• Colony Capital sells final Edenred stake after off-market placement

    Shares in French voucher provider Edenred closed 1.6% lower on Friday after Colday, a vehicle for Colony Capital, turned to the blocks market on Thursday evening to sell a residual 5.7% of the company.

    20 Jan 2017

  • Danske Bank hires Nordea’s Hansen for Danish ECM role

    Christian Hansen, head of equity capital markets at Nordea, has left the bank on Thursday this week to join Danske Bank in the summer.

    20 Jan 2017

  • Long end in focus as covered bond squeeze feared

    Almost 18% of this year’s expected covered bond supply has now been issued and it seems likely that the pace in the primary market will begin to moderate. With less new supply, there could be more technical squeezes on the way

    20 Jan 2017

  • CORPORATE BOND PRICED DEALS TABLE

    GlobalCapital's handy table of recently priced corporate bond issues, with links to the stories about them.

    20 Jan 2017

  • Funding scorecard: European supranationals and agencies

    This week's funding scorecard looks at the progress European supranationals and agencies have made during the first three weeks of the year.

    20 Jan 2017

  • Slovenia gives back to primary dealers with eurobond return

    Slovenian funding officials took advantage of the first sovereign bond market outing this year to reward loyal members of the country’s primary dealer group.

    20 Jan 2017

  • Trio signs up for Dasin Retail $359m multi-currency financing

    Dasin Retail Trust, which sealed the year’s first mainboard listing on the Singapore exchange on earlier this month, has signed a loan that backed the IPO. The loan had four lead banks, which brought in three participants during syndication.

    20 Jan 2017

  • India approves floating of state-owned insurers

    India’s cabinet committee on economic affairs (CCEA) has given the go ahead for the listing five state-owned non-life insurance companies, according to an announcement by the committee on Wednesday.

    20 Jan 2017

  • Zhuhai Huafa puts down dollar marker

    Zhuhai Huafa Group Co on Thursday rolled out a three year dollar offering. It was not an easy task to find a direct comparable due to the debut status of the issuer and its credit strength compared to some other names, admitted bankers.

    20 Jan 2017

  • Guotai Junan Securities seeks OK for HK listing

    Mainland brokerage Guotai Junan Securities Co is looking to follow its peers and list south of the border, according to a draft prospectus filed by its Hong Kong-listed subsidiary Guotai Junan International.

    20 Jan 2017

  • Pan Brothers opens door for Indonesian high yield

    Debut Indonesian issuer Pan Brothers ventured out to the market Thursday, pricing a $200m five non call three deal, paving the way for more Indonesian high yield issuers.

    20 Jan 2017

  • RMB round-up: FTSE Russell adds two China indices, MRF sales slump, IFFO adds nine partners

    In this round-up, index provider FTSE Russell adds two new Chinese A-shares indices, the mutual recognition of funds (MRF) scheme sees sales of Hong Kong funds retreat in December, and the Hong Kong Monetary Authority adds nine partners to the Belt and Road-linked Infrastructure Financing Facilitation Office (IFFO). Plus, a recap of our coverage.

    20 Jan 2017

  • Malaysia regulator updates rules for MOG listings

    Securities Commission Malaysia has come out with a new framework for the listing of mineral, oil and gas (MOG) firms, the regulator said.

    20 Jan 2017

  • Hong Kong Airlines pursues senior perp

    Hong Kong Airlines, whose biggest shareholder is China’s HNA Group, was marketing a senior perpetual non call 3.5 year bond on Friday, driven by anchor interest.

    20 Jan 2017

  • Argentina removes supply risk after investors pile into new deal

    Argentina found ample demand for its latest dollar-denominated bond sale on Thursday as investors found reassurance in the South American country’s ability to diversify its funding.

    19 Jan 2017

  • Pampa comes tight as Arg corps march on

    Argentine energy company Pampa Energía clinched pricing that was at least flat to its closest comps on its debut bond issue, said EM syndicate bankers, as corporates from the country look set to keep taking advantage of their newfound popularity.

    19 Jan 2017

  • Colombia worth the wait for huge dollar return

    Colombia returned to dollars after a 15 month absence on Wednesday, becoming the first investment-grade Latin American sovereign to issue in the currency this year and notching up a large, tightly priced deal.

    19 Jan 2017

  • Lat Am’s ex-Mex menu finds tasty pricing in face of Trump uncertainty

    Six Latin American issuers attracted more than $45bn of orders between them this week as the region’s bonds markets looked set to open Donald Trump’s term as US president in flying form.

    19 Jan 2017

  • Corporate bonds offer lesson in pragmatism

    While its barnstorming start to the year gave fee-earning bankers joy, the corporate bond market’s sturdiness in the face of shrill political risk is in some ways its most impressive feat this month.

    19 Jan 2017

  • Vonovia EUR500m 0.75% Jan 22, EUR500 1.75% Jan 27

    19 Jan 2017

  • Leg Immobilien EUR500m 1.25% Jan 24

    19 Jan 2017

  • Thames Water GBP250m 1.875% Jan 24, GBP250m 2.675% Jan 32

    19 Jan 2017

  • CLO market shrugs off 1% Libor rate

    The three month Libor rate topped 1% for the first time since 2009 this month, raising concerns among CLO and leveraged loan players, though most sources say they are confident that credit fundamentals are strong enough to withstand rate related shocks.

    19 Jan 2017

  • Fresenius EUR700m 0.875% Jan 22, EUR700m 1.5% Jan 24, EUR700m 2.125% Feb 27, EUR500m 3% Jan 32

    19 Jan 2017

  • Navient in crosshairs of CFPB lawsuit

    The Consumer Financial Protection Bureau (CFPB) announced on Wednesday that it is suing student loan servicer Navient for “systematically and illegally” failing borrowers by creating obstacles to loan repayment.

    19 Jan 2017

  • CAF gets euros, eyes dollar benchmark

    South American development bank Corporación Andina de Fomento (CAF) returned to the euro market this week to raise €750m of five year notes amid a hectic time in both SSA and Latin American markets.

    19 Jan 2017

  • Fixed income flurry pushes US banks to strong 2016

    The major US banks posted surging fixed income numbers in the fourth quarter last year, driven by the Donald Trump and Fed-inspired steepening yield curve, and a flurry of trading around the election itself. This performance turned the year’s normal progress on its end, as a strong fourth quarter made up for a lacklustre first.

    19 Jan 2017

  • CEB USD1bn 1.875% Jan 20

    19 Jan 2017

  • Belgium EUR6bn 0.8% Jun 27

    19 Jan 2017

  • CPPIB Capital USD2bn 2.25% Jan 22

    19 Jan 2017

  • FMS-W USD2bn 1.75% Jan 20

    19 Jan 2017

  • OeKB UDS1.5bn 1.75% Jan 20

    19 Jan 2017

  • Sterling HY pops after ‘hard Brexit’ speech

    The tally of sterling high yield bond sales in January is on course to reach £2bn, a sensational reversal from 2016’s entire first quarter without issuance in the currency, with several issues this week despite news that the UK will seek to leave the EU single market.

    19 Jan 2017

  • EIB EUR5bn 0.5% Jan 27

    19 Jan 2017

  • World Bank USD5bn 2% Jan 22

    19 Jan 2017

  • AfDB EUR1bn 0.25% Jan 24

    19 Jan 2017

  • KBN USD1.5bn 2.25% Jan 22

    19 Jan 2017

  • Italy EUR6bn 2.45% Sep 33

    19 Jan 2017

  • MTN Leak: The rooster approaches

    Chinese New Year is fast approaching, bringing with it the year of the rooster and, more importantly, HSBC’s annual bash.

    19 Jan 2017

  • Bankers pin hopes on M&A to up issuance

    In a slightly rickety week for new issues, German healthcare group Fresenius’s €2.6bn four tranche gave market participants a boost as they contemplated sources of supply in 2017.

    19 Jan 2017

  • Trump, on reflection

    Even by Donald Trump’s standards, it was quite a comment. After leaving traders and investors weak at the knees with talk of big spending and bumper tax cuts, the US president-elect caused more than a few scratched heads this week as he said the dollar was too strong.

    19 Jan 2017

  • Republic of Slovenia EUR1bn 1.25% Mar 27, EUR300m 3.125% Aug 45

    19 Jan 2017

  • Dollar long end in SSA sights despite Trump dollar diss

    US President-elect Donald Trump left market participants dumbfounded by saying that the dollar is too strong just a few days before his inauguration on Friday — a position he won after a campaign promising infrastructure spending and tax cuts. But while Trump’s ability to disrupt markets is likely to be a feature of the next four years, the start of an unwinding of the ‘Trump trade’ could help public sector borrowers bring 10 year deals to a red hot dollar market, writes Craig McGlashan.

    19 Jan 2017

  • Bank bosses grilled on regulatory escape

    US bank bosses, facing investors at results announcements this week for the first time since Donald Trump’s election victory, tackled questions about whether the post-Trump optimism was justified — and how their businesses would benefit from easier regulation and lighter taxes.

    19 Jan 2017

  • Turkey USD2bn 6% Jan 27s

    19 Jan 2017

  • Gulf Investment Bank USD500m 3.5% March 2022

    19 Jan 2017

  • Gridlock in CLOs as managers feel loan squeeze

    Tight conditions in the European leveraged loan market are proving a boon for borrowers such as private equity houses, but CLO managers, which form a large proportion of the lending base to that market, are starting to feel the pain. CLO equity investors at the bottom of the chain will determine how far the screws can be turned, write David Bell and Max Bower.

    19 Jan 2017

  • A steady hand needed to find long end euro demand

    Euro bonds at the 10 year maturity and beyond have proven difficult so far in 2017, but a strong performance from the European Investment Bank may have shown other issuers what it takes to pick up size at long maturities.

    19 Jan 2017

  • BAT-Reynolds blend to light up tobacco M&A

    British American Tobacco’s (BAT) acquisition of US rival Reynolds American will trigger other merger talks across the tobacco industry which could see financing deals rolling up to capital markets, loan bankers believe. Silas Brown reports.

    19 Jan 2017

  • Fresenius revisits market it began for €500m equity-neutral CB hit

    Fresenius, the German healthcare company that launched the first equity-neutral convertible bond in 2014, returned on Thursday to issue another successful deal, this time to complete the financing of its €5.76bn acquisition of Quirónsalud, the Spanish hospitals group.

    19 Jan 2017

  • Corporate bond market enters into peculiar groove on risk

    Euro-denominated investment grade corporate bond supply eased off on Thursday, providing market participants with the chance to take stock after nearly three weeks of rapid supply.

    19 Jan 2017

  • LCH.Clearnet gets US portfolio margining nod

    London based clearing house LCH made further inroads into the US this week, with the Commodity Futures Trading Commission (CFTC) giving LCH.Clearnet and its clearing members permission to portfolio margin customer positions.

    19 Jan 2017

  • EEX touts German and Swiss power contracts

    The European Energy Exchange is to introduce a German intraday floor futures contract as well as Swiss day and weekend futures contracts.

    19 Jan 2017

  • Tier three turns heads after sterling return

    Europe’s nascent tier three market is rapidly proving itself as a happy medium between tier two and senior, capable of pleasing issuers and investors in equal measure. Phoenix Group Holdings priced only the third example this week, and the first in sterling, but the deal’s impressive performance suggests the asset class could have a bright future.

    19 Jan 2017

  • Market dares to dream of margin reprieve from Giancarlo’s softer CFTC

    The derivatives market obtained its strongest sign yet that US regulations are soon to move in a more trading friendly direction, with J Christopher Giancarlo not only confirming that he is the acting chairman of the Commodity Futures Trading Commission but also indicating that he will soften rules governing variation margin posting and swap execution facilities.

    19 Jan 2017

  • CISE meets HY buyers for first time over listing craze

    Executives from the Channel Islands Stock Exchange (CISE) travelled to London on Wednesday to meet investors and discuss their concerns over the growing trend for high yield borrowers to list their bonds there.

    19 Jan 2017

  • Kenya and Sibanye put roar back in Africa

    The African loan market has hit 2017 on the front foot, with bankers heralding the support shown for Kenya and Sibanye deals as testament to gathering confidence in the region — but only for the right credits.

    19 Jan 2017

  • Axa issues last covered before programme reboot

    La Banque Postale (LBP) and Axa Bank Europe SCF priced French covered bonds this week. Axa’s may be its last before it restructures its programme.

    19 Jan 2017

  • Hail of smallish block trades enlivens ECM

    Despite corporate close periods limiting the scope for equity block trades this week, a fistful of sellers came to the market this week, many of them to sell stocks that floated last year.

    19 Jan 2017

  • Slovenia draws plaudits for CEE Eurobond reopener

    Slovenia reopened the bond market for emerging European issuers in style on Tuesday, with a well-received dual tranche euro deal.

    19 Jan 2017

  • Emerging market currency plays bring MTN world to life

    The MTN market is rapidly making up for a sedate start to the year with a flurry of niche currency trades, including the world’s first bond in Myanmar kyats.

    19 Jan 2017

  • Corps take breather as earnings blackouts take hold

    Activity in the US dollar bond market slowed to a standstill this week as earnings blackout periods kept corporate America on the sidelines.

    19 Jan 2017

  • High fives for a trio of covered bonds

    SpareBank1 Boligkreditt, Aareal Bank and Nordea took advantage of strong demand for five year paper to issue oversubscribed deals this week, paying virtually no new issue concession.

    19 Jan 2017

  • Russian IPOs could revive in 2017 as EM funds return

    Bankers hope 2017 will prove a more vibrant year for Russian IPOs, after the country's stockmarket was one of Europe's best performers last year and Western investors are thawing towards it.

    19 Jan 2017

  • Optimism in Vienna as CEE sovereigns reveal funding plans for 2017

    CEE borrowers were upbeat at Euromoney’s Central and Eastern European Forum 2017 in Vienna this week, with several sovereigns revealing funding plans for the year.

    19 Jan 2017

  • PGH Capital GBP300m 4.125% July 22 tier three

    19 Jan 2017

  • Deutsche Bank’s attack on bonuses could set tone for others

    Deutsche Bank’s decision to slash cash payouts for senior and middle ranking staff could set the tone for the other European houses, most of which have yet to announce their compensation rounds for 2016.

    19 Jan 2017

  • Elis drops 3% after setting terms for €324m rights issue

    Shares in Elis, the French bed linen and laundry company, fell 3% on Thursday after it set terms for its €324m rights issue to cut its leverage after buying Indusal in Spain and Lavebras in Brazil.

    19 Jan 2017

  • People Moves in Brief

    EM veteran Ash joins BlueBay — HSBC hires from DB for sponsors — MUFG names new EMEA IB head

    19 Jan 2017

  • Deutsche Bank EUR1.5bn 1.5% Jan 22

    19 Jan 2017

  • Safeway breaks ranks from Brexit-hit retailers

    UK prime minister’s speeches have rarely been market-moving events, despite what some of the more breathless commentators in the broadcast media would have you think. But perhaps this has changed since the Brexit referendum in June, even if the spin doctors manage the message in advance.

    19 Jan 2017

  • DVB Bank EUR500m 1% Apr 22

    19 Jan 2017

  • Belgium eyeing return to ultra long

    Belgium is hoping to revisit the distant reaches of its euro curve, telling GlobalCapital that it is looking at selling 40 year debt in 2017.

    19 Jan 2017

  • US CLO senior spreads rally, but mezz set to widen

    Spreads on new issue CLO senior bonds have rallied with the first deal of the year, but mezzanine spreads look likely to widen after a deluge of lower rated paper flooded the secondary market in the past week.

    19 Jan 2017

  • German duo join bail-in ranks with new look senior

    A pair of German issuers tested the euro market this week, marking the first return of German senior debt since the country revised its law to subordinate the asset class within the insolvency hierarchy.

    19 Jan 2017

  • Covered Bond Label spreads to Canada as RBC joins

    Royal Bank of Canada is set to become the first covered bond issuer in Canada to join the Covered Bond Label initiative.

    19 Jan 2017

  • Former 3iDM CLO manager joins Partners Group

    Andrew Bellis, a former managing director at 3i Debt Management, has joined private markets investment firm Partners Group in London.

    19 Jan 2017

  • DBS sets out its vision for Singaporean covered bonds

    DBS Bank issued its long-awaited debut euro benchmark this week with a choice of tenor and pricing that worked well for for the Singaporean lender. It may return later this year.

    19 Jan 2017

  • CEB adds to record dollar flow as bankers spy 10s

    Council of Europe Development Bank on Thursday rounded off an enormous week for public sector dollar issuance, adding volume to what has already been the busiest start to a year in dollar benchmarks. Several SSA bankers believe the next step could be a move out the curve to 10 years.

    19 Jan 2017

  • Wall Street heavyweights lead $19bn holdco binge

    Wall Street banks celebrated a surge in earnings by flooding the dollar market with multi-billion dollar trades featuring callable tranches this week.

    19 Jan 2017

  • BAML to syndicate €4bn Safran-Zodiac bridge, refi later

    Bank of America Merrill Lynch will soon syndicate a €4bn bridge loan it has underwritten to back French aerospace group Safran’s acquisition of Zodiac Aerospace, the French maker of aircraft seats and interiors. The two companies want to leapfrog up the pecking order of aircraft parts suppliers.

    19 Jan 2017

  • LionTree launches Paris operation

    LionTree, the US advisory boutique and merchant bank focused on the technology, media and telecoms sector, has opened an office in Paris as it continues its European expansion.

    19 Jan 2017

  • Investors bag Hapag’s triple-C, but bottom ratings pipeline slim

    Hapag-Lloyd, Germany’s largest container liner shipping company, sold a rare triple-C rated bond to high yield investors on Thursday.

    19 Jan 2017

  • Gostling makes banking return at Morgan Stanley

    Morgan Stanley has snared one of the top business services investment bankers to run its team in Europe, the Middle East and Africa.

    19 Jan 2017

  • EBRD boosts Slovak covered bonds

    The European Bank for Reconstruction and Development has invested in its first Slovak covered bond and is working with local regulators to update the local covered bond law.

    19 Jan 2017

  • EM veteran Ash makes jump to buy-side

    Timothy Ash, a veteran emerging markets strategist, has left the sell-side to join BlueBay Asset Management.

    19 Jan 2017

  • EIB shores up Polish curve with zloty print

    The European Investment Bank added a Z1.5bn ($360m) tap to its May 2021 Polish zloty bond on Wednesday. The supranational has pledged to build a curve in the currency, printing three times so far.

    19 Jan 2017

  • DBS sets out vision for development of Singapore covered bonds

    Yeoh Hong Nam, head of wholesale funding at DBS Bank, talks to GlobalCapital about his bank’s first euro covered bond benchmark. The choice of tenor and pricing worked well for DBS, which values the European investor base, and may return later this year.

    19 Jan 2017

  • Pricing hurdle as Sabic reignites loan talks

    Saudi Basic Industries Corp (Sabic) has reopened discussions with banks for a loan of as much as $2bn, having put funding plans on hold last year.

    19 Jan 2017

  • Restructuring regular Rusal to restart Russian bond rush

    Russian corporate bond issuance for 2017 looks set to begin with Rusal, the world’s second largest commodity producer, which has gone through multiple debt restructurings.

    19 Jan 2017

  • Never mind the politics, Turkey's price is always right

    Typically an early mover in the race to fund, Turkey raised $2bn on Wednesday with an SEC-registered note maturing March 2027, a third of the total $6bn it plans to raise this year. But the sovereign has plenty of hurdles ahead, writes Virginia Furness.

    19 Jan 2017

  • Bank of Cyprus eyes greater market access with London listing

    Bank of Cyprus listed its shares on the London Stock Exchange on Thursday, in the latest of a series of moves aimed at increasing the bank’s access to the financial markets.

    19 Jan 2017

  • Jaguar follows euro success with sterling offering

    The tally of sterling high yield bond sales in January is on course to reach £2bn after Jaguar Land Rover on Thursday launched a new £300m offering, adding to a recent surge of deals in the currency.

    19 Jan 2017

  • Stricter China rules seen pushing up pricing for offshore loans

    The margin compression that dominated the Asian syndicated loan market in 2016 was expected to spill into this year. But Chinese capital controls have proved to be a game changer, with Mainland companies compelled to turn to overseas funding, said market participants. Shruti Chaturvedi reports.

    19 Jan 2017

  • 'Big initial flow' ends as FIG anticipates TLAC-heavy 2017

    The year’s initial rush of FIG issuance subsided this week, but market participants are already positioning themselves for heavy supply of bail-inable senior bonds in later busy issuance windows.

    19 Jan 2017

  • HKEX seeks new board to help stay top IPO city

    The Hong Kong Stock Exchange (HKEX) has proposed creating a new board in a bid to remain a leading global IPO market.

    19 Jan 2017

  • Milk of human kindness

    Banks these days go to great lengths to support new mothers, doing everything from extending vacation time to shaming managers who fire pregnant employees.

    19 Jan 2017

  • Huarong AMC brings out 3yr, perp combo

    China Huarong Asset Management Co offer investors a rare combination of a senior three year and a senior perpetual bond in its first outing of the year, snapping up $2.6bn across two tranches.

    19 Jan 2017

  • Asia fundraises drown out Trump volatility

    Donald Trump will officially become president of the US on Friday, but it was clear this week that he poses no great upset to capital raising in Asia. Bond issuance was ablaze as bankers also soldiered on in equity and loan markets, despite a general air of caution around the swearing in. The GlobalCapital Asia team reports.

    19 Jan 2017

  • Accountancy firms beaten back by banks in corporate finance

    A downturn in UK dealmaking and a raft of challenges to their operating models has placed the corporate finance aspirations of professional services firms under the spotlight, writes David Rothnie.

    19 Jan 2017

  • Anxious investors lose faith in soggy HK equity market

    After some shocking first day flops in recent months, Hong Kong IPOs have become a nerve racking investment, and investors are responding by changing their approach to the city’s primary equity market. Investors have lost trust in their ability to assess an opportunity and are looking for reassurance from their peers, writes Jonathan Breen.

    19 Jan 2017

  • Li Ning, Maybank blocks raise vendors combined $133m

    TPG Stallion Holdings raised HK$542.7m ($70.0m) after offloading a chunk of its stock in Chinese firm Li Ning Co this week, while Malaysia’s Federal Land Development Authority (FELDA) sold a block of Maybank shares for MR281.7m ($63.3m).

    19 Jan 2017

  • Philippines lights up sovereign market with $2bn deal

    The Republic of the Philippines grabbed $2bn from investors Wednesday, after rolling out a new 25 year note with a tender offer for existing investors.

    19 Jan 2017

  • Chinese issuers blitz the Asian markets before New Year

    Repeat Chinese issuer Yuzhou Properties Company and debut credits Reward Science and Technology Industry Group Co and United Photovoltaics pushed into the busy Wednesday market, looking to close dollar deals before the holiday.

