• Kookmin Bank chases dual-listed bond

    South Korea’s Kookmin Bank is marketing a new five year floating rate dollar transaction, set to be listed in both Taipei and Singapore.

    25 May 2017

  • Four vie for dollar investor attention

    The Asia ex-Japan G3 bond market saw a slew of issuers from a variety of backgrounds hit the market on Thursday, with borrowers from Greater China as well as Indonesia venturing offshore.

    25 May 2017

  • Korea's EWP chases new dollar deal

    Korea East West Power Co (EWP) is pursuing a new dollar deal, marking its return to the debt market after nearly three years.

    25 May 2017

  • Nomura loses AEJ IBD chairman

    Nomura’s chairman of investment banking for Asia ex-Japan Yang Zhizhong has left the firm after nearly nine years, according to a source familiar with the matter.

    25 May 2017

  • CGIF, SJ team up to boost local currency project bonds

    The Credit Guarantee & Investment Facility (CGIF) and infrastructure consulting firm Surbana Jurong are joining hands to boost the use of local currency bonds to fund greenfield infrastructure projects in southeast Asia.

    25 May 2017

  • RMB now behind Swiss franc in global payments

    The renminbi fell behind the Swiss franc in terms of share of global payments in April, according to SWIFT’s RMB tracker. The Chinese currency is now the seventh most used global payment currency, accounting for only 1.6% of all payments.

    25 May 2017

  • Seacube prices as outlook for containers improves

    New Jersey-based Seacube Container Leasing priced a container lease deal on Wednesday amid growing industry buzz around the once sluggish asset class.

    24 May 2017

  • Risk retention rules spawn third party growth, engineering

    Risk retention sponsors are hiring third party firms to help accurately value their horizontal strips of US CLO equity, although the growth of bank financing is also encouraging more managers to adopt the vertical approach to the regulation.

    24 May 2017

  • Hot blocks roll on with Koç Holding, OneSavings Bank, Fever-Tree deals

    On Wednesday night, the vibrant trading in the equity blocks market is continuing with several large deals from Turkey and the UK.

    24 May 2017

  • Massive tightening for Global Switch, Ansaldo Energia

    Corporate bond issuers have found a warm welcome in what is likely to be the last day for new issuance in Europe this week, before the Ascension Day holiday temporarily shutters supply.

    24 May 2017

  • Bowen renews calls for market funded CFTC

    Sharon Bowen, one of only two commissioners on the commodity trading futures commission, has voted to advance budget proposals made by acting chairman Giancarlo but also said that the regulator is underfunded and should receive contributions from market participants.

    24 May 2017

  • IHS Markit unveils Outreach360 platform

    IHS Markit on Wednesday released its Outreach360 platform, a tool that allows counterparties to contact each other for regulatory and data gathering purposes as they work to comply with the Markets in Financial Instruments Directive II (MiFID II).

    24 May 2017

  • EDC finds green as easy as 1, 2, 3

    Export Development Canada breezed through its first green bond issue of the year on Wednesday, building a book nearly twice subscribed and tightening 2bp from initial price thoughts.

    24 May 2017

  • Flemish Community pulls in spread on second ever syndication

    The Flemish Community’s second ever outing in the public debt market raised €1.25bn over two tranches, pulling in large books and setting the final spread 4bp inside guidance on one of the legs.

    24 May 2017

  • CDC latest SSA to revive sterling flow

    Caisse des Dépôts et Consignations looks likely to be the latest public sector borrower to return to the sterling market after a long absence, after it hired banks to hold investor meetings next week.

    24 May 2017

  • GlobalCapital Bond Awards 2017: SSA winners

    GlobalCapital is delighted to announce the winners of its SSA Bond Awards for 2017. The results were revealed at a gala dinner at London's Globe Theatre on May 23. Thank you to everyone who supported the event by attending and voting in the polls that decided who were the best and brightest in SSA bonds over the last 12 months.

    24 May 2017

  • VW leans on politicians for STS solution

    Volkswagen has called on EU politicians to come up with a market friendly solution to the 'simple transparent, standardised' (STS) securitization framework when the trilogue talks resume at the end of the month.

    24 May 2017

  • PortAventura lines up €620m refi and div recap loan

    PortAventura, the Spanish theme park operator, has scheduled a bank meeting for Thursday morning in London for a €620m seven year term loan ‘B’ refinancing and dividend recapitalisation.

    24 May 2017

  • Long investor queues for Heathrow’s HY benchmark deal

    UK airport Heathrow landed orders for more than five times its £250m offering on Wednesday, in a week with less than €500m of new paper in sterling and euros in the high yield bond market.

    24 May 2017

  • Second Hella block this year prices at 1.6% discount

    On Tuesday night, the Hueck family, which controls Hella Hueck & Co, sold a 2% stake in the company at a very slim discount.

    24 May 2017

  • The winners: GlobalCapital High Yield Bond Awards 2017

    GlobalCapital is delighted to announce the winners of its High Yield Bond Awards for 2017. The results were revealed at a gala dinner at London's Globe Theatre on May 23. Thank you to everyone who supported the event by attending and voting in the polls that decided who were the best and brightest in bonds over the last 12 months.

    24 May 2017

  • The Annual GlobalCapital US Securitization Awards: The Winners

    On Tuesday, May 23, GlobalCapital held its fourth annual securitization industry awards dinner at the Plaza Hotel in Manhattan.

    24 May 2017

  • EIB draws demand in middle of Polish curve

    The European Investment Bank found seven year funds in its latest move to build a benchmark curve in Polish zloty.

    24 May 2017

  • NN Group raises €900m for Delta Lloyd takeover

    NN Group, the Dutch insurance firm, was looking to raise €900m of senior bond funding in the primary market on Wednesday, in a bid to fund its merger with fellow Dutch insurer Delta Lloyd.

    24 May 2017

  • Hensoldt appears on levloan radar as market heats up again

    Hensoldt, the KKR-owned defence electronics firm, held a lender call on Wednesday morning for a €170m incremental term loan, following its acquisition of avionics business EuroAvionics. The deal comes as some investors are concerned the leveraged loan market could return to the extreme conditions of earlier in the year.

    24 May 2017

  • The winners: GlobalCapital Emerging Market Bond Awards 2017

    24 May 2017

  • Commissioner fights to make Agrokor’s former management liable for legal costs

    The Croatian government’s appointed commissioner Ante Ramljak, in charge of handling Croatia’s largest private company’s restructuring, has filed to remove a clause stating that Agrokor will incur the costs if its senior management gets sued.

    24 May 2017

  • Oman prints $2bn as bankers debate sukuk discount

    Oman made its public market sukuk debt on Tuesday to raise $2bn with a well supported trade. While bankers on the deal argued that Oman achieved a “sukuk discount,” others said the deal came flat to its conventional curve.

    24 May 2017

  • GlobalCapital Corporate Bond Awards garland Air Liquide, BNPP, MUFG

    Air Liquide was named Most Impressive Investment Grade Corporate Borrower and BNP Paribas Corporate Bond House of the Year in GlobalCapital's Bond Awards 2017, announced on May 23 at our Bond Dinner at the Globe Theatre, London.

    24 May 2017

  • Nykredit grabs smaller size for first bail-inable senior FRN

    Nykredit Realkredit paid a slim premium for a smaller €300m senior resolution note on Wednesday, printing its first floating rate deal in the format.

