• ICG CEO calls it a day

    Intermediate Capital Group’s CEO and chief investment officer is to retire later this after 23 years at the firm.

    24 Mar 2017

  • Aumann jumps 19% on debut after €218m IPO finds good demand

    Shares in Aumann, the German maker of wire enamelling and electric motors for cars, rose 20% above its IPO price on Friday after making its debut on the Frankfurt Stock Exchange, giving it a market cap of €704m.

    24 Mar 2017

  • NH Hotel to trim ‘astronomic’ debut costs with tap

    Spanish hotel chain NH Hotel Group launched a sub-benchmark add-on of its 2023s to cut the size of the old 2019 issue and pocket savings of more than 300bp.

    24 Mar 2017

  • Big TLTRO take-up will hurt covered supply

    A higher-than-expected take-up of the ECB’s final round of Targeted Longer-Term Refinancing Operations (TLTRO II) could hurt supply in covered bonds, with some analysts downgrading their expectations following Thursday’s announcement of the results.

    24 Mar 2017

  • Funding scorecard: French agencies

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

    24 Mar 2017

  • MUFG hires levfin sponsors head from RBC

    MUFG has hired a senior leveraged finance banker from RBC Capital Markets to head its financial sponsors team in EMEA .

    24 Mar 2017

  • Adler Pelzer adds new refi deal to high yield mart

    German auto parts maker Adler Pelzer Group drove into a European high yield bond market already loaded with offerings from other six borrowers on Wednesday, but it stood out as a rare chance for investors to buy a single-B rated bond.

    24 Mar 2017

  • Dollar borrowers pay up as Trump trade unravels

    Banks were forced to pay higher new issue concessions to get deals done as concerns about President Donald Trump’s ability to deliver on his legislative agenda hit global markets.

    24 Mar 2017

  • JP Morgan rehires Barry Meyers from Barclays

    Barry Meyers, head of UK equity capital markets at Barclays for the past two years, will rejoin JP Morgan in June after three months' gardening leave.

    24 Mar 2017

  • GC BondMarker: World Bank in solitary splendour

    This week's GC BondMarker voters had only one benchmark to rate, but World Bank's $4bn three year would likely have shone in any company.

    24 Mar 2017

  • RMB roundup: Safe chief blasts overseas acquisitions, AIIB adds 13 members, Moscow clearing bank opens its doors

    This week, the head of the state administration of foreign exchange (Safe) criticised Chinese companies’ overseas acquisition choices, 13 countries joined Asian Infrastructure Investment Bank (AIIB) and ICBC Moscow started offering RMB clearing services.

    24 Mar 2017

  • Yes Bank boosts QIP to land $750m

    Yes Bank has bagged Rp49bn ($748.6m) from a qualified institutional placement after boosting the deal size on bumper long-only demand, and pricing at the top of guidance.

    24 Mar 2017

  • Investors entice Greater China issuers to launch new deals

    Emperor International Holdings, Xinjiang Guanghui Industry Investment (Group) Co and Zhuhai Huafa Group Co sealed new dollar deals on Thursday, going into their respective transactions with books fully covered.

    24 Mar 2017

  • Japfa Comfeed entices accounts to $150m bond

    Japfa Comfeed Indonesia sealed a $150m bond on Thursday, exceeding both its pricing and size targets, as an improved credit profile and a conducive market backdrop contributed to the deal’s success.

    24 Mar 2017

  • MSCI slashes weighting in fresh A-share inclusion attempt

    In its latest consultation on A-shares, MSCI has overhauled its plans with a proposal that would see Mainland stocks make up just 0.5% of its Emerging Market index. While the new scheme increases the chance of A-share inclusion, it could be too little and too late for investors.

    24 Mar 2017

  • MAS to offer grants for green bond issuers

    The Monetary Authority of Singapore is giving a leg up to the green bond market, with plans to introduce a grant scheme this year to incentivise socially responsible issuers.

    24 Mar 2017

  • Trafigura winds up bigger $2.27bn revolver

    Commodities trader Trafigura has signed its latest 364-day syndicated revolver at $2.27bn, up from the launch size of $1.5bn.

    24 Mar 2017

  • Made in China: The best banks and deals of 2016

    You know who won, now find out why. GlobalCapital Asia and Asiamoney present the extended results of our 2016 China Deals and Investment Bank of the Year awards, recognising achievement both on and offshore.

    24 Mar 2017

  • Senior China M&A banker leaves BAML

    Bank of America Merrill Lynch’s head of China M&A has left after more than three years at the bank, according to sources familiar with the matter.

    24 Mar 2017

  • Asia’s standout deals

    GlobalCapital Asia and Asiamoney present the extended results for our 2016 Best Country Deals. Discover why these bond, equity and loan transactions delivered outstanding outcomes for issuers and investors.

    24 Mar 2017

  • Aussie award winners: The best banks and deals of 2016

    The names have been announced, now find out why they stood out from the crowd. GlobalCapital Asia and Asiamoney present the extended results for our 2016 Australia Deals and Investment Bank of the Year awards, recognising achievement in equities, bonds, loans and investment banking.

    24 Mar 2017

  • Reliance to allocate $1.75bn refi soon

    A $1.75bn borrowing for Indian conglomerate Reliance Industries, which entered general syndication at the beginning of February, has wrapped up, with allocations expected to be issued soon.

    24 Mar 2017

  • TPI Polene Power electrifies with $500m IPO

    TPI Polene Power priced its Bt17.5bn ($500m) listing in Thailand at the top end of guidance as investors swarmed in, with the hefty demand proving a challenge during allocation.

    24 Mar 2017

  • Viz Branz shelves $151m return to Singapore IPO market

    Singapore’s Viz Branz Holdings called off a S$213m ($151m) IPO on the night it was due to price, indefinitely postponing its comeback to the public markets.

    24 Mar 2017

  • India's HDFC makes Masala bond return

    India’s Housing Development Finance Corp launched a three year and one month Masala bond on Friday, making its return to the offshore rupee-denominated debt market.

    24 Mar 2017

  • Evergrande returns for more, Hesteel plots deal

    China Evergrande Group is selling a seven non call four bond, just a week after raising $1.5bn, while state-owned Hesteel Group Co has picked firms to work on a Reg S transaction.

    24 Mar 2017

  • Dianchi Water gets demand flowing for $205m HK IPO

    Kunming Dianchi Water Treatment Co opened the doors to its Hong Kong IPO on Friday, with the deal set to raise up to HK$1.6bn ($205.3m).

    24 Mar 2017

  • Yes Bank set for redemption with $750m QIP

    India’s Yes Bank is guiding investors to the top of the price range on its latest Rs49bn ($750m) fundraising, after an earlier attempt at a larger share sale was pulled last year due to market volatility.

    24 Mar 2017

  • Rusal in no hurry for second Panda

    In its first Panda bond issuance last week, Rusal hit double its target price. With Rmb9bn of issuance limit left on its programme, Oleg Mukhamedshin, deputy CEO of Rusal, told GlobalRMB that the Russian corporate will take its time before returning.

    24 Mar 2017

  • Nafin still looking to diversify after yen debut

    Mexican development bank Nacional Financiera (Nafin) continues to look at funding opportunities in niche currencies after selling its first ever public Japanese yen-denominated bond this week, according to the lender’s funding head.

    23 Mar 2017

  • Ghose aims to double Investcorp debt fund

    Investcorp, the Bahraini investment house, wants to more than double its leveraged credit portfolio to $25bn, after buying the global debt business from 3i.

    23 Mar 2017

  • Arcos Dorados joins corp pipe after Unicomer success

    Moody’s gave the world’s largest operator of McDonald's franchises a lift as it prepares to return to bond markets with a $300m 10 year deal.

    23 Mar 2017

  • Paraguay pounces to feed hungry Lat Am

    A slowdown in Latin American bond issuance and renewed enthusiasm for EM debt in the wake of last week’s Federal Open Market Committee (FOMC) meetings opened the door for Paraguay to sell a $500m 10 year deal.

    23 Mar 2017

  • Direct lending funds stalk bigger targets but credit cycle will be vicious

    Europe’s vibrant direct lending market, in which specialist funds lend privately to companies, often without bank arrangers, is swallowing bigger and bigger deals. But the market is heading for trouble when the credit cycle turns, participants warn. Max Bower and Jon Hay report.

    23 Mar 2017

  • Veolia Environnement EUR650m 1.496% Nov 26

    23 Mar 2017

  • Alfa-Bank draws €750m book for three year euros

    Alfa-Bank made a rare appearance in the euro-denominated bond market on Thursday, pricing its first deal in the single currency since June 2014.

    23 Mar 2017

  • Ferrovial Emisiones EUR500m 1.375% Mar 25

    23 Mar 2017

  • People Moves in Brief

    FIG MD leaves BAML — UniCredit funding chief joins Evercore — UniCredit names strategy head

    23 Mar 2017

  • French credits return but eurozone risk lingers

    Two French borrowers and one from the Netherlands pulled off successful deals this week, proving that the market is still open for borrowers at the right price, but both investors and issuers remain nervy.

    23 Mar 2017

  • MTN Leak: the art of Morgan Stanley

    We’re not sure whether things are too quiet in the market at the moment, but Morgan Stanley bankers are dabbling in a spot of moonlighting — as art experts, no less.

    23 Mar 2017

  • CEEMEA pipeline swells as investors warn against opportunistic borrowers

    Strong fund inflows and narrowing new issue premiums brought another round of CEEMEA borrowers out of the woodwork this week as some investors sounded the alarm over market exuberance.

    23 Mar 2017

  • Fresh greens as TSKB brings T2 but success limited

    Turkiye Sinai Kalkinma Bankasi (TSKB) brought new flavour to the SRI bond market this week with the first ever sustainable subordinated tier two, but the deal fell short of being a major milestone as many investors who follow green bonds are not able to buy such paper. Virginia Furness reports.

    23 Mar 2017

  • Veolia Environnement EUR650m 0.672% Mar 22

    23 Mar 2017

  • HSBC Holdings EUR1.5bn Sep 22 FRN

    23 Mar 2017

  • Banque Fédérative du Crédit Mutuel (BFCM) EUR500m 2.625% Mar 27 tier two

    23 Mar 2017

  • European IPOs shrug off mid-week dip to power into Easter

    With less than three weeks to go until the Easter holiday, the IPO market in Europe is looking strong, after several deals were successfully completed last week and others were covered quickly. Despite a stockmarket sell-off in the US on Tuesday, bankers are confident the remaining IPOs will go well, writes Aidan Gregory.

    23 Mar 2017

  • Caixa Geral de Depósitos EUR500m 10.75% AT1

    23 Mar 2017

  • Danske Bank USD750m 6.125% AT1

    23 Mar 2017

  • Mapfre EUR600m Mar 47 tier two

    23 Mar 2017

  • Société Générale EUR1.25bn Apr 22 FRN

    23 Mar 2017

  • Investors pile into spready €8bn beast as they forgive VW

    Volkswagen stormed back into bonds on Thursday for the first time since its emissions test cheating scandal 18 months ago. And the €8bn blowout that paid investors a chunky premium to allay their fears about the company is just the start of the firm’s market rehabilitation, writes Michael Turner.

    23 Mar 2017

  • SNCF Réseau EUR1bn 1.875% Mar 34 green bond

    23 Mar 2017

  • IFC USD500m 1.75% Mar 20 social bond

    23 Mar 2017

  • BNG EUR650m 1.5% Mar 38

    23 Mar 2017

  • Dollar market falters over Trump fears

    A global equities sell-off and political concerns hit the dollar new issuance market this week as trades gapped wider of new issue and borrowers remained on the sidelines.

    23 Mar 2017

  • Unédic EUR2bn 1.25% Mar 27

    23 Mar 2017

  • Huhtamäki launches amid Schuldschein shrinking margins

    Huhtamäki, the Finnish packaging firm, launched a €100m dual currency Schuldschein this week, as with investors flocking to the market, margins are falling.

    23 Mar 2017

  • UniCredit names strategy and M&A head

    UniCredit has named Andrea Maffezzoni head of strategy and M&A, a role formerly occupied by Marina Natale.

    23 Mar 2017

  • Volkswagen International Finance EUR2.5bn Mar 19 FRN / Volkswagen International Finance EUR1.5bn Mar 21 0.5% / Volkswagen International Finance EUR1.5bn Mar 23 1.125% / Volkswagen International Finance EUR2.5bn Mar 27 1.875%

    23 Mar 2017

  • IFC’s social bond alone at bouncing dollar market party

    Only one SSA issuer took advantage of strong conditions in the dollar market this week. Bankers said that there could be more supply next week, though most issuers are so well-funded that deals are likely to remain thin on the ground.

    23 Mar 2017

  • Banks embrace equity conversion structures in dollar AT1 drive

    European bank issuers of additional tier one (AT1) have been abandoning the euro market in favour of dollars. But some have had to start embracing equity conversion structures to join in because it is one of the few ways to account for AT1s as debt and avoid a mark-to-market swap.

    23 Mar 2017

  • Spearhead International rakes in first syndication

    Spearhead International, a central and eastern Europe based agriculture company, signed its first syndicated loan for €167m on Monday.

    23 Mar 2017

  • FIG MD departs from BAML

    A managing director in FIG debt capital markets is no longer in his role at Bank of America Merrill Lynch.

    23 Mar 2017

  • Inflation print puts boot into UK corporate spreads

    UK corporate issuers that rely on discretionary spending for revenue saw their bond spreads widen this week, after inflation in the UK soared past Bank of England targets.

    23 Mar 2017

  • Inflation knocks shine off sterling SSA market

    A higher than expected UK inflation rate led to a sell-off in Gilts this week, a move that may put an end to what has been a remarkable run of traffic in sterling SSA bond issuance.

    23 Mar 2017

  • US government cannot walk the Trump talk

    Wall Street workers hoping for a regulatory sea change under president Donald Trump need to adjust their expectations, as empty posts at all levels of government are set to hinder lasting reform.

    23 Mar 2017

  • Credit Suisse capital increase ‘would please investors’

    Credit Suisse may be about to bow to investors’ wishes and give up the idea of floating its Swiss Universal Bank, opting instead for a capital increase, which could come as an accelerated deal. A statement may come on Friday when the bank publishes its annual report.

    23 Mar 2017

  • Rosenthal Collins promotes from within

    Rosenthal Collins, the US futures broker and clearing company, has promoted Robert Turner to be its new chief operating officer and Patrick Carey to be in control of a new function, strategic implementation.

    23 Mar 2017

  • Euronext to launch two new indices with Morningstar

    Euronext this week agreed a strategic partnership with Morningstar that will bring new indices and derivatives contracts to the pan-European exchange within two weeks.

    23 Mar 2017

  • Commission grants reprieve to EU OTC derivatives traders

    The European Commission has signed off on a piece of legislation that, if unopposed by the European Parliament and Council, could extend clearing compliance deadlines for smaller over the counter derivatives traders.

    23 Mar 2017

  • World Bank goes long on a 40 year MTN

    World Bank sold a €90m zero coupon 40 year bullet MTN towards the end of last week — its longest ever non-callable deal.

    23 Mar 2017

  • Asian interest sparks Kangaroo activity

    Japanese investors on the hunt for European SSA credit drove a flurry of long dated Australian dollar deals on Wednesday.

    23 Mar 2017

  • Westfield’s long print snapped up in sterling bond mart debut

    Westfield Corp, the Australian operator of shopping centres in the UK, Europe and US, made a dual tranche debut in sterling on Thursday.

    23 Mar 2017

  • ESMA publishes CSDR guidelines

    The European Securities and Markets Authority (ESMA) has published final reports on two guidelines regarding the implementation of central securities depository regulation.

    23 Mar 2017

  • Bank Muscat’s head of coverage and origination leaves

    Peter Bakos, Bank Muscat’s head of international coverage and origination, has decided to leave the bank to pursue opportunities in Europe.

    23 Mar 2017

  • Volkswagen may return to bonds as early as Q2 after € restart

    Volkswagen is looking to follow up Thursday’s jumbo euro bond sale with outings in the dollar and hybrid bond markets as soon as the second quarter, the company’s head of group treasury told GlobalCapital.

    23 Mar 2017

  • High yield keeps strong streak with reverse Yankees

    New deals marketed this week by US borrowers Owens-Illinois and Federal-Mogul pushed reverse Yankee issuance to 25% of the €22bn of euro high yield issuance so far in 2017.

    23 Mar 2017

  • IFC considers green Kangaroo bond

    The International Finance Corporation could use the Kangaroo market to expand its burgeoning green bond programme.

    23 Mar 2017

  • Strong demand drives peripheral revival in European RMBS

    An Irish reperforming mortgage deal was sold by a Lone Star fund on Thursday, while Spanish issuer UCI mandated leads for a new prime RMBS deal as ABS investors continue to show demand for legacy and peripheral credit.

    23 Mar 2017

  • Spread tightening takes some shine off equipment ABS – investor roundtable

    Securitization pros at the Investors’ Conference on Equipment Finance in New York on Wednesday indicated that steady tightening of spreads across securitized assets is affecting the way some investors are approaching the equipment ABS sector.

    23 Mar 2017

  • Albéa launches another bond-to-loan refi

    Albéa, the French packaging firm owned by Sun Capital Partners, has scheduled a bank meeting for Monday in London about a $921m-equivalent bond to loan refinancing and dividend recapitalisation.

    23 Mar 2017

  • Fallen angel K+S to swoop down on HY

    K+S, the German potash processor and mining group, will, on Monday, launch its first bond since losing its investment grade ratings.

    23 Mar 2017

  • Money for nothing: passive bookrunners are the least-bad solution

    Investment banking is rich in situations that seem ridiculous. The existence of passive bookrunners — banks paid fees for doing no work — is a prime example, but it’s the least-bad compromise in a difficult balancing act.

    23 Mar 2017

  • ESM and EFSF readying for hefty Q2

    The European Stability Mechanism (ESM) and European Financial Stability Facility (EFSF) are preparing for their heaviest quarterly funding target for three years.

    23 Mar 2017

  • Washington lacks muscle for major regulatory change

    Wall Street workers hoping for a regulatory sea change under president Donald Trump are going to have to adjust their expectations, as empty posts at all levels of government are set to hinder lasting reform.

    23 Mar 2017

  • Isbank’s €100m refi goes off with a bang

    The heightened prices Turkey's banks are having to pay to refinance loans has attracted more banks to the latest syndication, a €100m deal for Isbank AG.

    23 Mar 2017

  • FIG market shrugs off any softness as sub deals pile up

    Investors showed strong appetite for subordinated deals in spite of a softer session in the middle of the week, allowing three financial institutions to use the week’s window to top up their capital.

    23 Mar 2017

  • El-Amir leaves UniCredit for Evercore

    UniCredit’s former head of group finance Waleed El-Amir has left the bank to join advisory boutique Evercore.

    23 Mar 2017

  • Toronto-Dominion Bank sees strong demand for seven year

    A new seven year euro deal from Toronto-Dominion Bank drew in a healthy book on Thursday, as investors continue to show strong demand for Canadian names.

    23 Mar 2017

  • PKO Bank closes first Polish euro covered benchmark of the year

    PKO Bank Hipoteczny launched the first Polish euro benchmark covered bond of the year on Thursday, with pricing grinding slowly tighter after a steady bookbuilding process.

    23 Mar 2017

  • Banks in talks with Jindal for $760m restructuring

    India’s Jindal Steel and Power (JSPL) is negotiating with lenders to extend maturities on syndicated and bilateral loans worth a total of about $760m, according to sources. With commodity prices having come out of last year’s lows, lenders are thawing to the sector but will continue to approach it with caution, writes Shruti Chaturvedi.

    23 Mar 2017

  • Aston Martin revs up to make 300bp saving

    UK luxury sports car maker Aston Martin will hit the road for a senior secured deal in sterling and dollars on Friday to repay bonds coming due next year.

    23 Mar 2017

  • Life Healthcare sets terms for R9bn rights issue

    Life Healthcare, the South African private hospitals group, has finalised the terms for the R9bn ($712m) rights issue it is carrying out to finance its acquisition of Alliance Medical Group, the UK medical imaging services provider.

    23 Mar 2017

  • Ukraine’s MetInvest pulls off debt restructuring

    Ukrainian steel and mining company Metinvest’s struggle to restructure its $2.3bn debt dating back to 2012 finally came to an end on Thursday.

    23 Mar 2017

  • Caixa Geral AT1 sparks risk-reward debate with 10.75% coupon

    Caixa Geral de Depósitos attracted a solid €2bn of demand on Thursday for Portugal’s first additional tier one, as the bank made important headway on its recapitalisation plan. But market participants were divided over calculating fair value for the risky debt instrument.

    23 Mar 2017

  • Diamond’s Panmure purchase marks bet on building on in mid-market

    Buying Panmure Gordon may not be the Bob Diamond comeback that everyone was clamouring for, but it could mark the first step in the formation of a non-bank financial player in the mould of Cantor Fitzgerald, writes David Rothnie.

    23 Mar 2017

  • Fosun Intl $650m dual-currency refi hits syndication

    Hong Kong-listed Fosun International is back in the syndicated loan market for $650m equivalent to refinance a $800m deal raised two years ago.

    23 Mar 2017

  • Uncertainty surrounds much-awaited Chinese tech IPOs

    A clutch of China’s technology stars had been expected to dazzle the market with their IPOs this year, but the evolving regulatory environment means many are ambivalent about whether to list onshore or off. Market watchers say fintech players could be pushed to the US, even as other tech firms consider an A-share IPO. John Loh reports.

    23 Mar 2017

  • Zheshang Bank scores $2.175bn AT1 with debut deal

    China Zheshang Bank sealed a massive $2.175bn from its debut international additional tier one on Wednesday, deciding to hit its regulatory limit with one deal rather than multiple outings.

    23 Mar 2017

  • HCP seeks additional funds with $540m deal

    Cosmetics packaging company HCP Global has approached lenders for a $540m borrowing that will replace a $430m loan sealed last year, according to bankers.

    23 Mar 2017

  • Eco World lands $590m IPO on domestic demand flood

    Eco World International has raised MR2.6bn ($587.4m) from its IPO after domestic investors piled into the deal.

    23 Mar 2017

  • Bond triumph proves Korea can’t be stopped by scandal

    South Korean bond issuers defied the domestic political turbulence shaking the country, hitting the market this week with a handful of successful dollar deals. While investors snapped up the notes with little question, the timing leads to some speculation that the deal rush was a publicity stunt.

    23 Mar 2017

  • The importance of a few zeros

    Trading a currency on screen, day in and day out, is not the same as understanding it in real life, as one forex banker just found out to his cost in Tokyo.

    23 Mar 2017

  • Asia Broadcast sends out signal for $280m

    Kingsbridge, the holding company of cable TV service provider Asia Broadcast Satellite (ABS), has launched a $280m refinancing into general syndication.

    23 Mar 2017

  • Credit Suisse sees exits in IBCM and equities

    Credit Suisse’s Hong Kong office saw two senior departures in investment banking and equities, following news last week that six were leaving the equities team.

    23 Mar 2017

  • Turkey plots sukuk return despite outlook downgrade

    Turkey will meet investors in the UAE next week ahead of a potential return to the dollar sukuk market, leads announced on Thursday.

    23 Mar 2017

  • People news in brief, March 23, 2017

    BTMU hires from BNP Paribas — HSBC promotes 14 Asia staff to MD — BAML loses Apac FIG duo — Morgan Stanley sees exits

    23 Mar 2017

  • Netmarble, ING Life Korea eye combined $3.6bn in IPOs

    South Korea’s Netmarble Games began investor education this week for a potential W2.7tr ($2.4bn) IPO, while ING Life Insurance Korea filed offer documents for its W1.3tr float.

    23 Mar 2017

  • Argentina turns to receptive Swiss market

    Argentina returned to the Swiss market for the first time in nearly 20 years on Thursday to print a Sfr400m ($403m) three and a half year bond.

    23 Mar 2017

  • Thai ECM: WHA launches bookbuilding, TPI to price

    Thailand’s first IPO of the year is bound for a strong finish, with the leads on TPI Polene Power guiding investors to the top of the price range.

    23 Mar 2017

  • Alfa-Bank names price for three year euro return

    Alfa-Bank emerged with pricing for a three year euro-denominated bond on Thursday morning, in the first deal in the currency from the Russian lender since June 2014.

    23 Mar 2017

  • Agrokor bondholders face hefty haircut, says Exotix Partners

    Holders of Croatian retailer Agrokor's Eurobonds will be required to take a haircut on their positions, unless there is a buyout of the struggling firm, said Exotix Partners this week.

    23 Mar 2017

  • Indonesia shatters record with new dual tranche sukuk

    The Republic of Indonesia broke its own Islamic finance record on Wednesday, sealing a whopping $3bn dual tranche sukuk.

    23 Mar 2017

  • The Pained Trader: showing you where it hurts

    The unbearable circles of political conversation can sap morale and vitality — much like job searching in the City.

    23 Mar 2017

  • Delta Corp board OKs Rp7.5bn QIP

    The board of directors of India’s Delta Corp has given the go ahead to raise Rp7.5bn ($114.6m) of equity capital using a qualified institutional placement.

    23 Mar 2017

  • Sino-Ocean builds Panda credentials with Rmb4bn debut

    Sino-Ocean Group Holdings has issued its first Panda bond, raising Rmb4bn ($580m) from a dual trancher. The debut followed German carmaker Daimler and Russian aluminium giant Rusal in a series of prominent issuances in March.

    23 Mar 2017

  • Busy Thursday for Asia DCM with four live deals

    Emperor International Holdings, Xinjiang Guanghui Industry Investment (Group) Co, Japfa Comfeed Indonesia and Zhuhai Huafa Group Co ventured into the debt market on Thursday, following some recovery in credits in the US overnight.

    23 Mar 2017

  • PBoC, EIB work on framework to boost green finance

    The People’s Bank of China and the European Investment Bank (EIB) have launched an initiative to develop a framework to support green finance and will publish their findings in a white paper later this year.

    23 Mar 2017

  • Improving Paraguay trades up after tight bond return

    Landlocked South American sovereign Paraguay cemented its status as one of Latin America’s fastest improving economies with a tightly priced 10 year deal on Wednesday.

    23 Mar 2017

  • LCH nabs first buy-side client for CDSClear

    LCH, the London based global clearing house, has signed up Amundi as the first buy-side client for its CDS clearing operation.

    22 Mar 2017

  • Investors push back on tight CLO mezz debt

    Buyers of CLO mezzanine debt are pushing back against the rapid spread compression seen since since the start of the year, with activity over the past month showing a slowdown in the pace of tightening.

