morgan Stanley for internal control failures

    The Securities and Futures Commission (SFC) has reprimanded Morgan Stanley Hong Kong Securities over internal control failures, slapping a fine of HK$18.5m ($2.4m) on the US bank.

    25 Aug 2016

  • BOCHK outlines future of RMB clearing

    The launch of China’s cross-border interbank payment system (CIPS) last year was a milestone for the internationalisation of the renminbi. Close to a year on, Bank of China Hong Kong’s general manager for bank-wide operations, Yang Ru Hai, speaks to GlobalRMB on what it takes to improve RMB clearing and what the future holds for clearing banks such as themselves.

    25 Aug 2016

  • NorthStar back with SLABS offering after four year hiatus

    NorthStar Education Finance (NEF) is looking to the securitization market for funding with a private student loan refinancing deal after a four year pause in issuance.

    24 Aug 2016

  • UBS builds team for blockchain settlement project

    UBS and three other banks are working together to apply blockchain technology to making payments and settling transactions in financial markets.

    24 Aug 2016

  • CIFC to make primary market comeback in September

    CLO manager CIFC is eyeing a September return to the new issue market after sitting on the sidelines to date in 2016, following its acquisition by FAB Partners earlier this month.

    24 Aug 2016

  • Bondholders seek to tear up monster swap debt to Lloyds, UBS

    Bondholders in Fairhold Securitisation, a pre-crisis CMBS deal backed by sheltered housing ground rents in the UK, are pushing to tear up a huge swap liability in the structure, which could leave Lloyds and UBS, the swap counterparties, more than £500m out of pocket.

    24 Aug 2016

  • PPC prices its R4bn rights issue

    PPC, the largest listed cement producer in South Africa, has set terms for its R4bn ($280m) rights issue after the deal was almost unanimously approved by shareholders at the start of August.

    24 Aug 2016

  • NWB goes long with MTN

    Nederlandse Waterschapsebank has pushed the funding boat out in euros, by selling a rare 50 year MTN.

    24 Aug 2016

  • SPAR Black Empowerment Trusts sell 3.8% of Spar for R1.5bn

    SPAR BBBEE Retailer Employee Trust and the SPAR BBBEE Employee Trust, have sold 3.8% of Spar Group, the South African supermarket chain, for R1.5bn ($108m) via an accelerated bookbuild that unwound a black economic empowerment scheme set up in 2009.

    24 Aug 2016

  • UBS enjoys ‘absolute blowout’ for 10 year

    UBS has priced a 10 year senior unsecured bond issued from its holding company which was described as an "absolute blowout."

    24 Aug 2016

  • SEK says OK to enlarged bond

    Swedish Export Credit Corporation had to boost the size of a deal on Wednesday as investors flocked into its books, adding to a strong run for short dated dollar issuance over the last few weeks.

    24 Aug 2016

  • AfDB adds to Kanga tapping trend

    The African Development Bank has sold an A$35m ($26.6m) tap of its June 2026 Kangaroo bond.

    24 Aug 2016

  • BNG grabs eight year tap as Land NRW picks banks

    Bank Nederlandse Gemeenten has tapped a June 2024 line, managing to print €400m despite offering a negative yield. Land NRW will sidestep the negative yield problem on Thursday by moving out the curve.

    24 Aug 2016

  • Steinhoff’s $4bn acquisition loan set for signing

    The $4bn of loans for Steinhoff’s acquisition of Mattress Firm are in syndication and due to be signed next week, according to a banker involved in the deal.

    24 Aug 2016

  • Europe develops taste for high yield-lite covenant packages

    High yield deals with weaker covenant protections for investors are taking a larger share of the European market and there is no sign of that trend stopping.

    24 Aug 2016

  • Deutsche extends covered curve

    Deutsche Bank returned to covered bonds for the third time this year on Wednesday, extending its curve with a tightly priced 12 year.

    24 Aug 2016

  • Two borrowers add to CEEMEA pipeline

    Two CEEMEA issuers have picked banks for dollar transactions this week — Russia’s EuroChem and Sharjah Islamic Bank.

    24 Aug 2016

  • Barclays sets terms on $1.5bn AT1

    Barclays has set final pricing on its AT1 deal, placing the deal at 7.875%, the tight end of guidance, on a book of over $11.5bn. The deal follows UK trades from RBS and Standard Chartered a fortnight ago, which gathered combined books of $40bn.

    24 Aug 2016

  • South Africa sells off on Gordhan rumours

    South Africa’s dollar debt had dropped up to two cash points on Wednesday after reports that the country’s finance minister could be charged with an offence rocked the market. While investors are concerned, the relentless bid for EM assets contained the sell-off, an EM banker said.

    24 Aug 2016

  • UniCredit pays tiny NIP to defy pricing expectations

    UniCredit Italy took advantage of constructive conditions and scarce Italian covered bond supply to launch a 10 year and got a well oversubscribed order book, paying little new issue premium on Wednesday

    24 Aug 2016

  • Melrose raises £1.6bn to buy Nortek, as PPC sets a timetable for its debt busting rights issue

    Activity in equity capital markets looks to be growing after a summer lull. Several large transactions have either been announced or completed in Europe and Africa.

    24 Aug 2016

  • Support for Turkish-Japanese Brisa rolls on

    Though many of Turkey’s borrowers are facing ratings downgrades, Turkish-Japanese tyre maker Brisa has raised $310m of loans from Japanese investors and the European Bank for Reconstruction and Development (EBRD).

    24 Aug 2016

  • Asian investors tap KommuneKredit Kanga

    KommuneKredit printed an A$60m ($45.7) tap of its November 2026 Kangaroo bond on Wednesday, with bankers confident more reverse enquiry-driven taps are en route.

    24 Aug 2016

  • Chenavari flags single-B tranches as cheap

    Chenavari Credit Partners has said that European CLO single-B tranches appear "especially attractive" in the primary market, with issuance spreads at an average of 75bp over secondary during July.

    24 Aug 2016

  • FIG sprints through final summer furlong

    The FIG market showed little sign of restraint into the final week of August as a plethora of borrowers launched trades across the capital stack.

    24 Aug 2016

  • High yield heartache as LBOs lead on

    The investment grade bond market saw raging demand for the one small deal of the week, lining the market up for a strong September, while the high yield market has seen appetite for European credits weaken. Investment grade and leveraged loans alike have settled into the summer lull, though Cinven’s latest acquisition could raise hopes for more LBOs in the final quarter.

    24 Aug 2016

  • South Africa reminds investors of risks in EM

    Activity is ramping up in emerging markets with several mandates coming through this week. While the unrelenting buying of the asset class continues, idiosyncratic risks are a reminder of the volatility that can arise.

    24 Aug 2016

  • Jumbos return as market readies for September rush

    The European Investment Bank returned to capital markets with a splash on Tuesday, indicating that, what passed for 2016’s summer break is coming to an end.

    24 Aug 2016

  • China Orient thrives on strong demand to price tight

    China Orient Asset Management Corp sealed a $650m bond off the back of a $4.2bn order book on Tuesday, taking advantage of a strong market to price its deal well under its peers.

    24 Aug 2016

  • RMB on the rise in South Africa, says Swift

    The renminbi rejoined the top five of most used payment currencies in the July rankings from Swift, with South Africa seeing considerable growth in renminbi payments in the past year, the organisation said on August 24.

    24 Aug 2016

  • Jacobson, VPower and Anbang vie for HK IPOs

    The Hong Kong equity capital market is coming back to life with Jacobson Pharma Corp beginning pre-deal investor education on Wednesday for its up to $150m IPO.

    24 Aug 2016

  • NAB seeks soft bullet consent

    National Australia Bank is seeking the consent of investors to change the terms of four covered bonds denominated in a range of currencies, for which it will pay a fee.

    24 Aug 2016

  • Lippo S$350m loan to hit syndication soon

    A S$350m ($259m) loan signed between Lippo Malls Indonesia Retail Trust and a group of lenders is set to go into general syndication.

    24 Aug 2016

  • Mizuho bulks up bonds team with new hire

    Mizuho has added a new member to its debt syndication team for pan-Asia, with Jennifer Wang starting her new role on Monday.

    24 Aug 2016

  • India modifies RFP for Suuti sell-downs

    The Indian government has rejigged the conflict of interest clause in an upcoming request for proposals for sell-downs of companies in the Special Undertaking of Unit Trust of India, according to a source with knowledge of the situation.

    24 Aug 2016

  • Hyundai Capital bags 144A deal in opportunistic return

    Hyundai Capital Services got the timing right on its 144A outing on Tuesday, making an opportunistic move before the markets become crowded with South Korean names. Market participants said HCS’s efforts in putting together its trade paid off, with a win-win outcome for both investors and the issuer.

    24 Aug 2016

  • Xinyuan Real Estate builds orders for new HY bond

    China’s Xinyuan Real Estate opened books for a new three year dollar bond on Wednesday, and is looking to use the proceeds to repay debt, including its outstanding 2018s.

    24 Aug 2016

  • Wanda Properties makes quick return for $500m

    Wanda Commercial Properties Hong Kong is back in the syndication market for a fresh loan of $500m, just two months after its last fundraising.

    24 Aug 2016

  • Laurus Labs files for Rp10bn Indian IPO

    Indian pharmaceutical firm Laurus Labs is planning to go public this year with a Rp10bn ($149.0m) IPO, according to sources familiar with the deal.

    24 Aug 2016

  • Asia IPO round-up: Doosan, WCT, Fullerton

    Doosan Bobcat is expected to start gauging sentiment for its $1bn-$2bn IPO in South Korea immediately after the securities registration statement is filed on September 8, according to bankers on the deal.

    24 Aug 2016

  • Leshi Internet beams $150m into syndication

    Leshi Internet and Information Technology Hong Kong has rolled out a $150m three year facility to general syndication.

    24 Aug 2016

  • Mexico bonds flat on S&P negative outlook

    Standard & Poor’s said on Tuesday that there was at least a one-in-three chance of Mexico receiving a downgrade to its BBB+ rating within the next two years, although bond markets showed no reaction to the announcement.

    24 Aug 2016

  • Colombia to issue dollars soon despite TES announcement

    DCM bankers covering Colombia said they expect the South American sovereign to issue in the autumn despite announcing on Tuesday it would increase local market bond sales by Cp8tr ($2.74bn) this year.

    24 Aug 2016

  • Debut Mulan bond salutes China’s SDR effort, says IBRD

    The World Bank’s debut IMF special drawing rights (SDR) bond — dubbed a Mulan bond — is an acknowledgement of China’s success in reforming the renminbi, George Richardson, the organisation’s director and global head of capital markets, told GlobalRMB.

    24 Aug 2016

  • Banks and fintech: Better connected

    Banks and fintech companies are realising that their best prospects lie in working together. But the relationships come in many forms and regulators are starting to pay closer attention, writes Ellen Sheng.

    24 Aug 2016

  • EFG Bank wins in Asiamoney’s Private Banking Poll 2016

    It was a clean sweep for EFG Bank in Asiamoney’s Private Banking Poll, cementing a strong run that has seen in dominate in multiple categories over the past three years. Shruti Chaturvedi reports.

    24 Aug 2016

  • Tax net closing on private banks

    Private banks have been under sustained pressure to provide more transparency on the work they carry out for their client base in recent years. In Asia, where wealth is growing at the fastest rate globally, local scandals are combining with global regulation to create a thorny environment for the industry. Peter McGill reports.

    24 Aug 2016

  • Banks double down on Asia’s rich

    The growing ranks of Asia’s high net worth individuals are demanding that banks work ever harder to drive the cycle of wealth creation sweeping across the region. Banks serving the wealthy are meeting this challenge through a ‘one bank’ approach that sees them attempt to meld their private and investment banks into one seamless operation. John Loh reports.

    24 Aug 2016

  • HSBC gets six of the best in Asiamoney’s Cash Management Poll

    HSBC swept the Asiamoney Cash Management Poll in 2016, topping all six regional voting categories, across financial institutions and corporates. Deutsche Bank and Citi also had an impressive showing, as cash management bankers strive to turn the challenges arising from increased regulation and macro-economic volatility into an opportunity to provide more intuitive services and advice.

    24 Aug 2016

  • Cash Management Poll: Treasurers have their say

    This year our Cash Management Poll surveyed participants on some of the key topics impacting the industry. Around 3,000 responses were received from corporates and financial institutions with those polled giving their views on tax breaks, non-bank financial companies and the renminbi.

    24 Aug 2016

  • Tumultuous quarter takes chunk out of Prosper earnings

    Prosper Marketplace is the latest in a string of online lending platforms to report a big decline in second quarter earnings, as the California-based lender reeled from chaos in the sector and heavy workforce restructuring costs.

    23 Aug 2016

  • NewStar Financial issues first BSL CLO

    NewStar Financial has issued its first ever broadly syndicated loan (BSL) CLO, the first offering from its newly created Arch Street CLO series, after marketing to investors in both the US and Europe.

    23 Aug 2016

  • No regulatory relief ahead despite US-EU split

    Europe’s faltering on margin rules for uncleared swaps this year has, for some market participants, proved that the trans-Atlantic regulatory rollout has reached breaking point – a reckoning that, perversely, could buy the market some relief in the form of a slowdown in the regulatory pace.

    23 Aug 2016

  • Gagfah repays €2bn CMBS in funding shift

    The senior loans backing German Residential Funding 2013-1 have been repaid, in a move that will hand back nearly €2bn to CMBS investors who bought the deal, with no replacement deal likely.

    23 Aug 2016

  • EIB opens post-summer dollar account as SEK hires banks

    The European Investment Bank kicked off post-summer jumbo dollar issuance on Tuesday with a well-received five year deal, as another issuer jumped in with a shorter dated mandate.

    23 Aug 2016

  • Atlas raises €4bn book as investors return from holidays

    Swedish industrial machinery firm Atlas Copco received eight times the demand required for a €500m 10 year bond on Tuesday, signalling the end of the summer break in the corporate bond market.

    23 Aug 2016

  • Gilt investors and banks seek long dated deal in October

    Gilt-edged market makers and investors are calling for the UK Debt Management Office to sell a long dated conventional syndication in October and follow it with an index–linked deal in November.

    23 Aug 2016

  • Slovenia plans new euro bond with dollar buy-back

    Slovenia intends to buy back up to $1bn of dollar denominated debt following the successful placement of a new euro bond, the country's debt office said on Tuesday.

    23 Aug 2016

  • US HY market liquidity fragile, says MPI

    The unpredictability of economic policies in the US and Europe, paired with increasing default rates, could hit investors in the US high yield market, said Markov Processes International on Tuesday.

    23 Aug 2016

  • Transparency and the tragedy of the commons

    Private executions, club deals, non-disclosure agreements and bilateral executions all have their place in the arsenals of syndicate desks and issuers, particularly in the securitization market. But taken together, they are harmful to the market.

    23 Aug 2016

  • Cinven pops latest €7bn fund for $1.4bn Bioclinica acquisition

    Cinven has made the first acquisition from its latest €7bn European focused fund for US healthcare firm Bioclinica.

    23 Aug 2016

  • Barclays hits dollars for opportunistic AT1

    Barclays on Tuesday announced an additional tier one trade in dollars, taking advantage of an empty despite strong conditions. The deal is expected to be priced on Wednesday.

    23 Aug 2016

  • Time for GDP-linked bonds to shine?

    A Bank of England paper has mooted the idea of GDP-linked bonds as a means of reining in governments’ ballooning debt to GDP ratios.

    23 Aug 2016

  • América Móvil finishes Telekom Austria sell-down

    América Móvil, the Mexican telecoms group controlled by Carlos Slim, has reduced its stake in Austrian communications provider Telekom Austria by 0.89%, in a trade that fulfils a promise made to the Austrian government two years ago to reduce its stake in the company to no more than 51%.

    23 Aug 2016

  • UniCredit to test peripheral covered bond demand

    UniCredit in Italy has mandated leads for the fourth 10 year covered bond of the week, but unlike the others it will offer a double digit return over mid swaps.

    23 Aug 2016

  • Deutsche and ANZ add to covered pipe as PBB hits dollars

    Deutsche Bank is set to issue the third German Pfandbrief of the week after mandating leads for an ultra-long benchmark. Meanwhile, Deutsche Pfandbriefbank (PBB) has priced the fifth dollar Pfandbrief of the year.

    23 Aug 2016

  • Sparebank’s premium ensures swift success

    Sparebank 1 Boligkreditt on Tuesday followed Commerzbank into the covered bond market. By coming 20bp back of Commerz, the Norwegian sale was much smoother.

    23 Aug 2016

  • Oberbank contemplates €100m rights issue as profits grow

    Oberbank, the Austrian regional lender, is considering a €100m rights issue in the fourth quarter to strengthen its balance sheet and finance its plans for expansion and earnings growth, the company said this week.

    23 Aug 2016

  • Turkey pipeline primed but who will buy?

    Just over a month has passed since the attempted coup in Turkey. With a backlog of issuance from the country sitting in the pipeline, GlobalCapital discussed the investment case with four London-based fund managers.

    23 Aug 2016

  • IFC finds broad interest for Kanga tap

    International Financial Corporation more than doubled its initial target by tapping its July 2026 Kanga bond for A$125m ($95.5m) on Tuesday. The large size was due to an unusually wide investor base, a banker on the deal said.

    23 Aug 2016

  • Royal loan default is a time for introspection

    Royal Industries Indonesia rattled the loans market last week when it failed to pay the first principal instalment on a $380m deal signed in June 2015. The incident has caused consternation among participating banks, with many being quick to blame the bookrunners on the trade. But this should be a wake-up call to lenders, who need to re-examine their internal approval procedures.

    23 Aug 2016

  • Datang refiles without Morgan Stanley, Meitu preps HK IPO

    Datang Environment Industry Group Co has refiled its IPO application with the Hong Kong bourse almost a year after its first attempt at a listing, but this time without Morgan Stanley as a joint sponsor.

    23 Aug 2016

  • China Orient returns to dollars with new five year

    China Orient Asset Management Corp is set for a new five year dollar bond, opening books for the deal on Tuesday morning.

    23 Aug 2016

  • NSE taps four for IPO as Suuti pulls RFP

    India’s National Stock Exchange has appointed four banks, Citi, JM Financial, Kotak Mahindra Capital and Morgan Stanley, as joint global co-ordinators for its domestic IPO.

    23 Aug 2016

  • ChemChina's $12.7bn Syngenta loan wraps up

    General syndication for a $12.7bn loan to back China National Chemical Corp’s acquisition of Swiss biotech firm Syngenta is set to wrap up.

    23 Aug 2016

  • Investors gobble up Fantasia dim sum tap

    Fantasia Holdings Group benefited from a quiet market and the rarity element of dim sum credits, adding Rmb1bn ($150.4m) to its 2019s with a quick tap on Monday.

    23 Aug 2016

  • China Resources Cement gets go-ahead for debut Panda

    Hong Kong listed China Resources Cement Holdings has received the greenlight from the National Association of Financial Market Institutional Investors (Nafmii) for its first outing in China’s Panda bond market.

    23 Aug 2016

  • Sime Darby eyes $596m equity fundraising to cut debt

    Sime Darby is planning an overnight share sale that could raise up to MR2.38bn ($595.85m) as the Malaysian property to palm oil conglomerate looks to pare down its debt load.

    23 Aug 2016

  • Hyundai Capital Services revs up for new bond

    Hyundai Capital Services (HCS) opened books for a three year dollar-denominated note on Tuesday, less than six months after tapping the market for its debut green dollar bond.

    23 Aug 2016

  • Ford achieves record pricing with auto ABS return

    Ford Auto Finance (China) broke the pricing record for China auto ABS by a wide margin with its second deal of the year, the Rmb3bn ($450m) Fuyuan 2016-2 Retail Auto Mortgage Loan Securitization.

    23 Aug 2016

  • Total Derivatives: Shorts bid; Scope for CNY flattening

    China has been buying negative-yielding JPY bills to profit from using USD/JPY basis swaps. Short NDIRS have been bid. The curve is flattening and sources see scope for it to flatten further before 1s/10s meets resistance around the 35bp level.

    23 Aug 2016

  • Sovereign upgrade drives buyers to SBC’s comeback

    South Korea’s Small & Medium Business Corp (SBC) pulled in $500m on Monday from its return to the debt market after a hiatus of 10 years. The combination of a recent credit rating boost and its rarity allowed the issuer to price the bond in line with policy banks.

    23 Aug 2016

  • Asia’s best banks stand out

    The period under review has proved one of the most trying for the region’s financial institutions as global problems combine with financial stresses in domestic markets. Amid this turmoil, the best banks have once again proved their ability to outperform. We present Asia's Best Domestic Banks.

    23 Aug 2016

  • Pacific rejects last minute restructuring bid

    Colombian oil company Pacific Exploration & Production’s board of directors said on Monday night that it continued to prefer Catalyst Capital’s original restructuring proposal, which could be approved in a Canadian court on Tuesday, to an alternative bid made last week.

    23 Aug 2016

  • UBS loses Li as deputy China CCS head

    UBS’s deputy head of China corporate client solutions (CCS) left the Swiss bank last month, said sources close to the departure.

    23 Aug 2016

  • ASEAN investor roundtable: Project bonds face long-term challenge

    In a country where bank borrowing forms a large part of infrastructure project financing, much needs to be done to make Indonesia’s local currency bond market the go-to place for project developers. With no first mover advantage and costs and documentation proving tricky, there is plenty holding back issuers from selling Indonesia’s first rupiah infrastructure bond. Asiamoney talked to a group of leading market participants about the challenges and potential of the southeast Asian country’s long-term project financing bond market.