    24 May 2017

  • Egypt on track with triple tranche tap

    Arab Republic of Egypt hit the screens on Wednesday morning with a much touted re-opening of its 2022, 2027 and 2047 bonds.

    24 May 2017

  • Al Baraka breaks new ground with first ever double-B Gulf bank deal

    Strong support from regional investors helped Bahrain’s Al Baraka Banking Group achieve substantial price tightening for the first ever bond issue from a non-investment grade Gulf bank on Tuesday.

    24 May 2017

  • Waiting for the summer squeeze

    Secondary markets were trading stably on Wednesday, and although non-eurozone bonds were better offered, dealers expressed confidence that spreads would squeeze tighter over the summer months.

    24 May 2017

  • Park Square Capital poaches Goldman levfin director

    Park Square Capital has hired an executive director from Goldman Sachs into its direct lending team, as well as promoting three partners from within, as it builds out its private debt business.

    24 May 2017

  • Photos from the Bond Awards 2017

    GlobalCapital held its Bond Awards gala dinner at London's Globe Theatre last night. Thank you to everyone who supported the event by attending and voting in the polls that decided who were the best and brightest in bonds over the last 12 months. Here below is a selection of photos from the night.

    24 May 2017

  • SSAs cram in ahead of Ascension Day

    Borrowers in the public sector debt market are still enjoying the afterglow of Emmanuel Macron’s victory in the French election but, with Ascension Day sidelining much of Europe and a UK bank holiday Monday, the pace is expected to slacken.

    24 May 2017

  • Deutsche Bank appoints new UK ECM head

    Deutsche Bank has named a new head of UK equity capital markets.

    24 May 2017

  • Smokin' CEEMEA bond market smashes record

    A $2bn tap from Oman on Tuesday has pushed the CEEMEA bond market into record territory. Bond issuance stands at $100.2bn, surpassing 2013's record of $99.7bn over the same period.

    24 May 2017

  • China debt issuers to shake off sovereign downgrade

    Market watchers expect spreads on Chinese bonds to widen in the near term because of Moody's downgrade of the sovereign, but there is little concern that the country’s offshore debt issuers will be hit hard.

    24 May 2017

  • SEBT engineers $158m Daewoo E&C sell-down

    South Korea’s SEBT Investment has sold a second block in Daewoo Engineering & Construction Co in as many months, raising W177.6bn ($157.9m).

    24 May 2017

  • Triple-Bs dominate in tight corporate bond market

    Corporate borrowers hit the bond market early this week before Thursday’s Ascension Day holiday on the continent, and bankers expect issuance to drop off sharply in the coming days.

    24 May 2017

  • CCB goes big on FRN ahead of market turn

    China Construction Bank sold its first floating rate bond in 20 years on Tuesday, pricing in line with its peers while also printing one of the largest deals since 2014. Its rarity value and a rather quiet primary market worked in its favour.

    24 May 2017

  • Vakifbank bags speedy $500m five year senior

    Vakifbank took advantage of seemingly insatiable demand for Turkish bank paper to raise $500m of five year senior funding on Tuesday.

    24 May 2017

  • FIG closes out busy May with a flurry

    Public holidays will cut short the issuance window at the end of May, but banks have enjoyed a busy month and a flurry of deals have arrived in the market this week.

    24 May 2017

  • Blocks market robust as Hella, Konecranes, Kion are priced at tight discounts

    The momentum in the equity block trade market is evident this week, as several large trades have been priced at extremely tight discounts. The drought of equity-linked deals also ended this week, with a zero coupon note issued by a Danish hearing equipment maker.

    24 May 2017

  • Lotte Chemical targets $1.4bn from Malaysia IPO

    Lotte Chemical Titan, the Malaysia-based arm of South Korean conglomerate Lotte Group, has fixed a ceiling price for its MR5.9bn ($1.4bn) IPO.

    24 May 2017

  • KoGas ignites market with dollar mandate

    Korea Gas Corporation is getting ready to gauge investor interest for a new dollar bond, and will kick off a roadshow in Europe in June.

    24 May 2017

  • China Citic Bank nails Rmb3bn debut Panda bond

    China Citic Bank International has issued its first Panda bond, pricing a Rmb3bn ($437m) three year on Monday. Although the proceeds will remain onshore, the deal will help meet the borrower’s funding needs both in the Mainland and Hong Kong, GlobalRMB understands.

    24 May 2017

  • Singapore internet firm Sea files for US IPO

    Internet and mobile platform company Sea, formerly known as Garena Interactive Holding, is planning a US IPO, according to a source familiar with the matter.

    24 May 2017

  • Four-tranche success for SAIC-GMAC’s second 2017 ABS

    SAIC-GMAC Automotive Finance has made a rapid return to the China auto ABS market with its second deal of 2017. This time around, the firm opted for four tranches with its Rmb4bn ($580m) Rongteng 2017-2 Retail Auto Mortgage Loan Securitization.

    24 May 2017

  • Six climb onboard NavInfo €110m acquisition loan

    Chinese digital map provider NavInfo has signed a €110m loan to fund its acquisition of a stake in a European company.

    24 May 2017

  • IOC pitches for $956m sell down on Thursday

    The Indian government is hearing pitches from 10 firms on Thursday for its sell down in Indian Oil Corp worth some Rp62bn ($956m).

    24 May 2017

  • Total Derivatives: CNY bid follows ratings downgrade

    Moody's downgraded China's credit rating on Wednesday morning. Short swaps were well bid and the curve flattened as an initial response. However, sources expect risk sentiment to weather the storm and the recent curve steepening trend to extend, writes Deirdre Yeung of Total Derivatives.

    24 May 2017

  • Axis Reit moots $108m block to pay down debt

    Malaysia’s Axis Real Estate Investment Trust is planning a placement of new units that could raise some MR465.4m ($108.1m), said the company.

    24 May 2017

  • Levfin veteran Hsu tipped for senior role at StanChart

    Lyndon Hsu, the former Asia Pacific leveraged and acquisition finance head at HSBC, is heading to Standard Chartered to lead its levfin business.

    24 May 2017

  • Guidance out for Indonesia’s four-tranche Samurai

    The Republic of Indonesia released further guidance for its four-tranche yen transaction on Wednesday, with pricing expected in a week. The Samurai bond comes around the time the sovereign regained its investment grade status from the last of the three major ratings agencies

    24 May 2017

  • ChemChina defies sovereign downgrade to open new deal

    China National Chemical Corp (ChemChina) opened books for a senior perpetual non call five bond on Wednesday morning, hitting the market soon after Moody’s downgraded the country’s rating.

    24 May 2017

  • Argentine sweet spot: Arcor plans bond tap

    Candy manufacturer Arcor is planning to tap its dollar-denominated 2023s for up to a further $150m in a deal that would likely sweeten the liquidity in the existing bonds.

    24 May 2017

  • Buenos brushes off Brazil burden to fetch full size floater

    The Province of Buenos Aires showed the resilience of demand for Argentina as it sold a $950m equivalent peso denominated bond mainly to international buyers the day after the currency hit its all-time weakest level against the US dollar.

    24 May 2017

  • Bond Connect spurs debate around hedging tools

    The upcoming Bond Connect could open up more hedging tools beyond FX for investors in RMB-denominated assets. However, experts warn the additional scheme will create fresh issues for investors that have already accessed China via older systems — unless the regulators take further harmonisation steps.