    22 Mar 2017

  • Post-election exuberance to fuel equipment performance in 2017, says panel

    An upbeat mood in the equipment sector since the presidential election should lead to a strong 2017 for the industry, with ABS volumes expected to keep pace with 2016 levels, said panelists at the Investors’ Conference on Equipment Finance held by ELFA and IMN on Wednesday.

    22 Mar 2017

  • Wary investors kick tyres on Volkswagen bond comeback

    Volkswagen’s first foray in the Eurobond markets since it was consumed by an emissions scandal in September 2015 may not produce a rousing comeback, as some investors say the rocky backdrop on Wednesday will be enough to keep books grounded while others are struggling to look past the company’s woes.

    22 Mar 2017

  • Ontex completes first capital increase since IPO

    On Wednesday evening, Ontex Group, the Belgian maker of personal hygiene products, increased its equity capital by 10% through an accelerated bookbuild led by BNP Paribas and UBS.

    22 Mar 2017

  • EIB and KfW scoop long end euros

    The European Investment Bank and KfW on Wednesday tapped the long end amid an otherwise quiet euro market.

    22 Mar 2017

  • SNCF Réseau hits top of green range as IFC mulls visit

    SNCF Réseau on Wednesday printed at the upper end of its size expectations with its second ever green bond, while the International Finance Corporation looked at the possibility of printing in the green format over the next three months.

    22 Mar 2017

  • Agos Ducato sees big demand for Italian consumer ABS

    Italian issuer Agos Ducato sold more notes in its latest Sunrise consumer loan deal this week than in previous offerings with the order book still being heavily oversubscribed by investors.

    22 Mar 2017

  • GMAC UK readies new auto ABS transaction

    GMAC UK is preparing its eighth UK auto ABS deal, backed by a £420m pool that has a higher proportion of personal contract purchase (PCP) agreements than earlier deals from the issuer.

    22 Mar 2017

  • Eight more take Akbank over $1bn

    Akbank closed a loan syndication on Wednesday with eight more banks joining the deal, taking the number involved to 38 and the refinancing to more than $1bn.

    22 Mar 2017

  • Asian interest sparks Kangaroo activity

    Japanese investors on the hunt for European SSA credit drove a flurry of long dated Australian dollar deals on Wednesday.

    22 Mar 2017

  • Too many mouths: Europe’s boom in bookrunners

    Bookrunner numbers on European deals are climbing ever higher, and it’s hurting deal execution. That, at least, is the complaint of many in the DCM and syndicate world. Is this just self-interest, or should issuers be worried? What, if anything, can be done about the growing mandate roll calls?

    22 Mar 2017

  • DNB pulls in pricing on dollar five year covered bond

    DNB Boligkreditt’s venture into the dollar market was successful on Tuesday, with the bank drawing almost $3bn of demand for the deal, allowing it to pull in pricing below guidance.

    22 Mar 2017

  • New trio serve BB deals for HY’s tourist investors

    Another day, another €1.5bn of high yield bond offerings was what Tuesday’s deals from Aramark, Anglo American and Arrow meant for a European market awash with double-B rated paper. But too much of a good thing is putting off some traditional high yield buyers.

    22 Mar 2017

  • Diverse covered pipeline builds with Polish, Swedish and UK issuers joining

    Yorkshire Building Society mandated banks for its first covered bond since November 2015 on Wednesday, joining a host of other issuers, as a diverse pipeline of deals builds up.

    22 Mar 2017

  • Halkbank looks to make it three for Turkey in tier two

    Halkbank became the latest Turkish bank to throw its hat into the tier two ring on Wednesday, announcing plans for a three day roadshow in the US and UK.

    22 Mar 2017

  • TSKB sustainable tier two trades up on the break

    Turkey’s Turkiye Sinai Kalkinma Bankasi (TSKB) printed the first ever Basel III compliant sustainable tier two on Tuesday.

    22 Mar 2017

  • Mapfre enjoys smooth execution for well-expected tier two

    Investors were ready and willing to receive a new tier two from Mapfre on Wednesday, allowing the Spanish issuer to command tight pricing for the transaction despite a slight turnaround in market conditions.

    22 Mar 2017

  • BFCM commands tight pricing for €500m tier two

    Banque Fédérative du Crédit Mutuel (BFCM) shrugged off softer market conditions for a €500m no-grow tier two on Wednesday, choosing a smaller size and pulling pricing close to fair value.

    22 Mar 2017

  • Gazprom looks to add rare Russian flavour to sterling bond market

    Gazprom has announced plans for a UK roadshow next week ahead of a potential return to the sterling bond market.

    22 Mar 2017

  • SSAs turn green as quarter winds up

    With public sector borrowers having reached advanced stages in their annual funding programmes as the first quarter comes to a close, focus is shifting to socially responsible bonds.

    22 Mar 2017

  • TSKB does good as equities go bad and Agrokor turns ugly

    While global equities appear to be tanking, emerging market bonds are once again on fire with inflows supporting propping up what seems a never ending bid, but as ever, idiosyncratic risks are playing a bum note on some deals.

    22 Mar 2017

  • Absolutely X-Fab for IPOs as pair begin bookbuilding

    With just over three weeks to go until Easter, the latest wave of IPOs in EMEA is progressing well. One deal was priced on Tuesday and bookbuilds have begun for two more.

    22 Mar 2017

  • FIG issuers pick clear week to dive into the market

    The FIG primary market made a roaring start this week and looked set to remain busy despite some softness on Wednesday morning.

    22 Mar 2017

  • Volkswagen revs four vehicles on bond market’s forecourt

    Volkswagen has returned to the public straight bond markets in its own name for the first time since September 2015, when it was swept from the market by its emissions test cheating scandal. Bond markets being what they are, a multi-billion euro blowout is likely.

    22 Mar 2017

  • ING attracts blowout books on dollar holdco debut

    Investors put a whopping $16.3bn of orders into a $4bn three tranche deal from ING this week, only its second holding company level senior issue since it changed its resolution entity earlier this year.

    22 Mar 2017

  • United Bank of India sets QIP floor price

    United Bank of India has set the floor price for its Rp15bn ($229.1m) qualified institutional placement, which has been in the works for over a year.

    22 Mar 2017

  • Streamline China market access to bring inflows, says Asifma

    Chinese regulators should simplify market access to attract capital inflows, Asia Securities Industry & Financial Markets Association (Asifma) has said. In a report published on Wednesday, the industry body argued that the current arrangement is too complex, unfair to long-term foreign investors and discourages prospective investors.

    22 Mar 2017

  • Mapletree eyes student housing trust IPO

    Temasek-owned Mapletree Investments is planning to list Singapore's first trust consisting of student accommodation once the portfolio reaches a size of S$4bn-S$5bn ($2.9bn-$3.6bn).

    22 Mar 2017

  • BTMU hires from BNP for east Asia FIG

    Raymond Li has joined Bank of Tokyo-Mitsubishi UFJ as its new head of financial institutions for east Asia, jumping ship from BNP Paribas.

    22 Mar 2017

  • Huarong Investment rolls out HK$3bn dual currency deal

    Huarong Investment Stock Corp is in the market for a HK$3bn ($386m) dual currency syndicated term loan with Credit Suisse at the helm.

    22 Mar 2017

  • Smooth sailing for Shinhan's $500m five year deal

    South Korea’s Shinhan Bank secured a tightly priced $500m deal on Tuesday, taking advantage of an otherwise quiet market as well as the Monday success of Korea National Oil Corp.

    22 Mar 2017

  • Fosun poised to launch 2015 loan refinancing

    Hong Kong-listed Fosun International is set to return to the syndicated loan market to refinance a $800m deal raised two years ago, according to a banker.

    22 Mar 2017

  • Anta Sports tanks after $488m top-up placement

    Chinese company Anta Sports Products raised HK$3.79bn ($487.9m) from a top-up share placement on Tuesday, but saw its shares plummet in the aftermarket on the back of poor performance in US markets overnight.

    22 Mar 2017

  • SBI, HDFC plot offshore fundraisings

    State Bank of India and mortgage firm Housing Development Finance Corp are both planning offshore bonds this year, with the former eyeing foreign currency and the latter rupee.

    22 Mar 2017

  • Nafins books ¥10bn on currency debut

    Mexican development bank Nacional Financiera (Nafin) has priced its first ever Japanese yen-denominated bond, according to bankers close to the deal.

    22 Mar 2017

  • PB bid has Unicomer flying in secondary

    Central American retail group Unicomer saw its newly issued seven year non call four bonds jump around three points in secondary markets on Tuesday as traders said retail and private bank investors sought to get their hands on the paper.

    22 Mar 2017

  • Investors give thumbs up to SEA IPOs

    Eco World International priced Malaysia’s largest IPO so far this year to raise MR2.6bn ($578.5m) on Tuesday, in a deal that saw domestic investors piling in.

    22 Mar 2017

  • Indonesia offers up dual tranche sukuk

    The Republic of Indonesia launched a two-tranche sukuk on Wednesday, offering investors five and 10 year dollar options for its annual pursuit of Islamic financing.

    22 Mar 2017

  • Zheshang Bank markets AT1, Guanghui Group mandates

    China Zheshang Bank Co is out with its maiden international additional tier one, while Xinjiang Guanghui Industry Investment (Group) Co, the largest shareholder in China Grand Auto, is prepping for its offshore debut.

    22 Mar 2017

  • Q&A – Tad Philipp, Moody’s Investors Service

    Tad Philipp, senior vice president and head of commercial real estate research at Moody’s, is set to retire next month, bidding farewell to an industry in which he has been one of the most visible figures.

    21 Mar 2017

  • Mexican mining company debuts ABS

    Compañía Minera Autlán, the largest producer of ferroalloys in Mexico, made its first foray into the ABS market with a deal backed by trade receivables.

    21 Mar 2017

  • SLABS set to swell despite policy turmoil

    Student loan ABS volume across the refinancing, private loan and Federal Family Education Program (FFELP) sectors is expected to surge past 2016 levels, even as political uncertainty casts a shadow over the market.

    21 Mar 2017

  • Securitization initiatives could replace wholesale GSE reform package

    Technical reforms of Fannie Mae and Freddie Mac, such as expanding agency credit risk transfer, could replace broader Congressional attempts to overhaul the government sponsored enterprises (GSEs), according to housing policy experts speaking at Moody's US Housing & Housing Finance Conference on Tuesday.

    21 Mar 2017

  • HKEX primes client clearing subsidiary

    Hong Kong Exchanges (HKEX) has received sign off to release a client clearing service through OTC Clearing Hong Kong Limited. The service will provide clearing and settlements services for OTC derivatives.

    21 Mar 2017

  • Carl Zeiss and TBC Bank blocks attract strong demand

    There were four equity block trades in EMEA on Tuesday evening, the largest of which was a capital increase by Carl Zeiss Meditec, the German medical technology company.

    21 Mar 2017

  • European Commission launches regulator consultation

    The European Commission on Tuesday launched a public consultation on the operation and governance structure of European Supervisory Authorities (ESAs).

    21 Mar 2017

  • SRI spectacular: CEB to debut, SNCF mandates and IFC goes large

    The socially responsible bond pipeline ballooned on Tuesday, with a European supranational announcing a roadshow for a debut issue, a French agency mandating for a deal and a Washington supranational pricing a social bond in benchmark size for the first time.

    21 Mar 2017

  • South Africa plans investor update meetings

    South Africa will meet investors in London and the US next week after announcing plans to borrow up to $2bn in the international markets this year.

    21 Mar 2017

  • Unédic hits 10 years after French debate soothes investors

    Unédic launched a 10 year benchmark on Tuesday. The deal came in the wake of a televised debate between the French presidential candidates that appeared to restore investors’ confidence in French names, according to an SSA syndicate banker at one of the leads.

    21 Mar 2017

  • Discretionary sector to suffer after UK inflation beats target

    UK corporate issuers that rely on discretionary spending for revenue saw their bond spreads widen on Tuesday, after inflation in the UK soared past Bank of England targets.

    21 Mar 2017

  • EU political risk could ease CLO squeeze

    Looming macro risks and political turmoil could weigh on loan prices, potentially easing the squeeze on CLO equity investors at the bottom of the capital structure, said analysts at Prytania Investment Advisors this week.

    21 Mar 2017

  • EIB to be last name in sterling frenzy?

    The European Investment Bank on Tuesday became the sixth European public sector borrower to hit screens in sterling since March 13, tapping a January 2020 line for £250m. But UK inflation figures could put an end to the currency's run in the sun. Meanwhile, investors and banks discussed what form the next UK Gilt syndication should take.

    21 Mar 2017

  • Mapfre looks to switch old for new with T2 mandate

    Mapfre will sell a new tier two bond this week, joining a growing pipeline of subordinated deals as it looks to replace an old bond approaching its first call date.

    21 Mar 2017

  • Turkey's TSKB brings first ever sustainable tier two

    Turkey’s Turkiye Sinai Kalkinma Bankasi (TSKB) made a second pioneering move into the sustainable bond market with the world’s first sustainable tier two bond on Tuesday, following on from a senior green bond last year.

    21 Mar 2017

  • Lebanon leaves little on table for $3bn bond

    Lebanon took orders of nearly $18bn for its largest ever bond on Monday and quality international participation was seen in a book that remained dominated by local accounts, according to bankers on the deal.

    21 Mar 2017

  • Investors put $4.75bn behind Danske's equity conversion AT1

    Danske Bank was looking to raise $750m of new capital in its first equity conversion additional tier one (AT1) on Tuesday, as it dipped into a huge pool of demand in the Reg S market.

    21 Mar 2017

  • Euro covered bond issuers enjoy strong conditions

    Three covered bond issuers took advantage of the post-Dutch election window on Tuesday to issue covered bonds in euros and dollars, with some aggressive price tightening seen in the euro market.

    21 Mar 2017

  • Ardian goes large with €1.3bn Grand Frais deal

    Private equity firm Ardian has acquired a majority stake in Prosol Group, the parent company of Grand Frais, the French supermarket company.

    21 Mar 2017

  • Achmea Bank to return to Swiss francs

    The Netherlands' Achmea Bank is looking to raise funds in the Swiss franc bond market in the near future, having mandated three banks to take it on a roadshow next week.

    21 Mar 2017

  • Ezdan picks six for sukuk

    Qatari real estate developer Ezdan Holding has picked banks to arrange its second sukuk.

    21 Mar 2017

  • Telling a bonus from a ‘retention award’

    Deutsche Bank’s latest wheeze to pay its best and brightest might look like a crafty sleight of hand typical of weaselly bankers. But having announced a pared-back bonus pool just a few weeks ago, it transpires the firm has ear-marked extra dosh to make up for it. Under the hair shirt was a silk vest all along, one might think. However, Deutsche has no choice but to pay the market rate for staff if it is to deliver any return to shareholders.

    21 Mar 2017

  • Emirates NBD Asset Management completes rare UAE Reit IPO

    The encouraging tone for EMEA IPOs has extended into Tuesday with a rare and successful real estate investment trust listing in the United Arab Emirates, for ENBD Reit.

    21 Mar 2017

  • WHA sells growth angle on $173m Thai IPO

    WHA Utilities and Power’s Bt6.02bn ($173m) IPO is being pitched as a different kind of utility stock, offering a rare growth story instead of the usual defensive angle, according to bankers.

    21 Mar 2017

  • Dianchi Water launches PDIE for $200m IPO

    Kunming Dianchi Water Treatment Co has started pre-deal investor education for a Hong Kong IPO that could raise $200m, according to a source close to the transaction.

    21 Mar 2017

  • KNOC rakes in $1.5bn from triple trancher

    Korea National Oil Corp (KNOC) took advantage of the positive market on Monday to price three $500m tranches of new notes at an attractive price, while still offering investors some cushion on the fixed rate portions.

    21 Mar 2017

  • Rarity value fuels Yuhuang Chemical’s $300m debut

    Shandong Yuhuang Chemical Co sealed an inaugural international bond on Monday, finding sufficient demand thanks to a conducive market backdrop, coupled with the rarity factor of being a Chinese non-property name raising funds.

    21 Mar 2017

  • Citic CLSA names ECM lead in Aus, NZ expansion

    Citic CLSA Securities is expanding its capital markets footprint down under, hiring Michael Vercoe as its first head of ECM for Australia and New Zealand.

    21 Mar 2017

  • CIMB ends decade-long break with $400m loan

    Malaysia's CIMB is in the first phase of syndicating a $400m five year financing, returning to the loan market after an absence of 10 years.

    21 Mar 2017

  • Maturing Asian DCM can go it alone

    The performance of the Asia bond market over the past couple of weeks, despite the macro moves elsewhere, has shown that it can drive forward independently of events in the west. With European and US political volatility waiting in the wings, Asian DCM’s self-sufficiency bodes well.

    21 Mar 2017

  • Invitations out for Mu Sigma $400m financing

    The leads on Indian data analytics firm Mu Sigma’s $400m fundraising have invited lenders to join at the sub-underwriter level, according to bankers.

    21 Mar 2017

  • Sritex weaves $150m from snap deal

    Indonesian company Sri Rejeki Isman (Sritex) seized an unexpected window for a deal late on Monday morning, launching and pricing a $150m bond soon after an investor call.

    21 Mar 2017

  • IOI Properties pockets $343m from rights issue

    Malaysia’s IOI Properties Group has successfully tapped the equity market for MR1.5bn ($343.2m) via a rights issue, with the funds to be deployed to repay debt.

    21 Mar 2017

  • HKEX launches first currency options

    The Hong Kong Stock Exchange (HKEX) launched USDCNH options on March 20, the first currency options to trade on the exchange. Together with HKEX’s USDCNH futures contract, the new product will give investors an alternative in managing renminbi exposure.

    21 Mar 2017

  • Credit Suisse loses senior bankers in IBCM, equities

    Two senior bankers at Credit Suisse in Hong Kong have left, according to sources close to the matter.

    21 Mar 2017

  • Trio supplies HK$1.2bn loan to Fortune Reit

    Hong Kong-listed Fortune Real Estate Investment Trust has tied up a HK$1.2bn ($154m) syndicated loan arranged by Sumitomo Mitsui Banking Corp.

    21 Mar 2017

  • Emperor International, Japfa prep investors

    Emperor International Holdings is gearing up for a new dollar bond, hiring nine firms to work on the transaction, while Japfa Comfeed Indonesia is looking for fresh funds to partly redeem its 2018s.

    21 Mar 2017

  • Shinhan Bank breaks into market with dollar deal

    Shinhan Bank launched a new five year dollar deal on Tuesday, following its compatriot Korea National Oil Corp into the debt market.

    21 Mar 2017

  • Mexico’s Nafin to test Japanese demand

    Mexican development bank Nacional Financiera (Nafin) will look to price its first ever Japanese yen deal this week.

    21 Mar 2017

  • HSBC promotes 14 Asia staff to MD

    HSBC has elevated 14 Asia-based staff from its global banking and markets (GBM) division to managing director, part of a global round of promotions, according to an internal memo seen by GlobalCapital Asia.

    21 Mar 2017

  • ESMA establishes understandings for CCPs

    The European Securities and Markets Authority has established memoranda of understanding under European markets infrastructure regulation with seven non-EU regulators.

    20 Mar 2017

  • Cross River hires top Massachusetts bank regulator

    David Cotney, former commissioner of banks for the Massachusetts Division of Banks, has been tapped by Cross River Bank to join its board of directors.

    20 Mar 2017

  • Marlette prices latest deal tight even as firm preps layoffs

    Online personal loan platform Marlette Funding priced a marketplace loan ABS last Friday to strong demand, even as the company plans to reduce staff in order to boost profit.

    20 Mar 2017

  • High-risk Egypt is poised for a comeback

    Egypt’s fall from grace is one of the more noteworthy of recent years.

    20 Mar 2017

  • Veolia rushes into seller's market at the double

    French utility Veolia Environnement’s €1.3bn dual tranche trade on Monday showed that power is still with corporate borrowers, despite grumbling from investors last week that spreads have been tightening too much during primary market execution.

    20 Mar 2017

  • Euronext to launch two new indices with Morningstar

    Euronext today agreed to a strategic partnership with Morningstar which will bring new indices and derivatives contracts to the pan-European exchange within two weeks.

    20 Mar 2017

  • Prime jumbo RMBS predictions jump

    RMBS market observers are updating their prime jumbo issuance predictions for 2017 on the expectation that more banks are looking to wade into the sector.

    20 Mar 2017

  • Spire Partners grinds CLO spreads to new tight levels

    Spire Partners set a new tight level for new issue European CLOs last Friday, as triple-A spreads continued to rally and spreads at the junior end of the capital stack also show signs of tightening.

    20 Mar 2017

  • Spearhead International rakes in first syndication

    Spearhead International, a central and eastern Europe based agriculture company, has signed its first syndicated loan for €167m.

    20 Mar 2017

  • Tennet hits road as IG volumes set to hold up

    Bankers expect this week to be similar in volume to last week in the corporate market, with Teleperformance, rated BBB- by S&P, and Tennet, rated A3/A-, due to begin roadshows.

    20 Mar 2017

  • NWB joins sterling craze

    Nederlandse Waterschapsbank has become the latest in a string of public sector borrowers to turn to the sterling market.

    20 Mar 2017

  • Blackstone preps new Spanish RMBS

    Blackstone mandated banks last Friday to arrange a €400m securitization backed by re-performing Spanish mortgages that the private equity firm bought from CatalunyaCaixa in April 2015.

    20 Mar 2017

  • Deutsche protects payouts with ‘retention awards’

    Deutsche Bank achieved a headline cut in its bonus pool of nearly 80% for 2016 to €500m. But this is dwarfed by the €1.1bn the bank is paying in ‘retention awards’, which it insists are not part of 2016 compensation, but a way to keep essential employees at the bank.

    20 Mar 2017

  • BNG gets longest ever euros as Unédic lines up

    Buoyed by relief following a Dutch election in which Eurosceptic Geert Wilders’ hopes of forming a government were dashed, public sector borrowers are flocking back to capital markets.

    20 Mar 2017

  • SSA secondary pricing update: featuring World Bank's April 2020

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

    20 Mar 2017

  • John Laing Infrastructure Fund begins £122m recap

    John Laing Infrastructure Fund, the FTSE 250-listed closed end investment fund, is raising £122m through a capital increase led by JP Morgan to reduce its debt after investing in over 60 projects since its creation in 2010.

    20 Mar 2017

  • Socially responsible week ahead

    A pair of public sector borrowers are set to bring socially responsible bonds this week, with one aiming at the dollar short end and the other at the long end of the euro curve.

    20 Mar 2017

  • Chemours turns to euros as it reprices $1.5bn term loan 'B'

    Chemours, the listed US chemicals firm spun out of DuPont in 2015, held a lender call on Monday afternoon for a $350m-equivalent euro term loan to repay some of its existing dollar loan.

    20 Mar 2017

  • Funding scorecard: Nordic agencies

    This week's funding scorecard looks at the progress Nordic agencies have made in their funding for the year.

    20 Mar 2017

  • Temenos serves up Swiss retail paper

    Temenos, a Genevese vendor of banking software, offered retail investors its fourth Swiss bond on Monday.

    20 Mar 2017

  • CBM mandates for rare Russia tier two

    Credit Bank of Moscow has named leads for a rare Russian Basel III-compliant tier two bond, its first capital issue.

    20 Mar 2017

  • ABN Amro pulls in $4bn orders for dollar tier two

    ABN Amro attracted a healthy book for a large $1.5bn tier two trade on Monday, as the FIG market filled up in both dollars and euros after a busy week of potential risks.

    20 Mar 2017

  • Russia bonds rally as S&P improves sov outlook

    Russia's Eurobonds were given a further boost on Friday as S&P upgraded the outlook the country's BB+ rating to positive from stable on Friday.

    20 Mar 2017

  • Tobam launches HY fund to take on passive underperformers

    French asset manager Tobam Core Investments opened its first international high yield fund on Monday. The €100m fund aims to go against the grain.

    20 Mar 2017

  • Hypo Noe to switch to soft bullet covered bond structure for new deal

    Hypo Noe is embarking on the second week of its new deal roadshow this week, as the bank looks to roll out a new soft bullet structure for its covered bonds.

    20 Mar 2017

  • Deutsche Bank starts €8bn rights issue to boost capital

    Shares in Deutsche Bank, the largest bank in Germany, fell 2.7% on Monday morning after it published its 2016 annual report and launched its €8bn two-for-one rights issue.

    20 Mar 2017

  • Soc Gen and HSBC chase in-demand TLAC FRNs

    Société Générale and HSBC were both looking to print total loss-absorbing capacity (TLAC) eligible deals on Monday, as investors showed further appetite for floating rate product.

    20 Mar 2017

  • Lebanon leaps to lock in long-dated cash

    Lebanon was on track to print a triple tranche bond at the long end of the curve on Monday, having announced price talk first thing.

    20 Mar 2017

  • Pfleiderer returns to loan market to refinance post-restructuring bond

    Pfleiderer, the Warsaw-listed wood-based materials maker, has re-entered the leveraged loan market with a €450m deal.

    20 Mar 2017

  • Bonds drop as Ivory Coast sends out RFP

    Ivory Coast’s dollar debt dropped half a cash point on Monday morning as after the African state sent out a request for proposals (RFP) to banks, according to sources.

    20 Mar 2017

  • Ambea opens the books on Skr3bn Swedish care homes IPO

    Ambea, the Nordic healthcare provider, has announced the terms for its IPO on Nasdaq Stockholm, which could give it a valuation of up to Skr5.07bn (€530m).

    20 Mar 2017

  • P&M Notebook: big name, small deal

    Even a publishing house could, at a push, bid for a broker the size of Panmure Gordon, whose profits, at around £400,000 a year, certainly aren’t setting the City alight. But it’s the return of Bob Diamond, the former Barclays boss, which has set the broadsheets buzzing.

    20 Mar 2017

  • Deutsche drawn into SSA bond trading probe

    Deutsche Bank disclosed on Monday that it has been drawn into the SSA bond trading and manipulation investigation, with requests for information from regulatory authorities.

    20 Mar 2017

  • Antipodean covered bond issuers line up

    A pair of issuers from Australia and New Zealand have announced they will take new euro deals on roadshows at the end of the month.

    20 Mar 2017

  • Danske lines up first equity conversion AT1

    Danske Bank will sell its first ever additional tier one with an equity conversion trigger this week, as it looks to target the dollar market for bonds it can still account for as debt.

    20 Mar 2017

  • WHA Utilities and Power adds to Thai IPO parade

    Thailand’s ECM market is heating up with yet another IPO set to launch this week, as WHA Utilities and Power starts bookbuilding on Tuesday.

    20 Mar 2017

  • Evergrande scores $1.5bn high yield deal

    China Evergrande Group dashed into the market last Friday, securing a $1.5bn deal across two tranches before investors shut down for the weekend.