    23 Aug 2016

  • Chongqing LGFV keeps bond momentum going

    Investors are set to welcome a new Chinese local government financing vehicle to the bond market, with Chongqing Western Modern Logistics Industry Zone Development Construction hitting the road for its maiden dollar outing.

    23 Aug 2016

  • Asiamoney Private Banking Poll 2016 – Full Results

    Asiamoney presents the detailed results for the Private Banking Poll 2016. The searchable tables include the results breakdown by assets under management $1-$5m, $5.01m-$25m and $25m and above. The results are also divided by country.

    23 Aug 2016

  • Asiamoney Cash Management Poll 2016 – Full Results

    Asiamoney presents the detailed results for the Cash Management Poll 2016. The searchable tables include the results breakdown as voted for by both financials (banks, asset managers, hedge funds and insurance companies) and non-financial institutions (corporates, state agencies and public sector companies). Financial results are divided by currency while corporates are broken down by country.

    23 Aug 2016

  • Peruvian Pesquera fishes for further waiver consents

    Pesquera Exalmar, the Peruvian fishmeal farm, has extended the deadline of a tender offer and consent solicitation on its 7.375% bonds due 2020 from August 19 to August 30 as it seeks bondholder approval for a new senior secured loan.

    23 Aug 2016

  • MBA challenges FHA’s PACE guidance

    The Mortgage Brokers Association (MBA) has rallied with ten other trade associations against the Department of Housing and Urban Development's (HUD) guidance recognizing residential Property Assessed Clean Energy (PACE) liens as senior to residential first mortgage liens.

    22 Aug 2016

  • CIFC reaches deal to be acquired by F.A.B. Partners

    US corporate credit manager CIFC reached a deal to be acquired this month by Jersey-based investment management firm F.A.B. Partners.

    22 Aug 2016

  • ABS markets await Friday Fed guidance

    ABS market participants this week are awaiting word on the direction of interest rate policy, as US Federal Reserve chair Janet Yellen is expected to give guidance on the path forward at the Jackson Hole Economic Policy Symposium on Friday.

    22 Aug 2016

  • AfDB places offshore Ghanaian cedi MTN

    African Development Bank has sold a GHS5m ($1.26m) 16% one year note to an offshore investor.

    22 Aug 2016

  • CME adds Australian alumina to futures range

    CME Group has added two futures contract with alumina as the underlying to its base metals range.

    22 Aug 2016

  • SGX agrees terms to buy Baltic Exchange

    Singapore Exchange (SGX) and the Baltic Exchange have agreed terms for a recommended share offer as the Asian company looks to proceed with a proposed acquisition.

    22 Aug 2016

  • Investors still reluctant to bite the high yield bullet

    The European corporate bond buyside sees moving into single-B and lower credits as the least preferable way to add yield, based on figures in Bank of America Merrill Lynch’s August credit investor survey.

    22 Aug 2016

  • Santander overhauls Bilkreditt to dodge negative coupon

    Santander Consumer Bank has overhauled its Bilkreditt 6 ABS, backed by Norwegian auto loans, to avoid the risk that its coupon turns negative.

    22 Aug 2016

  • Manitoba meets appetite with long yen clip

    The Province of Manitoba has printed ¥6bn ($59.3m) of 30 year paper, equalling the province’s longest ever note in the currency.

    22 Aug 2016

  • Pimco takes control of DB non-core mortgage book

    A Pimco-controlled fund has been appointed operating adviser on a £400m book of UK mortgages, securitized earlier this year by Deutsche Bank’s non-core division.

    22 Aug 2016

  • EIB to bring size back to dollars amid favourable swap spreads

    After a steady flow of dollar benchmark issuance at the small end of the size scale from supranationals and agencies over the last month, this week looks set to bring a jumbo-sized deal, after the European Investment Bank mandated for a trade.

    22 Aug 2016

  • ECM co-head Deignan leaves BAML for Lazard

    Mary Ann Deignan, global co-head of equity capital markets at Bank of America Merrill Lynch, has resigned to join Lazard.

    22 Aug 2016

  • Uniper listing on track, sell-downs for next three years

    E.ON’s spinoff of Uniper, its fossil fuels operations, will be completed within weeks as preparations for a listing in Frankfurt near completion, with joint global coordinators JP Morgan and Morgan Stanley potentially first in the queue to handle residual sales of stock over the next three years.

    22 Aug 2016

  • Atlas Copco breaks long Nordic summer with benchmark offering

    Atlas, the Swedish industrial machinery maker, on Monday launched a €500m 10 year note, the first bond roadshow by a Nordic corporate borrower in three months.

    22 Aug 2016

  • Rhätische Bahn takes first dip into Swissie market

    Rhätische Bahn entered the Swiss franc market on Monday for the first time ever with a Sfr200m ($207.6m) nine year and fifteen year dual tranche deal.

    22 Aug 2016

  • Covered bonds to lead FIG supply

    Commerzbank and Sparebank 1 Boligkreditt have mandated leads for 10 year euro covered bond benchmarks after WL Bank issued a 10 year on Monday. Deutsche Pfandbriefbank is due with a dollar-denominated Reg S covered bond benchmark, while the main supply in capital comes from DBS Bank.

    22 Aug 2016

  • WL Bank pays lowest 10 year covered coupon

    With a coupon of 0.10%, Monday’s €500m Pfandbrief from WL Bank had the lowest ever coupon on a benchmark 10 year covered bond — a result which Commerzbank was expected to follow.

    22 Aug 2016

  • Norilsk Nickel navigates international loan market

    Russian metals producer Norilsk Nickel is gearing up to launch a loan with international banks, having already secured a large unsecured facility from Chinese banks this year.

    22 Aug 2016

  • IDX launches IPO service to encourage listings

    The Indonesia Stock Exchange (IDX) has opened an online information service to educate private companies on the benefits of listing, according to a document from the bourse.

    22 Aug 2016

  • Poland to make Panda debut on Thursday

    The Republic of Poland will open books on Thursday on the first Panda bond from a CEEMEA issuer and is looking to print with a 3% handle, according to a banker at one of its leads.

    22 Aug 2016

  • DBS mandates banks for debut dollar AT1

    DBS Group Holdings has hired five firms to prepare its maiden dollar-denominated additional tier one bank capital offering.

    22 Aug 2016

  • Loan Ranger: Holibobs

    The loan market takes some well-earned respite, with some members more adventurous than others.

    22 Aug 2016

  • Sebi calls on banks after QIPs drop, PNB housing starts IE

    India’s market regulator met with a group of local and international investment banks last week in a bid to determine why the number of qualified institutional placements has dropped this year, according to sources.

    22 Aug 2016

  • Ethoz drives in for S$120m three year

    Singapore-based auto leasing company Ethoz Group is gauging appetite for a syndicated loan of up to S$120m ($89m).

    22 Aug 2016

  • Samsung Heavy plans W1.1tr rights issue in November

    Samsung Heavy Industries Co is looking to raise about W1.1tr ($976.1m) from a rights offering in November, according to a source familiar with the matter.

    22 Aug 2016

  • SBC returns to debt market after 10 year break

    South Korea’s Small & Medium Business Corp (SBC) has returned to the international debt market after a decade-long absence, launching a new 10 year dollar note on Monday.

    22 Aug 2016

  • S&P slaps Mongolia with second downgrade in a year

    S&P Global Ratings lowered its rating on Mongolia to B- from B, citing the country’s weaker fiscal performance and growth prospects. This is a further blow to the country, which was already downgraded by one notch in November 2015.

    22 Aug 2016

  • Nafin plots green bond in Mexican pesos

    Mexican government-owned development bank Nacional Financiera (Nafin) will announce a green bond in Mexican pesos at the end of the month, which will aim to raise up to Mp2bn ($109m) to finance renewable energy projects.

    22 Aug 2016

  • O’Hara dips back into Pacific bid

    A last minute bid by O’Hara Administration to interrupt Colombian oil company Pacific Exploration & Production’s restructuring with Catalyst Capital offers sweeter terms for creditors but may struggle to find support among bondholders.

    22 Aug 2016

  • Fantasia makes dim sum comeback with tap

    Fantasia Holdings Group made a rapid return to the dim sum bond market on Monday, opening a tap of its Rmb600m ($92.4m) 9.50% 2019s sold in April this year.

    22 Aug 2016

  • Akbank’s three year tranche withers, one year survives

    Appetite for the longer-dated tranche in Akbank’s refinancing was so low that the deal shrunk by more than two thirds and only received commitments in euros. The one year piece was about the same size, however.

    19 Aug 2016

  • OCI Nitrogen picks ten new banks for €550m refi

    OCI Nitrogen, the subsidiary of fertiliser giant OCI, has signed a €550m credit agreement with 17 banks, 10 of which are new lenders.

    19 Aug 2016

  • P&M Notebook: Holiday slumber

    JP Morgan announces an exciting new initiative — but everyone who knows what it’s about is on holiday.

    19 Aug 2016

  • Tight French covered bond spreads could pique issuer interest

    French issuers could be drawn to opportunistic covered bond trades in the next few weeks, with French deals trading inside German Pfandbrief paper for the first time.

    19 Aug 2016

  • Funding scorecard: supranationals

    This week's scorecard looks at where supranationals are in their funding programmes ahead of the September rush.

    19 Aug 2016

  • SSA secondary pricing: featuring Alberta's $1bn 10 year

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

    19 Aug 2016

  • Ju Teng International seeks $250m with quartet

    Four banks have launched a $250m syndicated loan for Taiwanese notebook casings maker Ju Teng International.

    19 Aug 2016

  • China Everbright Bank plans maiden dollar bond

    China Everbright Bank has hired four firms to arrange meetings with fixed income investors ahead of a planned dollar-denominated offering.

    19 Aug 2016

  • Chalco bags $800m as books overflow

    Aluminum Corporation of China (Chalco) priced a larger-than-planned $800m deal on Thursday, taking advantage of strong investor interest that led to a 10x covered book.

    19 Aug 2016

  • Hong Kong readies launch of circuit breaker

    The Hong Kong Stock Exchange is preparing to launch a new system for controlling excess volatility in the market, following in the footsteps of other global bourses with circuit breakers.

    19 Aug 2016

  • Three tipped for Oil India loan for Russia oilfield acquisition

    Oil India is understood to have zeroed in on three banks to arrange new debt, following a request for proposals for a $650m loan with a $200m greenshoe option.

    19 Aug 2016

  • Shanghai to fulfill RMB ambitions with FTZ bond

    The Shanghai city government announced this week that it is exploring the possibilities of a free trade zone (FTZ) bond as part of China’s broader goal to provide more onshore renminbi products for international investors.

    19 Aug 2016

  • Laos's EDL Gen plugs in for dollar bond in Thailand

    Electricite du Laos Generation Public Company (EDL Gen) is looking to sell a $300m bond in Thailand late next week, and has mandated two banks to lead the deal.

    19 Aug 2016

  • RBL Bank hits the market with Rp12bn IPO

    India’s RBL Bank opened books on Friday for an up to Rp12.1bn ($180.8m) IPO — the first listing from a bank in the country in more than five years.

    19 Aug 2016

  • RMB round up: Stock Connect flows boosted, MRF gains traction, BOC index recovers

    In this round up, Stock Connect flows boosted by Shenzhen Connect announcement, mutual recognition of funds (MRF) broadens fund selection, and Bank of China’s cross-border RMB index picks up in June. Plus, a recap of GlobalRMB's top stories this week.

    19 Aug 2016

  • India names banks for $250m Hudco sell-down

    The Indian government has picked four banks to run its planned stake sale in Housing and Urban Development Corp, which could raise up to $250m, according to sources close to the deal.

    19 Aug 2016

  • Catalyst in place for Pacific’s low debt future

    Bondholders are confident that a late attempt to derail Colombian-Canadian oil company Pacific Exploration & Production’s planned restructuring with Catalyst Capital will not succeed, after creditors this week overwhelmingly approved the proposed reorganisation.

    18 Aug 2016

  • Salta drives by for tight tap with Lat Am paper in short supply

    Bankers and investors see no signs of cooling in Latin American bond markets, as hefty inflows continue to leave technicals firmly in the favour of issuers.

    18 Aug 2016

  • Bionor Pharma pulls in Nkr104m for advanced HIV drug trials

    Bionor Pharma, the Norwegian biotech firm focused on developing a cure for HIV, will raise Nkr104m ($12.6m) after it simultaneously priced its private placement and announced a fully underwritten rights issue on Thursday.

    18 Aug 2016

  • ABS investors slam dealer community

    Declining primary supply, an increase in buy-and-hold investors and the retreat of dealers has turned the European securitization secondary market into a difficult place to trade. But investors are becoming increasingly frustrated even with the dealers that remain in the business.

    18 Aug 2016

  • Suncorp-Metway taps long end with Aussie covered bond

    While the European covered bond pipeline is largely barren, Australian issuer Suncorp-Metway this week pulled in A$350m with the first Australian dollar denominated 10 year covered bond seen since 2014.

    18 Aug 2016

  • ICE fights back in Trayport comp challenge

    Intercontinental Exchange has battled to deflect a potentially deal-busting challenge of its takeover of Trayport, the trading software company, by the UK's Competition and Markets Authority.

    18 Aug 2016

  • EM borrowers need to get it while it’s hot

    EM bonds are the must-have item of 2016 — an oasis in a yield-less desert. Record investor inflows are fuelling rising asset prices. It will not last forever, so borrowers should take advantage.

    18 Aug 2016

  • Egypt mandates as it nears IMF agreement

    Egypt has picked four international banks to manage its upcoming bond sale as it awaits approval on a $12bn extended fund facility (EFF) from the IMF’s executive board.

    18 Aug 2016

  • Thriving European CLO scene woos virgin issuers

    A summer rally in the European CLO market is driving asset managers from both sides of the Atlantic to start laying the groundwork for pitching debut deals to investors on the continent.

    18 Aug 2016

  • Banks look to squeeze last drops of demand from fruitful dollar summer

    Demand for subordinated debt in dollars has been unrelenting this summer, and has shown few signs of fading. As Europe’s banks look ahead to a busy September in the euro market, there is more than enough motivation for issuers to give dollars one last hurrah, writes Tyler Davies.

    18 Aug 2016

  • ABS investors riled by lack of dealer support

    Declining primary supply, an increase in buy-and-hold investors and the retreat of dealers has turned the European securitization secondary market into a difficult, illiquid place to trade. But investors are becoming increasingly frustrated even with the dealers that remain in the business.

    18 Aug 2016

  • Intercontinental Hotels GBP350m 2.125% Aug 26

    18 Aug 2016

  • Are primary dealerships essential to DCM?

    The cost of primary dealerships is a constant source of trouble for banks, and following several high profile departures from European dealerships, GlobalCapital dug into the data to examine how performance in primary dealerships matches up with the wider world of DCM.

    18 Aug 2016

  • Malaysian palm oil futures start trading

    CME Group has reported the first trading of its US dollar Malaysian crude palm oil futures contracts it launched last month.

    18 Aug 2016

  • NBAD to unlock green bond potential in Middle East with region debut

    National Bank of Abu Dhabi (NBAD) is preparing to issue the first green bond from the Middle East, marking an important step in the development of sustainable bond issuance from the region, even if follow up issuance will be slow to materialise, writes Virginia Furness.

    18 Aug 2016

  • Early push for clarity as regulators seek CCP resolution plan

    The International Swaps and Derivatives Association and PricewaterhouseCoopers were among those wading in with suggestions this week as regulators sought consultation on how best to install a framework to resolve failing central counterparties (CCPs).

    18 Aug 2016

  • People Moves in Brief

    JPM hands syndicate head new role - Deutsche fills ABS syndicate gap - ING makes double hire in ECM

    18 Aug 2016

  • Deutsche Börse draws 89% LSE merger approval

    Deutsche Börse has completed the share exchange offer for its planned London Stock Exchange merger with a final acceptance ratio of 89.04%, far in excess of the required threshold despite a shaky start.

    18 Aug 2016

  • trueEX/CME tout Brazilian real swaps trading

    trueEX, a New York based interest rate swap trading platform, has begun providing execution of Brazilian real swaps cleared at CME Group.

    18 Aug 2016

  • MTN Leak: Olympics fever

    Interest in exotic sports and a streak of nationalism are burgeoning in the MTN market as Olympics fever takes hold.

    18 Aug 2016

  • UK corp QE raises liquidity concerns

    The Bank of England’s revamped quantitative easing programme hit an early snag last week when the central bank failed to source enough Gilts on just the second day of purchases.

    18 Aug 2016

  • Wider swap spreads open dollar door

    A seemingly unstoppable flow of dollar issuance from public sector borrowers looks set to spill into next week, after a slightly undersubscribed deal early this week failed to dent sentiment for other trades.

    18 Aug 2016

  • AT1’s big break

    Recent signals from European regulators over the treatment of additional tier one coupons are great for bank debt investors, but a softer approach may also open up the market to unfamiliar faces.

    18 Aug 2016

  • Loans news in brief — August 18 2016

    Trailstone — Gunvor — Powerflute — Stanbic — Zain

    18 Aug 2016

  • US corporate high grade juggernaut hits summer slowdown

    A handful of small names tapped the US primary corporate dollar market this week as the summer holiday period finally slowed August’s frenetic pace of issuance.

    18 Aug 2016

  • Green market to be safe haven in tricky winter

    The euro market is braced for a difficult close to the year. Given the turbulent conditions expected, green bonds may come into their own.

    18 Aug 2016

  • Debut issuers lured to European CLO market

    Two debut CLO managers, and a repeat US issuer are lining up new European deals, underscoring the attractiveness of the market. With spreads at record tights still offering investors scarce yield, European CLOs are set to enter the last leg of 2016 on a high.

    18 Aug 2016

  • Saudi Arabia to open up IPOs to foreign capital

    Foreign investors will be allowed to participate in Saudi Arabian IPOs from January, the country’s regulator said on Thursday in a move that has been signalled for some time but was nevertheless warmly welcomed by bankers.

    18 Aug 2016

  • KommuneKredit USD1bn 1.125% Aug 19

    18 Aug 2016

  • EBRD USD1.25bn 1.125% Aug 20

    18 Aug 2016

  • London small caps unmuffled as Autins prices IPO, and TwentyFour looks for more

    A handful of small deals enlivened a typical August week for ECM activity in London, with the Alternative Investment Market at the centre of the action.

    18 Aug 2016

  • NRW.Bank USD1bn 1.5% Aug 21

    18 Aug 2016

  • Risk retention clarity aiding US CLO recovery

    The US CLO market has been on a tear this summer, with sources saying that the untangling of the Gordian knot of risk retention is giving the sector a boost and driving spreads to the tightest levels of 2016.

    18 Aug 2016

  • Bid for Russia rarely stronger as borrowers line up autumn trades

    Borrowing conditions for Russian issuers are the best they have been since 2013 and, as changes to onshore funding conditions push more borrowers offshore, several corporates as well as the sovereign are expected to raise international money ahead of US elections in November, according to DCM heads at VTB and Sberbank.

    18 Aug 2016

  • ASB eyes ‘very competitive’ sterling market

    Though there are early signs the recent rally in sterling bond spreads may be fading, ASB Finance this week became the latest bank to take advantage of very attractive funding opportunities in the currency.

    18 Aug 2016

  • Bahrain selects five banks for next Eurobond

    Bahrain has picked five banks to arrange its next Eurobond. With one of those banks also linked to a Saudi Arabia mandate, the deals are expected to be timed to avoid collision.

    18 Aug 2016

  • EDC keeps it tight and short

    Export Development Canada has shown that the lower bound for dollar demand falls below the three year part of the curve, as it drew a well oversubscribed book on Thursday for a no-grow $500m August 2018 Reg S/144a deal.

    18 Aug 2016

  • ECB leaves door open to QE extension, some mull expansion

    The account of the European Central Bank’s July 21 governing council monetary policy meeting, released on Thursday, did little to discredit the view that its corporate sector purchase programme (CSPP) will last beyond March 2017.

    18 Aug 2016

  • CreditSights joins optimistic choir on HY

    Research house CreditSights on Thursday told clients that the high yield bond market should have a busy end of the year, a view that echoes the opinion of other market participants this week.

    18 Aug 2016

  • loanDepot taps debt market as part of capital strategy

    Online marketplace platform loanDepot is accessing the debt market for funding after it postponed plans for an initial public offering last November.

    18 Aug 2016

  • Royal Industries skips first instalment on $380m deal

    Agro-industrial company Royal Industries Indonesia has failed to pay the first principal instalment on a $380m loan borrowed in June 2015. Although the incident was driven by circumstances unique to the borrower, market observers reckoned banks would now be more wary of lending to smaller, privately-held firms from the country. Shruti Chaturvedi reports.

    18 Aug 2016

  • HNA's gategroup acquisition ready for take-off

    Chinese conglomerate HNA officially filed notification of its acquisition of Swiss airline caterer Gategroup this week in a move which market participants hope could provide much needed issuance for a subdued levfin market.

    18 Aug 2016

  • Dim sum bond issuance to spring back to life

    The offshore renminbi bond market has struggled this year thanks to a weakening currency and cheaper funding costs onshore. But a successful deal has raised hopes that issuance may pick up and that dim sum could yet become the go-to market for some borrowers. Narae Kim and Addison Gong report.

