• CME hauls in record volumes on interest rate contracts

    The Chicago Mercantile Exchange has posted record volumes this week on its interest rate future contracts, surpassing previous records set just after the presidential election.

    24 Feb 2017

  • Apax completes Capio exit with Skr660m block

    Apax Europe has sold its last remaining shares in Capio, the Swedish private healthcare group, for Skr660m (€70m).

    24 Feb 2017

  • Swedbank swoops into super tight Swedish senior mart

    Swedbank launched a new five year on the back of ‘extraordinarily tight’ secondary levels on Friday, taking advantage of strong dynamics in the preferred senior market and a remarkable year for Swedish debt.

    24 Feb 2017

  • OCBC mandates as senior rally lowers covered supply hopes

    Oversea-Chinese Banking Corporation (OCBC) has mandated leads to roadshow its debut covered bond. The announcement comes ahead of what is expected to be a relatively quiet week ahead reflecting German holidays and improved funding conditions for senior unsecured.

    24 Feb 2017

  • Parex seeks €865m loan to take out FRNs

    ParexGroup, the French construction chemicals maker, has scheduled a bank meeting for Monday for an €865m seven year term loan to refinance €700m of floating rate notes, as Irish telecoms firm Eir released price guidance on Friday for its €1.6bn loan refinancing.

    24 Feb 2017

  • Yankees keep dollar FIG pumps primed

    Two Yankee banks hit the dollar market so ensure that the pace of issuance continued to outstrip last year.

    24 Feb 2017

  • India divests Bharat Electronics stock for $251m

    The Indian government has raised Rp16.7bn ($250.5m) by selling a portion of its stake in Bharat Electronics through a popular offer for sale.

    24 Feb 2017

  • Sarana Menara shareholder readies $130m sale

    Indonesia’s Sarana Menara Nusantara said this week that one of its shareholders is planning to sell a stake in the company worth at least Rph1.7tr ($127.5m) at current market prices.

    24 Feb 2017

  • MAF returns for second bite of hybrid cherry

    The UAE’s Majid Al Futtaim will begin investor meetings in Asia next week for a subordinated perpetual bond, the first from the Middle East this year.

    24 Feb 2017

  • China Orient AM makes quick comeback for $300m

    China Orient Asset Management International Holdings, which tapped the international loan market in July last year, has returned for a $300m dual-tranche facility.

    24 Feb 2017

  • China's ENN Ecological hunts for $200m refi

    Shanghai-listed ENN Ecological Holdings has hit the loan market for a $200m two year facility, offering a hefty pricing for a relatively short tenor.

    24 Feb 2017

  • Credit Suisse rejigs senior ranks in India private banking

    Credit Suisse has given two senior bankers responsibility over its private banking operations in India, the firm said on Friday.

    24 Feb 2017

  • RMB round-up: Malaysia nets first RQFII licence, RMB payments down, China in FTZ bond roll call

    In this round-up, Malaysia gets its first renminbi qualified institutional investor (RQFII) licence, RMB payments continue to drop, and China calls for more local governments to issue free trade zone bonds. Plus, a recap of our coverage this week.

    24 Feb 2017

  • IBK exits from E-Mart with W194bn sell-down

    Industrial Bank of Korea has bagged W193.5bn ($171.4m) after cleaning up its position in Korean hypermarket chain E-Mart, according to a term sheet seen by GlobalCapital Asia.

    24 Feb 2017

  • Hot stuff: Barbeque Nation picks banks for IPO

    India's Barbeque Nation Hospitality has picked one international and one domestic bank to lead its planned IPO, with the deal slated for this year.

    24 Feb 2017

  • KNOC powers up for international roadshow

    Korea National Oil Corp will host a global roadshow next week ahead of a new international bond, to be sold in dollars and/or euros.

    24 Feb 2017

  • Banks financing high carbon companies risk ruin, report warns

    Shareholders and bondholders should pressurise banks to clean up their acts on climate change, sustainable finance experts said this week.

    23 Feb 2017

  • Córdoba brings blow-out to show Argentine credit divide

    The province of Córdoba sold a five times oversubscribed 7.5 year bond on Wednesday to suggest that plenty of appetite for Argentine paper remained — even if it is growing ever more picky about credit quality.

    23 Feb 2017

  • Arcadia brings prime Lending Club ABS to market

    Arcadia Funds hit the ABS market this week with a rated debut transaction via Jefferies backed by prime loans originated by Lending Club, which sources say will be closely watched by the market.

    23 Feb 2017

  • Investors see value as El Salvador sells crucial bond

    A healthy pick-up to Central American peers, and investor optimism that political bickering would not put the country at risk of default, allowed El Salvador to raise $601m of vital 12 year funding on Tuesday, despite the sovereign rapidly nearing triple-C status.

    23 Feb 2017

  • Honduran Atlántida seeks broader bond audience

    Inversiones Atlántida, the Honduran financial holding company, could look to issue a debut international bond in March after postponing plans in November when Donald Trump’s election as US president shook markets.

    23 Feb 2017

  • Belize deadline nears after missed coupon payment

    Central American sovereign Belize failed to make a $13m coupon payment on its 2038 bonds this week, after saying it hoped to persuade bondholders to agree to a consent solicitation that would provide significant debt relief.

    23 Feb 2017

  • Cunliffe warns of ‘currency nationalism’ on clearing

    Deputy Governor of the Bank of England for financial stability Sir Jon Cunliffe this week warned against the influence of ‘currency nationalism’ in determining clearing centres.

    23 Feb 2017

  • Greek contagion, EFSF style

    Contagion from Greece’s never ending bailout saga was supposed to be a thing of the past. But the European Financial Stability Facility’s questionable 39 year tranche this week shows country still has the ability to hit the euro market — albeit by the back door this time.

    23 Feb 2017

  • Yapi Kredi hammers pricing for Turkish bank market reopener

    Yapi Kredi took advantage of pent-up demand for Turkish bank paper to hammer down pricing on the first Eurobond from the sector for more than four months this week.

    23 Feb 2017

  • BondMarker results - featuring KfW, Alberta and EAA

    The scores are in. See how market participants rated KfW's €5bn 10 year, Alberta's sterling debut and EAA's $1bn two year.

    23 Feb 2017

  • MTN Leak: Enjoying the blues

    Leak is in an uncharacteristically relaxed mood this week, after a mix up on the phone left us enjoying UniCredit’s rather tasteful hold music.

    23 Feb 2017

  • NWB USD1bn 2.25% Mar 22

    23 Feb 2017

  • UK DMO GBP2bn 0.125% Nov 65

    23 Feb 2017

  • CDC EUR500m 0.2% Mar 22 green bond

    23 Feb 2017

  • Spain EUR5bn 2.35% Jul 33

    23 Feb 2017

  • EFSF EUR4bn 0% Mar 21, EUR1bn 2% Feb 56

    23 Feb 2017

  • Spain navigates French volatility to take €5bn in 15s

    Spain rode out another volatile day in eurozone government bonds on Wednesday to finish up with a healthy €5bn of 15 year paper from an order book nearly treble that size.

    23 Feb 2017

  • Italy's banks turn a corner as UniCredit rakes in €13bn

    A big step in restoring Italy's banking sector to health was taken successfully this week, when the fifth biggest EMEA equity sale ever raised €13bn for UniCredit.

    23 Feb 2017

  • Yankees charge into euro HY while locals go missing

    US borrowers have accounted for almost all high yield bond sales in Europe in February as investors scramble for paper and European issuers turn to leveraged loans, with deals this week for Levi Strauss and Quintiles IMS. But European borrowers should be back soon, said bankers.

    23 Feb 2017

  • Le Pen risk drives rift in CDS mart

    Since December, 2017 has been hyped by market participants as the year of political risk, but this was the week when talk turned to action as French election race bit Europe’s CDS market. Ross Lancaster reports.

    23 Feb 2017

  • EFSF’s return to ultra-long end stings duration hopefuls

    In its bid to, as one SSA syndicate official put it, "erase the ghosts" of its last visit to the far end of the euro curve, the European Financial Stability Facility (EFSF) has spooked what had been a supportive market with its second shocker in as many attempts, writes Lewis McLellan.

    23 Feb 2017

  • More market standards ahead for bonds

    The new issue bond and loan markets will have a swathe of new standards to digest this year, as the FICC Market Standards Board hits its stride and produces a wide range of additional guidelines, to be adopted by its member firms in London and beyond.

    23 Feb 2017

  • A whole new world for GCC sov funding as oil ticks up

    GCC sovereign issuance began in earnest this week with Bahrain raising $600m and Oman mandating banks for a triple tranche deal. As Virginia Furness reports, the two deals mark the beginning of what will be a defining year for the region’s borrowers in the international capital markets.

    23 Feb 2017

  • UK ends with double record breaker

    The UK Debt Management Office (DMO) breezed through the final syndication of its financial year on Tuesday, printing at a record low real yield with its biggest ever book — despite a postponed start to opening books and murmurings about falling demand for inflation linked paper.

    23 Feb 2017

  • The vanishing point

    Many are looking for it, but no bank has found it — does the point of non-viability even exist?

    23 Feb 2017

  • Dollars: the swaps are on but (almost) nobody’s come

    The superlatives “fantastic”, “surprising to the upside all the time” and “huge tightening” were being thrown around about the public sector dollar market this week — the only missing ingredient appears to be supply.

    23 Feb 2017

  • IG dollar market hot but supply says not

    Global investors continued to pour cash into the US high grade dollar market this week but supply remained sluggish and on course for the slowest February since 2011.

    23 Feb 2017

  • Quintiles IMS cuts $3bn loan, pumps up notes

    US healthcare research firm Quintiles IMS launched a $3.065bn-equivalent term loan ‘B’ refinancing and add-on this week. By Thursday the firm had dropped the add-on however as its €850m eight year notes offering proved popular.

    23 Feb 2017

  • European LBO pipeline grows as KKR wires in Telxius investment

    KKR has agreed to buy up to a 40% share in Telefónica’s telecoms infrastructure division Telxius for €1.275bn, adding further to a growing buyout pipeline in Europe.

    23 Feb 2017

  • Yapi Kredi USD600m 5.75% Feb 21s

    23 Feb 2017

  • Loans news in brief — February 23 2017

    Delek — Ion Trading — Profi

    23 Feb 2017

  • Bank of England to grill banks on climate risks

    The Bank of England plans to start later this year examining more closely the banking sector’s exposure to risk from climate change. That means banks will have to start telling the regulator more about the risks they face and how they manage them.

    23 Feb 2017

  • Asian investors lift Kion in bumper Schuldschein week

    Kion Group, the German forklift manufacturer, has finished a Schuldschein deal that raised almost €1bn, in one of eight Schuldschein trades that were launched or priced this week from a wide range of sectors and regions.

    23 Feb 2017

  • Non-banks eye opportunities in Irish, Dutch BTL

    With prudential regulators looking to take the heat out of the UK’s buy-to-let market, and the non-bank segment already crowded, some alternative lenders such as private equity firms are targeting opportunities in nascent markets in Ireland and the Netherlands. David Bell reports.

    23 Feb 2017

  • Italian pair lean on state guarantees in FIG return

    Ailing Italian duo Veneto Banca and Banca Popolare di Vicenza both sold senior bonds with controversial state guarantees this week. But Veneto’s deal was described as having gone “better than Vicenza’s”.

    23 Feb 2017

  • Kingdom of Bahrain USD600m 7% Oct 28

    23 Feb 2017

  • Investors forced to fend with polls as political risk rules

    The political polling industry is suffering a crisis of credibility after failing to predict Brexit and Donald Trump’s victory in the US presidential election. Surely a thorough overhaul of its methods is needed?

    23 Feb 2017

  • LBBW and WL set new covered spread record for 2017

    Landesbank Baden-Württemberg and WL Bank successively priced the tightest covered bonds of the year this week and both were able to tighten pricing to a greater extent than any previous German issuer.

    23 Feb 2017

  • LXI Reit gets £138m for property acquisitions

    LXI Reit, the UK real estate investment trust, has completed one of the first IPOs on the London Stock Exchange this year, raising £138m ($173.25m) to invest in a diversified portfolio of UK commercial and residential properties.

    23 Feb 2017

  • Investors head down credit spectrum after filling up on duration

    The corporate bond market is on fire with issuers bumping up deal sizes and printing well inside initial price thoughts. Market experts suggested an exemplary deal from Ericsson this week gave a hint to the changing tastes of yield hunting investors.

    23 Feb 2017

  • No reprieve in the EU on variation margin as deadline looms

    The European Supervisory Authorities have issued a joint letter on the introduction of variation margin for non-cleared derivatives due to come into force on Wednesday. There is to be no EU postponement of the rules, but the regulators do suggest some forbearance in their implementation.

    23 Feb 2017

  • Issuers encouraged to take new funding as senior goes super tight

    Banks hit the market with a host of very tightly priced preferred senior deals this week, and a growing pipeline suggested the trend in issuance was only set to continue.

    23 Feb 2017

  • CEE supply ramps up as two sovereigns and a Polish corporate line up euro trades

    Three Central and Eastern European (CEE) issuers are lining up trades, as supply from the region begins to ramp up. Slovenia, the Slovak Republic and Polish corporate Energa SA all plan to bring euros in the near future.

    23 Feb 2017

  • UOB issues first covered in dual-currency

    United Overseas Bank this week became the first issuer to price covered bonds simultaneously in euros and dollars, helping it to attract new, especially Asian, investors.

    23 Feb 2017

  • Investors warming to "non-traditional" RMBS

    After issuers brought a wave of RMBS deals beyond agency and prime jumbo offerings in 2016, sources say they are expecting "non-traditional" mortgage collateral to drive volume in 2017.

    23 Feb 2017

  • Avery Dennison poised to build on Reverse Yankee trend

    The spate of Reverse Yankee will grow on Friday with Avery Dennison Corporation expected with an eight year euro transaction.

    23 Feb 2017

  • Non-bank UK RMBS draws strong demand

    A shortage of supply is driving strong demand for UK RMBS transactions, with deals backed by well seasoned mortgages as well as newly originated assets both attracting heavy levels of interest this week.

    23 Feb 2017

  • Rocket dives 14% after Kinnevik cuts stake

    Rocket Internet, the German internet venture capital group, closed 14% lower on Thursday after Kinnevik, the Swedish investment company that was one of its earliest backers, sold half its stake through an accelerated bookbuild after the stock had rallied over the past three months.

    23 Feb 2017

  • ANZ New Zealand EUR500m 0.4% Mar 22

    23 Feb 2017

  • NWB brings home dollars in enviable conditions

    Nederlandse Waterschapsbank on Thursday brought the solitary SSA dollar deal of the week, taking advantage of “fantastic” conditions to raise $1bn of five year cash.

    23 Feb 2017

  • Deutsche Bank GBP750m 1.875% Feb 20

    23 Feb 2017

  • CVC gets Z2.7bn of loans for Żabka takeover

    Details have emerged of the financing CVC will use to buy Polish retail chain Żabka Polska, its second takeover in the region.

    23 Feb 2017

  • DNB Bank EUR650m 1.25% Feb 27 tier two

    23 Feb 2017

  • KBC Group EUR1.25bn 0.75% Mar 22

    23 Feb 2017

  • Svenska Handelsbanken EUR1bn 0.25% Feb 22

    23 Feb 2017

  • Citi names equity sales head

    Citi has named appointed an internal candidate as its global head of equity sales.

    23 Feb 2017

  • Quebec takes orders for debut green bond

    The Province of Quebec is set to follow its neighbour Ontario into green bond issuance, opening books for the inaugural bond on Thursday.

    23 Feb 2017

  • Neopost diversifies with dual currency Schuldschein

    Neopost, the French postal equipment maker, has returned to the Schuldschein for funding diversification purposes.

    23 Feb 2017

  • Bpifrance adds to stack of French SSA paper

    Bpifrance Financement became this week’s third French public sector issuer on Thursday, scoring €500m with a tap.

    23 Feb 2017

  • Nokia breaks HY drought as Bakkavor quits

    Finnish technology company Nokia is set to become the first European company to issue a euro high yield bond for four weeks. Meanwhile, UK food producer Bakkavor will repay all its notes.

    23 Feb 2017

  • Levi Strauss adopts refi fashion in euro high yield

    Jeanswear maker Levi Strauss priced on Thursday a new refinancing deal in euros, having been absent from the European high yield bond market for seven years.

    23 Feb 2017

  • PCS looks to boost synthetic securitization with new quality label

    With policymakers discussing the possible extension of “simple, transparent and standardised” securitization to synthetic transactions, a push is underway to promote the quality and importance of the asset class.

    23 Feb 2017

  • Deutsche ‘exploring all options’ with first sterling senior

    Deutsche Bank was looking for its first senior bond in the sterling market on Thursday, having recently tapped two euro deals as it looks to lock in low funding costs.

    23 Feb 2017

  • Ocean crossing to pay off for Quintiles blowout

    US pharma research firm Quintiles IMS Holdings printed on Thursday a new €1.4bn high yield bond, proving that European high yield investors are embracing the train of US issuers printing in euros.

    23 Feb 2017

  • Santander takes the helm in covered bond trading

    GlobalCapital interviews covered bond traders, Jonas Klink and Jordi Cabero, to try and find out how after only three years, Santander has become a dominant force on the Street.

    23 Feb 2017

  • A&O poaches Paul's partners

    Allen & Overy has hired three partners from Paul Hastings to its leveraged finance practice.

    23 Feb 2017

  • Oman picks banks for sukuk to follow conventional bond

    Oman has named seven banks to arrange an Islamic bond which it will bring to market shortly after the close of its planned triple tranche conventional bond, according to sources.

    23 Feb 2017

  • Oman to extend curve by 20 years

    Oman, looking to extend its curve by just over 20 years, will hit the road on Friday. Technical factors underpinning the market are expected to propel the trade despite underlying questions about the Sultanate’s ability to manage its budget deficit.

    23 Feb 2017

  • Swedish MREL framework demands subordination, favours senior non-pref

    The Swedish National Debt Office (SNDO) promoted non-preferred debt as a way for Swedish banks to meet the minimum requirement for own funds and eligible liabilities (MREL) on Thursday, establishing a favourable method for calculating the requirement and a manageable timeline for its implementation.

    23 Feb 2017

  • Barclays sucks up CIB profit dip to pay bonuses earlier

    Barclays showed some quality on Thursday, beating the Street’s estimates on capital and profit after extraordinary charges. The bank rode the wave of surging trade volumes in the fourth quarter and a strengthening dollar, but investment banking outperformed as well. Best of all, for its bankers, the firm said it was bringing forward bonus payments.

    23 Feb 2017

  • Sri Lanka cuts loan pricing after bumper 2016 deal

    Sri Lanka has picked a consortium of six banks for a $1bn borrowing, just months after wrapping up its last loan. A pick up in sentiment around the country and its reliable track record means the latest deal will do well in syndication, with heightened interest from India providing additional momentum. Shruti Chaturvedi reports.

    23 Feb 2017

  • Small is beautiful for Natixis Pfandbriefbank

    Natixis Pfandbriefbank raised five year funding through its German subsidiary on Thursday and paid a more attractive concession than usual because of the deal’s sub-benchmark size. Despite perceived illiquidity, bid-offer spreads for sub-benchmark bonds are not much different to benchmark deals several weeks after launch, according to Citi research analysts.

    23 Feb 2017

  • Blocks abound as Asia ECM market comes back to life

    The Asian block market came to life this month as shareholders jumped at the chance to offload some of their holdings in companies, taking advantage of a rally in the stock market. With a tight window remaining before firms head into blackout period ahead of results season, ECM bankers and investors are set for more deals this quarter. Jonathan Breen and John Loh report.

    23 Feb 2017

  • IBK tees up W196bn E-Mart block

    Industrial Bank of Korea is looking to offload its entire stake in local hypermarket chain E-Mart to raise up to W195.9bn ($172.1m).

    23 Feb 2017

  • China Reading turns page on $800m Hong Kong IPO

    China Reading, the e-book publisher backed by Tencent Holdings, has picked Bank of America Merrill Lynch, Credit Suisse and Morgan Stanley to lead its Hong Kong IPO, according to a source close to the matter.

    23 Feb 2017

  • Company often loves misery

    The world of banking can be rather funny, as my friend recently found out when faced with an unusual situation. After months of fruitless efforts, he finally had a big loan on his hands but had no way to show it off without coming off as insensitive.

    23 Feb 2017

  • Russian Railways steams up in seven year dollars

    Russian Railways lived up to a reputation for aggressive pricing on Wednesday, printing a new seven year dollar benchmark comfortably inside its existing curve.

    23 Feb 2017

  • Apcoa revs €325m refi loan to 450bp

    Pan-European car park operator Apcoa has released price guidance at 450bp with a 0% floor on its €325m seven year term loan ‘B’, a deal that follows a restructuring in 2015 that led to distressed debt investor Centerbridge taking over the firm.

    23 Feb 2017

  • ONGC Videsh looks to loan for bridge takeout

    ONGC Videsh (OVL), the overseas investment arm of Indian state-owned oil company ONGC, is tapping the loan market for longer dated debt to replace a bridge raised by one of its subsidiaries.

    23 Feb 2017

  • First time lucky for Commerzbank’s S$500m tier two

    The Singapore dollar bank capital market welcomed Commerzbank’s inaugural Basel III tier two bond this week, allowing it to price through fair value.

    23 Feb 2017

  • HSBC makes senior changes at commercial bank

    HSBC has made some high profile appointments to its commercial banking teams in Hong Kong and Mainland China, according to an announcement on Thursday.

    23 Feb 2017

  • Hong Kong rolls out 10yr sukuk to set benchmark

    Hong Kong dove into the Islamic finance market this week, setting a new benchmark by becoming the first triple-A rated government to sell a 10 year sukuk. Bankers say that the hope is for corporates to follow suit, but there is a slew of challenges for the market to take off, writes Morgan Davis.

    23 Feb 2017

  • Starved investors flock to China Jinmao $500m deal

    Investors ate up China Jinmao Holdings Group’s new five year notes this week, allowing it to secure tight pricing for a four-times subscribed $500m deal.

    23 Feb 2017

  • Xinhu Zhongbao snaps up $700m from debut

    Xinhu Zhongbao Co became the latest dollar issuer to benefit from a conducive market backdrop this week, pricing a $700m bond — the largest high yield property transaction in recent times.

    23 Feb 2017

  • Shenzhen Exchange set for rare Panda appearance

    Panda bonds are poised to make a rare appearance on the Shenzhen Stock Exchange, with red chip firm Shenzhen International Holdings announcing on Wednesday that its Rmb5bn ($727m) programme has been approved by the China Securities Regulatory Commission.

    23 Feb 2017

  • CIPS upgrade delaying NYC RMB clearing

    The upcoming launch of the second phase of China's cross-border interbank payment system (CIPS) is understood to be delaying the launch of clearing activities in the recently established New York RMB hub, GlobalRMB has learned.

    23 Feb 2017

  • Honduran FIG could make second bond attempt

    Inversiones Atlántida, the Honduran financial holding company, could look to issue a debut international bond in March after postponing plans in November when Donald Trump’s election as US president shook markets.

    23 Feb 2017

  • Córdoba clinches fourth provincial deal of 2017

    Central Argentine province Córdoba sold $510m of 7.5 year bonds on Wednesday, using proceeds to refinance existing bonds and significantly lower its funding costs.

    23 Feb 2017

  • Market watchers eye Trumpflation of Treasuries, mortgage rates

    A spike in 10 year US Treasury yields has pushed up mortgage rates and curtailed new mortgage production in 2017, but a slowdown in the trend has observers questioning the direction of the Treasury and mortgage markets under President Donald Trump.

    22 Feb 2017

  • TGI Friday’s dishes out whole business ABS

    TGIF Funding is out with guidance for a debut whole business securitization, which sources say could revive activity in the esoteric sub-sector after a lull in 2016.

    22 Feb 2017

  • Wells hires for FIG origination from RBS

    Wells Fargo has hired a banker from RBS to join its FIG origination effort.

    22 Feb 2017

  • CIF gets CRR compliant and removes RMBS from pool

    CIF Euromortgage has completed the restructuring of its covered bond programme, to comply with recent amendments to the French covered bond law, remove RMBS from the cover pool and make its bonds comply with Capital Requirement Regulation (CRR).

    22 Feb 2017

  • Deutsche Wohnen’s three-leg capital raising could be copied

    Deutsche Wohnen, the German housing company, has raised €1.34bn of equity and convertible debt at attractive terms, in what bankers have claimed is the first three-legged trade of its kind in Europe.