    20 Mar 2017

  • CBRC relaxes licence requirements for foreign banks

    The China Banking Regulatory Commission (CBRC) has taken a further step towards opening up the country’s financial sector, allowing foreign and joint venture banks to invest in domestic banking financial institutions.

    20 Mar 2017

  • Senior Apac bankers leave Morgan Stanley

    Two senior executives at Morgan Stanley in Asia Pacific have recently resigned from the US bank, according to sources close to the matter.

    20 Mar 2017

  • Puma Energy returns for $570m borrowing

    Oil products storage and distribution firm Puma Energy is back in the loan market for a two-pronged $570m financing, to extend as well as replace some of its existing debt.

    20 Mar 2017

  • Petron drills for $600m refinancing with four banks

    Philippines’ Petron Corp is tapping the syndications market for $600m to partly refinance a term loan due next year, as well as some peso-denominated notes.

    20 Mar 2017

  • Min Xin seeks $107m in equity to repay loans

    Min Xin Holdings is looking to raise HK$827m ($107m) via a rights issue to pay down bank borrowings, according to a filing made after markets closed last Friday.

    20 Mar 2017

  • KNOC, Yuhuang Chemical tease investors with bonds

    Korea National Oil Corp (KNOC) is selling a combination of floating and fixed rate bonds, with price thoughts for a five and a 10 year released at the same level. On the high yield side, China’s Shandong Yuhuang Chemical Co is marketing its debut three year notes.

    20 Mar 2017

  • Netmarble launches pre-marketing for $2.4bn IPO

    South Korean game developer Netmarble Games has started pre-deal investor education for its up to W2.7tr ($2.4bn) IPO, according to bankers working on the transaction.

    20 Mar 2017

  • Indonesia's Sritex poised for dollar bond

    Indonesian company Sri Rejeki Isman (Sritex) is readying a seven non call four dollar note, announcing the deal on the back of strong growth in 2016.

    20 Mar 2017

  • This week in renminbi: March 20, 2017

    China Banking Regulatory Commission (CBRC) relaxes restrictions on foreign banks, China sees first net capital inflow in almost three years, and Goldman Sachs estimates $54bn of southbound flows to Hong Kong via Stock Connect by the end of 2017.

    20 Mar 2017

  • Week starts strong with PDIE rush from IPO hopefuls

    Pre-marketing for Asian IPOs picked up in earnest on Monday, with Guotai Junan Securities Co’s $2bn listing in Hong Kong among those vying for investor attention.

    20 Mar 2017

  • Renminbi still waiting for SDR bump

    China got a big PR win when the IMF elevated the renminbi currency to its special drawing rights (SDR) basket, but the real market impact from that decision is yet to be felt.

    20 Mar 2017

  • Mexico trades up after debt-neutral LM

    Mexico’s followed its long awaited return to dollar bond markets with a solid performance in secondary markets on Friday as the sovereign wrapped up a liability management exercise.

    19 Mar 2017

  • Paraguay hits road with S&P comfortable about political dispute

    South American sovereign Paraguay will meet bond investors on Monday and Tuesday ahead of a potential $500m international bond sale.

    19 Mar 2017

  • Volkswagen plans return to ‘exact pattern’ of former funding

    Volkswagen is watching for the right moment to return to the public bond market with an issue in its own name, for the first time since its emissions test cheating scandal broke in September 2015.

    17 Mar 2017

  • Spanish home builder Neinor gets oversubscribed on day one

    The IPO of Neinor Iberica, the Spanish property developer owned by Lone Star Funds, is oversubscribed at its fixed price of €16.46 on the first day of its bookbuild.

    17 Mar 2017

  • Kenya loans signed after confusion and delays

    Kenya finally launched an $800m loan into syndication after the appearance of another deal for the government delayed the process.

    17 Mar 2017

  • Prosegur Cash makes solid debut after €750m IPO, biggest this year

    Shares in Prosegur Cash, the Spanish cash handling company, closed 3.75% higher in Madrid after it made its stockmarket debut on Friday, having priced its IPO at the top of its revised price range on Thursday.

    17 Mar 2017

  • Gates Global launches €285m add-on, taps bond for $185m

    Gates Global, the power transmission belts maker, held a lender call on Friday afternoon London time for a $300m-equivalent euro term loan ‘B’ add-on, having tapped its 2022 bonds on Thursday.

    17 Mar 2017

  • Panmure Gordon to hire in M&A after purchase by Diamond

    Panmure Gordon confirmed last Friday that it had recommended a takeover by Atlas Merchant Capital and QInvest, as former Barclays chief executive Bob Diamond hopes to build a “larger, successful boutique investment bank”, which will add M&A capabilities to its existing corporate finance products.

    17 Mar 2017

  • Gothenburg mandates for Nordic bonds

    The City of Gothenburg is to raise debt in the Swedish and Norwegian currencies.

    17 Mar 2017

  • FTSE Russell hires new derivative licences head

    FTSE Russell, the global index and data company, has hired Sean Smith as managing director of derivatives licences.

    17 Mar 2017

  • Crédit Agricole announces 'aggressive' legacy tier one tender

    Crédit Agricole announced a tender of up to €1.5bn of four tier one bonds, and an 'any and all' offer for two other tier ones. Analysts at BNP Paribas said the offer was below market value for one bond and an 'surprising' and 'aggressive' move.

    17 Mar 2017

  • SNCF Réseau to revisit green market

    SNCF Réseau is set to bring its second green bond after mandating banks for a Reg S euro benchmark deal on Friday.

    17 Mar 2017

  • FQM prints equal biggest HY corporate bond from CEEMEA

    First Quantum Minerals raised $2.2bn for refinancing purposes on Thursday, in what was said to be the biggest corporate high yield bond issue from the CEEMEA region ever - though it was the same size as a VimpelCom deal in 2011.

    17 Mar 2017

  • Tullow Oil drops after unveiling £607m turnaround rights issue

    Shares in Tullow Oil, the UK oil and gas drilling company, fell 16% on Friday morning after it announced plans for a £607m rights issue to strengthen its balance sheet after oil prices have rallied from their slump in 2015.

    17 Mar 2017

  • E.On bags €1.34bn for debt reduction after losses in 2016

    E.On, the German electricity and gas company, successfully placed €1.34bn of new equity on Thursday night after announcing earlier in the week that it had made a €16bn loss in 2016 due to a writedown of the value of Uniper, the fossil fuels business it span off last year, and costs related to the decommissioning of its nuclear assets.

    17 Mar 2017

  • Stada rejects €3.6bn buyout offers, asks for more

    Stada, the German pharmaceuticals firm, has invited private equity bidders to raise their offers for a potential buyout, after a board meeting this week. If the LBO occurs, it would be the largest in Europe since 2015.

    17 Mar 2017

  • ABN takes €750m of 20 year covered funding

    ABN Amro took advantage of the more positive mood that followed Dutch elections and its earnings results to tap its existing 20 year by €750m to make the transaction the largest outstanding deal in that maturity.

    17 Mar 2017

  • Credit Suisse drops six from Asia equities teams

    Credit Suisse is cutting six equities jobs from its Hong Kong and Tokyo offices, according to sources familiar with the matter.

    17 Mar 2017

  • RMB round-up: Stronger post-Fed renminbi fix, China to add seven FTZs, Won-RMB swap line threatened

    This week, the PBoC follows the US Federal Reserve’s rate hike by strengthening the dollar, Korea worries THAAD will imperil renminbi swap line, and China reveals plans to create seven new Free Trade Zones (FTZs).

    17 Mar 2017

  • Zheshang Bank chases debut AT1 transaction

    China Zheshang Bank has mandated firms for its international debut bond, a dollar-denominated additional tier one.

    17 Mar 2017

  • GlobalWafers ties up $350m acquisition loan

    Taiwanese semiconductor company GlobalWafers Co has wrapped up a $350m dual tranche acquisition financing with a group of local lenders. The same banks have also provided $200m to refinance the debt of the target company SunEdison.

    17 Mar 2017

  • Fosun rides market rally to raise bigger $800m

    Fosun International benefitted from a stable post-Fed market in Asia on Thursday, enjoying investors’ full attention to price a larger-than-expected $800m deal. The bond is now the largest print from a Chinese high yield industrial company since May 2013, according to Dealogic.

    17 Mar 2017

  • BAML loses Asia Pacific duo Becerra, Saxena

    Bank of America Merrill Lynch’s head of southeast Asia FIG investment banking and a managing director in the Asia Pacific financial sponsors group have left.

    17 Mar 2017

  • IRDAI outlines insurance investments in Reits, InvITs

    India’s insurance regulator has come out with guidelines for insurers looking to invest in real estate and infrastructure investment trusts (Reits and InvITs), as the country continues its march towards the introduction of these asset classes.

    17 Mar 2017

  • Russia strikes first Panda deal

    Russia ramped up its renminbi efforts this week with Rusal pricing the first Panda bond from the country. The deal closed on the same day the Central Bank of Russia revealed plans to open a renminbi clearing house ahead of a sovereign bond.

    17 Mar 2017

  • TPI Polene Power eyes $500m IPO as Wilcon prices

    TPI Polene Power is lighting up Thai ECM, launching an up to Bt17.5bn ($500m) IPO on Friday with eight cornerstone investors in the bag.

    17 Mar 2017

  • Reliance Infra board approves Rp20bn QIP

    Reliance Infrastructure’s board of directors has given the go ahead for an up to Rp20bn ($305.0m) qualified institutional placement, according to a stock exchange filing.

    17 Mar 2017

  • Nedbank launches $350m bullet into general

    South Africa’s Nedbank is dipping its toes into Asian liquidity for a $350m three year bullet that gives lenders the option of committing in dollars and euros.

    17 Mar 2017

  • China Evergrande seeks post-Fed dollar deal

    China Evergrande Group opened a dual-tranche transaction on Friday, becoming the second dollar issuer from Asia ex-Japan to come to the market after the US interest rate rise this week.

    17 Mar 2017

  • Wolters Kluwer EUR500m 1.5% Mar 27

    16 Mar 2017

  • Engie Green EUR700m 0.875% Mar 24, EUR800m 1.5% Mar 28

    16 Mar 2017

  • SCA Hygiene EUR300m 0% Nov 18, EUR600m 0.625% Mar 22, EUR600m 1.125% Mar 24, EUR500m 1.625% Mar 27

    16 Mar 2017

  • Mexico back to dollars as Trump team softens stance

    Mexico issued in dollars for the first time since the US presidential elections on Thursday. Bankers said the sovereign had been able to take advantage of an improvement in market sentiment based on hopes that US president Donald Trump’s policies towards the country might not be as harsh as feared.

    16 Mar 2017

  • Belize finally jumps restructuring hurdle

    Central American sovereign Belize said on Wednesday that it had received the necessary approval from bondholders to restructure dollar bonds that comprise nearly 40% of its total debt stock.

    16 Mar 2017

  • Tennet readies green hybrid first

    Dutch national energy company Tennet is preparing to sell the first ever green hybrid capital bond in a deal that bankers unanimously said will fly, but the mandate has sparked calls that the vanilla green market should become larger before the green product base becomes more varied, writes Michael Turner.

    16 Mar 2017

  • Bolivia trades up as investors bet on technical bid

    Expectations that a bond that already looked expensive will be become even more so helped Bolivia’s new 10 year trade well on the break after coming close to comps on Monday.

    16 Mar 2017

  • Solid Santa Fe offers value on bond return

    The Argentine province of Santa Fe offered an attractive pick-up to comparable credits, said bond market participants, after it priced its second ever international bond issue on Thursday.

    16 Mar 2017

  • Swiss and German power futures start trading on EEX

    Trading has started this week on the European Energy Exchange (EEX) in Swiss day and weekend futures contracts and German intraday floor futures contracts.

    16 Mar 2017

  • MTN Leak: spinning a story

    Congratulations are in order to the valorous, selfless, sweaty efforts of some of the City’s syndicate bankers for the Spread a Smile charity last week.

    16 Mar 2017

  • Dutch result no reason to ignore European populism

    Bankers around Europe are breathing easier on news that Geert Wilders will not be forming part of the next Dutch government. But why?

    16 Mar 2017

  • HKEX to introduce three new stock options

    Hong Kong Exchanges and Clearing Ltd (HKEX) is to introduce options on AAC Technologies, Geely Automotive and Link Reit.

    16 Mar 2017

  • Middle of March brings rallies and roll-over

    Its mid-March, spring is upon on us and the credit markets are rallying. A rate hike by the US Federal Reserve was greeted positively by the market thanks to a dovish tone struck by Janet Yellen and her colleagues.

    16 Mar 2017

  • GC BondMarker: ESM triumphs with 10 year play

    Market participants have declared a pair of supranational deals to be top banana in this week's GC BondMarker voting.

    16 Mar 2017

  • End of Basel IV waiting on Trump to name negotiators

    The ‘Basel IV’ output floor agreements, which regulators call the completion of ‘Basel III’, are stalled until US president Donald Trump's administration names negotiators to show up to committee meetings, according to two members of the Deutsche Bundesbank.

    16 Mar 2017

  • Champion! SSAs leap over risk hurdles

    The public sector bond market has safely passed a week full of risk events, with each delivering the anticipated result. That makes it likely borrowers will further enjoy what have been stellar conditions in euros, dollars and sterling.

    16 Mar 2017

  • World Bank USD4bn 1.875% Apr 20

    16 Mar 2017

  • Dutch election relief clears path for euro borrowers

    The SSA market is “breathing a sigh of relief”, according to one SSA syndicate banker, as this week's hotly anticipated Netherlands election produced the result capital markets bankers were hoping for.

    16 Mar 2017

  • Agarwal’s mando for Anglo stake-build puzzles ECM bankers

    A bold £2bn mandatorily exchangeable bond issue for Anil Agarwal, founder and chairman of Vedanta Resources, captured global headlines on Wednesday and Thursday as he used it to buy a stake of about 12% in Anglo American, the mining group.

    16 Mar 2017

  • US readies for war on regulation with new CFTC boss

    US President Donald Trump’s administration this week showed it was ready to release its hounds on the post-crisis global regulatory ecosystem, as its nominee to run the Commodity Futures Trading Commission (CFTC) bared his teeth at “excessive regulation”, showing that all the talk of tearing up the rules may soon turn towards action. Costas Mourselas reports.

    16 Mar 2017

  • SoFi preps new ABS as company eyes $12bn in 2017 loan origination

    SoFi is back in the ABS market with a student loan refinancing deal, as the company eyes $12bn in new originations across market segments in 2017.

    16 Mar 2017

  • UBS leads post-Fed charge

    UBS jumped into the dollar market this week with its first deal of the year as spreads tightened following the Federal Reserve’s move to increase interest rates.

    16 Mar 2017

  • Loan margins: ground zero?

    Investment grade companies seeking bridge loans are sitting pretty. Banks have not lent at lower rates for decades, and there is little room for margins to go lower.

    16 Mar 2017

  • High yield coupons at new lows in busiest week of the year

    Each of the 10 companies that have launched offerings in the European high yield bond market since Monday had different reasons to schedule their deals this week, but were rewarded with the most issuer-friendly pricing yet. It cannot get better, bankers and investors warn borrowers.

    16 Mar 2017

  • Sterling finally heats up as borrowers defy political risk to issue

    The sterling market was red hot this week with public sector issuers hitting screens in force, despite a headline heavy calendar.

    16 Mar 2017

  • Reckitt closes syndication on Mead Johnson buyout

    Reckitt Benckiser this week closed syndication on $20bn of term loans and bridge facilities to finance its acquisition of Mead Johnson.

    16 Mar 2017

  • Sun is up for Singapore’s real estate MTN market

    The MTN market for real estate developers in Singapore has sparked to life. This could be linked to the government’s relaxation of property market measures that took effect on March 11.

    16 Mar 2017

  • World Bank attracts rich mix with Kanga tap

    World Bank proved its popularity in the Australian dollar bond market on Tuesday, selling a combination of medium and long dated debt for A$800m ($605.4m) to a wide variety of investors.

    16 Mar 2017

  • Innogy, Bayer, ASR Nederland shine in ECM Awards…

    The IPO of Innogy was voted Equity Capital Markets Deal of the Year and JP Morgan judged ECM Bank of the Year in GlobalCapital's 2016 Equity Capital Markets Awards, which were announced on Wednesday night at our second ECM Awards Dinner, held at the Banking Hall in London.

    16 Mar 2017

  • People Moves in Brief

    Standard Bank, LBBW name DCM heads — Citi raids BNPP for Iberian markets

    16 Mar 2017

  • Evraz USD700m 5.375% March 23

    16 Mar 2017

  • Gazprom brings rare 10 year as Evraz funds buy-back

    Russian corporates continued to prove popular with dollar bond buyers this week as Gazprom returned to the currency after an absence of more than three years and Evraz saw good demand for both legs of its latest liability management exercise.

    16 Mar 2017

  • US corporates bathe in Fed afterglow

    Snow storms shut the US market on Tuesday but the Federal Reserve blew it wide open again 24 hours later as credit markets applauded what some termed applauded Janet Yellen’s "dovish hike".

    16 Mar 2017

  • Gestamp, Galenica join Europe's IPO queue

    Two more IPOs of significant size were announced this week in Western Europe, and with four weeks to go until the start of the Easter holidays, they are likely to be the last of this IPO season to be launched.

    16 Mar 2017

  • Republic of Croatia USD1.25bn 3% March 27

    16 Mar 2017

  • Kuwait USD4.5bn 3.5% Mar 27, USD3.5bn 2.75% Mar 22

    16 Mar 2017

  • Argentina tests Swiss waters for benchmark bond

    Argentina is returning to the Swiss franc bond market after nearly 20 years, roadshowing a benchmark bond next week. Success or failure will indicate whether Swiss investors have forgiven Argentina for burning their fingers last time they met, writes Silas Brown.

    16 Mar 2017

  • Turkey bank loans back as Akbank hikes 60bp

    Lenders flocked to join two Turkish bank refinancing deals this week, with a bump in pricing following political turmoil in the country.

    16 Mar 2017

  • Poland plays it smart to lock in €1.5bn ahead of busy political calendar

    Poland played a smart hand on Thursday to lock in €1.5bn of funding in the midst of a healthy risk-on market, but with risk events on the horizon, Poland’s deputy finance minister told GlobalCapital he was happy to be on the “safe side”.

    16 Mar 2017

  • Volkswagen to follow Schuldschein with new French auto loan ABS

    Volkswagen is in the securitization market for the second time this month with a French auto loan deal, following closely behind a €900m Schuldschein deal that was aimed at gauging investor appetite ahead of an expected return to public unsecured debt markets.

    16 Mar 2017

  • Corporates take foot off throttle despite investor hunger

    Investors have displayed an insatiable appetite for corporate debt during the last few weeks, so it has taken some bankers by surprise that tumbleweed rather than deals was all that rolled through the market on Thursday.

    16 Mar 2017

  • BoE rift fails to dent SSA sterling appetite

    The Bank of England's Monetary Policy Committee on Thursday voted to keep its base rate at 0.25%, but a dissenting voice and a hawkish tone to the minutes have caused a Gilt sell-off at the short end.

    16 Mar 2017

  • The Pained Trader: don't count your chickens

    He may not be free range, but at least there's no egg on his face.

    16 Mar 2017

  • Staley’s ‘good vibes’ power Barclays’ American dream

    Barclays has its tail up in the Americas, where its corporate finance business is in "better shape than ever" and it's ahead of the European pack. Now it has to square up to the likes of Goldman Sachs and Morgan Stanley, writes David Rothnie.

    16 Mar 2017

  • Capital markets lose out as BoE hoovers up UK mortgage funding

    Rating agency DBRS outlined the sliding volumes of capital markets funding in the UK mortgage market on Thursday, estimating that Bank of England lending schemes have drawn over 30% of mortgage collateral away from public markets since the financial crisis.

    16 Mar 2017

  • Pair of deals in euro and dollar pipe, but fantastic conditions could bring more

    The euro and dollar pipeline for next week looks to have two confirmed trades but despite issuers’ well-funded status, market conditions are such that it could turn into another busy period, said bankers.

    16 Mar 2017

  • Altice reappears at 'tedious' levloan repricing party

    Netherlands-based telecoms firm Altice, one of the European leveraged finance market’s leading issuers, held a lender call at 3pm London time on Thursday for €1.6bn of loan refinancings in euros, and more in dollars.

    16 Mar 2017

  • Pricing set for CVC Żabka loan

    CVC this week set pricing on a Z2.7bn ($661m) loan that finances its acquisition of Polish supermarket Żabka Polska. The banks will have their first syndication call on Friday.

    16 Mar 2017

  • Paprec, MPT join HY party with acquisition deals

    French recycling firm Paprec and US Reit Medical Properties followed the path trodden by other eight issuers this week, entering the high yield market on Tuesday and pricing their deals after short roadshows.

    16 Mar 2017

  • Finnair to fly contrarian Nordic deal into euro HY market

    While low oil prices have caused financial problems for many borrowers in the Nordic high yield market, the opposite has been true for the unrated Finnish airline Finnair, which will open a roadshow for a sub-benchmark sized offering on Friday.

    16 Mar 2017

  • WL Bank issues longest Pfandbrief of the year

    WL Bank took advantage of strong funding conditions — and a reverse enquiry — to issue a tightly priced 20 year public sector backed Pfandbrief on Thursday, the longest covered bond from Germany this year. The transaction follows the announcement of plans to merge the cover pools of WL Bank and DG Hyp.

    16 Mar 2017

  • NBAD reveals new capital markets team

    National Bank of Abu Dhabi revealed its new capital markets leadership on Thursday, following the bank’s merger with First Gulf Bank.

    16 Mar 2017

  • BNPP Fortis pounces for tight covered

    BNP Paribas Fortis issued Belgium’s first covered bond of the year on Thursday, taking advantage of the strong market conditions that followed Dutch elections to price a €500m seven year with a tiny new issue concession.

    16 Mar 2017

  • Cerba cuts HY bond amid 'best loan market conditions in history'

    Cerba has increased its buyout term loan to €794m after dropping a planned bond. It is the second successive large cap buyout this year in which that has happened.

    16 Mar 2017

  • Punchy Poland pounces on post-Fed party

    Poland was quick to grab on to the relief rally that followed Wednesday's US Federal Reserve meeting, jumping into the market with a long 10 year and a tap of its existing €1.5bn 2036s on Thursday morning.

    16 Mar 2017

  • SIJ steeled for debut loan syndication

    Slovenian steel group, SIJ, has signed its first syndicated loan for €240m, leading the way for more corporates from the country.

    16 Mar 2017

  • Investors flock to SEB’s dollar AT1 as Caixa Geral mandates for euros

    Skandinaviska Enskilda Banken (SEB) took advantage of buoyant market conditions that followed Wednesday’s US Federal Open Market Committee (FOMC) meeting, quickly attracting an oversubscribed order book for a dollar perpetual non-call five year additional tier one (AT1). At the same time, Caixa Geral mandated leads to roadshow a euro-denominated AT1.

    16 Mar 2017

  • China tech giants line up for billion dollar funding splurge

    Leading Chinese technology firms including Alibaba Group Holdings, its affiliate Ant Financial and Tencent have swept into the loan market and are said to be seeking a collective $13bn-$14bn. Given their acquisitive tendencies, their latest fundraisings have found strong support from relationship lenders, despite political risks surrounding some of the targets, writes Shruti Chaturvedi.

    16 Mar 2017

  • UBS bolsters ranks with Apac ECM, derivs, China hires

    UBS has made a number of new hires across its Asia Pacific businesses, according to memos seen by GlobalCapital Asia this week.

    16 Mar 2017

  • TSKB looks to make it six for Turkey with new style tier two

    Turkiye Sinai Kalkinma Bankasi (TSKB) has announced plans to roadshow an inaugural Basel III compliant tier two dollar deal, a week after Akbank’s successful debut in the format.

    16 Mar 2017

  • SBI board agrees to Rp150bn equity issuance

    State Bank of India’s central board has agreed a plan to raise up to Rp150bn ($2.3bn) in the equity capital market, according to a stock exchange filing on Wednesday.

    16 Mar 2017

  • How to play it cool when the heat's on

    Hong Kong’s expat bankers have perfected the art of a post-party client meeting. And they are now showing the rest of the world how, as a young friend of mine just proved on a business trip to Sydney.

    16 Mar 2017

  • ABH Financial mandates for rare euro trade

    ABH Financial, the holding company of Russia’s Alfa-Bank, will meet investors in Europe next week for a rare Russian financial euro-denominated bond.

    16 Mar 2017

  • Citi shuffles CIB leadership team in southeast Asia

    Citi has reshuffled its southeast Asian corporate and investment banking (CIB) leadership, with David Biller and Jonathan Quek set to take on more responsibility.

    16 Mar 2017

  • Investors go on $20bn shopping spree for D-Mart listing

    Avenue Supermarts upended the Indian equity capital market with its IPO, pricing the Rp18.7bn ($281m) deal at the top of expectations after receiving $20bn in orders.

    16 Mar 2017

  • Asian DCM bankers gear up for tightly priced bonds

    Asian dollar debt issuers breathed a sigh of relief this week as spreads tightened in secondary and the market stabilised on Thursday, following a widely expected interest rate hike announcement by the US Federal Reserve. The path is now clear for more aggressively priced bonds in the coming weeks, say market watchers. Morgan Davis reports.

    16 Mar 2017

  • Ex-JPM banker to lead DCM at Standard Bank

    Standard Bank filled its vacant head of DCM post with a hire from JP Morgan after Megan McDonald was promoted to head of international investment banking last year.

    16 Mar 2017

  • Gazprom looks to follow Lukoil with rare Russian dollar 10 year

    Gazprom became only the second Russia corporate to target the 10 year maturity in dollars since 2013 on Thursday, emerging with initial price thoughts for a new 144A/Reg S benchmark.

    16 Mar 2017

  • Fujian Zhanglong seals $200m tap before Fed

    Chinese local government financing vehicle (LGFV) Fujian Zhanglong Group wrapped up a $200m tap of its bonds this week, as it aimed to get its funding out of the way ahead of any unpredictable moves in the US Treasury yield, said bankers close to the trade.

    16 Mar 2017

  • Netmarble Games to file prospectus, kick off PDIE

    South Korean mobile game developer Netmarble Games plans to submit its IPO prospectus on Friday and start pre-deal investor education on March 20, according to a banker working on the deal.

    16 Mar 2017

  • Market learns merits of China education as IPOs flow

    The equity market for Chinese education companies in Hong Kong is heating up, with Minsheng Education Group Co, the first pure play university IPO from the mainland, finishing bookbuilding this week to much success. All the signs show that investors are excited about the sector, writes Jonathan Breen.