    19 Jan 2017

  • First Ukrainian corporate mandate since 2013 emerges

    Kernel Holding has hired two international banks to work on a bond offering, the first corporate new issue from Ukraine since 2013.

    19 Jan 2017

  • Updated: Kexim wiggles triple trancher into snug market

    The Export-Import Bank of Korea (Kexim) raised $1.5bn Wednesday across three and five year tranches, less than a week after the Republic of Korea reopened the Asian sovereign market with a $1bn 10 year deal.

    19 Jan 2017

  • Asia people news in brief, January 20, 2017

    Mizuho adds new head of FIG — Natixis loses Asia debt syndicate chief — Citi picks Campbell to head DCM for Aus, NZ — Uppal, Verma promoted in HSBC CMB shuffle — Mok named Citi country officer for Taiwan — Maybank hands regional roles to senior bankers — Deutsche names Apac global markets co-heads

    19 Jan 2017

  • HKEX lines up Chinese T-bond futures, Bond Connect for 2017

    Hong Kong Exchange (HKEX) chief executive Charles Li laid out the exchange’s plans for 2017, with a strong focus on expanding its RMB offering through new products such as Chinese treasury bond futures and connectivity with China’s bond market.

    19 Jan 2017

  • New foreign names gain direct CIBM access

    The number of foreign entities with direct access to the China Interbank Bond Market (CIBM) has increased with Ontario Pension Board, T. Rowe Price International and Standard Chartered Singapore among the inductees.

    19 Jan 2017

  • Beijing Capital burns dim sum idea, sticks with dollars

    Beijing Capital Group Co fought its way through an extremely crowded Asia primary market to garner more than $2.2bn in demand for its bond outing.

    19 Jan 2017

  • China green lights bond, share sales for foreign firms

    China is looking to broaden the financing options of foreign firms by allowing them to list onshore and sell corporate bonds, the State Council said.

    19 Jan 2017

  • Santiago Metro tunnels through sovereign rush to clinch 30 year

    Sovereign issuers may have grabbed the headlines in Lat Am bonds on Wednesday, but the operator of Santiago’s metro system was certainly able to attract enough investor attention as it raised $500m of funding on Wednesday.

    19 Jan 2017

  • Dominican Republic makes 10 year return

    The Dominican Republic raised $1.2bn of debt on Wednesday close to its curve, taking advantage of strong demand for Lat Am credit.

    19 Jan 2017

  • Argentina deal expected to grow as book billows

    Argentina had attracted nearly $15bn of orders for its latest dollar issuance by Wednesday’s close, as both investors and bankers following the deal said they thought the sovereign may issue more than the $5bn it initially planned to sell.

    19 Jan 2017

  • Zhuhai Huafa, Pan Brothers announce inaugural dollar bonds

    Zhuhai Huafa Group Co on Thursday morning opened books for its debut dollar-denominated offering. Howver, the company is no stranger to offshore markets as it has previously sold a dim sum bond.

    19 Jan 2017

  • Colombia makes tight finish in Lat Am sovereign rush

    Two Latin American sovereigns priced dollar deals on Wednesday in what some were interpreting as a rush to beat possible volatility surrounding Donald Trump’s inauguration as US president on Friday. But if markets are worried about what’s round the corner, they’re yet to show it.

    19 Jan 2017

  • Mizuho adds new head of FIG to HK DCM team

    The Japanese bank has named former Standard Chartered senior banker Pramod Shenoi to the newly created role of head of DCM, FIG for Asia ex-Japan.

    19 Jan 2017

  • US yieldco plans maiden green high yield offering

    Pattern Energy Group is planning to print its first corporate bond this week with a $350m high yield offering that will primarily finance acquisitions of wind power projects from its developer-sponsor, Pattern Development.

    19 Jan 2017

  • RMB internationalisation outlook: Improving global infrastructure

    In the third and final part of our outlook on RMB internationalisation, industry experts address how the recent capital controls affect the diversification drive by Chinese investors, and how infrastructure upgrades, such as the prospect of 24-hour trading capabilities, could provide a much-needed to boost the RMB's global role.

    19 Jan 2017

  • Trump could end up solving China’s FX woes

    Donald Trump could end up being China’s best friend following his comments this week that the dollar is too strong. If the US president elect decides to engineer a weaker dollar, it would help solve China’s most imminent issue — capital outflows.

    19 Jan 2017

  • Total Derivatives: Liquidity concerns back paying in CNY swaps

    Despite the PBoC having injected a record amount of funds into China's financial system this week, liquidity concerns are rising ahead of the Chinese New Year break. The fixings pushed higher and shorter NDIRS were well bid on Wednesday morning. Looking forward though sources see limited scope for further upside, writes Deirdre Yeung of Total Derivatives.

    19 Jan 2017

  • Santiago Metro finds deep demand for 30 year

    Sovereign issuers may have grabbed the headlines in Lat Am bonds on Wednesday, but the operator of Santiago’s metro system was certainly able to attract enough investor attention as it raised $500m of funding on Wednesday.

    19 Jan 2017

  • RMBS investors see future beyond prime jumbo

    The US RMBS market will see diversity beyond prime jumbo deals in 2017 as investors range further afield for more varied credit and higher yields, said market participants.

    18 Jan 2017

  • Mosaic offering thaws solar ABS primary pipeline

    California-based solar finance company Mosaic is preparing to hit the ABS primary market with an offering backed by loans on residential rooftop solar systems, the first such transaction since early 2016.

    18 Jan 2017

  • Political uncertainty drives Citi’s fourth-quarter profit

    On Wednesday, Citi reported a boost in profit during the fourth quarter of 2016, propelled by increased trading activity in light of year-end political uncertainty.

    18 Jan 2017

  • Morgan Stanley capital markets head to run structured credit fund

    Claus Skrumsager, co-head of EMEA capital markets at Morgan Stanley, will join the firm’s investment management unit as portfolio manager and head of private structured credit solutions, a new role leading a team and fund which has yet to be established, but which is likely to involve deploying institutional capital into a wide range of illiquid assets.

    18 Jan 2017

  • Italy matches Belgium for size, book and curve performance

    Italy on Wednesday produced an almost carbon copy trade of Belgium’s 10 year euro benchmark from earlier this week, printing €6bn as its curve tightened in the background — although with a longer dated bond.

    18 Jan 2017

  • Nasdaq Dubai grows equity futures market

    Naeem Shares & Bonds (NSB) brokerage has become the seventh member of Nasdaq Dubai’s equity futures platform.

    18 Jan 2017

  • Bluestep Bank to update investors on Swedish RMBS shelf

    Swedish non-conforming mortgage lender Bluestep Bank is meeting investors next week in Stockholm to update them on its securitization programme, the only active RMBS shelf in the Swedish mortgage market.

    18 Jan 2017

  • The Day of the Dollar: mission accomplished

    One of the busiest days ever in the public sector dollar market ended with five issuers sitting on deals printed at the top end of their size targets and with pricing tightened from initial thoughts. Another borrower is already out for Thursday business and bankers predict that conditions are so “incredible” that deal flow will stay healthy into next week — no matter what policy statements incoming US president Donald Trump makes at his inauguration on Friday.

    18 Jan 2017

  • Swedish Match launches second Scandinavian Tobacco Group ABB

    Swedish Match is selling a 9% stake in Scandinavian Tobacco Group, the Copenhagen-listed cigar and pipe tobacco producer, this evening (Wednesday) though an accelerated bookbuild led by Deutsche Bank and Nordea.

    18 Jan 2017

  • MUFG Phils top EMEA investment banking slot

    Following the departure of Andy Jameson, MUFG has appointed Phil Roberts as head of its EMEA investment banking division.

    18 Jan 2017

  • Morgan Stanley legacy Dutch RMBS deal priced

    Morgan Stanley closed on Wednesday its Delft 2017 securitization of legacy Dutch nonconforming mortgages, originated by a former Lehman Brothers lender.

    18 Jan 2017

  • EIB finds strength at 10 years

    The European Investment Bank scored an impressive €5bn with a 10 year Earn on Wednesday.

    18 Jan 2017

  • MOEX touts weekly options on Russian index

    The Moscow Exchange (MOEX) is to introduce a weekly expiry of options on the Russian Trading System (RTS) stock index.

    18 Jan 2017

  • Bolloré brings unrated action to corp market

    Bolloré, the French investment company, gave investment grade euro corporate bond investors their first unrated deal of the year on Wednesday, and managed to tighten its pricing by 25bp.

    18 Jan 2017

  • New high yield short duration fund from JP Morgan AM

    JP Morgan Asset Management on Wednesday launched its Europe High Yield Short Duration Bond Fund for investors seeking protection against future interest rate hikes.

    18 Jan 2017

  • DTCC names trade repository compliance head

    The Depository Trust & Clearing Corporation (DTCC) has appointed a head of compliance for its European Global Trade Repository (GTR) business.

    18 Jan 2017

  • Xella pencils bank meeting for year’s first large cap buyout

    Xella, the German building materials maker, held a bank meeting on Thursday morning in London for the first large buyout of the year so far, as it markets €1.3bn of loans backing its buyout by US private equity house Lone Star.

    18 Jan 2017

  • BAT-Reynolds blend will light up tobacco M&A, say bankers

    British American Tobacco’s acquisition of US rival Reynolds American will trigger other merger talks across the tobacco industry, loan bankers believe.

    18 Jan 2017

  • Virgin Media joins sterling high yield spike

    UK cable and mobile operator Virgin Media on Wednesday plugged its refinancing bond offering into the sterling market on Wednesday, raising total potential sterling high yield bond sales to near £1.7bn so far this year.

    18 Jan 2017

  • Turkey asks investors to overcome fears with 40bp-45bp premium

    The Republic of Turkey has surprised market participants by opening books on a 10 year dollar benchmark — but the 40bp-45bp new issue premium at the starting point hints at the elevated price investors will be demanding for Turkish risk.

    18 Jan 2017

  • Sparebank and Aareal covereds find favour in fives

    Sparebank 1 Boligkreditt and Aareal Bank issued well oversubscribed covered bonds on Wednesday, paying virtually no new issue concession. Both banks took advantage of enduring demand for five year tenors, while for Aareal the issue was cheaper than the European Central Bank’s term liquidity.

    18 Jan 2017

  • Slovenia draws plaudits for CEE euro reopener

    Slovenia reopened the bond market for central and eastern European issuers in style on Tuesday with a well received dual tranche euro deal.

    18 Jan 2017

  • 3i poaches TMT head from ING

    3i has hired ING’s co-head of technology, media and telecoms mergers and acquisitions in a raft of additions to its private equity practice around the world.

    18 Jan 2017

  • KfW offers more backing for EM clearing guarantor

    KfW has invested more money in Frontclear, an organisation which offers guarantees to help clear emerging market and frontier market trades, boosting access to international interbank markets.

    18 Jan 2017

  • Agrokor bails out of loan syndication

    Agrokor, a Croatian retail, food and agriculture company, has abandoned its syndication of a three year term loan complaining of unfavourable terms.

    18 Jan 2017

  • CEE borrowers set out issuance plans in Vienna

    DCM bankers will be hoping that central and eastern European issuers gathered in Vienna this week will have taken Slovenia’s Eurobond success as a sign that for CEE borrowers, the funding market is well and truly open once more.

    18 Jan 2017

  • GIB leaves nothing on table to launch five year inside fair value

    Gulf International Bank launched a $500m five year inside fair value on Wednesday, suggesting that demand for Middle East credits continues unabated after a busy 2016.

    18 Jan 2017

  • Genting slam dunks $1bn inaugural deal

    Malaysian conglomerate Genting Group raised $1bn from its inaugural dollar bond, issued through subsidiary Genting Overseas Holding Company (GOHL).

    18 Jan 2017

  • CDB captivates investors with $4bn five tranche deal

    China Development Bank priced a mammoth five tranche deal Tuesday, raising more than $4bn across three dollar and two euro tranches, making it the first Chinese name to issue a euro deal this year.

    18 Jan 2017

  • Groupama tops up capital with two-for-one exchange

    Groupama exchanged a legacy tier one and a legacy tier two instrument for a new bullet tier two on Tuesday, as the French insurer looked to optimise its capital structure under Solvency II.

    18 Jan 2017

  • StanChart rejigs north Asia leadership

    Standard Chartered has made a series of changes to its business in north Asia, including appointing a new chief executive in Hong Kong.

    18 Jan 2017

  • Logjam a risk in crowded SSA market

    Public sector borrowers may have to compete for demand this week with Wednesday looking likely to be one of the busiest days of the year.

    18 Jan 2017

  • Nanya Tech flies off the shelves with first Asia CB

    Nanya Technology Corp got the convertible bond market in Asia off to a fabulous start this week, with demand far exceeding supply on its $500m return to equity-linked.

    18 Jan 2017

  • Korea East-West Power heads for W1tr IPO

    The South Korean government is planning to list state-owned energy company Korea East-West Power Co in 2017 with an IPO potentially worth around W1tr ($857.4m).

    18 Jan 2017

  • FWD finds big demand for $250m subordinated perp

    Hong Kong-based insurer FWD priced a $250m subordinated, perpetual dollar denominated note on Tuesday off the back of a $6.75bn order book, making the deal around 26 times covered.

    18 Jan 2017

  • Appetite for Russia returns as top banks launch Detsky Mir IPO

    The thaw in Western equity investors' and banks' sentiment towards Russia continued this week as Detsky Mir, the toy retailer, announced plans for the first Russian IPO of 2017, to be led by an array of bulge bracket investment banks.

    18 Jan 2017

  • FIG issuers look to break new ground in quieter week for primary

    FIG primary market activity slowed ahead of reporting season this week, though Phoenix Group Holdings printed the first ever tier three bond in sterling and BPCE was preparing to open the Samurai market for senior non-preferred.

    18 Jan 2017

  • Lithuania plans €1.75bn in Eurobonds for 2017

    Lithuania plans to raise €1.75bn in the international markets this year, the last year to go "long in size", according to its deputy head of the state treasury, Gediminas Norkunas.

    18 Jan 2017

  • Hungry investors gobble up every corp bond flavour

    Every shade of corporate bond has been able to find a home with euro investors this week, despite investors’ mutterings about overly zealous spread tightening and continued scepticism about the long end.

    18 Jan 2017

  • Natixis loses Asia debt syndicate chief

    The head of debt syndicate for Asia Pacific at Natixis is understood to have resigned from the bank.

    18 Jan 2017

  • Sri Lanka back for more with $1bn RFP

    Sri Lanka has invited feedback from banks for a $1bn sovereign loan, with two bank groups said to be competing for the deal.

    18 Jan 2017

  • BoCom International eyes $300m HK float

    Bank of Communications' investment banking arm is set to separate from its parent and list in Hong Kong, according to a draft prospectus it filed with the city’s bourse.

    18 Jan 2017

  • HK watchdog files lawsuit against StanChart, UBS over IPO

    Hong Kong’s market watchdog has named Standard Chartered and UBS as defendants in a suit over the botched 2009 IPO of China Forestry Holdings Co.

    18 Jan 2017

  • Investors lap up SBI's senior return

    State Bank of India wrapped up Asia ex-Japan's first dollar bank issuance of the year while navigating a crowded primary market this week, snapping up $500m from a senior five year.

    18 Jan 2017

  • Reliance Industries mulls $550m club to replace bilaterals

    India’s Reliance Industries is continuing a refinancing spree that began last year. It has started speaking to banks for a syndicated loan facility that will consolidate several bilateral deals.

    18 Jan 2017

  • TPG Stallion sells down Li Ning stake for HK$543m

    TPG Stallion Holdings has raised HK$542.7m ($70.0m) after offloading a chunk of its shares in Chinese firm Li Ning Co.

    18 Jan 2017

  • Greater China issuers go for gold before CNY

    Hong Kong's United Photovoltaics and Chinese issuers Reward Science and Technology Industry Group Co, Beijing Capital Group and Yuzhou Properties Company all launched new dollar transactions Wednesday amid a flurry of pre-holiday issuance.

    18 Jan 2017

  • Trump shake-up spells opportunity for Asia

    Donald Trump’s US presidential victory shook markets and whatever ‘Trumponomics’ turns out to be, the early evidence is that the normal rules will not apply. But for all the turmoil Trump has created as president-elect, his term in office may not devastate Asia the way some expect. His style of leadership might even bring just the spark Asian markets need.

    18 Jan 2017

  • HKEX ready to unveil Bond Connect plans

    Details of the long-awaited China-Hong Kong Bond Connect scheme are set to be unveiled soon by the Hong Kong Exchange (HKEX), providing a whole new asset class for Mutual Market Access investors.

    18 Jan 2017

  • Citi picks Campbell to head DCM for Aus, NZ

    Citi has named Ian Campbell a managing director and head of DCM for Australia and New Zealand, according to a memo seen by GlobalCapital Asia.

    18 Jan 2017

  • Huarong AMC makes comeback with three year and perp

    Just two months after its last outing, China Huarong Asset Management Co has returned to bond market with a new three year and a senior perpetual.

    18 Jan 2017

  • Philippines rolls out 25 year notes

    The Republic of the Philippines launched a 25 year dollar transaction Wednesday morning, returning to the market for its regular start of the year deal.

    18 Jan 2017

  • Pampa continues Lat Am momentum to set up Argentina

    Argentine energy company Pampa Energía clinched pricing that was “very competitive” versus peers on its debut bond issue, said EM syndicate bankers, as borrower-friendly conditions showed no sign of fading ahead of Argentina’s crucial sovereign bond issue on Thursday.

    18 Jan 2017

  • Head CS ABS analyst jumps ship

    David Zhang, who headed securitized products modeling at Credit Suisse, has left the bank to join fixed income research and analytics firm MSCI.

    17 Jan 2017

  • Morgan Stanley earnings jump on strong trading results

    Morgan Stanley reported a jump in profits and revenue in the fourth quarter of 2016, as activities in the bank’s trading group propelled it to a strong finish to the year.

    17 Jan 2017

  • MPL deal flow opens up with SoFi consumer ABS

    SoFi became the first online lender to offer a new securitization in 2017, bringing to market an unsecured consumer loan transaction to open up the marketplace loan ABS pipeline.

    17 Jan 2017

  • CBOE/Bats shareholders approve merger plan

    Plans for the Chicago Board Options Exchange to link up with Bats Global Markets took a big step forward this week, with both sets of shareholders approving the exchanges’ merger and a motion to issue shares supporting the deal.

    17 Jan 2017

  • EuroCCP to become SIX exchange clearer

    European Central Counterparty (EuroCCP) is to become the third central counterparty for clearing services on the SIX Swiss Exchange.

    17 Jan 2017

  • May’s Brexit plan: clarity at last

    Ever since Theresa May became UK prime minister in July, markets and commentators have thirsted to know what her strategy would be for the negotiations to leave the European Union. Now we know — and so far, the markets like it.

    17 Jan 2017

  • BCP shares rise as it goes ex-rights before €1.33bn recap

    Shares in Banco Comercial Português, the Portuguese bank, closed 15% higher on Tuesday after they began trading ex-rights ahead of its €1.33bn rights issue to strengthen its capital buffers and repay contingent convertible bonds owned by the Portuguese government.

    17 Jan 2017

  • Pace of hand pivotal in Gulf loan poker

    If “keeping one’s cards close to one’s chest” in negotiations while also acknowledging the need for market certainty seems like a peculiarly Brexit paradox, try managing the funding plans of a Gulf state as it tries to deal with a budget deficit.

    17 Jan 2017

  • EIB will be the test for tricky 10s

    The European Investment Bank will look to raise cash at 10 years on Wednesday, providing an important gauge on the health of an area of the curve that has been inhospitable so far in 2017.

    17 Jan 2017

  • EU CLO investors eye fat mezzanine debt spreads

    European CLO investors are targeting mezzanine and junior tranches of US and European deals, as wide spreads further down the capital stack lag the aggressive tightening seen in senior paper.

    17 Jan 2017

  • Secondary CLO volume jumps past 2016 average

    US CLO trading volumes last week topped the average level seen in 2016, as low supply of new issuance drove investors to the secondary market.

    17 Jan 2017

  • Consistency in charters could improve fintech regulation

    A letter published by The Conference of State Banking Supervisors (CSBS) on Friday is the latest in a round of opposition to the Office of the Comptroller of the Currency’s (OCC) fintech charter proposal. But the charter could help to streamline regulation of the fragmented industry.

    17 Jan 2017

  • High fives for covered bonds

    After a glut of long-dated covered bonds in 2016, investors are scrambling to bring the duration of their portfolio down again, and that means five year covered bonds are likely to remain a firm favourite. More issuers should turn down the ECB's TLTRO, and try covered bonds instead.

    17 Jan 2017

  • Italy prepares 2017 debut after breezing through DBRS downgrade

    Italy is set to kick off its syndicated programme for the year with a September 2033 euro benchmark, as the sovereign brushed off a downgrade from DBRS late last week.

    17 Jan 2017

  • The trouble with fixed income trading is structural

    The problems of fixed income trading are still a proxy for the fortunes of the whole investment banking industry. Fourth quarter results from the major US houses suggest the Street will have had a strong year in 2016, giving senior traders a new lease of life and a good payday, while 2017 could be just as good. But the industry’s problems aren’t going away.

    17 Jan 2017

  • EIB to tap Polish fives

    The European Investment Bank plans to tap its May 2021 Polish zloty bond on Wednesday, after mandating banks for a deal on Tuesday.

    17 Jan 2017

  • Smurfit Kappa prices drive by benchmark deal

    Paper packaging maker Smurfit Kappa launched a drive by benchmark euro offering on Tuesday, as it looks to refinance existing securitisation facilities.

    17 Jan 2017

  • Borrowers crowd into euros as EIB aims for long end

    The pipeline for euro issuance is filling up once again as the European Investment Bank looks to raise funds at 10 years, although a deal from KfW on Tuesday appeared to struggle to reach €1bn.

    17 Jan 2017

  • Thames Water washes through sterling market on May day

    Thames Water, the UK water supplier, shrugged off currency market nerves over UK prime minister Theresa May’s speech about the UK's departure from the EU on Tuesday to engage sterling bond investors with a £500m dual tranche offering.

    17 Jan 2017

  • Credit Suisse appoints co-heads of global levfin

    Credit Suisse has named two bankers co-heads of global leveraged finance.

    17 Jan 2017

  • SSAs flood screens in dollars

    A quartet of public sector borrowers are set to cram into the front end of the dollar curve on Wednesday, as bankers outlined a triple whammy of factors driving the squeeze.

    17 Jan 2017

  • Fresenius brings euros first M&A jumbo deal of the year

    German healthcare group Fresenius brought euro corporate bond investors their first jumbo deal of the year on Tuesday as it financed its acquisition of Spanish hospital operator QuironSalud.