    24 May 2017

  • July 1 Bond Connect launch planned, end-June market makers announcement

    Market participants are preparing for a July 1 launch of the Bond Connect, with details slowly emerging on the scheme’s features. Meanwhile, banks are also expecting a June 25 announcement on which institutions will act as Bond Connect market makers, GlobalRMB has learned.

    24 May 2017

  • Costa Rican drives forward with amortising bond

    Autopistas del Sol, a Costa Rican toll road operator, could price a 13.6 year amortising bond as soon as Wednesday, according to bond investors.

    24 May 2017

  • The winners: GlobalCapital Bond Awards 2017

    GlobalCapital is delighted to announce the winners of its Bond Awards for 2017. The results were revealed at a gala dinner at London's Globe Theatre on May 23. Thank you to everyone who supported the event by attending and voting in the polls that decided who were the best and brightest in bonds over the last 12 months.

    24 May 2017

  • GlobalCapital FIG Bond Awards 2017: The winners

    GlobalCapital held its annual bond dinner awards on May 23 in London's Globe Theatre. The awards are determined by a poll of market participants, and celebrate the outstanding issuers, funding officials, investment banks, bankers and rating agencies in the capital markets between April 2016 and March 2017. Congratulations to the winners and nominees. Below are the FIG bond awards.

    24 May 2017

  • Carrefour prices French card deal

    Carrefour Banque has priced Series 2017-1 of its Master Credit Cards Pass Compartment France series, selling the bonds at the tight end of price guidance.

    23 May 2017

  • Blockchain platform eyes ABS market for funding

    Secured Automated Lending Technology (SALT), a Denver-based blockchain company, is eyeing the securitization market to finance its growth, CEO Shawn Owen tells GlobalCapital.

    23 May 2017

  • Credit metrics slipping in multifamily CMBS, as agencies compete for business

    Multifamily CMBS underwriting standards have been slipping, according to JP Morgan analysts, as growing appetite from the government sponsored enterprises (GSEs) drives competition among agency and private label lenders.

    23 May 2017

  • NEX hires and restructures business for Infinity

    NEX Optimisation today announced a massive restructuring of its business in preparation for its new NEX Infinity platform, which uses distributed ledger technology and brings together transaction optimisation services under one roof.

    23 May 2017

  • MOEX offers Chinese investors real-time data

    On Tuesday, the Moscow Exchange (MOEX) began disseminating real-time data over China's four largest financial information vendors, Great Wisdom, Wind, East Money and Emoney.

    23 May 2017

  • Medicover trades up 17% as Nordic IPOs flourish

    Shares in Medicover, the Swedish diagnostic services provider, closed 17% higher on their trading debut on Tuesday after the company finished its Skr2bn (€207m) IPO on Nasdaq Stockholm, having priced the deal at the mid-point of its range.

    23 May 2017

  • Euronext eyes FX derivatives with FastMatch acquisition

    Euronext has announced that it will acquire FastMatch, the electronic communication network (ECN) used in the spot foreign exchange market.

    23 May 2017

  • CofE’s fund performance either luck, judgement or divine inspiration

    The strong performance of the Church of England’s investment fund over the last decade either proves that the Church Commissioners have worked out a prudent investment formula, predicated on patience or they are benefiting from the aid of the ultimate market mover.

    23 May 2017

  • Goldman Sachs leads Kion, Just Eat blocks

    On Monday night, Kion Group, the German forklift truck maker, completed a €602m capital increase to refinance its acquisition of Dematic, a specialist automation company, through an accelerated bookbuild led by Goldman Sachs.

    23 May 2017

  • Belgium goes long in euros, NWB to follow

    The Kingdom of Belgium hit the long end in euros on Tuesday, taking advantage of a healthy market to raise €3bn with a 20 year bond. Meanwhile, Nederlandse Waterschapsbank (NWB) announced a tap of a 2041 line.

    23 May 2017

  • Allergan goes tight with euro debut

    Drug company Allergan made its debut on the euro bond market on Tuesday, bringing a multi-tranche trade that has tightened during execution despite bankers off the deal saying initial price thoughts already looked expensive.

    23 May 2017

  • JBIC lines up quadruple tranche as KfW scores $5bn at three years

    KfW launched a three year global on Tuesday, raising $5bn, while Japan Bank for International Cooperation picked banks for a four tranche dollar trade.

    23 May 2017

  • OeKB goes big in sterling

    Oesterreichische Kontrollbank (OeKB) returned to the sterling market on Tuesday, raising £350m with a five year deal.

    23 May 2017

  • Slow and steady for Chinese loans expansion

    Chinese loan banks are appearing in more and more emerging market loan deals this year, as they race towards the loan market big league, but while their hunger for market share is evident, they're still taking a conservative approach.

    23 May 2017

  • EDC loads up as FMO and KommuneKredit score with SRI bonds

    A pair of agencies launched socially responsible investment deals in euros on Tuesday, while a third picked banks for a dollar trade.

    23 May 2017

  • AIIB recruits IADB’s Stipe as head of treasury strategy

    The Asian Infrastructure Investment Bank has announced a new head of treasury strategy, the latest hire in its recruitment drive.

    23 May 2017

  • Muzinich flexes private debt muscle as competitors ready positions

    US investment house Muzinich sealed the first closing of its new pan-European private debt fund on Tuesday, amid a widespread rise in interest in the asset class.

    23 May 2017

  • Desperately seeking subsidy

    Balancing public money with private profit can be a challenge, and Brexit makes it doubly difficult. The European Investment Bank is set to become something of a football in negotiations between the UK and the EU27 — and the UK’s corporates could stand to lose out. What, if anything, should replace it?

    23 May 2017

  • BCP returns to hot covered bond market with €1bn deal

    Banco Comercial Portugues returned to the covered bond market after an eight year absence on Tuesday, selling a €1bn five year deal.

    23 May 2017

  • S&P bumps Brazil to negative watch

    S&P became the first ratings agency to react to the latest corruption scandal in Brazil on Monday, but some large investors already think the market has overreacted to the news.

    23 May 2017

  • Peripheral banks eye open doors in tier two

    Italy’s BPER Banca attracted "a lot of attention" for a new tier two on Tuesday, helping to encourage Spain's Banco de Credito Social Cooperativo to mandate for a deal of its own.

    23 May 2017

  • Kershaw returns with non-exec role

    ICG’s previous head of credit fund management Dagmar Kent Kershaw has taken a new role in the investment sector, following a sabbatical after leaving ICG last June.

    23 May 2017

  • Santander readies Swiss for TLAC trades

    Santander effectively opened the Swiss market for senior non-preferred notes on Tuesday. The Spanish bank debut offer attracted Sfr400m ($411.4m) worth of interest –– encouraging for a market looking for future TLAC issuance.

    23 May 2017

  • Coal miner Suek secures Russia’s third PXF this year

    Russia’s largest coal producer Siberian Coal Energy Company (Suek) has signed a five year $1bn pre-export finance facility, the third deal of its kind from the country this year.

    23 May 2017

  • IBA sets out stall for debt restructuring

    International Bank of Azerbaijan has asked investors to agree to a restructuring of its balance sheet that will see the exchange of its outstanding bonds for new sovereign debt, and a limited amount of new IBA debt. IBA has also said that it must transfer a fourth tranche of bad assets to the Bank of Aqrarkredit to restore its viability.