    16 Mar 2017

  • GlobalCapital Equity Capital Markets Awards 2016: the winners

    The IPO of Innogy was voted Equity Capital Markets Deal of the Year and JP Morgan judged ECM Bank of the Year in GlobalCapital's 2016 Awards - read the full results here.

    16 Mar 2017

  • Chinese bond inflows to hit $300bn on index inclusion

    Morgan Stanley is predicting capital inflows of $250bn-$300bn into China’s onshore bond market, if major index providers include Chinese government bonds (CGBs) in their benchmark indices. But Moody’s cautioned that uncertainties around capital controls could spoil the party.

    16 Mar 2017

  • Fosun announces new deal following US rate hike

    Hong Kong-listed Fosun International ventured out with a new offering on Thursday following reverse enquiry and on the back of the FOMC meeting. Sources in the market said secondary markets reacted positively to the rate hike.

    16 Mar 2017

  • Belize completes restructuring with 87% approval

    Central American sovereign Belize said on Wednesday that it had received the necessary approval from bondholders to restructure dollar bonds that comprise more nearly 40% of its total debt stock.

    16 Mar 2017

  • Moody’s goes stable on Brazil, doesn’t budge on Petrobras

    Latin America’s largest economy looks to have halted its three year slide down the ratings scale after Moody’s removed the negative outlook on Brazil’s Ba2 credit rating.

    16 Mar 2017

  • Trump, debt, main challenges to RMB this year, says OMFIF

    The PBoC may be managing to keep the RMB stable this year but the trade policies of new US president Donald Trump and China’s growing corporate debt will continue to pose a challenge, according to think tank OMFIF.

    16 Mar 2017

  • UBS Group Funding (Switzerland) AG EUR1.75bn FRN Sep 22

    16 Mar 2017

  • BNP Paribas EUR1bn FRN Sep 22

    16 Mar 2017

  • Skandinaviska Enskilda Banken AB USD600m 5.625% perp tier one

    16 Mar 2017

  • Legal& General Group Plc USD850m 5.25% Mar 47

    16 Mar 2017

  • Former Moody’s exec files suit claiming gender bias, whistleblower retaliation

    A former vice president in the CMBS group at Moody’s has filed a lawsuit against the rating agency, claiming she was the target of gender discrimination and was ultimately fired in retaliation for bringing to light illegal ratings activity.

    15 Mar 2017

  • Navient prices rehabbed FFELP ABS deal

    Student loan servicer Navient priced its second Federal Family Education Loan Program (FFELP) student loan ABS of 2017 on Thursday.

    15 Mar 2017

  • Valeant loan investors steadfast despite Ackman sell-off

    Leveraged debt investors are not quite ready to retreat from their position in Canadian drug maker Valeant Pharmaceuticals, despite long-term advocate Bill Ackman abandoning his holding in the company on Monday.

    15 Mar 2017

  • New CFTC chairman promises 'tighter ship'

    Acting chairman of the CFTC, J Christopher Giancarlo, whom the White House has said will be nominated to takeover the post full time, promised to “run a tighter ship” during a speech on Wednesday in Boca Raton, Florida.

    15 Mar 2017

  • High yield waves through six ahead of Dutch poll

    Six borrowers announced offerings in the European high yield bond market on Monday as borrowers looked to beat what could have been disruptive Dutch elections two days later.

    15 Mar 2017

  • New DTCC-Euroclear collateral service launched

    A new service that will allow US assets to be used as collateral in European OTC derivatives transactions has been launched by Global Collateral, a joint venture of the Depository Trust and Clearing Corporation (DTCC) and Euroclear.

    15 Mar 2017

  • CME to be new administrator for swaps

    The CME Group will serve as the new administrator for SIFMA Asset Management Group's market agreed coupon swap contract, a previously self-administered structure.

    15 Mar 2017

  • Avantium nets €103m after popular IPO

    Shares in Avantium, the Dutch renewable chemicals company, closed 3.6% higher on Wednesday after it made its debut on the Amsterdam and Brussels exchanges following the completion of its €103m IPO.

    15 Mar 2017

  • Wacker Chemie sells 21% of Siltronic at 5.3% discount

    Wacker Chemie picked Credit Suisse, Citigroup and Commerzbank on Tuesday night to sell 21% of Siltronic, the German company that makes silicon wafers for mobile phones and computers, after its share price had rallied by more than 260% over the past 12 months.

    15 Mar 2017

  • Queensland debuts green bond

    Queensland Treasury Corporation on Wednesday became the second Australian sub-sovereign to issue a green bond.

    15 Mar 2017

  • Sagi sells 4.1% of Playtech in UBS off-market trade

    Shares in Playtech, the UK gaming software business, closed 1.1% lower on Wednesday after its founder Teddy Sagi sold 4.1% of the company to Boussard & Gavaudan Investment Management for £113m.

    15 Mar 2017

  • Funding Circle ABS performance drives ratings upgrades

    The first securitization of marketplace loans in the European ABS market — Funding Circle's SBOLT 2016-1 — is performing above expectations, said Moody’s on Monday, announcing the upgrade of four tranches of the deal.

    15 Mar 2017

  • KfW grabs £300m three year tap

    KfW launched a £300m tap of a December 2019 line on Wednesday, pulling in over £350m of orders in spite of sharp swings in the strength of the currency.

    15 Mar 2017

  • SCA cleans up as bid defies Dutch worries

    The riotous strength of the corporate bond market was on full display on Wednesday, with even the distraction of the Dutch elections unable to stop spreads from tightening and order books from bulging.

    15 Mar 2017

  • Basel IV reforms wait for Trump to name negotiators

    The ‘Basel IV’ output floor agreements, which regulators call the completion of ‘Basel III’, are stalled until US president Donald Trump's administration names negotiators to show up to committee meetings, according to two members of the Deutsche Bundesbank.

    15 Mar 2017

  • Covered squeeze continues but core profit-taking seen

    Covered bonds are well supported but markets have seen profit-taking on an asset swap basis reflecting the view that spreads are expected to go wider in coming months, traders told GlobalCapital on Wednesday.

    15 Mar 2017

  • Turk Eximbank seals €412m refi loan

    State owned Turk Eximbank attracted 22 banks to its €421m refinancing deal, according to a banker on the deal.

    15 Mar 2017

  • Investors crowd into BNPP’s first senior non-preferred floater

    BNP Paribas issued the first French senior non-preferred deal in floating rate format on Wednesday and enjoyed a strong reception in a move that could well spur compatriot banks to follow. Callable French senior non-preferred deals are, however, still some way off, said bankers.

    15 Mar 2017

  • OPAP rolls first Greek high yield deal of 2017

    The Greek Organisation of Football Prognostics (OPAP), the Greek gambling company, launched a sub-benchmark sized bond with a yield range below 4% on Wednesday — the first high yield from Greece this year.

    15 Mar 2017

  • And Spie’s LBO goes to… the HY market

    Spie, the French technical services provider, brought the first new leveraged buy-out financing in the euro high yield bond market for three months this week with a €600m seven year senior unsecured bond.

    15 Mar 2017

  • GCC sovereign issuance won’t reach 2016 record, says Moody’s

    Gulf Cooperation Council governments are expected to raise $32.5bn in international sovereign bonds this year, down from the record $38.9bn last year, said Moody’s in a report on Tuesday.

    15 Mar 2017

  • Wells Fargo hires portfolio manager at ECM subsidiary

    Wells Fargo Asset Management has hired a new portfolio manager in its ECM Asset Management subsidiary.

    15 Mar 2017

  • Argentina tests Swiss waters for benchmark bond

    Argentina is returning to the Swiss franc bond market after nearly two decades of absence, roadshowing a benchmark bond next week. Success or failure will indicate whether Swiss investors have forgiven Argentina for burning their fingers last time they met.

    15 Mar 2017

  • Akbank syndication turns into a crowd scene

    Akbank’s more generous pricing seems to have paid off with banks lining up to refinance its syndicated loan.

    15 Mar 2017

  • Turbulent week for core markets to slow SSA borrowing

    Public sector borrowers will take a pause from primary this week as they dodge possible volatility during a week riddled with political and economic risk events in three major currencies.

    15 Mar 2017

  • FIG sentiment steady as markets await FOMC and Dutch elections

    The mood in FIG bond markets this week has been exceptionally positive, with the market expected to take the outcome of the Federal Market Open Committee’s meeting and Dutch elections in its stride after a string of well received deals bolstered confidence across the capital spectrum.

    15 Mar 2017

  • Argentina lines up in Swiss as Kuwait makes big start

    This week saw the entry of Kuwait into the capital markets. The sovereign’s long awaited debut received orders of $29bn at peak, proving that demand for the region is as strong as ever. Now Argentina is looking to print a rare Swiss franc deal.

    15 Mar 2017

  • Two more join slew of IPO candidates

    The IPO market in Europe continues apace, with the announcement of two more sizeable flotations so far this week. Another, smaller IPO in Amsterdam has reached a successful conclusion.

    15 Mar 2017

  • Corporate debt markets shrug off Dutch fears

    Wednesday’s Dutch general election has not put the brakes on corporate bond issuance as it was expected to, probably because investors are expecting a fragmented result ending in a coalition, rather than a market-unfriendly all out vote for the far right.

    15 Mar 2017

  • India delays RFP deadline for railway divestments

    India’s divestment department has extended the date by which banks should submit bids for a lead position on a trio of sell-downs in state-owned railway companies.

    15 Mar 2017

  • PwC sees momentum in China TMT listings in 2017

    IPO volumes from China’s technology, media and telecommunications (TMT) sector are set to dominate global league tables again this year, according to PcW, even as the appeal of onshore floats gains traction.

    15 Mar 2017

  • SFC penalises BoCom unit for IPO sponsor failures

    Hong Kong’s market watchdog has slapped a HK$15m ($1.9m) fine on BoCom International (Asia) for failing to discharge its duties as a sponsor in the listing application of China Huinong Capital Group.

    15 Mar 2017

  • Celltrion Healthcare gets the OK to list

    Celltrion Healthcare, the marketing affiliate of Korean drug manufacturer Celltrion, has got the go ahead from Korea Exchange to launch its IPO, which could raise up W1tr ($873.4m) according to a source familiar with the matter.

    15 Mar 2017

  • Lucky number 13 for SBI $500m facility

    State Bank of India, which allocated its most recent fundraising only a few weeks ago, is back in the market already for a $500m three year facility. A group of 13 lenders is processing approvals to lead the new deal.

    15 Mar 2017

  • No fear: BoCom Leasing prints prior to rate hike decision

    The recent volatility in the bond market ahead of an imminent US interest rate hike did not concern repeat issuer Bank of Communications Financial Leasing Co (BoCom Leasing), which ventured out on Tuesday and printed a $2bn triple trancher, extending its curve to 10 years.

    15 Mar 2017

  • Guorui Properties nails $300m debut

    Guorui Properties sealed a $300m debut international deal after offering investors a slightly unusual structure in order to secure a lower yield.

    15 Mar 2017

  • China New Higher Education, Luzhou Xinglu Water refile A1s

    China New Higher Education Group has resubmitted a draft prospectus with the Hong Kong Stock Exchange, looking to follow the stream of Chinese education companies that are listing in the city in 2017.

    15 Mar 2017

  • BPCL slides in with $150m loan for bridge takeout

    Bharat Petroleum Corp (BPCL) has approached banks for a $150m five year bullet to take out the remainder of a $750m bridge raised through three bilaterals last year.

    15 Mar 2017

  • RMZ mulls $305m Reit for Indian property assets

    India’s RMZ Corp is looking to spin off its assets into a real estate investment trust (Reit), with the IPO possibly raising some Rp20bn ($305m).

    15 Mar 2017

  • India’s Mu Sigma zeroes in on four banks for $500m financing

    A group of four lenders are close to clinching the mandate for a financing to support the purchase of a stake in Indian data analytics firm Mu Sigma.

    15 Mar 2017

  • Fujian Zhanglong reopens $300m bond ahead of Fed decision

    Fujian Zhanglong Group is tapping its three year bonds from last year for a second time, opening books on a quiet Wednesday as the market awaits announcement from the FOMC meeting.

    15 Mar 2017

  • One-way Bond Connect coming this year, says Li

    The Bond Connect scheme allowing foreign investors access to the Mainland bond markets will materialise in 2017, Chinese premier Li Keqiang announced during a press briefing on March 15.

    15 Mar 2017

  • C C Land raising $341m equity for Leadenhall purchase

    C C Land Holdings is planning a rights issue worth HK$2.65bn ($341.35m) to top up its working capital after it bought London's iconic Leadenhall Building, also known as the Cheesegrater.

    15 Mar 2017

  • Santa Fe aiming to add to provincial supply

    Santa Fe wants to raise a further $250m of senior unsecured bonds, according to investors, in what would be the fifth sale by an Argentine province this year.

    15 Mar 2017

  • Aeropuertos Argentina redeems 2020s

    Argentine airport operator Aeropuertos Argentina 2000 has bought back all of its remaining 10.75% bonds due 2020, according to a regulatory filing.

    15 Mar 2017

  • UBS hires China advisory sales head from Goldman

    UBS has poached a senior banker from Goldman Sachs to head China advisory sales for its joint venture in the Mainland, according to a memo seen by GlobalCapital Asia.

    15 Mar 2017

  • Manulife nails first China investment WFOE

    Canada-based asset manager Manulife became the first foreign investor to obtain its investment wholly foreign-owned entity (WFOE) licence on March 15, the firm said in a statement.

    15 Mar 2017

  • Marlette brings new online consumer loan ABS to market

    Online consumer lender Marlette Funding is the latest in a wave of online lenders to tap the securitization market this quarter, as ABS spreads tighten towards post-crisis lows.

    14 Mar 2017

  • Trump admin doesn't need legislation to revamp regs

    Policy experts told the Institute of International Bankers' annual Washington, DC meeting that the Trump administration can transform the US regulatory environment, even if it can't get legislation through Congress quickly.

    14 Mar 2017

  • European ABS pipeline opens with Swiss, Italian deals

    Two new transactions emerged in the European ABS market on Tuesday, with Agos Ducato returning for a new deal from its programmatic Sunrise Italian consumer loan shelf, alongside a debut Swiss auto lease deal from MultiLease.

    14 Mar 2017

  • CFTC extends comment period for proposed capital rules

    The US Commodity Futures Trading Commission (CFTC) has extended the comment period on its proposed rules on capital requirements applicable to swap dealers and major swap participants by 60 days.

    14 Mar 2017

  • Amundi starts €1.4bn rights issue for Pioneer

    Shares in Amundi, the French asset manager, closed 4% lower on Tuesday after it announced the terms for its €1.4bn rights issue to partly finance its takeover of Pioneer Investments, the asset management division of UniCredit, for €3.5bn.

    14 Mar 2017

  • Maisons du Monde, Spie blocks sell well

    Bain Capital has completed its second block trade of shares in Maisons du Monde, the French furniture retailer, since its IPO in 2016.

    14 Mar 2017

  • Vote now: GlobalCapital European CLO Awards

    GlobalCapital is pleased to announce the nominees for its annual European CLO awards, to be presented at IMN's 4th Annual Investors' Conference on European CLOs and Leveraged Loans on April 5.

    14 Mar 2017

  • Citi hires BNP Paribas’s Iberian markets head

    Former regional head of BNP Paribas’ global markets in the Iberia region, Joe Lovrics, has joined Citi as head of its Spain and Portugal markets franchises.

    14 Mar 2017

  • World Bank attracts rich mix with Kanga tap

    World Bank proved its popularity in the Australian dollar bond market on Tuesday, selling a combination of medium and long dated debt for A$800m ($605.4m) to a wide variety of investors.

    14 Mar 2017

  • World Bank, EBRD bring dollars before expected Fed move

    A pair of supranational issuers nipped in on Tuesday with what are likely to be the final dollar deals of the week before a Federal Open Market Committee meeting on Wednesday — where futures prices suggest an overwhelming likelihood that the Federal Reserve’s target rate will rise.

    14 Mar 2017

  • Hiding info from credit scores will hurt

    A move by Experian, Equifax and TransUnion to remove tax liens and civil judgement data from consumer credit reports from July 1 will be a boon to subprime consumers in the short term, but lenders and the ABS markets could suffer in the long run.

    14 Mar 2017

  • Investors bemoan spreads as Wolters prints tight

    Dutch company Wolters Kluwer printed a €500m 10 year trade almost flat to its curve on Tuesday, demonstrating just how low returns are from debt issued by firms in core European countries.

    14 Mar 2017

  • EIB returns to long end for green tap

    The European Investment Bank has tapped its longest green line, adding €500m to the November 2037 Climate Awareness Bond.

    14 Mar 2017

  • Aberdeen City’s Scottish independence proxy bond

    The Scottish city of Aberdeen may be long past its 1980s heyday — when it was the hub of the burgeoning North Sea oil industry and its football team was one of the most feared in Europe — but it could soon find itself being a useful capital markets bellwether for the latest constitutional crisis to hit the UK.

    14 Mar 2017

  • Dubai’s Majid Al Futtaim signs $900m revolver

    Dubai shopping centre builder Majid Al Futtaim (MAF) has closed a revolving credit facility in a club deal with relationship banks.

    14 Mar 2017

  • Top regulator pitches modern Glass-Steagall

    A top US banking regulator this week laid out a vision of separating Federal Deposit Insurance Corporation-insured commercial banking activity from the investment and trading operations of domestic banks.

    14 Mar 2017

  • OCBC lands strong covered debut in hot fives

    Oversea-Chinese Banking Corporation (OCBC) stepped into the euro covered bond market for the first time with a well received €500m deal that capitalised on strong technical demand in the five year part of the curve.

    14 Mar 2017

  • L&G enjoys superb start to dollar tier two

    Legal & General (L&G) issued its first tier two bond in dollars on Tuesday enjoying “extremely strong execution”, suggesting there is scope for further supply.

    14 Mar 2017

  • Cariparma blows open doors to OBG mart

    Crédit Agricole Cariparma priced the first Obbligazioni Bancarie Garantite of the year on Tuesday, with the two part long-dated transaction attracting demand of almost €3bn and printing at a record spread through BTPs.

    14 Mar 2017

  • Evraz sees strong demand for latest dollar issue and buy-back combo

    Evraz saw a strong response to both the new issue and buyback legs of its latest liability management exercise, allowing the Russian steelmaker to print a $750m six year tight to its existing curve on Monday.

    14 Mar 2017

  • Lack of CEE supply helps Croatia print new 10 year through curve

    Scarcity value helped boost demand for Croatia’s first euro bond for more than two years on Monday, allowing the Balkan sovereign to price a new 10 year inside its existing curve.

    14 Mar 2017

  • Alibaba, Ant Financial and Tencent reboot for new large loans

    You wait for one and then three come along at once. A trio of major Chinese technology firms have approached the loan market for funding said to be in a region of a combined $13bn, GlobalCapital Asia understands.

    14 Mar 2017

  • How do you solve a problem like Korea?

    The cloud hanging over South Korea’s financial markets has been lifted after the country’s president Park Geun-Hye was ordered to resign her office last week, impeached following a six month influence peddling scandal involving her close friend Choi Soon-Sil.

    14 Mar 2017

  • Non-preferred senior by any other name

    It is all very well pressing to harmonise bank resolution frameworks across Europe, but the market has to get on with harmonising the terminology as well.

    14 Mar 2017

  • RBI longer-dated debt gambit pays off

    When the Reserve Bank of India brought in guidelines that forced borrowers to hedge shorter-dated debt in a bid to encourage longer-term financing, it was met with an outcry about the feasibility of such a plan. But now that Power Finance Corp is out for a 10 year borrowing and set to receive a strong reception, it appears the central bank’s tough stance is paying off.

    14 Mar 2017

  • Foreign institutional investors enter China FX hedging market

    A foreign institutional investor completed its first hedging transaction in the onshore FX derivatives market on March 13, following the liberalisation by the State Administration of Foreign Exchange introduced at end of February.

    14 Mar 2017

  • Indonesia readies annual sukuk outing

    The Republic of Indonesia has mandated banks for a new dollar sukuk, getting ready to re-enter the market after setting records with its dual tranche sukuk last year.

    14 Mar 2017

  • Kuwait raises $8bn in strong market debut

    Kuwait nipped in on Monday ahead of the Fed decision this week to raise $8bn with its debut bond, establishing a liquid benchmark at the five and 10 year parts of the curve. While the emphatic statement the deal made was not in question, there was debate about the bonds’ relative value against other Gulf sovereigns.

    14 Mar 2017

  • Guorui Properties raises the curtain on high yield

    Guorui Properties opened the Asia high yield corporate debt market for the week, launching its debut dollar deal just ahead of the US Federal Reserve meeting.

    14 Mar 2017

  • BoCom Leasing takes bids for dollar triple-trancher

    Bank of Communications Financial Leasing Co (BoCom Leasing) is set to become the first leasing arm of a bank in Asia ex-Japan to tap offshore investors in 2017, having opened books for a new dollar-denominated transaction.

    14 Mar 2017

  • Guotai Junan gets CSRC tick for IPO

    Guotai Junan Securities Co said in a filing with the Shanghai Stock Exchange that it has received the green light from the regulator to list in Hong Kong.

    14 Mar 2017

  • Updated: Viz Branz eyes $151m in comeback SGX float

    Viz Branz Holdings will raise up to S$213m ($151m) in its return to the Singapore equity market, with the IPO opening books on Wednesday.

    14 Mar 2017

  • Bolivia's new 10 year backed to trade well

    Latin America bond investors said that hopes of Bolivia’s new bonds receiving strong support from local buyers allowed the sovereign to print a new deal well inside better rated credits on Monday.

    14 Mar 2017

  • Casati to rejoin UBS as Apac ECM syndicate head

    UBS has hired Andrea Casati to fill the role of head of Asia Pacific ECM syndicate, in a move which sees him rejoining the Swiss bank after almost a decade.

    14 Mar 2017

  • Soaring US CLO demand grinds spreads tighter

    Sentiment among US CLO investors is nearing a fever pitch, as buyers pile into new offerings despite debt spreads plunging to their tightest levels in recent memory.

    13 Mar 2017

  • Focus cooks up $800m whole biz ABS

    Focus Brands, which operates chains such as Auntie Anne's Pretzels and Cinnabon, is preparing to tap the market for whole business ABS, which industry participants at SFIG Vegas earlier this month said could see a resurgence in deal volume this year from both seasoned and first-time issuers.

    13 Mar 2017

  • Eurex total return futures start US trading

    Total return futures on the Euro Stoxx 50 can be traded from the US as of Monday, following approval from the Commodity Futures Trading Commission (CFTC).

    13 Mar 2017

  • IG trio bat away indigestion fears on manic Monday

    Corporate issuers in Europe wasted no time in coming to the market on Monday, with three trades and a swathe of mandates hitting screens in a rush to beat Wednesday's Dutch elections.

    13 Mar 2017

  • CloudMargin reaches agreement with Nasdaq Clearing

    CloudMargin, the web-based margin and collateral management platform, has reached an agreement with Nasdaq Clearing, the clearing subsidiary of Nasdaq.

    13 Mar 2017

  • FSB calls for feedback on UTI governance plans

    The Financial Stability Board on Monday issued a consultation document that sets out proposals for the governance arrangements of a unique code for OTC derivatives transactions.

    13 Mar 2017

  • Etisalat Nigeria to meet lenders over restructuring

    Etisalat Nigeria will meet with 13 local lenders this week to discuss its restructuring plans for a $1.2bn loan taken out in 2013, according to the Nigerian Communications Commission (NCC).

    13 Mar 2017

  • World Bank to buff up Aussie curve with Kanga taps

    World Bank mandated three banks to sell two Australian dollar taps on Monday.

    13 Mar 2017

  • Central clearing in the repo market could increase risks

    The US Office of Financial Research (OFR) has said central clearing in the repurchase agreement (repo) market will drive up risks to the central clearing counterparties (CCPs) involved even though there will be benefits to dealers and their clients.

    13 Mar 2017

  • World Bank and EBRD line up in dollars

    Two supranationals will share the three year dollar market on Tuesday, moving in ahead of the US Federal Reserve meeting on Wednesday, which is expected to lead to a rise in US interest rates.

    13 Mar 2017

  • European CLO equity buyers face supply squeeze

    CLO equity is the “belle of the European credit ball” because of the level of returns investors enjoyed in 2016, said JP Morgan analysts on Monday. But with large risk retention vehicles muscling in and loan repricing taking its toll, the landscape is set to get rougher.

    13 Mar 2017

  • SEK launches sterling offer as Scottish independence rears head

    Svensk Exportkredit (SEK) hit screens for a sterling deal on Monday, raising £250m with a one day execution despite the announcement that the Scottish government will seek a second independence referendum.

    13 Mar 2017

  • Gestamp Automoción launches IPO after stellar earnings

    Gestamp Automoción, the Spanish car parts maker, has begun investor education for what is likely to be the largest European IPO of the year so far, after its Ebitda grew by 10.6% in 2016.

    13 Mar 2017

  • Paroc joins BMC Software in rampant levloan market

    BMC Software, the US IT management firm, joined a packed European leveraged finance market on Monday with a €650m term loan refinancing, one of several deals launched since late last week.

    13 Mar 2017

  • Vote now: GlobalCapital 2017 Bond Awards

    Voting is now open for the GlobalCapital 2017 Bond Dinner Awards. Read on for instructions on how to vote and how to download the voting sheets for each awards category. Voting closes on April 13.

    13 Mar 2017

  • Seifert takes over from Steeg at LBBW

    Patrick Seifert will become head of primary markets at Landesbank Baden-Württemberg, taking over from Patrick Steeg who will move to the firm’s asset and liability management business.

    13 Mar 2017

  • Reckitt closes syndication on Mead Johnson buyout

    Reckitt Benckiser, the UK based health and hygiene firm, has closed the $20bn loan syndication for its approach of US-based Mead Johnson Nutrition.

    13 Mar 2017

  • Cariparma to re-open Italian covered bonds

    Crédit Agricole Cariparma is expected to issue the first Italian covered bond of the year after it mandated leads for an eight and 12 year which is likely to be launched on Tuesday. The offering takes advantage of technically squeezed market conditions exacerbated by the lack of peripheral European supply.

    13 Mar 2017

  • OCBC choses euros for debut covered bond

    Oversea-Chinese Banking Corporation Limited (OCBC) will become the third Singaporean borrower to issue a euro-denominated covered bond this year and is expected to open order books for its debut deal on Tuesday. The deal is going to be a rare five year, so it is likely to get good execution.