    17 Jan 2017

  • VodafoneZiggo tunes in tight JV refinancing

    VodafoneZiggo, the newly formed joint venture between Vodafone and Liberty Global-owned Ziggo, launched a €1.5bn-equivalent term loan package this week with a lender call at 4pm London time on Tuesday.

    17 Jan 2017

  • Belgium smashes size record

    Belgium hit a landmark on Tuesday, printing its biggest deal ever with a 10 year benchmark. Scoring a more modest €1bn, African Development Bank's second ever euro syndication also met with a warm reception.

    17 Jan 2017

  • Trafigura launches $1.5bn revolver

    Trafigura, the Swiss commodities trader, has launched a multicurrency revolving credit facility to refinance the deal it signed in March last year.

    17 Jan 2017

  • Douglas shops for refi in January sales

    Douglas, the German retailer, launched a refinancing of a €1.37bn seven year term loan ‘B’ on Tuesday, as the firm comes out of soft call protection from its last repricing in mid-2016.

    17 Jan 2017

  • Aareal takes aim at a long five year Pfandbrief

    The German real estate lender, Aareal Bank, has mandated leads for a euro-denominated five year German mortgage-backed covered bond.

    17 Jan 2017

  • HSBC appoints global head of sponsors account coverage

    HSBC has hired a new global head of account coverage within its financial sponsors group, following its reorganisation of the division last year.

    17 Jan 2017

  • Axa takes ultra-long covered bond funding

    The French issuer, Axa Bank, has launched a sub benchmark covered bond with a 15 year maturity which closely matches the long dated assets on its balance sheet. This deal is likely to be the last deal under the present structure of its covered bond programme.

    17 Jan 2017

  • Slovenia mixes it up on mandates for dual tranche euro return

    Slovenia is on track to become the first central and eastern European sovereign to tap the bond markets this year after announcing price for a dual tranche euro deal on Tuesday morning.

    17 Jan 2017

  • Covered bond label spreads to Canada as RBC joins

    Royal Bank of Canada is set to become the first covered bond issuer in Canada to join the Covered Bond Label initiative.

    17 Jan 2017

  • Euromoney Country Risk survey results 2016: Italy, UK and US shocks underline the risks of populism

    ECR’s crowd-sourcing survey shows global risk rising in 2016, with leading economists and political experts revising their views on asset safety.

    17 Jan 2017

  • ICD set to hit the road for dollar sukuk reopener

    Dubai’s sovereign wealth fund looks set to reopen the dollar sukuk market next week following the announcement of a five day roadshow covering Asia, the Middle East and Europe.

    17 Jan 2017

  • DVB sails into senior before FIG market closes

    Transport finance specialist DVB Bank profited from strong primary market dynamics by adding a second German senior benchmark to the list of trades printed this week, as syndicate bankers advised taking advantage of market conditions before earnings season begins in earnest.

    17 Jan 2017

  • Wait is over: Kenya mandates for international loan

    Kenya has mandated four banks to arrange internationally syndicated loans of as much as $800m, ending a restless wait for competing lenders.

    17 Jan 2017

  • China Energy Reserve fires up $400m debut

    China Energy Reserve and Chemicals Group is making its debut in the offshore loan market with a deal of up to $400m launched by a single mandated lead arranger and bookrunner on Tuesday.

    17 Jan 2017

  • Investors see ‘great opportunity’ in PGH tier three

    UK insurer Phoenix Group Holdings tightened pricing by nearly 40bp on Monday for the first ever Solvency II compliant tier three bond in sterling, as investors appeared keen to take on more bonds in the rarely used format.

    17 Jan 2017

  • Nanya Tech opens books on $500m CB

    Taiwan-listed Nanya Technology Corp is in the market for a $500m zero coupon convertible bond, launching the trade on Tuesday evening.

    17 Jan 2017

  • Poland preps docs for 2017 Panda return

    The Republic of Poland is looking to become the first repeat sovereign issuer of Panda bonds as it seeks to raise Rmb3bn ($435m) this year.

    17 Jan 2017

  • Zhuhai Huafa readies maiden dollar offering

    Zhuhai Huafa Group Co, rated BBB by Fitch, is eyeing its debut dollar-denominated bond.

    17 Jan 2017

  • ‘I’m certain that Europe has a positive future’

    Europe must take the wake-up call of the UK referendum seriously, argued Germany’s Finance Minister, Wolfgang Schäuble, at a high level meeting in Bucharest organised by the Romanian Ministry of Public Finance and GlobalCapital.

    17 Jan 2017

  • Lifestyle HK greenfield financing seen at HK$9bn

    Sogo department stores operator Lifestyle International is eyeing HK$9bn ($1.16bn) loan to finance a project coming up on a plot of land the company acquired last year. Discussions for the loan have been ongoing since November.

    17 Jan 2017

  • Fast growth in GDP, investment and exports

    Romania is in its best shape, economically, for a decade. With the budget deficit under control and employment growing, the prospects look bright, argued Anca Dragu, Minister of Public Finance, at an event in Bucharest organised by the ministry and GlobalCapital. The government is striving to make the public finances more transparent, with granular details of spending and revenue published online, and is trying to simplify taxation and cut red tape. Risks include Brexit, domestic demand outstripping supply and bottlenecks slowing down the process of reform and investment.

    17 Jan 2017

  • Tax cuts and wage growth get Romania moving — can reforms finish the job?

    Romania is the economic growth star of Europe. Tax relief and VAT cuts have stimulated consumption and investment is strong. Wages are rising fast, but Romania remains competitive. With labour costs a fifth of the EU average, it should be — but that statistic shows how big a hill the country has to climb.

    17 Jan 2017

  • Romania seeks more pragmatic and predictable government

    The economic growth of the last five years is great for Romania, but is just the beginning, said Dacian Cioloş, Prime Minister of Romania, at an event in Bucharest organised by the Ministry of Public Finance and GlobalCapital. The country has to translate growth into development, to redress the inequalities between richer and poorer classes and regions. That means building a more productive, high value added economy, with investment in research and innovation; fighting corruption; improving governance at state companies; making the public administration more efficient; and stronger education and training. Above all, Romania must focus on generating prosperity for the younger generation.

    17 Jan 2017

  • Patience pays for Yanlord Land’s $450m

    Yanlord Land Group’s decision to wait until the New Year to return to the bond market paid off handsomely. Launching into a less volatile market on Monday, the deal attracted a peak order book of $2.8bn and priced at a good level for the issuer.

    17 Jan 2017

  • SGX-bound Chinese trusts need to break with tradition

    Dasin Retail Trust has become the latest Chinese issuer to tap a Singapore listing, raising S$146m ($102m) in its IPO last week. While mainland-sponsored trusts have enjoyed relative fundraising success in the city-state, they have stuck to a tried and tested formula. Future issuers should break the mould.

    17 Jan 2017

  • Times Property snaps up $375m ahead of hectic Tuesday

    Times Property Holdings made a successful return to the international debt market on Monday with a $375m bond, benefiting from a strategy of starting with a generous initial guidance before slashing it by almost 40bp.

    17 Jan 2017

  • Malaysia’s FELDA nets MR282m with Maybank block

    Malaysia’s Federal Land Development Authority (FELDA) has bagged MR281.7m ($63.1m) after offloading a chunk of its shares in Maybank, according to a source close to the deal.

    17 Jan 2017

  • Vedanta eyeing new 5.5 year deal, tender offer

    London-headquartered Vedanta Resources is pursuing a new 5.5 year dollar transaction after more than three years out of the international market,. The new deal is taking place alongside a tender offer for two of the company’s existing notes.

    17 Jan 2017

  • Landing International tees up HK$5bn rights issue

    Entertainment and gaming property firm Landing International Development is preparing a rights issue to raise HK$5.1bn ($662.9m), according to a filing with the Hong Kong Stock Exchange (HKEX) on Tuesday.

    17 Jan 2017

  • BoCom International, Wangsu Science and Tech seek HK floats

    Meanwhile, Bank of Communications Co has filed a draft prospectus for the spin-off and listing of its investment banking arm BoCom International in Hong Kong, according to an announcement on the city’s bourse.

    17 Jan 2017

  • Five tranche, dual FX for CDB opener

    China Development Bank Corp is kicking off the year with a bang, launching a euro/dollar dual currency bond across five tranches Tuesday morning.

    17 Jan 2017

  • Belize seeks 'mildest' restructuring

    Belize is asking bondholders to allow it to delay the amortisation of and reduce the coupon rate on its $526.5m 2038 bond in what the country’s financial secretary said would be the “mildest adjustment” to the notes that could make them “sustainable”.

    17 Jan 2017

  • SBI announces new five year

    State Bank of India, through its London branch, is selling a new senior dollar bond, getting its funding done before Donald Trump officially taking office on Friday.

    17 Jan 2017

  • Malaysia’s Genting debuts dollar offering

    Malaysian conglomerate Genting Group launched its debut dollar bond through subsidiary Genting Overseas Holding Company (GOHL) on Tuesday morning.

    17 Jan 2017

  • FWD makes comeback with subordinated NC5 perp

    Hong Kong’s FWD began marketing a new perp on Tuesday, returning to dollar market after a gap of more than two years.

    17 Jan 2017

  • Cairn India in talks with banks for $1bn refinancing

    Cairn India is speaking to banks for a loan that will refinance borrowings that are due to mature over the next few years, bankers said this week. The company is looking to borrow through a Scotland incorporated subsidiary.

    17 Jan 2017

  • Morgan Stanley receives approval to raise China JV stake

    Morgan Stanley has received approval to increase its stake in its Chinese securities venture from 33.3% to 49%, according to a source with knowledge of the agreement.

    17 Jan 2017

  • HK should boost Belt and Road and RMB efforts, says forum

    Hong Kong should look to further strength its economic ties with China as headwinds from Trump’s anti-trade rhetoric threaten to disrupt the US-China relationship and Brexit creates an uncertain outlook for Europe.

    17 Jan 2017

  • Hard Brexit will give Paris the lead in RMB, says Europlace

    With today’s upcoming Brexit speech by the British prime minister likely to throw up more doubts about London’s future as a financial centre, Parisian financial lobby Europlace says France’s message is clear: your business, including in renminbi, is welcome.

    17 Jan 2017

  • Banks pounce to sell £39m of Forterra on Friday night

    Lone Star has made its first sale of stock in Forterra, the UK brickmaker, since its IPO last April. The block trade was doubly unusual, in being done on Friday evening and not being led by the IPO bookrunners.

    16 Jan 2017

  • Hapag-Lloyd to ship first triple-C of the year

    Hapag-Lloyd on Monday began roadshowing a sub benchmark and triple-C rated bond to European high yield investors.

    16 Jan 2017

  • AlzChem picks SG, Baader to lead its Frankfurt IPO

    AlzChem, the German speciality chemicals company, is preparing an IPO on the Frankfurt Stock Exchange led by Société Générale and Baader Bank as global coordinators.

    16 Jan 2017

  • Obvion hits post-crisis tight in Dutch RMBS

    Obvion priced its €2bn Storm 2017-1 RMBS at a record low spread for for five year Dutch RMBS paper since the financial crisis, and the lender has said it will continue to look to build on its range of RMBS transactions.

    16 Jan 2017

  • LCH.Clearnet get US portfolio margining nod

    The US Commodity Futures Trading Commission has given LCH.Clearnet and its clearing members permission to portfolio margin customer positions.

    16 Jan 2017

  • HKEX deploys derivs volatility control mechanism

    Hong Kong Exchanges and Clearing (HKEX) has gone live with a volatility control mechanism (VCM) on its derivative market to prevent extreme price volatility.

    16 Jan 2017

  • AfDB back for seconds in euros

    The African Development Bank has announced that it will come to market for its second ever euro syndication.

    16 Jan 2017

  • Euro CLO refi activity chugs on amid primary pause

    Carlyle released price guidance for the refinancing of its Carlyle Global Market Strategies Euro CLO 2014-2 on Monday, as the primary CLO pipeline takes a back seat to a wave of refinancing deals.

    16 Jan 2017

  • Madrid grabs long euros with private placement

    The Autonomous Community of Madrid has hit the long end of the curve with a 20 year private placement for its first deal of 2017.

    16 Jan 2017

  • Sibanye seeks fast commitments for Stillwater loan

    Sibanye Gold, the South African gold producer, has set a date for bank commitments as it targets a quick turnaround on a loan backing its acquisition of US palladium miner Stillwater.

    16 Jan 2017

  • LEG stands alone on debut

    German real estate company LEG Immobilien was alone in the euro market on Monday as it made its debut senior bond transaction with a €500m no-grow seven year.

    16 Jan 2017

  • Channel Islands snap NewDay LBO bond listing

    The European high yield bond market is set to price on Friday its third deal listing on the Channel Islands this year, a £425m bond to finance NewDay’s acquisition by Cinven and CVC.

    16 Jan 2017

  • GlobalCapital’s ECM Awards 2016 — vote now

    GlobalCapital is preparing to decide its Equity Capital Markets Awards for 2016, and invites market participants to have their say on who should win them.

    16 Jan 2017

  • Micro Focus to offer $1bn in euro levloans

    Micro Focus, a UK software firm, is poised to offer up $1bn-equivalent in euros to the European leveraged loan market as it looks to close its reverse merger with Hewlett Packard’s software business.

    16 Jan 2017

  • Belgium hits screens for euros

    Belgium will become the third sovereign in 2017 to issue a benchmark, mandating four banks on Monday to sell a euro bond.

    16 Jan 2017

  • Novomatic goes all-in with five year revolver

    Novomatic, the Austria headquartered gambling company, is syndicating a five year revolving credit facility this month as it looks to combine its credit facilities in a single line.

    16 Jan 2017

  • DB finds strong demand for first German senior in new TLAC era

    Deutsche Bank attracted a healthy €3.25bn order book on Monday for the first German senior trade under a revised German Banking Act, as fears began to rise about the potential terms of the UK’s exit from the European Union.

    16 Jan 2017

  • Second Turkish bank turns to liability management for capital boost

    Türkiye Vakıflar Bankası (Vakibank) is asking investors exchange its old style tier two bonds for new Basel III compliant notes, making it the second Turkish bank in as many weeks to turn to liability management to boost its capital.

    16 Jan 2017

  • DBS Bank lands long awaited debut euro covered bond

    Singaporean issuer DBS Bank is set to close its first euro covered bond, four months after putting the transaction on hold.

    16 Jan 2017

  • Nordea issues its largest covered in three years, as LBP returns

    Nordea Mortgage Bank (NMB) was set to issue its largest covered bond in three years with a well subscribed order book and a modest concession. At the same time, La Banque Postale returned with its now regular annual covered bond funding.

    16 Jan 2017

  • ICBC targets EMEA loans impact with London hire

    Industrial and Commercial Bank of China has bolstered its loan syndication and sales effort in London with a hire as the bank looks to establish a stronger foothold in the Europe, Middle East and Africa market.

    16 Jan 2017

  • BPCE to give Japan first taste of Samurai senior non-preferred

    BPCE was looking to launch the first ever non-preferred senior bond in the Samurai market this week, as European banks aim to broaden the range of debt securities they offer to yen investors.

    16 Jan 2017

  • ‘Zero chance’ of Mozambique paying up, say creditors

    Mozambique did not make a $60m coupon payment on its 2023 sovereign bonds due on Wednesday, and as it entered the subsequent grace period, creditors say there is “zero chance of the payment happening”.

    16 Jan 2017

  • UniCredit tweaks senior trading team

    UniCredit has announced several changes to senior management in its markets business, with the retirement of corporate treasury sales boss and deputy head of markets Kevin Krespi.

    16 Jan 2017

  • Detsky Mir revives Moscow IPO as Russian outlook improves

    Detsky Mir, the Russian children’s goods retailer, has announced its intention to float on the Moscow Exchange, more than two years after shelving plans to go public when Western sanctions were imposed on some Russian entities after the country's annexation of Crimea in 2014, and Russia suffered a recession.

    16 Jan 2017

  • Sebi targets mutual fund trust investment, backdoor listings

    Securities and Exchange Board of India (Sebi) has hit investment trusts with another hurdle by adding limits to the number of units a mutual fund can hold. Meanwhile, the regulator has also approved plans to increase the transparency of backdoor listings.

    16 Jan 2017

  • Uppal, Verma promoted in HSBC CMB shuffle

    The bank has reshuffled its management team in commercial banking in Asia, with senior bankers taking on new roles, according to a press release it sent out on Monday.

    16 Jan 2017

  • Shanghai FTZ set for inaugural CP

    The fixed income product offering of Shanghai Free Trade Zone is about to expand with Shanghai International Port Group (SIPG) gearing up for a Rmb500m ($73m) one year commercial paper.

    16 Jan 2017

  • ZhengTong Auto zooms to bigger $409m financing

    The latest syndicated loan for ZhengTong Auto Services, a luxury auto dealership, has wrapped up at $409m, racing past the launch size of $300m as Chinese lenders came in with big commitments.

    16 Jan 2017

  • BSE $182m IPO expected to price at top

    The Bombay Stock Exchange has announced a marketing range for its long-awaited IPO in India, leaving no doubt that the Rp12.4bn ($182m) deal will price at the top of expectations.

    16 Jan 2017

  • CDB homes in on dual currency bond

    China Development Bank Corp has turned its sights on adollar-euro transaction to start its 2017 debt issuance.

    16 Jan 2017

  • Zhongce unit rolls in for $300m syndication

    Zhongce Rubber Group is seeking liquidity in the international syndicated loan market for a $300m deal.

    16 Jan 2017

  • Mandates flood Monday market

    Issuers anxious to meet with investors before the Chinese New Year are kicking off the week with roadshows around Asia. Beijing Capital Group, Qinghai Provincial Investment Group, China Huarong Asset Management, and Indonesia’s Pan Brothers are all pursuing dollar bonds.

    16 Jan 2017

  • Chinese developers Times Property, Yanlord out for funds

    High yield real estate names Times Property Holdings and Yanlord Land Group are marketing their respective dollar-denominated bonds on Monday morning, looking to lock in early funding for the year.

    16 Jan 2017

  • Mok named Citi country officer for Taiwan

    Citi has appointed Paulus Mok, a 22-year veteran of the US bank, as its country officer for Taiwan.

    16 Jan 2017

  • This week in renminbi: January 16, 2017

    Welcome to Trump-week, as the president-elect makes final preparations before being sworn into office this Friday. Trump dominated weekend headlines by declaring that the long-standing One China policy is now up for negotiation. In the renminbi markets, meanwhile, the week is off to a slow start as the currency stabilises, and Chinese authorities discuss the future role of the Shanghai free trade zone.

    16 Jan 2017

  • Colombian Tecnoglass takes second look for bond window

    Tecnoglass, the Colombian window manufacturer, may sell dollar bonds this week just two months after it postponed its initial issuance plans after Donald Trump’s US election victory.

    15 Jan 2017

  • Lat Am’s new bond batch all trading up

    All seven new issues to emerge from Latin America last week ended Friday above their respective reoffer prices to reiterate the favourable conditions available to the region’s borrowers.

    15 Jan 2017

  • US mortgage applications decline year over year

    The latest figures from the Mortgage Bankers Association show a small increase in mortgage applications during the first week of January, but year over year volume is down sharply.

    13 Jan 2017

  • Amigo Loans' HY debut pays 7.625% coupon

    The sterling high yield bond market on Friday priced its first single-B rated issue of the year, a £275m note from Amigo Loans, a UK consumer lender, with the third highest coupon in the past 12 months for a single-B sterling issue.

    13 Jan 2017

  • Blocks pace quickens as Dutch state sells €452m chunk of ASR

    The acceleration of equity block trading in Europe continued on Thursday evening, when NLFI, the organisation that manages investments for the Dutch government, launched the sale of a 13.6% stake in ASR Nederland, the insurer nationalised during the financial crisis.

    13 Jan 2017

  • Primary dealerships under scrutiny as Cred Ag drops three

    Crédit Agricole has pulled out of the primary dealerships of three countries, the latest bank to scale down the number of countries in which it is active as a PD. It is unlikely to the be the last this year, according to a GlobalCapital poll of DCM heads.

    13 Jan 2017

  • Funding scorecard: European sovereigns

    Find out how far European sovereigns have progressed through their funding programmes two weeks into the year.

    13 Jan 2017

  • Immofinanz tackles 2018 maturity with new CB, early conversion

    Immofinanz, the Austrian property company, issued a €300m convertible bond in an evening bookbuild on Thursday night, alongside an incentivised early conversion of its €515m CB that matures in March 2018.

    13 Jan 2017

  • UK DMO picks banks for next syndication

    The UK Debt Management Office has named the group of banks that will sell its next Gilt syndication.

    13 Jan 2017

  • Pegas offers time spread trading

    Pegas the European gas trading platform operated by Powernext has launched time spread contracts on its futures markets.

    13 Jan 2017

  • Turkey and New Zealand gain EU reg equivalence

    Supervisory and regulatory frameworks in Turkey and New Zealand can be regarded as equivalent to those in the European Union, according to details of a European Commission report released by the European Banking Authority.

    13 Jan 2017

  • CFTC allows US traders access to ICE Endex

    The US Commodity Futures Trading Commission has issued an order of registration for Intercontinental Exchange's ICE Endex exchange, allowing participation by US based investors.

    13 Jan 2017

  • Bank of America brings strong results, expands share buybacks

    Bank of America issued a strong set of fourth quarter figures on Friday, and said it would expand its share buyback programme in the first half of 2017 by $1.8bn.

    13 Jan 2017

  • Risk-weight changes prompt Close Brothers tier two

    Close Brothers was warmly welcomed for a new £175m tier two issuance on Friday, as the bank sought to protect its capital ratios amid important changes to the way in which banks must calculate risk weightings for their property loans.

    13 Jan 2017

  • Short core covereds bid after ECB removes negative yield floor

    Core and non-eurozone covered bonds in the short to intermediate part of the curve were well supported on Friday after the European Central Bank said it would buy covered bonds with yield below its deposit floor.

    13 Jan 2017

  • Egypt bond enters final stages with sellout roadshow

    Arab Republic of Egypt’s roadshow schedule next week is packed out, suggesting ample interest in the sovereign’s slowly improving story as it nears its first bond sale in two years, according to bankers on the deal.

    13 Jan 2017

  • RMB internationalisation outlook: Hedge your bets

    There is little doubt the RMB had a tough 12 months. But despite the headwinds, China has managed to push through landmark reforms to the capital account and more initiatives are in store for 2017. In the first part of this outlook, market participants discuss how RMB internationalisation (RMBi) will benefit from opening up of onshore hedging products and the far-reaching impact of recently-established New York hub.

    13 Jan 2017

  • RMB internationalisation outlook: One hub to rule them all?

    In the second part of the GlobalRMB’s outlook on renminbi internationalisation in 2017, market participants discuss the far-reaching impact of the recently-established New York hub.