    18 Aug 2016

  • BOC Aviation takes flight for $1.5bn revolving facility

    BOC Aviation has ended an eight month break from the loan market, sending out a request for proposals for a $1.5bn revolver.

    18 Aug 2016

  • NRW.Bank to go green in winter

    NRW.Bank will look to bring a euro green bond later this year, perhaps as soon as October, according to head of investor relations Frank Richter.

    18 Aug 2016

  • Myanmar to bolster market via new foreign investment law

    Myanmar is preparing to welcome the third company to its stock exchange next week, which like its predecessors will not raise any new capital. But the country is in the midst of updating its foreign investment laws and the growth of foreign inflows is expected to spur real IPOs, writes Jonathan Breen.

    18 Aug 2016

  • French 'tier three' set to show up late

    French 'tier three' capital's arrival is to be pushed back until October, bankers predicted, as Europe’s banks wait for further clarity on what will count as loss-absorbing debt and euro senior supply dries up.

    18 Aug 2016

  • NBAD leads charge to turn Middle East green

    National Bank of Abu Dhabi (NBAD) is set to hit the road for the Middle East’s first ever green bond, planting a flag in the sand for sustainable bond issuance from the region.

    18 Aug 2016

  • Evraz earns space to breathe on $1.8bn loans

    Russian steelmaker Evraz has amended its loan agreements to prevent it from breaching covenants as volatile commodity prices hit earnings.

    18 Aug 2016

  • All you need to know about Shenzhen-HK Connect

    The unveiling of Shenzhen-Hong Kong Stock Connect this week was accompanied by a series of changes to what is already in place in terms of the overall linkage framework. Here is our lowdown on what you need to know about the initiative.

    18 Aug 2016

  • Egypt mandates as it awaits final approvals from IMF

    Egypt has picked four international banks to manage its upcoming bond sale as it awaits approval on a $12bn extended fund facility (EFF) from the IMF’s executive board.

    18 Aug 2016

  • Citi shuffles Apac capital management team

    Citi has made a couple of senior appointments to its business in Asia Pacific including naming Servaas Chorus as its new head of global capital management for the region.

    18 Aug 2016

  • To do or not to do is the question

    The older I get, the more I realise that there’s absolutely no pleasing some of us — be it retired chaps like me or the young’uns still in the game.

    18 Aug 2016

  • ING hires Lui from Jefferies to head up Hong Kong DCM

    Anna Lui has been appointed head of debt capital markets for Hong Kong at ING.

    18 Aug 2016

  • The future of MMA beyond Stock Connect

    The upcoming launch of the Shenzhen-Hong Kong Stock Connect will give offshore investors access to close to 90% of China’s domestic stock market. Now the focus for the mutual market access (MMA) scheme will turn to new products including ETFs and bonds.

    18 Aug 2016

  • Doosan Bobcat, Ping An win listing approvals

    South Korea’s bourse has given Doosan Bobcat the go ahead for its IPO, as Ping An Insurance Group’s shareholders also waved through its plan to list Ping An Securities Co in Hong Kong.

    18 Aug 2016

  • Capital & Regional's refinancing quest continues

    UK real estate investment trust Capital & Regional is "in advanced discussions with lenders" to refinance a £380m loan after planning the deal since March.

    18 Aug 2016

  • ECBC's Bertalot: covered bonds to go global

    Luca Bertalot, secretary general of the European Mortgage Federation and European Covered Bond Council talks to GlobalCapital about Brexit, the Label, harmonisation, capital floors and a detailed look at the global expansion of covered bonds in the emerging market arena.

    18 Aug 2016

  • Pacific creditors vote for Catalyst despite last minute bid

    Bondholders appeared confident that a late attempt to derail Colombian-Canadian oil company Pacific Exploration & Production’s planned restructuring with Catalyst Capital would not succeed after creditors overwhelmingly approved the proposed reorganisation.

    18 Aug 2016

  • KDB drops Akbank loan after coup jitters leave downgrades looming

    Korea Development Bank, one of the two co-ordinating banks for Akbank’s loan, stepped away from the mandate last week, it has been revealed, after the attempted military coup left the borrower facing a rating downgrade into junk territory.

    18 Aug 2016

  • Morgan Stanley’s activist investor could spell pressure for IB industry

    ValueAct’s involvement in Morgan Stanley could have broader implications for the banking industry, writes David Rothnie.

    18 Aug 2016

  • Royal Industries misses first repayment on $380m loan

    Royal Industries Indonesia is understood to have failed to repay the first principal installment on a $380m loan raised in 2015.

    18 Aug 2016

  • Blackstone acquisition loan for Mphasis enters general

    A $405m loan for Blackstone’s acquisition of Indian fintech firm Mphasis has entered general syndication, a couple of months after the borrower expanded the lending group in the senior phase.

    18 Aug 2016

  • CR Beer seals HK$9.5bn rights issue on strong demand

    China Resources Beer (Holdings) Co has wrapped up a multiple times oversubscribed rights issue, netting HK$9.5bn ($1.2bn), according to a filing with the Hong Kong Stock Exchange.

    18 Aug 2016

  • Malaysia's Serba Dinamik constructs $150m listing

    Malaysia's Serba Dinamik Group is planning to raise as much as MR600m ($150.3m) in an IPO that could hit the market by the end of 2016, according to a source familiar with the matter.

    18 Aug 2016

  • Chalco poised to extract unrated dollar bond

    Aluminum Corporation of China (Chalco) is out with a new five year on Thursday, having registered plans to sell a foreign currency bond with the National Development and Reform Commission last month.

    18 Aug 2016

  • Regs will treat retained portion of Wells CMBS as loans, not bonds

    Wells Fargo issued the US CMBS market’s first ever risk retention compliant deal last month, retaining a 5% vertical interest which sources this week say will be treated like a loan participation rather than a securitization exposure for the purposes of calculating risk based capital charges.

    17 Aug 2016

  • Highbridge looks to lead US CLO charge into Europe

    US credit investment manager HPS Investment Partners, formerly Highbridge Principal Strategies, is looking to issue its first ever European CLO, according to sources speaking to GlobalCapital.

    17 Aug 2016

  • CLO spread tightening driving European market forward

    Spread tightening is creeping down the capital stack in European CLOs, improving the arbitrage for CLO managers while still offering investors yield that is increasingly scarce in other credit markets.

    17 Aug 2016

  • Deutsche Bank names replacement ABS syndicate head

    Deutsche Bank has replaced its head of European ABS syndicate, Bilal Husain, with an internal switch from its credit sales team.

    17 Aug 2016

  • SSAs hit mark in dollars as more issuers tipped to come

    A pair of issuers brought comfortably oversubscribed dollar benchmarks on Wednesday, leading bankers to speculate that other issuers could be tempted to follow with trades in the currency next week.

    17 Aug 2016

  • USPP mart set to shake off summer slumber

    The subdued US private placement (USPP) market could be set to for a rush of deals in September, enlivening what has been a quiet year, writes Robert Cooke.

    17 Aug 2016

  • DBRS names new co-head of sovereign ratings

    Ratings agency DBRS has reshuffled its sovereign ratings team after hiring Nichola James from MUFG to become co-head of the division.

    17 Aug 2016

  • Numerix signs first Thai CVA client

    Numerix, a provider of cross-asset analytics for derivatives valuations and risk management, has signed up Siam Commercial Bank as its first client in Thailand for a credit valuation adjustment (CVA) solution.

    17 Aug 2016

  • CBOE looks to futures in Singapore

    The Chicago Board Options Exchange has obtained regulatory approval for its CBOE Futures Exchange (CFE) to become a registered market operator in Singapore.

    17 Aug 2016

  • LBO volumes floundering but Indian summer plausible

    Sponsor driven merger and acquisition activity has suffered in 2016, with volumes sliding 25% this year to date. There could be a boost to come though, with the final four months of the year historically proving fruitful.

    17 Aug 2016

  • Gunvor subsidiary lands $200m project finance loan

    Gunvor Petroleum Rotterdam, part of Gunvor Group, has secured a $200m project finance loan to develop is refineries and infrastructure.

    17 Aug 2016

  • Trailstone signs debut European borrowing base facility

    Commodities firm Trailstone has signed its first syndicated loan co-ordinated in Europe.

    17 Aug 2016

  • ING beefs up its ECM team

    ING has made a pair of appointments to bolster its equity capital markets business.

    17 Aug 2016

  • Autins Group prices £26.6m post-Brexit IPO

    Autins Group, the UK manufacturer of acoustic and thermal insulation materials, has priced its £26.6m IPO on London’s Aim.

    17 Aug 2016

  • BMW scores with A$150m Aussie MTN

    BMW exceeded market expectations with an A$150m MTN on Wednesday, surprising dealers with the strength of demand it attracted.

    17 Aug 2016

  • Austria’s Porr returns to refinance Schuldscheine

    Austrian construction firm Porr has completed an amended and extended €65m of Schuldscheine signed last year, securing tighter margins and longer tenors.

    17 Aug 2016

  • Undaunted Abengoa discloses plan before last deadline

    Abengoa, the Spanish engineering and renewable energy firm, is heading to its October make-or-break deadline convinced that 75% of creditors will support its final restructuring debt plans, thus avoiding liquidation.

    17 Aug 2016

  • Suncorp-Metway lands A$350m with 10 year covered bond

    Australian issuer Suncorp-Metway pulled in A$350m with the first Australian dollar denominated 10 year covered bond seen since 2014.

    17 Aug 2016

  • CEEMEA sovereigns select September syndicates

    Sovereign mandates are starting to trickle through in CEEMEA as borrowers ready themselves for September. Bahrain has picked five banks to manage a dollar transaction and the market is waiting for updates from Egypt and Nigeria.

    17 Aug 2016

  • MTN’s $1bn loan in final phase

    A couple of banks are finalising their approvals for the $1bn loan for South African telecoms group MTN and the deal is due to sign before the end of next week.

    17 Aug 2016

  • Waha refinances with a few lenders missing

    Abu Dhabi investment firm Waha Capital has signed a $500m loan with a number of international banks from the original facility missing from the refinancing.

    17 Aug 2016

  • Fed up? Potential rate rise bolsters 10 year dollar chances

    Another week, another chunk of short dated dollar benchmarks from public sector borrowers. But there are growing signs that a US rate rise could come sooner than many market participants expect, which will add longer dated trades to the menu.

    17 Aug 2016

  • Sharjah Islamic mandates for dollar sukuk

    Sharjah Islamic Bank has mandated three international banks, as well as several local banks, to arrange a senior dollar sukuk transaction.

    17 Aug 2016

  • Dollar sub top billing in attractive window

    Unebbing demand in the US market tempted Standard Chartered and Société Générale to raise dollar-denominated tier two bonds this week, as the sterling market also extended an uncharacteristic run of new issuance.

    17 Aug 2016

  • Shenzhen Connect: weighing up the changes

    The approval of the Shenzhen-Hong Kong Stock Connect came with a number of changes to the overall structure of the cross-border investment scheme. Markets are now debating the appeal and challenges of the new set-up.

    17 Aug 2016

  • Levfin revs up as IG idles

    European high yield bonds and leveraged loans have maintained interest this week for investors, despite a lack of deals, as other parts of the corporate market have finally been lulled to summer slumber.

    17 Aug 2016

  • ING beefs up its ECM business as TwentyFour comes back for seconds

    August has been a volatile month in recent years, with the Chinese devaluation last summer and a flare-up in Greece's debt crisis. Yet so far indices have remained stable this time. Stability could also be torpor if primary activity is anything to go by. Just a handful of small European deals in progress show a market in the full grip of the summer slowdown.

    17 Aug 2016

  • Shenzhen Connect set for limited impact in primary

    The Shenzhen-Hong Kong Stock Connect could herald a new dawn in opening up China’s capital account, but its impact on primary markets may only be limited, equity capital market bankers said this week.

    17 Aug 2016

  • Banks pitch for NBCC Rp22bn stake sale

    A group of Indian and international banks have signed up to manage the government’s sell-down of NBCC India, which is set to be worth around Rp22bn ($328.5m), a source familiar with the matter said this week.

    17 Aug 2016

  • Five companies await NDRC approval to go offshore

    Five Chinese companies have registered their respective plans to sell offshore foreign currency bonds with the National Development and Reform Commission, according to a note on the regulator’s website.

    17 Aug 2016

  • The lowdown: Shenzhen-Hong Kong Stock Connect

    After years of rumours and months of speculation, Chinese and Hong Kong authorities announced on Tuesday that theShenzhen-Hong Kong Stock Connect had been finally been approved – almost two years since the launch of Shanghai Connect. Here is GlobalRMB's lowdown on what you need to know about the announcement.

    17 Aug 2016

  • Bank Tabungan takes loan into limited syndication

    Indonesian lender Bank Tabungan Pensiunan Nasional, which is backed by Sumitomo Mitsui Banking Corp, is seeking $155m from the syndicated loan market.

    17 Aug 2016

  • IRFC on track for Masala bond next month

    State-owned Indian Railway Finance Corp (IRFC) is steaming ahead with plans to issue its maiden offshore rupee-denominated bond in late September.

    17 Aug 2016

  • Pacific reviews alternative proposal before restructuring approval

    Less than 12 hours before a creditor meeting to approve its drawn-out restructuring, Canadian-Colombian oil company Pacific Exploration & Production said on Tuesday evening that it had received a letter proposing an “alternative transaction”.

    17 Aug 2016

  • Jilin commercial bank eyes listing in HK

    Jilin Jiutai Rural Commercial Bank Corp has filed a Hong Kong IPO application via sole sponsor Guotai Junan International.

    17 Aug 2016

  • Chorus to head Citi Apac capital management

    Citi has named Servaas Chorus as its new head of global capital management for Asia Pacific, according to an internal memo seen by GlobalCapital Asia.

    17 Aug 2016

  • ANZ taps Yeung as chief Greater China economist

    Australia and New Zealand Bank has appointed Raymond Yeung as chief economist for Greater China, which will see him leading the bank’s research team providing macroeconomic analysis for the region.

    17 Aug 2016

  • VW settlement would raise auto ABS questions

    Volkswagen’s proposed buyback offer for cars that violate US emissions standards could create a new set of issues for outstanding ABS transactions backed by affected collateral, according to analysts at Moody’s Investor Service.

    16 Aug 2016

  • SEC settles case with former Goldman RMBS trader

    The US Securities and Exchange Commission (SEC) reached a civil settlement on Tuesday with a former Goldman Sachs RMBS trader for $400,000 and a two year industry ban over the alleged misrepresentation of the price of bonds sold to the bank’s customers.

    16 Aug 2016

  • ISDA rolls out variation margin protocol

    The International Swaps and Derivatives Association (ISDA) has launched a protocol aimed at helping market participants comply with the variation margin requirements that come into force in March next year.

    16 Aug 2016

  • trueEX and CME tout Brazilian real swaps trading and clearing

    trueEX, the interest rate swap trading platform, has begun providing execution of Brazilian real swaps cleared at CME Group.

    16 Aug 2016

  • The first mover advantage in NPL securitization

    Investors in non-performing loan securitizations are a rare find, so issuers which can move early might be better placed to grab some of the limited capital available.

    16 Aug 2016

  • Tullett's voice still in tune as it goes on buyout tour

    Far from seeing Tullett Prebon’s voice-hybrid push as a last stand of the dinosaurs against robot supremacy, those firms going all-in on electronic trading would do well to re-examine their own longevity.

    16 Aug 2016

  • GSE reform is a philosophical posture, not a policy

    There's no true political will to end the dominance of Freddie Mac and Fannie Mae in RMBS. The talk in Washington of restoring the private label RMBS market is driven more by a philosophical push against smaller government than by a coherent plan for change, or a willingness to face the trade-offs it requires.

    16 Aug 2016

  • SSAs need early funding Trump card

    A dangerous and divisive White House hopeful could cause the capital markets problems as the year draws to a close. SSA issuers that have kept the funding taps on through August are taking the prudent approach.

    16 Aug 2016

  • EBRD and KommuneKredit out in dollars after NRW.Bank prints fives

    A pair of public sector borrowers are set to join NRW.Bank in the dollar market this week, taking advantage of good conditions — and with perhaps one eye on the US presidential election in early November.

    16 Aug 2016

  • Deutsche Pfandbriefbank targets short end in dollars

    Deutsche Pfandbriefbank is following fellow German issuer Landesbank Hessen-Thüringen (Helaba) into dollar denominated Pfandbrief, after mandating leads for a three year dollar deal on Tuesday.

    16 Aug 2016

  • Landmark Shenzhen Connect heralds end of aggregate trading quotas

    The Shenzhen-Hong Kong Stock Connect Scheme was officially given the go ahead by China’s State Council on Tuesday, with the Hong Kong Securities and Futures Commission (SFC) making the breakthrough announcement that the entire Stock Connect scheme will now operate without aggregate trading quotas. Exchange traded funds (ETFs) and derivatives are due to come in future expansions.

    16 Aug 2016

  • A look at the rise of the green bond market

    2016 is expected to be another record year for green bond issuance. Here Mirko Gerhold, Head of DCM Bonds Solutions at Commerzbank, explains the evolution and benefits of the green bond sector. He also looks ahead to the trends expected in the next two to three years and how issuers and investors can benefit in this growing market.

    16 Aug 2016

  • Abandoned currency peg opens naira door

    The International Finance Corporation has brought its second Nigerian naira bond of the year, just one week after its first issuance in the currency since August 2015.

    16 Aug 2016

  • Two month turnaround for $600m Zain loan

    Mobile Telecommunications Company Saudi Arabia (Zain) has refinanced a syndicated loan it signed in June for a cheaper, longer dated bilateral deal from ICBC.

    16 Aug 2016

  • Banks to hold up against UK property price drop, say rating agencies

    The UK’s vote to leave the European Union has placed pressure on the country’s property markets, with prices expected to fall in both residential and commercial property. But the sector, and the banks that serve it, are well placed to withstand the pressure, rating agencies have said.

    16 Aug 2016

  • Powerflute picks two banks for €120m refi

    Finnish paper and packaging group Powerflute picked two banks to refinance a €120m acquisition facility.

    16 Aug 2016

  • Intercontinental Hotels strikes alone in the summer

    With most European markets in summer slowdown mode, UK-headquartered hotelier Intercontinental Hotels tapped the sterling market on Tuesday for a £350m bond.

    16 Aug 2016

  • TwentyFour begins additional capital increase to buy more ABS

    TwentyFour Income Fund, a listed fund from TwentyFour Asset Management, the UK asset manager specialising in fixed income, has launched its second capital increase of the summer, to satisfy additional demand and finance the purchase of new securities backed by Dutch consumer loans and British mortgages.

    16 Aug 2016

  • StanChart, SocGen keep summer sub surge alive in dollars

    Standard Chartered and Société Générale were both marketing dollar-denominated tier two bonds on Tuesday, as they looked to add to the $10.45bn of loss-absorbing debt Europe's banks have already raised in the US this month.

    16 Aug 2016

  • Riemser leaves leveraged loans near empty

    German pharmaceuticals firm Riemser allocated its €256m term loan dividend recapitalisation on Tuesday, according to one banker. The deal comes as deal flow in the levloan market dissipates.

    16 Aug 2016

  • Mexican Findep buys back 40% of bonds

    Financiera Independencia (Findep), the Mexican microfinance lender, has closed a tender offer for its 7.5% senior notes due 2019 after an extension to the early bird deadline did little to increase the uptake.

    16 Aug 2016

  • India’s insurance IPO push: best to be prudent

    The Insurance Regulatory and Development Authority of India (IRDA) is looking to make IPOs mandatory for all insurance companies in India that fit the criteria. For some firms, this could be the kick they need to get their act together. But the regulator should be careful about forcing the hands of insurance firms that are not ready for a listing.

    16 Aug 2016

  • Russian rush expected in primary before November

    Borrowing conditions for Russian issuers are the best they have been since 2013 and as changes to onshore funding conditions push more borrowers offshore, several corporates as well as the sovereign are expected to raise international money ahead of the US elections in November, according to DCM heads at VTB and Sberbank.

    16 Aug 2016

  • Ratings agencies split over Noble after banks agree covenant waiver

    Commodities trader Noble Group is in the spotlight again after Fitch and Moody's published divergent ratings on Monday. Fitch took a more benign view on Noble, but Moody's downgraded it to B2 from Ba3 with a negative outlook.

    16 Aug 2016

  • Negative yields? There’s refuge in high yield, says Fitch

    Issuance may be lagging on last year, despite a recent pick-up, but investors are still turning to high yield for returns, Fitch Ratings said in a report on Wednesday.

    16 Aug 2016

  • Stanbic Uganda seeks smaller refi

    Stanbic Bank Uganda, a unit of South Africa’s Standard Bank, is refinancing an $85m loan signed last year for a smaller one, according to one banker on the deal.

    16 Aug 2016

  • Sime picks Saizen for reverse takeover

    Malaysia’s Sime Darby is injecting its Australian properties into Singapore-listed Saizen Real Estate Investment Trust via a reverse takeover in exchange for new units and cash raised from bank debt.

    16 Aug 2016

  • Old Mutual Global Investors appoints head of China business

    Richard Mo has taken up the newly created position of head of China business at Old Mutual Global Investors.

    16 Aug 2016

  • China Aircraft Leasing adds spice to high yield feast

    China Aircraft Leasing Group sealed a $300m five year deal on Monday off the back of a $1.2bn order book, making a swift yet successful comeback just four months after its last trade.