    23 May 2017

  • Books over $5.2bn for Oman

    Oman’s debut sukuk was storming to success by lunchtime on Monday with books for the seven year note hitting $5.2bn.

    23 May 2017

  • Avaloq, Element release price guidance as Verallia hits 300bp

    Swiss fintech firm Avaloq has released price guidance on its Sfr410m-equivalent of euro loans, backing Warburg Pincus’s minority investment at a valuation of over Sfr1bn. It follows French packaging firm Verllia’s repricing of its €1.375bn term loan down to 300bp on Monday.

    23 May 2017

  • PBA poised to return

    The Province of Buenos Aires could proceed with its planned peso-denominated bond as soon as Tuesday, according to an investor in Buenos Aires.

    23 May 2017

  • Non-preferred market expands with Crédit Mutuel Arkéa debut

    Crédit Mutuel Arkéa was rewarded with an "enormous" cost saving for its first non-preferred senior bond on Tuesday, paving the way for other smaller borrowers to enter into the format.

    23 May 2017

  • Douglas puts €300m term loan in shop window

    CVC owned Douglas, the German retailer, has scheduled a lender call for Wednesday for a €300m incremental term loan, backing its acquisition of Leading Luxury Group, the Italian beauty chain.

    23 May 2017

  • Vakifbank drives by for five year funding

    Vakifbank has opened books on a drive-by five year senior trade as Turkish financial supply trickles into the primary market.

    23 May 2017

  • United Bank for Africa plots debut five year as Zenith raises $500m

    United Bank for Africa (UBA) is the second Nigerian bank in as many days to announce its intention to raise senior funding, and with Zenith Bank proving that demand for the Nigerian financial sector is rife, bankers expect the trade to go well.

    23 May 2017

  • Daewoo owner eyes quick return with $160m block

    SEBT Investment Co is once again looking to pare its stake in South Korea’s Daewoo Engineering & Construction Co after a rally in the stock, this time with a W177.6bn ($160m) overnight sale.

    23 May 2017

  • Daimler leads Panda issuance, CPNE debuts green RMB bond

    Germany's Daimler has rapidly returned to the Panda bond market, pricing a dual-trancher last week. Its deal was followed by China Power New Energy Development Company (CPNE)’s debut green Panda, a rarity in the renminbi market.

    23 May 2017

  • GlobalCapital's 30 year anniversary quiz

    EuroWeek started publication 30 years ago, and plenty has changed in the markets since then (read our forthcoming 30 year special for more!). But how much of it do you remember? Take our "30 years of capital markets" quiz and find out!

    23 May 2017

  • Nan Fung adds to fixed-for-life momentum with $500m perp

    Property developer Nan Fung International Holdings became the third Hong Kong issuer to sell a fixed-for-life perpetual in just a little over a week. But unlike the earlier transactions, private banks rather than fund managers dominated the deal.

    23 May 2017

  • Kexim navigates geopolitical tension with euro deal

    The Export-Import Bank of Korea (Kexim) offered European investors a rare euro deal from a Korean credit on Monday, securing a solid trade despite a tense political backdrop.

    23 May 2017

  • Firms prep bids for Indian railway company divestments

    India’s divestment body has set the pitching schedules for bidders on the IPOs of state-owned Rail Vikas Nigam (RVNL) and Rites, according to announcements on its website.

    23 May 2017

  • Hobbs appointed Asia managing partner at Linklaters

    Law firm Linklaters has appointed cross-border leveraged finance specialist Nathalie Hobbs its regional managing partner for Asia.

    23 May 2017

  • Commodities trader ETG hunts for $100m

    African agriculture conglomerate Export Trading Group (ETG) has approached the loan market for a borrowing of up to $100m.

    23 May 2017

  • Hungry investors snap up MCC bonds

    Iron and steel company Metallurgical Corporation of China raised $500m from the sale of its three year bond on Monday, after enthusiastic investors flocked to the deal.

    23 May 2017

  • Moody’s joins DBRS with most lenient covered bond ratings

    Moody’s ratings for covered bonds are now almost as lenient as newcomer DBRS, DZ Bank covered bond research analysts have revealed. The change should help protect its share of the market which may be shrinking due to the prevalence of single covered bond ratings.

    23 May 2017

  • Hudco IPO: looks can be deceiving

    The first IPO of an Indian state firm in five years met with roaring approval from investors, as Housing and Urban Development Corp’s (Hudco) success in primary spilled over into its trading debut. Books were nearly 80x covered and the stock has surged as much as 30%. But it would be a mistake to read too much into the deal.

    23 May 2017

  • Home Credit eyes Asian liquidity for €500m

    International consumer finance company Home Credit Group is syndicating a slice of its €500m fundraising to Asian banks.

    23 May 2017

  • Chytil returns to Slovakia

    Matej Chytil has left Crédit Agricole’s covered bond trading team to return to National Bank of Slovakia where he used to work.

    23 May 2017

  • Beijing Gas, CCB HK woo buy-side for new deals

    Beijing Gas Group Company and China Construction Bank (Hong Kong) have opened books for a fixed five year bullet and a three year floater, respectively.

    23 May 2017

  • Corporation Bank gets board nod for Rp35bn fundraise

    India’s Corporation Bank has won approval from its board of directors to raise up to Rp35bn ($540.2m) in capital, according to an exchange filing on Monday.

    23 May 2017

  • Chinese cable producer Putian eyes HK IPO

    China’s Putian Communication Group is vying for approval to list in Hong Kong, according to a draft prospectus filed with the city’s exchange on Monday.

    23 May 2017

  • ANZ names new Philippines CEO

    ANZ has appointed a new chief executive officer for the Philippines, picking from within for the top role.

    23 May 2017

  • Aircraft, drug royalty ABS fill crowded esoteric pipeline

    A $150m drug royalty offering from DRI Capital, a Toronto-based healthcare royalty fund manager, and a $612m aircraft ABS from Apollo Aviation Management have hit the market as bids heat up for esoteric ABS paper in the second quarter.

    22 May 2017

  • Goldman prices CMBS as issuers prep another $2.7bn for issuance

    Goldman Sachs priced a conduit CMBS transaction on Friday, while issuers this week prepare to offer investors another $2.7bn of bonds in a busy run up to the annual CREFC industry conference in the first week of June.

    22 May 2017

  • Eurotunnel prices debt restructuring

    Eurotunnel Group, the owner and operator of the Channel Tunnel, has completed its €1.98bn debt restructuring.

    22 May 2017

  • NLB sells Istrabenz stake before IPO

    Nova Ljubljanska Banka, Slovenia's largest bank, has sold its entire 13.1% stake in Istrabenz, the conglomerate, ahead of NLB's long awaited reprivatisation, according to a regulatory filing on Monday.

    22 May 2017

  • Online retailer Boozt's IPO covered throughout range

    The IPO of Boozt, the Nordic online fashion retailer, is covered at its maximum size throughout its price range.

    22 May 2017

  • Interest rates hike could rekindle HY issuance surge, say bankers

    The euro high yield market will be dining on small portions this week, far from the recovery in bond issuance volumes of the past four months but indicative of times ahead, bankers and analysts agreed — that is, unless the European Central Bank increases short term interest rates.

    22 May 2017

  • ESMA clarifies on MiFID and MiFIR derivatives

    The European Securities and Markets Authority has set out which OTC derivative contracts will be treated as if 'traded on a trading venue' and subject to MiFID II and MiFIR transparency requirements, trading obligations and transaction reporting requirements.