    13 Jan 2017

  • BSE plans late January launch of $200m IPO

    India’s second largest stock exchange BSE is set to launch bookbuilding for its potential $200m listing in the last week of January, according to a red herring prospectus filed by the bourse.

    13 Jan 2017

  • Korea shakes off political turmoil to hook $1bn

    The Republic of Korea became the first Asian sovereign out of the gate in 2017, sealing a $1bn 10 year bond on Thursday against a backdrop of political turmoil in the country.

    13 Jan 2017

  • RMB round-up: cross-border RMB trade collapses in 2016, China FX turnover remains dollar-centric, new China ETF launches in London

    In this round-up, RMB-denominated cross-border trade settlement suffers a big setback in 2016, turnover in the Chinese interbank foreign exchange (FX) markets revolves almost entirely around dollar trades, and GF International launches a China A-shares fund on the London Stock Exchange. Plus a recap of our coverage.

    13 Jan 2017

  • By the dozen: 12 banks join Amvig HK$1.6bn loan

    Cigarette package printer Amvig Holdings, which launched a HK$1.6bn ($206m) equivalent dual currency refinancing in December, has allocated the borrowing after 12 banks joined lead ANZ to form the syndicate.

    13 Jan 2017

  • Greater China corps print $960m in bonds on busy Thursday

    SEA Holdings, Guangzhou R&F Properties and a Changchun local government financing vehicle took advantage of the abundant liquidity in the bond market by locking in funds on Thursday.

    13 Jan 2017

  • RMB internationalisation is in transition, not reverse

    China has come in for a lot of criticism for introducing more capital controls since the start of the year in order to combat outflows. While such restrictions clearly do not fit under the headline of financial liberalisation, the market needs to understand that they are a necessary evil for China to have enough time to correct economic imbalances.

    13 Jan 2017

  • Maybank hands regional roles to two senior bankers

    Malaysia’s Maybank has reshuffled the top ranks in its investment bank, naming two senior executives to lead regional equity and debt functions.

    13 Jan 2017

  • Intas acquisition loan nets $350m with one week to go

    A dual currency financing to back Indian company Intas Pharmaceuticals’ acquisition of a portfolio of assets in the UK and Ireland has attracted subscriptions totalling $350m, with banks given another week to commit.

    13 Jan 2017

  • Mapletree cracks open Sing dollar debt market

    Singapore’s Mapletree Investments raised S$625m ($438m) from its debt outing on Thursday, marking the first public Singapore dollar bond of the year.

    13 Jan 2017

  • Deutsche names new Apac global markets co-heads

    Deutsche Bank has appointed two bankers as co-heads of global markets for Asia Pacific, following Michael Ormaechea’s decision to retire.

    13 Jan 2017

  • Senior departure at UBS as Asia CCS head exits

    UBS is losing its Asia head of corporate client solutions, who is understood to have resigned on Thursday, according to sources.

    13 Jan 2017

  • Long wait over as Argentina announces key mandate

    Argentina could not wish for better market conditions as it prepares its crucial first bond of 2017, said Lat Am bankers this week. After many sleepless nights for DCM bankers pitching the deal, the South American sovereign on Wednesday mandated bookrunners, writes Oliver West.

    12 Jan 2017

  • Petrobras rides Brazilian momentum to keep chipping at debt mountain

    Brazilian state-owned oil company Petrobras cemented its popularity as an improving credit story with a hugely oversubscribed $4bn new issue that flew above par in secondary markets, triggering a great week for Lat Am new issues and reiterating the renewed optimism around Latin America’s largest economy.

    12 Jan 2017

  • The road to TLAC is paved with innovation

    Rather than waiting for the final go-ahead from the authorities, European banks are becoming creative with their bonds in order to bring total loss-absorbing capacity (TLAC) issuance.

    12 Jan 2017

  • Lat Am on fire as Honduras wins negative NIP

    Honduras’s first bond issue in more than three years capped a roaring week for Latin American primary markets, with seven borrowers raising more than $7.5bn between them, when the issue was priced with a negative new issue premium.

    12 Jan 2017

  • MPL issuance on hold as market navigates regs, Trump transition

    The outlook for marketplace lending securitization issuance in 2017 is hazy, as lenders navigate new regulatory terrain and prepare their businesses for operating under a Donald Trump presidency.

    12 Jan 2017

  • Intesa SanPaolo EUR1bn 1.375% Jan 24

    12 Jan 2017

  • MTN Leak: A party fit for a king!

    The first social events of the year are landing in Leak’s inbox and beginning to fill up the yawning months of 2017 and keep us all sane. All work and no play makes Leak a dull read.

    12 Jan 2017

  • BPCE EUR1bn 1.125% Jan 23

    12 Jan 2017

  • Sumitomo Mitsui Financial Group EUR500m 0.606% Jan 22

    12 Jan 2017

  • NN Group EUR500m 0.875% Jan 23

    12 Jan 2017

  • NN Group EUR850m 4.625% Jan 48 tier two

    12 Jan 2017

  • Crédit Agricole EUR1bn 1% Sep 23

    12 Jan 2017

  • Imerys EUR600m 1% Jan 24

    12 Jan 2017

  • Affordable Housing GBP114.8m 2.893% Jan 42

    12 Jan 2017

  • EDC USD1.25bn 1.625% Jan 20

    12 Jan 2017

  • Enel EUR1.25bn 1% Jan 26

    12 Jan 2017

  • Unédic EUR1.25bn 0.125% May 22

    12 Jan 2017

  • Gas Natural EUR1bn 1.375% Jan 27

    12 Jan 2017

  • KfW USD5bn 2.125% Mar 22

    12 Jan 2017

  • Telefonica EUR1.25bn 1.528% Jan 25, EUR500m 2.318% Jan 28

    12 Jan 2017

  • Kommuninvest USD1.25bn 1.75% Mar 20

    12 Jan 2017

  • IADB USD3bn 2.125% Jan 22

    12 Jan 2017

  • Ezaki Glico reopens Japanese CB market after rate-induced drought

    Ezaki Glico, a Japanese confectioner, sold a ¥30.9bn ($267m) Euroyen convertible through Nomura on Thursday, breaking a long dry spell in the market.

    12 Jan 2017

  • Portugal EUR3bn 4.125% Apr 27

    12 Jan 2017

  • MTN dealers sceptical of costly Origin, but MAR could add value

    Origin, an electronic platform for private placement issuance, went live on Monday. While some dealers believe the system may be too costly for the service it provides, the market abuse regulation (MAR) could make the system more valuable.

    12 Jan 2017

  • NWB EUR1bn 0.625% Jan 27

    12 Jan 2017

  • AFD EUR1.5bn 0.125% Apr 22

    12 Jan 2017

  • Dollar deluge but pricing still an art

    More dollar deals are expected next week following a searing few days for trades in the currency, but despite bumper books and deal sizes, some in the market feel there is still some price discovery work to do. Meanwhile, US president-elect Donald Trump made his presence felt on the issuance calendar.

    12 Jan 2017

  • Santander jumps the gun as TLAC timing concerns resurface

    Santander has added its name to the list of European banks issuing senior non-preferred bonds this week, even though Spanish law cannot yet accommodate the new asset class.

    12 Jan 2017

  • EFSF EUR3bn 0% Nov 22

    12 Jan 2017

  • KommuneKredit EUR1bn 0.25% Feb 24

    12 Jan 2017

  • Barclays GBP600m 3.125% Jan 24

    12 Jan 2017

  • HY adopts Channel Islands as regulatory haven with MAR dodge

    Telecom company TalkTalk and loan guarantor Amigo have this week jumped into the wave of new high yield bond issues listing on the Channel Islands Securities Exchange (CISE) as a way to get round the Market Abuse Regulation (MAR), writes Victor Jimenez.

    12 Jan 2017

  • Investors piling into Europe’s ‘bullish’ RMBS market

    The European ABS market is riding a wave of what market participants describe as “mass bullishness” that is encouraging opportunistic sellers to securitize legacy assets, some of which date back to before the credit crisis. David Bell reports.

    12 Jan 2017

  • Investors struggle to tame corporate juggernaut as supply chugs on

    The investment grade euro corporate bond market kept pumping out supply this week as investors bought an array of credits and maturities, but questions are surfacing about how long the purple patch can last.

    12 Jan 2017

  • Mizuho hires European derivs risk head

    Mizuho International, the securities and investment banking arm of Mizuho Financial Group, has hired an experienced banker to lead its European derivatives risk solutions business.

    12 Jan 2017

  • SRI calendar shapes up as agency plans debut issue

    The socially responsible investment market for public sector bond issuers is shaping up for another busy year, with one agency planning a debut print in the next few months.

    12 Jan 2017

  • Pharma back in focus for CLOs after Trump comments

    The pharmaceuticals industry is back under the microscope of US CLO players after comments on drug pricing from president-elect Donald Trump hinted at a tougher environment for drug makers under a Trump presidency.

    12 Jan 2017

  • Carlyle makes raft of senior promotions

    The Carlyle Group promoted 62 staff to senior positions on Wednesday — 13 of them to partner, 17 to managing director and 32 to principal.

    12 Jan 2017

  • UK's Barratt adds two years to revolver

    Barratt Developments, the UK home builder, has lengthened the tenor of a revolving credit facility by two years.

    12 Jan 2017

  • Euro market flips as duration investors migrate shorter

    A seismic shift has affected appetite in euro borrowing. Investors driven out to outlandish maturities by low rates have come flooding back to the belly of the curve.

    12 Jan 2017

  • German solar company raises €30m certified green loan

    MEP Werke, a German rooftop solar panel company, launched the first tranche of a green debt issuance programme on Tuesday, taking a €30m green loan from Delta Lloyd Asset Management.

    12 Jan 2017

  • Prysmian enters CB big league as €500m flies

    Equity-linked issuance in Europe burst into life on Thursday with the sale of a €500m bond for Prysmian Cables & Systems and the first Japanese CB of any size since September. Then on Thursday evening Immofinanz launched another deal. The clutch of deals suggests the market is wide open for issuers.

    12 Jan 2017

  • Italy faces rating trial as Portugal passes test

    Portugal found the best possible medicine to a rising fever in its bond yields by building a large order book on Wednesday for its first syndication of 2017. Attention now turns to Italy, which faces a crucial rating review by DBRS on Friday.

    12 Jan 2017

  • Lev investors must up deal term vigilance

    In the leveraged loan market, where pricing has plummeted, it was inevitable that issuers would push their luck with the terms of their deals. Investors must push back.

    12 Jan 2017

  • Hungry dollar investors swarm around busy triple-Bs

    Broadcom printed the biggest corporate trade of the year so far as yield hungry investors snapped up triple-B rated names ahead of US president-elect Donald Trump’s inauguration next week.

    12 Jan 2017

  • Sterling covered bond supply continues to flow

    The enduring nature of sterling covered bonds was underscored again this week with deals issued by Lloyds Bank and BayernLB taking this year’s total in the UK currency to six.

    12 Jan 2017

  • Italian bank recaps move ahead with UniCredit, UBI

    Italy took two steps forward in fixing its embattled banking system on Thursday, as UniCredit won shareholder approval for its €13bn rights issue, while UBI Banca shares surged on the news that it will seek to raise €400m to support a takeover of three retail banks bailed out in 2015.

    12 Jan 2017

  • Financials open up perky Swiss market

    ASB Finance and Met Life entered the Swiss market this week despite them having little need for the Swiss currency in their funding programmes.

    12 Jan 2017

  • Don’t put down America’s post-crisis watchdog

    The latest round of Republican calls in the US for president-elect Donald Trump to fire the Consumer Protection Financial Bureau (CFPB) head Richard Cordray and roll back the agency’s influence is a real threat to American consumers.

    12 Jan 2017

  • Mediobanca EUR750m 0.75% Feb 20

    12 Jan 2017

  • Egypt’s Dubai meetings lead to sukuk speculation

    Egypt is entering the final stages of preparation for its planned bond issue and will meet investors in Dubai next week, leading to suggestions that the sovereign will issue in sukuk format.

    12 Jan 2017

  • Santander Consumer Finance EUR1bn 0.875% Jan 22

    12 Jan 2017

  • Covered national champions get traction

    Covered bond deals issued this week by Société Générale and Erste Bank showed that there is still good demand for bonds issued by national champions, even in the more difficult longer tenors.

    12 Jan 2017

  • Commerzbank EUR500m 4% Mar 27 tier two

    12 Jan 2017

  • Oman takes EM focus as banks flock to budget gap opportunity

    The Gulf Cooperation Council (GCC) region looks set to provide a hotbed of loans market activity in the first half of 2017, with bankers sizing up a strong pipeline out of Oman as the sultanate looks to address a budget deficit.

    12 Jan 2017

  • The covs are off: investors reeling from lev terms

    Aggressive leveraged loan borrowers are pushing investors to breaking point. Sponsors have milked buyers’ desperation for yield with ever looser covenants to the extent that one investor said, this week, that the situation was worse than at any point since the financial crisis.

    12 Jan 2017

  • State of Israel €2.25bn 1.5% Jan 27 and 2.375% Jan 37

    12 Jan 2017

  • NordLB and Bawag 10 year covereds barely subscribed

    Ten year Pfandbrief €500m deals issued this week by NordLB and Bawag were narrowly oversubscribed even with the support of the Eurosystem.

    12 Jan 2017

  • Auckland screams in with debut euro syndication

    Auckland Council on Thursday pulled off a 7bp tightening for its first ever public deal in euros. The trade was joined in the market by paper from the City of Hamburg and Bpifrance Financement.

    12 Jan 2017

  • Non-conforming Scandinavian lender eyes capital markets

    Swedish lender Bluestep Bank is said to be considering a new non-conforming RMBS deal, with the lender expected to host an investor day this month.

    12 Jan 2017

  • Sterling stream set to keep flowing as SSAs mull deals

    More public sector borrowers want to enter a red hot sterling market, including some that have barely visited the market in years.

    12 Jan 2017

  • Russia rejuvenated as loans line up

    A giddiness is entering the Russian loan market over the speed at which deals are lining up, with bankers looking for a bold reopening even as the country’s political relations with the US come under the growing glare of public scrutiny. Dan Alderson reports.

    12 Jan 2017

  • Jaguar roars first euros, book six times oversubscribed

    UK premium car maker Jaguar Land Rover on Thursday sold its first euro bond at one of the lowest coupons seen in the high yield market in the last two years.

    12 Jan 2017

  • Covered bond liquidity is starting to matter more

    As many as eight covered bonds were launched across three currencies this week, the vaguely discernible pattern suggesting better interest for the larger deals with intermediate maturities and particularly those from non-eurozone issuers where liquidity is most likely to be better.

    12 Jan 2017

  • MTNs poised for action when public market slows

    The market for medium term notes is expected to come to life over the next few weeks after a subdued start to 2017, with some bankers and issuers touting floating rate notes as the next big thing.

    12 Jan 2017

  • Crossovers flavour Thursday's corp supply

    The week's heavy pace of investment grade corporate bond supply extended into Thursday, as lower rated issuers dominated deal flow and crossover names thrived.

    12 Jan 2017

  • TalkTalk dials in for increased high yield bond

    The sterling high yield bond market on Thursday sent a message of confidence to issuers as UK telecoms firm TalkTalk increased its £300m unsecured bond on the back of heavy demand.

    12 Jan 2017

  • Legal & General takes ex-M&G investor for PPs

    Calum Macphail has joined Legal & General Investment Management as its head of corporate private credit, three months after leaving M&G Investments.

    12 Jan 2017

  • UK's Barratt adds two years to revolver

    Barratt Developments, the UK home builder, has lengthened the tenor of a revolving credit facility by two years.

    12 Jan 2017

  • No hiding place for Europe’s elite investment banks

    European investment banks are running out of excuses. The legacy issues that have dogged them since 2008 are finally coming to an end, meaning they can now devote all their energies to fighting back against their US rivals, which have gained a bigger slice of the European investment banking pie in each of the past five years. Failure to do so will trigger far-reaching questions about whether the decline can be arrested. By David Rothnie.

    12 Jan 2017

  • Norwegian covered bonds set for rating boost

    Norwegian covered bonds could be in line for a ratings bump following implementation of the Bank Recovery and Resolution Directive (BRRD) said Standard and Poor’s. Separately, tighter Norwegian mortgage lending criteria should dampen house price inflation but it still remains unsustainably high, said Fitch.

    12 Jan 2017

  • Bank of Cyprus puts past behind to leave capital on front foot

    Bank of Cyprus raised £250m in its first new-style tier two transaction on Thursday, showing the market was ready to receive further capital trades before blackouts set in.

    12 Jan 2017

  • KKR opens European repricings amid hot US market

    Two KKR backed firms have brought the first European leveraged loan market repricings of the year, picking up on a trend that is already in full swing in the US this year.

    12 Jan 2017

  • Bond appetite strong despite tepid investor confidence

    The first two weeks of January have not brought the surge of new issuance that many expected, but the response to bonds so far shows that investors have grown surer of themselves compared to the end of 2016. Market watchers are now hopeful that Chinese New Year will mark the real start for deals, with February expected to bring roaring trade. Morgan Davis and Addison Gong report.

    12 Jan 2017

  • BayernLB closes in on sterling Pfandbrief first

    BayernLB was set to issue its first sterling public sector Pfandbrief on Thursday with the latest order book update suggesting it had made good headway by paying a super attractive spread.

    12 Jan 2017

  • Pricing details out for Trans Retail Indo $575m loan

    Details on pricing have emerged on CT Corp company Trans Retail Indonesia’s $575m five year loan, which is expected to be pre-funded by seven lenders shortly.

    12 Jan 2017

  • Chinese banks eager to bite into McDonald’s financing

    M&A in Asia has started on a strong note this year, with the first big financing — for McDonald’s China’s $2.08bn acquisition by Citic and Carlyle — under way. While details of the syndicated loan are limited at this stage, the transaction has already gathered plenty of attention from bankers, writes Shruti Chaturvedi.

    12 Jan 2017

  • UniCredit warns on AT1 coupon payment risks

    UniCredit said on Thursday that complications around the bank’s planned €13bn capital increase could jeopardise its ability to pay additional tier one (AT1) coupons.

    12 Jan 2017

  • Investor favourite Israel draws in nearly €10bn orders and goes long for first € deal since 2014

    Israel reopened the CEEMEA bond market in style on Wednesday, placing a rare 20 year euro bond, part of a €2.25bn dual tranche offering, which enabled the issuer to tap into new investors.

    12 Jan 2017

  • Adani times $500m outing well, snags tight pricing

    Adani Ports and Special Economic Zone continued the Indian issuer trend this week, grabbing $500m from international investors as Chinese borrowers wait until after the New Year holiday to hit the market.

    12 Jan 2017

  • Always look on the bright side

    In these dark days for banking, everyone is constantly looking out for a silver lining.

    12 Jan 2017

  • StanChart creates Asia bond syndicate head role

    Standard Chartered has created a new head of bond syndicate position in Asia, tapping Li Chao to the role, according to a bank spokesperson.

    12 Jan 2017

  • Wisdom kickstarts IPO, New Century prices

    China’s Wisdom Education International Holdings hit the road on Thursday, opening books for its Hong Kong IPO that could raise up to HK$1.1bn ($147.0m).

    12 Jan 2017

  • China investors to take Pakistan exchange to new heights

    Market participants in Pakistan are bullish about the prospects for the local bourse after a Chinese-led consortium won the bid to buy a 40% stake. Bankers and brokers expect the new owner to take the Pakistan Stock Exchange (PSX) to the next level and inject not only capital, but also credibility. John Loh reports.

    12 Jan 2017

  • ANZ offloads UDC Finance to HNA

    ANZ has taken yet another step to simplify its business and improve its capital efficiency, offloading UDC Finance, the asset finance business of wholly-owned ANZ Bank New Zealand.

    12 Jan 2017

  • Taikang Insurance seals China's first FIG outing in 2017

    Taikang Insurance Group had no problem finding demand for its debut, gathering $2.4bn worth of orders at its peak for a $800m bond on Wednesday. The deal is only the second from a Chinese name and the first from a financial credit in Asia ex-Japan in the New Year.

    12 Jan 2017

  • Dasin Retail bags $102m in first Singapore float for 2017

    Dasin Retail Trust has sealed 2017's first mainboard listing on the Singapore Exchange, raising S$146m ($102m) via a fixed priced offering.

    12 Jan 2017

  • Slovenske Elektrarne plugs €220m refi

    Holding Slovenske Elektrarne (HSE), the Slovenian state-owned power generation company, has agreed a €220m loan to refinance debt and extend its maturity profile.

    12 Jan 2017

  • BPCE gears up for first senior non-preferred deal in yen

    BPCE has filed documentation allowing it to issue total-loss absorbing capacity (TLAC) eligible senior bonds in the Samurai market, and the first ever yen-denominated non-preferred issue could arrive as early as next week.

    12 Jan 2017

  • Fibria green bond trades up after covenant push-back

    Investors saw Brazilian pulp and paper company Fibria Celulose’s new 10 year green bond pricing very tight to its existing curve, despite the company having to remove controversial covenant language after it proved unpopular with investors.

    12 Jan 2017

  • Corporate issuers battle for investor attention

    Corporates from Hong Kong, China and Singapore were clamouring for investors’ attention on Thursday for their respective offerings.

    12 Jan 2017

  • South Korea makes dollar comeback with 10yr

    The Republic of Korea is set to be the first Asian sovereign to sell bonds in the New Year, marketing a dollar-denominated 10 year on Thursday morning.

    12 Jan 2017

  • Lat Am corps brush off covenant debate to jump on scarcity

    Four private sector corporates from Latin America sold dollar denominated bonds this week, although borrower-friendly market conditions were not enough to allow the issuers to get away with more aggressive covenant language.

    12 Jan 2017

  • Private auto deals dominate sparse ABS pipeline

    Hyundai Capital America and Consumer Portfolio Services (CPS) each priced private, 144A offerings on Tuesday, while a public deal from Ford is slated to enter the market in the coming week in what has been an otherwise slow start to 2017 primary issuance.

    11 Jan 2017

  • Leveraged loan prices blocking new CLO pipeline

    The US CLO market is off to a slow start and managers are expecting more of the same through the first quarter of the year, as tightening in the leveraged loans market puts pressure on the economics of issuing new deals.

    11 Jan 2017

  • France enlarges Engie block to €1.1bn and prices it well

    Shares of Engie, the power and gas company, traded solidly on Wednesday and Thursday after the French government's block trade in the stock on Tuesday night won strong demand, enabling the lead managers to increase it by 10% and price above the bottom of the marketed range.

    11 Jan 2017

  • EDC hits home in threes

    Export Development Canada showed on Wednesday that despite some big deals this year in fives, there is still plenty of demand in the three year part of the dollar curve as it took the rare step of increasing a deal from its initial size target. The trade came as a trio of other dollar deals hit screens.