    13 Mar 2017

  • UBS extends drive for TLAC FRNs

    UBS found healthy demand for a new €1.75bn callable floating rate note on Monday ahead of an eventful mid-week, following Goldman Sachs and Wells Fargo into a strong market for total loss-absorbing capacity (TLAC) eligible floating rate bonds.

    13 Mar 2017

  • Quick off the mark Croatia wins €2.75bn book by lunch

    Croatia’s revived euro benchmark had received orders of €2.75bn and seen its order books shut by lunchtime Monday with the country having enjoyed a ratings agency boost on Friday to defy any fears of being overshadowed by Kuwait’s sovereign deal, which was also in the market.

    13 Mar 2017

  • First Quantum Minerals brings HY/EM crossover bond

    First Quantum Minerals, a Canadian mining company with African operations in Zambia among other EM countries, has announced investor meetings for a combined tender offer and new issue this week.

    13 Mar 2017

  • Insurers keep pipeline stocked in eventful week

    FIG issuance could take a dip in the middle of the week because of potentially market moving events in the US and the Netherlands, though two insurance firms look set to keep primary market investors supplied.

    13 Mar 2017

  • SSA secondary pricing update: featuring AfDB's $2.5bn March 2020

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

    13 Mar 2017

  • Argentine Raghsa to build books at 7.5%

    Raghsa, the Argentine real estate company, is likely to price a seven year bond on Wednesday after setting initial price thoughts at 7.5%.

    13 Mar 2017

  • Unshakeable Evraz on track with six year

    Unperturbed by softer markets of late, Russian steel firm Evraz was on track to print a bullish six year bond on Monday morning.

    13 Mar 2017

  • Kuwait-ing game nearly over as books reach $20bn for sov debut

    Attractive pricing helped Kuwait build a huge order book on Monday morning for its debut bond as bankers debated where pricing should land for the sovereign.

    13 Mar 2017

  • Santander replaces Lat Am DCM head

    Santander has looked internally to replace its departing head of Latin American debt capital markets, GlobalCapital understands.

    13 Mar 2017

  • BAML hires Mexico IB head from CS

    Bank of America Merrill Lynch has hired Ricardo Fernandez Rebolledo from Credit Suisse as head of Mexico investment banking.

    13 Mar 2017

  • Erdogan is wrong: Turkey’s creditworthiness is waning

    Euromoney’s survey experts continue to downgrade the borrower, disagreeing with the president’s claims there is no justification for it.

    13 Mar 2017

  • Country risk: India upgrade is long overdue

    The OECD’s arguments in favour of a higher credit rating are endorsed by experts taking part in Euromoney’s country risk survey.

    13 Mar 2017

  • P&M Notebook: electrical storm?

    E-trading is starting to touch even the slowest, least liquid corners of credit. It’s less powerful than its most convinced adherents hope, but it’s coming, like it or not.

    13 Mar 2017

  • Pakistan calls on firms to lead Gepco IPO

    The Government of Pakistan’s Privatisation Commission is seeking lead managers and book runners for an IPO of state-owned Gujranwala Electric Power Company (Gepco), according to an announcement on the PC website.

    13 Mar 2017

  • Shandong Qingyuan rolls out $500m offshore trade

    Plastic films and base oils maker, Shandong Qingyuan Group, has invited participation from retail banks for a $500m three year borrowing.

    13 Mar 2017

  • India IPOs: Avenue Supermarts seals $281m, Nakshatra files

    India’s Avenue Supermarts is set to price its Rp18.7bn ($281.0m) IPO at the top of guidance after an explosion of demand on the final day of bookbuilding covered the offer more than 100 times over, according to a banker working on the deal.

    13 Mar 2017

  • Bond fund managers encouraged by China’s latest efforts

    Fixed income fund managers have welcomed the recent move by PBoC to allow them into the onshore FX derivatives market, but a few more tweaks to the regulation will help give Beijing what it really craves: a surge in capital inflows to the onshore bond market.

    13 Mar 2017

  • SGX raises cap for rights offerings to 100%

    Singapore Exchange has freed companies to issue up to 100% of their equity capital in rights offerings, an increase from 50% previously.

    13 Mar 2017

  • KEB Hana gears up for first 2017 outing

    A1/A+/A- rated KEB Hana Bank is eyeing to return to the international debt market with a 144A/Reg S transaction, having hired seven firms to arrange a global roadshow.

    13 Mar 2017

  • Singapore slaps 10 year ban on former Goldman banker

    The Monetary Authority of Singapore (MAS) has issued a 10 year ban on former Goldman Sachs executive Tim Leissner from its financial sector due to 1MDB-related breaches.

    13 Mar 2017

  • Impending Fed meeting silences Asian DCM

    The Asia bond market came to a near standstill Monday with no new deals launched, as issuers waited cautiously for the US Federal Reserve meeting to conclude on Wednesday.

    13 Mar 2017

  • First commitments in for Trans Retail Indo $575m loan

    A $575m borrowing by CT Corp company, Trans Retail Indonesia, has already received a few commitments, with still some time to go until the deadline.

    13 Mar 2017

  • ING Life Korea wins IPO approval

    ING Life Insurance Korea has secured the OK from Korea Exchange to list through an IPO, according to a KRX announcement.

    13 Mar 2017

  • Morgan Stanley names new head of Asia fixed income

    Morgan Stanley chose one of its own to take over the role of head of fixed income for Asia ex-Japan, a spokesperson at the bank confirmed.

    13 Mar 2017

  • This week in renminbi: March 13, 2017

    PBoC signals further opening up of China’s bond market and promises further bond market reform, and the China Securities Regulatory Commission (CSRC) exposes the first cross-border Stock Connect manipulation case.

    13 Mar 2017

  • AIA’s Tucker to take over as HSBC chairman

    Insurance firm AIA Group’s chief executive Mark Tucker is to succeed Douglas Flint as chairman of HSBC.

    13 Mar 2017

  • Segro brings £556m rights issue for Heathrow property buyout

    Shares in Segro, the UK property developer, closed 6% lower on Friday after it announced a £556m rights issue to finance its buyout of Aviva from a joint venture at London’s Heathrow Airport.

    10 Mar 2017

  • Singapore and Canada could raise covered bond issuance limits

    Strict asset encumbrance limits imposed by regulators in Canada and Singapore could be increased, in a move that could improve covered bond supply from the two regions.

    10 Mar 2017

  • Aumann opens IPO book, offering play on e-mobility

    Aumann Group, the German maker of wire enamelling and electric motors for cars, has opened the book for its Frankfurt IPO, which could value it at up to €257m.

    10 Mar 2017

  • Bank Muscat takes $525m loan as Oman borrowing spirals

    Bank Muscat has successfully completed its $525m syndicated loan refinancing, adding to Oman’s accumulating loan book.

    10 Mar 2017

  • Lebanon lines up long end liabilities

    The Lebanese Republic has mandated four banks to tap into the long end of the bond market with a multi-tranche dollar deal, ahead of what bankers expect will be another busy start to the week ahead of Wednesday’s Federal Open Market Committee meeting.

    10 Mar 2017

  • Volksbank Wien may consider publicly syndicated covered bond

    Volksbank Wien could be preparing to launch its first publicly syndicated euro covered bond after Moody’s published a presale report and assigned a top rating to its covered bond programme on Thursday.

    10 Mar 2017

  • Funding scorecard: supranationals

    This week's scorecard looks at the progress supranationals have made with their funding programmes this year.

    10 Mar 2017

  • Bain cuts £97m of Ibstock stake, this time above IPO price

    Bain Capital has completed its second block sale of shares in Ibstock, the UK brick maker, since its £354m IPO on the London Stock Exchange in October 2015.

    10 Mar 2017

  • CORPORATE BOND PRICED DEALS TABLE

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

    10 Mar 2017

  • Lenovo shrugs off weak results with $1.35bn comeback

    Lenovo Group priced a five year fixed bond and a subordinated perpetual non call five in a soft market on Thursday and on the back of disappointing third quarter results. But investors shrugged off any concerns and poured into the transaction.

    10 Mar 2017

  • Chinese high yield battles weakening market

    Chinese high yield names Kangde Xin Composite Material Group and KWG Property priced new dollar deals against a weakening market backdrop on Thursday, forcing the pair to adjust their expectations in order to get ahead of an interest rate hike.

    10 Mar 2017

  • India ECM: Godrej Agrovet, Eris Lifesciences seek IPOs

    Animal feed and agribusiness firm Godrej Agrovet has taken a step closer to its potential IPO, hiring Kotak Mahindra Capital as one of the bookrunners, according to a source familiar with the situation.

    10 Mar 2017

  • Wilcon Depot markets first Philippine IPO of 2017

    Wilcon Depot has fixed a price range for its IPO, and is set to raise up to Ps7.9bn ($156.8m) in the Philippines' first listing of the year.

    10 Mar 2017

  • SBI to break three year absence from ECM

    State Bank of India will be returning to ECM after a three year hiatus if it obtains board approval next week for a fundraising exercise.

    10 Mar 2017

  • Qantas Airways lands in Asia for A$1.13bn refi

    Qantas Airways is holding roadshows in Singapore, Hong Kong and Taipei for its latest fundraising, a two tranche revolver that refinances a A$1.13bn ($849m) loan raised a few years ago.

    10 Mar 2017

  • RMB round-up: Safe expects steady rise in reserves, dollar fix almost unchanged, FTZ to open up to foreign investment

    In this round-up, the State Administration of Foreign Exchange (Safe) says it expects China’s foreign reserves to grow gradually despite global volatilities, PBoC’s dollar fix remains pretty much unchanged from the previous day and the Shanghai Free Trade Zone will open up the financial sector to more foreign investment.

    10 Mar 2017

  • Citi rejigs southeast Asia CIB leadership

    Citi has rejigged the top leadership of its corporate and investment banking (CIB) franchise in southeast Asia, handing more responsibility to David Biller and Jonathan Quek.

    10 Mar 2017

  • Green securitization: an answer to several prayers

    If there was ever an idea whose time has come, it is green securitization. Action to green the economy is super-urgent, and progress so far has been worryingly slow.

    10 Mar 2017

  • Brazil is back despite upset markets

    Syndicate bankers often joke that Brazil issuing is a sign that it’s time to sell Latin American bonds, and a sell-off indeed began this week just as the sovereign was pricing its latest deal. But market jitters should not distract from an improving picture in the country.

    09 Mar 2017

  • Brazilians battle through pre-Fed jitters as rates fears hit

    The Brazilian sovereign pounced on the best of this week’s issuance conditions but then saw its bonds widen alongside a broader sell-off in markets later in the week — though this did not deter two companies from the country from issuing.

    09 Mar 2017

  • CréditAg's $3bn capital deal starts green ABS race

    The revival of banks using securitization to free up regulatory capital could open new possibilities for accelerating the financing of a greener economy, as a ground-breaking deal demonstrated this week, write Jon Hay and David Bell.

    09 Mar 2017

  • Nemak comes up trumps in Mexico’s third euro outing

    Auto parts supplier Nemak became the third Mexican borrower to issue in euros in 2017, tightening pricing three times on the way to a €500m seven year non-call three bond.

    09 Mar 2017

  • CAF skips into largest ever Kangaroo bond

    South American development bank CAF sold its largest ever bond in Australian dollars on Tuesday, pricing a new 10.5 year deal through its existing curve thanks in part to strong demand from Japanese investors.

    09 Mar 2017

  • Italy EUR3bn 1.3% May 28 linker

    09 Mar 2017

  • ESM EUR3bn 0.75% Mar 28

    09 Mar 2017

  • Corporates make dash for cash ahead of Fed meeting

    US dollar borrowers dashed to print deals ahead of next week’s meeting of the US Federal Reserve’s open market committee (FOMC) when the central bank is expected to raise rates.

    09 Mar 2017

  • MuniFin USD1bn 2.375% Mar 22

    09 Mar 2017

  • Ile-de-France EUR500m 1.375% Mar 29 green

    09 Mar 2017

  • EIB USD3bn 2.375% Jun 22

    09 Mar 2017

  • The Priceline Group EUR1bn 0.8% Mar 22

    09 Mar 2017

  • People Moves in Brief

    JPM puts ABS syndicate head at risk - Ex-CS markets boss to BlackRock - Ashley becomes sole wholesale boss at Nomura

    09 Mar 2017

  • AfDB USD2.5bn 1.875% Mar 20

    09 Mar 2017

  • Belize nears restructuring agreement after amendments

    Bondholders of Belize’s struggling superbond have backed the government’s amendments to a restructuring proposal after the borrower finally ceded ground during negotiations.

    09 Mar 2017

  • Motability Operations Group EUR500m 0.875% Mar 25 and GBP350m 2.375% Mar 32

    09 Mar 2017

  • Kabbage, Arcadia price pair of MPL deals

    Online small business lender and specialty debt manager Arcadia Funds each priced marketplace loan ABS transactions this week, following a wave of interest surrounding securitization as a funding tool for online lenders at the LendIt 2017 conference held this week in New York.

    09 Mar 2017

  • BondMarker results — featuring EIB's €5bn seven year and KfW's dollar three year

    The scores are in. See how market participants rated Bank of England's $2bn three year, EIB's €5bn seven year, European Bank for Reconstruction and Development's $1.25bn five year, KfW's $4bn three year and SEK's $1.4bn five year.

    09 Mar 2017

  • Dollar floaters find favour in MTNs

    Short dated US dollar floating rate notes proved a popular product in the MTN market this week as some investors sought protection against a likely policy rate hike.

    09 Mar 2017

  • AfDB joins dollar party but can the fun last?

    The African Development Bank (AfDB) this week became the latest public sector borrower to enjoy the red hot dollar market, printing a trade that drew an order book larger than its entire 2012 funding programme. Widening swap spreads have been a major factor in the dollar market’s fantastic run this year but a double whammy of event risk next Wednesday could bring it shuddering to a halt, writes Craig MgGlashan.

    09 Mar 2017

  • Thermo Fisher Scientific EUR500m 1.45% Mar 27

    09 Mar 2017

  • Throsby stamps mark on Barclays

    Tim Throsby, the former JP Morgan equities head who recently joined Barclays as chief executive of its corporate and investment bank, has made his first major appointment, asking Art Mbanefo, head of EMEA and APAC markets, to take on a new role spanning treasury, capital management, and client-facing markets roles.

    09 Mar 2017

  • Nykredit Realkredit EUR500m 0.375% Jun 20 senior resolution notes

    09 Mar 2017

  • MuniFin goes long on 35 year MTN

    Municipality Finance this week enjoyed a boost to its plans to term out its funding, as an investor placed a reverse enquiry order for a record breaking long dated euro note.

    09 Mar 2017

  • Innovative issuers taking next green steps

    The World Bank has sold a new class of equity-linked bonds that can be added to the blossoming selection of socially responsible investments. Elsewhere, other supranationals are moving to focus on supporting emerging market green issuance.

    09 Mar 2017

  • MTN Leak: the chamber of secrets

    From the second floor of an Art Deco building with a view of the City skyline, to a steampunk themed underground warehouse in East London— it most certainly has been a busy week of mingling for Leak.

    09 Mar 2017

  • NJJ Capital pushes HY ‘to the edge’ with complex Salt Mobile deal

    Swiss telecom company Salt Mobile asked bondholders to waive covenants on some of its old notes while it also tapped them and sold a new floater on Thursday, all to fund a dividend to its owner NJJ Capital. The deals came to fruition but left some bankers and investors concerned about market discipline.

    09 Mar 2017

  • Deutsche targets FIG and SSA revival

    Deutsche Bank’s restructuring and capital raising will reallocate capital into its corporate finance business — and that will go, in part, to fuelling its FIG capital and SSA franchises, as well as into ABS, commercial real estate, and transport, infrastructure and energy.

    09 Mar 2017

  • Liberbank EUR300m 6.875% Mar 27 tier two

    09 Mar 2017

  • HSBC USD2.5bn 3.262% Mar 23, USD2.5bn 4.041% Mar 28

    09 Mar 2017

  • ESM rebounds to €3bn as Draghi sets relaxed tone

    European Central Bank (ECB) president Mario Draghi struck an unusually cheerful note at Thursday’s press conference, leaving a relaxed market for SSA bond issuers.

    09 Mar 2017

  • Unione di Banche Italiane EUR500m 4.625% Sep 27 tier two

    09 Mar 2017

  • Volkswagen eyes public bond return after Schuldschein success

    Volkswagen is planning a return to public bond markets for the first time since it was engulfed by its emissions test cheating scandal in September 2015, write Michael Turner, Silas Brown and Jon Hay.

    09 Mar 2017

  • BNP Paribas USD1.25bn 4.625% Mar 27 tier two

    09 Mar 2017

  • Roche returns for a further Matterhorn ascent

    Swiss healthcare firm Roche returned to its native market on Wednesday with a Sfr1.5bn ($1.49bn) triple tranche trade in the largest ‘Matterhorn’ — a deal of Sfr1bn or more — since its last outing in 2012.

    09 Mar 2017

  • BNP Paribas shows TLAC options are open in non-core currencies

    BNP Paribas is blazing a trail by selling non-preferred senior bonds in non-core currencies, as a broadening circle of investors show their interest in total loss absorbing capacity (TLAC) product from European banks. With more liquid points outstanding, the way could be open for more financial institutions to follow.

    09 Mar 2017

  • Macron cools nerves as upside trades increase

    A gain in the polls for Emmanuel Macron’s French presidential election bid calmed equity markets this week, with derivatives trading showing a particularly positive uptick in sentiment.

    09 Mar 2017

  • Turkish tier two comes of age as Akbank takes $2bn book for T2

    Akbank navigated a tricky market on Wednesday to print a $500m no-grow tier two and managed to charm a higher proportion of US investors than previously seen in any Turkish capital bond, according to a banker on the deal.

    09 Mar 2017

  • Southern Gas Corridor USD1bn 7% March 26 tap

    09 Mar 2017

  • Sterling shows ‘relevance’ in surprisingly busy week

    International borrowers made good use of sterling this week, finding value in the market despite risks around the UK budget and the government's intention to trigger Article 50 later in the month.

    09 Mar 2017

  • Akbank USD500m 7.2% Mar 27 Tier two

    09 Mar 2017

  • Investors still hot for Valeant debt despite looser terms

    Canadian drug maker Valeant Pharmaceuticals is hoping to complete a large debt refinancing which will extend maturities and loosen covenants, though leveraged loan investors are still likely to lap up the new debt, sources said.

    09 Mar 2017

  • Nomura reshapes investment bank management team

    Nomura has reshaped the management team of its wholesale division, which includes investment banking and markets. Former co-head of wholesale Kentaro Okuda will become regional head for Americas, while Minoru Shinohara, executive chairman in EMEA, becomes co-head of wholesale, relocating from London to Tokyo.

    09 Mar 2017

  • NEX Group heralds regulatory reporting platform

    NEX Group on Thursday launched an end-to-end reporting platform that will help clients navigate Europe's emerging regulatory landscape.

    09 Mar 2017

  • Market open for more after ECB no move

    Investors are bracing themselves for another wave of corporate deals next week after the European Central Bank (ECB) stuck to analyst expectations on Thursday, leaving its monetary policies unchanged.

    09 Mar 2017

  • EIB shores up Polish curve with zloty tap

    The European Investment Bank (EIB) maintained a pledge to build a benchmark curve in Polish zloty on Thursday, returning to the market for the fourth time in a year.

    09 Mar 2017

  • Eastern and Southern African Trade and Development Bank (PTA Bank) USD500m 5.5% March 2022

    09 Mar 2017

  • Structured credit firm splits

    Prytania, a structured credit boutique, has formally split its corporate structure, separating its advisory and solutions business from investment management.

    09 Mar 2017

  • Gazprom, Evraz add dollars to swelling Russia pipe

    Russia supply looks set to continue next week following the announcement by Gazprom of plans for a long-awaited return to the dollar market and the start of yet another liability management exercise from Evraz.

    09 Mar 2017

  • RAG-Stiftung returns with third Evonik exchangeable

    RAG-Stiftung, the German state-backed foundation set up in 2007 to support the discontinuation of the country’s coal mines, tapped the equity-linked market for a third time on Thursday with a €525m note exchangeable into shares in Evonik Industries, the German speciality chemicals company.

    09 Mar 2017

  • Warba Bank USD250m 6.5% perpetual NC5 AT1 sukuk

    09 Mar 2017

  • Qatar Re USD450m 4.95% perpetual NC5.5

    09 Mar 2017

  • Seven companies test IPO market as French, Dutch elections cast shadows

    Four new IPOs were announced in Europe this week, as the market enters a crucial window in the run-up to Easter. Bankers are confident there is strong demand from equity investors for new issues, but there are also considerable risks on the horizon, including the French and Dutch elections, writes Aidan Gregory.

    09 Mar 2017

  • ISDA basis persists despite cooling on political risk

    We noted last month that credit markets are still sensitive to political polls, despite doubts about their accuracy, writes Gavan Nolan.

    09 Mar 2017

  • BlackRock hires ex-Credit Suisse markets head

    BlackRock announced this week that Tim O'Hara, the former head of markets at Credit Suisse, was joining the investment management firm as co-head of global credit.

    09 Mar 2017

  • Rosenthal Collins hires for structured products

    Resenthal Collins Group, the US futures broker and clearing company, has recruited Hilton Sheng to head a new structured products division.

    09 Mar 2017

  • FIG issuers take stock as hot market cools before eventful week

    Primary markets for financial borrowers cooled this week as secondary spreads widened, ending a stellar run of new issues and leaving borrowers apprehensive ahead of a packed calendar of potentially market-moving events.

    09 Mar 2017

  • Cryan's bid to boost morale in Deutsche's latest turnaround

    Deutsche Bank’s rights issue and strategic revamp is well-timed, and ticks all the right boxes. The hard part will be to regain the top-dog status it craves in European corporate finance at a time of low staff morale, writes David Rothnie.

    09 Mar 2017

  • Hawks circle ahead as ECB ‘loads gun’

    While Thursday’s European Central Bank meeting brought little in the way of material changes, the SSA market is watching closely, expecting a tightening of eurozone monetary policy. Meanwhile, the Joint Laender launched a euro seven year benchmark.

    09 Mar 2017

  • EIB taps Polish 10s

    The European Investment Bank maintained a pledge to build a benchmark curve in Polish zloty on Thursday, returning to the market for the fourth time in a year.

    09 Mar 2017

  • World Bank brings equity-linked innovation to SRI

    The World Bank has sold a new class of equity-linked bonds that can be added to the burgeoning selection of socially responsible investments.

    09 Mar 2017

  • CME to introduce Monday expiring weekly options

    The Chicago Mercantile Exchange — CME — is set to introduce options on the S&P500 Index future which expire every Monday.

    09 Mar 2017

  • ECB standstill leaves corporate market open for more

    Investors are bracing themselves for another wave of corporate deals next week after the European Central Bank stuck to analyst expectations on Thursday, leaving its monetary policies unchanged.

    09 Mar 2017

  • Vakifbank initiates refi syndication

    Turkish lender Vakifbank is on a roll in the loan market this week, out with a bilateral facility and a syndicated deal.

    09 Mar 2017

  • Bloomberg bids to drag ABS trading out of the dark ages

    Bloomberg is trying to drag European ABS trading into the digital age, signing up several banks to start providing quotes on its ALLQ system for core, prime European ABS asset classes. Some dealers, though, struggle to see the benefit.

    09 Mar 2017

  • Styrolution prints ‘exceptional’ double-B loan under 300bp

    Ineos Styrolution this week completed a loan refinancing with margins well below the 350bp market average for new deals — but the pricing will be replicated by the leveraged market’s top credits, said market participants.

    09 Mar 2017

  • Alliance Data joins charge of HY reverse Yankees

    Alliance Data Systems Corporation (ADSC) raised €400m from a high yield bond on Thursday, taking euro issuance from US companies to 20% of all European sales in the asset class so far this year.

    09 Mar 2017

  • BNPP hires new head of CEEMEA credit trading

    BNP Paribas has appointed a new head of CEEMEA credit trading.

    09 Mar 2017

  • Azerbaijan's Southern Gas navigates choppy rates to raise extra $1bn

    Azerbaijan’s Southern Gas Corridor Company raised $1bn with a tap of its outstanding 2026s on Wednesday but fell foul to underlying rate movements which meant that it did not price at the tight end of guidance, according to a lead banker.

    09 Mar 2017

  • Countrywide bags £37.8m as profits dive

    Countrywide, the UK estate agency group that owns Hamptons International and listings website Rightmove, raised £37.8m of new equity in an intraday sale on Thursday to strengthen its balance sheet after a drop in profits.

    09 Mar 2017

  • JP Morgan's ABS syndicate head at risk

    JP Morgan's European securitized products syndicate head has been placed at risk

    09 Mar 2017

  • Axa builds fixed term HY fund as shelter from political instability

    Axa IM has launched a European corporate high yield bond fund that plans a buy-and-hold approach through to its maturity in 2023.

    09 Mar 2017

  • Turkish bank moves to Garanti funding ahead of FOMC

    Turkey’s Garanti Bank on Thursday joined the pre-Fed rate rise rush to open books on a senior six year bond with a 35bp-40bp premium.

    09 Mar 2017

  • Nykredit hits soft market with new-look ‘senior resolution notes’

    Nykredit Realkredit found weaker conditions on its return to the senior resolution note format on Thursday, having recently updated its issuance programme to make sure the bonds will become "non-preferred" senior if Denmark changes its insolvency law.

    09 Mar 2017

  • Croatia revives Eurobond after political turmoil

    The Republic of Croatia has picked four banks to revive a euro benchmark deal it was forced to delay last year after anti-government protests in Zagreb in the early summer.

    09 Mar 2017

  • Marfrig tightens as Brazil deal widens

    Meatpacker Marfrig sold $750m of seven year non-call three bonds on Wednesday as Brazilian issuers take centre stage in Latin American primary markets after a great run in secondary.

    09 Mar 2017

  • Banks brace for long haul on Royal loan restructuring

    Indonesian palm oil seller Royal Industries is looking to restructure a $405m loan after failing to repay the first and second instalments. And going by precedents, market participants are bracing themselves for a long-winded recovery process as legal proceedings unfold, writes Shruti Chaturvedi.

    09 Mar 2017

  • Taiwanese banks line up to lend to Oman fund

    Oman’s sovereign wealth fund, which is accessing Asian liquidity for a $600m acquisition loan, has bagged commitments from Taiwanese banks.

    09 Mar 2017

  • Danish ship lender mulls euro covered

    Ship financing has been through a torrid time as falling prices have tested and broken the business models of the main German lenders — and so the ship-backed Pfandbrief market has virtually run aground. But Danmarks Skibskredit, an established Danish shipping lender with a strong track record, is mulling a euro-denominated shipping covered bond, and trying to change investors' views of the product, delegates heard at the LBBW covered bond forum on Thursday.