    22 Feb 2017

  • Nasdaq Dubai reveals market maker

    The Nasdaq Dubai Futures Exchange has announced that Al Ramz Capital is to become its third market maker.

    22 Feb 2017

  • TPI to provide information for Murex

    Tullett Prebon Information, the OTC price information provider, has signed an agreement to make its data available to users of Murex’s trading risk and processing solutions.

    22 Feb 2017

  • Bain continues Bravida exit with third ABB

    Bravissima Holding, an investment vehicle controlled by Bain Capital, has hired Deutsche Bank and Nordea to sell a 12.1% stake in Bravida, the Swedish heating, plumbing and electrical installation company, through an accelerated bookbuild launched after the market close on Wednesday.

    22 Feb 2017

  • VW to sell residual value risk in new UK auto ABS deal

    Volkswagen Financial Services is preparing to launch its fifth UK auto ABS deal backed predominantly by personal contract purchases, which contain residual value risk.

    22 Feb 2017

  • People Moves in Brief

    Wells hires in FIG - Commerz names loans head - Klaus again for EFSF

    22 Feb 2017

  • Kinnevik halves Rocket Internet stake, trade covered

    This evening, Kinnevik, the Swedish investment company, is selling a 6.6% stake in Rocket Internet, the German e-commerce startup investor, through an accelerated bookbuild.

    22 Feb 2017

  • Crédit Agricole's investment bank comes back to corpfin

    The spectre of further regulatory upheaval in the shape of Basel IV is driving the strategic thinking of the long-serving boss of Crédit Agricole’s corporate and investment bank, writes David Rothnie.

    22 Feb 2017

  • Spain banks €5bn in 15s despite investor jitters over France

    Spain rode out another volatile day in eurozone government bonds to finish up with a healthy €5bn of 15 year paper from an order book nearly treble that size.

    22 Feb 2017

  • Green credentials aid CDC’s debut

    Caisse des Dépôts et Consignations (CDC) picked a tricky week for its first euro syndication in many years but, thanks to the deal’s green aspect, the trade went off without a hitch.

    22 Feb 2017

  • Dormant hybrid market twitches to the pulse of SSE

    UK energy company SSE has hired banks to arrange a rare hybrid bond roadshow, though bankers say the number of deals in the market will be low until a big round of refinancings due to begin next year.

    22 Feb 2017

  • Arabtec rises as Dh1.5bn rights issue gets go-ahead

    Shares in Arabtec Holding, the largest listed construction company in the United Arab Emirates, surged 15% on Wednesday after it said regulators had approved its plans to raise Dh1.5bn ($408m) through a rights issue to strengthen its balance sheet after a second annual loss in 2016.

    22 Feb 2017

  • Despite possible delays, regulatory roll-out still causes change and challenge

    The March 1 introduction of margin requirements for non-cleared derivatives is now only a week away. Despite some regulators giving leeway, progress for implementation is already being felt with new clearing arrangements, products and increased business for clearers.

    22 Feb 2017

  • NWB to revive dollar fives

    Nederlandse Waterschapsbank is set to bring the five year part of the dollar curve back to life for the first time in three weeks, after mandating banks for a March 2022 Reg S/144A deal on Wednesday.

    22 Feb 2017

  • Commerzbank names new UK corporate and loan origination heads

    Commerzbank has chosen a new head of its UK corporate banking operation and a new head of international loan origination as part of a reshuffle of senior bankers.

    22 Feb 2017

  • Quebec hits road for debut green bond

    The Province of Quebec is set to follow its neighbour Ontario into green bond issuance, after hiring banks to run a roadshow for a potential deal in its home currency.

    22 Feb 2017

  • Mid Europa expected to take Profi loan to checkout this week

    Mid Europa Partner’s syndicated loan, which will finance its purchase of Romanian supermarket chain Profi Rom Food, is set to be finalised by the end of the week according to a banker on the deal.

    22 Feb 2017

  • Yapi Kredi reopens Turkish FI bonds as $4bn of maturities loom

    Yapi Kredi reopened the Turkish financial bond market on Tuesday, garnering a $1.2bn book that was sticky enough to allow the issuer to tighten pricing 37.5bp — good news for the $3.7bn worth of Turkish financial senior bonds that will need refinancing this year.

    22 Feb 2017

  • UOB prices flat to covered curve as WL sets new spread record

    United Overseas Bank issued a euro covered bond flat to its curve and WL Bank priced at the tightest spread of the year, suggesting slowing supply is exacerbating a squeeze on investors. UOB was also set to issue its first dollar-denominated covered bond.

    22 Feb 2017

  • ANZ NZ joins senior splurge with five year no-grow

    ANZ New Zealand has become the first antipodean bank to raise a preferred senior bond in euros this year, as credit spreads linger at record tights in the financial sector.

    22 Feb 2017

  • King of the taps Bahrain kick-starts GCC

    Bahrain has raised $600m with a re-opening of its 2028s, pulling in a $2.6bn book that bodes well for the slew of Gulf Co-operation Council (GCC) sovereigns set to charge into the international bond markets this year.

    22 Feb 2017

  • KBC uses steady book to go large in holdco senior

    Belgium’s KBC raised its third and largest ever senior bond from its holding company on Wednesday, as market participants showed a thirst for new bonds despite looming political risks.

    22 Feb 2017

  • Russian Railways starts tight for new seven year dollars

    Bond buyers showed strong appetite for Russian Railways’ new dollar benchmark on Wednesday morning despite pricing levels seen as tight by sector analysts.

    22 Feb 2017

  • SSA market settles into groove after early Le Pen jitters

    Public sector borrowers are raising funds at a strong and steady pace this week, as secondary markets calmed following ructions on Monday after far-right French presidential candidate Marine Le Pen increased her lead in polling for the upcoming election.

    22 Feb 2017

  • Comebacks are king in EM bonds as GCC and Turkey FIs launch

    This week has seen the reopening of sovereign bonds from the Gulf region and Turkish bank debt, with Bahrain and Yapi Kredi both printing successful trades on Tuesday.

    22 Feb 2017

  • FIG feels the squeeze in senior, covereds

    Senior and covered bond spreads have plunged to new lows in the FIG primary market this week, with a host of banks looking to lock in unprecedented funding levels.

    22 Feb 2017

  • Corporate bond market keeps its head amid political noise

    The corporate bond market is picking up momentum again, with almost €3.5bn of debt printed already this week, and investors say issuance can continue apace if Europe’s economies continue to improve.

    22 Feb 2017

  • Buoyant ECM market set for €13bn boost from UniCredit

    Equity capital markets issuance in EMEA is already nearly €5bn ahead of last year's pace, at €19.6bn so far this year, and the total is set to nearly double this week when UniCredit completes its €13bn rights issue.

    22 Feb 2017

  • Hong Kong extends curve with 10yr sukuk

    The Hong Kong government stretched its Islamic finance benchmark and ambitions on Tuesday, securing a $1bn 10 year deal with the first dollar sovereign sukuk of the year.

    22 Feb 2017

  • Lotte Chemical raises $188m from treasury share sale

    South Korea’s Lotte Chemical Corp has netted W215.0bn ($187.9m) after pricing a block sale of treasury shares near the middle of guidance, according to a term sheet seen by GlobalCapital Asia.

    22 Feb 2017

  • Cypriot economy surprises on the upside

    The durability of the economic platform that Cyprus has built since the financial crisis suggests that sustainable growth is well within its grasp, says finance minister Harris Georgiades.

    22 Feb 2017

  • Citic snags investors for new $1.25bn dual trancher

    Citic snatched $1.25bn from an aggressively priced dual-tranche transaction on Tuesday, its second bond outing since a restructuring that saw it gain investment grade status.

    22 Feb 2017

  • Korea Development Bank jumps on FRN bandwagon

    Korea Development Bank (KDB) has become the latest name from South Korea to join the debt issuance party, sealing a triple tranche offering with two floating rate tranches, and finding $4bn of demand for its deal.

    22 Feb 2017

  • Minsheng Financial Leasing hunts for $200m

    Minsheng Financial Leasing has returned to the debt market for a $200m offshore loan that is led by three mandated lead arrangers and bookrunners.

    22 Feb 2017

  • China Lodging checks in for $500m bullet

    China Lodging Group has enlisted a single bank to help it arrange a $500m financing for the acquisition of hotels in the Mainland.

    22 Feb 2017

  • HSBC loses India ECM head

    HSBC’s equity capital markets head for India has left the bank, GlobalCapital Asia understands.

    22 Feb 2017

  • India eyes $251m from Bharat Electronics sell down

    The Indian government kicked off a two-day bookbuild on Wednesday to sell 5% of its stake in Bharat Electronics worth Rp16.8bn ($250.9m).

    22 Feb 2017

  • YuHua Education fetches $198m from HK IPO

    China YuHua Education Corp has scooped up HK$1.5bn ($198.1m) after seeing a global turnout of investors for its IPO, according to a banker close to the deal.

    22 Feb 2017

  • Córdoba mandates for bond return

    Argentine province Córdoba is set to continue the seemingly never ending run of sub-sovereign issuance from Latin America’s third largest economy as it sought seven year money on Wednesday.

    22 Feb 2017

  • Belize misses coupon payment after negotiations

    Central American sovereign Belize said on Monday that it had “deferred” payment of a $13m coupon payment due on its 2038 bonds on February 20 as it seeks to persuade bondholders to participate in a debt restructuring.

    22 Feb 2017

  • Dollar deals flood into Asia market

    The Asia debt market saw a fresh rush of dollar deals on Wednesday, with property names China Jinmao Holdings Group and Xinhu Zhongbao, as well as Singapore’s United Overseas Bank launching new deals.

    22 Feb 2017

  • El Salvador returns to push out debt maturities

    The government El Salvador was able to raise $601m of 12 year bonds on Tuesday despite a recent deterioration in credit quality as investors said the sovereign’s yields were offering sufficient reward for the risk.

    22 Feb 2017

  • Goldman unit bags $125m from Max Financial block

    A unit of Goldman Sachs raised Rp8.4bn ($125.2m) on Tuesday after selling down some of its stake in India’s Max Financial Services, taking advantage of a run-up in the stock.

    22 Feb 2017

  • Commerzbank adds to S$ bank capital momentum

    The Singapore dollar bank capital market is set for a busy week with Commerzbank announcing a Basel III tier two bond on Wednesday morning. Its offering closely follows UOB’s successful tier two outing on Monday.

    22 Feb 2017

  • CLOs tests longer reinvestment periods with mixed reception

    As US CLO managers explore ways to boost returns on new deals, longer reinvestment periods could be introduced to appease equity buyers, though debt investors may not accept the trend quietly.

    21 Feb 2017

  • Kabbage preps small business loan deal

    Online small business lender Kabbage is marketing a $500m securitization of loans to small and medium sized businesses that will be used to refinance an existing deal from 2014.

    21 Feb 2017

  • Deutsche Wohnen launches €1.3bn share and CB sale

    Deutsche Wohnen, the German housing company, has launched this evening a parallel issue of €500m of new shares and an €800m convertible bond, breaking a quiet spell in Europe’s equity-linked market.

    21 Feb 2017

  • French issuers must fund while they can

    In spite of the spread between OATs and Bunds reaching a four year high, two French public sector issuers chose to come to market this week, hoping the market would be stable. It’s no longer enough for issuers to sit on their hands waiting for calm — it’s about braving possible volatility and funding when you can.

    21 Feb 2017

  • Slovenia returns to swap out of expensive dollars with euros

    The Republic of Slovenia will issue new euro debt to finance a buyback of its existing dollar bonds in its second trade of 2017.

    21 Feb 2017

  • RenoNorden raises Nkr350m after 2016 losses

    RenoNorden, the Norwegian waste management company, has finished its Nkr350m (€39m) rights issue to prevent it breaking its debt covenants after losses in 2016.

    21 Feb 2017

  • CVC shops for Żabka Polska at Mid Europa

    CVC has agreed to buy Polish retailer Żabka Polska from Mid Europa Partners, in what the latter says is the largest private equity exit in Poland to date.

    21 Feb 2017

  • AxiomSL hires for Australian growth

    AxiomSL, the regulatory reporting, data and risk management platform solution provider and consultancy, has hired Andrew Wood as the company’s country manager for Australia.

    21 Feb 2017

  • Green mortgages can grow without regulatory help

    Proponents of “green mortgage loans”, lent against energy efficient homes, argue they are less likely to default and deserve a lower risk weighting than conventional mortgage lending. But it’s a long shot, and there are plenty of other ways to promote the market.

    21 Feb 2017

  • Nordic Capital reopens blocks market with Skr1bn Resurs sale

    Nordic Capital has completed the first selldown of shares in Resurs Holding, the Swedish retail finance company, since its IPO in April 2016.

    21 Feb 2017

  • Crédit Agricole overhauls derivatives risk

    Crédit Agricole has partnered with Orchestrade Financial Systems to upgrade its risk management systems for interest rate derivatives and forex forwards.

    21 Feb 2017

  • Securitization’s drift behind closed doors doesn’t make STS less important

    While regulators and politicians try to hash out a compromise over the “simple, transparent and standardised” securitization framework, the European ABS market is drifting further and further away from EU authorities imagine it to be. But that doesn’t mean fixing STS is any less important.

    21 Feb 2017

  • Spain returns to 15s as conditions calm

    Spain is set to bring its second benchmark of the year after mandating banks on Tuesday, as the country enjoys a spell of stability compared to some of its eurozone peers and a market that appears to be calming after a volatile start to the week.

    21 Feb 2017

  • UK brushes off linker demand concerns with record low yield

    The UK Debt Management Office on Tuesday breezed through the final syndication of its financial year, printing at a record low real yield despite a postponed start to opening books and murmurings about falling demand for inflation linked paper.

    21 Feb 2017

  • IG outperformance tipped to continue

    Companies were able to tighten pricing on euro deals this week, as investors said they expected the corporate market to keep shrugging off the political headline risks in Europe that have prompted widening in some government bonds.

    21 Feb 2017

  • Leveraged credit markets should beware fickle retail space

    As US retailers start to report their Q4 earnings, the numbers demonstrate the fickle nature of an industry that the US leveraged credit markets might do better to avoid.

    21 Feb 2017

  • French borrowers shrug off OAT volatility as EFSF grabs €5bn

    French issuers appear unfazed by political turbulence afflicting their sovereign's curve, with two borrowers in the market this week. Meanwhile, the European Financial Stability Facility sold its largest deal tranche in over 2.5 years.

    21 Feb 2017

  • Harris stamps mark with Morgan Stanley DCM revamp

    Morgan Stanley has overhauled its EMEA DCM operation after Piers Harris took over as the regional head. The bank has launched a 'senior coverage team' and appointed one of its FIG co-heads to run it.

    21 Feb 2017

  • Delek Group names lead pair for Leviathan loan

    Israeli energy company Delek Group has mandated two banks to lead the syndication of a $1.75bn loan which will back its drilling operations in the recently discovered Leviathan natural gas basin in the Mediterranean.

    21 Feb 2017

  • Swedish lender BlueStep Bank plans new RMBS deal

    Swedish non-conforming mortgage lender BlueStep Bank has mandated lead managers for a new euro-denominated Swedish RMBS deal, after meeting investors in January.

    21 Feb 2017

  • Top shareholders back rights issue for ailing Eltel

    Shares in Eltel, the Swedish intranet company, jumped 14% on Tuesday after it announced its 2016 results, the sale of non-core assets, the revision of its debt covenants, and a rights issue to finance its restructuring and return to profitability.

    21 Feb 2017

  • Hot CLO, loan markets prompt GSO/Blackstone loan fund raise

    Investor demand for exposure to global loan and CLO products has prompted GSO/Blackstone’s listed Loan Financing Fund, which invests in US and European senior secured loans both directly and through CLO debt, to plan a new share issue.

    21 Feb 2017

  • Asian investors lift Kion SSD offer

    Kion Group, the German forklift manufacturer, has finished a Schuldschein deal raising almost €1bn in the process. There was particular focus on Asian investors, despite Kion not offering a dollar tranche.

    21 Feb 2017

  • KKR to pay €1.275bn for 40% of Telefonica's Telxius

    KKR has agreed to buy up to a 40% share in Telefónica’s telecoms infrastructure division Telxius for €1.275bn, adding further to a growing buyout pipeline in Europe.

    21 Feb 2017

  • UOB set to follow DBS into covered bonds as OCBC awaits

    United Overseas Bank in Singapore has mandated joint leads for its second covered bond, and the second issue from a Singaporean borrower this year. It may issue in euros or dollars, or potentially in both currencies. Overseas Chinese Banking Corporation is expected to follow later this year.

    21 Feb 2017

  • Investors take another bite of short DVB floater

    Germany’s DVB Bank tapped a three year senior bond on Tuesday, appealing to renewed appetite in the floating rate market and extending a run of recent bond reopenings.

    21 Feb 2017

  • Proctor gambles on Santander in sponsors job switch

    Santander has poached yet another banker from the Royal Bank of Scotland's leveraged finance team, as Saul Proctor becomes financial sponsor director at the Spanish bank.

    21 Feb 2017

  • NAB to sprout first green bond in euro FIG market

    National Australia Bank (NAB) was talking to investors to determine the right maturity for its debut euro green bond this week, as the bank looked to build on Skandinaviska Enskilda Banken’s recent success in the format.

    21 Feb 2017

  • Comeback Kredi tempts investors near 40bp NIP at price talk

    Yapi ve Kredi Bankasi is the first of the Turkish banks to follow a successful sovereign tap last week, and with Turkish bank debt well bid in secondaries, it will be expecting a better result than its last senior trade.

    21 Feb 2017

  • RBI: trust Indian banks to let the right ones in

    The successful placement of an outbound acquisition financing for Indian company Intas Pharmaceuticals has put the spotlight on rules barring Indian banks from supporting local M&A. Intas’s loan has demonstrated that the country’s lenders are well positioned to structure and distribute complex deals with cross-border elements. It’s time for the regulator to rethink rules on domestic transactions.

    21 Feb 2017

  • Bahrain reopens 2028s and GCC sov issuance for 2017

    Bahrain became on Tuesday the first of the Gulf Co-operation Council (GCC) sovereigns to raise international debt in 2017, and will be hoping to make the most of its early mover advantage ahead of a wall of regional supply to match last year's.

    21 Feb 2017

  • Lotte Chemical eyes $195m with block

    Lotte Chemical Corp is looking to raise up to W223.7bn ($195.0m) through the sale of a block of treasury shares, according to a banker familiar with the matter.

    21 Feb 2017

  • Write-down masks HSBC trading boost

    A large write-down in European private banking left HSBC nursing a heavy quarterly loss at the end of 2016, despite a strong performance in global banking and markets and trading profit that nearly doubled.

    21 Feb 2017

  • Trio opens up Kingboard Laminates HK$6bn refi

    Kingboard Laminates Holdings is looking to refinance two loans with a single HK$6bn ($773m) facility, and is narrowing the all-in pricing by about 80bp.

    21 Feb 2017

  • HSBC investment bank sheds Q4 profit in Asia

    HSBC's Asia profit before tax from global banking and markets slipped 33% to $654m in the fourth quarter of last year from $972m in Q4 2015, mirroring a fall in income.

    21 Feb 2017

  • HSBC sticks to bets on RMB, China markets

    HSBC outlined in its annual results announcement on Tuesday some of the difficulties it is facing in the Chinese market, but also said it was raising its revenue targets for the RMB business in 2017.

    21 Feb 2017

  • United PV hits annual fundraising limit with $100m tap

    Chinese solar power company United Photovoltaics Group grabbed investors on Monday for a $100m tap of its debut notes, managing to hit its approved $350m fundraising cap.

    21 Feb 2017

  • UOB prices Sing dollar tier two at tightest spread

    United Overseas Bank priced a Basel III tier two bond in its home currency on Monday, becoming the first FIG to sell a Singapore dollar denominated deal in 2017. And it did it with style, achieving both the largest size and the lowest spread.

    21 Feb 2017

  • CSRC approves BoCom International HK spin-off

    China Securities Regulatory Commission has given the nod to Bank of Communications Co to spin off and list its investment banking arm in Hong Kong, according to a filing with the city’s exchange.

    21 Feb 2017

  • YuHua navigates price sensitivity for $245m IPO

    China YuHua Education Corp was expected to close its HK$1.9bn ($244.8m) IPO on Tuesday as scheduled — but price sensitivity among investors meant finding the right pricing level was posing a challenge as GlobalCapital Asia went to press.

    21 Feb 2017

  • Eco World eyes March launch of $561m listing

    Malaysia’s Eco World International will finally open books on its MR2.5bn ($561m) IPO next month after getting two domestic funds on board as cornerstone investors.

    21 Feb 2017

  • Sri Lankan sovereign lines up six for loan

    Sri Lanka has chosen a consortium of six lenders to arrange an up to $1bn borrowing, after having invited pitches from banks in January.

    21 Feb 2017

  • Hong Kong moves forward with 10 year sukuk

    The Hong Kong government launched a new 10 year dollar sukuk on Tuesday morning, seizing the opportunity to set a new benchmark after previously only selling five year sukuk.

    21 Feb 2017

  • Updated: China tweaks renminbi fixing mechanism

    China is understood to have tweaked its renminbi fixing mechanism by reducing the reference window of the baskets of currencies it tracks.

    21 Feb 2017

  • RFPs out for listings of Indian railway subsidiaries

    India’s divestment department has issued three requests for proposals to banks as it looks to list its key railway ministry subsidiaries.

    21 Feb 2017

  • KDB drums up demand for triple trancher

    Asia DCM has seen a steady supply of South Korean issuers so far in 2017, with Korea Development Bank becoming the latest to venture out with dollar-denominated bonds.

    21 Feb 2017

  • Chinese corps test investor appetite for new deals

    Citic and Xinyuan Real Estate are out with their respective bonds on a busy Tuesday in the dollar debt market, as China Jinmao Holdings Group also announces a tender plus new issue as part of its liability management.

    21 Feb 2017

  • ANZ poaches from BNP for rates strategy

    ANZ has appointed Jennifer Kusuma as senior Asia rates strategist in Singapore, hiring her from BNP Paribas.

    21 Feb 2017

  • Tarjeta Naranja joins Argentine corp pipeline

    Argentine credit card company Tarjeta Naranja will look to issue international bonds for the first time after approving a bond sale of up to $300m.

    21 Feb 2017

  • Nomura hires for FIG coverage, Italy IB

    Nomura has hired two bankers into its investment banking division, a new head of investment banking for Italy and a FIG coverage banker.

    20 Feb 2017

  • SIX welcomes a new clearing member

    European Central Counterparty NV — EuroCCP — has become the third central counterparty for clearing services on the SIX Swiss Exchange.

    20 Feb 2017

  • Air Berlin refinances CBs with the help of Etihad

    Air Berlin, the unprofitable German airline, has successfully raised the money it needs to refinance its €140m 6% convertible bonds, puttable in March, despite bondholders shunning the exchange offer.

    20 Feb 2017

  • Spectre of redenomination sparks spread widening between CDS contracts

    Eurozone investors are beginning to hedge for the possibility of France, Italy or Greece leaving the euro, with discrepancies emerging between two sets of standardised contracts.

    20 Feb 2017

  • Kensington eyes mortgage prefunding with new Finsbury RMBS

    Kensington Mortgage Company mandated leads for its first RMBS deal of the year on Friday, with the new Finsbury Square transaction including a mortgage prefunding reserve for the first time.

    20 Feb 2017

  • EFSF making brave second stab at long end

    The European Financial Stability Facility (EFSF) has surprised SSA bankers by returning to the long end with one tranche of a deal it plans to launch on Tuesday.

    20 Feb 2017

  • Klaus encounters for the second time at ESM

    The European Stability Mechanism’s board of governors on Monday reappointed ESM managing director Klaus Regling for a second five year term, which will start on October 8.

    20 Feb 2017

  • Unilever’s bonds snap back after buyout talks fizzle

    Consumer goods company Unilever’s newest bonds recovered almost all the losses sustained after Kraft Heinz made — and then promptly withdrew — a $143bn takeover bid for the company earlier this week.

    20 Feb 2017

  • Ericsson flies despite chunky price revisions

    Investors piled into a €1bn dual tranche transaction from telecoms company Ericsson on Monday even after the issuer dragged pricing in by around 35bp, in an execution that bankers say highlights how tough it has become for syndicates to derive fair value.

    20 Feb 2017

  • UK set for final syndication of year

    The UK is set to bring its final syndication of its 2016/17 financial year this week, following on from a strong week for public sector trades in the currency.

    20 Feb 2017

  • OBG outlook questioned as Renzi relinquishes PD leadership

    Technical factors have strongly supported the Obbligazioni Bancarie Garantite (OBG) market, but the resignation of former Italian prime minister, Matteo Renzi, from leadership of the ruling Democratic Party (PD) may hurt the market over the next few months.