    11 Jan 2017

  • Five alive! AFD scores with five year

    Agence Française de Développement made its 2017 debut with a €1.5bn five year on Wednesday, but longer dated euro deals seem to be struggling as European Investment Bank found with a April 2032 tap.

    11 Jan 2017

  • ABI, Cerved say Italian bad loan growth slowed in 2016

    A report from the Italian banking association ABI and credit management company Cerved said on Wednesday that growth in bad Italian business loans slowed in 2016, although the southern region showed no sign of improvement.

    11 Jan 2017

  • Swaps clearing fight reignited as Draghi and Massad wade in

    Wrangles over the future of euro interest rate swap clearing after Brexit were revived this week, with both European Central Bank president Mario Draghi and outgoing US Commodity Futures Trading Commission chair Timothy Massad suggesting that the EU should maintain oversight of the UK market. Meanwhile, two London-based executives argued that the UK should extend its EU exit process to five years to avoid losing swaps business to the US.

    11 Jan 2017

  • Morgan Stanley to securitize legacy loans from former Lehmans lender

    Morgan Stanley is preparing a securitization of legacy assets originated by Lehman Brothers’ former Dutch mortgage lending unit.

    11 Jan 2017

  • Portugal hits spot to win size

    Portugal took out around a fifth of its funding programme for 2017 on Wednesday, printing a €3bn 10 year deal. Bankers away from the trade said pricing looked a little cheap — but at the same time defended the sovereign’s debt office for playing it safe to win size.

    11 Jan 2017

  • KommuneKredit to go green in second quarter

    KommuneKredit is planning to sell its first green bond, aiming to bring the deal to market in the second quarter of 2017.

    11 Jan 2017

  • Gas Natural keeps up supply pressure at the long end

    Gas Natural Fenosa, the Spanish energy firm, kept the long end alive on Wednesday as it issued a €1bn 10 year bond that won over two times oversubscription.

    11 Jan 2017

  • Amigo hopes to channel friends with £250m HY deal

    UK guarantor loans company Amigo Loans on Wednesday became the third European business to launch a high yield bond this year and the second to list on the increasingly popular Channel Islands Securities Exchange.

    11 Jan 2017

  • Tradeweb touts APA service for MiFID II

    Tradeweb Markets, the New York based electronic fixed income, derivatives and exchange-traded fund marketplace operator, has unveiled a service that allows market participants to meet post-trade transparency requirements mandated by the Markets in Financial Instruments Directive II (MiFID II).

    11 Jan 2017

  • Thai exchange adds stock futures to fuel growth

    The Thailand Futures Exchange (TFEX), which enjoyed a 72% growth in trade volume last year, is set to add futures on 24 stocks.

    11 Jan 2017

  • Banks poised for $1bn Kenyan loan mandate

    Loan bankers have been waiting on tenterhooks for Kenya to reveal a mandate for deals totalling as much as $1bn, with the country’s government having originally been set to make the announcement this week.

    11 Jan 2017

  • Sumitomo returns to euros for second bite of holdco cherry

    Sumitomo Mitsui Financial Group (SMFG) was looking to sell a five year bond from its holding company on Wednesday, remaining the only Japanese ‘mega bank’ to look to euros for its total loss-absorbing capacity (TLAC) requirements.

    11 Jan 2017

  • Intesa goes longer for senior

    Intesa SanPaolo was looking to sell a seven year bond on Wednesday, following a spate of successful shorter dated vanilla senior issues.

    11 Jan 2017

  • StanChart grabs first dollar AT1 of 2017 in ‘capital driven’ market

    Standard Chartered opened books on a perpetual bond not callable until April 2023 on Wednesday to kick off dollar issuance of additional tier ones in 2017 and potentially forerun a flurry of bank capital trades in euros.

    11 Jan 2017

  • Back on track: Russian Railways eyes loan market opener

    Loan bankers’ enthusiasm to undertake more Russian business this year looks set to translate into deals soon, with Russian Railways in talks about a new money club loan.

    11 Jan 2017

  • EY tops global PE biz with Herb

    Ernst & Young has appointed a head of global private equity to replace Jeffrey Bunder, who has moved to a US private equity firm.

    11 Jan 2017

  • BayernLB considers sterling covereds

    BayernLB has mandated leads for a possible three year sterling floater or short five year fixed rate transaction.

    11 Jan 2017

  • 'Cheap as chips' Israel brings first CEEMEA bond of 2017

    Israel burst onto screens on Wednesday to open CEEMEA issuance for 2017. A popular name with investors, the 20bp premium offered at initial price thoughts seemed to go down well with the €6.5bn of orders submitted before lunch.

    11 Jan 2017

  • SSA market crammed to bursting point

    The January rush of bond issuance is flooding screens with public sector deals, with $10bn of dollar funding and €4bn in euros arriving on Tuesday alone. Issuers are looking to stock up ahead of what may be a volatile year, but the strain may be beginning to show.

    11 Jan 2017

  • SG covered draws demand as Bawag scrapes through

    Société Générale SFH was set to issue a well oversubscribed mortgage backed seven year bond on Wednesday as Bawag shouldered a frostier reception for its public sector loan backed Austrian 10 year.

    11 Jan 2017

  • Santander to issue TLAC senior ahead of new Spanish law

    Santander revealed on Wednesday it was considering printing total loss-absorbing capacity (TLAC) eligible instruments before Spain has given its final approval for the creation of senior non-preferred debt.

    11 Jan 2017

  • France energises EMEA ECM with €1.1bn Engie block

    With most senior bankers and investors now back from holidays, equity capital markets in EMEA have burst into life this week, with the launch of two large capital increases and a sizeable state block trade in Engie.

    11 Jan 2017

  • Tricky trades find smooth execution in super start for FIG

    Extraordinarily strong issuance conditions in the euro and sterling markets have bred a rush of new supply in the second week of 2017, allowing rarer names to price trickier deals across a broad range of asset classes.

    11 Jan 2017

  • Corporate primary market snowed in rush to beat rate hikes

    European corporate bond issues are coming thick and fast. Participants who predicted this week would be busy have been proved right, with 12 deals pushed into the euro, sterling and Eurodollar markets so far.

    11 Jan 2017

  • Lat Am leads charge but Israel keeps CEEMEA in play

    Latin American issuers are leading the charge to primary markets this year so far in emerging market bonds but Wednesday saw the first CEEMEA issuer to open books as Israel tried a dual tranche 10 and 20 year trade.

    11 Jan 2017

  • Korea ECM set for IPO flood in first half

    South Korea is expecting a strong flow of IPOs in the first half of 2017 as a choppy end to last year delayed many companies from launching deals. But there is some concern among ECM bankers that a burst of listings could clog up the market.

    11 Jan 2017

  • Lenders revealed for China Universal Rmb2.03bn deal

    The names of banks that subscribed to China Universal Leasing's Rmb2.03bn ($293m) fundraising is out. The company signed the loan on January 6 and the first draw down is expected to happen as early as Friday.

    11 Jan 2017

  • New Indonesian regulations demand bond dealer loyalty

    The Indonesian ministry of finance has announced new regulations mandating bond dealers to act in accordance with the country’s best interests, effective immediately.

    11 Jan 2017

  • Capital outflows leave China with no easy options

    The rising tide of capital outflows from China has left experts debating Beijing's best course of action. While there are a number of options, none are likely to generate long-term confidence in the renminbi.

    11 Jan 2017

  • Investors flock to BPRL $600m curtain opener

    BPRL International Singapore has paved the way for Indian debt issuers this year, bagging $600m from a well-received debut on Tuesday.

    11 Jan 2017

  • Longer for cheaper: New World replaces debt with 10yr

    New World Development Company, via its wholly-owned subsidiary New World China Land, sold a $600m 10 year bond on Tuesday, the first time it had opted for such a long tenor, according to bankers.

    11 Jan 2017

  • Citi names senior bankers to top Asia research roles

    Citi has made two new appointments in its research division, including a senior hire from Jefferies, according to a memo seen by GlobalCapital Asia.

    11 Jan 2017

  • NTPC, Genting prepare for market forays

    Indian power company NTPC and Malaysia’s Genting Overseas Holding Company are planning their respective debut outings, with the former seeking euros and the latter dollars.

    11 Jan 2017

  • SBI hunts for $600m with seven at the top

    A group of seven lenders opened a $600m loan for State Bank of India to retail participation this week, with three tickets up for grabs.

    11 Jan 2017

  • Taikang, Adani Ports keep DCM investors busy

    India’s Adani Ports and Special Economic Zone and China’s Taikang Insurance Group are drawing investors’ attention to their respective dollar offerings on Wednesday.

    11 Jan 2017

  • India to streamline state divestments for investors, banks

    India’s government is making its divestment process in state-owned firms more transparent by creating two new information-sharing platforms.

    11 Jan 2017

  • BNI $750m dual trancher enters general syndication

    Bank Negara Indonesia has hit the market for a $750m borrowing via nine mandated lead arrangers and bookrunners, launching its biggest international syndicated loan.

    11 Jan 2017

  • Ecuador back, again, to grow 2026s

    The Republic of Ecuador’s thirst for new debt shows no sign of being quenched as the South American nation raised $1bn of bonds on Tuesday.

    11 Jan 2017

  • Petrobras trades up after increasing tender

    Both of Petrobras’ new benchmark bonds traded up more than a point the day after pricing as bankers said the level of demand for the deal would have allowed the company to print even more than the $4bn it managed on Monday.

    11 Jan 2017

  • Consumer ABS market awaits outcome of latest CFPB fight

    The latest call from Republican senators Ben Sasse and Mike Lee for the incoming president to dismiss Consumer Protection Financial Bureau (CFPB) head Richard Cordray is being closely watched by ABS players.

    10 Jan 2017

  • Agency CRT deals set for structural changes in 2017

    Fannie Mae and Freddie Mac are set to change the structure of their credit risk transfer (CRT) programmes, looking to entice more investors and offer more attractive yields in the coming year.

    10 Jan 2017

  • Canaccord Genuity hires former HSBC man to run ECM

    Canaccord Genuity has hired an experienced ECM banker to be its head of UK and European equity capital markets.

    10 Jan 2017

  • High yield borrowers should use Channel Islands listings wisely

    A growing number of European high yield bonds are being listed on the Channel Islands Securities Exchange to avoid onerous EU regulations. But borrowers should avoid too many visits to the offshore haven for the good of their market.

    10 Jan 2017

  • Tech can help MTNs play to strengths

    Origin launched the beta version of its private placement issuance platform on Monday, aiming to speed up and simplify the process of selling MTNs. It could make a material difference to the MTN market, but only if widely adopted.

    10 Jan 2017

  • More dollars to follow Tuesday deluge before Trump takes charge

    Public sector borrowers tore $10bn of funding from the dollar market on Tuesday, shaving several basis points from initial price thoughts in the process. Only one benchmark is on screens for Wednesday, but SSA bankers expect next week’s run-up to the inauguration of Donald Trump as US president on January 20 will be — in Trump terminology — “huge”.

    10 Jan 2017

  • BCP shares tank on €1.3bn rights issue to repay bailout

    Shares in Banco Comercial Português, the Portuguese bank, have fallen 21% since it unveiled plans late on Monday for a €1.33bn rights issue to strengthen its core tier one capital ratio and finance the redemption of contingent convertible bonds owned by the Portuguese government.

    10 Jan 2017

  • PGH puts tier three back on the table for insurers

    Phoenix Group Holdings Capital will look to sell the third ever tier three bond and the first in sterling, having mandated banks to arrange a London roadshow for a new issue this week.

    10 Jan 2017

  • Foncière des Régions raises €384m of new equity to buy €540m set of Spanish hotels

    Foncière des Régions, the French property company, has achieved a covered book for its €348m capital increase to finance the acquisition of a portfolio of 19 Spanish hotels through its subsidiary Foncière des Murs.

    10 Jan 2017

  • Euros fives booming but NWB struggles in 10s

    The belly of the curve appears to be the favoured spot in euros, with the European Financial Stability Facility selling a €3bn November 2022 and Agence Française de Développement announcing that it intends to bring an April 2022 on Wednesday. Further out in the curve, the market is proving less supportive.

    10 Jan 2017

  • HUD premium cut is political posturing

    The move by the US Housing and Urban Development (HUD) secretary Julian Castro to reduce mortgage insurance premiums is a politically motivated one designed to pressure the incoming Trump administration. As such it brings the agency into the political arena at a time when non-partisanship should be the goal of one of the foremost housing authorities in the US.

    10 Jan 2017

  • BASF maintains Eurodollar momentum with debut

    The treasury team at BASF, the German chemicals producer, kept up a high level of capital markets activity on Tuesday as it targeted a debut transaction in the Eurodollar market.

    10 Jan 2017

  • Europe’s ‘versatile’ ABS market draws debate

    Analysts warned this week of securitization’s drift into a private, bilateral and less visible type of market at the expense of the public market, despite last year's primary pipeline churning out the highest volume of publicly syndicated bonds since 2011.

    10 Jan 2017

  • Portugal prepares 10s, outlines 2017 plans

    Portugal will kick off its funding year with a 10 year euro benchmark, mandating for the deal on Tuesday shortly after announcing its bond issuance target for 2017.

    10 Jan 2017

  • Arle Capital Partners exits Technogym in €100m ABB

    Arle Capital Partners has sold its remaining stake in Technogym, the Italian fitness equipment maker founded by Nerio Alessandri, for €100m, through an accelerated bookbuild that was covered in half an hour.

    10 Jan 2017

  • Ignorance on climate is still rife

    Everyone in debt capital markets has heard of green bonds, and most in the financial world accept that sustainability and greenness are Good Things. But for all the grand commitments and PR initiatives, understanding of the issues is still as hazy as a Beijing smog.

    10 Jan 2017

  • Derivs industry weighs cost of ISIN numbers

    The Association of National Numbering Agencies (ANNA) has issued a consultation paper on the fees that will be payable after the introduction of ISIN numbers for over-the-counter derivatives.

    10 Jan 2017

  • Telefónica leads triple-B charge to long end

    Spanish telecoms provider Telefónica hit the euro market on Tuesday for a dual tranche offering that tested the outer limit of investors’ appetite for long tenors.

    10 Jan 2017

  • German solar company raises €30m certified green loan

    MEP Werke, a German rooftop solar panel company, launched the first tranche of a green debt issuance programme on Tuesday, taking a €30m green loan from Delta Lloyd Asset Management.

    10 Jan 2017

  • Nodal Exchange launches power futures

    The Nodal Exchange, a North American energy derivatives market place, has introduced Mid-Columbia power futures contracts.

    10 Jan 2017

  • Jaguar Land Rover’s benchmark roadshow starts euro HY engines

    After spending 2016 away from the high yield market, UK premium car maker Jaguar Land Rover returned on Tuesday to add euros to its all sterling and dollar debt.

    10 Jan 2017

  • Levloans stutter off new year startline

    Primary activity in the European leveraged loans market is off to a stuttering start this year, with only a few small deals launched and larger borrowers either yet to appear or set to forego the market.

    10 Jan 2017

  • IHS Markit touts US equity derivs tax tool

    IHS Markit has unveiled a solution aimed at helping market participants meet withholding tax obligations on US equity derivatives arising from the newly imposed section 871(m) rule.

    10 Jan 2017

  • Investors dive into insurance hybrids as NN finds €5bn orders

    Insurers NN Group and Axa tested investors’ appetite for insurance subordinated debt on Tuesday, finding plenty of demand in only the second week of the year.

    10 Jan 2017

  • Barclays hits ‘hot’ sterling mart for more TLAC

    Barclays opened the sterling market for bank senior debt for the first time in 2017, bringing in more loss-absorbing debt amid growing concerns around a ‘hard Brexit’.

    10 Jan 2017

  • BPCE completes French TLAC set with first senior non-preferred

    BPCE raised its first €1bn of senior non-preferred notes in euros on Tuesday, joining France’s three other global systemically important bank in the fledgling market.

    10 Jan 2017

  • Vanilla senior rides crest of January FIG supply wave

    Mediobanca and Santander Consumer Finance joined a growing list of bank printing vanilla senior trades on Tuesday, as investors continued to show strong appetite for the undersupplied financial instruments.

    10 Jan 2017

  • Erste and only: covered borrower adopts cautious approach

    Erste Bank adopted a cautious pricing approach with its €750m 10 year Austrian Pfandbrief, which was priced on Tuesday when there was no other competing covered bond supply.

    10 Jan 2017

  • Albaraka Turk looks to boost capital with old-style tier two update

    Turkish bank, Albaraka Turk is hoping to update its old-style tier two sukuk debt to make it eligible as capital under Basel III and has asked investors to approve the inclusion of a point of non-viability (PONV) clause.

    10 Jan 2017

  • Romain Etienne — funeral and donations

    Following the tragic death of Romain Etienne last week, his family welcomes all friends and colleagues that want to attend his funeral.

    10 Jan 2017

  • GIB prepares ground for first Mid East bank bond

    Gulf International Bank kicked off investor meetings this week for what could be the first publicly syndicated bond from the Middle East this year.

    10 Jan 2017

  • Oman Oil and Bank Muscat head sultanate loan wave

    Oman Oil and Bank Muscat are set to kick off a rash of loans in the sultanate in the coming months, with a number of state owned entities in discussion with lenders as the government looks to address a budget deficit.

    10 Jan 2017

  • PIA touches down, Reliance Big wraps up $75m deal

    Pakistan International Airlines (PIA) has tied up funds totalling $130m via a syndicated loan facility.

    10 Jan 2017

  • Wisdom Education to launch $150m IPO Thursday

    Wisdom Education International Holdings Co is set to start taking orders for its Hong Kong IPO on Thursday and is eyeing up to $150m, according to a banker close to the transaction.

    10 Jan 2017

  • JP Morgan frozen out? Indonesia needs to let it go

    Indonesia’s tiff with JP Morgan has brought the country unwelcome attention. While it is right to protect its own markets from instability, doling out punishments to the US bank undermines its reputation as a sophisticated, transparent country — qualities that could deter the international investors it has so successfully attracted.

    10 Jan 2017

  • Trans Retail firms up new loan, to prepay 2014 facility

    CT Corp company Trans Retail, which had been in discussions with banks for a fresh financing since late last year, is on the verge of signing the deal.

    10 Jan 2017

  • New Silkroad falls short with HK$1.5bn open offer

    New Silkroad Culturaltainment has wrapped up a HK$1.5bn ($193.4m) open offer, with orders barely covering over a third of the transaction, according to a filing with the Hong Kong Stock Exchange on Monday.

    10 Jan 2017

  • StanChart names new head of Asia bond syndicate

    Standard Chartered has appointed a new head of bond syndicate for Asia, a spokesperson at the bank told GlobalCapital Asia on Tuesday.

    10 Jan 2017

  • China Jinmao returns after three year hiatus

    Property developer China Jinmao Holdings Group is marketing a dollar-denominated subordinated bond — its first hybrid offering.

    10 Jan 2017

  • Nomura hires in equity trading and prime finance

    Nomura has made two senior hires in Hong Kong, creating new positions in equity sales trading and prime finance, according to separate memos seen by GlobalCapital Asia.

    10 Jan 2017

  • BPRL, New World out of the gates with new 10 years

    Indian oil producer Bharat PetroResources (BPRL) and Hong Kong’s New World Development Company have announced their respective bond offerings after wrapping up roadshows on Monday.

    10 Jan 2017

  • Barings names new CEO for Korea

    Asset manager Barings has tapped a new chief executive officer for its South Korean operations, according to a Tuesday announcement.

    10 Jan 2017

  • HKEX highlights need for better CNH liquidity

    RMB transactions may be shifting onshore but efforts still need to be made to improve the liquidity of offshore renminbi to aid the internationalisation of the currency, according to a report released by the Hong Kong Stock Exchange last week.

    10 Jan 2017

  • Petrobras blasts open EM bond markets

    Bond bankers were struggling to remember a time when a single-B credit had provided the first LatAm deal of the year, but Petrobras’ new issue succeeded in blowing the market wide open as borrowers line up to raise funding.

    10 Jan 2017

  • CPS deal revives subprime auto pipeline

    Subprime auto lender Consumer Portfolio Services (CPS) is in the post-holiday market with a $206.32m subprime auto loan securitization, kicking things off for the sector in 2017.

    09 Jan 2017

  • Redwood kicks off 2017 RMBS calendar

    Redwood Mortgage sold the first prime jumbo RMBS transaction of the year on Wednesday, pricing a $339.5m deal from its Sequoia Mortgage Trust series.

    09 Jan 2017

  • Mortgage banking industry divided on FHA premium cut

    The decision by departing Housing and Urban Development (HUD) director Julian Castro to cut the Federal Housing Administration (FHA) mortgage insurance premiums by 25bp has been met with a mixed response from the mortgage finance industry.

    09 Jan 2017

  • CME consults on rules overhaul

    CME Europe is consulting with the derivatives market, having proposed to overhaul its exchange rulebook following reauthorisation under the European Markets Infrastructure Regulation (EMIR).

    09 Jan 2017

  • From theory to reality: DTCC takes blockchain into trade warehouse

    Use of blockchain technology in the derivatives market progressed beyond the proof of concept (POC) phase this week, with the Depository Trust & Clearing Corporation (DTCC) moving to take distributed ledger into the heart of its operation.

    09 Jan 2017

  • Unédic and KommuneKredit kick off strong week in euros

    KommuneKredit and Unédic have both pulled off strong trades, getting in ahead of what is expected to be a busy week in euros by coming to market on Monday.

    09 Jan 2017

  • NIB and Rentenbank bring sterling deals as market brushes off Brexit worries

    The Nordic Investment Bank and Rentenbank brought sterling deals on Monday, adding to a busy start to the year for a market that has retained stability despite currency fluctuations around the latest speculation on Brexit.

    09 Jan 2017

  • EIF inks €360m Italian SME loan guarantee scheme

    The European Investment Fund (EIF) has signed an agreement with six regional Italian credit institutions to guarantee €360m of loans to Italian small and medium enterprises (SMEs) over the next three years.

    09 Jan 2017

  • Super Tuesday as quartet hit screens in dollars

    Tuesday’s dollar market is set to be packed to the rafters, with a quartet of issuers out with trades and most of the focus at the five year part of the curve.

    09 Jan 2017

  • Origin goes live with online private placement platform

    Origin, an electronic platform for private placement issuance, went live on Monday, with six investment banks and more than 20 borrowers having access to the beta version.

    09 Jan 2017

  • Rentenbank looks for liquidity in Kanga tap

    Rentenbank added a A$475m ($349.6m) tap to its September 2022 Kangaroo bond, joining the Asian Development Bank and Inter-American Development Bank in printing Kangaroo fives in the new year.