    09 Mar 2017

  • HSBC confirms Horsburgh heading to Asia

    HSBC confirmed that it was sending James Horsburgh, a senior member of its EMEA leveraged finance team, to run the business in Asia, as previously reported in GlobalCapital.

    09 Mar 2017

  • Horsburgh heads to HK in HSBC levfin switch

    HSBC has appointed a new head of leveraged and acquisition finance for Asia Pacific, transferring James Horsburgh from London as part of a shake-up of the business.

    09 Mar 2017

  • Credit Bank of Moscow to launch syndication

    Russia is continuing to open its doors to international lenders, with Credit Bank of Moscow seeking to launch a syndicated loan of $350m-$400m.

    09 Mar 2017

  • ECM fortunes brighten for SEA as mega IPOs beckon

    Casting aside a steady erosion in equity capital market volumes, south-east Asia (SEA) is again poised to have its time in the sun this year. Eye catching trades from the likes of Lotte and Singtel are set to add substantial volumes in 2017, even as competition heats up for mandates all across the region. John Loh writes.

    09 Mar 2017

  • Ascott, OUE Reits tap market for combined $420m

    Singapore-listed Ascott Residence Trust launched a fully underwritten renounceable rights issue this week, as OUE Commercial Real Estate Investment Trust raised funds via an overnight share sale.

    09 Mar 2017

  • Avenue Supermarts covers $281m IPO on second day

    India’s Avenue Supermarts launched bookbuilding for its potential Rp18.7bn ($280.6m) IPO on Wednesday, managing to cover it by the second day.

    09 Mar 2017

  • Iskandar Waterfront to raise $171m for IWC merger

    Malaysia-listed Iskandar Waterfront Holdings (IWH) is merging with sister firm Iskandar Waterfront City (IWC) in a MR761.8m ($170.8m) transaction to be funded by debt and equity.

    09 Mar 2017

  • Asia people news in brief, March 9, 2017

    JP Morgan taps Tan for SEA DCM — RHB loses SG equities banker — SMBC loans banker leaves

    09 Mar 2017

  • SE Asia: Lotte Chemical, Wilcon Depot plan IPOs

    Philippine-based Wilcon Depot is planning to open books on March 20 for a Ps7.9bn ($156.8m) IPO, according to a notice on the country's stock exchange.

    09 Mar 2017

  • CIMB returns for $1bn dual tranche deal

    Malaysia’s CIMB Bank sealed a $1bn dual tranche deal on Wednesday, enticing investors with its rarity and a floating rate option, against a strained market backdrop ahead of the US Federal Reserve meeting.

    09 Mar 2017

  • Dual currency success for Chexim’s maiden 2017 outing

    Export-Import Bank of China managed to achieve the lowest spread for a euro bond from a Chinese name this year with its three year in the currency, part of a $3bn-equivalent Reg S deal.

    09 Mar 2017

  • Playing hooky has its pitfalls

    I am a man of simple pleasures these days, happy to sit in my local with a pint of ale watching football — or if I’m catching up with some chums, a glass of whisky.

    09 Mar 2017

  • Asia DCM demonstrates resilience to volatility

    Sentiment among fixed income investors turned cautious this week amid expectations of a US interest rate hike and the recent robust supply in the primary Asia ex-Japan market. But market participants are taking heart from the stability in secondary, and believe that the region’s fundamentals and technicals will help overcome challenges. Addison Gong reports.

    09 Mar 2017

  • Eco World kickstarts bookbuilding for $579m IPO

    Malaysia’s Eco World International has thrown open books to its potential M2.6bn ($578.5m) IPO, signing up three cornerstones to the deal.

    09 Mar 2017

  • All bonds on table as Co-op mulls debt swap, equity raise

    If it cannot find a buyer, the UK’s capital-strapped Co-operative Bank is considering raising fresh share capital and swapping any of its senior or subordinated bonds into equity. The firm also announced plans for a tier two sale in 2018 should the recapitalisation prove successful.

    09 Mar 2017

  • The Pained Trader: Tweet yourself to something nice

    The Pained Trader has joined the Twittersphere. Sell the internet.

    09 Mar 2017

  • Short-termism continues to plague dollar-RMB views

    The renminbi continues to come under pressure, in part as a result of the dollar's continued upward trajectory. But while the Chinese currency is treated with suspicion and even enmity by some stateside, economist say their arguments miss the bigger picture.

    09 Mar 2017

  • Chinese high yield issuers on the prowl

    Chinese high yield names KWG Property Holding and Kangde Xin Composite Material Group Co, as well as unrated Lenovo Group, launched dollar deals on Thursday morning — just one day after Indian high yield issuer Eros International pulled its bond because of weak demand.

    09 Mar 2017

  • OUE Commercial Reit raises $106m to pare down debt

    OUE Commercial Real Estate Investment Trust bagged S$150m ($106.3m) in an overnight share sale on Wednesday, fully exercising the increase option.

    09 Mar 2017

  • A case for the renminbi’s growing maturity

    Renminbi depreciation has been one of the market's most talked about issues with many predicting the trend to continue well into 2017. But ICBC Asia’s co-head of global markets Jimmy Jim told GlobalRMB that such fears are overblown and he believes the renminbi is maturing into a two-way fluctuating currency.

    09 Mar 2017

  • CLO primary market heats up post Vegas

    The primary CLO market has sprung to life following the SFIG Vegas conference held last week, with new transactions set to finally overtake the refinancing market that has dominated the pipeline in 2017.

    08 Mar 2017

  • LendIt draws record attendance, eyes new markets

    LendIt 2017, held this week in New York, drew twice the number of attendees as last year's event, with online lenders and financial technology pros discussing the potential for the market to expand to new industries and new consumers.

    08 Mar 2017

  • TD prices wider and in smaller size in sterling covereds

    Toronto Dominion had less luck than its Canadian peers when it issued the third sterling Canadian covered bond of the year this week. Even though the transaction offered a hefty concession there was only sufficient demand to issue in half the size of the previous deals.

    08 Mar 2017

  • Vote now: GlobalCapital US Securitization Awards

    GlobalCapital is pleased to present the nominees for the annual US ABS awards, recognizing excellence across the structured finance industry.

    08 Mar 2017

  • Covereds price tight as ECB squeeze gets underway

    Covered bonds issued this week by Axa Bank and Lansforsakringar Hypotek (LF Hyp) were priced at — or inside — fair value, partly reflecting a technical squeeze that was aggravated by the European Central Bank’s move to step up purchases in the secondary market.

    08 Mar 2017

  • RB Platinum digs up R1.2bn with debut CB

    Royal Bafokeng Platinum raised R1.2bn ($92m) on Wednesday with its first convertible bond, as it ramps up its investment again after a recovery in the platinum price.

    08 Mar 2017

  • Lone Star to sell new Irish re-performing mortgage deal

    A Lone Star investment vehicle has mandated banks to arrange a new Irish RMBS deal backed by performing and re-performing mortgages.

    08 Mar 2017

  • DGXC approves new software vendor

    The Dubai Gold and Commodities Exchange — DGCX — has accepted Trading Technologies International as an approved independent software vendor.

    08 Mar 2017

  • Nykredit aligns ‘senior resolution notes’ with EC proposal

    Nykredit Realkredit has made sure that all of its ‘senior resolution notes’ will become non-preferred senior debt if Denmark updates bank insolvency hierarchies in line with a recent proposal from the European Commission.

    08 Mar 2017

  • BNPP subsidiary lands debut UK consumer ABS deal

    Creation Consumer Finance, an indirectly owned subsidiary of BNP Paribas Personal Finance, sold a debut consumer loan ABS deal on Wednesday. The £570m ($694.44m) transaction was the first bank-originated UK consumer loan deal to be seen in several years.

    08 Mar 2017

  • Funeral group OGF to pay divi with €960m loan as OTPP ups stake

    French funeral group OGF launched a €960m cov-lite term loan ‘B’ this week as minority owner Ontario Teachers’ Pension Plan plans to increase its stake to 74%.

    08 Mar 2017

  • AfDB prints ‘best ever’ trade as it showcases new style

    The African Development Bank sold its largest ever benchmark on Wednesday, in a deal which bankers said should hammer home the issuer’s “new style” to investors. Meanwhile, Municipality Finance brought its first dollar benchmark of the year.

    08 Mar 2017

  • Ocelot raises $425m in London Spac IPO for European tech acquisition

    Ocelot Partners, a special purpose acquisition company founded by LionTree Partners, Andrew Barron and Martin Franklin, this week successfully completed its $425m IPO on the London Stock Exchange.

    08 Mar 2017

  • Elisa goes it alone

    Finland’s Elisa was the only borrower to brave the market on Wednesday for a sub benchmark trade, despite bankers reaffirming their confidence that primary demand is as strong now as it has been all year.

    08 Mar 2017

  • Mid Europa cuts pricing on Profi loan as demand swells

    Mid Europa Partners’ Lei1.4bn (€305m) loan for the buyout of Romanian supermarket chain Profi Rom Food has been oversubscribed, allowing the pricing on each tranche to be cut by 30bp.

    08 Mar 2017

  • UK DMO sets lowest target in 10 years amid Brexit warnings

    The UK Debt Management Office will have to tackle its lowest issuance volume since 2007 in the next financial year, although analysts warned that the longer-term picture for UK borrowing could be affected heavily by imminent negotiations over Brexit.

    08 Mar 2017

  • Volkswagen Schuldschein a springboard to public market

    The Schuldschein market has stumped up €900m for Volkswagen in its first syndicated, unsecured debt issue in its own name since it was engulfed by its emissions test cheating scandal in September 2015.

    08 Mar 2017

  • Levloan repricing car rolls further downhill

    Tele Columbus led a band of issuers piling back into the leveraged loan market for repricing requests this week, ahead of an expected wave of new leveraged buyouts in Europe.

    08 Mar 2017

  • NJJ Capital ventures Salt’s multiplex deal into consenting HY

    Salt Mobile, the Swiss telecom company, is asking an issuer-friendly HY market to tap some of its old bonds, waive covenants on them, and fund a dividend to its owner NJJ Capital with a new floater.

    08 Mar 2017

  • UBI joins T2 flurry as Italy splits from Spain

    Unione di Banche Italiane (UBI) successfully joined a run of tier two issuance from peripheral banks on Wednesday, though the deal’s healthy premium suggested there was still caution around Italian financial institutions in the market.

    08 Mar 2017

  • Brazil taps for $1bn after extensive bond rally

    Latin America’s largest sovereign Brazil raised $1bn in international bond markets on Tuesday, earning praise for its timing despite taking the unusual path of pricing at the wide end of guidance.

    08 Mar 2017

  • ABN taps steady sterling ahead of UK budget, Brexit

    ABN Amro has tapped one of its senior floating rate notes in the sterling market on Wednesday, as cash bonds held steady in the currency despite the UK Budget and the government's intention to trigger Article 50 later in the month.

    08 Mar 2017

  • ECB exacerbates covered bond squeeze, but spreads will widen

    The European Central Bank has stepped up secondary covered bond purchases to compensate for slower primary activity and has exacerbated a technical squeeze. But with the central bank expected to announce a tapering of asset purchases after summer the squeeze could reverse, and spreads could end the year much wider.

    08 Mar 2017

  • Insurers rev engine on new supply as L&G joins pipeline

    Legal & General will meet with its Asian investor base ahead of new tier two sale next week, joining Liberty Mutual in the pipeline as insurers return to the market following their latest results announcements.

    08 Mar 2017

  • SSAs grab last funding opportunities before big data day

    Public sector borrowers are eagerly snapping up funding opportunities ahead next week's potential flashpoints that include a potential US interest rate rise, a Dutch general election and a US debt ceiling deadline — the last of which could greatly alter conditions in the dollar market.

    08 Mar 2017

  • Akbank tempts investors with 7.5% IPTs for debut new style tier two

    Akbank emerged with pricing on an inaugural subordinated dollar bond on Wednesday morning after wrapping up two days of investor meetings in the US and UK.

    08 Mar 2017

  • Gazprom plots dollar market return, picks Japanese banks

    Gazprom looks set to return to the dollar market for the first time in more than three years, following the announcement on Wednesday of plans for a US roadshow next week.

    08 Mar 2017

  • Sub debt rush dominates CEEMEA while Brazil takes the plunge

    It has been all about sub debt in CEEMEA this week, as a trio of borrowers took advantage of investor appetite for yield to boost their capital bases.

    08 Mar 2017

  • Avantium IPO covered on day three

    The €90m IPO of Avantium, the Dutch renewable chemicals company, was covered at its maximum size including the 15% greenshoe on Wednesday, less than three working days into the bookbuild.

    08 Mar 2017

  • Volkswagen returns to unsecured debt markets with €900m Schuldschein

    Volkswagen’s main borrowing entities have not issued unsecured bonds since the company became embroiled in its diesel emissions test cheating scandal in September 2015. Last week, however, the company took a first step back, with a €900m Schuldschein issue for its financial services arm.

    08 Mar 2017

  • FIG shrugs off looming risks as primary booms

    FIG issuers have jumped into red hot primary markets in all currencies this week, and a growing pipeline suggests there will be little let-up in activity, despite weaker secondary markets and looming political and economic events that threaten to dent confidence.

    08 Mar 2017

  • Old Money: Swiss banking to rescue for 'accident prone' CS

    Kaleidoscopic corporate restructurings have long been a feature at Credit Suisse. There appear to have been three drivers – geographical balance, shuffling the deck in its investment banking activities and a noted propensity for being accident prone.

    08 Mar 2017

  • BNY Mellon names new EMEA markets head

    BNY Mellon Markets, the trading operations of the investment services giant, has named Dan Watkins its head for EMEA, as Richard Gill retires.

    08 Mar 2017

  • Minsheng Education covers $196m IPO on day one

    Minsheng Education Group Co rapidly covered books for its Hong Kong IPO, which was launched on Wednesday and is expected to raise up to HK$1.5bn ($195.7m), according to a source close to the deal.

    08 Mar 2017

  • GCC demand swells books for Warba Bank’s AT1 sukuk

    Local demand helped Kuwaiti lender Warba Bank achieve more than four times oversubscription for its inaugural dollar AT1 sukuk on Tuesday.

    08 Mar 2017

  • ECM heats up with five new IPOs, Deutsche Bank rights

    Equity capital markets in EMEA have stepped up a gear this week, with a wave of new IPOs being announced, a handful of large block trades and the launch of a highly anticipated €8bn rights issue.

    08 Mar 2017

  • PTA Bank bags $2.2bn book for five year dollar return

    The Eastern and Southern African Trade and Development Bank (PTA Bank) raised $500m of five year funding at a yield of 5.5% on Tuesday after attracting more than $2.2bn of orders.

    08 Mar 2017

  • Box office flop: Eros pulls proposed bond

    Eros International failed to price its new dollar bond on Tuesday, as the high yield market stuttered and investors pushed back on pricing for the Indian film maker’s international debut.

    08 Mar 2017

  • Index providers cautious as they welcome Chinese bonds

    Citi and Bloomberg Barclays may have taken the leap by moving to include Chinese bonds in their indices, but index providers and investors remain cautious on the market impact of the decisions.

    08 Mar 2017

  • Lotte Chemical hires more banks for $1bn IPO

    Lotte Chemical Titan, which is seeking to raise more than $1bn via an IPO in Malaysia, has added three banks to its syndicate at the bookrunner level.

    08 Mar 2017

  • Chexim snaps up $3bn from euro/dollar triple-trancher

    Export-Import Bank of China made a strong comeback to the Asia debt market on Tuesday with a $3bn equivalent three tranche dual-currency Reg S deal. Its three year euro bond achieved the lowest spread in the currency from a Chinese name this year.

    08 Mar 2017

  • Chile’s Itaú CorpBanca taps Asian liquidity for $465m loan

    Chile's Itaú CorpBanca has rolled out a $465m fundraising into syndication, with a number of invitations going to lenders in Asia.

    08 Mar 2017

  • Avenue Supermarts launches $281m India IPO

    India’s Avenue Supermarts has opened the gates to its potential Rp18.7bn ($280.6m) IPO after securing nearly a third of the offering with anchor investors.

    08 Mar 2017

  • SGX unveils 5% retail rule for mainboard IPOs

    Mainboard IPOs on the Singapore Exchange must allocate at least 5% to retail investors, starting in May, the bourse said this week.

    08 Mar 2017

  • Guorui Properties, Kangde Xin ready debuts

    Guorui Properties and Kangde Xin Composite Material Group are preparing for their respective debuts in the international debt market.

    08 Mar 2017

  • Clearstream aims for direct China bond link, says co-CEO

    After launching an indirect connect scheme last October, Deutsche Borse's Clearstream platform is now prepping a direct route into the China interbank bond market (CIBM) for its client base by next year, Philip Brown, the firm's co-CEO, told GlobalRMB.

    08 Mar 2017

  • RHB loses Singapore banker amid equities reshuffle

    RHB Bank’s Asia head of institutional equities Lena Yong has parted ways with the Malaysian bank following a restructuring of its wholesale equities division.

    08 Mar 2017

  • HSBC mulls moving London banker for top Apac levfin job

    HSBC is understood to be considering transferring a banker from London to take over leveraged and acquisition finance responsibilities for Asia Pacific. This follows the departures of senior Hong Kong-based bankers from the levfin and sponsor coverage teams last month.

    08 Mar 2017

  • Daewoo Express eyes $48m listing in Pakistan

    Daewoo Pakistan Express Bus Service is planning an up to $48m IPO in the country amid expectations of a pick up in share sales this year.

    08 Mar 2017

  • Citi names markets and securities services head for HK

    Citi has appointed a new markets and securities services head for Hong Kong, tapping a veteran banker to the position.

    08 Mar 2017

  • Panel urges lenders to open up to non-prime borrowers

    Lenders and other financial institutions need to shed their stereotypes about non-prime borrowers and consider alternative data sources to help expand their access to credit, speakers told conference attendees on day two of LendIt USA 2017 on Tuesday.

    07 Mar 2017

  • JPM eyes new risk transfer after OCC rebuke

    JP Morgan has not given up on issuing a risk transfer RMBS deal that achieves balance sheet relief, despite its first attempts being shot down by the US Office of the Currency Comptroller (OCC) last month.

    07 Mar 2017

  • Citi, HSBC and SG sell EDF rights France does not want in block trade

    The French government has sold the rights to new Electricité de France shares it does not want to take up as part of the company’s €4bn rights issue, though an accelerated bookbuild launched on Tuesday night.

    07 Mar 2017

  • ICE announces new board appointments

    Intercontinental Exchange, the US based exchange and clearing business, has announced the appointments of Ann Cairns and Duriya Farooqui to its main board.

    07 Mar 2017

  • Tier two's American future?

    Tighter trading levels for bank tier two in the dollar market could shed light on the future of the equivalent market in Europe. Stand by for spread tightening.

    07 Mar 2017

  • ICE Trayport block held, CMA to reconsider

    Intercontinental Exchange has had limited success in its appeal against a UK Competition and Markets Authority (CMA) ruling that it should sell Trayport, an energy trading platform it bought in 2015.

    07 Mar 2017

  • LCH board member stands down

    Neil Walker, non-executive director of LCH’s SA and Group boards, is standing down to pursue 'executive commitments' elsewhere.

    07 Mar 2017

  • Gender parity in securitization also means policing language

    The controversial all-male panel discussing Women in Securitization (WiS) at the SIFG conference in Las Vegas brought up valid points, but the industry must realize that lasting change has to include policing language.

    07 Mar 2017

  • ESM hits 10 year sweet spot, Bpifrance to follow

    The European Stability Mechanism returned to stellar form this week, hitting the sweet spot for euro demand and exceeding its first quarter funding target. Bpifrance Financement will look to follow up the supranational’s success on Wednesday.

    07 Mar 2017

  • Development banks to ramp up EM SRI bond support

    Multilateral development banks will focus more on providing credit enhancement and support to help small, emerging market borrowers bring their green bonds to market, according to the head of climate change at the European Investment Bank. Meanwhile, a French region visited the green market on Tuesday.

    07 Mar 2017

  • Deutsche EuroShop gets €165m to buy Czech shopping centre

    Deutsche EuroShop, the German property company, completed an 8.7% capital increase as an accelerated sale on Tuesday evening, raising €165m to finance the acquisition of the Olympia Center, one of the largest shopping malls in the Czech Republic.

    07 Mar 2017

  • Tender moment makes MOG purr

    Disability mobility provider Motability Operations Group (MOG) saw bulging order books for its €500m eight year and £350m 15 year trades on Tuesday.

    07 Mar 2017

  • Ascential gains 1.4% after clean-up as Folksam sells Swedbank at tight discount

    Shares in Ascential, the UK events and publishing company that runs the Cannes Lions festival, closed 1.4% higher on Tuesday after Guardian Media Group (GMG) and Apax sold the last of their stock through an accelerated bookbuild led by Goldman Sachs, Bank of America Merrill Lynch (BAML), Deutsche Bank and Numis Securities.

    07 Mar 2017

  • Alcentra takes direct lending capital to €5.7bn with new fundraise

    Alcentra’s latest fundraising effort for its European direct lending strategy has closed, with recent commitments of €4.3bn taking the firm’s committed capital for the lending strategy to more than €5.7bn.

    07 Mar 2017

  • Italy wins €6.4bn book for inflation linker

    Italy drew a more than a twice oversubscribed book on Tuesday and priced well inside guidance as it brought its second syndication of the year, a €3bn May 2028 inflation-linked BTP.

    07 Mar 2017

  • MuniFin joins EIB in dollar fives as swap spreads tighten

    Municipality Finance is set to follow the European Investment Bank into the five year part of the dollar curve, as a slight tightening in swap spreads failed to deter issuer and investor sentiment for bonds in the currency.

    07 Mar 2017

  • US supply flows into rock solid euro market

    Despite the promise of a domestic tax rebate on on overseas cash holdings, US corporate issuers were heavy in the euro bond market this week, as borrowers front loaded supply ahead of the European Central Bank (ECB) monetary policy meeting.

    07 Mar 2017

  • Familiar but radical: targeting high capital in Deutsche’s new strategy

    Though Deutsche Bank’s revamped org chart looks suspiciously familiar, the bank’s strategy is a more radical departure than anything it has tried since the crisis. Perhaps it is making a virtue of necessity, but for the first time in years, the bank is racing to the top of the pack in its capital levels.

    07 Mar 2017

  • How to revive European HY: let’s think small to grow bigger

    European high yield bond issuance is being squashed by central banks and CLOs, with primary supply heavily concentrated on the double-B names that need the market least. Keeping the market healthy means finding a new purpose.

    07 Mar 2017

  • Cerba ratchets in pricing for LBO

    Cerba Healthcare has released price guidance of just 325bp-350bp on its €544m buyout term loan, squeezing the tightening of recent repricings even further.

    07 Mar 2017

  • Hypo Noe and PKO Hyp hit the covered road

    Austria’s Hypo Noe and Poland’s PKO Hipoteczny have mandated leads for roadshows that begin in mid-March and which are likely to be followed by deals.

    07 Mar 2017

  • LF Hyp extends curve, pays no NIP

    Lansforsakringar Hypotek (LF Hyp) has issued its longest dated covered bond which, with a positive spread to mid-swaps, gives a slight premium to other Swedish banks but no concession to its own curve.

    07 Mar 2017

  • Lone Star keeps single-B sale private

    Necta & Wittenborg Global Vending (N&W), the Italo-German maker of vending machines owned by private equity firm Lone Star, privately tapped its 2023 secured notes this week to fund the acquisition of peer Saeco.

    07 Mar 2017

  • Credit Suisse gives Swiss investors rare chance for AT1

    Credit Suisse will hold investor meetings across Switzerland to gauge interest in a new Swiss franc additional tier one (AT1) bond. The Swiss market is confident that retail demand will push the trade to a high volume.

    07 Mar 2017

  • Peripheral names fill up tier two after Bankia blowout

    Spain’s Liberbank and Italy’s Unione di Banche Italiane very both looking to sell callable tier two this week, following a very well received trade from Bankia.

    07 Mar 2017

  • Advent adds div recap to Allnex repricing

    Coating resins business Allnex launched a €425m-equivalent incremental term loan dividend recapitalisation this week, the fourth such deal this year, on top of its repricing request on existing facilities.

    07 Mar 2017

  • Cyprus — building bridges, not walls

    The choice of Cyprus as a location for this year’s EBRD meeting will help to strengthen the fast-improving perception of the island among international investors. It will also help to put the potential of the Turkish-Cypriot economy on the map, with the EBRD planning to host two meetings north of the Green Line in Nicosia

    07 Mar 2017

  • Warba Bank adds to Kuwaiti AT1 sukuk stream

    Warba Bank was on course to become the third Kuwaiti lender to raise capital via the sukuk market after setting final guidance for a debut additional tier one (AT1) deal.

    07 Mar 2017

  • Axa prices inside its covered curve in good size

    Axa Bank has priced its largest covered bond in almost five years at the tightest spread it has ever achieved and inside fair value. The choice of tenor, timing and final spread were instrumental in the successful outcome.

    07 Mar 2017

  • PTA Bank guides for five year dollar return

    The Eastern and Southern African Trade and Development Bank (PTA Bank) set initial price thoughts for a new five year dollar bond on Tuesday morning.

    07 Mar 2017

  • Qatar Re bags $6.5bn book for first ever Gulf insurance hybrid

    Qatar Re drew nearly $6.5bn of demand for its debut hybrid dollar deal, the first in the format from an insurer from the CEEMEA region.

    07 Mar 2017

  • Belize cedes ground in restructuring negotiations

    The government of Belize appears to have finally come to an agreement with bondholders after promising to ensure more prudent financial management as part of a debt restructuring.

    07 Mar 2017

  • ‘Red hot’ dollar market welcomes HSBC, BNPP

    Enticing conditions for Yankee issuers in the dollar market allowed HSBC to raise $5bn of holding company level senior debt in its first major deal of the year on Monday, and allowed BNP Paribas to brush aside any nervousness about the French elections for $1.25bn of tier two capital.

    07 Mar 2017

  • Moody’s turns upbeat on Argentina

    Argentina has earned its first positive rating action since the triple upgrade that followed its emergence from default last year, as Moody’s placed the sovereign’s B3 rating on positive outlook on Monday evening.

    07 Mar 2017

  • ICBC International hits funding target with $650m deal

    ICBC International Holdings, through Horsepower Finance, raised $650m on Monday, reaching its $1.2bn debt-raising cap given by regulators last year.

    07 Mar 2017

  • Reit defections don’t spell doom for Singapore

    Singapore’s status as the go-to hub for Asia’s real estate investment trusts appears to be under some threat, with two Asian issuers taking their business to Hong Kong and Indonesia in recent weeks. But concerns that Singapore could lose its Reit crown are overblown — the asset class is set to remain well under its dominion.