    22 May 2017

  • Issuers crowd European CLO primary pipeline

    A flood of European CLO paper washed through the primary pipeline in the past week, with issuers across asset classes flipping the switch following a lull in the wider euro ABS market.

    22 May 2017

  • KfW out in dollars amid swap spread bounce

    KfW will be the first public sector borrower to test a dollar market where swap spreads have rebounded off the 2017 lows they hit in the middle of last week.

    22 May 2017

  • Kexim goes short as borrowers line up for Tuesday trio

    The Export-Import Bank of Korea (Kexim) priced a five year euro benchmark on Monday, nipping in with a one day execution ahead of a trio of deals scheduled for Tuesday.

    22 May 2017

  • Axis launches Aster DM Healthcare loan

    India’s third largest private bank Axis Bank has sent out a request for proposal for a $295m syndicated loan for Dubai’s hospital group Aster DM Healthcare.

    22 May 2017

  • EIB returns to Polish zloty

    The European Investment Bank is looking for seven year funds in Polish zloty curve in its latest move to build a benchmark curve in the currency.

    22 May 2017

  • OeKB joins public sector march back to sterling

    Oesterreichische Kontrollbank has mandated banks for its first sterling deal in 1.5 years, joining a host of other public sector issuers to return to the currency this year.

    22 May 2017

  • Corporate issuers pile into short week

    The corporate bond market has moved past the indigestion and softer market concerns that dogged the end of last week to pump out five trades ahead of a public holiday on Thursday.

    22 May 2017

  • Tikehau lends Terratest €60m unitranche facility

    Spanish geotechnical engineering firm Terratest has secured a €60m unitranche deal with Tikehau IM, as the former looks to complete its restructuring following Platinum Equity’s acquisition in 2014.

    22 May 2017

  • Sparebanken Sør prices flat to covered curve

    Sparebanken Sør Boligkreditt issued its second ever covered bond and, similar to deals issued last week, was able to price flat to its curve. But its bonds are not eligible for the ECB's purchase programme, unlike some of last week's tightest issues, which could limit performance potential.

    22 May 2017

  • JP Morgan rolls out HY fund for UK pension scheme

    Nest, the UK national employment savings trust, has become the latest in "a flurry" of buyers to move into high yield bonds.

    22 May 2017

  • BNPP hires traders from GS

    BNP Paribas has hired two fixed income traders from Goldman Sachs in EMEA.

    22 May 2017

  • Rabo reels in covered investors

    The robust demand that Rabobank reeled in for its two part debut covered bond issued on Monday provided the basis for an aggressive spread tightening, especially in the longer-dated tranche.

    22 May 2017

  • NBK takes orders for five year

    Kuwait’s national champion National Bank of Kuwait is book building for a rare five year senior bond following the sovereign's successful $8bn debut in March.

    22 May 2017

  • Sampo takes tight funding as credit spreads stabilise

    Finnish insurer Sampo kicked off the week with a tightly priced senior offering on Monday, taking advantage of renewed calm in the financial institutions bond market.

    22 May 2017

  • Dubai’s Jumeirah Group refinances $1.4bn loan

    Dubai’s luxury hotel chain Jumeirah Group has signed a syndicated loan for around $1.4bn to refinance a facility taken out in 2013, according to a banker on the deal.

    22 May 2017

  • JP Morgan appoints levfin MD following departures

    JP Morgan has appointed a new managing director in its EMEA leveraged finance capital markets team, following the departure of two senior members in the last month.

    22 May 2017

  • Pipeline grows as Crédit Mutuel Arkéa eyes non-preferred debut

    France’s Crédit Mutuel Arkéa has picked banks to arrange the sale of its first ever non-preferred senior bond, joining Sumitomo Mitsui Financial Group (SMFG) in a growing pipeline for new issues in FIG.

    22 May 2017

  • Zenith looks to set $500m benchmark for Nigerian financials

    Two well subscribed efforts from Nigeria this year have reinvigorated interest in the sovereign’s growth story, and Zenith Bank will be hoping to tap into this demand as it creates a benchmark for financial issuance from the region.

    22 May 2017

  • P&M Notebook: the beginning of the end of the phoney war

    The UK won’t be able to start Brexit talks until after its general election is over but markets and regulators are getting on with business anyway.

    22 May 2017

  • Beijing Hyundai goes big with Autopia China 2017-1

    The leads have priced the senior fixed rate notes of Beijing Hyundai Motor Group’s Rmb3.5bn ($508.7m) Autopia China 2017-1 Retail Auto Mortgage Loan Securitization Trust, its largest ABS in the country to date.

    22 May 2017

  • India Grid powers on with $351m InvIT IPO

    India Grid Trust has priced its Rp22.5bn ($351m) IPO at the high end of the range despite being stung by IRB InvIT Fund’s poor debut.

    22 May 2017

  • Welcome back: Indonesia regains full IG status

    S&P has raised Indonesia’s long-term sovereign credit rating to BBB- from BB+ with a stable outlook, on the back of reduced risks to the country’s fiscal metrics. Seven corporates were also upgraded by the agency last Friday.

    22 May 2017

  • India delays deadline for NLC OFS proposals

    India’s divestment body has pushed back the request for proposals deadline for merchant banker and selling broker positions on the sell-down in mining and power firm NLC India.

    22 May 2017

  • Kia revs up $648m loan for India car project

    Kia Motors has approached lenders for a financing to support the construction of a production plant in India that was announced late last month.

    22 May 2017

  • India IPOs: Shalby, Dixon file as CDSL, Tejas launch

    Indian hospital operator Shalby filed a draft red herring prospectus last Friday for a possible Rp7bn ($108m) IPO via three bookrunners.

    22 May 2017

  • Buenos Aires heard to wait on peso bond

    Market volatility has led the Province of Buenos Aires to pause ahead of a planned $500m-equivalent peso-denominated bond issue, but it will continue to monitor market conditions.

    22 May 2017

  • Hong Yang announces debut, Dr Peng sounds out investors

    Property developer Hong Yang Group Company is marketing its inaugural international bond, while Chinese private telecommunications operator Dr Peng Telecom & Media Group Co is set to hold a conference call with investors on Tuesday for a dollar deal.

    22 May 2017

  • CDH slices off WH Group chunk for $745m

    Private equity firm CDH has sold off a block of shares in Chinese meat processing company WH Group, netting HK$5.79bn ($744.9m) on the back of strong long-only demand.

    22 May 2017

  • Nan Fung, MCC build new dollar deals

    The Asian market has shrugged off North Korea’s missile test over the weekend, with Nan Fung International Holdings and Metallurgical Corporation of China launching new deals on Monday morning.

    22 May 2017

  • Nanyang Bank continues AT1 onslaught

    Nanyang Commercial Bank is seeking a dollar-denominated Basel III compliant additional tier one deal.

    22 May 2017

  • This week in renminbi: May 22, 2017

    In this round-up, People’s Bank of China renews currency swap agreement with New Zealand, regulators make all bonds on Shanghai Clearing House (SHCH) available via Bond Connect, and the Shanghai free trade zone is set to provide Belt and Road financing.

    22 May 2017

  • Ex-Westpac banker to helm ANZ Oz loan syndications

    ANZ has named Gavin Chappell as the head of loan syndications for Australia, poaching him from Westpac.