    09 Jan 2017

  • Bosses keep 44% of Tikehau as it lists via tender offer to Salvepar minorities

    Tikehau Capital, the asset manager, is seeking a listing on Euronext Paris via a tender offer for the shares and convertible bonds of its listed subsidiary Salvepar.

    09 Jan 2017

  • After laying seeds, Enel issues green bond

    Following a non-deal roadshow in December, Italian electricity and gas distributor Enel sold investors a €1.25bn seven year deal on Monday as it made its debut in the green bond market.

    09 Jan 2017

  • BRF mulls London IPO for halal poultry business

    BRF, the Brazilian food conglomerate, has confirmed that it is considering London for an IPO of its halal food business, although a final decision has not been made.

    09 Jan 2017

  • Obvion kicks off Storm RMBS programme for 2017

    Obvion, the most active issuer in the Dutch RMBS market last year, will kick off the market in 2017 with a new prime transaction from its Storm shelf.

    09 Jan 2017

  • Big book, big dropouts and negative NIP for Heidelberg

    HeidelbergCement hit the Eurobond market on Monday with a benchmark four year transaction, winning large demand and a negative concession as it tapped investors’ sweet spot on tenor.

    09 Jan 2017

  • TalkTalk dials debut HY bond offering with Channel Islands listing

    The European high yield market on Monday fired its opening shot of 2017 with a deal from TalkTalk. The UK telecoms provider is seeking £300m of five year non-call two senior unsecured notes.

    09 Jan 2017

  • Canadian issuers target five year tenor in dollar and euro covereds

    Toronto-Dominion Bank and Bank of Nova Scotia issued dollar and euro covered bonds on Monday, respectively, with both issuers targeting the five year part of the curve.

    09 Jan 2017

  • NordLB gets by with €500m 10 year

    German Landesbank NordLB issued a €500m 10 year Pfandbrief backed by public sector loans on Monday. The deal had a narrowly oversubscribed order book despite offering a fair new issue concession. Meanwhile, Austria's Erste Bank has mandated leads for a Pfandbrief backed by mortgages.

    09 Jan 2017

  • Hungary weighs up euro sale as AKK plots diverse 2017 funding mix

    Reducing Hungary’s FX liabilities continues to be one of its debt management office’s (AKK) driving factors, but CEO György Barcza also remains committed to diversifying the country’s funding sources. With a Japanese yen bond maturing, and a €1bn bond planned, 2017 looks set to offer investors some rare opportunities to buy into Hungary’s improving debt story.

    09 Jan 2017

  • From Whitehall to BlackRock: Lloyds has new biggest shareholder after sale

    BlackRock became the largest shareholder in Lloyds Bank on Monday, after the UK government reduced its holdings in the lender to less than 6%.

    09 Jan 2017

  • Dubai Airports loan prepares to land

    Dubai is close to picking banks for a $3bn loan to fund its airport expansion, according to loan officials, while flydubai is also in talks with banks. But discussion of a deal to back the emirate’s metro development plans are said to have “gone quiet” as the state seeks to avoid deal congestion.

    09 Jan 2017

  • Commerzbank hits tier two amid ‘deal fatigue’

    Commerzbank walked away with €500m of tier two capital on Monday, though the German lender was unable to build a large book amid a bout of deal fatigue in the euro market.

    09 Jan 2017

  • CrédAg picks old-style senior for seven year funding

    Crédit Agricole was set to issue a long seven year senior preferred bond on Monday, opting for the old-style asset class instead of a covered bond for its funding requirements.

    09 Jan 2017

  • NN Group eyes double offering ahead of Delta Lloyd purchase

    NN Group mandated banks for an offering of senior and subordinated debt on Monday, as the firm looks to merge with fellow Dutch insurer Delta Lloyd.

    09 Jan 2017

  • Swedish pair price nice and tight in euros

    Swedbank and Swedish Covered Bond Corporation rapidly attracted solid oversubscriptions for their €1bn five and seven year covered bonds that were priced with a minimal concession on Monday.

    09 Jan 2017

  • Lloyds returns to take £1bn in floating rate covereds

    Lloyds Bank tapped the covered bond market for a three year floating rate deal on Monday, the fourth year in a row that it has issued the instrument in early January.

    09 Jan 2017

  • Petrobras out with first EM benchmark of 2017

    Petrobras has opened books on the first non-Asian emerging markets bond of the year, and is marketing a four-tranche dollar bond.

    09 Jan 2017

  • Gumier bears toward Société Générale for Italian job

    Société Générale has hired a senior banker from Bank of America Merrill Lynch to become its head of global banking, investor solutions, coverage and investment banking in Italy.

    09 Jan 2017

  • Serba Dinamik eyes top-end pricing for $131m IPO

    The leads on Serba Dinamik Holdings are guiding investors towards the top of the marketing range on its MR584.1m ($130.5m) Malaysian IPO.

    09 Jan 2017

  • Yangon exchange set to welcome fourth IPO

    Myanmar’s First Private Bank will become the fourth name to list on the country’s budding exchange, with its shares set to start trading on January 20.

    09 Jan 2017

  • Netmarble plans first quarter launch of $1.7bn IPO

    South Korean game developer Netmarble Games is on track to start pre-marketing its up to W2tr ($1.7bn) IPO shortly after Chinese New Year, according to a banker working on the trade.

    09 Jan 2017

  • New syndicate tech platform passes CBA test

    Investor Access, a platform which allows investors to submit orders for a new bond issue directly into the order book was deployed for the first time last week on a Commonwealth Bank of Australia sterling covered bond. Now work is underway to convince more dealers of the initiative’s worth.

    09 Jan 2017

  • Right Lane rolls in for $350m three year deal

    Right Lane, a subsidiary of Chinese conglomerate Legend Holdings, has approached the loan market for a $350m borrowing.

    09 Jan 2017

  • Strong DCM pipeline with four bonds in the works

    Four corporates from Greater China announced their respective plans to sell bonds on Monday, setting the stage for a potentially busy week of primary issuance in Asia.

    09 Jan 2017

  • Mapletree mandates for perp, considering S$ or $

    Temasek-owned Mapletree Investments is preparing a perpetual bond, hiring two firms to work on the transaction. The currency is yet to be decided, but the firm is mulling between US and Singapore dollars.

    09 Jan 2017

  • MS, UBS eye bigger stakes in China securities JVs

    Morgan Stanley and UBS are looking to bump up their stakes in their respective securities joint ventures in China to the maximum 49%, said sources from both banks.

    09 Jan 2017

  • This week in renminbi: January 9, 2017

    The People’s Bank of China (PBoC) went into reverse gear on Monday, weakening the dollar fix by 0.9%, China’s foreign currency reserves cling on to the $3tr level, and Shenzhen Connect sees slow but steady foreign interest.

    09 Jan 2017

  • Pampa adds to Argentine line-up

    Fast growing Argentine energy company Pampa Energía will begin investor meetings on Tuesday as it plans a much anticipated debut bond sale to refinance loans used to purchase Petrobras’ Argentine operations last year.

    08 Jan 2017

  • Aerodom launches tender ahead of bond and loan package

    Dominican airport operator Aerodom’s move to use most of the proceeds from its upcoming debt issue to buy back existing bonds is credit positive, according to Standard & Poor’s.

    07 Jan 2017

  • High hopes for dollar covered bonds after BMO issues 2017 first

    The dollar covered bond market is in good shape, and it seems likely that issuers will want to follow the success of Bank of Montreal which last Wednesday issued the first benchmark of the year at a cheaper cost and in larger size than its previous deal issued six month ago.

    06 Jan 2017

  • Eurex adapts VStoxx to attract US traders

    Eurex will introduce CFTC-certified options on its VStoxx futures contract as it aims to increase US participation in the product.

    06 Jan 2017

  • Ireland’s NTMA to announce first quarter plans

    Ireland’s funding office will unveil its first quarter auction schedule this coming Monday, having already taken a sizeable chunk out of its 2017 funding needs with a syndication earlier this week.

    06 Jan 2017

  • UK DMO picks tenor as sterling supply falls just shy of record

    The UK Debt Management Office has picked the maturity and timing for a scheduled bond sale later this month. Elsewhere in sterling, a pair of issuers added deals to a bumper opening week that fell just short of a record.

    06 Jan 2017

  • Old Money: Barclays déjà vus

    It’s a back-to-the-future new year for Barclays as it forges ahead with its strategic repositioning — the latest moves in what feel like decades-long twists and turns into and out of Africa and investment banking.

    06 Jan 2017

  • KommuneKredit to go first again

    KommuneKredit will be first out the blocks in a major currency for the second week running this coming Monday, after mandating banks for a new benchmark on Friday.

    06 Jan 2017

  • RCI Banque EUR750m 0.75% Jan 22

    06 Jan 2017

  • BMW EUR750m 0.75% July 24

    06 Jan 2017

  • Valeo EUR500m 0.625% Jan 23

    06 Jan 2017

  • The battle for infrastructure — and how to finance it

    Toby Fildes looks ahead to an even bumpier ride in 2017 when Fed rate rises might be the least of the global capital market’s worries.

    06 Jan 2017

  • BMW EUR1.25bn 0.125% Jan 21

    06 Jan 2017

  • ASF EUR1bn 1.25% Jan 27

    06 Jan 2017

  • Eating London’s lunch. The battle for Europe’s financial centre

    Toby Fildes looks ahead to an even bumpier ride in 2017 when Fed rate rises might be the least of the global capital market’s worries.

    06 Jan 2017

  • P&M Notebook: Basel by the back door?

    With so many bankers hanging about waiting to be paid, there was scarce job swapping in the first week of 2017. But there are signposts for Europe’s new approach to bank capital, if you look hard enough for them.

    06 Jan 2017

  • Investors give high-risk Mongolia a wide berth

    The borrower is on its knees, crippled by a huge debt burden and in need of an external lifeline. Only an IMF deal can improve its fortunes.

    06 Jan 2017

  • SCBC mandates as covered market gears up for busy week

    The Swedish Covered Bond Corporation mandated leads for a euro covered bond benchmark as market participants prepare for another hectic week, following a substantial curve steepening this week.

    06 Jan 2017

  • Country risk review 2016: Populism is risky

    Euromoney Country Risk shows global risk rising, as leading economists and political experts revise their views on asset safety.

    06 Jan 2017

  • EUROPEAN CORPORATE BOND PIPELINE

    GlobalCapital's latest information on forthcoming and planned corporate bond issues in the European market.

    06 Jan 2017

  • Indiabulls Housing makes quick return with $150m

    Indiabulls Housing Finance has returned to the loans market for an up to $150m facility. The deal is denominated in yen and dollars, and follows a $200m borrowing sealed late last year.

    06 Jan 2017

  • Jilin commercial bank lands HK$3bn from IPO

    China’s Jilin Jiutai Rural Commercial Bank has bagged HK$3.0bn ($386.9m) after pricing its IPO near the bottom of guidance.

    06 Jan 2017

  • Korean Air, Samsung Securities plan March placements

    South Korean flag carrier Korean Air is planning a share sale that could raise W450.0bn ($378.0m), according to a filing with the Financial Supervisory Service on Thursday.

    06 Jan 2017

  • China e-commerce firm Fang Holdings eyes $120m

    Chinese real estate related e-commerce firm Fang Holdings is accessing loan market liquidity to refinance debt, mandating one Taiwanese lender to helm a $120m fundraising.

    06 Jan 2017

  • Indonesia eyes March return to sukuk market

    The Republic of Indonesia is seeking bank proposals for a new dollar sukuk, with plans of returning to the Islamic finance market nearly a year after it priced a record dual-tranche bond.

    06 Jan 2017

  • RMB outlook 2017: Panda and dim sum bonds

    It was a year of opposite fates for Panda and dim sum bonds in 2016 with the former reaching record heights and the latter pretty much left on the sidelines. In our first outlook piece of the year, GlobalRMB reached out to several experts to get their thoughts on what the future holds for both asset classes.

    06 Jan 2017

  • Taikang Insurance plans offshore debut

    Taikang Insurance Group has mandated nine banks to arrange a dollar-denominated offering, with roadshow starting on January 9.

    06 Jan 2017

  • Dasin Retail gets going with first Singapore listing this year

    Dasin Retail Trust has thrown open books to its S$146m ($102m) listing in Singapore, kicking off the southeast Asian IPO market for 2017.

    06 Jan 2017

  • RMB round-up: RMB surges against dollar, CNH futures set new trading record, Zhejiang FTZ gets going

    The year started with plenty of excitement, as the RMB gained ground against the dollar in onshore and offshore markets, activity surged in RMB futures in Hong Kong, and the third batch of free trade zones (FTZ) opened for business. Plus, a recap of our coverage.

    06 Jan 2017

  • Synthetic ABS's comeback is an organic development

    With pressure on banks to tighten their belts and deleverage balance sheets, in 2017 synthetic securitization could become a much bigger part of the bank treasurer’s toolkit.

    05 Jan 2017

  • Sorry Poland, a GrOAT matters more

    Poland may have won the race to bring the first ever sovereign green bond. But it was not the one investors were looking for — instead, France’s upcoming green benchmark will be the real milestone.

    05 Jan 2017

  • Lat Am pipe bursts as issuers seek speedy funding

    Six Latin American issuers announced plans to meet investors within two days this week as bankers said that there was no time like the present for the region’s borrowers to carry out funding plans.

    05 Jan 2017

  • Hyundai lease deal opens US consumer ABS market

    Hyundai is in the market with a $931.49m auto lease securitization, kicking things off for the primary consumer ABS market in 2017.

    05 Jan 2017

  • ADB stutters in dollar 10s, short end sparkles

    Hopes that spiralling US Treasury yields could lead to a healthy year for 10 year dollar benchmarks from SSA borrowers took a beating this week when the Asian Development Bank bellyflopped with its own attempted entry. Craig McGlashan reports.

    05 Jan 2017

  • Unexpected Venie bond puzzles market

    Venezuela’s surprise issuance of $5bn of 20 year bonds in a private placement sold this week to state-owned Banco de Venezuela had no obvious explanation, said bond market participants.

    05 Jan 2017

  • Fibria to keep painting Brazilian paper green

    Pulp and paper producer Fibria Celulose is looking to become the second Brazilian company in the sector to issue green bonds after mandating five banks to manage an investor roadshow.

    05 Jan 2017

  • Bankers tip January to be bumper month for EM bonds

    Bond bankers are predicting a surge of supply from emerging markets next week after benign external conditions in the first trading days of the year reassured issuers and investors.

    05 Jan 2017

  • Cades USD2.25bn 1.875% Jan 20

    05 Jan 2017

  • ADB USD3bn 1.75% Jan 20, USD1bn 2.625% Jan 27

    05 Jan 2017

  • Citi launches $5bn monster in record dollar start

    Citi became the first US bank to hit the market in 2017 amid a torrent of Yankee issuance, as it took home $5.25bn in two separate trades to power a record start to the year for dollar supply.

    05 Jan 2017

  • France to bring sovereign liquidity to green

    The potential volume of green bond issues is set to reach the very top of what is possible in the bond market, as the French sovereign this week announced the start of a roadshow for its debut green bond later this month.

    05 Jan 2017

  • EIB USD4bn 2.25% Mar 22

    05 Jan 2017

  • KommuneKredit USD1bn 1.75% Jan 20

    05 Jan 2017

  • French regulator consults on corporate finance

    The French markets regulator has opened a consultation on regulating corporate finance advisory activities – an area which, when carried by boutiques, consultancies, law firms and accountants, can sometimes avoid formal regulatory scrutiny.

    05 Jan 2017

  • FMS-W GBP1bn 0.625% Mar 20

    05 Jan 2017

  • KfW GBP500m 0.875% Mar 2022

    05 Jan 2017

  • Ireland EUR4bn 1.7% May 37

    05 Jan 2017

  • MuniFin EUR1bn 0.625% Nov 26

    05 Jan 2017

  • EIB GBP1bn 0.625% Jan 20

    05 Jan 2017

  • BNG EUR1bn 0.25% Jan 24

    05 Jan 2017

  • American Airlines EETC deal ready for takeoff

    American Airlines has opened up the esoteric ABS pipeline in 2017 with a nearly $1bn enhanced equipment trust certificate (EETC) offering to fund the purchase of new aircraft.

    05 Jan 2017

  • MTN Leak: Welcome back!

    Not all of the MTN market has returned from the festive break refreshed, reinvigorated and altogether ready for 2017.

    05 Jan 2017

  • KfW EUR5bn 0.125% Jan 24

    05 Jan 2017

  • No let-up in New Year fireworks as bond issuers light up primary

    Financial institutions and corporate issuers have wasted no time in realising their funding plans for 2017, pushing primary activity beyond the norms of a traditionally busy month. Ross Lancaster and Tyler Davies report.

    05 Jan 2017

  • UK banks slip out synthetic CLOs before year-end

    Barclays, Lloyds, RBS and Santander UK all priced synthetic CLOs for risk transfer purposes just before the year-end, honing their capital positions for full year 2016 reporting. Most of the deals focused on large corporates, an asset class that fuelled much of last year’s boom in risk transfer trades, as banks seek ways to get ahead of increased Basel risk weights.

    05 Jan 2017

  • Auto borrowers drive a record start to dollar issuance

    Auto makers led from the front as corporate US dollar issuance this week got off to its best ever start to the year.

    05 Jan 2017

  • BBVA EUR1bn 0.625% Jan 22

    05 Jan 2017

  • Market cheers as Giancarlo tipped to chair CFTC

    Timothy Massad, chairman of the US Commodity Futures Trading Commission, has resigned, with J Christopher Giancarlo widely expected to take up the job, fuelling hopes of a more flexible, market friendly approach to regulation.

    05 Jan 2017

  • Parques Reunidos the only block but bankers expect more soon

    Equity block trading in Emea reopened on Wednesday evening with a €114m sale of stock in Parques Reunidos, the Spanish leisure park operator that was one of the poorly performing IPOs of last year. But surprisingly, other deals have not appeared.

    05 Jan 2017

  • Russia wake-up as Intesa backs $5.2bn Rosneft deal

    Increasing interest among banks in lending to Russian companies has got a boost at the start of year, with senior officials expressing surprise and admiration at Intesa Sanpaolo’s decision to fully underwrite a loan supporting Glencore and the Qatar Investment Authority’s buyout of a stake in Russian oil company Rosneft. Dan Alderson reports.

    05 Jan 2017

  • Core covered banks issue in large size while they can

    Covered bond issuers from Europe’s core accessed the market across a range of intermediate tenors this week with LBBW, Compagnie de Financement Foncier (CFF) and Helaba issuing some of their largest deals in years.

    05 Jan 2017

  • Rights issues start rolling with Foncière, mandate for Rabigh

    Equity capital markets in Emea reopened after the holidays this week, with details of the first new capital increases in France and the UK being made public.

    05 Jan 2017

  • EIB sets sterling on rush to record

    A remarkable sterling deal from the European Investment Bank sparked off a week that could become a record opener for supranational and agency issuance in the currency.

    05 Jan 2017

  • US opens doors to $17bn TLAC bonanza

    European financials have found every reason to get into the dollar market early in 2017, leading to a fireworks display of total loss-absorbing capacity (TLAC) senior deals this week. Though market conditions could not have been better to receive the banks, many will have wanted to squirrel away quantities of funding and capital for what could be another troublesome year in the capital markets.

    05 Jan 2017

  • BNP Paribas EUR1bn 1.125% senior non-preferred

    05 Jan 2017

  • Santander Issuances EUR1bn 3.125% tier two

    05 Jan 2017

  • Intesa SanPaolo EUR1.25bn 7.75% PNC10 AT1

    05 Jan 2017

  • Banque Fédérative du Crédit Mutuel EUR1.25bn 0.375% Jan 22

    05 Jan 2017

  • Equity-neutral convertibles return as Michelin bags juicy arbitrage

    The equity-neutral convertible bond structure that faded from the market in the second half of 2016 made a strong comeback on Thursday, when French tyre maker Michelin launched a $500m deal that won eager demand and was priced at the best end of terms for the issuer, writes Jon Hay.

    05 Jan 2017

  • Generous concessions bring rewards in euros as curve shortens

    Four sovereign, supranational and agency borrowers came to market for euros in the opening week of 2017, showcasing the market’s depth and flexibility. But the torrent of supply has meant that issuers haven’t had it all their own way.

    05 Jan 2017

  • Equity-neutral CBs return as Michelin takes juicy arbitrage

    The equity-neutral convertible bond structure that faded from the market in the second half of 2016 made a strong comeback today, when Michelin, the French tyre maker, launched a $500m deal that won eager demand and was priced at the best end of terms for the issuer.

    05 Jan 2017

  • Unither and Profi to open levloan market as lenders shop for M&A

    A strong start to the year for leveraged buyout deals has helped stoke banker confidence that 2017 could be another solid year for event-driven loans following healthy activity in 2016, even as refinancing business bottomed out.

    05 Jan 2017

  • DNB pulls stellar demand for 2017’s first Nordic covered

    DNB Boligkreditt got the Nordic covered bond market off to a blistering start on Wednesday with a €2bn five year deal that leads were able to tighten by 5bp from initial guidance.

    05 Jan 2017

  • Tough year ahead for Turkish borrowers

    Turkish borrowers face a tough year as security concerns about the country threaten access to a funding market that is already expected to suffer volatility. But bankers say it is business as usual in Turkey, and investors agree that Turkish spreads are still an attractive prospect.

    05 Jan 2017

  • CME adds monthly expiries to currency futures

    CME Group is set to introduce six currency futures with monthly expiries.

    05 Jan 2017

  • Coventry issues first UK post-Brexit in euro covereds

    Coventry Building Society received a strong reception for the first euro-denominated covered bond from a UK issuer since the UK Brexit referendum. Despite cheaper funding alternatives, the deal demonstrated Coventry’s strategic commitment to the euro market.

    05 Jan 2017

  • Politics and margin drive growth year for exchanges

    Major derivatives exchanges have released figures showing growth over 2016 and in December, with big gains reported in some product lines.

    05 Jan 2017

  • Covered bond issuers dive into long end while conditions allow

    Four covered bonds issuers raised almost €6bn between them at the long end of the curve this week, suggesting borrowers are prioritising tougher, longer duration deals. And while conditions permit some are issuing in the largest size possible.

    05 Jan 2017

  • Credit intrepid as year of uncertainty begins

    John Maynard Keynes said we live in a world of irreducible uncertainty, while neoclassical economists assume that perfect information is available and people have rational expectations. The events of the past decade suggest that the former school of thought has more credence, though “freshwater” economists would no doubt disagree.

    05 Jan 2017

  • GCP Asset Backed Income Fund to raise £100m for new ABL investments

    Shares in GCP Asset Backed Income Fund, the closed-end investment fund focused on asset-backed loans, fell 0.5% on Thursday after it announced a £100m capital increase to raise funds for future investments.