    07 Mar 2017

  • China SCE Property builds $200m in cautious market

    As the market buckles up for a March rate hike, some fixed income investors are playing it safe, becoming price sensitive to new issues. Against that backdrop, China SCE Property Holdings priced a five non call three on Monday with guidance unchanged throughout the day.

    07 Mar 2017

  • Citi indices to include Chinese onshore bonds

    Chinese onshore bonds are eligible to join the Citi Fixed Income Indices for the first time, the bank said this week. This follows last week’s publication of new guidelines by the State Administration of Foreign Exchange (Safe), which opened the door to foreign investors trading FX derivatives onshore.

    07 Mar 2017

  • Tsinghua Unigroup allocates bigger $701m borrowing

    Tsinghua Unigroup, part of Chinese state-owned Tsinghua Holdings, is set to sign its debut international loan at $701m — more than twice the launch size of $300m.

    07 Mar 2017

  • SBI swells to $750m with Indian bank support

    State Bank of India has increased its latest fundraising in the syndicated loan market to $750m, fully exercising a $150m greenshoe. Allocations to the foreign branches of Indian banks accounted for 40% of the final facility.

    07 Mar 2017

  • Investors look past problems as Noble bags $750m

    Singapore-listed commodities trader Noble Group returned to the international bond market on Monday after a hiatus of nearly three years. Despite the continuous noise around the credit, investors appear to have put the company’s past behind them as they piled into the $750m deal.

    07 Mar 2017

  • Inner Mongolia Engineering, Trio Industrial seek IPOs

    Chinese firm Inner Mongolia Energy Engineering Co is vying for approval to list in Hong Kong, according to a filing on Monday.

    07 Mar 2017

  • Take one: Eros kicks off dollar debut as Chexim woos accounts

    Indian film maker and distributor Eros International has launched its maiden dollar bond with books building quickly during the Asia morning, as it competes with Export-Import Bank of China.

    07 Mar 2017

  • Heaven can wait

    The CEO of HKEX may be keen for Saudi Aramco to list in Hong Kong but as our columnist Clawback explains, there are more reasons for the Saudi oil giant to bypass the city’s exchange than to pick it for a listing.

    07 Mar 2017

  • Ascott Reit launches rights issue for acquisitions

    Singapore-listed Ascott Residence Trust has kicked off a fully underwritten renounceable rights issue to raise S$442.7m ($313.7m), as it seeks to buy its first property in Frankfurt.

    07 Mar 2017

  • Natixis rebuilds Apac DCM team with new appointments

    Natixis is rebuilding its DCM team in Asia Pacific following some high profile departures since last year.

    07 Mar 2017

  • Bipartisan support for fintech needed to boost availability of credit — LendIt

    Policy experts speaking on day one of the LendIt 2017 conference in New York on Monday called for more bipartisan support of financial technology if the sector is to thrive, emphasizing the need for greater focus on extending credit to underserved borrowers.

    07 Mar 2017

  • For funds shorting CMBS, retailers’ turnaround plans are key

    Hedge funds are shorting two synthetic indexes of post-crisis CMBS deals, with a third index being talked as the next target. Observers say that ailing retailers’ turnaround strategies are exactly what will play into the success of the trade.

    06 Mar 2017

  • EEX Group clinches Nodal Exchange acquisition

    EEX, the energy and commodity trading subsidiary of Deutsche Börse Group, has agreed terms to acquire US-based energy futures bourse Nodal Exchange.

    06 Mar 2017

  • Fixed income registers muted reaction to bullish Fed talk

    Federal Reserve chair Janet Yellen has given a clear indication that the central bank is set to raise interest rates this month, but the reaction in fixed income markets has been muted with investors not convinced it is a sign of an aggressive hiking strategy this year.

    06 Mar 2017

  • Lending Club chief says market will thrive in 2017, signals more ABS

    Online lending will thrive after withstanding a slew of bad press in 2016, said Scott Sanborn, president and chief executive of Lending Club, in a keynote address at LendIt USA 2017, while he also signalled more frequent issuance of ABS from the platform.

    06 Mar 2017

  • Deutsche trains sights on FIG and SSA revival

    Deutsche Bank’s restructuring and capital raising will reallocate capital into its corporate finance business — and that will go, in part, to fuelling its FIG capital and SSA franchises, as well as into ABS, commercial real estate, and transport, infrastructure and energy.

    06 Mar 2017

  • EMEA IPO pipeline grows as five more names come to market

    Five new IPOs were announced in EMEA this week as the market enters a crucial window in the run-up to Easter.

    06 Mar 2017

  • European CLOs hit tight levels with new deal

    Chenavari Investment Managers priced its third ever European CLO at its tightest levels last week, though triple-A spreads were a touch wider than other recently issued deals as sources say manager tiering is creeping into the European market.

    06 Mar 2017

  • Exchange vols dip for equity indices

    Volume figures released by the major derivative exchanges for the month of February show mixed results, with equity index volumes suffering year-on-year falls in most markets.

    06 Mar 2017

  • BBC uses swap to "fix" Broadcasting House costs

    The BBC has entered into a swap contract, organised by Morgan Stanley, that it predicts will achieve up to £34m of annual savings on the running costs of its London headquarters.

    06 Mar 2017

  • Italy hires for linker as spread over Spain falls

    Italy has mandated banks for its second syndication of the year, after a month in which its spread to closest peer Spain has tightened.

    06 Mar 2017

  • Corporates cool as ECB steps into limelight

    It has been a subdued start to the week in corporates, and a sense of trepidation is building up as investors try to decipher what last week’s 2% inflation figures mean for the European Central Bank meeting on Thursday.

    06 Mar 2017

  • ESM out in euro 10s, Île-de-France green deal still at amber

    The European Stability Mechanism has nipped in ahead of a European Central Bank Governing Council meeting later this week to mandate banks for a 10 year euro benchmark. Other euro supply this week could come from Région Île-de-France, which held a global investor call on Monday for a green and sustainability bond.

    06 Mar 2017

  • EIB back in dollar fives after Yellen drops hike hint

    The European Investment Bank is out with its second five year dollar benchmark of the year, kicking off issuance in what is likely to be the last busy week for dollars before a crucial Federal Reserve meeting next week.

    06 Mar 2017

  • Novomatic cashes out with RCF

    Novomatic, the Austria-headquartered gambling company, has syndicated a €1bn five year revolving credit facility as it looks to combine its credit facilities into a single line.

    06 Mar 2017

  • Turkey’s Vakifbank joins lengthening trend in Turkish loans

    Turkish lender Vakifbank has signed a three year bilateral loan agreement with ICBC’s Dubai branch for $250m.

    06 Mar 2017

  • Verisure launches €350m loan refi

    Verisure joined the runaway repricing train in European leveraged loans this week, launching a €350m term loan ‘B’ as it looks to refinance an existing Swedish kroner facility paying more than 500bp.

    06 Mar 2017

  • TD's sterling covered set to be smaller, wider than average

    Toronto Dominion became the third Canadian bank to issue a sterling covered bond benchmark this year with a deal launched on Monday. Despite an attractive spread, the book was slow to build and the deal size looked set to be smaller than average.

    06 Mar 2017

  • Landsbankinn hits senior ahead of packed calendar

    Iceland’s Landsbankinn pushed its senior curve out by another year on Monday, walking away with €300m of funding ahead of a very busy couple of weeks for market participants.

    06 Mar 2017

  • Crédit Ag frees capital for $2bn of green loans

    The world of green finance has intersected with that of synthetic securitization for what may be the first time, in a $3bn risk transfer deal that could show a way to free up banks’ balance sheets to expand green lending.

    06 Mar 2017

  • Morgan Stanley shows ‘relevance’ of sterling on UK return

    Morgan Stanley returned to the sterling market for £1bn of tightly priced 10 year funding on Monday, as the market showed the promise of supporting larger deals from both domestic and international borrowers in FIG.

    06 Mar 2017

  • Nokia’s refinancing deal rings up HY momentum

    The European corporate high yield market sized up a €1.25bn two tranche deal from Nokia on Monday that became the third biggest high yield bond since August last year.

    06 Mar 2017

  • Akbank hits the road for dollar sub debt debut

    Akbank is planning to return to the Eurobond market after a two year absence with its first ever subordinated dollar deal.

    06 Mar 2017

  • Qatar Re sets terms for inaugural dollar hybrid

    Qatar Re has emerged with pricing for the first ever hybrid from a Gulf insurer following the conclusion of a three day roadshow on Friday.

    06 Mar 2017

  • Evraz hits the road for latest LM mission

    Russian steelmaker Evraz began meeting investors on Monday ahead of a planned dollar bond placement to finance a buy-back of notes maturing in 2018 and 2020.

    06 Mar 2017

  • P&M Notebook: good money after bad?

    If you were an enthusiastic participant in any of the last three post-crisis Deutsche Bank rights issues, you might be starting to feel a little jaded. That would be a very reasonable position.

    06 Mar 2017

  • Deutsche Bank turns away from trading in new IB overhaul

    Deutsche Bank’s latest new strategy, published alongside its announcement of a €8bn rights issue, turns its business decisively away from markets and towards banking, as the German bank revives the integrated CIB structure which it dismantled in 2015.

    06 Mar 2017

  • Credit Suisse leads Cryan's €8bn turnround rights for Deutsche

    Deutsche Bank confirmed over the weekend that it was preparing an €8bn rights issue, alongside a fresh strategic overhaul that includes a partial IPO of its asset management division and the reintegration of Postbank.

    06 Mar 2017

  • Deutsche AT1s surge on approval of 2017 coupon payments

    Prices of Deutsche Bank’s euro additional tier one (AT1) bonds leapt higher on Monday, after management approved payment of its additional tier one coupons in 2017 and announced plans to raise €8bn of new capital via a rights issue.

    06 Mar 2017

  • PFC returns with long dated euro loan

    India’s Power Finance Corp has reached out to overseas lenders for a $100m-equivalent borrowing in euros. Its request for 10 year money follows an attempt at a fundraising in 2016 that was scrapped because of mandatory hedging requirements.

    06 Mar 2017

  • Rarity value drives Gome's $400m debut outing

    Gome Electrical Appliances Holdings became the first Hong Kong-listed consumer electronics retailer to sell dollar bonds, bagging $400m from a tightly priced but popular deal last Friday.

    06 Mar 2017

  • RFP out for Sri Lanka $1.5bn funding plan

    Sri Lanka has sent out a request for proposals for its 2017 fundraising in the international bond market, giving firms until 3pm local time on Thursday to respond.

    06 Mar 2017

  • AMTD plans up to $400m listing of IB arm on Nasdaq

    Hong Kong-based non-bank financial firm AMTD is looking to list its investment banking (IB) arm on top of the planned IPO of its insurance division, according to sources.

    06 Mar 2017

  • Big scaleback expected for BNI $750m loan

    Lenders that have chipped in for Bank Negara Indonesia’s $750m facility can expect to be scaled back by close to 50% of their original commitments, said bankers close to the trade. Allocations are due to be announced in the next few days.

    06 Mar 2017

  • Apac CIB revenues suffer blow in 2016

    Corporate and investment banks in Asia Pacific saw their revenues shrink 7% in 2016 compared to just a 2% fall for global CIBs, according to Coalition.

    06 Mar 2017

  • Funding rush coming up ahead of rate hike

    Singapore-listed commodities company Noble Group, ICBC International and China SCE Property Holdings were out of the gates on Monday morning for new dollar outings, coming before a widely expected Federal Reserve rate hike this month.

    06 Mar 2017

  • Dire Bowsprit extends bookbuilding for $183m IPO

    Indonesia’s Bowsprit Asset Management has extended the bookbuilding period for the potential Rph2.45tr ($183.4m) IPO of Dire Bowsprit Commercial & Infrastructure, according to a source at the asset manager.

    06 Mar 2017

  • Raghsa could target retail for small international debut

    Argentine real estate company Raghsa is meeting international investors ahead of a planned $150m issue of senior unsecured notes due 2024.

    06 Mar 2017

  • China Huiyuan Juice pours out €150m syndicated loan

    China Huiyuan Juice Group is tapping the offshore market for a €150m three year amortising term loan, about a year-and-a-half after making its international debut in the currency with a bond.

    06 Mar 2017

  • This week in renminbi: March 6, 2017

    The National People's Congress changed its tone on FX reform, spot markets strengthen at the start of the week, and the China Securities Regulatory Commission (CSRC) continues to push for MSCI's inclusion of A-shares in global indices.

    06 Mar 2017

  • SoLocal Group gets €400m to slash its debt

    SoLocal Group, the French marketing services provider, has completed its €400m rights issue, which involved a debt-for-equity swap.

    03 Mar 2017

  • FIA urges CFTC to withdraw derivative position limit proposals

    The Futures Industry Association (FIA) has written to the Commodity Futures Trading Commission (CFTC) in response to the commission's re-proposed rules concerning position limits for derivatives, urging the regulator to withdraw the rules.

    03 Mar 2017

  • Funding scorecard: European supranationals and agencies

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

    03 Mar 2017

  • Banks ignoring risks to shipping loans from climate reforms

    Shipping loans are already a problem asset class for many banks, but lenders are risking further problems by failing to do proper due diligence on how the shipping fleet will cope with decarbonisation, experts believe.

    03 Mar 2017

  • BondMarker results — featuring EFSF's dual tranche, the UK's inflation linker and Spain's €5bn

    The scores are in. See how market participants rated EFSF's dual tranche, the UK's £2bn inflation linked note and Spain's €5bn 2033 transaction.

    03 Mar 2017

  • ECBC engages with frontier Asian regions

    The European Covered Bond Council (ECBC) said it will begin meetings with national authorities and stakeholders in India and Malaysia to consider whether covered bonds could play a role in their economies.

    03 Mar 2017

  • Covered supply to improve as secondary squeeze tightens

    Covered bond primary supply is likely to improve, but will not be enough to sate investor appetite. With dealer inventories low, the technical squeeze will tighten, even as an unwinding of the flight to safety bid caused Bunds to fall sharply on Friday.

    03 Mar 2017

  • UniEuro to float in Milan as IPO market heats up

    Another piece in the pre-Easter IPO jigsaw was revealed on Friday morning when UniEuro, the Italian retailer of consumer electronics and appliances, began investor education for its IPO on Borsa Italiana.

    03 Mar 2017

  • Cerba launches buyout debt into parched market

    Cerba Healthcare has scheduled the bank meeting for its much anticipated buyout loan package for Tuesday.

    03 Mar 2017

  • Nyrstar increases single-B, buys back convert

    Nyrstar, the Belgian zinc smelting company, on Friday priced a single-B rated €400m high yield bond, and has launched a tender offer to buy back a €120m 2018 convertible bond.

    03 Mar 2017

  • Jumbo Goldman deal shows FRN market is open for business

    Goldman Sachs walked away from the euro market with €2bn of floating rate senior paper on Friday, showing its European peers that FRN investors are even there to support deals in the middle of the maturity curve.

    03 Mar 2017

  • Hindalco bags $500m in blockbuster bookbuild

    Hindalco Industries’ Rp33.4bn ($500m) overnight fundraising was an unqualified success, with some $1.5bn of orders flooding in from global accounts, according to bankers on the trade.

    03 Mar 2017

  • Hole in one for ICICI Bank’s tight $300m

    ICICI Bank made an opportunistic move on Thursday, snagging a 5.5 year bond at the tightest spread for an Indian lender in nearly a decade.

    03 Mar 2017

  • Crystal Group, Eyeis Opthalmic Medical seek IPOs

    Hong Kong clothing manufacturer Crystal Group and Shenzhen Eyeis Ophthalmic Medical Co are looking to float for a combined $1bn, according to a banker familiar with the matter.

    03 Mar 2017

  • Updated: Royal Industries proposes restructuring $405m loan

    Indonesian palm oil seller Royal Industries has failed to repay the first and second installments of a $405m loan raised in 2015, and has now proposed a restructuring.

    03 Mar 2017

  • Apollo Hospitals block fetches $160m for IHH

    Apollo Hospitals Enterprise continued the run of block trades in India with a Rp10.7bn ($160m) transaction closing well covered on Friday, although its shares took a hit in secondary.

    03 Mar 2017

  • Build and they will come: China South City nets $300m

    China South City Holdings raised $300m on Thursday in a deal that was described as relatively straightforward, thanks to the fact that the property developer has already established a debt curve.

    03 Mar 2017

  • China Re, Cinda wow market with $3.8bn combined

    China Reinsurance (Group) Corp and China Cinda Asset Management Co ventured out on a busy Thursday with their respective five year prints that saw investors stand firmly by their sides. The two took a combined $3.8bn.

    03 Mar 2017

  • China Boqi Environmental plans Hong Kong IPO

    China Boqi Environmental Co is seeking approval from Hong Kong’s bourse to launch an IPO, according to a filing on Thursday.

    03 Mar 2017

  • Mongolia gets new lease of life with bond

    Mongolia has managed to escape from the brink of default with a hugely popular $600m new money plus exchange offering, as investors took heart from the recent bailout from the International Monetary Fund.

    03 Mar 2017

  • SMBC loses Asia loans distribution banker

    A Singapore-based banker who worked on south and southeast Asian loan syndications for Sumitomo Mitsui Banking Corp has left, according to a source.

    03 Mar 2017

  • Gome starts bookbuild for debut dollar bond

    Gome Electrical Appliances Holding opened books for a benchmark-sized Reg S debut trade on Friday morning via sole bookrunner Barclays.

    03 Mar 2017

  • RMB round-up: HK renminbi deposits keep falling, MRF’s bad month, Stock Connect attracts foreign investors

    In this round-up, Hong Kong’s RMB deposits dropped to a near six-year low, the Mutual Recognition of Funds scheme saw meagre flows to Mainland and Hong Kong funds, and the Stock Connect had a surge in net purchases in February. Plus, a recap of our stories this week.

    03 Mar 2017

  • Experts slam slow progress on Panda regulations

    Corporate treasurers and financial institutions feel that the Panda bond market has great potential as a funding venue, but regulators and industry bodies will need to push for reforms to make it viable.

    03 Mar 2017

  • Hindalco $500m QIP, Apollo block see strong demand

    Hindalco Industries’ qualified institutional placement, which launched on Thursday night in India to raise up to Rp33.4bn ($500m), is set to price with no discount to the last close, bankers on the deal said.

    03 Mar 2017

  • Banks chilled about UK IPO shake-up — but effects could be profound

    The UK’s IPO market is likely to go through its biggest shake-up for a generation later this year, when the Financial Conduct Authority introduces new rules — but the effects may not be those the regulator intends, writes Jon Hay.

    03 Mar 2017

  • Investors gobble up big deals, but still have room for more

    Blue-chip names tapped the US investment grade market in size this week as corporate supply ended February on a high with borrowers jumping in ahead of president Trump’s debut speech to Congress.

    02 Mar 2017

  • BASF and Deutsche’s solution to equity-neutral riddle: warrants

    BASF launched an innovative $600m bond with warrants on Thursday that may go some way to solving some of the disadvantages of the equity-neutral structure that has become popular with investment grade CB issuers.

    02 Mar 2017

  • Brazil returns to lead Lat Am pipe post-carnival

    Latin American new issue markets enjoyed a quiet week with as carnival celebrations replaced the debt party with which the region started the year, but Brazilian issuers look ready for a swift return to market mode.

    02 Mar 2017

  • Draghi's French dilemma

    The European Central Bank, after two years spent rewriting the central banker’s rule book doing “whatever it takes” to drive up inflation, is now in the tricky position of maybe having overshot. But while tapering QE is already on the cards, the biggest threat to the cost of debt in the eurozone for many years is closer than ever.

    02 Mar 2017

  • Renew to tap Natixis for April PACE deal

    Residential and commercial Property Assessed Clean Energy (PACE) lender Renew Financial will hit the ABS market in April with a new deal, and will tap Natixis to lead the transaction, sources tell GlobalCapital.

    02 Mar 2017

  • Land NRW EUR1.825bn 0.5% Feb 27 sustainability bond

    02 Mar 2017

  • Trio buff up Kangaroo long end

    The Province of Ontario and Rentenbank tapped bonds at the long end of the Kangaroo curve this week, while the Asian Development Bank (ADB) mandated banks for a new Australian dollar bond.

    02 Mar 2017

  • FRN investors cave in and buy corporate paper at negative yields

    Corporate borrowers are taking advantage of rising political worry among investors by issuing short dated floating rate notes in euros which stand a good chance of bearing negative yields, write Michael Turner, Ross Lancaster and Jon Hay.

    02 Mar 2017

  • KfW USD4bn 1.75% Mar 20

    02 Mar 2017

  • SEK USD1.4bn 2.375% Mar 22

    02 Mar 2017

  • EIB EUR5bn 0.25% Oct 24

    02 Mar 2017

  • Basel struggles on, ECB takes own path

    The Basel Committee insisted it was still on track to finish its Basel IV reforms, as the European Central Bank launched its own review of capital rules that could render the Basel project redundant.

    02 Mar 2017

  • UK's PRA to boost challengers with capital tweaks

    The Bank of England’s Prudential Regulation Authority (PRA) is consulting on levelling the capital playing field between the large banks, which use their own models to calculate risk, and the emerging challengers, which must use standard risk weights.

    02 Mar 2017

  • EBRD USD1.25bn 2.125% Mar 22

    02 Mar 2017

  • Bank of England USD2bn 1.75% Mar 20

    02 Mar 2017

  • PDVSA April payment in focus as IIF goes bear on Venezuela

    Lat Am bond investors are keeping a close eye on Venezuelan state-owned oil giant PDVSA in the run-up to the company’s next amortisation payment in April, with the source of funds used for the payment set to provide important clues as to the likelihood of default.

    02 Mar 2017

  • Schuldscheine is growing up fast

    One big strength of the Schuldschein (SSD) market could become its weakness.

    02 Mar 2017

  • Oman triple tightens and trades up as Kuwait prepares

    Even as some investors fretted about Oman’s economic welfare, a stampede of orders into the country's $5bn triple tranche deal on Wednesday augured well for the hefty sovereign issuance to come from Gulf sovereigns this year — the next of which has a bigger deal to do and arguably a better tale to tell in the process, one it will tell next week. Lucy Fitzgeorge-Parker and Virginia Furness report.

    02 Mar 2017

  • SSAs enjoy ‘Goldilocks’ conditions in dollars, as March Fed hike looms

    US President Donald Trump’s first speech to Congress, a remarkable switch in Federal Reserve rate expectations and swap spreads falling from their early week highs all failed to derail a stellar week for public sector dollar issuance. More trades are expected to come next week, before the market quiets ahead of the Fed’s next rate decision and a Dutch general election where the far-right Party for Freedom (PVV) is expected to perform well.

    02 Mar 2017

  • MTN Leak: to infinity, and beyond!

    Leak’s social calendar has always been a colourful place, with plenty of unusual entries. This week, however, brought an invitation that sets a new standard for bizarre business trips.

    02 Mar 2017

  • People Moves in Brief

    Tarn leaves Mizuho — CACIB hires for dollar DCM — NatWest Markets hires corporates trader

    02 Mar 2017

  • Primary GCC bonds in rude health as perps prove perfect purchase

    Perpetuals are aplenty in the Gulf Cooperation Council (GCC) with Qatar Reinsurance and Warba Bank lining up trades for next week after top corporate GCC corporate Majid Al Futtaim (MAF) accelerated pricing for its hybrid note on Wednesday. The yield pick-up offered by perpetual products is a no-brainer for investors in the low rate environment, say bankers in the GCC.

    02 Mar 2017

  • Slovenia makes strong dual euro reopening

    Slovenia took another step towards refinancing its outstanding dollar debt this week with the conclusion of a $600m tender offer and the sale of a pair of euro-denominated taps.

    02 Mar 2017

  • Sub-sovereigns bloom in SRI market flurry

    The market for socially responsible investment (SRI) bonds is enjoying a burst of activity, as sub-sovereign borrowers from both sides of the Atlantic hit screens in green.

    02 Mar 2017

  • Helios Towers Africa bags $1.9bn book for HY debut

    Helios Towers Africa (HTA) saw its debut dollar bond more than three times oversubscribed on Wednesday as investors jumped at the chance to take in paper yielding more than 9%.

    02 Mar 2017

  • MAF makes nice with rare Gulf hybrid

    Dubai-based property developer Majid Al Futtaim (MAF) received a warm welcome from international investors on its return to the hybrid dollar market on Tuesday.

    02 Mar 2017

  • BlueStep sells rare Swedish RMBS deal as BNP readies Laser

    Non-conforming Swedish lender BlueStep Bank sold its fourth RMBS deal on Thursday, with both euro and Swedish krone notes placed with investors.

    02 Mar 2017

  • Political risk drives US and Europe apart

    It is no secret that a divide — maybe a chasm — has opened up between the US and Europe. Donald Trump’s mercantilist views put his US presidency at loggerheads with the globalist EU, though a post-Brexit UK may yet turn out to be an ideological bedfellow.

    02 Mar 2017

  • Relief in euros as volatility abates

    After weeks wracked by political turbulence, the euro market has finally been able to enjoy a clean run with supportive conditions.

    02 Mar 2017

  • Covered buyers flock to DG Hyp’s Pfandbrief

    DG Hyp enjoyed solid demand for a long nine year Pfandbrief deal this week as, despite the measly new issue concession, it offered an unusually high pick-up against Bunds.

    02 Mar 2017

  • Amex leads charge in $15.2bn FIG funding raid

    American Express led a steady flow of issuance from financial names as supply marched on at a record breaking pace this week, driven by insatiable investor demand.

    02 Mar 2017

  • ING Groep EUR1.5bn 0.75% Mar 22

    02 Mar 2017

  • Sultanate of Oman USD1bn 3.875% Mar 22, USD2bn 5.375% Mar 27, USD2bn 6.5% Mar 47

    02 Mar 2017

  • Republic of Slovenia EUR800m 1.25% Mar 27 tap, EUR500m 3.125% Nov 40 tap

    02 Mar 2017

  • SpareBank 1 SMN EUR500m 0.5% Mar 22

    02 Mar 2017

  • Russian Railways RUB15bn 8.99% Mar 24

    02 Mar 2017

  • National Australia Bank EUR500m 0.35% Sep 22 green

    02 Mar 2017

  • Majid Al Futtaim USD500m 5.5% perp call Sep 22

    02 Mar 2017

  • ASB Finance EUR500m 0.5% June 22

    02 Mar 2017

  • Barclays GBP1.25bn 7.25% AT1

    02 Mar 2017

  • Bankia EUR500m 3.375% Mar 27 tier two

    02 Mar 2017

  • Helios Towers Africa USD600m 9.125% March 22

    02 Mar 2017

  • Run of low beta senior hits snag as ASB and SpareB face difficulty

    Fantastic funding conditions have recently allowed low beta borrowers to raise senior debt very cheaply, but a mid-week tightening of swap spreads caused problems for ASB Finance and SpareBank 1 SMN threatened to end the run of supply.