    22 May 2017

  • Secondary pricing update: featuring EIB's first ever dual tranche

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

    19 May 2017

  • Funding scorecard: French agencies

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

    19 May 2017

  • Munters sparkles on day one after Skr4bn IPO

    Shares in Munters, the Swedish climate control systems group backed by Nordic Capital, traded as much as 26% above their offer price on Friday after they began trading on Nasdaq Stockholm after its Skr4bn (€422m) IPO.

    19 May 2017

  • Sparebanken Sør Boligkreditt set to issue

    Sparebanken Sør Boligkreditt finishes its roadshow on Friday and is expected to issue a €500m deal early next week said leads. Banco Comercial Portugues and Rabobank also finish their roadshows on Friday and could well be expected to emerge next week.

    19 May 2017

  • Avaloq launches loans for Warburg investment

    Avaloq, a Swiss fintech firm, has launched Sfr410m-equivalent of loan facilities, backing Warburg Pincus’s 35% investment in it, which values it at over Sfr1bn.

    19 May 2017

  • A valid case for covered bond harmonisation

    The benefits of covered bond harmonisation far outweigh the costs, according to an independent report undertaken on behalf of the European Commission and published on Friday.

    19 May 2017

  • Sibanye Gold brings R13.5bn rights offer for Stillwater acquisition

    A sell-off of shares in Sibanye Gold, one of the largest South African gold mining companies, entered its second day on Friday after the company unveiled terms for a highly dilutive R13.5bn ($1bn) rights issue on Thursday morning.

    19 May 2017

  • Permira exits Telepizza in €52m ABB, way below float price

    Permira has offloaded the rest of its shares in Telepizza, the Spanish pizza delivery company, just over a year after the company’s troubled €550m IPO in April 2016.

    19 May 2017

  • Burford collars £175m retail bond in shrunken market

    Burford Capital, the company that finances litigation, raised £175m with a bond issue on the London Stock Exchange’s Orderbook for Retail Bonds on Friday – one of the biggest deals since 2012.

    19 May 2017

  • Lithuania opens books as market stabilises

    Lithuania has hit the screens with its dual tranche euro note as markets stabilise after Brazil’s corruption scandal added to a US led sell-off.

    19 May 2017

  • Premier Foods pays 2017's third biggest margin for new floater

    After three years away, UK producer of grocery and sweets Premier Foods returned to the bond market with a £210m fiver year non-call one floater to join 2017’s sterling issuance comeback.

    19 May 2017

  • Taiwanese banks throw open green door

    Four Taiwanese banks have sold green bonds, reopening the island nation’s market after a debut deal in 2014.

    19 May 2017

  • United Bank eyes $154m from equity raise

    United Bank of India’s board has approved a plan to raise equity worth up to Rp10bn ($154m), the lender said in a filing on Thursday.

    19 May 2017

  • Bright Scholar pops on NYSE trading debut

    Bright Scholar Education Holdings’ decision to price its IPO above the range paid off handsomely as the stock surged over 30% on its debut on the New York Stock Exchange.

    19 May 2017

  • SAP opens subscription for Cambodia’s fifth IPO

    The subscription period has kicked off for the IPO of Sihanoukville Autonomous Port, set to be the fifth and largest listing in Cambodia.

    19 May 2017

  • Nan Hai braves market for SBLC backed $500m

    Nan Hai Corp grabbed $500m on Thursday with the sale of a three non call 1.5 year bond, pushed to an investment grade rating thanks to a standby letter of credit from China Citic Bank Corp’s Shenzhen branch. Meanwhile, Sinochem Hong Kong (Group) Company sealed $300m from a club-like transaction.

    19 May 2017

  • RMB round-up: FX net sales on the rise, PBoC sets up FinTech Committee, FTSE Russell adds China indices

    State Administration of Foreign Exchange (Safe) figures show net FX sales rising in April, People’s Bank of China (PBoC) launches FinTech committee, and FTSE Russell adds more China-related indices.

    19 May 2017

  • China Mengniu Dairy churns out $195m EB

    China Mengniu Dairy has sealed a $194.8m exchangeable bond following a strong response from investors during wall-crossing, according to a source close to the deal.

    19 May 2017

  • Transportation Partners, ChemChina on the road

    Transportation Partners and China National Chemical Corp will meet fixed income accounts for their respective dollar bonds, while names like Poly Culture Group Corp, Macrolink Culturaltainment Development Co, Oceanwide Holdings Co and Jiangxi Ganfeng Lithium Co are planning to go offshore.

    19 May 2017

  • Apollo Hospitals clean-up nets IHH $128m

    Malaysia’s IHH Healthcare completed its exit from Apollo Hospitals Enterprise on Thursday, but not without some behind the scenes drama as rival banks tried to muscle in on the trade.

    19 May 2017

  • Xiaomi dials for $1bn refi with two at the helm

    Chinese mobile phone maker Xiaomi, which had been sounding out lenders for refinancing a syndicated loan raised in 2014, sent out terms for the new facility to retail banks this week.

    19 May 2017

  • Buenos Aires expected with local law peso floater

    Brazil and Trump-related turbulence left the Province of Buenos Aires waiting ahead of a planned peso-denominated bond, though bankers say Argentine issuance should resume shortly.

    18 May 2017

  • Brazil scandal compounds Trump doubts to put breaks on EM rally

    Corruption accusations made overnight on Wednesday against Brazilian president Michel Temer threw EM bond markets into turmoil just as they had already suffered a torrid day on the back of a Donald Trump-provoked slump in global markets.

    18 May 2017

  • Trump trashes primary market party

    What, on Wednesday, seemed to be primary capital markets gung-ho for any deal imaginable by Thursday looked more like a market on the skids as concerns intensified over the endless controversies dogging US president Donald Trump’s administration.

    18 May 2017

  • IBA bonds come under pressure as restructuring deadline looms

    International Bank of Azerbaijan’s Eurobonds took a hammering this week as investors’ hopes of escaping a debt restructuring without a haircut dimmed.

    18 May 2017

  • Regulators must act quickly on cyber threats

    Central banks should focus on the risk of cyber attacks when developing new stress testing scenarios for financial institutions.

    18 May 2017

  • Muddy dollar picture as investors switch to ‘impeachment trade’

    A swirl of allegations surrounding US president Donald Trump this week added a rally in US Treasuries to already tightening dollar swap spread, creating an uncertain environment for public sector issuers considering dollar deals next week.

    18 May 2017

  • GC BondMarker: featuring the post election deal flood

    The week commencing May 8 brought a wave of public sector borrowing. The victory of Emmanuel Macron in the French presidential election caused a wave of relief and signalled a blazing green light for issuance. See how the deals fared on GC BondMarker.

    18 May 2017

  • Kommuninvest USD500m 1.875% Jun 21 green bond

    18 May 2017

  • EIB USD3bn 1.625% Aug 20, EIB USD1.5bn 2.375% May 27 Climate Awareness Bond

    18 May 2017

  • EFSF EUR6bn 1.25% May 33

    18 May 2017

  • Manitoba GBP350m 0.75% Dec 21

    18 May 2017

  • Quebec GBP300m 0.875% May 22

    18 May 2017

  • UK GBP5bn 1.75% Jul 57 tap

    18 May 2017

  • Financials strike dollars while the market’s hot

    Yankee and domestic financial institutions unleashed a funding frenzy on the dollar market with $18bn in supply, as a strong technical backdrop gave way to volatility later in the week.