    05 Jan 2017

  • Vanilla senior centre stage as BFCM, BBVA hit euros

    BBVA and BFCM chose to issue five year debt on Thursday, as vanilla senior debt took precedence over capital and loss-absorbing securities.

    05 Jan 2017

  • MuniFin grabs €1bn for second trip to euros

    Municipality Finance raised €1bn on Thursday with a short 10 year bond that was, according to head of funding Joakim Holmström, the agency's top priority for the quarter.

    05 Jan 2017

  • Overseas covered issuers turn to cheap sterling market

    Royal Bank of Canada, Canadian Imperial Bank of Commerce, Commonwealth Bank of Australia and Deutsche Pfandbriefbank tapped the sterling covered bond market this week at cheaper levels than they could have achieved in euros and dollars.

    05 Jan 2017

  • EIB and Cades get flexible in dollars

    A pair of public sector borrowers switched up their approaches in dollars on Thursday, with the European Investment Bank taking the rare move of revising pricing and Caisse d’Amortissement de la Dette Sociale bringing a trade earlier than normal.

    05 Jan 2017

  • World Bank and IADB dust off the Kangaroo’s belly

    Inter-American Development Bank and World Bank opened the Kangaroo market with five year prints on Wednesday and Thursday respectively. Unexpectedly strong Australian investor support made World Bank’s trade the largest SSA offering since July.

    05 Jan 2017

  • Covered issuers must accelerate funding

    With yields set to rise and spreads likely to widen, covered bond issuers should waste no time in getting ahead on 2017’s funding plans and doing the more difficult trades first.

    05 Jan 2017

  • People News in Brief

    M&G private placement head departs — EFG Hermes boosts frontier biz — HSBC names e-trading heads

    05 Jan 2017

  • Super hot SSA sterling close to record opener

    Searing conditions in the sterling market could lead to a record opening week of SSA issuance in the currency as a pair of issuers lined up deals for Friday — despite this only being a four day week.

    05 Jan 2017

  • GE Money Bank to securitize retained French RMBS

    Three senior tranches of a French RMBS transaction retained by GE Money Bank in France last year will be syndicated in the public market, opening up the European primary ABS pipeline in 2017.

    05 Jan 2017

  • ASF tests investors' appetite for long end

    Autoroutes du Sud de la France, the French toll road operator, tested the investment grade euro corporate bond market’s taste for tenor on Thursday with a 10 year trade.

    05 Jan 2017

  • Unither manufactures levfin market opening

    French medicine manufacturer Unither Pharmaceuticals is set to kick off the primary market in European leveraged finance for 2017, setting a bank meeting for Tuesday in Paris for €260m of loans.

    05 Jan 2017

  • ‘Uncomfortably calm’ high yield investors wait for market first

    Despite having bagged some of the biggest returns in the capital markets last year, European high yield fund managers are entering 2017 with unease as they survey central bank activity and potential political mishaps.

    05 Jan 2017

  • CBA and PBB hit sterling covereds

    Commonwealth Bank of Australia swept up remaining demand in the now saturated five year sterling covered bond market on Thursday, while Deutsche Pfandbriefbank (PBB) got a fair reception for the first three year floating rate covered bond of the year.

    05 Jan 2017

  • Genneia blows life into Argentine corps

    Power generation company Genneia looks set to become the first Argentine company to debut in bond markets this year as DCM bankers predict a slew of new corporate issuers from the country in 2017.

    05 Jan 2017

  • Fibria, Raizen to restart Brazil issuance

    Brazilian corporates Fibria Celulose and Raizen are looking to sell dollar bonds this month as bankers say issuances volumes from Latin America’s largest economy will continue to recover in 2017.

    05 Jan 2017

  • Coventry enjoys strong reception for first UK post-Brexit euro covered bond

    Coventry Building Society received a strong reception for the first euro-denominated covered bond from a UK issuer since the UK referendum to leave the European Union. Despite cheaper funding alternatives, the deal demonstrated Coventry’s strategic commitment to the euro market.

    05 Jan 2017

  • Balance sheets set to bloat thanks to new year’s TRIM

    The ECB’s review of bank internal models, dubbed TRIM, looks set to swell bank balance sheets in the year ahead — partially removing any benefit European firms get from a delay of the Basel Committee’s new credit risk rules.

    05 Jan 2017

  • Société Générale boards dollar gravy train for senior NP

    Société Générale became the third French bank to dip into dollars for senior non-preferred debt this week, with investors appearing hungry for the new product.

    05 Jan 2017

  • Romain Etienne

    GlobalCapital is saddened to report that Romain Etienne, a FIG syndicate banker at Morgan Stanley, died suddenly this week. We would like to pass on our condolences to his family, friends, and colleagues.

    05 Jan 2017

  • Honduras hits the road for bond sale

    Central American sovereign Honduras will begin meeting fixed income investors on Friday ahead a potential 10 year dollar bond.

    05 Jan 2017

  • Allianz makes ‘logical and smooth’ tier two switch

    Allianz pleased investors by selling a new dated tier two in the euro market on Thursday, as the German insurer looked to replace an undated subordinated bond it plans to call in February.

    05 Jan 2017

  • Asia ECM fires starting gun on 2017 with fistful of IPOs

    Asia’s equity capital market got away to a modest start to the year, with multiple share sales planned across the region for January alone. As ever, issuers will try to bring fundraisings as early as possible, even if that means squeezing into a tight window between now and Chinese New Year. John Loh and Jonathan Breen report.

    05 Jan 2017

  • Bank capital enjoys flying start as Intesa breaks new ground

    Intesa SanPaolo and Santander found attractive pricing as they kick-started the bank capital market in euros this week, and bankers are forecasting a busy January before financial institutions drop into blackout periods.

    05 Jan 2017

  • Indian issuers expected to spice up market in Q1

    Bharat PetroResources has become the first Indian issuer to set out plans for a dollar outing this year, with roadshows due to wrap up early next week. With the Chinese New Year holidays expected to keep many mainland issuers at bay, DCM bankers said Indian firms will make up some of the shortfall. Morgan Davis and Addison Gong report.

    05 Jan 2017

  • CFF and Helaba tap heavy euro demand in covered market

    Euro covered bond issuers came to the market in size across a range of tenors on Thursday morning, as Compagnie de Financement Foncier (CFF) landed a €1.5bn six year deal and Helaba drew €2bn of funding with a five and 10 year Pfandbrief issues.

    05 Jan 2017

  • Taiwanese banks stung by TaiFX spike amid low loan pricing

    A jump in the cost of dollar funds at Taiwanese banks is causing concern in the syndications market even as the overall direction of loan pricing remains firmly downward. Bankers in Taipei said the situation could ease by the end of the first quarter but until then, they face the hard choice of settling for lower returns or seeing their loan books stagnate. Shruti Chaturvedi reports.

    05 Jan 2017

  • Focus shifts to senior as BFCM, BBVA join euro flurry

    BBVA and BFCM offered investors a rare chance to grab vanilla senior as the euro market heated up on Thursday, with the latter bucking the recent trend for French banks to sell new non-preferred notes.

    05 Jan 2017

  • Novelis $1.8bn Asia refi of TLB hits market

    Invitations are out for a $1.8bn Asian loan that will refinance a US term loan B for Novelis. The launch comes about a month after the firm mandated 10 lenders to arrange the borrowing.

    05 Jan 2017

  • Ringing in the New Year on mute

    I think the French got it right when they recently decided that employees should be able to ignore work emails after hours.

    05 Jan 2017

  • Cantor Fitzgerald's shot at fixed income big time with Jain hire

    Anshu Jain’s move to Cantor Fitzgerald proves that, when it comes to building a fixed income business, the smart money is on the non-bank financial sector, argues David Rothnie.

    05 Jan 2017

  • Goldman loses Asia ECM syndicate co-head in HK

    Goldman Sachs’ ECM team in Hong Kong has shrunk, with the departure of the co-head of ECM syndicate for Asia Pacific ex-Japan.

    05 Jan 2017

  • BNP is first out of the gate with $317m Shinhan block

    BNP Paribas opened the block market in Asia with a W382.1bn ($316.7m) sell-down in South Korea’s Shinhan Financial Group Co this week.

    05 Jan 2017

  • WuXi BioLogics heads to Hong Kong for $300m IPO

    China’s WuXi BioLogics is looking south of the border to Hong Kong to go public, preparing an IPO that could raise $300m, according to a banker close to the deal.

    05 Jan 2017

  • First 2017 deal wins big as Aoyuan grabs $250m

    China Aoyuan Property Group raised $250m in the first bond issuance from Asia ex-Japan this year, with investors flocking to the deal and driving the order book to a 10 times subscription.

    05 Jan 2017

  • ECM bankers should not let up on India

    India’s IPO market shone last year with volumes reaching the highest level since 2011. And bankers are optimistic of a similar performance in the New Year too. But while there is a lot to be positive about, there is also plenty that can hold the ECM market back.

    05 Jan 2017

  • South Korea plots dollar bond comeback

    The Republic of Korea looks set to be the first Asian sovereign to hit the international debt market in 2017, with plans to meet fixed income investors next week for a potential dollar bond.

    05 Jan 2017

  • ANZ adds former Citi banker to bond syndicate team

    ANZ has hired a former DCM syndicate banker from Citi for its Asia bonds desk.

    05 Jan 2017

  • High level changes at Rabobank capital markets team

    Rabobank’s capital markets operation in Hong Kong has undergone senior staff changes with the departure of a veteran loans banker and the appointment of a new capital markets head.

    05 Jan 2017

  • Prime credit card charge-offs hit record low

    The charge-off rate for prime credit cards hit a new low in December, with market watchers predicting that the sector should be able to withstand rate hikes in the coming year.

    04 Jan 2017

  • Year's first block trade covered in 20 minutes

    Arle Capital Partners reopened the equity block trade market in Emea for 2017 on Wednesday evening by offering a €114m block of shares in Parques Reunidos, the Spanish leisure park operator.

    04 Jan 2017

  • BASF opens sterling market, squishing down on NIP

    German chemicals producer BASF snatched a steal in sterling on Tuesday as it printed flat to its curve with a £300m long eight year trade that began 2017’s corporate bond issuance in the currency.

    04 Jan 2017

  • Petro Rabigh rights issue mandate raises Saudi ECM hopes

    The IPO of Saudi Aramco is likely to remain a top talking point for equity capital markets bankers for much of 2017, but another Saudi deal that is likely to prove more straightforward to bring to market has taken another step forward.

    04 Jan 2017

  • ADB falls short in 10s amid murmurs over pricing

    A dual tranche global deal from the Asian Development Bank on Wednesday at least temporarily dashed hopes that this year could be strong for 10 year dollar benchmark issuance — although some bankers away from the trade felt that the problems were idiosyncratic rather than reflective of demand.

    04 Jan 2017

  • Hong Kong to trade renminbi currency options

    Hong Kong Exchanges and Clearing (HKEX) plans to introduce options on the Chinese renminbi currency, as well as a US dollar/offshore renminbi contract, having gained approval from the Securities and Futures Commission of Hong Kong.

    04 Jan 2017

  • Giancarlo tipped for CFTC chair as Massad resigns

    Timothy Massad, chairman of the US Commodity Futures Trading Commission, has resigned, with Republican commissioner J. Christopher Giancarlo widely expected to take up the job.

    04 Jan 2017

  • KfW and Ireland showcase size in euros

    KfW and Ireland brought euro deals on Wednesday at the very top end of size expectations, alleviating a little of the pressure on what is set to be an extremely busy year in the currency. The trades came the same day as Municipality Finance mandated for a euro benchmark and a request for proposals came from the European Financial Stability Facility.

    04 Jan 2017

  • EIB cracks open sterling with a cracker

    The European Investment Bank set a marker on Wednesday that sterling issuance could be just as hot this month as it was in January last year — as another pair of issuers hoped to add further evidence of that this week.

    04 Jan 2017

  • Lonza, Sibanye syndications set to begin soon

    Syndication of the acquisition financing loans for Lonza and Sibanye Gold is expected to begin soon, as loans bankers begin 2017 in an optimistic mood.

    04 Jan 2017

  • UPP signs £105m AA loan for University of London

    The UK’s University Partnerships Programme (UPP) has signed a £105m financing arrangement to back University of London’s construction of new student accommodation in Stratford, East London.

    04 Jan 2017

  • European CLO refinancing picks up pace

    Activity in the European ABS market is being driven by issuer appetite for CLO refinancing that has gathered momentum over the otherwise quiet festive period, while a debut European CLO from US issuer HPS Investment Partners could soon surface.

    04 Jan 2017

  • Intesa prepares to syndicate €5.2bn Rosneft privatisation loan

    Intesa Sanpaolo is seeking other banks to join the €5.2bn loan it has fully underwritten to support Glencore and the Qatar Investment Authority in their acquisition of a stake in Rosneft, the Russian oil company.

    04 Jan 2017

  • BMW revs up a €2bn dual tranche as corps surge

    BMW formed part of the auto sector’s traditional charge from pole position into the first corners of the corporate bond market on Wednesday, beginning the new year with a dual tranche trade that paid single digit concessions.

    04 Jan 2017

  • Spie weighs up options to fund SAG Group LBO bridge

    French technical and energy services company Spie is mulling its options for the acquisition financing of German peer SAG, but a company source dismissed talk of an imminent high yield offering.

    04 Jan 2017

  • ABS doesn’t mean weak underwriting -- BIS

    There is no evidence to suggest securitization weakens credit standards, according to a Bank for International Settlements study of Italian loans to small and medium sized enterprises published on Tuesday.

    04 Jan 2017

  • Bank of Cyprus makes ‘first throw of the dice’ for T2

    Bank of Cyprus announced a roadshow for its first new-style tier two bond on Wednesday, in a move that will shed light on the strength of risk appetite in the FIG market as investors take a close look at the rare borrower.

    04 Jan 2017

  • Venezuela sells $5bn of bonds to itself

    Cash strapped Venezuela has issued $5bn of 20 year bonds in a private placement sold to state-owned Banco de Venezuela and the central bank.

    04 Jan 2017

  • ABN extends covered curve

    ABN Amro issued its third 15 year covered bond in three years on Wednesday and, in a surprise late addition, tacked on a sub-benchmark 20 year.

    04 Jan 2017

  • Barclays goes super long as Yankees price over $11bn

    Barclays pulled in $1.5bn for a 30 year senior bond as part of a four-tranche offering worth $5bn, as five Yankee FIG borrowers powered through the first global window of 2017.

    04 Jan 2017

  • RBC finds more covered demand in sterling fixed than floating

    Royal Bank of Canada took advantage of deeper demand for fixed rate paper than floating in sterling covered bonds, issuing a five year trade on Wednesday. RBC has gathered more demand for its deal than Canadian Imperial Bank of Commerce, which issued a floating rate deal a day before.

    04 Jan 2017

  • Perky mood in ECM with promising pipeline, good markets

    With stockmarket secondary trading off to a decent start in 2017, with the FTSE 100 hitting a record high, bankers are busy with a round of pitching and beauty parades that was already under way in December.

    04 Jan 2017

  • Stellar year for EM comes to an abrupt halt, thanks to Trump

    After a slow start to 2016, emerging market debt enjoyed one of the biggest rallies in recent memory. The hunt for yield drove billions of dollars into the asset class and issuers were quick to take advantage of the booming bull market. But the election of Donald Trump as US President in November put a stop to the good times and brought back uncertainty and volatility.

    04 Jan 2017

  • DNB pulls in €3.3bn book for first Nordic deal of the year

    DNB Boligkreditt got the Nordic covered bond market off to a blistering start on Wednesday with a €2bn five year deal that leads were able to tighten by 5bp from initial guidance.

    04 Jan 2017

  • GIB lines up dollar refi trade before Fed acts again

    Middle Eastern issuance is set to begin for the year with Gulf International Bank, which is looking to refinance a $500m bond due in December. The issuer is expected to be the first of many hoping to lock in funding before the next US rate hike pushes up borrowing costs.

    04 Jan 2017

  • Israel takes lead in EM with euro roadshow

    Israel became the first emerging market sovereign to put down a marker in the bond market this year with the announcement of a European roadshow next week.

    04 Jan 2017

  • Heavy order books show corp bond investors raring to go

    Europe’s corporate bond market has made exactly the start to 2017 that lead managers would have hoped for. RCI Banque, the French car finance bank, took the lead on the first business day, Tuesday, and although its deal was handsomely oversubscribed, it still left bankers unsure how strong investors’ appetites were.

    04 Jan 2017

  • SSAs strike cautious note despite strong pipeline

    SSA borrowers have wasted no time in approaching the primary market this year and the early pipeline appears strong. But as buoyant as conditions appear, there was evidence to suggest investors will not be buying everything thrown their way at any old price.

    04 Jan 2017

  • FIG finds flying start with supply rush to stretch through January

    High volumes of issuance have boosted confidence in FIG primary market conditions at the start of 2017, with bankers expecting flows to remain high until banks start going into blackout later this month.

    04 Jan 2017

  • Israel and Gulf International lead Q1 rush in EM

    Likely faced with an assault course of volatility inducing events this year, emerging market issuers will be keen to raise cash early before Brexit/Trump/rate rises/European elections (delete as appropriate) come to blight the market.

    04 Jan 2017

  • Indonesia terminates business relationship with JP Morgan

    The Indonesian government has cut its business ties with JP Morgan, following the bank’s decision to downgrade the country’s stocks in November.

    04 Jan 2017

  • Goldman’s Asia ECM syndicate co-head leaves

    Goldman Sachs’ co-head of ECM syndicate for Asia Pacific ex-Japan has left the bank to lead macro research firm View from the Peak (VFTP).

    04 Jan 2017

  • Guangzhou bank eyes $2bn Hong Kong float

    Guangzhou Rural Commercial Bank Co is seeking regulatory approval for a $2bn IPO, having filed a draft prospectus with the Hong Kong Stock Exchange (HKEX) on Wednesday.

    04 Jan 2017

  • Lucky number 13 for Weichai Power €310m deal

    Diesel engine maker Weichai Power has gathered liquidity from 13 lenders during the general phase of its €310m ($334m) five year loan.

    04 Jan 2017

  • New CEO to take the reins at AmInvestment

    Raja Teh Maimunah Raja Abdul Aziz is set to join Malaysia’s AmBank Group as CEO of its investment bank, according to sources close to the matter.

    04 Jan 2017

  • Petro-renminbi to test dollar dominance in 2017, says Amundi

    The next chapter of the renminbi internationalisation process could soon be taking place in the commodities market with Amundi Asset Management predicting the rise of petro-renminbi in 2017.

    04 Jan 2017

  • ESR seals $300m pre-IPO funding with Chinese group

    Warburg Pincus backed e-Shang Redwood Group (ESR) has closed a $300m fundraising with a consortium of Chinese investors, paving the way for a future listing.

    04 Jan 2017

  • Zhongding returns for €150m with one at the top

    Automobile parts maker Zhongding Hong Kong is back in the loans market after a year and a half for a €150m ($156.6m) three year facility.

    04 Jan 2017

  • The elephants’ graveyard

    Thirty-first of December was not only the last day of a decidedly subdued year, but also the deadline by which Credit Suisse bankers in London were allegedly asked to return the mobile phones issued to them by their employer. This is only the latest nail in the coffin of a profession once seen more as a lifestyle, but which has now become (almost) like any other, writes our columnist Clawback.

    04 Jan 2017

  • BDO Unibank, Centratama serve up rights offerings

    BDO Unibank has fixed the terms for its Ps60bn ($1.2bn) rights issue, marking a rare — and large — appearance in ECM from the Philippine lender.

    04 Jan 2017

  • India's BPRL kicks off New Year with roadshow

    BPRL International Singapore (BPRL) is starting the New Year in pursuit of a dollar bond, hiring banks for a roadshow.

    04 Jan 2017

  • Xtep fundraising goes past finish line at $200m

    Chinese sportswear manufacturer Xtep International Holdings has doubled the size of its latest borrowing to $200m after finding demand from a group of nine banks.

    04 Jan 2017

  • Credit Suisse shuffles senior Singapore team

    Credit Suisse has rejigged its Singapore country management team with the appointment of a new chief executive, deputy CEO and branch manager, all effective from January 1.

    04 Jan 2017

  • China Aoyuan takes bids for Asia’s first bond in 2017

    Real estate company China Aoyuan Property Group has become the first issuer in Asia ex-Japan to launch a dollar bond in 2017, marketing a three year on Wednesday.

    04 Jan 2017

  • Marble Point acquires ACAS CLO Management

    Connecticut-based CLO manager Marble Point Credit Management has acquired American Capital CLO Management for an undisclosed sum, the latest in a spate of industry mergers.

    03 Jan 2017

  • Bank, MPL partnerships to persist in 2017

    The introduction of a national banking charter for financial technology companies by the Office of the Comptroller of the Currency (OCC) at the end of last year will not be a big disruptor of the bank partnership model in 2017, said industry sources this week.

    03 Jan 2017

  • Foncière des Murs plans €200m rights issue for M&A

    Foncière des Murs, the French property company controlled by Foncière des Régions, will raise €200m of equity in a rights issue to partly finance its €542m acquisition of a portfolio of 19 Spanish hotels from Merlin Properties.

    03 Jan 2017

  • Boost for LSE/DB merger as Euronext agrees LCH SA buyout

    The plans of London Stock Exchange Group and Deutsche Börse to pursue a merger of equals received a boost this week, as rival exchange Euronext agreed terms with the LSEG to buy its Paris clearing house business LCH SA in an all cash offer.

    03 Jan 2017

  • The beginning of the end for Basel?

    The Basel Committee has agreed to delay a decision on the most controversial aspect of its new capital rules. It promises to catch up ‘in the near future’. But two years into the process, a conclusion looks no closer than at the start.

    03 Jan 2017

  • Monte: bail-in, bail-out, shake it all about

    If Banca Monte dei Paschi di Siena (MPS) is able to wrangle a recapitalisation that looks more like a bail-out than a bail-in, it will set a precedent for Europe's other weakest banks.

    03 Jan 2017

  • BNG opens up euros with muted fanfare

    Bank Nederlandse Gemeenten (BNG) launched the first SSA benchmark of 2017 on Tuesday. While the agency raised €1bn, its success was muted in comparison with the way it opened 2016.

    03 Jan 2017

  • ZKB opens Swiss market

    Zürcher Kantonal Bank became the first Swissie issuer to print in 2017. The cantonal bank kicked off the new year with a Sfr260m ($253.4m) nine year deal.

    03 Jan 2017

  • Bank of Ireland closes €3bn risk transfer deal

    Bank of Ireland has structured a synthetic securitization to transfer the risk exposure on a pool of €2.9bn business banking and corporate loan assets to a small group of international investors.