    16 Aug 2016

  • Mizuho and Maybank ink Asian equity partnership

    Mizuho Securities Co and Maybank Kim Eng have formed a partnership to boost their equity brokerage businesses by offering research and trading execution services between Japan and Malaysia.

    16 Aug 2016

  • Lanka Orix to hit road for debut deal

    Lanka Orix Leasing Co (LOLC) is preparing for its inaugural offshore outing, with the Sri Lankan borrower still to decide between US or Singapore dollars.

    16 Aug 2016

  • Doosan Bobcat, Ping An Securities win IPO approvals

    Doosan Bobcat has received regulatory approval for its IPO in South Korea, putting it on track to open books in September.

    16 Aug 2016

  • KEB Hana starts engine for 144A senior return

    South Korea’s KEB Hana Bank is preparing to go live with its second international bond of the year, having hired five firms to arrange a 144A/Reg S trade.

    16 Aug 2016

  • Lending Club gearing up for more deals

    Lending Club is looking to the upcoming ABS East conference in Miami next month to sit down with investors to discuss timing and gauge the appetite for future securitizations, according to marketplace loan investors speaking with GlobalCapital.

    15 Aug 2016

  • Cerberus prices CLO as middle market lags

    Cerberus Capital Management priced its first middle market CLO of the year last week, and the sixth middle market deal of 2016, in what is proving to be a tricky year for middle market managers compared to their peers in the broadly syndicated loan (BSL) sector.

    15 Aug 2016

  • HKEX begins cross-currency clearing

    Hong Kong Exchange, through its subsidiary OTC Clear, has launched a clearing service for cross-currency swaps, beginning with the dollar/offshore renminbi currency pair.

    15 Aug 2016

  • Banca Popolare di Bari preps €480m NPL ABS

    Banca Popolare di Bari is structuring a €150.5m non-performing loan securitization that could be the first to benefit from a state guarantee from the Italian government.

    15 Aug 2016

  • NRW.Bank keeps summer pipeline flowing

    NRW.Bank will on Tuesday become the latest public sector borrower to enter a super strong dollar market that shows no sign of shutting down for the summer, after the German agency mandated banks on Monday.

    15 Aug 2016

  • Tulip Maple makes international debut with sukuk

    Tulip Maple Berhad, a wholly-owned subsidiary of Telekom Malaysia, has printed its first sukuk to be sold outside of Malaysia.

    15 Aug 2016

  • Trader Media East announces $88m capital increase

    Trader Media East, the largest classified advertising firm in central and eastern Europe, has said it will carry out a seven-for-one share offering worth $88m net of expenses.

    15 Aug 2016

  • The Old Lady gives passage to sterling inflows

    Central banks’ power to trigger demand in corporate bond markets was on show this week after investment grade sterling bond funds recorded their highest ever level of inflows, according to Bank of America Merrill Lynch analysts.

    15 Aug 2016

  • Ziggo loan increase astonishes market

    Dutch telecoms firm Ziggo made a bumper increase to its $1.6bn refinancing earlier this week, more than doubling the size of the loans offered and stunning some investors.

    15 Aug 2016

  • Suncorp-Metway to tap long end with Aussie covered bond

    While the European covered bond pipeline is barren, Australian issuer Suncorp-Metway is lining up a new Australian dollar-denominated 10 year covered bond, continuing its tradition of issuing in its home currency.

    15 Aug 2016

  • Bahrain mandates five for Eurobond

    Bahrain has picked five banks to arrange its next Eurobond. With one of those banks also linked to the Saudi Arabia mandate, the deals are expected to be timed to avoid collision.

    15 Aug 2016

  • NN: ‘UK not important enough’ to hurt HY

    While some believed Brexit would be a blow to high yield, it is instead a gentle tap on the shoulder, according to Nationale Nederlander Investment Partners, with the market still set to benefit from investors' search for yield.

    15 Aug 2016

  • Foresight Solar Fund eyes acquisitions after financing frenzy

    After a busy year of loan financing, investment manager Foresight Solar Fund is ready to make acquisitions, after under-performing in the first half of the year.

    15 Aug 2016

  • FIG goes tighter but supply surge set to to stall

    Bankers expect a slowdown in primary supply this week, as FIG issuers reflect on an unseasonably busy period for new issuance. But opportunistic trades remain possible, as spreads tighten across the sector.

    15 Aug 2016

  • PTA picking leads for $320m loan refinancing

    The Eastern and Southern African Trade and Development Bank (PTA) is preparing to refinance a $320m credit line and is in the process of choosing banks to lead the deal.

    15 Aug 2016

  • Tencent launches $3.5bn Supercell acquisition loan

    A $3.5bn dual-tranche borrowing to back Tencent Holdings' acquisition of an up to 76.9% stake in Supercell has gone into general syndication.

    15 Aug 2016

  • JPM gives syndicate head new 'credit product development' job

    JP Morgan has given co-head of global syndicate Ryan O'Grady a job leading the newly established 'credit product development' team. Meanwhile, reporting lines on the desk have changed, and the bank's public finance syndicate has joined the global desk.

    15 Aug 2016

  • World Bank roadshows debut SDR bond in China

    The World Bank began meeting investors this week for a landmark bond denominated in the IMF special drawing rights (SDR), after it gaining approval from the People’s Bank of China. More issuers are lining up to sell SDR bonds, with each trade likely to have unique features.

    15 Aug 2016

  • P&M Notebook: solving the Miz-stery

    Mizuho's FIG expansion is back on track.

    15 Aug 2016

  • India moots compulsory IPOs for insurers

    India’s insurance regulator is proposing to make IPOs mandatory for all insurers that have been in operation for a certain number of years, in a bid to increase their transparency.

    15 Aug 2016

  • Loan Ranger: Festival chic

    The Ranger meets some new faces and ponders what central bankers wear to festivals.

    15 Aug 2016

  • Enter the dragon: China unveils unrestricted CIBM access list

    Six foreign investors have become the first to gain unrestricted admission to the China interbank bond market (CIBM), according to a recently published list.

    15 Aug 2016

  • Spain, Turkey bank risk puts cloak of fear over Europe’s investor outlook

    While the focus has been on how Italy must resolve its banking sector problems, investors should also be keeping an eye on the risks lurking elsewhere in Europe.

    15 Aug 2016

  • Aditya Birla and Grasim merger, BSE hires for IPO

    India’s Aditya Birla Nuvo is planning to merge with Grasim Industries and in the process spin off its financial services business, according to a statement from their parent Aditya Birla Group.

    15 Aug 2016

  • Indonesia, India firms seek $125m in loans

    A power plant construction firm from Indonesia and an equipment and infrastructure finance company from India are raising debt worth a collective $125m.

    15 Aug 2016

  • Yuexiu wraps up tender offer amid debt concerns

    Yuexiu Property has announced the results of its cash tender offer amid concerns over its financial metrics and a possible downgrade to non-investment grade status.

    15 Aug 2016

  • Poland mandates two for Panda bond

    The Ministry of Finance of the Republic of Poland has mandated Bank of China and HSBC as joint lead underwriters to work on the sovereign’s upcoming Panda bond.

    15 Aug 2016

  • Vietnam firm prepares for $108m float

    Vietnam Engine and Agricultural Machinery Corp is set to raise at least D2.4tr ($107.6m) from a listing as it tees up the country’s largest IPO so far this year.

    15 Aug 2016

  • Yangon waves through bank as third exchange listing

    The Yangon Stock Exchange has given the go ahead to Myanmar Citizens Bank (MCB) to float on the bourse, which will make it the third entity to do so.

    15 Aug 2016

  • Jamaica to buy back $785m after bond issue

    Jamaica will replace $785m of existing bonds with cheaper, longer dated debt after wrapping up a tender offer for its 2017s and 2019s on Friday.

    15 Aug 2016

  • Renminbi 8/11: Less complacency, please

    It has been a brave new world for the renminbi since the People's Bank of China (PBoC) shook global markets with its surprise devaluation just over a year ago. But while there are signs that things have moved in the right direction, it seems a little early to trumpet the move as a policy success.

    15 Aug 2016

  • China Aircraft Leasing attracts bids for new five year

    China Aircraft Leasing Group returned for a new dollar-denominated bond on Monday, less than four months after its inaugural appearance in the G3 debt market.

    15 Aug 2016

  • Goldman appoints equities distribution heads for Australia

    Steven Maartensz and Dyson Bowditch have been named co-heads of equities distribution for Goldman Sachs in Australia, according to an internal memo seen by GlobalCapital Asia.

    15 Aug 2016

  • Funding scorecard: French agencies

    This week's scorecard looks at the progress French agencies have made with their funding so far this year.

    12 Aug 2016

  • BNP Paribas brings fixed income teams together

    BNP Paribas has combined its primary markets debt business and credit markets under one management team, co-headed by Martin Egan and Benjamin Jacquard.

    12 Aug 2016

  • MAS Real Estate sells 7.2% of Siruis

    MAS Real Estate, the European property company, has sold 7.2% of its stake in Sirius Real Estate for €29.4m, through an accelerated bookbuild.

    12 Aug 2016

  • Parched investors horde around Commerzbank’s Pfandbrief tap

    With an unreconciled order book of almost €800m, Commerzbank’s €250m negative yielding eight year Pfandbrief tap issued on Friday neatly illustrated the desperation of investors.

    12 Aug 2016

  • World Bank SDR bond caters to Chinese tastes

    The World Bank has mandated banks for its landmark Special Drawing Rights (SDR) bond with market participants expecting a strong response from onshore Chinese investors.

    12 Aug 2016

  • Everbright Securities shines through with $1bn IPO

    Everbright Securities has priced its Hong Kong IPO in the upper half of the marketing range, raising HK$8.62bn ($1.11bn).

    12 Aug 2016

  • Suntec prints rare S$300m Reit CB

    Singapore’s Suntec real estate investment trust (Reit) sold its first convertible bond in three years on Thursday, raising S$300m ($223.1m) after exercising the full greenshoe on the deal.

    12 Aug 2016

  • Samsung BioLogics files for W3tr IPO approval

    Samsung BioLogics has filed a draft prospectus with the Korea Exchange for an IPO it is planning later this year — the float could raise W3tr ($2.7bn), according to a source familiar with the matter.

    12 Aug 2016

  • China Lesso doubles borrowing to $600m

    Home building materials maker China Lesso Group Holdings signed its syndicated loan at $600m, twice the launch size, on Thursday.

    12 Aug 2016

  • Banks pitch for India’s Suuti, Hudco sell-downs

    Four banks have been shortlisted by an arm of the Indian government to sell off its stakes in 51 listed and unlisted companies, with the presentations taking place on August 12.

    12 Aug 2016

  • RMB round-up: HK sees deposits drop, HKEX new contracts set records, Shenzhen Connect closer

    In this round-up, Hong Kong sees further drops in its RMB deposits base in June, new RMB futures contracts on the Hong Kong Exchange (HKEX) reach trading records in early August, and a Chinese regulator sets up a working group to prepare for the Shenzhen Connect launch. Plus, a recap of GlobalRMB's top stories this week.

    12 Aug 2016

  • Limited supply fuels CCB's dim sum ride

    China Construction Bank’s Singapore branch sealed a Rmb1bn ($150m) dim sum transaction Thursday, putting an end to a one-month silence in the offshore renminbi (CNH) debt market.

    12 Aug 2016

  • Citi hands Leung China financial sponsor role

    Citi’s Kenneth Leung will take on an expanded role as head China-focused financial sponsor coverage after Victor Yuan returns to the US, according to a memo seen by GlobalCapital Asia.

    12 Aug 2016

  • Reverse enquiry tempts HNA Group to raise $300m

    HNA Group has sealed its return to the offshore debt market as yield-starved investors nudged the unrated issuer to open a new three year trade. While the order book is not big compared with other recently deals, the issuer was still able price tightly.

    12 Aug 2016

  • China takes lead on M-SDR agenda

    With the World Bank set to issue a ground-breaking bond denominated in IMF special drawing rights (SDR) in China this month, markets are starting to take a closer look at what the odds are for the SDR to pull off its transition to a real-world financial instrument.

    12 Aug 2016

  • SBI makes rapid return with $300m facility

    State Bank of India, which allocated its last loan in June, has launched a fresh financing into the market through five mandated lead arrangers and bookrunners.

    12 Aug 2016

  • Lat Am sovereigns start refi wave as Jamaica, Mexico clinch comprehensive returns

    Mexico and Jamaica carried out triumphant, credit positive liability management exercises this week, as Latin American bankers saw little to suggest the overwhelming demand for yield helping to drive activity in the market will soften in the near term.

    11 Aug 2016

  • Sterling is looking more European than ever

    It is a neat irony that, following the UK’s vote to leave Europe, the sterling bond market is starting to look more and more European.

    11 Aug 2016

  • Chaco trades up as Argentine provinces party on

    One of Argentina’s poorest provinces, Chaco, had some bankers and investors eating their words after it sold $250m of bonds on Wednesday and found enough residual demand to trade up by 50-75 cents on Thursday.

    11 Aug 2016

  • UK RMBS investors — brace yourselves

    The UK’s RMBS market shrugged off Brexit. Whether it can survive the Bank of England’s new Term Funding Scheme (TFS) is another matter.

    11 Aug 2016

  • BancoEstado taps 'women bond' for further ¥15bn

    Chilean state-owned lender Banco del Estado de Chile raised ¥15bn ($147m) in 10 year bonds this week through a tap of its 'women bonds' initially issued in June.

    11 Aug 2016

  • OnDeck sticks to lend-and-hold strategy despite losses

    Online small business lender OnDeck announced in its second quarter earnings call this week that the platform would continue to hold onto a large percentage of loans in originates, even as the strategy resulted in a hefty quarterly loss.

    11 Aug 2016

  • Places for People Treasury plc GBP400m 2.87% Aug 26

    11 Aug 2016

  • BP Capital Markets GBP650m 1.177% Aug 23

    11 Aug 2016

  • Shell International Finance EUR1.25bn 0.375% Feb 25, EUR1bn 0.75% Aug 28

    11 Aug 2016

  • BMW GBP600m 0.875% Aug 22

    11 Aug 2016

  • We shall fund them on the beaches! Summer sizzles for dollar SSAs

    The dollar market for public sector borrowers is showing remarkable disdain for bankers’ summer holiday plans, with a trio of deals printed across the curve during the usually quiet days of August. But this week’s long dated deals are unlikely to signal jumbo 10 year dollar benchmarks’ return from a long vacation.

    11 Aug 2016

  • People Moves in Brief

    BNPP raids Nomura for Benelux FIG — JPM replaces loan trading head with CS hire — Nomura names EM macro head

    11 Aug 2016

  • Sterling’s season in the sun set to last as international investors eye yield

    The corporate sterling bond market, mired in Brexit angst for much of the year, has burst back to strength this week as it beat the euro market on pricing and won the attention of international issuers and investors. Ross Lancaster reports.

    11 Aug 2016

  • Basel risk weight prep helps fuel CDO boom

    More banks than ever are turning to balance sheet CDOs to hedge their loan books, with a boost from Basel plans to increase risk weights for ordinary assets. Institutions such as Crédit Agricole, Credit Suisse and Deutsche Bank have ramped up their issuance programmes, while others are entering the market for the first time, as with Nordea.

    11 Aug 2016

  • The limits to covered bond spread widening

    With new issue premiums set to rise and spreads prone to soften, the covered bond market could be set for a repeat of last year’s spread widening. But this time supply will be more limited, and any move wider won't last.

    11 Aug 2016

  • ADB picks up green bond gauntlet, goes for dual tranche

    Asian Development Bank (ADB) this week became the first supranational issuer to print a dual tranche green bond. But opinion was mixed as to whether such an approach will catch on.

    11 Aug 2016

  • Tullett goes all-in on hybrid voice push

    Tullett Prebon has extended its land grab in hybrid voice brokerage across trading classes, with a foreign exchange platform launch this week adding to recent manoeuvres in other areas such as rates and credit derivatives.

    11 Aug 2016

  • Helaba follows Pfandbrief trail into dollars, more seen

    Landesbank Hessen-Thüringen (Helaba) priced the third dollar Pfandbrief benchmark of the year and is expected to be followed by a succession of dollar trades later in the year.

    11 Aug 2016

  • BNP Paribas GBP650m 1.125% Aug 22

    11 Aug 2016

  • Alberta USD1bn 2.05% Aug 26

    11 Aug 2016

  • HSBC Holdings GBP2bn 2.625% Aug 28

    11 Aug 2016

  • FMS-W USD2bn 1% Aug 19

    11 Aug 2016

  • Tail risk trading takes focus as volatility reaches historic lows

    Dovish actions taken by the Bank of England last week, particularly its sterling corporate bond buying programme, helped send short dated credit and equity implied volatility near to their post-crisis lows, prompting traders to begin to roll out of short volatility trades and size up potential bumps in September.

    11 Aug 2016

  • African sovereigns line up trades to delight of yield starved investors

    A slip-up by Ghana last week has done little to derail investor appetite for African credit and with the low rate environment set to continue, bankers expect no letup in the voracious bid for Africa, which is good news for those sovereigns already lining up trades.

    11 Aug 2016

  • Higher margins loom for Turkish banks after Akbank accepts downgrade condition

    Akbank will widen the margin on its loan by 25bp if the bank is downgraded. The move is a condition the bank’s relationship lenders required after the attempted coup in Turkey on July 15. While Burgan Bank this week avoided a similar clause, other Turkish banks will likely have to accept them.

    11 Aug 2016

  • ADB USD800m 1% Aug 19, USD500m 1.75% Aug 26 green bond

    11 Aug 2016

  • Summer lovin': $40bn books chase red hot AT1 market

    Banks are gearing up to reverse a disappointing year for additional tier one bond issuance. Royal Bank of Scotland and Standard Chartered led the charge this week, and there may be no stopping the turnaround as prices rise and greater regulatory clarity puts investors' minds at ease.

    11 Aug 2016

  • MTN Leak: I can't believe it's not Margerin

    An eagle-eyed Leak reporter spotted a rather narcissistic term sheet typo this week.

    11 Aug 2016

  • US CLO primary market grinds tighter in August

    CLO managers in August are taking advantage of favourable market conditions to price deals at tight spreads after a slow start to August left yield starved investors scrounging for paper.

    11 Aug 2016

  • Crédit Agricole plans synthetic ABS expansion

    Crédit Agricole could expand its synthetic securitization programme to cover more asset classes, after closing a deal to achieve balance sheet relief on a €1bn portfolio of European corporate loans.

    11 Aug 2016

  • Sterling covered bond rally gathers force

    The rally in sterling covered bonds still has some way to go. With another UK rate cut likely and negligible supply, spreads should at least halve in the next few months.

    11 Aug 2016

  • Bank of England bond buying runs into trouble

    The Bank of England’s Gilt buying programme ran into difficulties on Tuesday, securing only £1.12bn — £50m short of its target — despite offering to pay well over market value.

    11 Aug 2016

  • STS framework gets tough review in European Parliament

    Proposed amendments to the “simple, transparent and standardised” securitization framework show that European political sentiment towards the market is hardening, with some suggesting raising risk retention even higher than the 20% level previously put forward.

    11 Aug 2016

  • The end of bank capital alchemy

    Bank capital structuring has become a bit more boring. With little fanfare, regulators have killed some of the most interesting new products in the market before they got off the ground — meaning bank capital alchemy is no more.

    11 Aug 2016

  • Alberta plots global bond future in dollars

    The Province of Alberta is seeking to bolster its following among US investors by becoming a Securities and Exchange Commission registered issuer — a process it aims to complete in September.

    11 Aug 2016

  • Turkey still IG but spreads prompt rotation question

    Last Friday, Turkey managed to cling on to its investment grade status after Moody’s left its credit rating on hold. But with selling pushing the sovereign wider than several countries with lower ratings, bankers and investors are questioning where the money has been moved to.

    11 Aug 2016

  • Abengoa’s latest salvation bid meets sceptic market

    New money, new bonding facilities, a new army of investment funds, and a 97% debt write off were unveiled on Thursday in the latest plan to rescue the Spanish renewable energy company Abengoa from bankruptcy.

    11 Aug 2016

  • Erste pays up to redeem trio of legacy T1s

    Erste Bank announced the redemption of three legacy tier ones this week, with the Austrian lender possibly set to leap into the additional tier one (AT1) market this summer.

    11 Aug 2016

  • IG buyers snacking on sterling but licks lips for fat September in euros

    After Shell printed its €2.25bn dual tranche bond on Wednesday, market participants are expecting an empty two weeks for issuance, before activity restarts at the end of August. That’s for euro houses though. Those banks with sterling operations are enjoying the fruits of Bank of England governor, Mark Carney’s anticipated corporate QE programme, which has accelerated pricing compression in the market. Sterling deal flow can keep pace throughout August it is hoped.

    11 Aug 2016

  • UK bond ETFs draw demand as yields vanish

    Sterling bond yields may be sinking but that has rekindled investor demand for UK bond exchange traded funds at the expense of Gilts, according to IHS Markit.

    11 Aug 2016

  • Starwood European Real Estate Finance wins £73m for investment

    Starwood European Real Estate Finance, the Guernsey domiciled closed-end investment fund focused on real estate debt, has completed a £73m ($94.78m) share placement on the London Stock Exchange.

    11 Aug 2016

  • Isolux: a picture of default and illiquidity

    Spanish engineering firms with exposure in Latin America may not be the most heavily traded segment of the credit markets, but they are certainly proving the most vulnerable.