    18 May 2017

  • Mid-week volatility thumps remarkable funding run in FIG

    FIG issuers have been accelerating their funding plans to cram new deals into a wide open primary market following the French presidential election. After the rally ran out of steam in the middle of this week, market participants were divided about how soon supply could pick up pace again.

    18 May 2017

  • People Moves in Brief

    Brown to leave Barclays syndicate - CS names Americas IB heads - Tempelman retires from BAML

    18 May 2017

  • France EUR7bn 2% May 48

    18 May 2017

  • KBN EUR1bn 0.875% May 27

    18 May 2017

  • EQD markets brace for volatility as reflation scepticism hardens

    Sell-offs in equity markets might not have left derivatives participants sweating this week but optimism is fast fading on the popular reflation trade.

    18 May 2017

  • Lux SE opens social bond window

    The Luxembourg Stock Exchange (Lux SE) has opened a dedicated window for social and sustainable bonds as a subset of its green exchange.

    18 May 2017

  • EFSF surprises with big bite at duration

    The European Financial Stability Facility blindsided investors this week, printing €6bn of 16 year paper despite having completed its second quarter funding requirements, stretching the tolerance of its €10.8bn book in the opinion of some onlookers.

    18 May 2017

  • Mizuho Americas hires Tassan-Solet

    Mizuho Americas has appointed Massimo Tassan-Solet to head of derivatives trading.

    18 May 2017

  • ‘Canadian invasion’ victorious as Manitoba, Quebec hit sterling

    What one SSA banker dubbed a “Canadian invasion” of the sterling market moved up a gear this week, as one province debuted in the currency and another returned after a 20 year absence.

    18 May 2017

  • UK praised for book record ahead of election

    The UK drew its largest ever book on Tuesday, taking care of nearly a quarter of its overall syndication programme for the 2017-18 financial year in the process. The deal was particularly impressive given the volatile political backdrop in the UK, said a banker on the trade.

    18 May 2017

  • Banks raid AT1 after market opens for capital

    UniCredit, HSBC and BBVA opened books on new additional tier one (AT1) bonds this week, as banks took advantage of extremely supportive primary market conditions to bolster their stocks of debt capital.

    18 May 2017

  • US IG issuers flee while repatriation hopes fade

    Corporate issuers remained on the sidelines this week as political concerns in the US and a government corruption scandal in Brazil stopped the dollar market’s hot streak in its tracks.

    18 May 2017

  • UK corporates seek replacements for EIB funding

    Some of the UK’s major borrowers, especially in the utility sector, are preparing for a future without European Investment Bank funding, as the supranational’s lending in the UK is set to be caught up in fraught Brexit negotiations.

    18 May 2017

  • Bull run can charge through Trump but not forever

    Wednesday’s sharp fall in the S&P 500, as the political storm around US president Donald Trump’s links with Russia intensified, has not turned into a market rout... yet. Equities bankers, indeed, are convinced it is a blip, saying investor appetite for stocks remains strong.

    18 May 2017

  • Hotelbeds tucks in loan among refis

    Several notable event-driven new money leveraged loans are set to come to market next month, but for now there is only a steady flow of repricings and small incremental deals.

    18 May 2017

  • Giancarlo courts FinTech in New York speech

    Acting Commodity Futures Trading Commission chairman Christopher Giancarlo courted the Fintech industry in a speech on Wednesday, promising to “transform” the agency into a “21st century digital regulator”.

    18 May 2017

  • Suez raises €750m via block and clawback for GE Water takeover

    Suez Environnement, the French water and waste company, launched a €750m capital increase this week, to partly finance its €2.55bn contribution to the takeover of GE Water, in partnership with Caisse de dépôt et placement du Québec.

    18 May 2017

  • Aircraft ABS pros call for greater stadardization

    Aircraft ABS could find a bigger buyer base and issuance could become more frequent if deals were less bespoke, said panelists at the Annual North America Airfinance Conference in New York this week.

    18 May 2017

  • Credit Suisse names Americas IB heads

    Credit Suisse has appointed Andy Lipsky and David Wah co-heads of investment banking and capital markets for the Americas, a new regional management role for the bank.

    18 May 2017

  • Apple pays US premium for euro deal in ‘classic’ Rev Yank

    Tech company Apple brought what has been called a “classic” Reverse Yankee trade this week, with the small spread between the issuer and far lower rated names that printed similar deals on the same day highlighting the premium US borrowers stump up for euros.

    18 May 2017

  • Unibail follows in GE’s 20 year footsteps

    France’s Unibail-Rodamco became this week the second corporate to sell 20 year debt in 2017, as investors declared the long part of the curve is wide open for top rated names.

    18 May 2017

  • Liquidity surge in middle market lending drives CLO boom

    A flood of capital into the US middle market is fuelling a rise in CLO issuance, with the product also set to expand into Europe for the first time.

    18 May 2017

  • MTN Leak: Dizzying new heights

    Like a jungle cat in the Amazon jumping from tree to tree to find the highest perch to consume its prey undisturbed, an MTN cuisine connoisseur has trailed the concrete jungle to find the tallest towers to dine among the clouds.

    18 May 2017

  • Douglas enjoys retail therapy with Italian beauty group

    CVC-owned German retailer Douglas has agreed to buy Limoni and La Gardenia Beauty, two Italian beauty and perfume firms from sponsor Orlando Management. It said on Thursday that it may issue new a term loan to fund the deal, joining a list of mid-cap firms with similar plans.

    18 May 2017

  • Swedbank EUR650m 1% Nov 27 tier two

    18 May 2017

  • Republic of Slovenia EUR1bn 1.25% Mar 27 and EUR1bn 4.95% Nov 40

    18 May 2017

  • UniCredit EUR1.25bn 6.625% PNC6 AT1

    18 May 2017

  • HSBC USD3bn 6% PNC10 AT1

    18 May 2017

  • Banque Fédérative du Crédit Mutuel EUR1.25bn 1.25% May 27

    18 May 2017

  • French banks find favour following vote

    Three of France’s largest banks took advantage of extremely supportive market conditions across global currencies this week, with each of the issuers aiming to issue non-preferred senior bonds.

    18 May 2017

  • Wells Fargo EUR1.5bn 1.5% May 27

    18 May 2017

  • Asia people news in brief, May 18, 2017

    ANZ appoints head of south, SEA DCM — CS makes senior hires — ING Asia banker retires — Former equity-linked banker heads to SHK — BAML Apac M&A team sees changes — Guan tipped for top M&A role at Deutsche — Haitong International names executive director

    18 May 2017

  • Garanti Bank USD750m 6.125% May 27 tier two

    18 May 2017

  • BNP Paribas USD1bn 2.95% May 22

    18 May 2017

  • Qatar Islamic Bank USD750m May 22 sukuk

    18 May 2017

  • Verizon crowned Matterhorn as opportunism returns to Swiss market

    The Swiss franc bond market saw its first Matterhorn –– a foreign deal of Sfr1bn ($1.02bn) or more — of the year on Wednesday, and the first from a BBB issuer, as Verizon Communication raised Sfr1bn with its debut. It was a sign that Switzerland has once again become an attractive destination for international borrowers, writes Silas Brown.