    20 Feb 2017

  • Midea seeks refi funds for Kuka bridge loan

    Midea, the Chinese appliance maker, is in discussions with European and Asian bank lenders to refinance a €3.7bn bridge facility.

    20 Feb 2017

  • JP Morgan: bond investors should take profits now

    Bond spreads now only provide marginal compensation for political risk to investors, JP Morgan said on Monday, with the largest ever outflow from European investment grade retail funds last week.

    20 Feb 2017

  • Moves made to settle fears over Kenya borrowing

    Confusion over two loans to Kenya, one of which was arranged by multilateral lender Trade and Development Bank (TDB), may have subsided as clarity over the structure of the deals emerged this week.

    20 Feb 2017

  • DNB puts Scandi yield on table with new T2

    Investors snapped up a tightly priced tier two from Norway’s DNB Bank on Monday, spying a rare chance to pick up good returns from a Scandinavian credit.

    20 Feb 2017

  • Poland's Energa SA plans first CEE corp bond of 2017

    Polish energy provider Energa SA is meeting investors this week for its first Polish non-financial corporate bond since June last year, which will also be the first corporate deal from anywhere in Central and Eastern Europe this year.

    20 Feb 2017

  • Tap happy DB reopens another TLAC senior bond

    Deutsche Bank was looking to take advantage of tightening bond spreads as it tapped an outstanding senior bond on Monday, following closely behind a €500m tap of one of its floating rate notes last week.

    20 Feb 2017

  • Investors find value in tight Svenska senior

    Svenska Handelsbanken built a solid order book for a tightly priced senior bond on Monday, suggesting there is still appetite for the asset class as spreads tighter.

    20 Feb 2017

  • Ratings agencies out of touch with reality, says Soc Gen

    Last year was a record in terms of number of downgrades of emerging market sovereigns, with another four added this year — Turkey, Mozambique, El Salvador and Costa Rica. But Société Générale on Friday became the latest firm to criticise the ratings agencies for their pessimism.

    20 Feb 2017

  • Ethypharm guides acquisition loan, Global Blue to close

    French pharmaceuticals firm Ethypharm has released price guidance on its £152m six year cov-lite term loan ‘B’, backing its acquisition of UK-based Martindale Pharma.

    20 Feb 2017

  • LBBW drives Pfandbrief pricing to new heights

    Landesbank Baden-Württemberg has priced the tightest covered bond of the year and was able to tighten pricing to a greater extent than any other German issuer this year.

    20 Feb 2017

  • P&M Notebook: fixing the roof while the sun shines

    Credit Suisse has been no stranger to disappointment in the past year, thanks to a savage series of business cuts and an equally savage banking and markets backdrop for much of the year. But now, things are looking up.

    20 Feb 2017

  • CSI300 futures land on European shores

    Investors can now hedge their Chinese portfolio during European trading hours following the launch of CSI300 index futures contracts on Eurex, the continent’s largest derivatives exchange.

    20 Feb 2017

  • Mongolia preps dollar bond following IMF bailout

    Mongolia has mandated banks for a new dollar deal to be issued in part to fund an exchange offer for the Development Bank of Mongolia’s bonds maturing next month. The announcement comes just after the International Monetary Fund agreed to a $5.5bn bailout for the debt ridden country.

    20 Feb 2017

  • India IPO round-up: Bharat Road, New India Assurance

    Bharat Road Network filed a draft prospectus for its listing last Friday, offering 29.3m primary shares via leads Inga Capital, Investec and Srei Capital Markets.

    20 Feb 2017

  • UOB, Commerzbank wake up S$ bank capital market

    United Overseas Bank is marketing the year’s first Singapore dollar-denominated bond from a financial institution, while Germany's Commerzbank has also set its sights on the same liquidity pool.

    20 Feb 2017

  • REC plugs in for $230m new money loan in general

    India’s Rural Electrification Corp has opened a $230m five year loan to retail participants, about a month after the lead banks pre-funded the money.

    20 Feb 2017

  • IRB InvIT approved, IndiGrid and Reliance Infra await nods

    India’s market regulator has given the go ahead to IRB InvIT Fund’s IPO, making it the first infrastructure investment trust in the country to win approval to list. But IndiGrid and Reliance Infrastructure are hot on its heels.

    20 Feb 2017

  • FTZ: the struggle continues in 2017

    Two and a half years after the launch of the first pilot free trade zone in Shanghai, the authorities appear ready to inaugurate a third batch of FTZs. But recent moves to restrict capital outflows have ended up hurting foreign enterprises, dealing a blow to China’s efforts to open its capital account.

    20 Feb 2017

  • Citic plans comeback with dual-trancher

    Chinese conglomerate Citic is pursuing a dual-tranche dollar transaction with five and 10 year tenors, mandating banks on Monday.

    20 Feb 2017

  • Singapore’s HPC Holdings opts for HK listing

    Singapore-based construction company HPC Holdings is looking to list its shares in Hong Kong and is seeking approval from the city’s exchange.

    20 Feb 2017

  • India gives deadline for IPOs of state-owned firms

    India has released a series of targets to make sure its state-owned firms are listed within a specific time frame, giving them up to 5.5 months to market and launch their IPOs.

    20 Feb 2017

  • DLA Piper beefs up project finance team in HK

    Law firm DLA Piper has hired a new partner to its finance and projects group in Hong Kong, according to a Monday press release.

    20 Feb 2017

  • China's United PV opens tap for more dollars

    Chinese borrower United Photovoltaics Group is back in the dollar debt market for more, opening a tap of its debut three year notes on Monday morning.

    20 Feb 2017

  • La Rioja trades up to leave limited provincial line-up

    Argentine province La Rioja may have had to settle for a wider yield than some expected on its bond debut on Thursday, but a promising aftermarket performance provided some hope for the shrinking number of provinces yet to issue.

    20 Feb 2017

  • This week in renminbi: February 20, 2017

    PBoC opened the week with a near-300bp weakening of the dollar fix, while Rusal received the green light for its upcoming Panda bond deal, and the Shanghai-London Stock Connect is now one step closer to becoming reality.

    20 Feb 2017

  • Done and dusted: Intas acquisition loan allocated

    Allocations are out for a dual currency financing to back Indian company Intas Pharmaceuticals’ acquisition of a portfolio of assets in the UK and Ireland.

    20 Feb 2017

  • UBS cuts corporate DCM head

    UBS has placed Melanie Czarra, co-head of corporate DCM and client solutions for EMEA, at risk, though she remains employed by the bank.

    17 Feb 2017

  • CBOE and BATS expect merger completion this month

    The Chicago Board Options Exchange purchase of Bats Global Markets is expected to complete on February 28.

    17 Feb 2017

  • Euronext hires new Portugal head

    Euronext has appointed Paolo Rodrigues da Silva as the new head of its Lisbon office.

    17 Feb 2017

  • New megaloan likely as Kraft Heinz hunts Unilever

    The syndicated loan market may again be asked to underwrite a potentially record-breaking takeover loan, as Kraft Heinz has begun a pursuit of Unilever, including a large cash offer.

    17 Feb 2017

  • Funding scorecard: European sovereigns

    Find out how far European sovereigns have progressed with their funding plans at the halfway point of the first quarter of 2017.

    17 Feb 2017

  • GlobalCapital Americas Derivatives Awards 2017: the nominees

    GlobalCapital is pleased to announce the shortlist of nominees for its Americas Derivatives Awards 2017, which this year includes new categories.

    17 Feb 2017

  • Equate USD500m 3.944% Feb 24 sukuk

    17 Feb 2017

  • Ahli Bank Qatar USD500m 3.5% Feb 22

    17 Feb 2017

  • Industry calls for better treatment on green collateral

    Loans backed by energy efficient buildings could be less risky than conventional mortgages, and should receive better regulatory treatment, according to participants at the European Mortgage Federation-European Covered Bond Council’s (EMF-ECBC) stakeholder meeting held in Brussels on Thursday.

    17 Feb 2017

  • Xinhu Zhongbao woos investors for maiden outing

    Chinese real estate developer Xinhu Zhongbao Co is looking for a window for its inaugural international outing, with a roadshow set to take place next week.

    17 Feb 2017

  • BBVA sells opportunistic $587m China Citic Bank block

    BBVA sold down part of its holdings in China Citic Bank Corp for HK$4.6bn ($587.2m) on Wednesday, taking advantage of an unexpected rally in Chinese banking stocks.

    17 Feb 2017

  • Lotte heir nets $342m via Lotte Shopping sell down

    One of the sons of Lotte Group founder has sold a chunk of his shareholding in Lotte Shopping Co through an accelerated bookbuild, netting W391.2bn ($341.8m) in the process.

    17 Feb 2017

  • LatAm’s Bladex returns to Asia for $75m fundraising

    Latin American trade bank Bladex is once again returning to the Asian loan market for a four year deal, marking its longest tenor borrowing from the region so far.

    17 Feb 2017

  • DBS veteran loans banker heads to Cathay HK

    Cathay United Bank has hired a senior banker from DBS to helm its corporate banking operations in Hong Kong.

    17 Feb 2017

  • Chinese corps seek NDRC blessing for offshore debuts

    China Forestry Group Corp and local government financing vehicles from Xinyi and Tieling are among the issuers waiting for a green light from the National Development and Reform Commission to sell foreign currency debt.

    17 Feb 2017

  • RBI opens Masala bonds to more investors

    The Reserve Bank of India has further opened up investment into Masala bonds by allowing new types of investors to access offshore rupee notes.

    17 Feb 2017

  • Yanlord builds $600m loan in general syndication

    Chinese property developer Yanlord Land Group has rolled out its $600m dual-tranche financing into general syndication.

    17 Feb 2017

  • RMB round-up: RMB stays on upswing, RMB trade settlement drops to new low, HKEX to launch RMB options

    In this round-up, the RMB is hangs on to its gains in the FX market, China sees RMB trade settlement sink to a four-year low, and Hong Kong Exchange (HKEX) is preps launch of offshore RMB (CNH) options contracts. Plus, a recap of our coverage this week.

    17 Feb 2017

  • A rightful vote of confidence

    Mexican issuers have earned the confidence of investors through years of astute market relations.

    16 Feb 2017

  • Derivs accounting unfit for purpose

    The skies look dark as you head off for a walk on the beach, so you buy an umbrella. If it turns out sunny, you’ll get a few smirks from people you meet. But you’re unlikely to be abused as an idiot.

    16 Feb 2017

  • LatAm quieter but Argentines march on

    Latin American new issue markets are in for a quiet period, said DCM bankers, though Argentina continues to throw up new borrowers.

    16 Feb 2017

  • Belize gives bondholders more time, same deal

    The Government of Belize has again extended the deadline for a consent solicitation aimed at easing its debt payment burden, but is yet to improve its offer to bondholders.

    16 Feb 2017

  • Sending a message: Pemex breaks euro record as EM diversifies

    Mexican oil giant Pemex and north African sovereign Tunisia both used the euro market for diversification plays this week, though the differing receptions each received highlighted the difficulties faced by EM high yield borrowers using the currency. Olly West and Virginia Furness report.

    16 Feb 2017

  • Cabei pouches Kangaroo tap in second Australia trip

    Central American development bank Cabei re-opened its Australian dollar bonds for a further A$65m ($50m) on Thursday in its second outing in the Kangaroo market.

    16 Feb 2017

  • UBS trims senior investment banking ranks

    UBS Investment Bank has cut senior figures from its corporate finance business with Will Barter, the co-head of its UK investment banking division, leaving the firm.

    16 Feb 2017

  • Bondmarker results — including Belgium’s dual tranche and EIB’s dollar three year

    The scores have been collated. See how market participants rated Belgium’s €6bnn dual tranche, EFSF’s €1.5bn 26 year, Finland’s €4.5bn note and the two dollar deals from BNG and EIB.

    16 Feb 2017

  • Credit Suisse surprises on capital, DoJ forces loss

    Credit Suisse finished 2016 with a Sfr2.4bn ($2.39bn) annual loss but investors found reasons for optimism in the bank’s strong capital position and revenue growth in investment banking and capital markets, causing the stock price to rise 3.05% on the morning it reported.

    16 Feb 2017

  • Block pace brisk as PEs exit Flow Traders, Waterproofing

    Equity block trading activity this week in Europe has remained brisk, with 10 deals completed in the first four days, though of smaller size than in the last couple of weeks. Issuance so far this year, after the first month and a half, now totals €10.4bn, more than double what was sold in the same period last year, when markets were troubled by Chinese stockmarket volatility.

    16 Feb 2017

  • Hochtief collars funds in building Schuldschein market

    Hochtief, the German engineering group, joined the ranks of blue-chip names in the Schuldschein market, launching a €150m deal on Tuesday.

    16 Feb 2017

  • SUBbed off: CS might shelve IPO

    Credit Suisse partially stepped away from its plan to place part of its ‘Swiss Universal Bank’ on the market to raise capital, as the bank’s asset disposals and legal settlements came out better than expected, taking the pressure off the bank's capital levels.

    16 Feb 2017

  • MTN Leak: Unlucky in love

    You may have thought the haze was merely London’s toxic smog but, in fact, it was love in the air this week.

    16 Feb 2017

  • LBO revival touted as Stada targeted

    Large leveraged buyouts may be set for a return to Europe’s leveraged finance market following a lengthy sojourn. Stada, the German generic pharmaceuticals firm, this week said it was fielding numerous buyout offers worth around €3.5bn, offering investors the respite from relentless repricings that they have craved for several months. Max Bower reports.

    16 Feb 2017

  • Alberta GBP650m 1% Nov 21

    16 Feb 2017

  • Moved to tiers: Spanish banks could reopen red hot AT1

    A number of financial institutions have distanced themselves from the primary market for additional tier one (AT1) bonds this week, but there is no doubting that the asset class has been on fire in 2017. It is only a matter of time before supply restarts, and Spanish banks will be first in line, writes Tyler Davies.

    16 Feb 2017

  • JBIC USD1.5bn 2.25% Feb 20, USD500m FRN Feb 20

    16 Feb 2017

  • KfW EUR5bn 0.625% Feb 27

    16 Feb 2017

  • EAA USD 1.625% Feb 19

    16 Feb 2017

  • Corporate volumes slump despite pleas for more issuance

    The few IG rated corporate bonds that hit screens this week saw a rapturous reception from investors, but bankers reckoned volumes are only due to drop in the coming days despite calls from all sides for issuers to print debt sooner rather than later.

    16 Feb 2017

  • Ever in demand, Turkey locks in $1bn with tap of 2027s

    Turkey made an opportunistic move on Thursday to reopen its recent 10 year bond for another $1bn. The $4.7bn book size showed there is no let-up in demand for Turkish sovereign debt.

    16 Feb 2017

  • JBIC opens up dollar threes for Japanese, Yellen turns hawkish

    Japan Bank for International Cooperation (JBIC) made a rare appearance in three year dollars this week, opening the way for its peers to follow. But there is little in the dollar pipe from Japanese or any other SSA issuers — all of which are well funded — after a week when US rate expectations were jolted by comments from Federal Reserve chair Janet Yellen.

    16 Feb 2017

  • Reckitt close to Mead ‘big league’ with record low margins

    Reckitt Benckiser, the UK based health and hygiene firm, is progressing with its approach to buy US-based Mead Johnson Nutrition, with loan deals taking shape and the boards of both firms having waved through the $17.9bn transaction. The margins for Reckitt’s loans are “record low”, loan bankers involved in the transaction said, as investment grade borrowers bathe in bank liquidity.

    16 Feb 2017

  • IPO market warms up as Prosegur Cash, MDM Group join second quarter pipeline

    Europe’s IPO market — sluggish, so far this year — is beginning to warm up, with the announcement of a smattering of new deals this week.

    16 Feb 2017

  • FCA mulls boost for UK primary debt market

    The Financial Conduct Authority is reviewing aspects of the UK’s primary markets regime, with a particular focus on whether the UK needs a specialised wholesale debt listing venue, like Ireland’s GEM market.

    16 Feb 2017

  • Sweet spot in 10s as SSA pipeline builds

    Euro issuance looks set to heat up again next week as 10 year plus maturities return to favour after a discouraging start to the year.

    16 Feb 2017

  • Alberta's record smashing sterling debut to pave way for others

    The Province of Alberta's first ever sterling bond exceeded the "wildest expectations" of leads and onlookers. The deal demonstrated the strength of the sterling market and is likely to encourage the issuer's peers to follow suit.

    16 Feb 2017

  • CME sees commodity boom conduct interest to copper trading

    Moves upwards in the copper price have lead to record open interest on Chicago Mercantile Exchange copper futures contracts.

    16 Feb 2017

  • HGV preps first post-spinoff timeshare ABS

    Hilton Grand Vacations (HGV) is getting ready to market its first no-grow timeshare transaction, after completing its spin-off from Hilton Worldwide in January.

    16 Feb 2017

  • Severstal prints well inside fair value as Russian Railways plots dual return

    Steel company Severstal played true to Russian borrower form on Thursday, printing its new 4.5 year bond well inside its existing curve, according to bankers.

    16 Feb 2017

  • Oman’s queue for loan deals pushes issuers towards bonds

    With four big loan deals already in the market for Omani borrowers this year and more expected, bankers are concerned that lenders could fast run up against country limits. With a big hole to plug in Oman's budget, spillover to the bond market looks inevitable, writes Bianca Boorer.

    16 Feb 2017

  • Nationwide halves spread in covereds post-Brexit

    Nationwide Building Society this week issued its first euro benchmark covered bond since the UK’s referendum on leaving Europe and managed to find funding that was two years longer and half the spread of its last deal in February 2016. But it was unable to issue a 15 year.

    16 Feb 2017

  • Tunisia wants to lower costs despite € success

    Tunisia’s first Eurobond since 2005 demonstrated a firm show of support for a borrower which acknowledges it still has many issues to address – social, political and economic. But despite the deal’s success, Finance Minister Lamia Zribi said that Tunisia is keen to issue aid-backed bonds in future, in order to keep costs down.

    16 Feb 2017

  • Kuwait in favour as plenty of demand drives tight pricing for Equate, Kipco

    Plenty of demand enabled Equate Petrochemical to aggressively revise pricing to print a restrained $500m sukuk on Monday from a book that reached $4.2bn before it was reconciled. Kipco followed on Thursday with an equally strong deal.

    16 Feb 2017

  • Mars seeks term loan as M&A activity remains high

    US confectionery and pet food firm Mars is seeking two term loans of $2.5bn each to back its acquisition of animal healthcare company VCA.

    16 Feb 2017

  • Over 60 sign up to triResolve margin service

    More than 60 players in the OTC derivatives market have signed up to a TriOptima service that offers firms automated collateral management services to help variation margin compliance.

    16 Feb 2017

  • Japanese investors being priced out as CLO demand soars

    Demand for US CLO triple-A paper is at its peak, with sources saying that competition for the bonds is squeezing out the Japanese buyer base that has long been a driver of the market.

    16 Feb 2017

  • People Moves in Brief

    Nomura names new EM sales heads — RBC's esoterics head lands at Lord — BC Partners hires Goldthorpe for new credit business

    16 Feb 2017

  • Swiss retail gobbles up Gategroup

    Swiss retail investors were fed the highest yielding deal in Swiss francs the year so far on Monday, when single-B rated Gategroup offered with bonds a 3% coupon.

    16 Feb 2017

  • Unibail-Rodamco EUR650m 1.5% Feb 28

    16 Feb 2017

  • McKesson Corporation EUR600m 0.625% Aug 21, EUR600m 1.5% Aug 25 and GBP450m 3.125% Feb 29

    16 Feb 2017

  • French election risk fears rise but volatility still stays at lows

    Despite repeated flare ups of headline risk in Europe and the US, technical factors are weighing on investors’ willingness to bet on volatility.

    16 Feb 2017

  • Smiths Group EUR650m 2% Feb 27

    16 Feb 2017

  • Sponsor route for UK CLO managers still open, despite concerns

    Despite many UK-based CLO managers switching to the manager originator model for European risk retention in the immediate aftermath of the Brexit vote, many are returning to the sponsor route, with investors comfortable with either approach.

    16 Feb 2017

  • Novartis sells snack to starved Yankee mart

    Novartis made its first trip to the dollar market since 2015 as it took home $3bn this week amid a clamour for high grade paper and an increasing likelihood of a Federal Reserve interest rate rise coming as early as next month.

    16 Feb 2017

  • FIG market gears up for fast restart after a quiet but sound week

    Healthy secondary movements and successful new deals from Deutsche Bank and a second tier Italian name suggest investors are hungry for more FIG paper. Bankers are therefore hoping for a strong start to issuance next week.

    16 Feb 2017

  • US banks feel the love in TLAC dollar romp

    A trio of Wall Street titans topped up their funding needs this week, taking advantage of favourable funding conditions as they continued their run of issuance to meet upcoming capital requirements.

    16 Feb 2017

  • Tunisia finmin furious with Fitch over ill-timed rating downgrade

    Fitch’s downgrade of Tunisia’s credit rating was based on out-of-date information and negatively impacted the sovereign’s recent Eurobond trade, Lamia Zribi, Tunisia’s finance minister told GlobalCapital.

    16 Feb 2017

  • CME sees commodity boom conduct interest to copper trading

    Moves upwards in the copper price have lead to record open interest on Chicago Mercantile Exchange copper futures contracts.

    16 Feb 2017

  • Sovereign supply rumoured in euros

    A trio of eurozone government borrowers are rumoured to be mulling deals in the coming weeks, with conditions at the long end in euros looking stronger than earlier in the year.

    16 Feb 2017

  • Russian PXF pipeline builds as big names line up behind SUEK

    Russian Railways is still on track to be the country’s first borrower of 2017 to complete a deal in the syndicated loan market, with bankers expecting to wrap up documentation soon. But Siberian Coal Energy Company (SUEK) is leading a charge of big Russian pre-export finance facilities that look set to dwarf the unsecured market in the first half of the year.

    16 Feb 2017

  • Tech firm Smiths cleans up in IG’s dark age

    Technology company Smiths Group saw plenty of demand for a 10 year bond on Thursday, as investors leapt this week on to the few trades hitting screens.

    16 Feb 2017

  • Iccrea Banca EUR600m 1.5% Feb 20

    16 Feb 2017

  • Alberta's sterling debut exceeds 'wildest expectations'

    The first ever sterling bond from the Province of Alberta arrived on Thursday, surprising onlookers and participants alike by breaking the size record for a Canadian province sterling deal. The trade's success is expected to give the issuer's peers the confidence to follow suit.

    16 Feb 2017

  • Crucial year ahead for Citi’s scramble into corporate finance top tier

    Citi has turned around more than anyone thought possible in the past eight years. It's now one of very few banks with genuine global investment banking ambitions and abilities. But 2017 is critical for the bank to demonstrate it belongs with the best, writes David Rothnie.

    16 Feb 2017

  • Rabo reveals approach to covered bonds

    Rabobank said on Thursday that its new covered bond programme would be launched in soft bullet format. The bank also plans to shrink its balance sheet with further portfolio sales and securitizations.

    16 Feb 2017

  • Nationwide pulls in €1bn with seven year covered bond

    Nationwide sold a €1bn seven year euro benchmark covered bond on Thursday, its first trip to the market this year.

    16 Feb 2017

  • Oman fund sets sight on Asian liquidity for $600m

    Oman’s sovereign wealth fund is in the market for a $600m loan to support its acquisition of a stake in Oman Telecommunications, and is tapping Asian liquidity for the first time. With several Gulf nations making efforts to contain budget deficits, including by selling assets, borrowers from the region could be ones to watch. Shruti Chaturvedi reports.

    16 Feb 2017

  • HSBC reshapes Apac levfin as new global head takes over

    HSBC is overhauling the leadership of its leveraged and acquisition finance and sponsor coverage teams in Asia Pacific, with some senior changes taking place this week. While sources emphasised this does not signify a retreat, the moves have put a focus on what some consider a somewhat “static” job market for acquisition and leveraged finance in the region. Shruti Chaturvedi reports.

    16 Feb 2017

  • Blackstone buy Cloudreach joins LBO queue

    Blackstone has bought a majority stake in London-based cloud software firm Cloudreach, adding further to its existing queue of European buyouts waiting to be financed.

    16 Feb 2017

  • EU members clash on accounting overhaul

    Experts from the 28 EU member states this week began discussions on new accounting rules for the banking sector set to come into force from 2018 and, particularly, on how European banks can cope with the capital volatility they will cause.