    11 Aug 2016

  • Sterling bonds come into focus following BoE stimulus action

    With sterling spreads tightening and foreign investors showing increasing interest, both HSBC and BNP Paribas looked to take advantage of funding opportunities in the UK bond market this week.

    11 Aug 2016

  • Ygrene to launch debut public Pace ABS offering

    Property Assessed Clean Energy (Pace) platform Ygrene Energy is planning to launch a debut public ABS transaction following the hiring of three structured finance experts.

    11 Aug 2016

  • Italian NPLs, bumper UKAR deal could accelerate European loan sales

    Sales of Italian assets have driven European loan sales past the figure reached last year, according to a new report from Deloitte, which also said it expects loan sales by the Bradford & Bingley mortgage book owner UK Asset Resolution (UKAR) to boost volumes in the UK market.

    11 Aug 2016

  • Deutsche Börse passes 75% LSE merger vote

    Support for the London Stock Exchange and Deutsche Börse’s merger plans has solidified among the German exchange’s shareholders, with more than 75% having tendered their shares — crossing the original threshold set by management.

    11 Aug 2016

  • Steinhoff loads up for higher Poundland offer

    Steinhoff has agreed a loan with one new lender and bumped up its bridge facility with Crédit Agricole and UniCredit. The steps were taken to support the retailer’s increased offer for the UK’s discount retailer Poundland.

    11 Aug 2016

  • Belarus’ BNB scoops $20m EBRD loan

    SME specialist Belarusky Narodny Bank (BNB) has signed $20m of loans from international lenders and the European Bank for Reconstruction and Development (EBRD).

    11 Aug 2016

  • Sterling covered bond rally gathers momentum

    The rally in sterling covered bonds still has some way to go. With another UK rate cut and limited supply, spreads should halve in the next few months.

    11 Aug 2016

  • Scepticism surrounds slim pricing on Pertamina

    Pricing on a $1.5bn borrowing for Indonesian state-owned oil company Pertamina has become a talking point among loans bankers. Some believe that the loan will not have an easy time in syndication as the cost of funds at Japanese and Taiwanese lenders creeps up, writes Shruti Chaturvedi.

    11 Aug 2016

  • SMBC overhauls Hong Kong and Singapore teams

    Sumitomo Mitsui Banking Corp has made a number of changes to its organisation in Hong Kong and Singapore, in a bid to improve its distribution platform.

    11 Aug 2016

  • Bankers give DBS vote of confidence

    Increased provisioning and DBS’ high exposure to Swiber has raised some questions about the bank’s handling of the problem and the overall quality of Singaporean lenders’ portfolios, considering their local market is heavily composed companies in cyclical sectors such as oil and gas.

    11 Aug 2016

  • Markets adapt to revamped renminbi regime

    It has been one year since China shocked the world with a new methodology for generating its official daily USD/CNY fix that caused a sharp fall in the currency. Market participants told GlobalRMB that the new regime is a step up from the old system, but while more near-term reforms are unlikely, they are bracing for even more volatility.

    11 Aug 2016

  • Morrison launches rare sterling LBO

    Morrison Utility Services launched on Wednesday £170m of loans to early bird syndication, bringing supply to a market where sterling issuance has dropped more than 55% year to date.

    11 Aug 2016

  • Investors flock to StanChart AT1

    Standard Chartered attracted huge demand for a Reg S additional tier one note on Thursday, clearly displaying the asset class’s recovery over the past two months.

    11 Aug 2016

  • India’s Greenko pioneers with first green corp dollar debt

    Greenko Energy Holdings became the first Indian corporate to sell a green bond in US dollars this week, setting a benchmark for high yield names in the sector. Issuers from the south Asian country are leading a charge for green debt in Asia and more corporates are set to follow suit. Addison Gong reports.

    11 Aug 2016

  • GT sell-down bags $172m as SM Prime moots $1bn Reit

    A secondary share sale in Filipino conglomerate GT Capital Holdings fetched Ps8.03bn ($172.14m) on Wednesday, with a shareholder cashing in just as the stock vaulted to a record high.

    11 Aug 2016

  • IL&FS preps Rp15bn third quarter InvIT

    India’s Infrastructure Leasing & Financial Services is eyeing a Rp15bn ($224.3m) IPO for an infrastructure investment trust (InvIT) later this year, according to a source familiar with the matter.

    11 Aug 2016

  • Cineworld bumps up revolver for Empire acquisition

    Cineworld, Europe's second largest cinema operator, has increased the size of its revolving credit facility by £25m to fund its acquisition of five UK cinema sites.

    11 Aug 2016

  • When it’s better to act your age

    I’m not much for technology but one senior banker friend always stresses how important it is for us oldies to live young if we want to understand our juniors better.

    11 Aug 2016

  • Waskita builds biggest Indo listing since 2011

    Waskita Beton Precast is poised to raise up to Rph5.27tr ($402.63m) in what could be Indonesia’s largest IPO in five years, with the firm launching a two week roadshow on Wednesday.

    11 Aug 2016

  • Burgan lands little loan but Turkish banks still face big questions

    Burgan Bank Turkey has signed a $150m one year loan which does not include a margin flex if the bank is downgraded. The signing comes as the country’s larger banks face increasing calls to write in such clauses in case of rating changes.

    11 Aug 2016

  • Cornerstone group propels Everbright to $1bn IPO win

    Everbright Securities braved the summer slowdown this week to seal Hong Kong’s fourth $1bn-plus IPO of 2016. Investors turned up for the deal, but to secure its success Everbright followed its peers in placing a large chunk of the float with cornerstone investors. Although eye-catching, the move did not dampen demand, with orders covering the book throughout its pricing range. Jonathan Breen and John Loh report.

    11 Aug 2016

  • Asian high yield chief departs Deutsche Bank

    Guillaume du Cheyron, head of high yield bond origination and execution for Asia, has left Deutsche Bank.

    11 Aug 2016

  • Egypt mandate verdict imminient

    The deadline for responses to Egypt’s RFP passed at noon in Cairo on Thursday with a decision on the mandate expected as soon as early next week, said one DCM banker.

    11 Aug 2016

  • IFC sells first naira bond since currency peg dropped

    The International Finance Corporation (IFC) has sold the first Nigerian naira bond since the country's central bank abandoned the currency’s peg to the dollar.

    11 Aug 2016

  • CCB SG draws dim sum bids, HNA woos dollar buyers

    China Construction Bank’s Singapore branch is set to price the first offshore renminbi (CNH) bond in over a month, after opening books for a two year trade.

    11 Aug 2016

  • Mizuho names FIG DCM head

    Mizuho has hired a former HSBC banker to head its EMEA FIG team.

    11 Aug 2016

  • Investors ready to bolt into Jamaica tap

    Jamaica announced initial price thoughts of 7% for a reopening of its 8% 2039 bonds on Wednesday as it looks to raise funds to finance a tender offer for its 2017s and 2019s.

    11 Aug 2016

  • BoCom HK scores tight pricing with floater

    Bank of Communications Hong Kong branch made an opportunistic move this week to complete its second dollar bond outing of the year. Its floating rate note attracted a multiple times covered book, allowing it to increase the size of the deal while pushing down funding costs.

    11 Aug 2016

  • China Universal eyes Rmb1bn onshore borrowing

    China Universal Leasing is seeking Rmb1bn ($150.5m) onshore, with two mandated lead arrangers and bookrunners distributing the deal on a best efforts basis.

    11 Aug 2016

  • Ford returns for second lap of China auto ABS

    Ford Auto Finance (China) is set to launch its second auto ABS transaction of 2016 with a Rmb3bn ($450m) offering that is almost identical to its outing earlier in the year.

    11 Aug 2016

  • Chaco defies naysayers to raise $250m

    The province of Chaco, one of the poorest in Argentina, sold $250m of bonds with an average life of seven years on Wednesday and then saw them edge upwards on the break despite scepticism from market participants about the borrower’s credit quality.

    11 Aug 2016

  • ONGC Videsh returns for $800m bridge

    ONGC Videsh is seeking a loan of $800m to support its acquisition of an incremental stake in a Russian oil company.

    11 Aug 2016

  • CFPB update to TRID lacks clarity on RMBS

    An update from the Consumer Financial Protection Bureau (CFPB) on its TILA/RESPA Integrated Disclosure (TRID) rule failed to address key concerns of RMBS market participants regarding who is left holding the bag if compliance is breached.

    10 Aug 2016

  • Avant boosts deal size, prices to strong demand

    Investors poured into online subprime lender Avant’s latest ABS offering this week, leading bookrunners to increase the size of the deal by $55m before pricing on Tuesday afternoon.

    10 Aug 2016

  • Veritas lenders escape at last as QE fires up HY hunger

    One of the longest running and most painful sagas in global leveraged finance came to an end this week when high yield investors on Wednesday accepted Veritas Technologies’ €600m-equivalent secured seven year non-call three senior bond eight months after it was first launched. Victor Jimenez reports.

    10 Aug 2016

  • FMS-W in dollar blowout as Alberta goes for length

    FMS Wertmanagement printed $2bn of bonds on Wednesday for the first time since November 2013 and only the fourth time in its history, as rampant demand in the currency showed no signs of letting up.

    10 Aug 2016

  • Crédit Agricole to broaden synthetic ABS scope

    Crédit Agricole could expand its synthetic securitization programme to cover more asset classes, after closing a deal to move €1bn of European corporate loans off its balance sheet.

    10 Aug 2016

  • SSAs hot for Kangas

    KfW tapped a A$2.1bn 4% January 2019 bond on Wednesday for A$200m ($154.4m), as KommuneKredit reopened a A$215m 2.9% November 2026 for A$25m.

    10 Aug 2016

  • Old Money: The Full Monte

    The world’s oldest bank has trodden a 500-year line between the sacred and the profane.

    10 Aug 2016

  • Dealers line up Isolux auction with one bond in play

    An auction to settle credit default swaps referencing Grupo Isolux Corsán Finance is expected to take place on August 24, the International Swaps and Derivatives Association’s (ISDA’s) EMEA Determinations Committee (DC) said on Wednesday, as it published an initial list of deliverables that only contained one bond.

    10 Aug 2016

  • Banks restructure to meet needs of new look private equity firms

    As lines blur between alternative providers of capital, investment banks are transforming the way they cover them, writes David Rothnie.

    10 Aug 2016

  • Places for People shrugs off rating downgrade with £1bn book for bond

    Places for People, the UK housing company, on Wednesday sold £400m ($519.35m) of bonds with orders more than 2.5 times the offering size, despite tapping the market just two weeks after Moody’s cut its rating to A3.

    10 Aug 2016

  • Royal London and Neuberger Berman lay out new HY funds

    As corporate bond purchases from central banks increase and yields fall, two large players from the high yield buy side have this week announced new products targeting the market.

    10 Aug 2016

  • Shell's CSPP eligibility opens up euros for dual tranche

    Shell made a quick move from publishing earnings results to issuing a dual tranche bond on Wednesday, the euro market’s only investment grade corporate deal of the week.

    10 Aug 2016

  • Sales grow for UK retail firms but no loan refis imminent

    UK retail sales in July increased 1.9% year on year, according to a report from British Retail Consortium and KPMG. But with loan pricing barely budging, there is unlikely to be much deal flow, especially refinancings, from UK retailers this year, according to two bankers.

    10 Aug 2016

  • Danish covereds offer ray of hope amid triple-A gloom

    Next week’s Danish covered bond auctions are eagerly awaited by yield-starved foreign investors. The 30 year callable notes offer the highest yields for a triple-A rated credit to be found anywhere.

    10 Aug 2016

  • RBS, StanChart eye reanimated AT1 market

    Royal Bank of Scotland was marketing a new additional tier one instrument on Wednesday, while Standard Chartered was also looking to take advantage of more attractive spreads across the asset class.

    10 Aug 2016

  • Lenders demand downgrade margin flex for Akbank loan

    Akbank will widen the margin on its loan by 25bp if the bank is downgraded, a condition the bank’s relationship lenders called for after Turkey’s attempted coup on July 15. But two lenders said the step-up should be bigger.

    10 Aug 2016

  • JP Morgan poaches loan trading head from Credit Suisse

    JP Morgan has hired a new head of European loan trading in London, poaching the banker from Credit Suisse.

    10 Aug 2016

  • Gramercy adds co-head of trading desk

    Emerging markets investment manager Gramercy has hired a new co-head of its trading desk.

    10 Aug 2016

  • Nomura appoints new EM head

    Nomura has chosen a senior figure to fill a new post titled head of emerging markets macro for its fixed income business.

    10 Aug 2016

  • Quick fix: Renminbi changes welcomed one year on

    It has been one year since China shocked the world with a new methodology for generating its official daily USD/CNY fix that caused a sharp fall in the currency. Market participants told GlobalRMB that the new regime has been a step up from the old system, but while more near-term reforms are unlikely, they are bracing for even more volatility.

    10 Aug 2016

  • StanChart hires from DB to head regulatory team

    Standard Chartered has hired Daniel Trinder from Deutsche Bank as head of regulatory reform.

    10 Aug 2016

  • Melrose goes ex-rights, as Ascendis raises $83m for European expansion

    European equity capital markets remain muted ahead of what many participants expect to be an extremely busy autumn window. Yet in London, there is one live deal of substantial size progressing steadily towards completion.

    10 Aug 2016

  • Ghana completes buy-back as borrowing costs fall

    Ghana bought back $100m of its outstanding 2017s on Tuesday after postponing a new issue last week which was due to finance a much larger buy-back. Ghana’s bonds have since rallied, bringing the country’s borrowing costs down substantially, according to a fixed income investor.

    10 Aug 2016

  • Ion Pacific hires Nomura banker to capture Asia trade

    Investment and merchant bank Ion Pacific has hired a managing director to help expand its coverage of cross-border opportunities between Asia and the West.

    10 Aug 2016

  • Ticino breaks silence in Swiss francs

    The Canton of Ticino tapped a Sfr120m ($122.8m) 0.4% June 2044 bond on Wednesday for Sfr50m. The issuer took advantage of the absence of Swiss government bond auctions this August and a tighter pricing environment since the UK's Brexit vote.

    10 Aug 2016

  • Asset drought drives demand for SSAs

    Public sector borrowers are extending their run of success in dollars, thanks in part, according to an SSA syndicate banker, to a shortage of places for investors to put cash.

    10 Aug 2016

  • Corporate borrowers ignore summer slowdown memo

    Two weeks into August and the anticipated summer slowdown is still not that slow, with big name borrowers continuing to test both the investment grade and high yield bond market, as well as bringing leveraged loans.

    10 Aug 2016

  • Indo Exim allocates $725m borrowing

    A $725m loan for Indonesia Eximbank has been allocated, with lenders that committed only to the shorter, three year tranche, experiencing a bigger scaleback than those that opted for the five year.

    10 Aug 2016

  • Banks turn attention to AT1s, sterling

    Two banks were looking to raise dollar-denominated additional tier one capital this week, as opportunities presented themselves in high beta and sterling-denominated debt.

    10 Aug 2016

  • CEEMEA bankers start prep for H2

    CEEMEA primary markets have finally become a victim of the summer heat but there’s no snoozing on the beach for syndicate bankers. Planning for the second half of the year has already started in earnest.

    10 Aug 2016

  • Changjiang Securities plans HK spin-off

    Chinese brokerage Changjiang Securities is looking to spin off and list its Hong Kong business, according to a statement from the firm on Tuesday.

    10 Aug 2016

  • Philippine SM Prime eyes up $1bn Reit IPO

    Philippine property conglomerate SM Prime Holdings is planning to raise as much as $1bn with an IPO of a real estate investment trust (Reit).

    10 Aug 2016

  • TCC International hikes syndication to $540m

    Cement producer TCC International Holdings has decided to increase the size of its five year fundraising to $540m from $450m, exercising the full greenshoe.

    10 Aug 2016

  • Pakistan opens way for clearing houses

    The Securities and Exchange Commission of Pakistan (SECP) has approved legislation that will pave the way for the creation of clearing houses, in another boost for its capital markets.

    10 Aug 2016

  • RBL Bank to launch $181m IPO next week

    India’s RBL Bank has fixed the price range and bookbuild dates for its IPO next week, which is set to raise Rp12.1bn ($180.6m).

    10 Aug 2016

  • IMF star pupil Jamaica eyes Thursday pricing after launching LM

    Caribbean island nation Jamaica is planning to issue a new long dated bond to buy back short term debt on Thursday as it looks to take advantage of highly liquid new issue markets and the strong performance of its existing bonds.

    10 Aug 2016

  • Chaco can test Argentina demand in hot market

    The province of Chaco is set to provide a test of demand for Argentine credit with a dollar issue on Wednesday, as bankers and investors acknowledged that favourable market conditions gave the province a good chance of a successful deal despite challenging fundamentals.

    10 Aug 2016

  • Greenko, BoCom HK take orders for dollar outings

    Greenko Investment Company is building books for what will be India’s first dollar-denominated green bond by a corporate issuer. On the same day, BoCom HK has returned with a three year dollar floater.

    10 Aug 2016

  • Wisdom Education, AAB International file HK IPOs

    Wisdom Education International Holdings Co is looking to list in Hong Kong via sole sponsor BNP Paribas, filing an A1 on Tuesday.

    10 Aug 2016

  • Minsheng Leasing launches $200m loan with two

    China Minsheng Hong Kong International Leasing has hit the loan market for a fresh money borrowing of $200m, via two mandated lead arrangers and bookrunners.

    10 Aug 2016

  • Deutsche Bank loses Asia head of high yield

    Guillaume du Cheyron, head of high yield bond origination and execution for Asia, has left Deutsche Bank.

    10 Aug 2016

  • Congo bounces as payment made after default

    Payment of the overdue coupon and principal on the Republic of Congo’s $478m 2029s has sparked a rally in the sovereign’s bonds, but an investor said he was still uncertain whether the default was the result of an administrative error or symptomatic of a deeper problem with the country’s finances.

    09 Aug 2016

  • The limits to covered bond spread widening

    With new issue premiums set to rise and spreads prone to soften, the covered bond market could be set for a repeat of last year’s spread widening. But this time supply is more limited, and any move wider won't last.

    09 Aug 2016

  • Melrose soars ahead of £1.6bn rights issue after Nortek bid is uncontested

    Shares in Melrose Industries, the UK investment firm, began trading ex-rights on Tuesday ahead of its £1.6bn ($2.08bn) rights issue on the London Stock Exchange.

    09 Aug 2016

  • Lending Club ABS a bright spot amid big quarterly loss

    The strong pricing of a Lending Club ABS offering sold by Jefferies last week was the only positive note in an otherwise glum earnings call for the online lender on Monday, as it reported a sharp loss in the second quarter and the departure of chief financial officer Carrie Dolan.

    09 Aug 2016

  • Why central banks should buy in the worst way possible

    Since the August 4 announcement that the Bank of England will purchase corporate bonds again, much chin stroking has occurred about the differences between the Bank’s approach and that of the European Central Bank. In at least one respect, though, the BoE's scheme seems superior.

    09 Aug 2016

  • FMS-W and ADB out in dollars as US yields wobble

    FMS Wertmanagement mandated banks for a dollar benchmark on Tuesday as Asian Development Bank sold a dual tranche dollar green bond, amid a topsy-turvy time for US Treasury yields.

    09 Aug 2016

  • Valeant posts second quarter loss but outlook stays upbeat

    Valeant Pharmaceuticals, the largest obligor across US CLOs, announced a loss for the second quarter on Tuesday, but its CEO reassured investors and lenders that the plan for a turnaround is still on track.

    09 Aug 2016

  • Eurofima taps Kanga bond

    Eurofima has increased its January 2027 Kangaroo bond by A$20m ($15.4m), taking the total outstanding volume of the bond to A$95m. The smaller sized, tap to demand reopening is a growing trend in the market, said bankers.

    09 Aug 2016

  • Carlyle launches final HY piece of Veritas LBO jigsaw

    Veritas Technologies on Tuesday began marketing a €580m-equivalent secured bond, the last leg of the debt package that supports its acquisition by private equity firm Carlyle — and that investors rejected in November 2015.

    09 Aug 2016

  • Tullett adds to voice hybrid push with FX trading platform

    Tullett Prebon has teamed up with GMEX Group to launch a hybrid voice and electronic trading platform for foreign exchange options.

    09 Aug 2016

  • BP prints sterling well inside euro curve

    BP Capital Markets slotted into August’s smooth run of corporate sterling bond issuance on Tuesday, as it issued a benchmark seven year transaction that was priced inside its euro curve.

    09 Aug 2016

  • LME fashions gold/silver spot and futures contracts

    The London Metals Exchange plans to offer a range of exchange traded and centrally cleared precious metal products, starting with gold and silver spot and futures contracts.

    09 Aug 2016

  • German SSA to hit road for potential debut syndication

    HSH Portfoliomanagement, a wind-down agency for non-performing ship financing loans from HSH Nordbank, has hired banks to run a roadshow that could be followed by a debut syndication.

    09 Aug 2016

  • Crédit Agricole to shift €1bn corporate loan portfolio with synthetic ABS

    Crédit Agricole is selling €47.5m of second loss synthetic ABS notes, to achieve balance sheet relief on a €1bn portfolio of European corporate loans.

    09 Aug 2016

  • Banks need to learn from US MMF reform

    Autumn is approaching swiftly and, along with falling leaves and lengthening nights, it will bring US money market fund reform. But banks don't seem ready.

    09 Aug 2016

  • Sponsor funds stocked but LBO issuance to remain slow, says S&P

    Key private equity players have their pools of cash ready to deploy when business valuations drop — yet Standard & Poor’s Global believes that even then, sponsor-led LBOs will be scarce.