    03 Jan 2017

  • Covered bond borrowers must get ahead on funding plans

    With yields set to rise and spreads likely to widen, covered bond issuers should waste no time in getting ahead on 2017’s funding plans and doing the more difficult trades first.

    03 Jan 2017

  • RCI Banque kicks off corp bond party

    Renault Credit International Banque, the finance subsidiary of Renault, became the first corporate bond issuer of 2017 on Tuesday, slipping through the year’s earliest possible window to issue in euros.

    03 Jan 2017

  • Alno’s new investor fails to soothe market mistrust

    German kitchen furniture maker Alno AG started the year with improving earnings data and a big new investor, private equity firm Tahoe, but analysts and bondholders remain unconvinced by the credit.

    03 Jan 2017

  • Corporate and high yield bond deals of the year

    It was a record breaking year for investment grade corporate bond issuance in 2016, both in overall volumes and individual deal sizes. Not only was a diverse base of issuers able to access the euro market, many were also able to do so in size and at attractive prices, in large part due to the ECB and its accommodative policies, with investors comfortable buying multi-tranche jumbo deals from both domestic and US borrowers.

    03 Jan 2017

  • Profi loan group swells as leads price to early birds

    Loan facilities backing Mid Europa Partners’ acquisition of Romanian retail chain Profi Rom Food will go into general syndication this month, with a fifth bank joining the bookrunners and tranche prices having been indicated to ‘early bird’ lenders.

    03 Jan 2017

  • KommuneKredit and ADB to start dollar SSA market

    KommuneKredit and the Asian Development Bank (ADB) will reopen the dollar market for SSA borrowers on Wednesday. Meanwhile, the EIB is lining up to perform the same service in sterling bonds.

    03 Jan 2017

  • Elysium Healthcare loan spills into new year pipeline

    Syndication of Elysium Healthcare’s reduced £133m loan has run over into 2017 at investors’ requests, according to a banker on the deal, as the European leveraged loan market returns with expectations of a healthy New Year pipeline.

    03 Jan 2017

  • Tang: Europe will set ‘world standard’ for ABS risk retention

    Dutch MEP Paul Tang, the European Parliament’s rapporteur for the “simple, transparent and standardised” securitization framework, has defended his proposed amendments to the bill, arguing that Europe will set a “new world standard” for risk retention requirements through the measures.

    03 Jan 2017

  • Sovereigns, supranationals and agencies deals of the year

    As a year where political upsets became the norm drew to a close, GlobalCapital picks the standout trades from a turbulent 2016.

    03 Jan 2017

  • Financial institutions bond awards

    FIG issuers had a tough time navigating the primary markets in 2016, which was speckled with periods of intense volatility.

    03 Jan 2017

  • France turns green for '17

    France has wasted little of 2017 in getting its green bond to market having missed the chance to be the first sovereign to print in the format when Poland brought a deal at the end of last year. It announced on Tuesday the six banks that will run the trade.

    03 Jan 2017

  • The 14th Syndicated Loan, Leveraged Finance and Private Placement Awards: nominations

    In November GlobalCapital polled loan market participants for the 14th Syndicated Loan, Leveraged Finance and Private Placement Awards. The nominations are listed below in alphabetical order. We will reveal the winners at the awards dinner, to be held on February 8, 2017 at the Guildhall in London.

    03 Jan 2017

  • Emerging markets bond awards

    For CEEMEA bonds, 2016 was a boom year punctuated by large, volatility-inducing shock events that culminated with a game-changing US election. But such events did little to dampen enthusiasm for EM debt from issuers and investors alike. CEEMEA corporates and sovereigns issued almost double the debt raised in 2015, printing $152.4bn up to the second week in December.

    03 Jan 2017

  • Covered issuers front-load in size and duration

    Four covered bond issuers returned to the market on Tuesday with the first deals of 2017. Two €1.5bn 10 year transactions showed that borrowers are prioritising the tougher, longer duration deals and, while conditions permit, issuing in large size.

    03 Jan 2017

  • Allianz delivers late Christmas present with T2 redemption

    Allianz said it would call one of its upper tier two bonds this February, pleasing market participants who thought the German insurer might extend the life of the instrument.

    03 Jan 2017

  • Sovs to bring the heat as EM furnace fires up

    Emerging market bankers are optimistic for a busy first quarter after markets opened on Tuesday in a much stronger position than they had a year ago. Sovereign issuers from the Middle East and CEE are expected to lead the charge.

    03 Jan 2017

  • JP Morgan storms to Lat Am top spot in 2016

    Argentina’s resurgence in international bond markets helped JP Morgan end 2016 as the top firm in primary in Latin America bond markets, up from sixth place in 2015, according to Dealogic.

    03 Jan 2017

  • Basel Committee stalls on final risk-weight calibration

    The Basel Committee said on Tuesday that it will not be ready to announce the final calibration of the ‘Basel IV’ measures next week, as previously planned.

    03 Jan 2017

  • French banks prefer non-preferred in rapid start to 2017

    BNP Paribas was marketing senior non-preferred bonds in both euros and dollars on Tuesday, as French banks looked to prioritise issuing the new bonds in early 2017.

    03 Jan 2017

  • Usiminas gives more time for consent approval

    Brazilian steel company Usiminas has given its dollar bondholders until January 12 to approve its restructuring of domestic debt, the second time it has pushed out the deadline.

    03 Jan 2017

  • EFG Hermes boosts frontier markets division with Exotix veteran

    Egyptian investment bank EFG Hermes is expanding its frontier markets division, and has appointed a new CEO who joins from Exotix Africa LLP.

    03 Jan 2017

  • Jain to join Cantor Fitzgerald

    Anshu Jain, former co-chief executive of Deutsche Bank, is joining Cantor Fitzgerald as president.

    03 Jan 2017

  • India IPO round-up: Hudco, CDS and GTPL Hathway

    The Indian government is aiming to add around Rp10bn ($146.9m) to its coffers from a sell down of shares in Housing and Urban Development Corp, said a banker working on the deal.

    03 Jan 2017

  • Wisdom Education kicks off IE for $200m float

    Wisdom Education International Holdings Co kicked off investor education for a $200m IPO in Hong Kong on Tuesday, squeezing into a tight pricing window before the Chinese New Year break.

    03 Jan 2017

  • Chinese property issuers seal bonds ahead of busy 2017

    Guangzhou R&F Properties Co and KWG Property Holding raised a combined $515m at the tail end of last week, just before the start of what many anticipate to be a busy year for Chinese property debt issuance.

    03 Jan 2017

  • NSE files for $1bn IPO, BSE preps $200m January float

    India’s two main stock exchanges are set to start 2017 on a positive note, with Bombay Stock Exchange (BSE) likely to launch a $200m deal this month and National Stock Exchange (NSE) bringing a jumbo $1bn IPO in the second quarter.

    03 Jan 2017

  • Aviation finance growth propels senior hires at Natixis

    Natixis has beefed up its aviation finance division with a number of senior appointments in Singapore and London, citing “robust growth for the business line" as the reason behind the developments.

    03 Jan 2017

  • Modern Land, Shandong Ruyi end 2016 with taps

    Chinese property developer Modern Land (China) Co and textile producer Shandong Ruyi Technology Group Co priced their respective taps at the end of last week, taking advantage of regulatory approvals that expired at the year end.

    03 Jan 2017

  • HK rings in 2017 with $534m IPO duo

    The Hong Kong IPO market has started 2017 with some action as two Chinese issuers unveiled fundraising plans to seek a combined HK$4.2bn ($533.8m).

    03 Jan 2017

  • Goertek connects with dozen for $150m borrowing

    Allocations are out for a $150m three year loan for a subsidiary of Chinese electro-acoustic product maker Goertek, which gathered commitments from 10 banks during syndication.

    03 Jan 2017

  • Oversubscription likely for Intas $767m financing

    Robust demand is expected to result in an oversubscription for a dual currency financing to back Indian company Intas Pharmaceuticals’ acquisition of a portfolio of assets in the UK and Ireland.

    03 Jan 2017

  • RMB holiday round-up: January 3, 2017

    Welcome back and Happy New Year. While we were on a break, China revised its official trade-weighted currency basket, added two new RMB qualified foreign institutional investors (RQFII) and set stricter rules for the individual quota of foreign exchange (FX) purchases that reset on January 1.

    03 Jan 2017

  • Dasin Retail eyes $102m from SGX trust listing

    Dasin Retail Trust could be the first out of the gate with a decent-sized southeast Asian IPO this year, with books slated to launch as early as this week.

    03 Jan 2017

  • Dechert adds partner to HK corporate team

    Law firm Dechert has hired a new partner in its corporate and securities team in Hong Kong, poaching from Cadwalader, Wickersham & Taft.

    03 Jan 2017

  • ANZ, CIMB offload Chinese bank stakes

    ANZ and CIMB have both revealed plans to sell their respective stakes in Shanghai Rural Commercial Bank (SRCB) and Bank of Yingkou, as part of strategies to focus on their core businesses.

    03 Jan 2017

  • Cifi seals $530m club loan in two tranches

    Chinese property developer Cifi Holdings (Group) Co has raised $530m from a multi-currency club loan.

    03 Jan 2017

  • Legacy assets: the future of dealing with the past

    Sales of legacy and non-core loans have soared to new heights in the last two years. But making a dent in the €2.3tr still on bank’s balance sheets will only get more difficult in 2017, writes Graham Bippart.

    01 Jan 2017

  • Betting on a risky year

    Toby Fildes looks ahead to an even bumpier ride in 2017 when Fed rate rises might be the least of the global capital market’s worries.

    01 Jan 2017

  • The GlobalCapital DCM poll

    GlobalCapital’s Toby Fildes interviewed the heads of debt capital markets at 20 of the top 25 banks in late November and December, to ask their views on how the market will evolve in 2017. Here are their thoughts. Information design Jon Hay, Sam Medway.

    01 Jan 2017

  • Russia’s bond market revival ready to roll on into 2017

    In late 2016 a clutch of Russian borrowers shrugged off Western sanctions and domestic stagnation to return to the global bond markets. But will investors’ returning appetite for Russian risk survive a global repricing? Lucy Fitzgeorge-Parker reports

    01 Jan 2017

  • Post-QE world will not be easier for liquidity

    As the use of unconventional monetary policy comes under increasing scrutiny, investors are examining the consequences for liquidity in a world without the European Central Bank’s asset purchase programme, writes Lewis McLellan.

    01 Jan 2017

  • Public Sector Borrowers Infographics

    In a year where the unexpected became the norm, one of the few constants was the ECB’s presence in the eurozone sovereign bond market — you can see the monthly pace of Mario Draghi’s purchases. Elsewhere, the shock election of Donald Trump as US president and the Brexit vote took its toll on government bond yields and sterling’s level against the dollar.

    01 Jan 2017

  • Green ABS ready to blossom, despite looming policy threats

    The renewable energy ABS sector had a year of sharp growth in 2016. Property Assessed Clean Energy (PACE) ABS was a strong source of bonds backed by green assets. Market players hope for a similarly successful 2017, but industry fragmentation and a new US administration may hinder growth. Sasha Padbidri reports.

    01 Jan 2017

  • P2P disruptors looks to join the establishment

    As European marketplace lending grows and matures, the sector is becoming increasingly embedded in the financial systems that it once looked to disrupt. David Bell reports.

    01 Jan 2017

  • Dollar and euro angst opens space for non-core bond plays

    For public sector bond issuers, 2017 will be a year to hunt down arbitrage plays. Political uncertaintly looks set to rock core currency markets, leaving non-core markets to offer useful funding havens, writes Silas Brown.

    01 Jan 2017

  • Africa feels a funding chill: first in loans, now bonds too

    While some cash-strapped borrowers in Africa will bite the bullet and pay up to access international bond markets in 2017, others will have to return to the loan market for support. Virginia Furness and Elly Whittaker report.

    01 Jan 2017

  • Tide turns for Turkish loan pricing

    The global rise in dollar funding, combined with political upheaval and the heavy depreciation of the lira are destroying some of the historically borrower-friendly terms available in the Turkish loan market. Elly Whittaker reports.

    01 Jan 2017

  • Financial Institutions Infographics

    The creation of senior non-preferred debt in France means the country’s financial institutions can really start to build their loss-absorbing debt levels towards their requirements for total loss-absorbing capacity (TLAC) rules and Europe’s minimum requirement for own funds and eligible liabilities. But how much does each bank need to issue over the coming years? Since October 2014 the European Central Bank has been steadily buying more securities eligible for its covered bond purchase programme, helping issuers command much tighter pricing for new transactions. The resulting change in distribution by covered bond investor type has been stark. Real money investors — including asset managers and investors — have been squeezed out in the new pricing environment, while central banks have ramped up their purchases.

    01 Jan 2017

  • Conservative Swiss hunt down positives among the negatives

    In the looking-glass world of Swiss franc bonds, unrated companies and Austrian banks have issued at negative yields, writes Silas Brown. Starved of return, Swiss investors will look at a broader range of foreign and even high yield paper than ever before.

    01 Jan 2017

  • Covered bonds play key role with regulatory funding in focus

    Covered bonds will continue to be a crucial instrument in any bank treasurer’s funding tool kit in 2017. However, the more necessary focus will be on bail-inable senior unsecured funding. Bill Thornhill reports.

    01 Jan 2017

  • Esoteric ABS set to clear political and policy hurdles in 2017

    Esoteric ABS was a focus for investors hunting for yield in 2016. The market for these assets blossomed, as issuers were lured by attractive relative value in comparison to other sources of financing. But rising interest rates, the potential for trade wars under a new US president and fits of capital markets volatility top the list of concerns for market players this year. Max Adams reports.

    01 Jan 2017

  • Insurers weigh up capital opportunities under Solvency II

    There is plenty of room for innovation among insurers in the capital markets in 2017 as new products show their first signs of life. But bringing these new tools to market will be a stern challenge, writes Tyler Davies.

    01 Jan 2017

  • BofE stimulus drives diversity in UK RMBS

    The arrival of the Bank of England’s Term Funding Scheme sparked fears that it would be the death of the UK mortgage-backed securities market. But while some bank issuers may scale back public bond plans in 2017, a sharp rally in spreads has brought new sellers into play, changing the nature of the market. David Bell reports.

    01 Jan 2017

  • LatAm braces for Trump impact amid higher rates reality

    Donald Trump’s election as US president has shaken up expectations for this year. But although Latin American borrowers are getting used to higher funding costs, 2017 could be a year of steady progression for the market, writes Olly West.

    01 Jan 2017

  • Corporate bond investors try to eke out a living in yield desert

    The one-way bet on spreads that has made investors rich in the European corporate bond market over the last year will be replaced by trickier but potentially more lucrative gambles in the financial, high yield and hybrid sectors. Ross Lancaster reports.

    01 Jan 2017

  • Link still missing in blockchain's capital markets drive

    In 2016, blockchain went from a buzzword to a ‘must have’ in financial markets, as seemingly every bank and exchange invested in projects and proofs-of-concept. But with so many asset classes having been promised big gains, 2017 begins with a dose of realism about the limits of the technology — and the challenges it poses for regulators. Dan Alderson reports.

    01 Jan 2017

  • CBs: back to basics as rate hikes tempt weaker credits

    Europe’s convertible market is no longer dripping with superlatives as 2017 begins — middling performance and mild outflows have taken out some of the heat. That may be a good thing, as investors may get more of the deals they like: for companies whose credit needs some looking at, but with interesting equity stories. Aidan Gregory and Jon Hay report.

    01 Jan 2017

  • Canada’s borrowers enjoy solid demand in volatile world

    Canada’s low debt to GDP ratio and stable politics have made it a haven in a turbulent era in global politics. But, with fears of a wave of protectionism growing, the trade-focused country faces problems ahead. However, with its fiscal stimulus programme an example to other nations wishing to promote growth, Canada’s borrowers are confident they can adapt and prosper in the new political reality. GlobalCapital hosted this roundtable in early December.

    01 Jan 2017

  • Tensions high as cross-currency swaps face testing 2017

    Cross-currency swap markets face a rough start to 2017. Traders fear that diverging central bank policy, a shift in corporate borrowing dynamics and a repatriation of US money will all upset the basis at different parts of the curve. Dan Alderson reports.

    01 Jan 2017

  • Oil be back: GCC to dominate in 2017

    Strong credit fundaments and a supportive technical bid from local investors should help the GCC’s borrowers to weather any volatility thrown at them in 2017. But analysts warn of political threats putting negative pressure on the region’s bond prices. Virginia Furness reports.

    01 Jan 2017

  • ECM banks work harder for less, stressed investors get picky

    On the surface, equity capital markets are a well-oiled machine, built to run over the rocky ground of unpredictable stockmarkets. Beneath the surface, there is a lot of sweat. Banks are having to staff their teams with less money, but do just as many deals. Investors are under the cosh, too, squeezed by weak performance and the march of passive funds. Jon Hay reports.

    01 Jan 2017

  • AT1: building a house on rock

    Additional tier one (AT1) went through the most turbulent period of its young life in 2016, and the experience was nothing if not formative. This year banks will benefit from the market’s new-found maturity. Tyler Davies reports.

    01 Jan 2017

  • Tired of waiting, loan bankers pile into Schuldscheine

    The loan market will always be there if favoured clients want large sums — the trouble is, hardly any do. Banks are improvising, finding mid-caps more receptive — especially in the Schuldschein market. Elly Whittaker reports.

    01 Jan 2017

  • Trump kills EM bull, issuers to fight for funding in next round

    2017 will suffer periods of extreme volatility meaning EM borrowers will need to be more nimble than ever before. Virginia Furness reports.

    01 Jan 2017

  • Corporate brokers aim for returns over glory

    The land-grab for blue-chip accounts has been replaced by a more targeted approach as corporate brokers look to forge relationships that will be both long-term and highly remunerative. David Rothnie reports.

    01 Jan 2017

  • Call in the builders: a new fiscal focus for government bond markets

    In the West a shift in focus towards fiscal stimulus and away from austerity was already underway before the shock result in the US presidential election. That shift will accelerate in 2017, with more government borrowing and a deterioration of sovereign creditworthiness. Bad news for fixed income? Not all investors think so. Craig McGlashan reports.

    01 Jan 2017

  • Derivs trading reinvented as investors look to trump event risk

    The upending of global financial markets in the second half of 2016, driven by shocks from the UK’s Brexit vote and US presidential election, has caused a breakdown in previously dominant cross-asset correlations and a sharp resizing of event risk in 2017. Dan Alderson reports on a wave of structured product innovation aimed at navigating this new and more volatile universe.

    01 Jan 2017

  • A hawkish Fed may allow SSAs to spread wings in dollars

    The world’s major central banks were already on divergent paths early in 2016, but the election of Donald Trump as US president could see the Federal Reserve become even more hawkish in 2017 than had previously been expected. Such a shift in policy could re-open some funding avenues to public sector borrowers, Craig McGlashan finds.

    01 Jan 2017

  • Regulation turning syndicate into an art rather than science

    New issue bonds have been going from strength to strength, with some of the largest ever issues priced in the last two years. But the way they are executed has hardly changed for years. That is, until 2016, when sweeping regulatory change arrived in the form of new market abuse rules, along with new technology platforms and new market guidelines. Owen Sanderson reports.

    01 Jan 2017

  • HY and leveraged loans vie for business as buy-outs languish

    Will 2017 be a year for new conquests in the European leveraged finance markets? No one believes so. Rather, there will be a tug of war between high yield bonds and loans for issuance, better funding costs and investors’ cash. Victor Jimenez and Max Bower report.

    01 Jan 2017

  • UK corporate funding picture surprisingly sanguine

    The UK’s decision to leave the European Union cast extreme uncertainty over the economy, the values and even the unity of the country. Its ramifications for domestic companies’ financing capabilities has been both more obvious and more benign, however. Max Bower reports.

    01 Jan 2017

  • Tier three’s a crowd as Europe’s banks prepare for action

    Tier three will become the new face of senior debt in 2017. The stage is finally set for the largest French banks to make their push into the new asset class, but issuers all over Europe will be looking to optimise their senior stacks for regulatory capital standards. Tyler Davies reports.

    01 Jan 2017

  • Equities jump on Trump reflation train — expect a bumpy ride

    Equity investors have something new to believe in: fiscal largesse in the US kickstarting global growth. That’s good news for the many companies and banks with capital to raise in 2017 — the trouble is, markets are likely to be as volatile as Donald Trump’s temper. By Jon Hay, additional reporting by Aidan Gregory

    01 Jan 2017

  • Push and pull: levloan tensions to drive CLO dynamics in 2017

    Leveraged loans are likely to be a prized commodity in 2017 as demand will continue to outstrip supply, leaving CLO managers scrounging around for whatever they can find to ramp up their portfolios. Sam Kerr reports.

    01 Jan 2017

  • Money market fund reform arrives in time for rough 2017

    US money market fund reform is finally here, after eight years in the making. A volatile and testing 2017 will show us whether the wait has been worth it. Lewis McLellan reports.

    01 Jan 2017

  • As CSPP magic fades, corporate bond market faces life on its own

    The European Central Bank will be a focal point for the euro investment grade corporate bond market this year but the Corporate Sector Purchase Programme party is over. In a world of rising US interest rates and political risk, participants are wondering how to avoid a hangover when the ECB eventually leaves their market. Ross Lancaster reports.

    01 Jan 2017

  • Brexit: a regulatory triumph?

    The Brexit vote and the election of Donald Trump laid bare the poor predictive power of the massed ranks of financial analysts and traders. But when these political cataclysms hit the screens, nothing broke. Everyone from the IMF down to the lowest financial scribbler has warned that markets are less resilient thanks to regulation — but in the turmoil following these votes, prices moved but institutions stayed solid. Owen Sanderson reports.

    01 Jan 2017

  • Populist wave threatens peace and the gains of globalisation

    Once upon a time the worst thing investors had to think about at new year was what surprises the Fed might spring. Now there’s a maverick US president who talks of picking fights with China, allies, you name it. The UK is leaving the EU, the far right might win power in France and trade is ailing. Oh, and then there’s the Fed. Jon Hay reports.

    01 Jan 2017

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Jan 2017
1 Citi 22,118.13 61 9.00%
2 Barclays 20,987.41 55 8.54%
3 JPMorgan 17,406.75 53 7.08%
4 HSBC 16,333.52 48 6.64%
5 Goldman Sachs 15,454.74 49 6.29%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 Commerzbank Group 114.00 1 66.16%
2 CaixaBank 37.05 1 21.50%
3 UniCredit 10.62 1 6.17%
3 BNP Paribas 10.62 1 6.17%
Subtotal 172.30 3 100.00%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 SG Corporate & Investment Banking 770.06 2 16.80%
2 Goldman Sachs 656.16 2 14.32%
3 JPMorgan 527.28 4 11.50%
4 Emirates NBD PJSC 408.38 1 8.91%
5 Deutsche Bank 321.53 3 7.01%