    16 Feb 2017

  • NavInfo drives in for €110m acquisition facility

    Chinese digital map provider NavInfo has hit the syndicated loan market for €110m to fund its acquisition of a stake in a European target.

    16 Feb 2017

  • BlueBay, Brandywine board busy global high yield fund trend

    Investment houses BlueBay in London and Brandywine in Philadelphia have joined this week a recent spate of high yield portfolio managers growing new funds beyond a specific regional focus.

    16 Feb 2017

  • Europe considers making more structured notes eligible for MREL, TLAC

    EU officials are looking at increasing the range of structured notes that can count towards banks' minimum requirement for own funds and eligible liabilities (MREL) and total loss-absorbing capacity (TLAC) ratios, potentially including liabilities with a minimum value that increases over time.

    16 Feb 2017

  • Kipco draws big book for 10 year dollars

    Kuwait Projects Company (Kipco) attracted more than $1.4bn of orders for a new 10 year dollar deal after tightening pricing to 4.75% area.

    16 Feb 2017

  • Credit Suisse picks key exec for China push

    Credit Suisse named one of its most senior investment bankers in Asia Pacific as China CEO this week, putting him in charge of a strategy increasingly focused on wealth management and China. The move came as the resilience of the bank's regional and integrated model continues to be tested, writes John Loh.

    16 Feb 2017

  • Books north of $1.6bn for Russia's Severstal

    Steel company Severstal, one of four Russian corporates rated above the sovereign, looked set to print below 4% on Thursday, tighter than guidance.

    16 Feb 2017

  • Reckitt deals in packs of three for $21bn Mead buyout

    Reckitt Benkiser has invited as many as 30 banks to participate in a $21bn loan deal, as its all-cash acquisition of US-based Mead Johnson takes shape.

    16 Feb 2017

  • Reit momentum builds as Lippo, Tianfang plan listings

    A subsidiary of Indonesian conglomerate Lippo Karawaci is bookbuilding for a potential Rph2.45tr ($183.8m) IPO of Dire Bowsprit Commercial & Infrastructure.

    16 Feb 2017

  • Nimble Turkey moves to lock in extra $1bn

    Turkey has made an opportunistic move to reopen its recent 10 year bond with a tap to raise an expected $1bn.

    16 Feb 2017

  • Asia people news in brief, February 16, 2017

    Bank of China taps new loans head — Maybank Kim Eng loses HK/China CEO — UBS adds three to equity sales trading, derivatives

    16 Feb 2017

  • ABQ hammers down on pricing for dollar return

    Strong demand from local and Asian investors allowed Ahli Bank Qatar to pay a minimal new issue premium for its second dollar market outing on Wednesday.

    16 Feb 2017

  • Reliance pre-markets InvIT as Tejas Networks files A1

    Reliance Infrastructure has begun gauging investor appetite for a potential Rp30bn ($448.1m) IPO of its infrastructure investment trust, according to a banker familiar with the matter.

    16 Feb 2017

  • Kunming Dianchi Water refiles for $300m HK float

    Kunming Dianchi Water Treatment Co has refiled a draft prospectus for its Hong Kong listing, after first submitting a proposal to the stock exchange in August 2016.

    16 Feb 2017

  • One banker’s treasure is another’s trash

    We bankers love to whinge about our bonuses, or what we see as a lack thereof. But when a young friend of mine told me he felt sorry for some chaps at banks that weren’t getting any bonuses this year, I couldn’t help but laugh.

    16 Feb 2017

  • Surging NPL rate pushes DBS profits to two year low

    DBS Group Holdings has reported its lowest quarterly profit in two years, hit by a jump in provisions for bad loans, according to an announcement on Thursday.

    16 Feb 2017

  • SGX seeks public insight on dual-class share structure

    The Singapore Exchange is consulting the public on whether to introduce a dual-class share (DCS) structure and if so what safety measures it should employ, it said on Thursday evening.

    16 Feb 2017

  • Regulations stall Chinese offshore debt issuers

    Chinese borrowers are itching to take advantage of cash rich investors in the offshore debt market but many have been delayed by the country’s registration process. This is leading to speculation that the National Development and Reform Commission (NDRC) is trying indirectly to control the outflow of capital. Morgan Davis reports.

    16 Feb 2017

  • Fortune may prove fickle for Chinese real estate

    Chinese high yield property issuers have shown that they have investors in the palms of their hands, taking advantage of accounts’ hunger for yield to price deals at levels that would have been impossible a few months ago. But as more property companies face refinancing needs and investors spend their cash, borrowers will need to adapt to a tougher pricing environment.

    16 Feb 2017

  • Hello, world! Qinghai Investment debuts with $300m

    Chinese state-owned Qinghai Provincial Investment Group Co sealed its inaugural dollar bond on a quiet day in Asia DCM, bagging $300m from an over 8x subscribed transaction. But pricing was somewhat constrained by the country's weak aluminium sector.

    16 Feb 2017

  • ICBC Asia launches 24-hour CNH price streaming

    ICBC (Asia) has begun offering 24-hour CNH prices for its clients, become the first Chinese bank to quote offshore renminbi all day.

    16 Feb 2017

  • Japanese banks take RMBi step with CIPS entry

    Japanese lenders have been largely missing from headlines of RMB-related initiatives, but some are starting to dip their toes into RMB infrastructure, starting with the cross-border interbank payment system (CIPS).

    16 Feb 2017

  • La Rioja seeks favourable breeze for dollar debut

    The Argentine province, La Rioja, was looking strong reception after releasing initial price thoughts of 10% for a planned eight year (6.5 year average life) bond on Tuesday, despite some investors expressing their fatigue at the number of Argentine provincial issuers to have brought deals.

    16 Feb 2017

  • Photos of the GlobalCapital Asia New Year Drinks and Awards Reception

    GlobalCapital Asia held a New Year drinks and awards reception at Le Bistro Winebeast in Hong Kong on February 15, 2017. Below is a selection of the best photos from the night. Our thanks to all who attended.

    16 Feb 2017

  • China’s Xinyuan lays foundation for dollar return

    Xinyuan Real Estate is drumming up interest for its first international bond of the year, hiring seven firms to work on a Reg S transaction.

    16 Feb 2017

  • 2016 Best Country Deals: Results

    GlobalCapital Asia and Asiamoney are pleased to announce the results of our Best Country Deals, recognising the standout transactions in Asia. Our thanks to everybody who took time to pitch.

    16 Feb 2017

  • 2016 China Deals and Investment Bank of the Year: Results

    GlobalCapital Asia and Asiamoney are pleased to announce the results of our annual awards, recognising the best banks and transactions in China. Thanks to everyone who took time to pitch and our congratulations to the winners.

    16 Feb 2017

  • 2016 Australia Deals and Investment Bank of the Year: Results

    GlobalCapital Asia and Asiamoney are pleased to announce the results of our annual awards, recognising the best banks and transactions in Australia. Our thanks to everybody who took time to pitch.

    16 Feb 2017

  • MSCI choice weighs on A-shares prospects

    Despite the launch of Shenzhen Connect, MSCI’s decision on the inclusion of A-shares later this year still looms large on global investors’ views on whether to increase their exposure to onshore equities.

    16 Feb 2017

  • Top Republicans step up attacks on Fed policy, Yellen

    Emboldened Congressional Republicans ramped up attacks against the US Federal Reserve on Wednesday, taking aim at the central bank’s role in negotiating international financial rules and its bond purchase programmes. But chair Janet Yellen was defiant, and said the Fed would remain a part of the Basel negotiations.

    15 Feb 2017

  • ISDA calls on regulators to copy CFTC's grace period

    ISDA has welcomed the US Commodity Futures Trading Commission’s decision to grant swap dealers an extra six months to align their credit support annex agreements with new variation margin requirements, but demanded that other regulators follow suit.

    15 Feb 2017

  • First block trade in Flow Traders, second in Nordic Waterproofing

    Tonight, private equity firm Summit Partners, Avalon Holding and Javak Investments have hired Morgan Stanley and UBS to sell a 12.65% stake in Flow Traders, the Dutch market-making firm, after it released its fourth quarter earnings on Wednesday morning.

    15 Feb 2017

  • Mariner launches inaugural consumer ABS offering

    Mariner Finance, a consumer finance company with 200 branches in the US, has launched a debut ABS offering backed by unsecured personal loans.

    15 Feb 2017

  • Crédit Ag lands RMBS debut

    Crédit Agricole priced its debut public French RMBS deal on Wednesday, after the bank reported full year results clearing the path for the deal.

    15 Feb 2017

  • Unibail joins 2017’s long dated corporate bond club

    France’s Unibail-Rodamco printed a €600m February 2028 bond on Wednesday, becoming one of the few investment grade corporate issuers this year to sell debt beyond the 10 year mark.

    15 Feb 2017

  • New name to land in sterling

    The Province of Alberta is set to make its debut in sterling on Thursday, in a move which may pave the way for its peers to follow suit.

    15 Feb 2017

  • EFSF likely to aim for big size after sending RFP

    A request for proposals from the European Financial Stability Facility (EFSF) hit screens on Wednesday, with the issuer likely needing to print a larger deal than its last visit to the market.

    15 Feb 2017

  • Agrokor can survive 2017, but PIK is critical

    Agrokor, a Croatian retail, food and agriculture company, has enough funding to repay debt maturities this year despite a recently pulled loan syndication, according to Moody’s, but cash flow is low and addressing next year’s PIK notes will be critical to its rating.

    15 Feb 2017

  • Together alone to take 100bp tightening on January

    UK mortgage lender Together Financial was the only new deal in the European high yield bond market of the week when, on Wednesday, it sold a sterling offering that received firm demand in a rare example of a single-B name opting for bonds over leveraged loans.

    15 Feb 2017

  • Funds eye Europe's €2tr of NPLs as Greece seeks to divest

    Specialist funds in Europe are looking forward to a feast of non-performing loan sales, with Portugal and Greece set to join Italy as hotspots.

    15 Feb 2017

  • Russia’s MD Medical mulls share sale and loans to finance new hospitals

    MD Medical Group, the Russian private hospitals group that specialises in paediatric and maternity care, will consider a share sale on the London Stock Exchange to partly finance the opening of 10 new medical facilities across Russia over the next three years.

    15 Feb 2017

  • International investors flock to Berlin Hyp’s Pfandbrief

    Berlin Hyp issued a well oversubscribed €500m eight year mortgage backed covered bond on Wednesday and attracted exceptional demand from foreign investors, even though the deal was priced tightly.

    15 Feb 2017

  • Investec slashes staff in bond business

    Investec Bank has let go senior figures in DCM, syndicate and sales trading as it focuses on core UK and European clients through its corporate and acquisition finance team, the bank said.

    15 Feb 2017

  • BNP draws robust book for long seven year covered

    BNP Paribas Home Loan SFH made a rare foray into the covered bond market on Wednesday, selling a €500m long seven year deal that was priced well through the French government bond curve.

    15 Feb 2017

  • SocGen seeks Swiss shelter for non-preferred senior

    Société Générale was marketing the first ever non-preferred senior bond in Swiss francs on Wednesday, as credit spreads for the country’s banks begin to recover after concerns about a far-right win in May’s French presidential elections.

    15 Feb 2017

  • Hochtief collars funds in building Schuldschein market

    Hochtief, the German engineering group, has joined the ranks of blue chip names rushing to the Schuldschein market, having launched a €150m deal on Tuesday.

    15 Feb 2017

  • Nord/LB Lux scores solid covered success

    With more than 100 investors in the book and an oversubscription ratio of nearly three times, Nord/LB’s Luxembourg subsidiary enjoyed one of the best receptions of any €500m covered bond seen this year and one that was much better than all its previous deals.

    15 Feb 2017

  • Pemex leads charge in strong EM primary

    Even heavy indications from US Federal Reserve chair Janet Yellen the central bank will raise interest rates at its next meeting were not enough to derail the strong primary market in emerging market bonds.

    15 Feb 2017

  • Ahli Bank Qatar opens books on five year senior dollar return

    Ahli Bank Qatar emerged with pricing for a new five year senior dollar benchmark on Wednesday.

    15 Feb 2017

  • Russian Railways targets dollar and eurorouble return

    Russian Railways will meet investors in London next week ahead of a potential return to both the dollar and Eurorouble bond markets.

    15 Feb 2017

  • Quiet primary belies strong conditions in FIG

    Healthy secondary movement and successful new deals from Deutsche Bank and a second tier Italian name suggest investors are hungry for more FIG paper, though the market has been quiet this week.

    15 Feb 2017

  • SSA market calms after wild ride

    After a tumultuous week of blowouts and recoveries in European government bond spreads, this week is looking more settled and healthy. However, the feverish pace of issuance has also abated.

    15 Feb 2017

  • Stada, Body Shop sales offer glimmer of hope to levloan investors

    The repricing train steams on in European leveraged loans, although several buyouts are coming down the track, offering new paper and the promise of some yield to desperate investors.

    15 Feb 2017

  • Photos from the Syndicated Loan, Leveraged Finance and Private Placement Awards 2016

    GlobalCapital revealed the winners of its Syndicated Loan, Leveraged Finance and Private Placement Awards 2016 at its 14th Annual Loans Dinner on Wednesday. A dozen borrowers — corporate, bank and sovereign — from all over the EMEA region attended the dinner of 250 people at the Guildhall in London. The awards were as ever based on a poll of loan market participants, conducted at the end of 2016. As such, they are the only awards that recognise achievement in the EMEA loan market based on the opinion of the market. This year we added two high profile new awards: the Lifetime Achievement Award and Most Impressive Growing Force in the Loan Market. Participants at the dinner supported the Loan Syndicate Managers’ Forum’s chosen charity, Make Sense of It, which supports research into, and sufferers from, multiple sclerosis. GlobalCapital congratulates all the winners and nominees.

    15 Feb 2017

  • Tianfang Reit shifts from SGX to HK for $250m listing

    Hong Kong is about to be treated to its first real estate investment trust listing since 2013 as Chinese state-owned Tianfang Hospitality Reit sets its sights on an IPO, according to a source familiar with the matter.

    15 Feb 2017

  • Vibrant blocks market continues, first Benelux IPO launched

    Buoyant secondary markets are continuing to provide ideal conditions for equity sellers to trade blocks. This week has already brought notable sales in France, Finland, Sweden and Russia.

    15 Feb 2017

  • Terex sells €257m of Konecranes after lock-up waived

    Terex Corp, the US maker of lifting and material processing machinery, has sold a 9.5% stake in Konecranes, the Finnish crane manufacturer, after a lock-up agreement was waived.

    15 Feb 2017

  • Ronshine nails additional $225m from tap

    Ronshine China Holdings took advantage of the positive market sentiment on Tuesday to grab an additional $225m from a tap of its debut 2019s, reversing the rocky reception received for the original notes.

    15 Feb 2017

  • Huawei prices year's first G3 tech bond from Asia

    Huawei Investment & Holding Co wrapped up Asia’s first G3 bond from the technology sector this year, pricing its notes through fair value. It plans to become a regular issuer in the capital markets to diversify its funding.

    15 Feb 2017

  • Yanlord eyes $600m comeback for refinancing

    Chinese property developer Yanlord Land Group is poised to return to the loan syndications market with a $600m deal that will refinance a $385m borrowing raised in 2014.

    15 Feb 2017

  • BNY Mellon names new Korea country executive

    BNY Mellon has appointed an ex-JP Morgan banker as country executive for its South Korea operations, according to a Tuesday announcement.

    15 Feb 2017

  • Sun Hing seeks IPO nod, Enerchina sets rights issue date

    Hong Kong firm Sun Hing Printing Holdings is seeking approval to go public in the city, submitting a draft prospectus to the bourse on Tuesday.

    15 Feb 2017

  • Bank of China appoints new loans head in Beijing

    Bank of China has made a senior level change in its loans team in Beijing, transferring a banker from its Singapore branch to take up the top post in the syndications department.

    15 Feb 2017

  • Qinghai Investment digs inaugural dollar bond

    Chinese state-owned enterprise, Qinghai Provincial Investment Group Co, opened books for a Reg S transaction on Wednesday morning.

    15 Feb 2017

  • Credit Suisse names Chow to China CEO role

    Credit Suisse has given one of its most senior investment bankers in Asia the position of China CEO, as the bank increases its pivot to the region.

    15 Feb 2017

  • Pemex breaks EM euro record with triple trancher

    European bond investors gave Mexico’s prospects a vote of confidence on Tuesday, placing €17.6bn of orders as state-owned oil giant Pemex raised €4.25bn of debt in the largest ever euro-denominated trade from an emerging markets issuer.

    15 Feb 2017

  • Cabei set to skip back to Australia

    Central American development bank Cabei is looking to add at least A$25m to its existing Australian dollar bonds due 2026, and may consider a new five year this week.

    15 Feb 2017

  • SMIC edges closer to exchange Panda debut

    Hong Kong-listed Semiconductor Manufacturing International Corp (SMIC) moving closer to making its Panda bond debut in the exchange market, as the Shanghai Stock Exchange is approving its revised application.

    15 Feb 2017

  • Deadline extended for Indiabulls Housing $150m loan

    The leads arranging a syndicated loan of up to $150m for Indiabulls Housing Finance have extended the deadline for commitments.

    15 Feb 2017

  • AmEx makes ABS return with oversubscribed deal

    Strong fundamentals and a rally in ABS spreads led bankers to increase the size of a credit card ABS transaction from American Express on Monday.

    14 Feb 2017

  • CRT outperforming other RMBS

    Fannie Mae and Freddie Mac's credit risk transfer (CRT) programmes have outperformed other non-agency RMBS, with the first loss pieces of recent deals yielding 5% on average in January, according to JP Morgan research.

    14 Feb 2017

  • First Kaufman & Broad block since re-IPO

    BNP Paribas and Crédit Agricole with Kepler Cheuvreux have tonight launched the first block trade of stock in Paris residential property builder Kaufman & Broad since its re-IPO last April.

    14 Feb 2017

  • EDF’s €4bn rights issue to come amid run-up to election

    Electricité de France plans to bring its long-awaited rights issue to market in March, against the backdrop of a crucial presidential election campaign in France.

    14 Feb 2017

  • Rusal falls in Hong Kong after Prokhorov sells 3.3% stake

    Shares in Rusal, the largest aluminium producer in Russia, closed 3.9% lower in Hong Kong on Tuesday after Onexim, an investment vehicle controlled by Mikhail Prokhorov, the billionaire owner of the Brooklyn Nets, sold 3.3% of his stake in the company for HK$1.8bn ($240m), through an accelerated bookbuild launched on Monday night.

    14 Feb 2017

  • Cinnober hires for push into clearing

    Cinnober, the Sweden based financial IT company, has recruited Patrick Tessier to spearhead its push into post trade clearing IT and services in London.

    14 Feb 2017

  • ESMA concerned about trader cross networks

    The European Securities and Markets Authority (ESMA) has written to the European Commission warning that some dealers may try and circumvent MIFID II obligations by creating networks of systemic internalisers.

    14 Feb 2017

  • KfW lands 10 year euro whopper

    KfW sold its second euro benchmark of the year on Tuesday, scoring €5bn at the difficult 10 year area of the curve in what a banker away from the trade called “a positive sign for the market”.

    14 Feb 2017

  • Collateral is king... if you can find it

    The supply of high quality liquid assets (HQLA) needed for capital regulations is insufficient. This has created an imbalance which, at times, grows so critical it poses a systemic risk. Regulators and the European Central Bank must shoulder responsibility for fixing the problem soon.

    14 Feb 2017

  • CFTC gives swap dealers room to breath

    With just over two weeks to run before global regulation on variation margin requirements for uncleared derivatives comes into effect, the Commodity Futures Trading Commission (CFTC) has given US market participants a much needed reprieve.

    14 Feb 2017

  • RMBS market must play fair as looser regs beckon

    A spate of mortgage securities issuance has been welcomed with enthusiasm among RMBS investors lamenting the state of the sector post-crisis, but in order to keep investors’ trust, issuers need to stick to practices that are beyond reproach, especially as the possibility of regulatory easing looms large.

    14 Feb 2017

  • Moody’s shoots Arrow up to crowded BB spot

    Arrow Global, the UK distressed debt buyer, had its ratings upgraded by Moody’s on Tuesday to Ba3, increasing the market’s overall stock of bonds with double-B ratings — a stock which some investors believe is excessive.

    14 Feb 2017

  • Picturing the FCA’s unintended consequences

    We’d hate to say that the UK’s Financial Conduct Authority is standing still on its quest to regulate the markets, but it seems to be doing just that with the cover art on its discussion and consultation papers.

    14 Feb 2017

  • Equate screws in pricing to land $500m sukuk

    Strong demand enabled Equate Petrochemical to aggressively revise pricing to print a restrained $500m sukuk on Monday from a book that reached $4.2bn before it was reconciled.

    14 Feb 2017

  • QE finish and Brexit woes spell trouble for sterling

    UK-based sterling issuers should get into the market soon, said investors this week, as the double threat of tricky Brexit negotiations and the Bank of England wrapping up its corporate purchase programme threatens to hit the market hard in the coming months.

    14 Feb 2017

  • EAA falls just short in quiet dollar market

    Erste Abwicklungsanstalt (EAA) was shy of full subscription with a short dated dollar benchmark on Tuesday, as issuance in the currency calmed after a rampant start to the year. Japan Bank for International Cooperation was also out with a dollar benchmark on Tuesday — a three year deal with fixed and floating rate tranches — but it had yet to price as GlobalCapital went to press.

    14 Feb 2017

  • EQT continues AcadeMedia exit with Skr696m ABB

    EQT has completed the first selldown of stock in AcadeMedia, the Swedish schools group, since its IPO in June.

    14 Feb 2017

  • Russian PXF pipeline grows as SUEK leads charge

    Siberian Coal Energy Company (SUEK) is set to be the first in a run of Russian pre-export finance facilities, with bankers predicting as many as five big deals from borrowers in the first half of the year.

    14 Feb 2017

  • Dubai targets mid-March take off for airports loan

    A syndicated loan of as much as $3bn for Dubai Airports looks set to be wrapped up in just under a month’s time, according to a banker close to the deal.

    14 Feb 2017

  • Profi loan queue heads into double digits

    Syndication for a loan backing Mid Europa Partners’ acquisition of Romanian retail chain Profi Rom Food is gathering momentum, with as many as 11 banks said to be working through approvals for the deal.

    14 Feb 2017

  • Bonds on blockchain: an idea whose time hasn’t come

    Capital markets have always been among the early adopters of new technology, but blockchain for bonds is further away than you might think. As always, humans will get in the way.

    14 Feb 2017

  • OCBC takes Covered Bond Label club to 100

    The Covered Bond Label Foundation (CBLF) granted its 100th label to the covered bond programme of Oversea-Chinese Banking Corporation (OCBC) on Tuesday signalling that the issuer could soon be ready to launch is debut deal.

    14 Feb 2017

  • Stada prescribes LBO for suffering levloan market

    Stada, the German generic pharmaceuticals firm, could offer leveraged finance investors the respite from repricing deals that they have craved for several months as it fields numerous buyout offers worth around €3.5bn.

    14 Feb 2017

  • Spring springs in FIG as Italy's Iccrea captures international bid

    Italy’s Iccrea Banca made its senior return in a very constructive FIG primary market on Tuesday, increasing the size of its short dated bond to satisfy a large and internationally diverse array of orders.

    14 Feb 2017

  • Hotelbeds lays Tourico deal in hot levloan market

    Spanish travel distributor Hotelbeds is planning an add-on of its original LBO loans to fund the acquisition of Tourico Holidays, a US peer.

    14 Feb 2017

  • More value in older CLOs, says TwentyFour AM

    With primary European CLO spreads hitting some of their tightest levels since the financial crisis, better value could be found in more seasoned deals coming up for refinancing, said TwentyFour Asset Management on Monday.

    14 Feb 2017

  • Pemex euro deal flying with €8.5bn orders

    Mexico’s state owned oil company Pemex has turned to the euro bond market just two months after becoming the first Latin American borrower to sell a bond at all after the election of Donald Trump as US President.

    14 Feb 2017

  • Stadshypotek’s tightly priced covered appeals to fewer than usual

    Fewer investors than is normal bought Stadshypotek’s seven year covered bond on Tuesday. However, although the deal had virtually no new issue concession, it was nevertheless well subscribed.

    14 Feb 2017

  • Deutsche sees changes to German TLAC law, no AT1 in 2017

    Deutsche Bank told investors this week that Germany’s new insolvency regime may have to be updated for the European Commission’s harmonisation proposals. The bank also said it was not planning on raising additional tier one capital this year.

    14 Feb 2017

  • Investec Bank takes axe to emerging markets business

    Investec Bank has let go at least 11 people, leading to speculation that it has closed its emerging markets business, according to two sources.