    02 Mar 2017

  • Royal Bank of Scotland EUR1.5bn 2% Mar 23

    02 Mar 2017

  • OP takes cautious stance to covered bond pricing

    As the first non-German bank in the eurozone to price a €1bn covered bond in over a month, OP Mortgage Bank was perhaps overly careful with its initial approach to pricing. But the plan paid off.

    02 Mar 2017

  • Schuldscheine show adventurous streak with IIB launch

    The International Investment Bank (IIB), an ex-Soviet multilateral development agency, launched a Schuldschein (SSD) this week, in a transaction that highlighted the taste for the exotic in the internationalisation of the market. The loan is being promoted to the full spectrum of investors as market watchers wait to see who will bite, writes Silas Brown.

    02 Mar 2017

  • VM rules pressure OTC derivative traders

    The March 1 deadline for the implementation of variation margin requirements has passed, leaving financial end-users and dealers feeling the heat.

    02 Mar 2017

  • How to win at covered bond trading

    Despite the ECB’s backstop bid, covered bond trading is a tough business. Tight spreads may help investors score mark-to-market gains, but discourage them selling since replacement assets are scarce. But the market is evolving, e-trading is on the march and traditional dealer rankings are changing too.

    02 Mar 2017

  • Angel Oak debuts rated non-prime RMBS

    Angel Oak, an originator of non-prime and non-qualified mortgages, is marketing its first rated non-QM deal, a $146.47m transaction backed by 529 loans with a weighted average borrowers credit score of 698.

    02 Mar 2017

  • Hot blocks give boost to European IPOs

    As Europe's IPO market enters a key issuance window, a wave of new deals are expected to be launched in the next couple of weeks, encouraged by the favourable conditions in the blocks market, writes Aidan Gregory.

    02 Mar 2017

  • NEX hires Swinburne for regulatory unit

    NEX Group, the e-trading company spun out of ICAP and Tullet Prebon's merger, has hired Dr Kay Swinburne, an MEP who has been at the heart of writing trading regulation, to its new regulatory think-tank.

    02 Mar 2017

  • SEK sears through with tight fives as FMS-W readies in twos

    Swedish Export Credit Corporation on Thursday added another cracking deal to a super strong week for dollar issuance, as FMS Wertmanagement lined up to take benchmark supply in the currency into Friday.

    02 Mar 2017

  • ADB buffs up long end with Kanga mandate

    The Asian Development Bank is set to issue a 10.5 year Australian dollar bond on Friday.

    02 Mar 2017

  • Public sector MD departs from Mizuho

    A managing director in public sector DCM has left Mizuho.

    02 Mar 2017

  • NRW.Bank lines up for euros as France and Spain breeze through auctions

    NRW.Bank will be the next SSA borrower to tap the euro market, after two eurozone sovereigns raised a combined €11.4bn through auctions on Thursday, making the most of a week largely free from political volatility.

    02 Mar 2017

  • CDP ends February on a high note despite overall lull

    Cassa Depositi e Prestiti has sold €300m and €150m notes late in February, despite dealers reporting an overall lack of MTNs in the market.

    02 Mar 2017

  • GVC's syndicated loan bet pays out

    UK gaming group GVC Holdings has signed a €320m loan package marking its entry into the syndicated loan market in a deal said to have been heavily oversubscribed.

    02 Mar 2017

  • HSBC’s vision for the corporate finance big time takes shape

    The bank’s shake-up of its global banking business has already resulted in fresh ideas and big mandates, and now HSBC is looking to conquer M&A, writes David Rothnie.

    02 Mar 2017

  • Cobham brings second rights issue since June

    Shares in Cobham, the troubled UK aerospace and marine technology company, closed 13% higher on Thursday after the company unveiled its 2016 results and a turnround plan involving a second £500m rights issue in nine months, to strengthen its balance sheet.

    02 Mar 2017

  • Stonegate serves hot sterling high yield refi deal

    UK pub company Stonegate on Thursday priced a £595m two part high yield bond, comprising fixed and floating rate notes, to extend the comeback of the sterling market this year.

    02 Mar 2017

  • Crédit Agricole CIB hires Hrazdira for dollar DCM

    Crédit Agricole CIB said on Thursday that it has appointed Ivan Hrazdira as global sponsor of dollar debt capital markets.

    02 Mar 2017

  • Rexel leads domestic borrower march back to euro high yield

    The European high yield bond market has rebooted after a February in which US firms dominated sales, with so many local issuers now coming forward that high yield bankers have started worrying that March could be overcrowded if the entire deal pipeline materialises.

    02 Mar 2017

  • Concardis taps in for increased buyout loan

    German card payments firm Concardis this week increased the term loan backing Advent International and Bain Capital’s buyout of the firm to €300m, reducing price guidance in the process, in a market still waiting on larger buyouts such as Cerba Healthcare to be syndicated.

    02 Mar 2017

  • ING draws €4bn order book in holdco senior debut

    ING was more than twice subscribed for a €1.5bn trade from its holding company on Thursday — its first senior bond since confirming it as its resolution entity.

    02 Mar 2017

  • SpareBank scrapes over line in tough market for vanilla senior

    Lead managers had to bolster the order book for SpareBank 1 SMN’s new senior deal on Thursday, after competing supply, changing rate hike assumptions and tightening swap spreads made pricing dynamics less compelling for low beta issuers.

    02 Mar 2017

  • HY covenants in line of fire as European issuance ramps up

    European high yield borrowers returned in force this week after a slow February, but so did issuer-friendly bond terms such as offshore listings and portability clauses. Investors have gone public with their growing fears that covenants are becoming looser.

    02 Mar 2017

  • Indian Oil out for $300m at jaw-dropping pricing

    A new $300m loan for Indian Oil Corp (IOC) has made market participants sit up and take notice, as the 68bp margin on offer is the lowest for a five year syndicated Indian deal in nearly a decade. While bankers are keen to see the size and sources of demand for the benchmark setting trade, there is wide expectation that the borrower will get away with it. Shruti Chaturvedi reports.

    02 Mar 2017

  • Oman shrugs off debt concerns to bag $20bn book for triple trancher

    Concerns about rising public debt levels in Oman failed to deter bond buyers on Wednesday as the Gulf sovereign amassed $20bn of orders for its triple tranche dollar market return.

    02 Mar 2017

  • The Pained Trader: the Naked Broker has put his clothes on

    The Naked Broker is back, albeit in the fresh guise of The Pained Trader. Free of pesky compliance officers, indeed free of any restrictions of employment, he is once again ready to take to his keyboard to confess all. How has he spent the last three years? What does he plan to do next? Read on

    02 Mar 2017

  • FRNs capture issuers’ fancy as rate hike looms

    China Development Bank jumped on the floating rate note (FRN) bandwagon this week, bagging $3bn equivalent and adding its name to a list of issuers that recently sold bonds in the format. With demand rather than supply driving deals, and with interest rate hikes looming, the stage is nicely set for more FRN trades, writes Addison Gong.

    02 Mar 2017

  • Slovenia enjoys strong demand for dual euro reopening

    Slovenia took another step towards refinancing its outstanding dollar debt this week with the conclusion of a $600m tender offer and the sale of a pair of euro-denominated taps.

    02 Mar 2017

  • Helios Towers Africa bags $1.9bn book for HY debut

    Helios Towers Africa (HTA) saw its debut dollar bond more than three times oversubscribed on Wednesday as investors jumped at the chance to take in paper yielding more than 9%.

    02 Mar 2017

  • Kuwait National Petroleum in talks with 10 for jumbo loan

    Kuwait National Petroleum (KNP) is in talks with 10 banks over a loan to fund its expansion plans.

    02 Mar 2017

  • Indo telco Tower Bersama goes clubbing for $500m

    Indonesian telecom infrastructure provider Tower Bersama Infrastructure has approached its relationship banks for borrowings worth $500m.

    02 Mar 2017

  • OP starts with conservative approach to covered bond pricing

    OP Mortgage Bank issued the first €1bn sized non-German eurozone covered bond in over a month on Thursday and, possibly because of the larger than usual size, took a cautious pricing approach.

    02 Mar 2017

  • UBS’s FitzGibbon leaves GCM role in Australasia

    UBS’s co-head of global capital markets for Australasia Dane FitzGibbon is leaving the bank, according to sources close to the move.

    02 Mar 2017

  • Slovakia leaves it late for euro market return

    Slovakia made an unusually late start to its funding programme on Thursday when it emerged with pricing for a new 20 year euro denominated benchmark.

    02 Mar 2017

  • A very costly language barrier

    Crime doesn’t pay — this mantra ought to be drilled into the minds of bankers by now. But as I found to my amusement this week, loose morals in finance are far from a thing of the past.

    02 Mar 2017

  • Temasek-backed Olam harvests rare long five year

    Singapore-based agricultural and commodities firm Olam International added variety to the debt market this week with a $300m bond that had an unusual tenor, as analysts were left divided over the final pricing.

    02 Mar 2017

  • HKEX plans new era of IPO access to onshore money

    The Hong Kong Stock Exchange is set to pull out all the stops to woo energy giant Saudi Aramco to list on the bourse, with its chief executive describing it as a “match made in heaven” this week. But the HKEX has even bigger ambitions — to move from an exchange dominated by Chinese companies to one with foreign issuers, writes Jonathan Breen.

    02 Mar 2017

  • Credit Suisse rejigs global markets top ranks

    Credit Suisse has made Ali Naqvi head of its Asia Pacific global markets division, less than a year after the team went through a restructuring.

    02 Mar 2017

  • SE Asian issuers kick IPO education into high gear

    The heat is on for IPOs in south-east Asia, with banks staging charm offensives towards investors during pre-marketing.

    02 Mar 2017

  • Greater Chinese aviation names fly with $810m

    Events, including a rise in the probability of a March interest rate hike and US President Donald Trump’s speech to Congress, did not hold investors back from jumping into deals from Grand China Air, China Aircraft Leasing Group (CALC) and Hong Kong Express Airways (HK Express) on Tuesday.

    02 Mar 2017

  • Bankia rides blowout books for 40bp T2 pricing revision

    Spain’s Bankia surprised the FIG market with an extraordinary tier two bond on Thursday, having used the momentum from a whopping €5.25bn order book and a massive rally in its secondary trading levels to price very tightly.

    02 Mar 2017

  • Kktv5.com, Lotte Chemical plan 2017 debuts

    Hangzhou Mi Lu Technology Co, which owns Chinese social media platform kktv5.com, is laying the groundwork for a Hong Kong IPO this year, according to bankers close to the matter.

    02 Mar 2017

  • Shimao files for Panda as China Orient AM cancels

    Two firms stole the headlines in the Panda bond market this week, with Shimao Property Holdings filing for a new programme and China Orient Asset Management (International) Holdings’ cancelling its planned outing.

    02 Mar 2017

  • BJ Properties, CEB wrap up deals before supply explodes

    Borrowers that ventured out to the Asia debt market on Wednesday should consider themselves lucky as the competition turned fierce on Thursday with six live deals. Beijing Properties (Holdings) and China Everbright Bank Hong Kong were among the names that managed to get ahead of the supply deluge.

    02 Mar 2017

  • New global indices spur China bond ambitions

    Onshore RMB bonds are increasingly making their presence felt in the international stage following the launch of a pair of Bloomberg-Barclays China indices on Wednesday.

    02 Mar 2017

  • Bond deluge as corporates, FIGs hunt for deals

    The strength of the primary debt market in Asia shows no signs of abating, with a number of borrowers heading out on Thursday for fresh dollar fundraisings.

    02 Mar 2017

  • Mongolia flags off $600m bond after IMF lifeline

    The leads working on the government of Mongolia’s keenly-watched dollar bond have opened books, guiding investors towards a seven year deal at the 8.25% area.

    02 Mar 2017

  • Nemak to continue Mexican euro run

    Mexican autoparts manufacturer Nemak will begin a roadshow next week ahead of a planned euro-denominated bond debut, looking to become the third Mexican issuer of 2017 — and the third in euros.

    02 Mar 2017

  • Paraguay set to return after mandating duo

    Landlocked South American sovereign Paraguay is likely to return to international bond markets early this month after nominating Bank of America Merrill Lynch and Citi to run its next debt sale.

    02 Mar 2017

  • Asset managers lobbying for better ETF Connect deal

    International asset managers are pushing for a more liberal version of the upcoming China-Hong Kong ETF Connect, with the focus on whether ETFs will be considered as stocks or funds by the regulators.

    02 Mar 2017

  • Panda a no-go for China Orient Asset Management

    China Orient Asset Management (International) Holdings’ proposed Rmb2.8bn ($407m) Panda bond programme on the Shanghai Stock Exchange has been cancelled.

    02 Mar 2017

  • BlackRock inaugurates US RQFII market

    BlackRock has received the very first RMB qualified foreign institutional investor (RQFII) quota under the US allocation from the State Administration of Foreign Exchange, in yet another sign that global asset managers are ready to boost their China investments.

    02 Mar 2017

  • BioPharma Credit launches $300m London IPO

    BioPharma Credit, the closed end investment company focused on life sciences, has announced the largest UK IPO of the year so far.

    01 Mar 2017

  • NatWest poaches bond trader from SC Lowy

    Natwest Markets, the wholesale banking business of Royal Bank of Scotland, has hired for its bond trading team Hussain Nasser, who left SC Lowy in November.

    01 Mar 2017

  • International Investment Bank launches inaugural Schuldschein

    Multilateral development agency International Investment Bank (IIB) launched a debut Schuldschein (SSD) on Wednesday.

    01 Mar 2017

  • VW’s UK ABS prices at tight end

    VW’s UK auto lease ABS, Driver UK Five, priced its £340m 2.02 year class ‘A’ at 45bp, the tight end of the mid-high 40s guidance, as the issuer aimed to re-establish its pricing in the market after last year’s emissions manipulation scandal.

    01 Mar 2017

  • Trio join Żabka deal

    Three banks have joined the syndication for the Z2.7bn ($661m) loan CVC is using to fund its takeover of Polish supermarket Żabka Polska.

    01 Mar 2017

  • BIS guides regulators on UTI requirements

    The Bank for International Settlements (BIS) has published a technical guidance document aimed at regulatory authorities to enable them to set rules on assigning uniform global Unique Transaction Identifiers (UTIs) to over-the-counter derivatives transactions.

    01 Mar 2017

  • Air Liquide dodges French headline risk

    Air Liquide successfully traversed souring investor appetite towards French risk on Wednesday to print a €600m 10-year trade amid a fresh furor in the run up to the country’s presidential elections.

    01 Mar 2017

  • Carige firms up NPL securitization plan

    Banca Carige outlined its plan on Tuesday for a €950m NPL securitization, as part of its plan to manage down its bad loan book, which will also include a €2.4bn spin-off to a separate management vehicle.

    01 Mar 2017

  • CBOE completes acquisition of Bats Global Markets

    The Chicago Board Options Exchange has completed its purchase of Bats Global Markets.

    01 Mar 2017

  • EIB storms out with €5bn

    The European Investment Bank launched a €5bn seven year benchmark on Wednesday, pulling in what two SSA syndicate bankers said is one of the largest books ever for an Earn transaction.

    01 Mar 2017

  • FCA plans shake up of UK IPO process

    The Financial Conduct Authority has set out its proposals for reforming the UK IPO process, as the markets regulator looks for ways to maintain the UK’s eminence in capital markets.

    01 Mar 2017

  • Hotelbeds finds comfort in syndication

    Travel services provider Hotelbeds has increased its €172.5m term loan add-on to €200m, also cutting the margin guidance from 625bp to 500bp with a 0% floor.

    01 Mar 2017

  • Ineos Styrolution concocts yet another refinancing

    Ineos Styrolution released price talk on its €623m term loan ‘B’ refinancing following a bank meeting on Wednesday — less than six months after signing the facility to be redeemed.

    01 Mar 2017

  • Avis drives first reverse Yankee of March into HY

    US car rental company Avis Budget Group called in on European investors on Wednesday with a refinancing that extended a busy pipeline of reverse Yankee high yield deals in euros.

    01 Mar 2017

  • Capital Intelligence Ratings joins covered bond club

    Capital Intelligence Ratings (CI), which has a 35-year track record of rating banks in emerging markets, has joined forces with the European Covered Bond Council (ECBC) in a move that suggests the asset class is set to spread to new frontier regions.

    01 Mar 2017

  • ECB reveals details of sweeping TRIM capital review

    The European Central Bank released details on how its review of bank internal models will progress, a move which could see capital requirements across Europe’s large banks jump, even if the planned ‘Basel IV’ capital rules are stalled indefinitely.

    01 Mar 2017

  • MAF receives warm welcome for rare Gulf hybrid

    Dubai-based property developer Majid Al Futtaim (MAF) received a warm welcome from international investors on its return to the hybrid dollar market on Tuesday.

    01 Mar 2017

  • Oman opens books on dollar triple trancher as Kuwait mandates

    Books opened on Wednesday on the year’s first bumper Gulf sovereign deal, a triple trancher from Oman that is expected to raise at least $2bn and extend the borrower’s curve by more than 20 years. But an even bigger sovereign deal from the Gulf is waiting in the wings.

    01 Mar 2017

  • Helios Towers Africa guides dollar debut

    Helios Towers Africa emerged with pricing for a debut dollar deal on Wednesday after wrapping up an eight day global roadshow.

    01 Mar 2017

  • Slovenia reopens recent euro notes to fund dollar buy-back

    Slovenia has released guidance for a pair of euro taps following the expiry of a tender offer for its outstanding dollar issues on Tuesday afternoon.

    01 Mar 2017

  • ASB Finance spots window for cheap euro senior funding

    New Zealand’s ASB Finance was looking to add to a growing list of vanilla senior transaction from banks on Wednesday, hoping to raise new funding at an attractive level versus its Australian peers.

    01 Mar 2017

  • Higher beta product fills FIG pipeline as ING, Bankia mandate

    Investors can look forward to seeing higher yielding debt offering in the FIG primary market, after ING mandated for its first senior bond since confirming its holding company will be its resolution entity on Wednesday and Bankia said it was looking to sell a new callable tier two bond.

    01 Mar 2017

  • Energa prices euro market return at tight end of guidance

    Energa priced its first eurobond for four years at the tight end of guidance on Tuesday after attracting more than €1.25bn of orders.

    01 Mar 2017

  • Supply-starved covered bond investors scramble to buy DG Hyp

    After a month of much slower supply, increasingly desperate covered bond investors clamoured to buy a long nine year Hypothekenpfandbrief issued on Wednesday by DG Hyp. Though the bonds offered little new issue concession, interest was also boosted by the deal’s hefty spread over Bunds.

    01 Mar 2017

  • FRNs in vogue as corporate debt pipelines bulge across products

    It has taken just two US companies to bring seven tranches of new bonds to the European market this week, with the two year floating portion of each multi-tranche transaction gaining the most affection from investors.

    01 Mar 2017

  • Trump speech fails to tarnish stellar SSA conditions

    Market participants have grown used to US president Donald Trump’s ability to shift markets and induce volatility with only 140 characters, but Tuesday’s address to Congress appears to have been digested without spoiling the mood in SSAs.

    01 Mar 2017

  • RBS holdco senior finds favour after rally in UK credit

    Royal Bank of Scotland (RBS) paid a remarkably slim premium to print a new final-year callable senior bond from its holding company on Wednesday, after the issuer saw a opportunity to capitalise on the outperformance of UK credit in 2017.

    01 Mar 2017

  • Oman triple trancher ups the stakes for Gulf issuance calendar

    Gulf issuance dominated the picture in the CEEMEA bond market during the first half of the week as Oman brought the year’s first bumper sovereign deal from the region and two UAE borrowers boosted supply.

    01 Mar 2017

  • Bayer pockets €1.46bn after selling 10.9% of Covestro

    Robust market conditions enabled the execution of one of the largest block trades of the year so far on Tuesday night.

    01 Mar 2017

  • FIG issuers push pedal on pricing in buoyant primary

    Financial institutions have commanded very attractive pricing levels for new issues this week, as an influx of cash in fixed income markets has shown investors are still finding value in bank credit despite the fact that spreads grind ever tighter and tighter.

    01 Mar 2017

  • Tape starts rolling for Eros dollar debut

    Indian film producer and distributor Eros International is putting together its inaugural dollar-denominated transaction, hiring three firms to work on the bond.

    01 Mar 2017

  • Singamas out for $250m with one at the top

    Hong Kong-listed Singamas Container Holdings has reached out to lenders for a $250m borrowing with one bank at the helm. Although the company posted a loss for the six months to June 30, 2016, its strong balance sheet due to low debt is expected to see the deal through, said bankers.

    01 Mar 2017

  • Maikun revs up $290m five year in general

    Maikun Investment Co, an entity under Beijing Automotive Group (BAIC), is borrowing $290m from a five year syndicated loan that opened for retail participation on February 17.

    01 Mar 2017

  • Malaysian Lotte unit hires banks for $1bn IPO

    Malaysia-based Lotte Chemical Titan has hired a trio of banks for its potential $1bn domestic listing this year, according to a banker close to the transaction.

    01 Mar 2017

  • Super Tuesday sees aviation names take off

    Tuesday turned out to be a big day for aviation related companies with Grand China Air, China Aircraft Leasing Group and Hong Kong Express Airways venturing out with their respective bonds, raising a combined $810m.

    01 Mar 2017

  • China Everbright eyes Q2 for $300m green tech spin-off

    Environmental solutions provider China Everbright International is looking to spin off and list its subsidiary China Everbright Greentech (CEG) in a potential $300m IPO as soon as April, according to a banker familiar with the matter.

    01 Mar 2017

  • Cemex to buy back $475m after oversubscribed tender

    Mexican cement company Cemex said on Tuesday that it would buy back $475m of existing dollar bonds after receiving a strong response to its proposed tender offer.

    01 Mar 2017

  • CLSA cuts 90 jobs in US as equity research shut

    CLSA has shuttered its domestic equity research business in the US, resulting in the loss of some 90 jobs in research, sales and trading and corporate access.

    01 Mar 2017

  • Air India flies in for $250m dual tranche financing

    Air India is set for a quick return to the loan market, launching a request for proposals (RFP) for a $250m deal that is divided into a senior and a junior piece.

    01 Mar 2017

  • SAIC-GMAC set for Rmb4bn auto ABS return

    SAIC-GMAC Automotive Finance is set to make its first auto ABS appearance this year with a Rmb4bn ($582m) Rongteng 2017-1 Retail Mortgage Loan Securitization — the first time it is securitising a subsidised portfolio.

    01 Mar 2017

  • Goldman refines roles for Aus, NZ IB co-heads

    Goldman Sachs has given additional client coverage responsibilities to its Australia and New Zealand co-heads of investment banking services (IBS) Joe Fayyad and Zac Fletcher, according to two memos on Tuesday seen by GlobalCapital Asia.

    01 Mar 2017

  • Avenue Supermarts sets guidance for $280m IPO

    India’s Avenue Supermarts, the owner of supermarket chain D-Mart, has set the price range for its IPO, which could raise up to Rp18.7bn ($280m), according to a banker on the deal.

    01 Mar 2017

  • Raring to go: issuers seek out dollar debt

    Beijing Properties (Holdings), China Everbright Bank and Olam International were vying for investors’ attention on Wednesday in what is a busy week for dollar issuance in Asia ex-Japan.

    01 Mar 2017

  • Credit Suisse rejigs Apac global markets unit

    Credit Suisse has made some senior level changes to its Asia Pacific global markets team, which underwent a restructuring in the middle of last year.

    01 Mar 2017

  • HKEX ends mixed year for RMB products

    The Hong Kong Exchange traversed a difficult financial year, marked on the one hand by sagging trading on the Stock Connect, and on the other a surge in RMB FX derivatives activity. For 2017, HKEX’s chief executive Charles Li said more RMB products are in store.

    01 Mar 2017

  • PACE appetite goes global, say SFIG speakers

    The Property Assessed Clean Energy (PACE) ABS sector is getting attention from a broader group of investors outside the US, as frequent issuance of the energy efficiency bonds brings the asset class into the mainstream.

    01 Mar 2017

  • Commercial solar lenders plot growth

    There is plenty of room for growth in commercial solar securitization, SFIG Vegas attendees heard on Tuesday, and lenders need capital markets access to fund it. But lack of scale in the market is a key hurdle, creating a ‘catch 22’ situation.

    01 Mar 2017

  • Growth of CRT could lead to complacency around GSE reform

    The positive track record of the government-sponsored enterprises’ credit risk transfer programmes could result in less urgency among market players to reform Fannie Mae and Freddie Mac, according to speakers on a panel at SFIG Vegas.

    01 Mar 2017

  • CLO equity sentiment buoyant compared to SFIG 2016

    CLO equity investors at SFIG Vegas were in an upbeat mood in a panel discussion on Monday, but with rate rises and political risks looming they said this was no time to get comfortable.

    01 Mar 2017

  • Eliminate implicit bias to boost gender parity — Men of WiS

    An all-male Women in Securitization (WiS) panel at SFIG Vegas — a detail that sparked some controversy prior to the convention — concluded that unintentional implicit bias at all levels of an organization has stifled gender diversity among senior management in most financial services companies.

    01 Mar 2017

  • Home prices aiding defaults, but equity loans a concern

    Rising home prices are leading to lower rates of mortgage defaults, but an increasing number of borrowers taking out home equity loans could offset strengthening housing fundamentals, said market participants this week.

    01 Mar 2017

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 13 Mar 2017
1 JPMorgan 94,925.33 384 8.39%
2 Citi 87,531.58 331 7.74%
3 Bank of America Merrill Lynch 84,341.49 288 7.46%
4 Barclays 75,288.19 241 6.66%
5 Goldman Sachs 68,504.71 208 6.06%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 14 Mar 2017
1 Bank of America Merrill Lynch 10,650.87 23 11.13%
2 Deutsche Bank 8,169.49 17 8.53%
3 HSBC 6,243.46 23 6.52%
4 Citi 4,355.35 13 4.55%
5 SG Corporate & Investment Banking 4,273.37 17 4.46%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Mar 2017
1 JPMorgan 5,440.56 17 10.74%
2 Deutsche Bank 4,468.97 23 8.82%
3 UBS 3,742.72 17 7.39%
4 Citi 3,393.89 23 6.70%
5 Goldman Sachs 3,360.93 18 6.63%