    09 Aug 2016

  • Randstad leans on core banks for Monster buy

    Human resources company Randstad will draw down on its existing credit facilities to fund its acquisition of Monster Worldwide, a recruitment service connecting employers and potential employees. The $429m merger could mark the end of a highly acquisitive period for the Dutch group, as the company vowed to limit further M&A spending.

    09 Aug 2016

  • National Bank of Greece closes €300m SME securitization

    National Bank of Greece has landed the first securitization of loans made to Greek small and medium companies since 2007, part of a strategic plan to diversify the bank’s funding and reduce its dependence on emergency liquidity from the Eurosystem.

    09 Aug 2016

  • Morrison Utility launching UK LBO

    Morrison Utility Services is to launch this week loans backing the first UK leveraged buyout since Britain’s vote to leave the EU, according to a banker with knowledge of the deal.

    09 Aug 2016

  • Covered bond supply moves longer as issuers avoid negative yields

    A lingering aversion to negative yielding covered bonds has caused a slight spread inversion in the Pfandbrief curve and caused supply to move longer. And with concerns over a potential repricing of the market mounting, higher yielding non-Eurozone bonds should offer the least execution risk.

    09 Aug 2016

  • Helaba follows Pfandbrief trail into dollars

    Landesbank Hessen-Thüringen (Helaba) is expected to price the third dollar Pfandbrief of the year at the tight end of guidance and inside the level it could have achieved in euros.

    09 Aug 2016

  • Erste may join RBS as AT1 reopens

    Erste Bank announced the redemption of three legacy tier ones this week, with the Austrian lender possibly set to follow Royal Bank of Scotland into the additional tier one (AT1) market this summer.

    09 Aug 2016

  • Nigeria prepares ground for $1bn bond

    Nigeria sent out a request for proposals on Monday for a $1bn bond and has asked for responses by September 19.

    09 Aug 2016

  • Africa shifts up a gear to fulfil RMB potential

    The usage of renminbi in Africa has long been talked up given China’s status as the continent’s largest trading partner. Developments over the past couple of years have been slow, however, though there are now signs of activity with several African nations visiting Hong Kong in November to learn more about RMB reserves management.

    09 Aug 2016

  • Turkish bank MTNs return to form

    A third Turkish bank has returned to the MTN market, joining Vakifbank and Yapi Kredi with a short dated private placement as prices approach the levels they held before the failed military coup on July 15.

    09 Aug 2016

  • CSRC approves CAR’s Panda bond debut

    CAR, formerly known as China Auto Rental, is one step further along with its plan to sell a Panda bond, having received approval from China Securities Regulatory Commission (CSRC).

    09 Aug 2016

  • Chailease sees 20 banks climb in for $195m

    Chailease International Financial Service has upped its three year revolving facility to $195m from an initial size of $130m after some 20 lenders joined during general syndication, sources said.

    09 Aug 2016

  • Alba's $750m loan nears close, looks set to grow

    Aluminium Bahrain (Alba) is finalising its seven year loan this week and will increase the deal beyond the $750m starting size after enjoying a strong oversubscription.

    09 Aug 2016

  • Nomura makes senior China healthcare hire

    Nomura has appointed Ding Ding to its investment banking division in Asia ex-Japan as executive director and head of healthcare for Greater China, according to a memo seen by GlobalCapital Asia.

    09 Aug 2016

  • Thumbs down for Sebi’s start-up listing plan

    The Securities and Exchange Board of India’s (Sebi) move to give the country’s start-ups a leg up deserves an ‘A’ for effort, but is ultimately in vain. The regulator wants to make it easier for start-ups to list and raise funds, but it would be better off scrapping the proposal before getting anyone’s hopes up.

    09 Aug 2016

  • Everbright Securities covers HK$9bn IPO on second day

    China’s Everbright Securities Co has covered its potential HK$9.0bn ($1.2bn) IPO after the second day of bookbuilding, according to source close to the deal.

    09 Aug 2016

  • Mexico prints all-time tightest bonds to remove 2017 maturity

    Latin America’s most frequent sovereign borrower scored two record yields on Monday as technical factors continue to govern investors' behaviour.

    09 Aug 2016

  • HDFC Life prepares for Max Financial backdoor listing

    Two of India’s largest life insurers, HDFC Standard Life Insurance Co and Max Life Insurance Co, have finalised the terms of their merger and subsequent listing on the country’s stock exchanges.

    09 Aug 2016

  • Samsung BioLogics readies W3tr IPO filing

    Samsung Group’s drug manufacturing arm is set to file a draft prospectus with the Korea Exchange this week for an IPO that could raise up to W3tr ($2.7bn), according to a source with direct knowledge of the matter.

    09 Aug 2016

  • StanChart’s RMB index hits two year low

    The Standard Chartered (StanChart) RMB Globalisation Index dropped further in June to a two year low of 1,933 points on the back of poor cross-border renminbi payment volumes, the bank said on August 9.

    09 Aug 2016

  • MMC plans $1bn Malaysian port listing in 2017

    MMC Corp, owned by Malaysian tycoon Syed Mokhtar Al-Bukhary, is considering spinning off its port assets in an IPO that could raise $750m-$1bn, according to sources close to the matter.

    09 Aug 2016

  • IBK takes two track approach for AT1

    Industrial Bank of Korea is poised to reach out to offshore and onshore bond investors for Basel III additional tier one capital later this year.

    09 Aug 2016

  • Bookrunners release guidance on Avant deal

    Subprime consumer marketplace lender Avant kicked off this week’s new issue pipeline with guidance on its latest $200m offering, which is expected to price on Tuesday.

    08 Aug 2016

  • Countrywide payouts being funnelled into US CLOs

    The US CLO market is reaping the benefits of newly enriched investors hunting yield following the $8.5bn Countrywide RMBS settlement, sources told GlobalCapital.

    08 Aug 2016

  • New BoE funding scheme will ‘crush’ primary RMBS market, says investor

    The Bank of England’s new Term Funding Scheme (TFS) could depress UK RMBS issuance, investors fear. But one issuer said it would help bring a “distorted” market back into line.

    08 Aug 2016

  • Melrose jumps 16% as Nortek acquisition moves towards completion

    The share price of Melrose, the UK industrial buyouts specialist, leapt as much as 16% on Monday after the company said the window shop period of its acquisition of Nortek had expired, allowing the deal and Melrose’s jumbo £1.6bn rights issue to proceed.

    08 Aug 2016

  • Madrid crunches coupon via MTN market

    The Autonomous Community of Madrid has crushed its long dated borrowing costs with a 15 year euro medium term note.

    08 Aug 2016

  • TriOptima holds first cleared LatAm swap tear-up

    TriOptima and the Chicago Mercantile Exchange have completed the first triReduce multilateral compression cycle for cleared Mexican peso interest rate swaps, in what they said was also the first compression in a cleared Latin American currency.

    08 Aug 2016

  • BMW rides the sterling wave with six year

    BMW tapped into the increasing pace of corporate sterling bond issuance as it issued a benchmark six year offering against the backdrop of anticipated central bank intervention in the market.

    08 Aug 2016

  • Isolux joins growing list of European credit events

    Grupos Isolux Corsán Finance has triggered a bankruptcy credit event, the International Swaps and Derivatives Association’s EMEA Determinations Committee has ruled.

    08 Aug 2016

  • Last piece of GE UK mortgage book sold in RMBS deal

    Junglinster, an entity owned by funds controlled by TPG Special Situation Partners, Blackstone and CarVal Investors, sold £2.1bn ($2.72bn) of UK nonconforming RMBS paper last Friday, in a deal that was largely pre-placed.

    08 Aug 2016

  • Ratings upgrades help ZF in €3.5bn refinancing

    German automotive supplier ZF Friedrichshafen has refinanced debt it took on for the acquisition of TRW with €3.5bn of loans. The company said credit rating upgrades earlier this year helped it to secure the improved deal.

    08 Aug 2016

  • Loan Ranger: the endless summer

    Loans bankers have been growing hot and bothered in the relentless summer heat.

    08 Aug 2016

  • High yield in high spirits despite dearth of M&A supply on the horizon

    European high yield market participants still believe the market can digest LBOs, even if recent speculative grade M&A activity has avoided bond financing.

    08 Aug 2016

  • Ascendis Health raises $83m for European expansion

    Ascendis Health, the South African manufacturer of diet supplements, garden pesticides and medical equipment, has raised R1.2bn ($83m) through an oversubscribed rights issue that will enable it to complete two European acquisitions.

    08 Aug 2016

  • Less than a week to vote in The Cover 2016 Awards poll

    Over 650 people have already voted in The Cover’s 2016 annual awards survey — GlobalCapital's awards for the covered bond market — and polls are set to close imminently. Be sure not to miss the chance to make your opinion count in what is proving to be a close contest.

    08 Aug 2016

  • Ziggo seeks pre-Vodafone merger refi

    Dutch telecom firm Ziggo marketed a $1.6bn loan refinancing package during an investor call on Monday afternoon, after the European Commission cleared its proposed merger with Vodafone’s dutch unit last week.

    08 Aug 2016

  • Four banks join PWO’s first syndicated loan agreement

    German auto parts manufacturer Progress-Werk Oberkirch (PWO) has signed a €100m syndicated loan with four banks, including one institution lending to the firm for the first time.

    08 Aug 2016

  • NLMK, Severstal rally as sov ceiling pierced

    Standard & Poor’s upgraded Novolipetsk Steel (NLMK) and Severstal to one notch above the Russian sovereign rating at the end of last week, prompting a rally in their bonds as investment grade funds became able to buy the notes.

    08 Aug 2016

  • Steinhoff lays down $3.8bn of loans for Mattress Firm

    South Africa's Steinhoff is lining up $3.8bn in loans to buy bedding retailer Mattress Firm. The acquisition will give the retailer a foothold in the US consumer market.

    08 Aug 2016

  • South Korea earns rating upgrade from S&P

    Standard & Poor’s has upgraded South Korea’s long-term sovereign credit rating by one notch to AA from AA- with a stable outlook, in line with Moody’s Aa2 rating of the country.

    08 Aug 2016

  • Asian bond market calms after frantic week

    There was no sign of a summer slowdown in Asia’s bond market last week with five deals pricing in one day. But that momentum has not carried over into this week as a public holiday takes out some of the heat. But any pause is likely to be temporary, say bankers.

    08 Aug 2016

  • ADB doubles up in green

    Asian Development Bank mandated for a dual tranche global green bond in dollars on Monday, with the longer tranche likely to gain support from investors in Japan, said bankers.

    08 Aug 2016

  • Pertamina nears general syndication for $1.5bn

    Indonesia’s Pertamina is expected to launch its long awaited $1.5bn five year financing into general syndication this week, punctuating a quiet period for the southeast Asian loan market.

    08 Aug 2016

  • BNPP, HSBC look to growing demand in sterling

    BNP Paribas and HSBC followed Barclays into the sterling market on Monday, revealing opportunities in the currency following last week’s Bank of England meeting as spreads grind tighter and book sizes grow.

    08 Aug 2016

  • Afreximbank bulks up with senior loans and agency hire

    African Export-Import Bank has appointed a new director for syndications, after hiring another senior loan syndication banker earlier this summer.

    08 Aug 2016

  • Turkey clings on to IG rating

    Turkey on Friday managed to cling on to its investment grade status after Moody’s left its credit rating on hold.

    08 Aug 2016

  • Turk Eximbank adds to funding flush with $750m loan

    Export credit agency Turk Eximbank has signed a $750m 10 year loan from international lenders, having secured a €400m deal just last month.

    08 Aug 2016

  • Everbright kicks off bookbuild for HK$9bn IPO

    China’s Everbright Securities Co has cracked open books for a potential HK$9.0bn ($1.2bn) IPO — the second listing from a Chinese brokerage in 2016.

    08 Aug 2016

  • Mexico’s investor risk spikes as the US elections approach

    Uncertainty is increasing for peso assets as the fight for the White House heats up. Even a victory for Hillary Clinton comes with reservations attached, demonstrating how it is not just the possibility of Donald Trump winning that is ringing alarm bells.

    08 Aug 2016

  • Dilip Buildcon finds price ceiling with Rp7bn IPO

    Indian construction firm Dilip Buildcon is set to bag Rp6.6bn ($98.9m) from pricing its IPO at the top of guidance. It attracted a horde of investors, finding some share reservations nearly 80x subscribed.

    08 Aug 2016

  • Louis Dreyfus Asia gets $600m loan across the line

    Louis Dreyfus Commodities Asia has wrapped up a $600m revolver after overwhelming demand allowed it to allocate the full greenshoe to banks, raising the total amount by $100m.

    08 Aug 2016

  • DBS second quarter results slide on Swiber affair

    DBS Group's profits stumbled during the second quarter of 2016 as the bank had to put provisions aside to deal with potential effects from its exposure to troubled energy services firm Swiber Group.

    08 Aug 2016

  • China Gas goes public for Panda return

    China Gas Holdings is laying the groundwork for its second Panda bond of the year having applied to the Shanghai Stock Exchange for an issuance quota not exceeding Rmb7bn ($1.05bn). But unlike its debut in the asset class at the start of the year, the issuer will be targeting a wider investor base through a public offering.

    08 Aug 2016

  • Bancomext trades up as Lat Am primary steams ahead

    Mexican government owned lender Bancomext’s latest bond traded up on the break on Friday as Latin American new issue markets continue to benefit from huge inflows into EM bond funds.

    08 Aug 2016

  • DBS forecasts short-term rise for renminbi

    DBS’ head of treasury and markets says there is room for the renminbi to appreciate in the short term. While the longer-term trend is for the currency to fall, the bank’s forecast for USD/CNY remains more upbeat than the market consensus.

    08 Aug 2016

  • P&M Notebook: HSBC's new boss

    GlobalCapital has never worked for Matthew Westerman, but when a new boss comes in, the same sorts of things happen everywhere.

    07 Aug 2016

  • RBS scraps plans to list Williams & Glyn

    Royal Bank of Scotland has abandoned plans to float Williams & Glyn, the subsidiary it must sell by the end of 2017, after it announced a worse-than-expected loss of £2bn in the first half of 2016.

    05 Aug 2016

  • Ethos Capital falls on Johannesburg debut

    Ethos Capital, a permanent capital vehicle belonging to Ethos Private Equity, one of the largest private equity companies in sub-Saharan Africa, had a bumpy ride on its first day of trading on the Johannesburg stock exchange.

    05 Aug 2016

  • Vodafone glides into rallying sterling to print third bond in two weeks

    Vodafone continued to throw primary supply at European corporate bond markets on Friday, printing its third bond in two weeks as it issued a £1bn 40 year deal.

    05 Aug 2016

  • Petit Forestier closes €525m M&A loan oversubscribed

    Petit Forestier, the French refrigerated vehicle leasing firm, closed syndication of its €525m acquisition loan earlier this week with oversubscribed commitments from lenders.

    05 Aug 2016

  • Secondary pricing update: featuring NIB's $1bn five year

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

    05 Aug 2016

  • BNPP boosts FIG DCM with Nomura hire

    BNP Paribas has hired a banker from Nomura to join its FIG DCM team.

    05 Aug 2016

  • Groundhog Day for covered bonds

    In the 1983 blockbuster movie TV meteorologist Phil Connors gets caught in a time loop. With new issue premiums set to rise and spreads prone to soften, the covered bond market could also be set for a repeat of last year, say bank traders, and analysts at Crédit Agricole.

    05 Aug 2016

  • Tullett takes CME hybrid trading tech in house

    Tullett Prebon has bought a long term licence to use CME Group's hybrid voice/electronic trading technology, adding to the interdealer broker's other recent hybrid expansion initiatives.

    05 Aug 2016

  • Post-BofE whopper completes huge week for Barclays holdco

    Barclays raised its first sterling senior debt from its holding company on Friday, taking advantage of a spread rally to round off a big push for holdco this week.

    05 Aug 2016

  • Litigation costs punish RBS as it posts £2bn H1 loss

    Royal Bank of Scotland’s plans to return to profitability have taken another blow after the bank posted a worse than expected £2bn first half loss on Friday morning, which it blamed on mounting legal costs.

    05 Aug 2016

  • Everbright wins cornerstone backing for $1.2bn IPO

    Everbright Securities has signed up eight cornerstone investors for the bulk of its HK$9.02bn ($1.16bn) IPO in Hong Kong, with high profile names such as China Life and Prudential in the fray, said sources.

    05 Aug 2016

  • Dilip Buildcon cements 20x covered Indian IPO

    Indian construction company Dilip Buildcon has raised a potential Rp6.6bn ($98.6m) from its IPO after a robust turnout from investors, with some portions nearly 80x subscribed.

    05 Aug 2016

  • Chalco plans return to offshore bonds

    Aluminum Corporation of China (Chalco) has registered plans to sell a new foreign currency bond with the National Development and Reform Commission

    05 Aug 2016

  • BAML names new Japan economics head

    Bank of America Merrill Lynch has appointed Izumi Devalier as head of Japan economics, poaching her from HSBC in Hong Kong.

    05 Aug 2016

  • RMB round-up: China/UK FTA, CFETS RMB Index recovery, China Taiping enters onshore fund market

    In this round-up, China is open to free trade agreement talks with the UK, China Foreign Exchange Trade System sees its RMB index recover, and China Taiping Insurance Group is set to venture into the domestic mutual fund market. Plus, a recap of GlobalRMB’s top stories this week.

    05 Aug 2016

  • United Energy drills for HK$2.6bn with rights issue

    Hong Kong-listed United Energy Group is planning a rights issue of at least 13.08bn shares to raise a potential HK$2.6bn ($335.2m), according to a filing.

    05 Aug 2016

  • Yunnan Water cuts loan to $130m as cheaper options beckon

    Yunnan Water Hong Kong Co, an affiliate of Chinese provincial government backed Yunnan Water, has capped its latest borrowing at $130m despite having sought $150m originally.

    05 Aug 2016

  • Six banks to lead Nonghyup 144A return

    South Korea’s Nonghyup Bank is looking to reach out to international investors for the first time this year, having hired banks to work on a 144A trade.

    05 Aug 2016

  • UBS puts AT1 back on track after Brexit

    UBS reopened the additional tier one market for the first time since Brexit this week, taking advantage of highly supportive conditions in the dollar market. With the asset class ever more supported by regulators, further issuance could be imminent.

    05 Aug 2016

  • SGX takes the plunge on Baltic Exchange buy

    The Singapore Exchange is going ahead with its plan to acquire London-based Baltic Exchange for £77.6m ($101.7m), half a year after submitting a non-binding bid for the shipping bourse.

    05 Aug 2016

  • VietinBank returns for $100m three year bullet

    VietinBank, one of the largest state-owned commercial lenders in Vietnam, is back in the market with a $100m bullet just five months after signing its previous loan. This time around, the borrower has managed to narrow the margin by 40bp.

    05 Aug 2016

  • IL&FS tees up third quarter Rp15bn InvIT IPO

    India’s Infrastructure Leasing & Financial Services is planning to float an infrastructure investment trust later this year and is targeting a potential size of Rp15bn ($224.0m), according to a source familiar with the matter.

    05 Aug 2016

  • Bancomext blowout caps flying week for Lat Am corporates

    A welcome trio of non-Argentine corporate issuers provided variety to the Latin American new issue market this week, with all three achieving the rare distinction of being praised by DCM bankers both for their timing and for not pushing investors too hard on pricing.

    04 Aug 2016

  • Cabei contemplates green benchmark after Uridashi outing

    The Central American Bank for Economic Integration could return to benchmark issuance in 2017, after this week selling $72m-equivalent of green paper to Japanese retail investors in its first ever SRI transaction.

    04 Aug 2016

  • Investors see value in Enap as Chilean digs for $700m

    EM bond investors said they expected a strong local bid to push new bonds from Chilean government-owned oil company Empresa Nacional de Petróleo (Enap) tighter after the company raised $700m of 10 year senior unsecured bonds on Tuesday.

    04 Aug 2016

  • Microsoft leads dollar charge as corporates frontload

    Microsoft kicked off a front-loaded week of corporate issuance in the dollar market weighted as borrowers emerged from earnings blackout and rushed to print ahead of non-farm payrolls on Friday.

    04 Aug 2016

  • Now the drugs really don't work

    The era of monetary stimulus has become a parade of diminishing returns that cannot continue if health is to return to the global economy.

    04 Aug 2016

  • Recycling NPLs won’t fix Italy crisis

    Redistributing non-performing loan risk among Italian shareholders, pension funds, banks, retail investors and the government will make Italy’s banking sector worse, not better.

    04 Aug 2016

  • Vodafone GBP800m 3.375% Aug 49

    04 Aug 2016

  • The Rulebook: You put your bail-in in, you take your bail-in out

    It’s becoming clear that the overall direction of travel, now that the Bank Recovery and Resolution Directive is in full implementation, is to allow retail investors off the hook, except, perhaps, when they are at the very bottom of the stack in equity.

    04 Aug 2016

  • Doc shock for SEK amid dollar SSA price focus

    Pricing rather than size was the focus for public sector borrowers in the dollar market this week, although overly aggressive pricing was not the reason for one issuer having to pull back from bringing a tap issue.

    04 Aug 2016

  • SSAs are hopping back to the Kanga market

    The SSA market enjoyed a resurgence of Kangaroo issuance this week. The flurry was mostly driven by Asian reverse enquiry, and stands in contrast to an inactive first half for SSA issuance in Aussie dollars.