    14 Feb 2017

  • SEA bourses pave way for rebound in ECM

    Stock exchanges in southeast Asia are set for a busy year, as they eye a rebound in ECM activity and make plans to woo foreign issuers.

    14 Feb 2017

  • Credit Suisse's 2016 results well received in spite of loss

    Credit Suisse finished 2016 with a Sfr2.4bn ($2.39bn) annual net loss but investors found reasons for optimism in the bank’s strong capital position and revenue growth in investment bank and capital markets, causing the stock price to rise 3.05% by 11.30am London time.

    14 Feb 2017

  • Africa corp supply begins with Helios Towers Africa

    Investors are soon to be treated to the first African corporate bond of the year as Helios Towers Africa hits the road for a five year non-call two deal.

    14 Feb 2017

  • CB UAE signature delays Sharjah deal

    Bank of Sharjah has been forced to delay its planned senior bond sale after the Central Bank of the UAE failed to sign off the bank’s financials.

    14 Feb 2017

  • Nomura picks up two heads for EM sales

    Nomura has appointed two to its emerging markets sales team as it attempts to grow its business.

    14 Feb 2017

  • Updated: Credit Suisse Apac swings to profit in Q4

    Credit Suisse’s Asia Pacific unit returned to the black in the fourth quarter of 2016 as its full year income nearly doubled, the bank said on Tuesday.

    14 Feb 2017

  • New Times Energy plans $95m share issue

    Oil and gas exploration and production company New Times Energy Corp is looking to raise around HK$738.8m ($95.2m) with an open offer of 3bn new shares, according to a filing with the Hong Kong Stock Exchange.

    14 Feb 2017

  • No quick fix for HK’s cornerstone problem

    Hong Kong's IPO market relies heavily on Chinese issuers for deal flow, and with them a force of cornerstone investors. A much needed shake-up to the cosy cornerstone base is expected, thanks to new regulations by China’s foreign exchange regulator. But for those who view the change as a possible solution, the rules are likely to prove disappointing.

    14 Feb 2017

  • Road King drives investors hard for $300m

    Chinese toll road operator and property developer Road King Infrastructure took advantage of investor desire for high yielding paper on Monday, offering a rare perpetual, fixed for life deal that still attracted a book that was more than 15 times subscribed.

    14 Feb 2017

  • ICBC, BoCom bank on investor appetite for FRNs

    Industrial and Commercial Bank of China (ICBC) and Bank of Communications (BoCom), enjoyed success with their decision to jump on the floating rate note (FRN) bandwagon on Monday, via their Hong Kong branches. The former bagged $2bn from a triple-tranche offering and the latter $850m from a three year floater.

    14 Feb 2017

  • Financial liberalisation still on for China, says Safe’s Pan

    Recent capital control measures enacted by China have led to concerns that the authorities might be reversing past efforts to liberalise the country's financial markets. But the administrator of the State Administration of Foreign Exchange (Safe), Pan Gongsheng, is adamant that more reforms are on the cards especially in regards to attracting more inflows.

    14 Feb 2017

  • Huawei connects for dual-trancher, Ronshine reopens bond

    China’s Huawei Investment & Holding Co is set to become the first G3 bond issuer from the technology sector in Asia this year, taking bids for a dual-trancher on Tuesday morning. Meanwhile, property developer Ronshine China Holdings is back to tap its 2019s.

    14 Feb 2017

  • Belize still fishing for bondholder support

    The government of Belize has again extended the deadline for a consent solicitation aimed at easing its debt payment burden, but is yet to improve its offer to bondholders.

    14 Feb 2017

  • Two banks pour $910m into Mengniu Dairy acquisition loan

    China Mengniu Dairy has tapped two banks for separate loans denominated in dollars and Hong Kong dollars to fund its acquisition of China Modern Dairy Holdings.

    14 Feb 2017

  • YuHua Education kicks off $246m HK IPO

    China YuHua Education Corp has hit the road to drum up demand for its Hong Kong listing, which could raise up to HK$1.9bn ($245.5m).

    14 Feb 2017

  • Petrobras could find more buyers after upgrade

    S&P’s upgrade of Brazilian oil giant Petrobras could attract more investors into the company’s curve, according to Lat Am market participants.

    14 Feb 2017

  • With retail in trouble, Deutsche Bank says short CMBS

    Deutsche Bank is telling investors that it may be time to place bets against the CMBS market, as mounting problems in the retail sector threaten the health of some post-crisis bonds heavily exposed to lower quality retail properties.

    13 Feb 2017

  • Renovate America, Greenworks partner for commercial PACE financing

    Residential Property Assessed Clean Energy (PACE) platform Renovate America is teaming up with commercial PACE finance firm Greenworks Lending to expand in commercial PACE lending.

    13 Feb 2017

  • RBC esoteric ABS head lands at Lord Capital

    Joseph Lau, managing director and head of non-traditional securitizations at RBC Capital Markets, has landed at New York-based Lord Capital after leaving the bank in January.

    13 Feb 2017

  • TAIFEX to extend derivatives trading

    The Taiwan Futures Exchange (TAIFEX) is to start an after-hours trading session to increase participation.

    13 Feb 2017

  • Avantium in €100m IPO for chem plant

    Avantium, the Dutch 'renewable' chemicals producer, intends to raise up to €100m by selling new shares on the Euronext Amsterdam and Euronext Brussels by the end of the first quarter.

    13 Feb 2017

  • Paratus to capitalise on tight UK RMBS spreads with new deal

    Paratus AMC, the former GMAC-RFC entity that is now a subsidiary of Fortress Investment Group, has mandated leads for a new UK non-conforming RMBS deal backed by predominantly interest-only mortgages in an example of private equity backed non-bank lenders stepping up their securitization activity.

    13 Feb 2017

  • Politics to keep HY's losing hand in play, despite new Together deal

    Bankers and investors believe Europe’s election schedule will drive up rates on new high yield bonds and increase the attraction of leveraged loans to issuers — even as Together Financial’s new sterling offering kept the market alive.

    13 Feb 2017

  • McKesson brings first of reverse Yankee spate

    The corporate bond market started the week on the front foot with a triple tranche reverse Yankee from US pharmaceuticals company McKesson that is expected to pave the way for similar issuance.

    13 Feb 2017

  • KfW to come for euros as SSA tempo slows

    KfW announced on Monday that it would sell a 10 year euro benchmark on Tuesday. But the breakneck pace of public sector issuance since the start of the year is expected to slacken this week.

    13 Feb 2017

  • JBIC and EAA to open week in dollars

    The Japan Bank for International Cooperation (JBIC) announced on Monday that it will sell a possible dual tranche dollar bond on Tuesday. The deal will share the market with a two year from Erste Abwicklungsanstalt (EAA).

    13 Feb 2017

  • Managers' CLO risk retention vehicles could squeeze equity buyers

    Third party CLO equity investors could struggle to compete in a market in which managers have highly capitalised retention vehicles they can utilise to invest in both their own and other managers' equity, said industry sources this week.

    13 Feb 2017

  • Improved sentiment should spur covered supply

    French government bonds and covered bonds strengthened on Monday providing an improved backdrop for all European issuers this week. But with ‘fat tail’ risk bubbling just below the surface, borrowers are being advised to press ahead with funding plans without delay.

    13 Feb 2017

  • Ineos speeds loan allocation in ‘never ending repricing’ season

    Swiss petrochemicals firm Ineos priced a €4.5bn-equivalent four tranche term facility refinancing at the tight end of guidance on Monday, taking advantage of a leveraged loan market where abundant demand and scarce new paper is grinding down margins and encouraging a wave of refinancings.

    13 Feb 2017

  • Metalloinvest forges bigger, better revolver

    Metalloinvest, the Russian steel manufacturer, has extended the maturity of a revolving credit facility on better terms and boosted its size.

    13 Feb 2017

  • Co-op Bank considers ‘alternative options’ to build capital

    The Co-operative Bank put itself up for sale on Monday, but the ailing UK lender is also considering another debt-for-equity swap to build capital and avoid intervention from the Bank of England.

    13 Feb 2017

  • Mars splits loans in two for VCA buyout

    Mars Inc, the US confectionery and pet food firm, is seeking two term loans of $2.5bn each to back its acquisition of animal healthcare company VCA.

    13 Feb 2017

  • Equate sukuk expected to land inside conventional curve

    Equate Petrochemicals was on track to print its debut sukuk on Monday. Bankers on the deal said it was likely to print inside where a new conventional bond would come.

    13 Feb 2017

  • Lacklustre Tunisia trade ticks boxes for borrower

    Tunisia returned to euros for the first time since 2005 on Friday but the €800m deal was by no means a blow out and the leads were unable to move pricing as the borrower made a play for new investors.

    13 Feb 2017

  • Cerberus gets new Auburn buy-to-let deal away

    US private equity firm Cerberus Capital Management sold the latest piece of its Capital Home Loans buy-to-let mortgage portfolio in a new securitization deal last Thursday, with pricing of the deal suggesting demand is strong for scarce BTL collateral.

    13 Feb 2017

  • Reckitt moves closer to Mead 'big league' buyout

    Reckitt Benckiser, the UK based healath and hygiene firm, is progressing with its approach to US-based Mead Johnson Nutrition, with loan deals taking shape and the boards of both firms having waved through the $17.9bn transaction.

    13 Feb 2017

  • Arabtec seeks Dh1.5bn in Aabar-backed rights issue

    Shares in Arabtec Holding, the Dubai-based construction company, slumped 9.8% on Monday morning after it said it would complete a Dh1.5bn ($408m) rights issue after its second consecutive annual loss.

    13 Feb 2017

  • P&M Notebook: haves and have-nots

    Europe’s banks seem to be increasingly split into the distressed and the merely dull, with investors unwilling to give much credence to either group.

    13 Feb 2017

  • HKT weekend block rings in $1.1bn for PCCW

    PCCW chased away the blues in Asia’s blocks market with a jumbo HK$8.53bn ($1.10bn) sell-down in subsidiary HKT last weekend — it was the region’s biggest overnight bookbuild this year.

    13 Feb 2017

  • Lifestyle lines up 10 for HK$9bn greenfield financing

    Sogo department stores operator Lifestyle International has firmed up the bank group for a HK$9bn ($1.16bn) loan to finance a project on a plot of land it acquired last year.

    13 Feb 2017

  • Croatia is heading for investment grade

    Leaping into tier three, the country is on course to regain the rating it lost four years ago.

    13 Feb 2017

  • Greater China names unleash deals into Monday market

    The Greater China debt market started the week in full force, with Bank of Communications, ICBC and Road King Infrastructure opening books on Monday.

    13 Feb 2017

  • Tejas Networks, Dianchi Water file for IPOs

    Indian telecom hardware company Tejas Networks is just a few steps away from its IPO, having filed a draft prospectus with the market regulator more than eight years after first proposing the idea of going public.

    13 Feb 2017

  • Huawei engineers return to dollar bond market

    China’s Huawei Investment & Holding Co is gauging investor appetite for its third international bond, having picked five banks to work on the transaction.

    13 Feb 2017

  • Petrobras closes jumbo tender

    Brazilian oil giant Petrobras has wrapped up a tender offer that ended up far larger than planned, after bondholders owning $5.57bn of paper agreed to sell their notes.

    13 Feb 2017

  • Stoneway powers up with 10 year

    Privately held power generation company Stoneway Capital Corporation, which includes Siemens among its partners, sold $500m of 10 year bonds at a yield of 10% on Friday.

    13 Feb 2017

  • RMB trade slowdown prompts treasury sophistication

    The growth of renminbi trade has stalled, but it has forced a turning point to how corporates use the Chinese currency.

    13 Feb 2017

  • This week in renminbi: February 13, 2017

    Valentine’s Day celebrations may be upon us, but the onshore RMB is not feeling much love, as the fix and spot rates against the dollar start on a weak note. In other news, FX spending by PBoC grew by over $100bn in 2016 and the Hong Kong stock market is soaring on the back of heightened inflows from Mainland investors.

    13 Feb 2017

  • Berenberg scoops Advent's clean-up trade on DFS Furniture

    Shares in DFS Furniture, the UK sofa retailer, rose 4.2% on Friday after its private equity owner Advent International sold its last shares in the company for £58.5m after the expiry of a lock-up and the release of DFS’s first half results earlier in the day.

    10 Feb 2017

  • Funding scorecard: French agencies

    This week's funding scorecard looks at the progress French agencies have made with their funding plans so far in 2017.

    10 Feb 2017

  • BPCE enjoys solid covered reception for juicier seven year

    French covered bond issuer BPCE attracted almost €1.4bn of demand for its seven year as the need to price over OATs conferred a generous new issue premium. But with French covered bonds trading much tighter than OATs in the 10 year tenor there is a growing sense that a new 10 year issue could soon price much tighter than France.

    10 Feb 2017

  • BC Partners hires Apollo IC's former president

    BC Partners has hired the former president and chief investment officer of Apollo Investment Corp to head its own newly opened credit platform.

    10 Feb 2017

  • Dedicated funds help SEB reach record tight for debut green

    Skandinaviska Enskilda Banken broke a near ten year record in setting a very tight spread for its debut green bond, helped by a maturing green investor base and a recent flight to quality.

    10 Feb 2017

  • Tunisia unable to tighten seven year, sets yield at 5.75%

    Tunisia has set the yield on its seven year euro bond issue on Friday morning at 5.75%, unchanged from initial price thoughts.

    10 Feb 2017

  • Thai Future Fund plans Q3 listing of first IPO tranche

    Thailand Future Fund is expected to launch the first tranche of its Bt100bn ($2.9bn) IPO in the third quarter of this year, said bankers.

    10 Feb 2017

  • S Chand starts gauging investor interest

    Indian school textbook publisher S Chand and Co has begun pre-marketing its IPO, which comprises primary and secondary equity.

    10 Feb 2017

  • Allocations out for Air India $69m syndication

    The list of investors that came aboard a $69m loan for Air India has been revealed. The company launched general syndication in October and brought in new lenders at the end of last year.

    10 Feb 2017

  • UBS adds three to equity sales trading, derivatives

    Daniel Murphy has joined UBS in Hong Kong as the Asia Pacific head of equities sales trading, alongside two new hires in equity derivatives.

    10 Feb 2017

  • Future Land collects cash deluge from HY investors

    Future Land Development Holdings’ new three year notes garnered massive investor interest for a $350m capped deal, as Chinese property names benefit from market support.

    10 Feb 2017

  • Hope lives for China bond investments

    The opening of the China interbank bond market (CIBM) has allowed more foreign investors to dip their toes into the market. But despite the reforms and the increasing likelihood of a bond inclusion in global indices, global investors are still wary of the market.

    10 Feb 2017

  • Oman sovereign fund eyes Asian liquidity for $600m loan

    The sovereign wealth fund of Oman is seeking to establish relationships with regional banks in Asia through a $600m syndicated loan to fund its acquisition of a stake in Oman Telecommunications.

    10 Feb 2017

  • Indo Exim aims to charm bond investors

    Lembaga Pembiayaan Ekspor Indonesia, otherwise known as Indonesia Eximbank, has announced plans to sell $500m-equivalent bonds in the offshore market this year.

    10 Feb 2017

  • RMB round-up: CNH closes gap, StanChart index at rock bottom, new records for HKEX contracts

    In this round-up, the offshore RMB (CNH) nearly eliminates its spread with the onshore RMB, a Standard Chartered index on RMB internationalisation ends 2016 poorly, and the Hong Kong Exchange (HKEX) sees new records set in RMB futures contracts in January. Plus, a recap of our stories.

    10 Feb 2017

  • ING Life Korea files for $1bn IPO

    ING Life Insurance Korea is seeking approval to go public through an IPO, filing a draft prospectus with the Korea Exchange (KRX) on Thursday.

    10 Feb 2017

  • Shandong trust $300m HK listing approved by CSRC

    Shandong International Trust Co’s $300m IPO in Hong Kong has been given the go-ahead by the China Securities Regulatory Commission.

    10 Feb 2017

  • Maybank Kim Eng loses CEO for HK/China

    Maybank Kim Eng’s chief executive officer for Hong Kong and China has left the firm, according to sources close to the matter.

    10 Feb 2017

  • London RMB business still growing, says BoE

    While all eyes are focused on the Brexit process, the Bank of England (BoE) has quietly begun publishing numbers that support London's claim to be the leading RMB hubs in Europe. Meanwhile, market participants continue debate the relevance of the upcoming China-London Connect scheme.

    10 Feb 2017

  • Argentina hot but Lat Am supply nears winter break

    Bad weather in New York left trading volumes in Latin American bond markets low on Thursday, and Lat Am primary may also now find activity cooling despite a seemingly relentless wave of Argentine borrowers looking to tap the market.

    09 Feb 2017

  • Buenos Aires trades up after $1.5bn blow-out

    Argentina’s largest province, Buenos Aires (PBA), saw its bonds trade up the day after it raised $1.5bn of five and 10 year bonds.

    09 Feb 2017

  • ICD USD1bn 3.664% Feb 22 sukuk

    09 Feb 2017

  • Mivivienda seeks to solarise after dual-tranche

    Peruvian mortgage lender Fondo Mivivienda sold Nuevo sol-denominated bonds to international investors on Tuesday in a rare local currency trade from Latin America, as the issuer looks to turn much of its debt to soles in the future.

    09 Feb 2017

  • Vale digs on right day for debt-neutral trade

    Lat Am bond bankers said that Brazilian mining giant Vale had found the perfect window to tap its dollar bonds due 2026 on Monday — some four months after it had mandated banks for the trade.

    09 Feb 2017

  • UniCredit takes giant loss as it preps turnaround plan

    UniCredit announced an €11.8bn loss on Thursday as expected, paving the way for its €13bn rights issue and fifth shot at a transformational rescue. The bank said it had signed agreements preparing for 14,000 redundancies, but away from this carnage, the underlying businesses appeared to stay strong.

    09 Feb 2017

  • A long time in politics

    Forget looking to the periphery for the high beta names in the eurozone, the drivers pushing countries to the outlier positions on the volatility charts are no longer economic but political.

    09 Feb 2017

  • Nigeria blows out on bond return to show Africa appetite

    Despite lingering concerns about its foreign exchange rate regime, Nigeria’s return to the bond market drew an impressive $7.8bn book. So insatiable was demand that the deal dragged the whole sub-Saharan Africa market tighter in secondaries paving the way for some much missed supply from the sector, writes Virginia Furness.

    09 Feb 2017

  • Issuer prices rare turboprop aircraft ABS

    An inaugural aircraft ABS deal from Elix Aviation Capital backed by leases on turboprop aircraft was priced on Thursday, reflecting the potential for deal diversification in the fast growing sector.

    09 Feb 2017

  • BNG USD2.25bn 1.5% Feb 19

    09 Feb 2017

  • Republic of Latvia EUR150m 0.375% Oct 2026 tap, EUR500m 2.25% Feb 47

    09 Feb 2017

  • EIB USD3bn 1.75% May 20

    09 Feb 2017

  • Rentenbank EUR1.5bn 0.25% Jul 24

    09 Feb 2017

  • Belgium EUR3bn 0.5% Oct 24, EUR3bn 2.25% Jun 57

    09 Feb 2017

  • People Moves in Brief

    MUFG hires new FIG head — NBAD lays out new management structure — Barclays puts CLOs, illiquids first

    09 Feb 2017

  • Finland EUR3bn 0% Apr 22, EUR1.5bn 1.375% Apr 2047

    09 Feb 2017

  • EFSF EUR1.5bn 1.7% Feb 43

    09 Feb 2017

  • Madrid EUR1bn 2.146% Apr 27

    09 Feb 2017

  • ADB USD3.75bn 2% Feb 22

    09 Feb 2017

  • Instant hit for Eurex with its total return swaps trading

    Eurex has passed a $1bn notional milestone with its Euro Stoxx 50 index total return futures, which it introduced in December.

    09 Feb 2017

  • MTN Leak: Six Nations

    In a world where populist movements are pulling us apart, enforcing cultural divisions and adopting increasingly isolationist standpoints, it is worth remembering that which brings our nations together. Or at least, six of them.

    09 Feb 2017

  • Agrial opts for Schuldschein as market entices internationals

    Agrial, a French agricultural and food processing firm, turned to the Schuldschein market for a €150m loan last Friday, the latest international issuer to find cheap funds in the German market.

    09 Feb 2017

  • EU warms to ‘no action’ as margin rules bite

    European financial market regulators have operated for some time without an equivalent to the ‘no action letters’ available to the other regulatory authorities such as those in the US but the European Securities and Markets Authority (ESMA) has woken up to the need for this recourse as a looming March 1 rollout of variation margin rules on uncleared derivatives threatens lockdown for swathes of unprepared participants.

    09 Feb 2017

  • Deutsche Bank closes US swap clearing business

    Deutsche Bank has closed its US swaps clearing business with immediate effect, as the bank responds to regulatory requirements that would have forced it to post more capital than it was willing to support the business with.

    09 Feb 2017

  • Le Pen threat rattles French FIG and SSAs with OAT shock

    The prospect of a far-right leader becoming president of France rocked government bond markets this week. It led to a rare pulled French agency deal and will cause the country’s banks problems with their own huge funding needs. But as other issuers in eurozone countries facing elections showed, the picture of the risks ahead is complicated. Craig McGlashan reports.

    09 Feb 2017

  • Alfa-Bank eurorouble five year finds buyers as Severstal plots return

    The Russian bond market revival continued this week as Alfa-Bank issued a rare eurorouble note and Severstal announced plans for a global roadshow.

    09 Feb 2017

  • FIG primary on edge but ready for right deals at right prices

    The FIG market was gripped by a bout of volatility this week, causing new issue premiums to rise and order books to shrink. But primary markets will still be there to support the growing number of financial institutions exiting earnings blackouts.

    09 Feb 2017

  • Bondmarker results - Ontario and FADE's benchmarks

    See how market participants rated Ontario's $2.5bn five year and FADE's €1bn March 2022 bond.

    09 Feb 2017

  • Careful borrowers thrive in euros despite volatility

    While the French presidential race put many eurozone issuers under pressure this week, some found the conditions ideal, locking in low rates while they could.

    09 Feb 2017

  • Vinci, Severstal win juicy terms with CBs in deal-hungry market

    Equity-linked bond issuance, lagging behind demand in Europe, showed a burst of vigour on Thursday with the launch of three deals, including substantial convertibles for Vinci and Severstal that were both eagerly received.

    09 Feb 2017

  • Global managers slow to ramp new CLOs as appetite soars

    CLO managers in the US and Europe are struggling to source loans, often pricing new deals with levels of collateral that are well below normal and thereby increasing uncertainty in the asset class. But views in each market diverge on the implications of the trend, as US CLO investors continue to show insatiable appetite, while their European counterparts cool their heels in the hope that spreads come off their historical lows. David Bell and Sam Kerr report.

    09 Feb 2017

  • BNP Paribas plots market share raid by 2020

    BNP Paribas’s 2020 growth plan, unveiled on Tuesday, means building the bank’s market share in fixed income and capital markets, as rivals retrench or withdraw. Though the bank plans to run higher capital levels across the firm by 2020, the sale of First Hawaiian will free up firepower for the CIB unit.

    09 Feb 2017

  • ISDA makes formal plea to regulators on variation margin

    The International Swaps and Derivatives Association (ISDA) made a formal request this week to international regulators for a transitional period that will allow market participants to trade while they work to comply with looming variation margin requirements.

    09 Feb 2017

  • Banks jump as Trump looks to dodge Frank

    US banks returned to the dollar market with quick-fire trades, exploiting tightening in spreads on hopes that US president Donald Trump will loosen regulation in the sector.

    09 Feb 2017

  • Kenya mandate showdown as PTA loan thorns lenders

    International banks want quick answers from the Kenyan government on the status of its loan from Eastern and Southern African Trade and Development Bank (PTA Bank), which has threatened their bigger syndication for the sovereign just as the mandate is being finalised.

    09 Feb 2017

  • Latvia bags first Baltic 30 year sovereign bond

    Latvia became the first Baltic state to issue a 30 year bond as part of a €650m dual tranche transaction this week.

    09 Feb 2017

  • Clearstream switch could ease collateral crunch

    Clearstream, one of Europe’s largest settlement platforms, joined the European Central Bank’s Target 2 Securities (T2S) platform last week — a long-awaited move which could ease the collateral crunch facing banks, as well as pave the wave for a switch to new settlement technologies such as blockchain.

    09 Feb 2017

  • Scandi covered bond trio hits intermediate tenor sweet spot

    A triumvirate of covered bond issuers from Denmark and Norway enjoyed stellar demand for their euro covered bond benchmarks this week.

    09 Feb 2017

  • Elections put TLAC-light French banks in catch-22 situation

    Fears of a far-right win in the French presidential election have left the country’s banks in a tricky position. They need to raise large amounts of non-preferred senior bonds this year but, with spreads so volatile, any attempt to do so is likely to be fraught with risk and expensive.

    09 Feb 2017

  • Molnlycke €500m 1.875% Feb 25

    09 Feb 2017

  • Unilever EUR600m 0.375% Feb 23, EUR600m 1% Feb 27

    09 Feb 2017

  • Ryanair EUR750m 1.125% Aug 23

    09 Feb 2017

  • US corporates slow to leap on inflows

    The dollar high grade market slowed to a subdued pace this week following the bonanza of the previous one as corporates with funding needs lined up their documentation after reporting earnings.

    09 Feb 2017

  • RPC seeks £552m for US takeover with rights issue

    Shares in RPC Group, the UK plastic packaging maker, closed 5.8% lower on Thursday after it announced a fully underwritten £552m rights issue to finance its takeover of Letica, a US rival.

    09 Feb 2017

  • SSAs lining up sustainability bonds

    The pipeline of environmental and social governance bonds is filling up with European public sector borrowers. Two are set to put on green bond roadshows in the weeks to come while a third is planning its social bond debut this year.

    09 Feb 2017

  • Five set for Saudi Aramco roles, Moelis must share

    Saudi Aramco is set to appoint up to five banks to advise it on its potential initial public offering after a six month pitching process reached its climax this week. Contrary to earlier reports, Moelis & Co will not be the sole adviser, but will be joined by another independent, two bulge bracket banks and a local firm, writes David Rothnie.

    09 Feb 2017

  • CaixaBank EUR1bn 3.5% Feb 27 tier two

    09 Feb 2017

  • GCC in rude health as DIB prints largest senior FI sukuk and deal pipeline builds

    Dubai Islamic Bank printed the largest ever senior financial sukuk on Tuesday, an accomplishment that bodes well for the busy pipeline of Middle Eastern bonds.

    09 Feb 2017

  • Guryev sells 4.5% of PJSC PhosAgro as investors warm to Russian stocks

    Adorabella Ltd, a vehicle controlled by billionaire Andrey Guryev and his family, has sold a 4.5% stake in PhosAgro, the Russian maker of phosphate-based fertilizers, for Rb14.8bn ($250m) via an accelerated bookbuild on Wednesday night that was covered in an hour.

    09 Feb 2017

  • Investors duck into corporate bonds to hide out from rates rout

    Corporate issuers became the darlings of the investment grade bond market this week, as investors took shelter from the sharp moves in government debt spreads that saw OATs hit multi-year wides to Bunds.

    09 Feb 2017

  • ADB dollar record breaker rounds off rocky week for SSAs

    The Asian Development Bank on Thursday hit new heights in benchmark issuance, as it sold its largest ever single tranche deal in a week that has been marked by tricky conditions.

    09 Feb 2017

  • Santander Consumer Bank Norway EUR500m 0.375% Feb 20

    09 Feb 2017

  • ING Groep EUR750m 2.5% Feb 29 tier two

    09 Feb 2017

  • Madrid to go social in 2017

    The Autonomous Community of Madrid intends to become the first Spanish region to issue a bond for the socially responsible investment market.

    09 Feb 2017

  • Koninklijke Philips extends Philips Lighting exit with popular €608m block

    Koninklijke Philips, the Dutch technology company, has sold a 17% stake in Philips Lighting, the electronics division it spun off in May 2016, for €608m, through a blow-out accelerated bookbuild that was covered in 20 minutes and attracted a large anchor order.

    09 Feb 2017

  • European CLOs on pause as investors cool off

    After an impressive 2016, the best year for European CLO formation since the financial crisis, the market is taking a breather, as managers struggle to source loan collateral and investor appetite for the debt at tight spreads cools off.

    09 Feb 2017

  • Klepierre joins 10 year euro party

    France’s Klepierre printed a €500m 10 year trade on Thursday, with bankers still waiting for a euro issuing corporate to take the step and stretch maturities in the currency further.

    09 Feb 2017

  • BoE names Hogg as deputy governor for markets and banking

    The Bank of England announced on Thursday that Charlotte Hogg would replace Minouche Shafik as deputy governor for markets and banking.

    09 Feb 2017

  • BP sterling foray priced at start levels

    BP Capital Markets brought a £400m bond to the market on Thursday that was priced in line with initial price thoughts, causing disagreement between bankers on and off the execution about where marketing levels should have started.

    09 Feb 2017

  • RPC scoops up Letica with $750m term loan in M&A rush

    RPC Group, the UK packaging company, is using a $750m loan package to back its $640m buyout of US plastic food-packaging company Letica.

    09 Feb 2017

  • Apollo bottles up Verallia dividend in €350m PIK deal

    It took a trim of the offering size and issuer’s leverage ratio to sway high yield investors, but French glass packaging manufacturer Verallia finally priced its new bond on Thursday.

    09 Feb 2017

  • Apax's Unilabs acquires Alpha Medical

    Unilabs, the Apax Partners-owned medical diagnostics firm, has agreed to buy Alpha Medical from Mid Europa Partners in what will be the largest healthcare deal in central Europe since 2008.

    09 Feb 2017

  • Commerz profits slump but bank builds capital

    Commerzbank’s profits slumped for 2016 and for the fourth quarter, as the euro-orientated commercial bank benefited less than other large banks from the flurry of Trump-related trading and the steepening US yield curve.

    09 Feb 2017

  • Germany presents roadblock for fast rollout of non-preferred senior

    The EU Commission wants member states and the EU Parliament to fast track its work on the hierarchy of creditors. But Germany is reluctant, and some MEPs want to tie it to the reshuffle of the bank recovery and resolution directive (BRRD) – a package that will not be adopted in the short term.

    09 Feb 2017

  • SocGen turns in resilient results as markets thrive

    Société Générale showed it was on a steady forward march on Thursday, posting a robust set of results that benefited from resilient performances across both its retail and investment banking arms.

    09 Feb 2017

  • Elis raises €324m through oversubscribed rights issue for Brazilian, Spanish M&A

    Elis, the French bed linen and laundry company, has completed its oversubscribed €324m rights issue to finance the reduction of its leverage after buying competitors Indusal in Spain and Levebras in Brazil.

    09 Feb 2017

  • 'Disciplined market' sets ICBPI’s PIKs above 7%

    Istituto Centrale delle Banche Popolari Italiane (ICBPI) on Thursday sold a payment-in-kind bond to fund its latest acquisitions in the consumer card sector.

    09 Feb 2017

  • NSFR may spur innovation in covered bonds

    Proposals for the treatment of covered bonds in the net stable funding ratio (NSFR) could spur structural innovation, may incentivise issuers to manage collateral more efficiently and, according to Fitch, could spur secondary market trading.

    09 Feb 2017

  • New Italian HY fund does away with regional bounds

    Sidera Funds has launched a new investment sub-fund that tracks euro and US high yield indices from Bank of America Merrill Lynch, but goes beyond geographies and currencies.

    09 Feb 2017

  • Turk Exim keeps to one year with loan launch

    Export Credit Bank of Turkey has followed Turkish peer Akbank into the loan market, launching the first of its semi-annual one year refinancings.

    09 Feb 2017

  • Sunny outlook for Indonesia M&A financing

    Star Energy is borrowing $1.9bn via two facilities for its acquisition of Chevron’s assets in Indonesia, as strong early interest from banks revealed plenty of available liquidity for M&A into the country. Loans bankers expect more action from the export-oriented nation, following the recovery in commodity prices. Shruti Chaturvedi reports.

    09 Feb 2017

  • Singtel plans Q3 launch for $2bn listing of NetLink Trust

    Singapore Telecommunications is working with DBS, Morgan Stanley and UBS to lead the $2bn IPO of its broadband unit NetLink Trust.

    09 Feb 2017

  • Updated: China Grand Auto seeks $591m in two currencies

    China Grand Automotive is in the market for a $591m equivalent dual currency syndicated loan. The deal comes less than two months after it raised funds from a bond issue.

    09 Feb 2017

  • Ashurst taps senior corporate lawyer as partner

    Ashurst has appointed Pui Hong Chik as a partner in its corporate practice in Hong Kong to bolster its Greater China business, the law firm said on Thursday.

    09 Feb 2017

  • Barclays lures Kalra back from Goldman, names senior credit team

    Barclays has announced several senior appointments in its credit trading business, including the rehire of Shrut Kalra from Goldman Sachs to co-head European high grade on the derivatives side.

    09 Feb 2017

  • BNP Paribas prepares for assault on ECM’s top tier

    The French bank’s recent changes to its equity capital markets division show it is serious about growing its European ECM business outside France, writes David Rothnie.

    09 Feb 2017

  • China Singyes lights up market with $260m senior debut

    China Singyes Solar Technologies Holdings sealed its debut dollar bond on Wednesday after pricing was tightened by an impressive 55bp. Strong market conditions, a familiar name and the deal’s structure played well together for the unrated trade, reckon market participants.

    09 Feb 2017

  • Severstal boosts Russia pipeline with roadshow plan

    Severstal looks set to add to the growing surge of Russian supply with its plans, set out on Thursday, to meet investors ahead of a potential dollar bond.

    09 Feb 2017

  • Wells Fargo promotes Amin; Latham & Watkins hires

    Wells Fargo has named a new regional president for Asia Pacific, promoting Jafar Amin.

    09 Feb 2017

  • Indian IPOs keep market busy as rest of Asia slumbers

    Most of Asia's equity capital markets were still waking up from the post-holiday slumber this week but bankers in India were on their toes, with IPO activity in the country continuing apace.

    09 Feb 2017

  • Indian AT1s to relish RBI relaxation on coupons

    The Reserve Bank of India is giving lenders a helping hand when it comes to paying coupons on their additional tier one debt, by allowing them to dip into their statutory reserves. Although the flexibility on coupon payments is beneficial, weaker banks will still struggle to come offshore for capital. Addison Gong reports.

    09 Feb 2017

  • Alfa-Bank tests appetite for double Russian risk

    Alfa-Bank offered up a rare rouble-denominated Eurobond on Thursday. Making it rarer still was that the issuer is not a state-owned entity and bankers said its progress would be a strong barometer for other privately owned borrowers who may wish to use the product.

    09 Feb 2017

  • Tunisia puts out feelers for Friday in euros

    Tunisia has opted for a two day execution strategy and is collecting indications of interest for its first euro-denominated trade since 2005, with an aim of printing the deal on Friday.

    09 Feb 2017

  • When poker lands you in hot water

    An old chum of mine decided to host a round of poker for his banker colleagues in his apartment last week, deciding to ring in the New Year with a spot of gambling.

    09 Feb 2017

  • China lays out new path for cornerstones to HK IPOs

    Cornerstone investors taking up huge chunks of Hong Kong IPOs have caused much controversy in recent years, but that looks set to change. China’s foreign exchange regulator has provided a new route for investing in the city’s listings, which is expected to diversify the pool of potential cornerstones beyond the typical state-owned enterprises, and friends and family investors. Jonathan Breen reports.

    09 Feb 2017

  • Eika finds funding flat to covered curve

    Eika Boligkreditt showed it was immune to any concern over a possible Norwegian house price correction, as it priced a €500m seven year covered bond on Thursday flat to its curve.

    09 Feb 2017

  • Orders stack up for Nigeria 15 year

    Nigeria’s 15 year bondlooked to be going strongly on Thursday, with investors piling $4.5bn of orders into the book by lunchtime.

    09 Feb 2017

  • Latvia looks long for dual tranche euro return

    Latvia is on course to become the first Baltic state to tap the 30 year maturity after emerging with pricing on a dual tranche euro deal.

    09 Feb 2017

  • CCB scores investor interest with euros

    China Construction Bank sealed a €500m deal through its European arm on Wednesday, securing ample investor interest from both Asia and Europe to price with negligible new issue concession.

    09 Feb 2017

  • Pakuwon Jati stirs investor interest in Indonesian property

    Indonesian real estate developer Pakuwon Jati fed off investors’ desperation for paper, pricing a tight $250m seven non call four on Wednesday on a book more than four times subscribed.

    09 Feb 2017

  • Syndicated Loan, Leveraged Finance and Private Placement Awards 2016: the full results

    GlobalCapital revealed the winners of its Syndicated Loan, Leveraged Finance and Private Placement Awards 2016 at its 14th Annual Loans Dinner on February 8.

    09 Feb 2017

  • Future Land Development surges into market

    Future Land Development Holdings is hunting for $350m from a new three year note launched on Thursday morning, with pricing tightened aggressively at the end of the day.

    09 Feb 2017

  • Rusal plans Russia’s first Panda bond

    Russian aluminium producer Rusal has registered a prospectus on the Shanghai Stock Exchange for a Rmb10bn ($1.5bn) seven year Panda bond programme, the company said on Wednesday.

    09 Feb 2017

  • RMB 2.0: Entering the digital realm

    Renminbi internationalisation could soon be renamed renminbi digitalisation as the People’s Bank of China continues to make inroads to becoming the first major central bank to issue its own digital currency, according to a report from King & Wood Mallesons (KWM).

    09 Feb 2017

  • PBA caught in $4.3bn PDA with investors

    Argentina’s largest province, Buenos Aires (PBA), raised $1.5bn of five and 10 year bonds on Wednesday as investors showered love to the tune of $4.3bn upon the 120bp pick-up to the sovereign it paid.

    09 Feb 2017

  • Bumi mines for $2.6bn in equity to pare down debt

    Indonesian coal miner Bumi Resources has received the go ahead from shareholders to raise Rp35.1tr ($2.639bn) from a combination of a rights issue and mandatory convertible bonds — a move that will help it pare down debt.

    09 Feb 2017

  • The 2017 dim sum bond disappearing act

    The offshore renminbi market is set for another year of pain with new issuance predicted to fall by as much as 30% in 2017, according to HSBC’s February dim sum tracker report.

    09 Feb 2017

  • CFPB drama not an obstacle for latest Navient ABS

    Student loan servicer Navient’s tussle with the Consumer Financial Protection Bureau (CFPB) in January was mostly background noise for the company’s no-grow Federal Family Education Loan Program (FFELP) securitization, which was priced tightly on Wednesday.

    08 Feb 2017

  • Cerberus prices mega RPL RMBS

    Cerberus Capital Management priced a large re-performing loan RMBS deal through its First Key Mortgage Arm on Wednesday, with investors showing heavy demand for the bonds.

    08 Feb 2017

  • TPI to distribute analytics from Valens Research

    Tullett Prebon Information has announced its move into research data distribution after signing a deal with global equity and credit analytics provider Valens Research.

    08 Feb 2017

  • BNP Penalised

    If you were a bank chief executive, and your major competitors were signing $7bn legal settlements and asking investors for €13bn to burn on non-performing loans, you might think you deserved a breather. Apparently, you would be wrong.

    08 Feb 2017

  • Market and regulatory changes boost DTCC volumes

    The Depository Trust and Clearing Corporation (DTCC) institutional and trade processing product suites stored 1bn trades in 2016. Further market and regulatory changes, as well as more fintech usage through 2017, is expected to increase that figure.

    08 Feb 2017

  • Ryanair takes advantage of clear skies

    Budget airline Ryanair slipped into the market to print a €750m August 2023 bond on Wednesday, taking advantage of an almost clear run as many issuers are still on earnings reporting blackouts. Meanwhile, two other corporate credits are about to meet investors.

    08 Feb 2017

  • Rush to quality buoys Unilever

    Consumer goods company Unilever priced a €1.2bn dual tranche bond on Wednesday that came partially inside the French government curve, as investors scrabble for perceived haven assets amid sharply deteriorating market sentiment.

    08 Feb 2017

  • Madrid pays up but shows Spanish resilience

    The Autonomous Community of Madrid launched its largest syndication in two years on Wednesday, in spite of difficult conditions in the euro market.

    08 Feb 2017

  • Finland follows Belgium for first dual tranche

    Finland launched its first ever dual tranche deal on Wednesday, scoring €3bn with a five year leg and €1.5bn at 30 years. The issue comes on the heels of an immensely popular Belgian barbell printed on Tuesday.

    08 Feb 2017

  • Silgan uncorks rare loan-to-bond cross-border offering

    Silgan Holdings, a maker of consumer goods packaging in the US, this week priced the first cross-border high yield deal of 2017 as it plans to repay term loans.

    08 Feb 2017

  • Detsky Mir prices Rb18.4bn IPO as foreign investors pile in

    Detsky Mir, the Russian toy retailer, this week priced its Rb18.4bn ($311m) Moscow IPO, the first IPO of significant size to be completed this year in EMEA.

    08 Feb 2017

  • BNG breezes through election jitters as ADB prepares dollar fives

    Bank Nederlandse Gemeenten showed that investors in its dollar bonds are not overly concerned about an upcoming Dutch general election, as it priced a bond on Wednesday that was just $250m short of its record size in the currency. More public sector dollar supply is set for Thursday, after Asian Development Bank hired banks for a five year global benchmark.

    08 Feb 2017

  • Amazon shifts loan risk with revolving facility

    Amazon Lending, which provides inventory financing to a selectively chosen group of micro, small and medium sized businesses that sell on the Amazon marketplace, is shifting the risk on those loans off its balance sheet with a new secured revolving credit facility.

    08 Feb 2017

  • Panera takes $200m fresh dough from half-dozen batch of banks

    Panera Bread, the US chain of bakery cafes, received $200m from six lenders this week as it served up healthy financial results on Tuesday.

    08 Feb 2017

  • Mars seeks $5bn loan for VCA buyout

    Mars Inc, the US confectionery and pet food firm, is seeking $5bn for a five year term loan as it narrows in on its acquisition of VCA, an animal healthcare company.

    08 Feb 2017

  • Garrido is good confirms Santander UK as senior job cemented

    Santander UK said that Juan Garrido Otaola will permanently become head of global corporate banking UK and chief executive of Abbey National Treasury Services, jobs he had been filling on an interim basis since March last year.

    08 Feb 2017

  • Eika follows Vest with another seven year Norwegian covered bond

    Eika Boligkreditt has mandated leads for a €500m seven year covered bond from Norway, the second in that size and tenor that will be issued this week following one from Sparebank Vest Boligkreditt.

    08 Feb 2017

  • Van Lanschot scoops 10 year CPT funding

    After nearly a month without 10 year benchmark covered bond supply, Dutch issuer Van Lanschot Bankiers returned to the market on Wednesday with a conditional pass through deal.

    08 Feb 2017

  • Stone Canyon pounces as Mauser foregoes IPO

    Stone Canyon Industries, the US investment firm, has agreed to buy Mauser for $2.3bn after the German packaging supplier forewent a proposed initial public offering.

    08 Feb 2017

  • Old Money: Modi, money laundering and Hitler’s helicopter cash

    At 8:15pm on November 8, Indian prime minister Narendra Modi stunned the country by announcing in an unscheduled television broadcast that at midnight Rs500 ($7.50) and Rs1,000 ($15) banknotes would be “demonetised”.

    08 Feb 2017

  • Virgin Media targets covenants in bond exchange

    UK telecoms Virgin Media offered bondholders to exchange its 5.5% 2021 sterling bonds for new notes that increase coupons and maturities, but do away with restrictive covenants.

    08 Feb 2017

  • Apollo tweaks Verallia dividend bond at investors’ behest

    French bottle maker Verallia served on Wednesday an updated version of the offering it had to pull in October, when its shareholder Apollo disagreed over the terms with investors. The deal is now smaller, and the issuer less leveraged.

    08 Feb 2017

  • Asiamoney Best Brands in Finance Poll

    Asiamoney is delighted to announce the launch of the Asiamoney Best Brands in Finance Poll. We want to hear what you, our readers, think makes a top brand among financial market participants in Asia-Pacific — and which companies have the very strongest brands in the markets you know best.

    08 Feb 2017

  • ING grabs first holdco T2 in nervous FIG market

    ING successfully sold its first holding company level tier two since it changed its point of resolution last year, though new issue premiums have been rising and order books shrinking as European election fears set in.

    08 Feb 2017

  • GCC bonds in rude health as DIB prints

    Dubai Islamic Bank printed the largest ever senior financial sukuk on Tuesday proving the market to be in rude health, good news for the busy pipeline of Middle Eastern bonds and Kipco, which mandated on Wednesday.

    08 Feb 2017

  • Plenty in the EM pipe but little in primary

    Emerging market bankers are busy on the road as mandates start to ramp up but this week all eyes will be on Nigeria, which wraps up investor meetings on Wednesday.

    08 Feb 2017

  • Mixed fortunes for SSAs in volatile public market

    Political volatility in France has buffeted the euro market this week, leaving some public sector issuers floundering as government yield curves spiked. Other issuers have had no such troubles though, thriving amid the turmoil.

    08 Feb 2017

  • Large range for Nigeria pricing feedback

    Nigeria impressed on its roadshow this week but concerns about the country’s FX regime have resulted in a wide range of feedback for pricing from investors.

    08 Feb 2017

  • New NBAD CIB structure annouced

    Details of the new look National Bank of Abu Dhabi emerged this week including plans to divide the merged bank’s corporate and investment banking division into six reporting lines.

    08 Feb 2017

  • Detsky Mir prices first IPO of the year, AlzChem pulls

    The IPO market in EMEA is enjoying mixed fortunes, with the successful completion of the largest flotation in Russia since 2014 and the withdrawal of the first German IPO of the year late on Tuesday due to a lack of demand at an acceptable price.

    08 Feb 2017

  • Loan pricing screws keep tightening

    Pricing in the European leveraged loan market is “in freefall”, according to one head of leveraged finance.

    08 Feb 2017

  • Long awaited UK student loan sale breaks cover

    The UK government delivered a potential boost to Europe’s stagnant securitization market on Monday with its announcement that it plans to raise £12bn through securitizing part of its book of student loans by the end of 2021. The first deal from the scheme, backed by around £4bn of loans, is expected this year.

    08 Feb 2017

  • Mason closes oversubscribed rights issue, Chanhigh files A1

    Mason Financial Holdings has wrapped up a rights offering of more than 20bn new shares, raising HK$2.9bn ($373.9m) from the deal.

    08 Feb 2017

  • Pakuwon Jati peeks into dollar market

    Indonesia’s Pakuwon Jati was back in the international market on Wednesday after a nearly three year hiatus, looking to grab enough funds to redeem its existing 2019s.

    08 Feb 2017

  • Catching the next wave of OTC derivative margining

    The initial launch of the new regime for margin requirements for non-cleared derivatives passed on September 1. This first wave affected those firms with the largest presence in the market for both initial and variation margins under the new regulations.

    08 Feb 2017

  • Jumbo FRN crowns BOC $2bn triple-trancher

    Bank of China concluded its first G3 outing of the year, pricing a $2bn triple tranche offering on Tuesday. Demand was particularly strong for a three year floating rate portion, which is now among the largest FRNs in the region.

    08 Feb 2017

  • Indian govt nets $995m via ITC sell down

    The Indian government has offloaded 2% of its stake in ITC, the country’s largest cigarette maker, raising Rp67bn ($995.2m) and coming closer to its divestment target for the financial year, according to a banker on the deal.

    08 Feb 2017

  • China Grand Auto makes quick return to debt market

    China Grand Automotive is looking for a $591m equivalent syndicated loan facility, less than two months after it raised funds from the bond market.

    08 Feb 2017

  • UBS appoints new Apac TMT head

    UBS has a new head of technology, media and telecom (TMT) for Asia Pacific, hired from SMBC Nikko.

    08 Feb 2017

  • India targets green bond development

    The Indian Green Bonds Market Development Council, a public-private initiative, launched its 2017 programme on Tuesday to build the country's green debt market to meet national climate objectives.

    08 Feb 2017

  • Total Derivatives: Data fuels CNY curve correction

    The PBoC skipped another reverse repo operation today, tightening liquidity conditions further. However lower fixings have supported better offers in swaps. Data-related receiving in 5-years has fuelled a corrective flattening move in the 1s/5s NDIRS slope after the curve made new highs earlier this week, writes Deirdre Yeung of Total Derivatives.

    08 Feb 2017

  • Mivivienda finds keys to local currency market

    Peruvian mortgage lender Fondo Mivivienda on Tuesday found a high level of appetite for local currency paper with a $600m-equivalent dual tranche deal of which three quarters was in Nuevo soles.

    08 Feb 2017

  • China Singyes shines light on inaugural transaction

    China Singyes Solar Technologies Holdings has become the latest energy name to venture out to the Asian debt market, taking bids for its debut dollar bond on Wednesday.