    04 Aug 2016

  • Carney unleashes QE on sterling corporate market

    The Bank of England sent the sterling corporate bond market down the path of monetary distortion this Thursday as it resurrected quantitative easing, including the asset class on its target list. Ross Lancaster reports.

    04 Aug 2016

  • Cellnex EUR750m 2.375% Jan 24

    04 Aug 2016

  • UK, Japan stimulus plans drive markets in different directions

    It was a tale of two interventions this week, as Japan underwhelmed markets with its stimulus plan while the Bank of England delivered more than expected, in moves that also sent the yen and pound reeling in different directions.

    04 Aug 2016

  • People Moves in Brief

    All change in HSBC’s DCM team — Mizuho hires for cap solution — SG names levloan head

    04 Aug 2016

  • MPS dangling on support for balance sheet clean-up as rescue op rumbles on

    The key to the clean-up and recapitalization of Italy’s Banca Monte dei Paschi di Siena is a €5bn rights issue but even though a strong cast of top tier ECM banks have signed on to run it, the deal still hinges on finding real demand. Aidan Gregory and Owen Sanderson report.

    04 Aug 2016

  • The big BoE easing: UK DMO a winner but arb hunters lose out

    A bigger than expected push towards monetary easing by the Bank of England on Thursday sent Gilt yields to new record lows, but unfavourable basis swap rates and a rampant dollar market means an uptick in arbitrage funding in sterling by public sector borrowers is unlikely, said bankers.

    04 Aug 2016

  • World Bank USD1.5bn 1.125% Aug 20

    04 Aug 2016

  • Danone creams off $13bn but M&A sour

    France's Danone has completed syndication of $13.1bn of loans to fund the $12.5bn acquisition of North American organic food and drinks company White Wave. But there might not be many more jumbo deals this year, as political volatility looks set to hang over the M&A market for a little longer, writes Robert Cooke.

    04 Aug 2016

  • Loans, news in brief — August 4, 2016

    Waha Capital — Vitec

    04 Aug 2016

  • Trio of banks look for TLAC in dollar senior holdco raid

    Barclays, Santander UK and UBS blitzed the US market on Wednesday in a series of trades aimed at boosting levels of total loss absorbing capacity (TLAC) eligible debt.

    04 Aug 2016

  • Small US firms gain swaps margin exemption

    US federal agencies have agreed a final rule exempting some commercial and financial derivatives counterparties from having to pay margin on trades not cleared through a clearing house.

    04 Aug 2016

  • Brandenburg debuts in 20s as euro buyers go long

    The State of Brandenburg drew a well oversubscribed book for a no-grow €300m August 2036 bond on Tuesday, adding to a spurt of 20 year euro deals over the past two weeks.

    04 Aug 2016

  • ISDA/IHS Markit update Amend Protocol

    The International Swaps and Derivatives Association and IHS Markit have updated their ISDA Amend protocol for margin on uncleared swaps and cross-jurisdictional notification between counterparties, in response to changing regulatory requirements.

    04 Aug 2016

  • Rating removal may follow Depfa’s covered tender

    FMS Wertmanagement (FMS-WM) has bought most of the outstanding covered bonds issued by the Irish and Luxembourg subsidiaries of the Depfa Group and could soon remove their ratings.

    04 Aug 2016

  • Credit Suisse GBP500m 1% Aug 25

    04 Aug 2016

  • BayernLB draws vigorous demand for its Pfandbrief

    BayernLB successfully issued a $300m Pfandbrief at a tighter spread than it would have gotten in euros, with a highly oversubscribed book.

    04 Aug 2016

  • BNP Paribas EUR750m 2.25% Jan 27 tier two

    04 Aug 2016

  • BBVA preps debut Cédulas de Internacionalización

    BBVA has set up the first Cédulas de Internacionalización (CI) programme, a new type of covered bond asset class that is secured purely against export finance loans.

    04 Aug 2016

  • Agencies slash Republic of the Congo rating after default

    Republic of the Congo’s bonds dropped four cash points since Tuesday as all three ratings agencies downgraded the country this week. The downgrades follow the sovereign's default last week on a principal and coupon payment for its only international bond.

    04 Aug 2016

  • Isolux circles Crossover credit event club

    The fate of credit default swaps referencing Grupo Isolux Corsán Finance hung in the balance on Thursday, with the International Swaps and Derivatives Association’s EMEA Determinations Committee weighing whether the company would become the third of last August’s five widest trading iTraxx Crossover constituents to trigger a credit event in 12 months.

    04 Aug 2016

  • BoE eases but SSA sterling arbitrage still too tough

    The Bank of England surprised market participants with the level of monetary easing it announced at a meeting on Thursday, but its decision is unlikely to lead to a large increase in SSA sterling issuance, said public sector bankers.

    04 Aug 2016

  • Rarity factor as BoE follows ECB's lead on corp QE

    The Bank of England doesn’t often follow the European Central Bank. During the financial crisis and its aftermath, the Bank was quick to cut interest rates and implement quantitative easing. The ECB was still raising rates in July 2008, and didn’t start QE until 2015.

    04 Aug 2016

  • Bank of England joins corporate QE club

    Sterling corporate issuers stood ready to take a lump out of their costs of funding on Thursday after the Bank of England announced a £10bn bond buying programme targeting their market.

    04 Aug 2016

  • EDP swoops for €1bn long seven year during August lull

    Energias de Portugal made an opportunistic grab for euros on Thursday, proving that even as August begins, healthy order books and negative new issue premiums are still available for corporate bond issuers.

    04 Aug 2016

  • KfW prices through Aussie secondary market

    KfW was able to price through its curve as it reopened an Australian dollar bond on Wednesday evening Australian time.

    04 Aug 2016

  • Regulators flag US corporate debt levels

    Corporate indebtedness in the US continues to be a focus for regulators, financiers and CLO investors, following the release of the 2016 Shared National Credit (SNC) review earlier this month.

    04 Aug 2016

  • Intesa’s NPL growth slows as it shines in stress test

    Intesa Sanpaolo beat analysts’ earnings expectations for the second quarter and came out shining in last week’s stress tests. Though its pile of non-performing loans is still growing, the bank has escaped the asset quality and capital adequacy fears that dog Italy’s other large banks.

    04 Aug 2016

  • Ghana falters as African risk appetite finds its limit

    Investor appetite for African risk seems to have found its upper limit as even the EM bulls would not stretch to buying Ghanaian sovereign risk at the asking price on Thursday, writes Virginia Furness.

    04 Aug 2016

  • Vitec swaps one bank in £125m refinancing

    Vitec, the UK supplier of equipment to the broadcasting and photography industries, has refinanced its £125m credit facility, replacing one bank in the syndicate.

    04 Aug 2016

  • Wells launches risk retention test CMBS at 2016 tights

    Wells Fargo on Thursday launched the first ever risk retention compliant CMBS, bringing the benchmark triple-A class at 94bp over swaps, the tightest level of 2016 and 14bp tighter than the the most recent offering, demonstrating willingness on the part of investors to pay up for deal in which issuers have skin in the game.

    04 Aug 2016

  • Qander places rare Dutch consumer ABS transaction

    Qander Consumer Finance, a Chenavari-owned Dutch consumer lender, has securitized its entire loan book in a rare Dutch consumer ABS deal.

    04 Aug 2016

  • PRA gives banks leverage leeway

    The UK’s Prudential Regulatory Authority has offered the nation’s banks a chance to temporarily free up some capital now used to comply with the leverage ratio requirement.

    04 Aug 2016

  • Turkish bank return to MTNs brings hope for public pipeline

    A pair of Turkish banks has returned to the MTN market after a 100bp rally in their secondary levels, marking the first bonds since the failed military coup in Turkey on July 15 and bringing hope that by September, public syndicated bonds may be back on the table.

    04 Aug 2016

  • Adient preps $2bn cross-border trade in August high yield rarity

    Auto-parts business Adient on Thursday started pricing a $2bn cross-border bond, attracting high demand for a deal that could be the last high yield offering before the European market breaks for the summer.

    04 Aug 2016

  • Waha returns to Middle East loan market

    Abu Dhabi investment firm Waha Capital is in the market for a loan, with FGB and HSBC in lead roles, according to two bankers.

    04 Aug 2016

  • OBOS joins list of Norwegian covered bond issuers

    The list of Norwegian covered bond debuts continues to grow with Moody’s assigning a top rating to OBOS Boligkreditt, the largest housing and real estate developer in Norway. The agency now rates 18 Norwegian covered bond programmes in this nation of five million people.

    04 Aug 2016

  • Pricing prompts Ghana to pull deal

    Republic of Ghana postponed its dollar bond issuance on Thursday after pricing moved against the issuer. It will proceed with a $100m buy-back of its 2017s but there is confusion about the outcome of a parliamentary vote on Tuesday.

    04 Aug 2016

  • TSB receives post-Brexit vote of confidence

    TSB successfully placed its tier two notes with new investors in the secondary market this week, in a deal that seemed to confirm confidence in both UK banks and the sterling market.

    04 Aug 2016

  • UniCredit faces capital questions but CIB strong

    Despite recording strong year on year increases to net income in the second quarter, UniCredit's corporate and investment bank attracted little attention on Wednesday. Instead new chief executive Jean Pierre Mustier spent time taking questions on the group's plans to raise capital, stress tests and non-performing loans.

    04 Aug 2016

  • NTPC cooks up India’s inaugural green Masala debt

    NTPC ventured into uncharted territory on Wednesday, issuing India’s maiden green bond denominated in offshore rupees. While the deal is expected to be the first of many, the development of the asset class depends on the stability of the currency and secondary market liquidity. Narae Kim reports.

    04 Aug 2016

  • Barclays, UBS in TLAC dash to dollars

    Barclays and UBS blitzed the US market on Wednesday in a series of trades aimed at boosting levels of total loss absorbing capacity (TLAC) eligible debt.

    04 Aug 2016

  • Lippo’s $260m tap thrives despite headwinds

    Lippo Karawaci navigated a crowded primary bond market on Wednesday to add $260m to its 2022s with a tap. The success of the deal reflects a big improvement in market sentiment compared with the early part of the year, when the Indonesian developer failed to pull off an exchange offer.

    04 Aug 2016

  • Cofco Agri sends invitations for $2.6bn dual trancher

    Details have emerged on agricultural trading and processing company Cofco Agri’s $2.6bn two tranche refinancing, for which a roadshow was held in Singapore last week.

    04 Aug 2016

  • Road King builds $450m bond on strong demand

    Road King Infrastructure’s new $450m three year bond proved widely popular among investors, attracting an order book of about $6.5bn.

    04 Aug 2016

  • Faulks set for new gig as DB Japan corp fin head

    Orlando Faulks has been appointed head of corporate finance for Japan at Deutsche Bank starting November, as Ken Kawashima plans to go back to his previous job.

    04 Aug 2016

  • Indian start-up listings still a pipe dream despite tweaks

    A year on from its initial effort to create a listing venue for the country’s start-ups, the Securities and Exchange Board of India (Sebi) is at it again. The regulator has relaxed the rules in its latest consultation, in a bid to get start-up listings off the ground. But unresolved issues mean this will be an uphill task, writes John Loh.

    04 Aug 2016

  • Typhoon triumphs in Hong Kong

    Hong Kong finally saw the first big typhoon of the summer this week. Naturally it was an anti-climax like every other year, but that did not stop it disrupting the city — although some people fared better than others.

    04 Aug 2016

  • IOC names duo for $300m oilfield acquisition financing

    Indian Oil Corp has awarded two banks the bid for a $300m bridge loan to support the acquisition of stakes in Russian oilfields.

    04 Aug 2016

  • India’s Motherson seizes additional $100m from tap

    After a successful outing in the bond market in June this year, India's Samvardhana Motherson Automotive Systems Group returned for a tap on Wednesday, in what bankers described as an opportunistic transaction.

    04 Aug 2016

  • Rare use of staple loan for Oz acquisition turns heads

    A Chinese company-led consortium is set to use staple financing worth A$800m ($606.4m) to back its acquisition of a stake in Australia’s GenesisCare. The transaction has piqued the interest of loan market participants given how rarely the instrument is used in Asia, writes Shruti Chaturvedi.

    04 Aug 2016

  • New world order for retail investors

    As Banco Espírito Santo (BES) creditors await compensation after a bridge bank was established to bring forward the collapsed lender’s healthy assets, retail investors are increasingly being granted extra protection in cases of bank failure in Europe.

    04 Aug 2016

  • Mizuho hires into CEEMEA team for capital solutions and insurance

    Mizuho International has hired a banker from Standard Chartered to help build its nascent FIG business in Europe.

    04 Aug 2016

  • RBS hybrids and LM head departs

    David Leeming, head of hybrid capital and liability management at RBS, has left the bank.

    04 Aug 2016

  • Vale mines for 10 year after ironing out liquidity issues

    Lat Am bond bankers said Brazilian mining giant Vale had timed its second bond issue of the year to perfection, but the bond left investors happy too as it popped in the grey market on Wednesday.

    04 Aug 2016

  • China eyes offshore renminbi push for SMEs

    China is exploring the possibilities for its small and medium enterprises (SMEs) to start borrowing in offshore renminbi as part of an ambitious five year plan to internationalise the sector.

    04 Aug 2016

  • CLO old guard remains on top in 2016

    Top tier US CLO managers maintained their hold on the market in the first six months of 2016, with the list of top managers holding steady year over year.

    03 Aug 2016

  • Revived Lending Club, Jefferies deal basks in warm reception

    Investors flocked to a private, unrated ABS offering from Lending Club this week, brushing aside any lingering concerns that the online lender is still reeling from the drama that took place at the company in May.

    03 Aug 2016

  • World Bank and US-backed Tunisia bump up dollar flow

    Public sector dollar flow picked up on Wednesday after a quiet start to the week, as World Bank brought a four year benchmark and Tunisia sold a bond backed by the US government.

    03 Aug 2016

  • Fannie Mae boosts size of latest CAS deal

    Surging demand for US structured products, MBS in particular, has led Fannie Mae to increase the size of its latest credit risk transfer (CRT) deal to $1.2bn after originally looking to sell $700m-$900m of bonds.

    03 Aug 2016

  • UK RMBS market prepares for £2.25bn Hawksmoor deal

    TPG, Blackstone and CarVal are preparing a securitization exit of their £3.4bn acquisition of the Virage UK mortgage portfolio, bought from GE in December last year.

    03 Aug 2016

  • BGEO Group wraps up buy-back

    Georgian holding company BGEO Group bought back some $300m of its outstanding bonds on Wednesday. The buy-back came as part of a combined tender and new issue, which was anchored by the International Finance Corporation.

    03 Aug 2016

  • BAML’s euro HY index ‘bigger’ after changes

    From September 30, Bank of America Merrill Lynch's benchmark index for global corporate high yield bonds will only list issues of €250m or higher — reflecting the market's taste for larger transactions.

    03 Aug 2016

  • Boutiques on firmer ground as big banks watch talent drain away

    Independent investment banks have been among the biggest beneficiaries of the turmoil wrought by the financial crisis of 2008, and they now have an air of permanence about them, writes David Rothnie.

    03 Aug 2016

  • Orbit releases retained bond to solid demand

    UK housing association group Orbit Group nipped in ahead of the corporate bond market’s summer break to issue the retained £50m portion of a 30 year secured bond.

    03 Aug 2016

  • ISDA postpones Isolux credit event decision

    The International Swaps and Derivatives Association’s EMEA Determinations Committee has delayed until Friday a decision on whether Grupo Isolux Corsán Finance has triggered a bankruptcy credit event.

    03 Aug 2016

  • ICE touts electronic CDS amid voice sale

    Intercontinental Exchange restated its credit default swap credentials this week with ICE Swap, a newly launched trading platform for cleared credit default swaps, only days after it agreed to sell its Creditex hybrid voice broker credit derivatives business to Tullett Prebon.

    03 Aug 2016

  • Lar España Real Estate raises €147m to expand portfolio

    Lar España Real Estate Socimi, the Spanish real estate investment trust which specialises in shopping centres and offices, completed its €147m rights issue on the Madrid stock exchange.

    03 Aug 2016

  • Ion Trading and Mediq both set to close div recaps

    Ion Trading, the Ireland-domiciled electronic trading software firm, had replies due on Wednesday for its $200m equivalent incremental term loan dividend recapitalisation, as had Dutch pharma firm Mediq, with some investors saying market valuations look frothy.

    03 Aug 2016

  • HSBC won't replace senior EM banker after switch to infra

    HSBC’s head of CEE and sub-Saharan Africa DCM has been promoted but the bank is not expected to fill the the seat he is leaving.

    03 Aug 2016

  • DCM veteran leaves HSBC

    HSBC has let go of a DCM banker who had spent over a decade with the bank, according to market sources.

    03 Aug 2016

  • SG eyes tricky end to 2016 as IB underperforms

    Chief executive Frédéric Oudéa warned of further turbulence as a year-on-year slump in Société Générale’s equities business drove profits at its investment bank 36.2% lower. Group profits, however, were cushioned by strong international retail banking income and the sale of shares in Visa Europe.

    03 Aug 2016

  • UBS scores first AT1 since Brexit

    UBS pulled in a $6bn book for the first additional tier one bond since the UK left the European Union on Wednesday, using a greenshoe option for a second time to ensure secondary stability.

    03 Aug 2016

  • Turkish loans finally suffer coup fallout in secondary trading

    After the initial calm in Turkish loan trading following the country's attempted military coup, a few trades have come to market, finally showing the radical impact of the event on pricing.

    03 Aug 2016

  • HSBC ends dismal decade in the US

    HSBC’s troubled US business has turned a corner, with the bank now allowed to pay its first dividend from the American subsidiary to the parent since 2007. That draws a line under a decade of woe, which saw the bank brutally burned by its purchase of Household Mortgages, and spin-offs including the sale of its credit card business and many of its upstate NY branches.

    03 Aug 2016

  • Quebec keeps tapping at the Aussie door

    The Province of Quebec (Aa2/A+/AA-) sold an A$80m ($61m) tap of its May 2026 Kanga bond on Wednesday.

    03 Aug 2016

  • Sterling deals see the sun as summer break looms

    There is a distinct sense of impending summer slowdown in corporate debt this week, both for loans and bonds. But that has not stopped a number of borrowers rushing to wrap up sizeable deals before the window closes.

    03 Aug 2016

  • HSBC sees Asia share of profits rise in H1

    HSBC’s Asia business accounted for a higher share of the bank’s earnings during the first half of the year, as the bank continues to develop its business in the region.

    03 Aug 2016

  • BNPP unlocks euros for tight tier two

    BNP Paribas showed the euro market was still open with a €750m 10.5 year tier two deal on Wednesday, jumping in ahead of the introduction of ‘tier three’ to profit from strong results and receptive markets.

    03 Aug 2016

  • Egypt RFP out with IMF deal imminent

    Egypt published a request for proposals for a new dollar bond on Wednesday as it works towards an agreement with the International Monetary Fund.

    03 Aug 2016

  • Ghana due to open books on five year amortiser

    Republic of Ghana is still expected to open books on a five year amortising note this week, though no exact timing has been given, a lead banker said on Wednesday.

    03 Aug 2016

  • AT1 returns as FIG heats up

    UBS brought additional tier one debt back to capital markets for the first time since the UK's EU membership referendum on June 23 this week, as European banks returned en masse to the FIG market.

    03 Aug 2016

  • MPS slides 17% after rescue plan made public

    Shares in Banca Monte dei Paschi di Siena, have fallen by as much as 17% since the bank unveiled plans for its rescue on Friday, which include a €5bn rights issue.

    03 Aug 2016

  • Lucky number seven for $113m Aupu loan

    A $113m term loan to back Hong Kong-listed Aupu Group’s proposed take private has been allocated among seven banks, according to a source.

    03 Aug 2016

  • BBVA readies with first Cédulas de Internacionalización

    Four years after Spain approved a new legal framework to support funding of export finance loans, BBVA has set up the first covered bond programme to be backed by the loans, which Moody’s rated on Wednesday. And with Spain set to update its Cédulas Hipotecarias law, others may be obliged to follow.

    03 Aug 2016

  • All eyes on Ghana as Africa, Lat Am prop up EM

    CEEMEA is focused on one issuer this week, Ghana, as Latin America borrowers ignore the summer break.

    03 Aug 2016

  • China’s FX reforms continue with new committee

    China is continuing its push for reforms to its FX market with the establishment of a self-regulating committee that authorities say will give market participants more sway over renminbi reference rates.

    03 Aug 2016

  • All eyes on Postal Savings Bank $10bn HK IPO

    Postal Savings Bank of China’s mammoth $8bn-$10bn IPO in Hong Kong is a “once in a decade type deal” and investors already appear willing to pay a premium for a slice of the trade, say bankers.

    03 Aug 2016

  • Korea plans IB fillip with new rules

    The South Korean regulator is looking to give securities firms a helping hand with their investment banking businesses, unveiling a series of measures on Tuesday.

    03 Aug 2016

  • High yield in focus with four deals launched

    Primary bond activity in Asia sprang back to life on Wednesday following a slow start to the week, with high yield issuance leading the way.

    03 Aug 2016

  • World Bank alone in benchmarks as BoE meeting looms

    The World Bank is out with the sole benchmark of the week so far but much attention is likely to focus on the Bank of England’s monetary policy committee meeting on Thursday.