    08 Feb 2017

  • CCB unveils second euro offering

    China Construction Bank (Europe) launched its new euro notes on Wednesday morning, becoming the third Chinese lender to hit the G3 debt market this week.

    08 Feb 2017

  • ‘Insatiable’ demand drives ABS tighter

    ABS spreads, fuelled by intense demand from bond buyers, are approaching their post-crisis tights and investors said that there is room to go tighter still.

    07 Feb 2017

  • Equity buyers push CLO refis over new issues

    Third party CLO equity investors are a driving force behind the wave of CLO refinancings at the expense of new issuance, as pricey leveraged loans make returns on new deal equity less attractive.

    07 Feb 2017

  • Jefferies readies first rated prime Lending Club ABS

    Jefferies is underwriting a rated marketplace loan ABS for Arcadia Funds that will see prime consumer loans from Lending Club bundled into a securitization for the first time, sources told GlobalCapital on Tuesday.

    07 Feb 2017

  • Le Pen draws first capital markets blood

    The rise of populism in Europe has claimed its first capital markets victims. Brace yourself for more.

    07 Feb 2017

  • If Russians print it, investors will come, whatever the cost

    Two Russian corporate deals in as many weeks have been stuffed down investors’ throats. Both were deemed tight, but Rusal, the first, sold off and is yet to recover to par. Russian issuers are famously price-driven, and the deals prompted complaints — but market dynamics mean that tight pricing is here to stay.

    07 Feb 2017

  • German IPOs off to poor start as AlzChem Pulls its €174m deal

    AlzChem, the German niche chemicals producer, has postponed its €174m Frankfurt IPO, blaming difficult market conditions.

    07 Feb 2017

  • D Börse, LSE formalise LCH sale offer

    Deutsche Börse and the London Stock Exchange Group on Tuesday announced submissions to the European Commission for the formal divestment of the latter’s Paris clearing house, LCH Clearnet SA.

    07 Feb 2017

  • Goldman Sachs extends funding line to UK specialist lender

    UK specialist lender, Together, which offers residential, commercial and personal loans, has agreed a £90m four year funding facility with Goldman Sachs Private Capital.

    07 Feb 2017

  • Room for improvement on WM/Reuters fix levels

    More work should be done by the administrator of Thomson Reuters-owned World Markets Company on its 4pm closing spot rate benchmarks, the International Organisation of Securities Commissions has said, but good progress has been made and further oversight of these steps will fall to national authorities and regulators.

    07 Feb 2017

  • Belgium shows sovereign strength, Finland to follow

    Belgium defied turmoil afflicting European government bond spreads this week, pulling in big books for a dual tranche euro benchmark. The sovereign's success may have emboldened Finland to follow suit with its own barbell transaction.

    07 Feb 2017

  • BGF partners with First Derivatives on SME investment

    The Business Growth Fund has teamed up with First Derivatives to invest in early stage technology companies in the UK, a sector the country's chancellor cited in the autumn budget as requiring extra funding.

    07 Feb 2017

  • AnaCap scoops up €177m of Italian loans from Barclays

    Barclays has agreed to sell a pool of performing and non-performing corporate loans and small and medium sized enterprise loans with a book value of €177m to private equity firm AnaCap Financial Partners.

    07 Feb 2017

  • For big banks, the shine should be coming off Trump

    The first weeks of the Trump administration have been chaotic. So much so that the big banks may be re-evaluating their once rosy outlook for the economy under an 'outsider' president.

    07 Feb 2017

  • Criteria's €1bn CaixaBank ABB not covered

    Criteria Caixa, the unlisted holding company, has sold a 5.3% stake in CaixaBank, the Spanish lender, for €1.06bn, through an accelerated bookbuild launched on Monday night that was completed without a covered message.

    07 Feb 2017

  • Selling student loans: Gilty parties

    The UK government’s decision to sell off part of its student loan portfolio is unlikely to deliver value for taxpayers. If it’s short of cash, it has a highly functional capital market ready to provide it — at better rates than the student loan deal could ever match.

    07 Feb 2017

  • Election worries hit AFD, as BNG lines up and EIB powers through

    Two public sector borrowers had very contrasting fortunes with no-grow three year dollar bond issues on a volatile Tuesday.

    07 Feb 2017

  • Hapag back with triple-C tap

    Two weeks after printing €250m of triple-C rated notes, container shipping company Hapag-Lloyd on Tuesday sailed into the market for an add-on.

    07 Feb 2017

  • Corporate market rattled by rates shakes

    Corporate borrowers that were waiting on the side lines have decided against pulling the trigger on Tuesday, after sharp moves in French government bonds put wider markets on the back foot.

    07 Feb 2017

  • BC Partners sells 13.2% of Com Hem at slim discount

    BC Partners has sold 13.2% of Com Hem, the Swedish provider of cable television, broadband and telephone services, for Skr2.3bn ($275m), through an accelerated bookbuild launched on Monday night.

    07 Feb 2017

  • Vodafone to open Europe’s 2017 corp Formosa account

    Vodafone has hired banks to arrange a 30 year US dollar Formosa bond, as corporate issuers get stuck into a market that has been teeming with bank trades this year.

    07 Feb 2017

  • What’s on the regulatory wish list?

    Now there’s a chance that the marginalised and downtrodden voters of rust belt America will get what they really want — a wholesale dismantling of the post-crisis banking regulation — the finance industry must ask itself if that’s what it really wants.

    07 Feb 2017

  • Chronic supply shortage 'worrying' for market stability

    The sheer amount of excess liquidity in the leveraged finance market in Europe has initiated a relentless repricing wave. And on Tuesday, the head of leveraged finance at a bank in London went as far as to say that the supply/demand imbalance was so extreme it threatened medium term market stability.

    07 Feb 2017

  • Sibanye points to S African M&A gold rush

    The speed and success of Sibanye Gold in closing a loan to back its acquisition of US palladium miner Stillwater, has put South Africa in focus for bankers amid talk that two other acquisition deals out of the country could follow soon.

    07 Feb 2017

  • Van Lanschot mandates for first CPT of the year

    The Dutch covered bond issuer, Van Lanschot Bankiers has mandated leads for the first 10 year covered bond in nearly a month and the first Dutch conditional pass through (CPT) since May 2016. The deal emerges following a Fitch survey suggesting investors would like to see price differentiation between soft bullet and CPT maturities.

    07 Feb 2017

  • IFC wows with Kanga fives, as Kexim loyalty pays off

    The International Finance Corporation received over A$1bn ($761.8m) of orders for a 5.5 year Kangaroo bond on Tuesday –– a size all hoped for, but few expected.

    07 Feb 2017

  • French elections put senior non-preferred in crosshairs

    French banks are expected to look closely at opportunities for issuance in the coming month, senior non-preferred bonds have started widening on the back of fresh election jitters in Europe, and opportunities could be limited as the French vote draws nearer.

    07 Feb 2017

  • AFD pulls three year dollar deal

    Agence Française de Développement (AFD) has pulled a three year dollar deal that was expected to be priced today.

    07 Feb 2017

  • Spare Vest enjoys speedy execution in covereds

    Investors wasted no time posting orders for Sparebank Vest Boligkreditt’s covered bond issued on Tuesday, a deal which ticked all the right boxes for maturity and spread, despite concerns from Moody's about the sustainability of Norwegian house prices.

    07 Feb 2017

  • Caixa twice subscribed in smooth tier two return

    CaixaBank comfortably raised €1bn of new tier two capital on Tuesday, despite signs that executing trades could start to grow trickier in February.

    07 Feb 2017

  • UniCredit fills senior tier in capital markets, corpfin

    UniCredit has named the bankers to fill a series of senior country posts in its financing and advisory business, which covers equity and debt origination, coverage and M&A.

    07 Feb 2017

  • DIB launches biggest ever senior sukuk

    Dubai Islamic Bank had taken orders of over $2.2bn by lunchtime on Tuesdayto launch the first financial sukuk from the Middle East of 2017.

    07 Feb 2017

  • Star Energy drills for $660m in senior syndication

    Star Energy Geothermal has enlisted three lenders for a $660m dual tranche loan that will go partly towards funding the company’s purchase of a stake in Chevron’s Indonesian assets.

    07 Feb 2017

  • Ahli Bank Qatar picks six for senior return

    Ahli Bank Qatar will hit the road next week for a five year senior bond, as issuance from Middle Eastern banks ramps up.

    07 Feb 2017

  • Buma quells investor concerns to raise $350m

    Bukit Makmur Mandiri Utama (Buma), which services Indonesia's coal industry, pulled in an impressive $2.2bn book for a $350m bond this week, after taking care to meet investors and address their concerns about its relationship with defaulted miner Berau Coal.

    07 Feb 2017

  • Neerg Energy powers up green bond with unique structure

    India’s Neerg Energy sold a $475m green bond on Monday — the second green dollar transaction from Asia this year. The deal introduced a new structure to the market, but investors’ concerns were allayed by the issuer’s robust credit story.

    07 Feb 2017

  • Luxembourg eyes Brexit, CIBM for RMB opportunities

    The Brexit process and the further opening of the Chinese capital markets are pushing Luxembourg fund managers to sharpen their focus on China, Marc-Andre Bechet, director of legal and tax, Association of the Luxembourg Fund Industry (Alfi), told GlobalRMB.

    07 Feb 2017

  • Sebi approves Genesis Colors IPO, seeks NSE clarification

    Genesis Colors, which owns luxury Indian brands Satya Paul and Bwitch, has secured approval from the country’s market regulator to go public via a Rp6.5bn ($96.5m) IPO.

    07 Feb 2017

  • Investor risk now higher in Australia than New Zealand

    The rating agencies still won’t budge as the two countries’ risk scores diverge.

    07 Feb 2017

  • Hong Kong preps for new dollar sukuk

    The Hong Kong government is eyeing the week of February 20 to issue a new dollar sukuk, providing further momentum to Islamic financing since making its debut in the market more than two years ago.

    07 Feb 2017

  • Latham & Watkins hires former SEC official

    Law firm Latham & Watkins has strengthened its practice in New York, with the addition of a Mandarin speaking partner to its corporate department and financial institutions group.

    07 Feb 2017

  • Tech firms China Reading, Wangjin Holdings eye HK IPOs

    E-book publisher China Reading and fintech firm Guangdong Wangjin Holdings Technology Co are looking to list in Hong Kong this year, according to sources familiar with their plans.

    07 Feb 2017

  • Pandas key to BNP’s China bond ambitions

    BNP Paribas got a boost last month when it became just one of four foreign corporate debt underwriters in the China Interbank Bond Market (CIBM). The French lender’s head of global markets for greater China, CG Lai, explained to GlobalRMB that the licence showcased the growing maturity of the onshore market with Panda bonds the key to their plans.

    07 Feb 2017

  • India needs to get real on budget expectations

    India is aiming for a record Rp725bn ($10.8bn) in divestment proceeds in the new financial year starting April. But it is no secret that these are targets the government is unlikely to meet, with the country having consistently over promised and under delivered. Ambition is admirable, but it is time the government got realistic.

    07 Feb 2017

  • SPDB dazzles investors to clinch tight deal

    Shanghai Pudong Development Bank (SPDB) worked its magic as the first greater China issuer in the international market after Chinese New Year, pulling in eager investors to grab a tightly priced $500m deal.

    07 Feb 2017

  • BOC markets triple-trancher, CCB euro bond in the works

    Bank of China started taking bids for a triple-tranche dollar offering on Tuesday, while China Construction Bank is looking to return to the euro bond market after a two year hiatus.

    07 Feb 2017

  • Vale mines investors for tap of 2026s

    Brazilian mining giant Vale took advantage of a huge recovery in iron ore prices since Donald Trump won the US presidential election to tap its 2026s some 105bp inside where it first issued the bonds in August.

    07 Feb 2017

  • Mivivienda plans to raise $600m in dollar and sol double

    Peruvian government owned mortgage lender Fondo Mivivienda is planning to issue both dollar and nuevo sol-denominated bonds on Tuesday in its first international bond sale for nearly three years.

    07 Feb 2017

  • Trans Retail Indo opens $575m loan into general

    CT Corp company, Trans Retail Indonesia, has launched its $575m loan with seven mandated lead arrangers and bookrunners.

    07 Feb 2017

  • Citi lands China bond settlement licence

    Citi has become the first US bank approved to act as a bond settlement agent in the China Interbank Bond Market (CIBM).

    07 Feb 2017

  • Freddie Mac broadens CRE risk transfer efforts

    Freddie Mac has sold a debut risk transfer securitization backed by multifamily loans, expanding its programme of transferring commercial mortgage risk to the private market.

    06 Feb 2017

  • Navient readies $1bn FFELP student loan ABS

    Student loan servicer Navient is in the market with a $1bn student loan ABS offering, forging ahead with its securitization plans while it contends with allegations around its debt collection practices from the Consumer Financial Protection Bureau (CFPB).

    06 Feb 2017

  • US primary CLO pipeline comes alive

    A flurry of US CLOs were priced at the end of last week, jump starting the primary market after a long period of deal refinancings and resets.

    06 Feb 2017

  • EFSF suffers but Renten thrives amid govvie sell-off

    The market for public sector euro issuers is springing back to life after a quiet week, with two benchmarks printed on Monday and a sovereign dual tranche expected on Tuesday. But although traffic is returning, conditions are no longer as supportive as in January.

    06 Feb 2017

  • HSBC hires Laing to spearhead CEEMEA ECM

    HSBC has confirmed that it has hired Chris Laing to be head of equity capital markets for central and eastern Europe, the Middle East and Africa.

    06 Feb 2017

  • UK government unveils £12bn student debt securitization plan

    The UK government has formally unveiled plans to sell off £12bn of student loans in a series of securitization deals, launching a brand new asset class of ABS backed by income contingent student loans.

    06 Feb 2017

  • IFC ups minimum size for Kanga fives

    The International Finance Corporation is set to price a 5.5 year Kangaroo bond on Tuesday — but has already increased the minimum size of the deal by A$200m ($152.8m) in response to a wide range of interest.

    06 Feb 2017

  • Molnlycke wraps up deal before expected euro deluge

    Sweden’s Molnlycke got in early this week with a €500m eight year trade, as bond bankers said that the euro market is ready to ramp up again in the coming days.

    06 Feb 2017

  • Logoplaste repackages loan as B&B checks out

    Logoplaste, the Portuguese plastic packaging maker, boarded the loan market's runaway repricing train on Monday, completing a request on four different tranches amid several similar deals.

    06 Feb 2017

  • BCA motors into loan syndication

    BCA Marketplace, the European used-car marketplace, signed a £500m four year loan on Monday to refinance both a term loan and a revolving credit facility.

    06 Feb 2017

  • Detsky Mir trims Moscow IPO pricing

    Detsky Mir, the Russian toy retailer, has revised the price range for its Rb21.1bn ($350m) Moscow IPO to Rb85 to Rb90 a share, the bottom end of the initial Rb85 to Rb105 range.

    06 Feb 2017

  • EIB and AFD out in dollars after Asian holiday slowdown

    The public sector dollar market looks set to pick up the pace of a record breaking January after last week’s slowdown in issuance, with two borrowers on screen for Tuesday business at press time on Monday and more issuance expected later in the week.

    06 Feb 2017

  • Derivs exchange volumes tumble

    Volume figures released by major derivative exchanges for January show a decline over the same month last year.

    06 Feb 2017

  • TriOptima CEO resigns

    Per Sjöberg, CEO of TriOptima for almost five years, has decided to leave the the derivatives post-trade services company and will be replaced by a former Goldman Sachs banker working at NEX.

    06 Feb 2017

  • Dubai seeks pricing consensus on airports loan

    Dubai is closing in on loans of as much as $3bn to fund its airport expansion, but bankers have said that pricing remains an area of negotiation.

    06 Feb 2017

  • Creativity key to LBO pipeline, says Goldman

    Several mid-market buyout deals materialised in the European leveraged finance market at this week, even as private equity firms struggle to source primary issuance amid highly elevated asset prices.

    06 Feb 2017

  • Danske shows covered demand is most durable in the five year

    Danske Bank showed enduring demand for five year covered bonds on Monday when it issued the first Danish covered bond in euros this year. In common with other deals issued in this part of the curve, the bonds quickly attracted a well oversubscribed order book.

    06 Feb 2017

  • Forget sponsor-led HY bonds, urges issuer adviser

    As the visible pipeline in the European high yield bond market reopens, one of the largest debt advisers to borrowers had a tip for high yield bankers: search for new supply away from sponsors.

    06 Feb 2017

  • BCP finishes €1.33bn oversubscribed rights issue to repay government CoCo bonds

    Shares in Banco Comercial Português rose as much as 9.3% on Monday after it announced late on Friday the successful completion of its €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.

    06 Feb 2017

  • Crédit Agricole covered tap shows RV matters less in 20 year

    Crédit Agricole tapped its 20 year covered bond on Monday at a spread that was almost twice as tight compared to OATs as the original issue. The success of the tap shows that the German insurance firms that bought the increase are focused on other metrics than the cost compared to government bonds.

    06 Feb 2017

  • Investors consume popular short senior from Santander Norway

    Santander Consumer Bank Norway was nearly five times oversubscribed for a €500m three year on Monday, sucking up demand for an undersupplied part of the curve.

    06 Feb 2017

  • Periphery in focus as CaixaBank and Iccrea mandate

    CaixaBank picked banks for a euro tier two transaction and Iccrea Banca announced a roadshow for its first public trade in more than two years, as the FIG market looked in good shape to receive higher beta trades from the European periphery.

    06 Feb 2017

  • Investors say yes to Albaraka Turk capital update

    Albaraka Turk received a boost to its capital after investors voted to update its old-style tier two sukuk as Fitch junked 18 Turkish banks on Friday.

    06 Feb 2017

  • Jefferies hires EM sales head from Barclays

    Jefferies has appointed a new head of EU emerging markets sales having strengthened its EM credit team with four other recent hires.

    06 Feb 2017

  • UK DMO picks next spot for next syndication as MuniFin prints

    The UK Debt Management Office has opted to reopen an index linked Gilt maturing in 2065 for its sixth and final syndication of the 2016/17 financial year. Meanwhile, Municipality Finance opened sterling issuance for the week with a December 2020 issue.

    06 Feb 2017

  • P&M Notebook: tide of crazy hits bank regulation

    What’s happening in Washington DC right now seems bad and dangerous for a bunch of reasons, mostly reasons that GlobalCapital doesn’t claim any expertise in. We are but humble financial scribes, but now the ascendant Republicans are on our turf too.

    06 Feb 2017

  • MUFG hires new European FIG DCM head

    MUFG (Mitsubishi UFJ Financial Group) has hired a new banker to head up its DCM team for European financial institutions.

    06 Feb 2017

  • Safe gives nod to direct cornerstone participation

    Onshore Chinese investors can now buy into Hong Kong IPOs directly if they are acting as cornerstones investors, following a change in regulation by the State Administration of Foreign Exchange (Safe).

    06 Feb 2017

  • Asian power companies turn to dollar investors

    Power companies were at the forefront of the international market on Monday, with India’s Neerg Energy and Indonesia’s Bukit Makmur Mandiri Utama launching high yield dollar deals.

    06 Feb 2017

  • Hong Kong is not fit for unicorns

    The filing of form S-1, the draft registration statement for the proposed $3bn New York IPO of Snap, the $25bn parent company of messaging app Snapchat, was full of surprises — not all of them good for investors. If anything, it also showed that Hong Kong will, most likely, never be able to compete with the US exchanges when it comes to listing unicorns, writes our columnist Clawback.

    06 Feb 2017

  • Indonesia's Rimo makes smaller $307m cash call

    Rimo International has downsized its long delayed rights issue by almost half to Rph4.1tr ($307.5m), in the latest update to its fundraising.

    06 Feb 2017

  • Sinochem unit makes $110m loan debut

    A crude oil refiner affiliated to Sinochem Group has made its debut in the international syndicated loan market for $110m, with a view to expanding its overseas banking relationships.

    06 Feb 2017

  • This week in renminbi: February 6, 2017

    Chinese markets are back, with previous interventions by the regulators still paying off in the offshore RMB spot markets, while Dubai's exchange saw growing interest in RMB futures contracts in January 2017.

    06 Feb 2017

  • SPDB opens door for post-CNY Greater China deals

    The post Chinese New Year holiday week has kicked off with Shanghai Pudong Development Bank (SPDB) hitting the market with a three year dollar offering on Monday morning local time.

    06 Feb 2017

  • Direction of RMB remains hard to gauge

    After taking a beating in 2016, many are expecting the renminbi to fall further against the dollar this year. But few market watchers expect another sharp depreciation, with some believing the RMB may have already reached the bottom.

    06 Feb 2017

  • Clisa nears tap as Lat Am deals trades up

    The solid performance of last week’s Latin American new issues will give heart to an Argentine corporate borrower looking to bring a new bond on Monday.

    06 Feb 2017

  • China Singyes to roadshow for maiden dollar bond

    China Singyes Solar Technologies Holdings is eyeing its inaugural dollar bond, hiring six banks to work on the senior unsecured transaction.

    06 Feb 2017

  • Lucror bolsters Lat Am HY coverage

    Singapore-based credit research provider Lucror Analytics has hired two experienced rating agency officials as it looks to launch a Latin America service in May.

    06 Feb 2017

  • Droit hires in London for European push

    Droit Financial Technologies, a New York-based regulatory financial technology firm focused on over-the-counter derivatives, has made a senior hire in London as part of a European business drive.

    03 Feb 2017

  • S&P plays catch-up with new component to covered bond rating

    Almost two years after Moody’s and Fitch changed their rating criteria to take account of the Bank Resolution and Recovery Directive, Standard & Poor’s has set out how it plans to build resolution regimes into its ratings.

    03 Feb 2017

  • Marcolin speeds up floater following LVMH JV

    Italian eyewear maker Marcolin entered a quiet European high yield market on Tuesday, announcing a roadshow starting on Wednesday for €250m of floating rate notes after signing a joint venture with LVMH.

    03 Feb 2017

  • Xella builds on loan again as demand raises the roof

    Xella increased its €1.4bn buyout term loan for a second time on Thursday morning, adding another €50m in lieu of a proposed shareholder loan, while US software firm Infor did the same on its €750m term loan.

    03 Feb 2017

  • BSE shares rocket on debut after $184m IPO

    Shares of India’s second largest stock exchange BSE traded up 49% on their debut on Friday, following the hugely successful Rp12.4bn ($184.1m) IPO in January.

    03 Feb 2017

  • Samsonite saves $16m with Tumi acquisition loan refi

    Samsonite International has refinanced credit facilities totalling $2.4bn that were originally raised to fund its acquisition of premium luggage maker Tumi last year.

    03 Feb 2017

  • Korea's K-water to dive offshore in 2017

    Korea Water Resources Corp (K-water) is preparing to join the queue of issuers from the country selling dollar bond offerings this year, following a three year hiatus.

    03 Feb 2017

  • No CNY blues: IPOs from HK to BKK vie for attention

    Activity is trickling back into Asia ECM as bankers return to their desks post Chinese New Year, with several Hong Kong IPOs looking to start pre-marketing and a Thai name testing investor appetite.

    03 Feb 2017

  • RMB round-up: CNY markets reopen, Japan banks hop onto CIPS, HK trade settlement collapses

    In this round-up, CFETS sets its dollar fix nearly unchanged after a week-long break, several Japanese lenders get ready to gain access to the China interbank payment system, and RMB trade settlement in Hong Kong sees a sharp fall in 2016. Plus a recap of our coverage.

    03 Feb 2017

  • Climate impacts are here, get ready for 3C warming, warns Cicero

    Cicero, the climate research institute at Oslo University, has produced a report to help investors work out where they face risks from climate change, with red, orange and yellow flags for the severity and immediacy of threats.

    03 Feb 2017

  • Cosan link helps Rumo ride away with big book

    Brazilian railway operator Rumo wrapped up another busy day for Latin American new issues on Thursday with a $750m seven year non-call four deal that came well inside initial price thoughts.

    02 Feb 2017

  • Sigma brings back Mexico with seven year blow-out

    Food producer Sigma Alimentos, a subsidiary of Mexican conglomerate Grupo Alfa, sold the first Mexican new issue of 2017 on Thursday — increasing the size from €500m to €600m and tightening pricing 25bp-37.5bp from guidance.

    02 Feb 2017

  • AA2000, Supervielle fly in hot Argentina

    Aeropuertos Argentina 2000’s new 10 year bond traded up more than a point and a half this week, and lender Banco Supervielle sold $300m of peso-linked bonds to underscore continued demand for Argentine credit.

    02 Feb 2017

  • PBA ready after Entre Ríos resumes provincial run

    The Province of Buenos Aires (PBA) will meet bond investors on Monday and Tuesday next week ahead of a planned dollar-denominated benchmark as Argentine issuers continue to dominate the Lat Am primary market.

    02 Feb 2017

  • Opacity of Glencore-QIA Rosneft deal worries lenders

    Loan bankers are demanding clarity on the true ownership of the 19.5% stake in Rosneft privatised at the end of last year, as Intesa Sanpaolo prepares to syndicate the €5.2bn loan it has provided to back the deal, write Dan Alderson and Jon Hay.

    02 Feb 2017

  • Society of Lloyd’s GBP300m 4.875% Feb 47 tier two

    02 Feb 2017

  • High hopes as EU starts green finance push

    Green finance leaders are hoping the European Union will come up with concrete initiatives to help the market, after its new official body on the subject met for the first time last week.

    02 Feb 2017

  • Le Pen is flightier than the Tories

    The Conservative UK government may be undermining London’s status as Europe’s pre-eminent financial hub with its seeming determination for a clean/hard/sharp/solid Brexit, but potentially more momentous events across the Channel could soon see financiers flocking in the other direction.

    02 Feb 2017

  • Funding scorecard: Nordic agencies

    This week's funding scorecard looks at the progress Nordic agencies have made in their funding for the year.

    02 Feb 2017

  • BBVA EUR1bn 3.5% Feb 27 tier two

    02 Feb 2017

  • Bank of America EUR1.25bn 0.736% Feb 22

    02 Feb 2017

  • People Moves in Brief

    Natixis hires DCM head - DB's emerging ECM head quits - HSBC cuts hit DCM

    02 Feb 2017

  • Crédit Mutuel Arkéa EUR500m 3.5% Feb 29 tier two

    02 Feb 2017

  • MTN Leak: Chinese New Year — HSBC style

    Kung Hei Fat Choi! Bankers were able to bring in the Year of the Rooster in fine style on Wednesday, thanks to HSBC’s fantastic Chinese New Year party.

    02 Feb 2017

  • Republicans keen for Trump regime to oust CFPB boss

    Republicans keen to start dismantling US financial regulatory infrastructure have the director of the Consumer Financial Protection Bureau, Richard Cordray, in their sights. But removing him may not be straightforward.

    02 Feb 2017

  • US Inc shuns repatriation play with megadeals

    Apple got February off to a flyer after Microsoft and AT&T confounded predictions of a supply slowdown in the US high-grade market with deals that secured a record-breaking start to the year.

    02 Feb 2017

  • FADE EUR1bn 0.625% Mar 22

    02 Feb 2017

  • Ontario USD2.5bn 2.4% Feb 22

    02 Feb 2017

  • TLAC evolution: BoA brings fixed to FRN first

    Bank of America set a new precedent for the callable TLAC senior product in euros this week, bursting into the market with a €4bn trade bearing the first fixed to floating rate notes the sector has seen. The structure will come to define the future of the callable market in Europe, writes Tyler Davies.

    02 Feb 2017

  • Goldman ups Dong sale to €874m in big week for equity blocks

    Europe’s equity block trade market kicked into a higher gear this week, with a rush of deals including big trades in Lonza, Worldpay and Dong Energy. The Dong trade on Thursday night, worth Dkr6.5bn (€874m), pushes the week’s total above €3bn.

    02 Feb 2017

  • Call for Green Bond Principles to clarify eligible assets

    The Green Bond Principles could be adapted to include clarification on the types of assets eligible for financing from the market, according to a sustainability consultant at Vigeo Eiris. The topic has grown in importance after France’s debut sovereign green bond last week included intangible assets among its use of proceeds.

    02 Feb 2017

  • SSA, covered borrowers left to sweat over French election

    The race for the French presidency has put pressure on the country’s government bonds (OATs), prompting price moves which could have far-reaching consequences for both covered bond issuers and public sector borrowers. Lewis McLellan reports.

    02 Feb 2017

  • Blame and begging as market bleats for margin reprieve

    With less than a month to go until a major global deadline for market participants to begin posting variation margin, concern has turned to clamour as buy-side officials, industry bodies and service providers have lined up to ask regulators to allow a reprieve.

    02 Feb 2017

  • UK government aims for ‘freest possible trade’ in finance

    The UK government published its plan for Brexit negotiations on Thursday, setting out its aim for the ‘freest possible trade’ in financial services — but with few details on how this might be achieved.

    02 Feb 2017

  • Dollars still red hot for SSAs as EIB and KfW tipped to come

    SSA bankers are gearing themselves up for another round of dollar supply next week after the currency’s record breaking January. Buoyant conditions even allowed one issuer to bring a bulky benchmark, despite this week’s public holidays in Asia.

    02 Feb 2017

  • Leave the Fed alone

    US Congressman Patrick McHenry's letter to Federal Reserve chair Janet Yellen is one of the most audacious attempts to question the Fed's independence for some time. What it asks must be resisted.

    02 Feb 2017

  • France worry belies credit market calm

    Many market commentators have commented that 2017 will be the year of political risk. Uncertainty around Brexit, Donald Trump’s inaugural year as US president and a series of elections in continental Europe make conditions ripe for bouts of volatility.

    02 Feb 2017

  • Rare turboprop deal enters busy aircraft pipeline

    The aircraft ABS market is seeing an increasing whirl of activity, with lease securitizations from Elix Aviation Capital and Middle Eastern lessor Dubai Aerospace Enterprise (DAE) coming to market in January.

    02 Feb 2017

  • Test for coal rule and Russian loan market as SUEK begins talks

    Siberian Coal Energy Company (SUEK) is set to test demand among banks for lending to Russia and their willingness to deal with the coal industry, given many lenders have rules prohibiting further investments in the sector.

    02 Feb 2017

  • Equate, Dubai Islamic Bank swell dollar sukuk pipeline

    Sukuk supply looks set to step up in the first half of February, after two Gulf borrowers this week announced plans for roadshows ahead of potential dollar deals in the format.

    02 Feb 2017

  • Polyus Gold USD800m 5.25% July 23s

    02 Feb 2017

  • Buy-to-let behemoth creeps closer as Cerberus slips out

    Final bids for Bradford & Bingley’s £16.3bn portfolio of buy-to-let mortgages are due in two weeks, but the buy-to-let RMBS market is shrugging off the potential glut of issuance. Meanwhile, frequent issuer Paragon has turned to the Bank of England for funding, leaving conditions supportive for Cerberus Capital Management's largest buy-to-let deal yet.

    02 Feb 2017

  • Fired-up Republicans target Fed independence

    US president Donald Trump has fellow Republicans in Washington, DC fired up with his aggressive approach to government. Now they look to be planning an assault on the independence of the Federal Reserve and other bodies as they tear into post-crisis regulation, writes Sam Kerr.

    02 Feb 2017

  • Tunisia, Nigeria to end African sov drought with euros and dollars

    Two African sovereigns are lining up issue fresh debt in 2017, hoping to emulate the success that Egypt enjoyed last week with its $4bn blowout.

    02 Feb 2017

  • Election jitters start to send French covered bonds into disarray

    The relentless rise in French government bond yields this year has started to disrupt demand for French covered bonds, a trend which will hold until at least May when the country’s presidential elections are over.

    02 Feb 2017

  • European IPO market heats up as Detsky’s $430m deal gets covered

    The European IPO market is getting busier, with several deals launched this week, and another close to being priced.

    02 Feb 2017

  • CDC to hit road for debut green bond

    French agency Caisse des Dépôts et Consignations is set to follow its sovereign by bringing a debut green bond syndication in 2017, after hiring banks on Thursday to run a roadshow for the potential trade.

    02 Feb 2017

  • Flight to safe MMFs expected in risky 2017

    With hotly contested elections approaching in France, the Netherlands and Germany, 2017 is expected to be rife with political risk. So skittish investors, wary of committing funds for long periods, will pump cash into money market funds, says a Moody’s report.

    02 Feb 2017

  • Mixed fortunes in euro tier two market as caution builds

    BBVA and Crédit Mutuel Arkéa had varied results in the euro tier two market this week as bankers pointed towards growing caution among investors.

    02 Feb 2017

  • Met Group grabs €560m revolver and heads back east

    MET Group, the Swiss headquartered multinational energy firm, closed a €560m dual-tranche revolver on Wednesday evening that bankers said will be used to shore up its enterprises in eastern Europe.

    02 Feb 2017

  • Long line to checkout: date set on Profi loan

    Commitments are due by February 13 on a loan backing Mid Europa Partners’ acquisition of Romanian retail chain Profi Rom Food, as banks aim to close the deal by the end of the month.

    02 Feb 2017

  • Europe eyes HY reverse Yankee dealflow

    Bankers and debt advisers in the European high yield market believe more US companies could bring reverse Yankee bonds to Europe, as uncertainty surrounding new economic and trade policies in the US hampers their home market.

    02 Feb 2017

  • Big Turkish reprice as Akbank sets tone

    Akbank made a bullish return to the international syndicated loan market this week, going beyond its usual one year tenor refinancing, despite the recent difficulties Turkish borrowers have faced in obtaining longer dated loans. But the deal confirms that pricing levels have changed markedly in the past six months, said bankers.

    02 Feb 2017

  • BBVA runs into caution with slow building T2

    Interest built slowly for a tightly priced €1bn tier two from BBVA on Thursday, as bankers pointed towards growing caution among investors.

    02 Feb 2017

  • Sterling loans tighten as managed accounts bulk up

    Parkdean Resorts accelerated commitments on its £575m ($722m) buyout seven year term loan ‘B’ this week alongside several issuers who came to reprice sterling deals, as more cash pours into non-CLO investment accounts.

    02 Feb 2017

  • Alfa-Bank mandates for rare rouble Eurobond

    Russia’s largest privately owned bank has mandated banks for a rouble Eurobond of up to five years.

    02 Feb 2017

  • UniCredit gets cracking with €13bn recap

    Shares in UniCredit, Italy’s largest bank, closed 1.7% lower on Thursday after it unveiled the terms for its fully underwritten €13bn recapitalisation late on Wednesday.

    02 Feb 2017

  • Floaters back on the menu as DVB grabs €300m

    DVB Bank returned to the senior market for a second time this year, taking advantage of growing investor appetite for floating rate notes.

    02 Feb 2017

  • Dubai Islamic Bank roadshow adds to sukuk pipeline

    Sukuk supply looks set to step up next week after Dubai Islamic Bank became the second borrower in two days to announce plans to meet investors ahead of a potential dollar deal in the format.

    02 Feb 2017

  • Alfa’s Sigma releases pricing for seven year euros

    Food producer Sigma Alimentos, a subsidiary of Mexican conglomerate Grupo Alfa, emerged with pricing for a seven year euro benchmark on Thursday morning.

    02 Feb 2017

  • DB's fixed income engine in question after €1.4bn loss

    CEO John Cryan expressed sincere regret at serious mistakes made by his bank in the past, as Deutsche Bank posted a loss on Thursday for the second year running. The bank will eventually get past its legacy issues, but analysts were concerned about the bank’s weakening underlying business.

    02 Feb 2017

  • UBS comes out fighting after testing year

    A strong fourth quarter put a cap on a year in which UBS's investment banking model was severely tested, writes David Rothnie

    02 Feb 2017

  • BC Partners: call me, Ismail

    BC Partners, the private equity firm, has hired a new managing partner from outside the company.

    02 Feb 2017

  • African sov supply resumes as Nigeria goes on tour

    The long drought in Sub-Saharan African bond issuance could end as early as next week after Nigeria set dates for a four day international roadshow.

    02 Feb 2017

  • Motherson eyes euro loan to back Finnish acquisition

    A euro deal is imminent for India’s Motherson Sumi Systems (MSSL) as it completes its acquisition of Finland’s PKC Group.

    02 Feb 2017

  • Wells Fargo hires new Apac regional president

    Jafar Amin has been promoted to regional president for Asia Pacific at Wells Fargo, relocating to Hong Kong after working in London for nearly five years.

    02 Feb 2017

  • Foreign corporates get to grips with RMB curbs

    Intervention by Chinese authorities to stabilise RMB markets on and offshore have ushered in a difficult phase for foreign corporates, who once again are facing issues of trapped cash and tougher liquidity conditions.

    02 Feb 2017

  • Korea Expressway on the prowl for dollar deal

    Toll road operator Korea Expressway Corp is seeking banks for a new dollar deal to launch in April, three years after its last international issuance.

    02 Feb 2017

  • Chinese issuers lead US Depositary Receipt offerings

    China-based companies topped the charts for IPOs and follow-on offerings in US Depositary Receipts (DRs) in 2016, accounting for more than half of all issuance in the format.

    02 Feb 2017

  • AU Financiers targets first half IPO in India

    India’s AU Financiers has filed a draft prospectus for its IPO, offering only secondary shares in a deal slated for the first half of this year.

    02 Feb 2017

  • Hong Kong leads offshore renminbi deposits rout

    The Hong Kong Monetary Authority (HKMA) released one of the most disappointing sets of RMB data last week when it revealed that the city’s renminbi deposits had plunged 12.9% in December 2016 to Rmb546.7bn ($79.5bn).

    02 Feb 2017

  • Reliance launches $1.75bn refi, adds more banks at the top

    A $1.75bn borrowing for Indian conglomerate Reliance Industries has been opened into general syndication with a 19-strong banking group at the top.

    02 Feb 2017

  • Japan gaming firm Okura eyes HK listing

    Japanese slot machine operator Okura Holdings is looking to float shares in Hong Kong, filing a draft prospectus with the city’s bourse on Wednesday.

    02 Feb 2017

  • India eyes $1.6bn for coffers from insurance IPOs

    India will give a fillip to its treasury by raising Rp110bn ($1.63bn) from the listing of state-owned insurance companies, according to the national budget.

    02 Feb 2017

  • Brazilian Rumo rumoured for Thursday

    Brazilian railway operator Rumo is likely to issue on Thursday after announcing a new seven year non-call four bond, according to syndicate bankers on the deal.

    02 Feb 2017

  • Entre Ríos debuts 275bp wide of Argentina

    Entre Ríos raised $350m of bonds with an average life of seven years on Wednesday in a debut bond issue that put it second widest on the spectrum of Argentine provincial issuers.

    02 Feb 2017

  • SoFi hits primary with first dual-compliant MPL deal

    SoFi has launched a $561m student loan refinancing transaction, the first marketplace loan ABS offering to be compliant with both European and US risk retention rules.

    01 Feb 2017

  • Banks face "capacity crunch" on margin rules, claims report

    Weaker than expected uptake of an ISDA protocol has left banks well behind schedule to meet the March 1 variation margin deadline and facing a “massive capacity crunch in February”, according to a report released on Wednesday.

    01 Feb 2017

  • Block onslaught continues with Worldpay, Hella Hueck, Buwog sales

    The vibrant activity in the equity block trade market this week is continuing tonight, with three more selldowns of stock in European companies, including the last sale of stock in Worldpay, the UK payments group, by Advent International and Bain Capital, for about £600m.

    01 Feb 2017

  • Detsky Mir IPO covered, prices on Tuesday

    The IPO of Detsky Mir, Russia's largest toy retailer, is covered. It is set to be priced on Tuesday.

    01 Feb 2017

  • FSB sets out CCP resolution guidelines

    The Financial Stability Board (FSB) has set out guidelines it wants authorities to follow in their frameworks used to resolve failing central counterparties (CCPs).

    01 Feb 2017

  • Republican law maker tells Fed to stop negotiating on global regs

    A letter from a top Republican Congressman in the US has asked that Federal Reserve Chair Janet Yellen halt participation in all international agreements aimed at setting global financial regulatory standards.

    01 Feb 2017

  • ADB makes muted return to euros

    Asian Development Bank's first euro syndication in three years enjoyed only tepid success on Wednesday, as observers wondered if the 20 year trade was fully subscribed.

    01 Feb 2017

  • Ontario shows depth of dollars for those who dare

    The Province of Ontario sold a five year global bond on Wednesday, shattering the silence in public sector dollar markets with a $2.5bn trade.

    01 Feb 2017

  • Natixis adds to corporate bond syndicate team

    Natixis has added another banker to its bond syndicate desk in Paris, to cover corporate bonds.

    01 Feb 2017

  • Brenntag extends funding profile in good conditions

    Brenntag, the German chemicals distribution company, extended and improved its syndicated loan financing on Tuesday. Its intention was to lengthen maturity profile, but strong conditions and improving credit documentation allowed the borrower to cut interest margins as well.

    01 Feb 2017

  • Deutsche Bank sells first European CLO of 2017

    Deutsche Bank arranged the first new issue European CLO of the year, St Pauls VII, for ICG on Tuesday.

    01 Feb 2017

  • Akbank shows tenacity for tenor with loan launch

    Akbank has made a bullish return to the international syndicated loan market, going beyond its usual one year tenor refinancing, despite the difficulties Turkish borrowers have had recently in obtaining longer dated loans. But the deal confirms that pricing levels have changed markedly in the past six months, said bankers.

    01 Feb 2017

  • HY vows to keep market ‘warm’ after hot January

    The European high yield market may not be as bleak for issuance volumes as previously thought following a stellar start to the year, according to market participants.

    01 Feb 2017

  • UniCredit hires in France, switches Asia staff

    UniCredit has made three senior appointments in Asia, including to its management in Singapore and Mumbai, as well as hiring Florence Blazy as a senior banker in France.

    01 Feb 2017

  • Brazil consults on covered bond legislative draft

    Following the publication of primary covered bond legislation two years ago, Brazil’s central bank this week launched a public consultation on draft secondary covered bond legislation.

    01 Feb 2017

  • PBB gets quick covered execution with five year

    Deutsche Pfandbriefbank (PBB) eschewed cheap four year financing provided by the European Central Bank (ECB) under its long term refinancing facility to issue a 4.5 year Pfandbrief on Wednesday. The short and rarely issued tenor was easily absorbed and offered almost 52bp more than Bunds, in contrast to a French covered bond issued on Tuesday.

    01 Feb 2017

  • SEB to kick off FIG green issuance in 2017

    Skandinaviska Enskilda Banken mandated banks for its first green senior bond on Wednesday, as a growing number of banks catch on to the merits of the format.

    01 Feb 2017

  • Polyus pulls pricing punches to bring $800m

    Russian gold producer Polyus Gold earned praise from its lead managers for not over-tightening pricing on a new bond on Tuesday after the poor performance of an aggressive deal from compatriot Rusal last week.

    01 Feb 2017

  • Duration no problem for CM Arkéa as investors grab at T2

    Crédit Mutuel Arkéa found strong demand for a €500m 12 year tier two on Wednesday, as investors showed their appetite for a product that could become a rarer sight in 2017.

    01 Feb 2017

  • Swiss money markets turn to Aduno in ‘crazy situation’

    Aduno, the non-cash payments firm owned by Swiss banks, sold a rare Sfr100m ($100.78m) floating rate note on Tuesday. As the Swiss National Bank’s (SNB’s) deposit rates are at minus 0.75%, the Zurich-based firm could capitalise on money market investors’ need to work cash rather than store it.

    01 Feb 2017

  • Nordic Avinor taxis €500m bond as IG primary eases up

    After four busy weeks, European corporate bond market on Wednesday was deserted but for a benchmark deal from Avinor, the Norwegian state-owned airport operator.

    01 Feb 2017

  • Deutsche’s head of EM ECM departs

    After 21 years at Deutsche Bank, Christopher Laing, head of EMEA emerging markets ECM, has left the bank.

    01 Feb 2017

  • Natixis names new head of public sector DCM

    Shortly after naming a new head of global DCM, Natixis has expanded the role of its head of emerging market DCM to encompass SSAs, amid other changes at the bank.

    01 Feb 2017

  • HSBC names new equities head

    HSBC has promoted Hossein Zaimi to become global head of equities, replacing Patrick George in the role, who continues as EMEA global markets head.

    01 Feb 2017

  • IG hums to ECB's tune but levfin lop-sided

    The corporate bond market is keeping apace this week, with the first hybrid of the year joining unrated deals for Porr and Louis Dreyfuss. But conditions in the leveraged finance market favour loans, as numerous repricings punctuate the market between few buyouts.

    01 Feb 2017

  • Rare SSA issuers spy window after January frenzy

    The frenetic pace of January’s SSA issuance may have abated but some issuers are still making the most of supportive conditions to pull off good deals.

    01 Feb 2017

  • Tunisia picks three for unsupported euro return

    Tunisia has picked three banks for a euro-denominated benchmark transaction which looks set to be only its second deal without a guarantee since 2007.

    01 Feb 2017

  • M&A drives avalanche of ABBs as rights issues start rolling

    Tuesday night brought fireworks in the blocks market, with a wave of primary and secondary offerings, including a Sfr865m acquisition financing by a Swiss pharmaceutical.

    01 Feb 2017

  • Polyus Gold sells solo in CEEMEA

    Even with much of Asia inactive due to the Chinese New Year holiday, emerging market bonds seemed a more nervous market this week with only one issuer braving a deal.

    01 Feb 2017

  • Equate Petrochemicals sets roadshow date for debut sukuk

    Equate Petrochemical Company will meet investors next week ahead of a potential sukuk market debut.

    01 Feb 2017

  • FIG on a roll as blackouts help extend dream start

    After a fantastic start to the year the FIG market has remained accommodative to borrowers and trades of all shapes and sizes, with a natural slowdown during blackout periods helping to quell any signs of indigestion.

    01 Feb 2017

  • All aboard: India sets out plans for railway IPOs

    Indian finance minister Arun Jaitley plans to continue the government’s disinvestment programme in the new financial year beginning in April, with IPOs of some state-owned railway companies on the cards.

    01 Feb 2017

  • Thailand's Gulf Group hires for 2017 IPO

    Power company Gulf Group has appointed a consortium of domestic and foreign firms to run its planned listing on the Stock Exchange of Thailand (SET) this year.

    01 Feb 2017

  • Asian G3 bond issuers post record January

    January marked the busiest start of a year for the Asia ex-Japan debt capital market in decades, as issuers rushed to take advantage of a strong market backdrop and peak investor interest before Chinese New Year.

    01 Feb 2017

  • Sebi tackles conflicts of stock exchange IPOs

    The Securities and Exchange Board of India has issued a circular attempting to smooth the process of cross listing of bourses, just days after the Bombay Stock Exchange sealed its IPO.

    01 Feb 2017

  • RMB holiday round-up: February 1, 2017

    Welcome back to those of you outside of China and Taiwan. While we were on a break, Hong Kong revealed the largest single month drop in CNH deposits, China experienced $203bn of outflows in December 2016, and Mega Bank advises against clients holding long RMB positions.

    01 Feb 2017

  • BDO Unibank nets $1.2bn with Philippine rights issue

    Philippine lender BDO Unibank has sealed a rights issue worth Ps60bn ($1.2bn) in the largest ECM transaction in the country in nearly four years.

    01 Feb 2017

  • KWG signs up five for dual currency borrowing

    KWG Property Holding signed a dual currency term loan with a group of lenders on January 27, with the money to be used for refinancing and corporate funding requirements.

    01 Feb 2017

  • Citi promotes Apac TMT head to global role

    Citi’s Asia Pacific head of technology, media and telecom (TMT) for corporate and investment banking has taken on additional responsibilities as the firm’s co-head of global investment banking technology franchise.

    01 Feb 2017

  • AA2000 flies in secondary as Lat Am corps line up

    Argentine airport operator Aeropuertos Argentina 2000 saw its new 10 year bond trade up around a point on Tuesday as Latin American corporates extended their stay in a friendly primary market.

    01 Feb 2017

  • ANZ names chief southeast Asia, India economist

    ANZ has appointed Sanjay Mathur as chief economist for southeast Asia and India, beginning this month.

    01 Feb 2017

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 20 Feb 2017
1 JPMorgan 62,591.98 254 8.02%
2 Citi 61,005.69 220 7.81%
3 Bank of America Merrill Lynch 58,608.72 174 7.51%
4 Barclays 54,439.39 163 6.97%
5 Goldman Sachs 46,279.46 130 5.93%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Feb 2017
1 Deutsche Bank 7,631.43 12 11.03%
2 Bank of America Merrill Lynch 4,575.12 14 6.62%
3 Citi 3,984.96 10 5.76%
4 Commerzbank Group 3,849.81 7 5.57%
5 HSBC 3,720.28 13 5.38%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Feb 2017
1 Goldman Sachs 1,774.56 8 9.26%
2 Morgan Stanley 1,728.90 15 9.02%
3 JPMorgan 1,456.77 11 7.60%
4 Bank of America Merrill Lynch 1,450.69 9 7.57%
5 UBS 1,317.06 9 6.87%