    03 Aug 2016

  • Wharf sets sights on maiden Panda bond

    Hong Kong conglomerate The Wharf (Holdings) is planning to make its first appearance in the interbank Panda bond market having filed an application to the National Association of Financial Market Institutional Investors (Nafmii) last month.

    03 Aug 2016

  • NTPC launches India's first green Masala bond

    The Asia ex-Japan debt market is set to welcome a landmark trade this week, with NTPC marketing India’s first offshore rupee-denominated green bond of up to Rp15bn ($224.6m).

    03 Aug 2016

  • Aboitiz Equity Ventures bags $100m from share sale

    Philippine company Aboitiz Equity Ventures jumped at a chance to sell a Ps4.7bn ($100.0m) block of shares on Tuesday, taking advantage of a share price that is up nearly 30% year-to-date.

    03 Aug 2016

  • Doing away with Hong Kong’s free float rule

    This month, a recent announcement by the Hong Kong Stock Exchange (HKEX) in relation to one of its listing rules caught the attention of columnist Philippe Espinasse, who has put the regulation under the microscope.

    03 Aug 2016

  • BEWG gives Panda portfolio the green touch

    Beijing Enterprises Water Group (BEWG) added to its portfolio of Panda bonds less than a week after its debut in the asset class, sealing a Rmb700m ($106m) return on Monday. Instead of trotting down a similar path as it did with its maiden appearance, the red chip firm has sold the first green Panda.

    03 Aug 2016

  • Enap allocations skinny as premium entices investors

    Chile’s national oil company Enap raised $700m of senior unsecured bonds on Tuesday as an attractive new issue concession tempted investors despite the company’s high leverage.

    03 Aug 2016

  • Rating agencies divided as Bancomext lines up tier two bond

    Bancomext, the Mexican government development bank run by the country’s former public debt chief, Alejandro Díaz de León, will ready a subordinated bond issuance on Wednesday with investor meetings in five cities.

    03 Aug 2016

  • Greenko to plant first corporate green bond from India

    Greenko Investment Company is gearing up to become the first corporate from India to sell a dollar green bond, launching a roadshow in Asia, Europe and the US ahead of a 144A outing next week.

    03 Aug 2016

  • LSE/Deutsche Börse merger vote is only the beginning

    Anyone who thinks that a merger between LSE and Deutsche Börse is odds-on now they have shareholder approval should hold that thought — there is still a very long way to go, with many twists and turns ahead.

    02 Aug 2016

  • ABS partly funds Banca IFIS’s GE Capital Interbanca buy

    Banca IFIS has completed the €160m acquisition of GE Capital Interbanca, with a securitization deal helping to repay the Italian corporate bank’s €2.3bn debt to the GE Capital parent company.

    02 Aug 2016

  • One year loans provide little refuge in Turkey’s storm

    Turkish banks have long enjoyed cheap one year loans from international banks but it is now more obvious than ever that the sector should have made hay while the sun shone.

    02 Aug 2016

  • Plenty for 20: Brandenburg builds big book

    The State of Brandenburg drew a well oversubscribed book for a no-grow €300m August 2036 bond on Tuesday, adding to a spurt of 20 year euro deals over the last two weeks.

    02 Aug 2016

  • Blockchain leader Digital Asset hires CFO from RBS

    Digital Asset Holdings, the blockchain firm run by former JP Morgan banker Blythe Masters, has hired a new chief financial officer and made a host of other senior appointments.

    02 Aug 2016

  • US CLO triple-A spreads rally below 150bp

    US CLO triple-A spreads are on a tear, with the latest offering tightening below the 150bp mark for the first time in 2016, buoyed by a broadening investor base and improved market sentiment.

    02 Aug 2016

  • A history of financial engineering at Monte dei Paschi

    Following a stress test result that saw its stressed capital ratio dip into negative territory, Monte dei Paschi di Siena is once again turning to heavy duty financial engineering to save its skin, with a giant non-performing loan securitization — the largest ever structured — to clean its balance sheet and unlock a €5bn rights issue. The bank, however, has a tradition of relentless innovation in finance, which hasn’t always served it well.

    02 Aug 2016

  • Orbit looks to issue retained tranche

    Orbit Group is holding investor update calls ahead of a planned issuance of £50m of bonds that it had retained from a March deal.

    02 Aug 2016

  • Soc Gen: Marina sails into top levloan berth

    Société Générale this week appointed a new European head of leveraged loan syndicate, after the former levloan boss left the bank.

    02 Aug 2016

  • Doc shock sinks SEK tap

    Swedish Export Credit Corporation (SEK) has cancelled plans to sell a tap of its January 2019 global floating rate notes on Tuesday, due to a problem with the documentation for the reopening.

    02 Aug 2016

  • Small US firms gain swaps margin exemption

    US federal agencies have agreed a final rule exempting some commercial and financial derivatives counterparties from having to pay margin on trades not cleared through a clearing house.

    02 Aug 2016

  • ISDA agrees to rule on Isolux bankruptcy credit event

    The International Swaps and Derivatives Association’s EMEA Determinations Committee has agreed to rule on whether Grupo Isolux Corsán Finance has triggered a bankruptcy credit event, after the Spanish engineering company suspended payments on bonds and sought creditor protection in the US.

    02 Aug 2016

  • Axalta pockets big coupon cut with $875m refi deal

    US coatings manufacturer Axalta priced its $875m dual currency offering on Tuesday as it brought this week’s second cross-border bond, at pre-Brexit pricing levels.

    02 Aug 2016

  • Immofinanz calls on one bank for CA Immo loan

    Austrian real estate investment company Immofinanz has enlisted one bank to support its €604m acquisition of shares in fellow Austrian property company CA Immobilien Anlagen. The share purchase paves the way for a merger between the two.

    02 Aug 2016

  • Global Derivatives Awards 2016 — the nominees

    GlobalCapital is pleased to announce the preliminary shortlist of nominees for its Global Derivatives Awards 2016. Nominations are based upon market feedback and research conducted in recent months. Winners will be unveiled at a gala dinner in London in September.

    02 Aug 2016

  • Avast allocates buyout debt amid ambiguous tech outlook

    Czech software security firm Avast had commitments due on its $1.6bn equivalent six year term loan package, following a notable price tightening, on Tuesday, yet market participants remain sceptical about the broader tech sector's trajectory in European levfin.

    02 Aug 2016

  • Europe’s bank stability is in question, say risk experts

    Country-by-country assessments of Europe’s banking sector show that risks are at new highs, as the financial services industry struggles to cope with the aftershocks of the 2007/08 crisis. Resolving the Italian bank crisis is key to how it will all pan out.

    02 Aug 2016

  • Advent sells 12% of Equiniti in first private equity selldown post-Brexit

    Advent International this week sold a second chunk of its stake in Equiniti Group, the British payments firm, after the company posted positive half year earnings on Friday.

    02 Aug 2016

  • BayernLB prices $300m Pfandbrief after BPER issues sterling OBG

    BayernLB successfully issued a $300m Pfandbrief at a tighter spread than it could have achieved in euros. It follows a privately placed sterling Obbligazioni Bancarie Garantite (OBG) issued by Banca Popolare dell'Emilia Romagna (BPER).

    02 Aug 2016

  • Commerzbank’s IB results take hit from equities

    A big drop in Commerzbank’s equity markets and commodities (EMC) business made a dent in its overall investment banking revenues for the second quarter of 2016, results released by the bank on Tuesday show. Investment bank boss Michael Reuther said volatility in Asia drove much of the decline.

    02 Aug 2016

  • EUROPEAN CORPORATE BOND PIPELINE

    GlobalCapital's latest information on forthcoming and planned corporate bond issues in the European market.

    02 Aug 2016

  • CORPORATE BOND PRICED DEALS TABLE

    GlobalCapital's handy table of recently priced corporate bond issues, with links to the stories about them.

    02 Aug 2016

  • Moody's slashes Republic of Congo rating after missed payment

    Moody's joined Fitch late on Monday in downgrading the Republic of Congo, which defaulted on a principal and coupon payment on its only international bond last week.

    02 Aug 2016

  • ING and Rabo lead Socar Trading $150m refinancing

    The trading and marketing arm of Azeri oil firm Socar is refinancing the $150m loan it signed last year, with ING and Rabobank as bookrunning mandated lead arrangers.

    02 Aug 2016

  • Santander UK to kick-off Yankee surge

    Santander brought UK bank debt back in front of dollar market investors on Monday, and bankers are confident more FIG borrowers will capitalise on strong demand to beat the rush in September.

    02 Aug 2016

  • Konecranes signs €1.5bn acquisition facilities

    Finnish crane manufacturer Konecranes has signed €1.5bn of loan facilities for its revised agreement to purchase a unit of US firm Terex.

    02 Aug 2016

  • Hong Kong Airlines soars with $250m tap

    Hong Kong Airlines returned to the international debt market on Monday for its third trade of the year, which is also the second tap of notes issued at the start of 2016.

    02 Aug 2016

  • Ascendas Reit snags top price for S$155m block

    Ascendas Real Estate Investment Trust’s S$155m ($114m) overnight share sale proved to be hot property as the deal was six times covered and was priced at the top of its expected range — at a mere 1% discount.

    02 Aug 2016

  • A trade is a trade, warts and all

    Sunshine 100 China Holdings printed a $200m convertible bond last week that drew flak for the inherent weaknesses in its structure. But although it defied what many consider to be “proper” CB execution, look past the criticism and it’s clear that the equity-linked market is open for business — even when the trade is off-kilter.

    02 Aug 2016

  • Beijing Hyundai eyes Rmb3bn return to Autopia

    Beijing Hyundai Auto Finance is set to launch its second Chinese auto loan ABS of the year on Friday, and is eyeing Rmb3bn ($452m) from Autopia China 2016-2 Retail Auto Mortgage Loan Securitization Trust.

    02 Aug 2016

  • Quam Capital hit by SFC fine over sponsor failures

    Hong Kong’s Securities and Futures Commission has slapped Quam Capital with a HK$800,000 ($103,135) fine for failing to discharge its duties as a sponsor on Gayety Holdings’ IPO in July 2011.

    02 Aug 2016

  • Ezion nets S$141m from oversubscribed rights issue

    Singapore-listed Ezion Holdings has wrapped up a rights issue of nearly 500m new shares, raising S$141.3m ($105.3m).

    02 Aug 2016

  • CSI Properties cements $250m bond return

    CSI Properties completed a swift transaction on Monday in a market that is starting to slow down due to the summer break. Despite being unrated and with few direct comparables, the firm managed to slip in its first dollar bond in more than three years.

    02 Aug 2016

  • Malaysia's EPF picks two for £240m loan

    The Employees Provident Fund (EPF) of Malaysia is making a rapid return to the loan market, mandating two lenders for a £240m ($317m) new money trade.

    02 Aug 2016

  • Cabei goes green with Uridashi

    Honduras-headquartered development bank Cabei (Central American Bank for Economic Integration) has issued its first ever green bond through a South African rand-denominated note sold to Japanese retail investors.

    02 Aug 2016

  • Chinese water treatment firm eyes HK IPO

    Kunming Dianchi Water Treatment Co is looking to float on the Hong Kong Stock Exchange, having filed a draft prospectus with the bourse on Monday.

    02 Aug 2016

  • Consortium looks to tap staple for GenesisCare buy

    In a rarely seen occurrence in Asia, a Chinese company-led consortium is set to use staple financing to support its acquisition of shares in Australian company GenesisCare, according to sources.

    02 Aug 2016

  • Tullett adds Creditex hybrid voice broking to buyout spree

    Tullett Prebon has entered an agreement to buy Creditex’s US hybrid voice broking business from Intercontinental Exchange.

    01 Aug 2016

  • Rights issue recidivist MPS to attempt €5bn cash call

    Banca Monte dei Paschi di Siena will try to raise €5bn of capital by completing its fifth rights issue in eight years by the end of 2016.

    01 Aug 2016

  • ICAP hires Americas head for BrokerTec Direct platform

    EBS BrokerTec, ICAP’s electronic fixed income and foreign exchange business, has made a senior hire from Tradeweb to lead its BrokerTec Direct team for the Americas.

    01 Aug 2016

  • Tradition and LMRKTS team up on FX compression

    Tradition has entered a strategic partnership with LMRKTS to execute and compress foreign exchange forwards contracts.

    01 Aug 2016

  • Mizuho merges derivs teams under rates banner

    Mizuho Financial Group is to establish a consolidated vanilla derivatives platform in London by combining Mizuho Capital Markets, a derivatives business, with Mizuho International, its securities and investment banking arm.

    01 Aug 2016

  • Latham & Watkins hires ABS partner from Slaughter & May

    Latham & Watkins has hired a new structured finance partner for its London office, who joins from Slaughter & May.

    01 Aug 2016

  • Brandenburg readies 20 year debut

    The German State of Brandenburg is set to double the record for its longest ever syndication, after hiring banks on Monday for a no-grow €300m 20 year bond.

    01 Aug 2016

  • Vodafone achieves its long dated ambition in sterling market with 33 year

    Just one week after it issued a €1bn 15 year bond in the euro market, Vodafone swooped for sterling on Monday issuing an £800m 33 year bond.

    01 Aug 2016

  • SSAs turn on taps as benchmark flow dries up

    A pair of public sector borrowers mandated banks on Monday to run small taps of dollar bonds, a theme that SSA bankers expect to run for the next few weeks.

    01 Aug 2016

  • HSBC's capital financing head for Europe seeks new role

    Russell Schofield-Bezer, head of capital financing Europe for HSBC, is seeking a new role at the firm following the merging of the capital financing division into global banking.

    01 Aug 2016

  • Akbank turns to securitization amid turmoil

    With $1.6bn of funding tapped in the last month, Turkish issuer Akbank is placing greater focus on the ABS market as geopolitical turmoil rocks spreads in the senior unsecured market.

    01 Aug 2016

  • Bastide Médical completes debt refinancing

    French medical equipment supplier Bastide Médical has refinanced its debt with €90m of syndicated loans and a €25m Euro PP. The firm is one of a number of smaller domestic companies providing deal flow for the loan market in a period when European borrowers have been less active.

    01 Aug 2016

  • Adient’s megabond pushes out HY's summer break

    Johnson Control’s automotive business, Adient, on Monday began a roadshow for $2bn-equivalent of high yield notes, with a 17 strong group of bookrunners.

    01 Aug 2016

  • Danone targets relationship lenders in syndication

    France's Danone has completed syndication of $13.1bn of acquisition loans to fund the purchase of North American organic foods company White Wave. Only relationship banks were invited to participate.

    01 Aug 2016

  • Fed anxiety mounts as leveraged a key cause for credit concern

    The leveraged loan market remains one of the biggest sources of concern for the US Federal Reserve, which has cited it as the 'primary contributor' to the number of inadequate credits it examines.

    01 Aug 2016

  • Depfa tender result presages rating removal

    FMS Wertmanagement (FMS-WM) has bought most covered bonds issued by the Irish and Luxembourg subsidiaries of the DEPFA Group and should soon remove their Aa2 rating.

    01 Aug 2016

  • Busier August for covered bonds may follow dry July

    July’s pitifully low covered bond supply should be easy to beat. Given that the market is likely to remain receptive and issuers will not want to compete for attention when the market properly reopens in September, August should be busier.

    01 Aug 2016

  • Cellnex convinces investors after biding time

    Spain’s Cellnex Telecom, a broadcasting towers business, hit the investment grade and high yield euro markets on Monday, just over six weeks after it roadshowed for the deal.

    01 Aug 2016

  • Credit Suisse targets sterling holdco after posting a profit

    Credit Suisse returned to the sterling market for holding company level senior funding on Monday, following an unexpected return to profitability in its recent financial results.

    01 Aug 2016

  • EBA stress tests show their weaknesses

    The overall health of the European Union’s banking system has improved in the last two years, but the banks that were weak in the 2014 European Banking Authority stress tests are still limping behind the rest.

    01 Aug 2016

  • Saudi British Bank raising international dollar loan

    The Saudi British Bank (SABB) is syndicating a rare dollar loan co-ordinated by its 40% owner, HSBC. The loan is for $400m, one banker said.

    01 Aug 2016

  • MPS bondholders strike lucky in NPL fix

    Monte dei Paschi di Siena’s last minute non-performing loan fix could bolster spreads on outstanding debt, at the expense of shareholders, while avoiding any bail-in of bondholders.

    01 Aug 2016

  • Ghana pushes for 'smart' debt management with new bond

    Ghana is on the road this week for its first standalone bond since 2014. The government will use the new issue to buy back its $500m 2017s as part of its push towards "smart" debt management. In a market where yield is king, bankers expect the deal to go well, despite concerns about the country's widening budget deficit.

    01 Aug 2016

  • China Mengniu returns for $200m three year refi

    China Mengniu Dairy has returned to the loan market for a $200m fundraising, two years after its offshore debut.

    01 Aug 2016

  • P&M Notebook: Keep smiling

    After what feels like forever, investment banks are starting to report numbers that look a little less dreadful. Except Deutsche Bank, obviously.

    01 Aug 2016

  • Samsung Heavy considers $1.5bn rights offering

    Samsung Heavy Industries Co could be mulling a rights issue to raise as much as W1.7tr ($1.5bn) by the end of this month or early September, after posting higher than expected operating losses.

    01 Aug 2016

  • ABC keeps NPL securitization momentum going

    The budding Chinese non-performing loans securitization market recorded its fourth transaction in little more than two months with Agricultural Bank of China (ABC) completing a Rmb3.06bn ($462m) offering — the largest on record since the asset class restarted this year.

    01 Aug 2016

  • Loan Ranger: Champagne or shame!

    The Ranger is threatening to oust an unidentified banker unless he buys champagne. Meanwhile, most of the rest of the market is on holiday.

    01 Aug 2016

  • Ascendas Reit eyes S$155m overnight share sale

    Singapore’s Ascendas Real Estate Investment Trust has launched an accelerated bookbuild of new units worth up to S$155m ($114m) to fund acquisitions in Australia and for its local projects.

    01 Aug 2016

  • Faulks to head up Japan corporate finance at Deutsche

    Deutsche Bank has appointed Orlando Faulks as head of corporate finance for Japan starting November, when Ken Kawashima returns to his old position.

    01 Aug 2016

  • Mizuho hires from Nomura for financial research

    Mizuho Financial Group has appointed Jaj Singh as executive director and head of financials research for Asia ex-Japan, poaching him from Nomura.

    01 Aug 2016

  • Dilip Buildcon launches IPO, Sheela Foam to follow

    Indian construction firm Dilip Buildcon has kicked off bookbuilding for its potential Rp6.6bn ($98.9m) listing, as local mattress maker Sheela Foam files a draft prospectus for its own IPO.

    01 Aug 2016

  • Sebi amends guidelines for start-up fundraising platform

    Indian start-ups are set to receive a boost as the country’s market regulator has proposed a series of changes to improve the process of raising funds on the institutional trading platform (ITP).

    01 Aug 2016

  • Chee to helm UBS investment banking for Asia

    Joseph Chee will head UBS’s Asia investment banking unit after co-head Saurabh Beniwal leaves at the end of the year, according to sources close to the move.

    01 Aug 2016

  • CSI, HK Airlines take off for new deals

    Two Hong Kong issuers hit the dollar debt market on Monday, with CSI Properties launching a new five year bond, while Hong Kong Airlines re-opened its existing notes, driven by reverse enquiry.

    01 Aug 2016

  • Red chip duo seal inaugural exchange Panda bonds

    The list of companies issuing Panda bonds in China’s exchange market continues to grow with a pair of red chip names, Agile Property Holdings and China Everbright, raising a combined Rmb7bn ($1.05bn).

    01 Aug 2016

  • Argentines line up despite fatigue fears

    Potential bond issuers from Argentina continue to work on new deals despite fears from bankers and investors that the buy-side is beginning to tire of issuance from the country.

    01 Aug 2016

  • Haitong seeks go-ahead for offshore debt

    Haitong Securities is gearing up to pitch an international fundraising plan to its shareholders, as it seeks funds for its operations, improve its debt structure and supplement working capital.

    01 Aug 2016

  • Total Derivatives: RRR cut bets; CNY steepening scope

    Weak Chinese manufacturing data and a stronger yuan have steepened the CNY rates curve. RRR cut bets have helped the 2-year sector outperform. Sources see scope for further steepening across the 2s/10s slope, writes Deirdre Yeung of Total Derivatives.

    01 Aug 2016

  • Everbright Securities gears up for $1bn IPO launch

    Everbright Securities kicked off pre-deal investor education on Monday for its over $1bn IPO in Hong Kong, with the recent recovery in markets expected to bolster demand for the transaction.

    01 Aug 2016

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 29 Aug 2016
1 JPMorgan 251,626.64 1022 8.71%
2 Citi 228,902.22 815 7.92%
3 Barclays 215,320.23 669 7.45%
4 Bank of America Merrill Lynch 204,666.75 711 7.08%
5 HSBC 176,315.42 712 6.10%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 30 Aug 2016
1 BNP Paribas 24,460.18 106 6.81%
2 UniCredit 24,220.80 111 6.74%
3 JPMorgan 23,194.32 42 6.46%
4 HSBC 19,279.32 96 5.37%
5 ING 16,772.77 102 4.67%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 10,484.60 56 10.00%
2 Goldman Sachs 8,816.07 50 8.41%
3 Citi 6,911.91 36 6.59%
4 Morgan Stanley 6,880.19 37 6.56%
5 Bank of America Merrill Lynch 6,672.44 32 6.37%