    18 May 2017

  • Commerzbank EUR500m 1.125% May 24

    18 May 2017

  • Game still on for ECM blocks despite Trump sell-off

    Stockmarkets in the US and Europe faltered this week due to the FBI controversy embroiling President Trump. Yet the EMEA equity block trades market has been ferocious, with 20 deals, and bankers are relaxed about the threat of a market correction.

    18 May 2017

  • CBOE books record derivatives business on market fall

    The CBOE options exchange enjoyed its busiest ever day on Wednesday as markets fell on concerns about the Trump presidency and his handling of an FBI investigation and confidential information.

    18 May 2017

  • Euro pipeline fills up ahead of Barcelona ABS confab

    The European ABS market shifted to high gear this week, as market participants prepare to head off to Barcelona for Global ABS on June 6.

    18 May 2017

  • LVMH on trend with bond to buy Dior

    LVMH Moët Hennessy Louis Vuitton (LVMH) achieved demand of more than €14bn this week for a multi-tranche bond to buy Christian Dior Couture, with bankers off the trade heaping praise on a stylish execution that wore skinny-fit new issue premiums.

    18 May 2017

  • Digi loses IPO pop as CEO is investigated

    Shares in Digi Communications, the recently listed Romanian telecoms and media group, closed below its IPO price on Thursday, after it confirmed on Wednesday that its CEO Serghei Bulgac had been included in a bribery and money laundering investigation that had already involved two senior executives and a former CEO.

    18 May 2017

  • Republic of Senegal USD1.1bn 6.25% May 33

    18 May 2017

  • Softer market fails to dent corporate bond supply hopes

    Corporate borrowers gave bond investors some respite on Thursday after almost two weeks of frenzied feeding, but bond bankers say that the feast will begin again on Monday as long as the softer market stabilises.

    18 May 2017

  • Chinese banks on the rise in emerging market loans

    Chinese and other Asian banks are catching up with Western rivals in the emerging market loan market and, as Bianca Boorer reports, look set to keep growing their market share.

    18 May 2017

  • Buyers weigh negative yields as spreads plummet

    European ABS spreads have plunged to new tights, but for many investors, effective negative yields are still a better alternative to holding cash.

    18 May 2017

  • Iron Mountain tests HY’s appetite for US IT

    US cloud and physical data manager Iron Mountain’s €300m deal proved European investors can give US IT company debt a chance despite some troubled recent deals.

    18 May 2017

  • Trump rumours and swap spreads strangle dollar outlook

    Public sector borrowers that were considering dollar deals for next week are now likely to hold fire, said SSA bankers, as tumbling US Treasury yields and tightening swap spreads blurred the outlook for issuance.

    18 May 2017

  • Spangenberg switches Morgan Stanley for SEB

    Elias Spangenberg has left his credit syndicate manager post at Morgan Stanley in the UK to join SEB’s Stockholm office, according to a source.

    18 May 2017

  • Thrill-seeking Japanese investors behind rouble rally

    Japanese investors are snapping up Russian rouble MTNs and Uridashi in their search for higher yields, with SSAs the beneficiaries.

    18 May 2017

  • Issuers flurry after moment's silence in Kanga market

    The Kangaroo market witnessed a flurry of deals this week as issuers dipped into an investor base starved of paper. The rush of deals follows a period of inactivity during which pricing –– compared with other niche currencies –– had been unfavourable, forcing issuers to wait until costs worked for them again.

    18 May 2017

  • UBS wins cost battle but fights FIG turf war

    The Swiss bank has proved to be world class in generating returns and cutting costs. Now it faces a direct assault from rivals on its core business, writes David Rothnie.

    18 May 2017

  • Leveraged issuers risk missing the chance to use best ever rates

    Conditions in Europe's leveraged finance market are arguably better than ever for issuers, with some measures of yields hitting historic lows. Many believe they cannot last. But try as they might, bankers cannot find enough issuers to bring deals, writes Max Bower.

    18 May 2017

  • Norwegian to market new euro bond tap

    Nordic low cost airline Norwegian Air Shuttle will meet investors about a tap of its only euro bond on Monday. This time, it also plans a new €370m deal in Norwegian kroner.

    18 May 2017

  • KfW latest investor to sharpen focus on SRI in portfolio

    KfW has raised the threshold of sustainability it requires as an investor, as part of a growing trend for bond buyers to focus on the impact of their investments.

    18 May 2017

  • Tempelman to retire from BAML

    Marc Tempelman, vice-chairman of capital markets, is to retire from Bank of America Merrill Lynch

    18 May 2017

  • JP Morgan shuffles senior IB team in Apac

    JP Morgan has reshuffled its senior investment banking team in Asia Pacific, with changes spanning ECM, DCM and M&A.

    18 May 2017

  • China banks poised for bigger share of M&A financing pie

    Chinese banks are set to take up a bigger market share when it comes to financing M&A in 2017, building on their dominant presence in the Asian loan market last year. The stage is set for more collaboration between Mainland and international banks, according to panellists speaking at a leveraged and acquisition finance conference in Hong Kong on Wednesday. Shruti Chaturvedi reports.

    18 May 2017

  • Lloyds hires from Nationwide for treasury

    Lloyds Bank has hired a banker from Nationwide Building Society to work in its corporate treasury team.

    18 May 2017

  • Shine comes off EM as Trump administration rocked

    Just a day after EM bankers were predicting an endless summer of bond market bliss, came a US-led market wobble, which rival bankers said has caused leads to put the brakes on an expected trade from Lithuania.

    18 May 2017

  • Investors flock to VPBank's planned $250m IPO

    Vietnam Prosperity Joint Stock Commercial Bank is drumming up interest for its planned IPO, set to be one of the largest in the country at $250m. The trade is already in hot demand, as foreign interest in the country grows and domestic investors seek out more stocks. Jonathan Breen reports.

    18 May 2017

  • Maldives primes market for international debut

    The Republic of the Maldives is looking to raise $200m from its debut international bond this year. Market watchers reckon the planned deal falls in line with China’s Belt and Road initiative, mirroring Sri Lanka’s choice earlier this month to hire Chinese banks for its dollar trade. Morgan Davis reports.

    18 May 2017

  • Banks take a breather as volatility sets into secondaries

    Financial institutions took a step back from the primary market on Thursday, as a resurgence in US political risk helped stunt an impressive rally and push credit spreads wider.

    18 May 2017

  • India awash in jumbo QIPs as stocks notch record highs

    Companies in India are once again turning to qualified institutional placements (QIPs) to meet their fundraising needs, as issuers take advantage of a liquidity driven rally.

    18 May 2017

  • ADB issues Rp3bn Masala to fund renewable projects

    The Asian Development Bank (ADB) printed its inaugural Rp3bn ($47m) green Masala bond on Wednesday, aimed at supporting the financing of climate change mitigation and adaptation projects in India, the agency said.

    18 May 2017

  • No fighting the rumours

    Bankers are a gossipy bunch. Whether it is a stock tip or a juicy titbit about a rival banker, we love to wallow in all the information.

    18 May 2017

  • Feihe, Foxconn and Nissin file to float in HK

    China Feihe filed a listing application in Hong Kong on Wednesday, four years after it was taken private from the New York Stock Exchange.

    18 May 2017

  • China Lodging checks out with $500m bullet facility

    China Lodging Group has allocated its $500m borrowing among 18 banks. The loan, launched in February, will fund the acquisition of hotels in the Mainland.

    18 May 2017

  • ICBC Dubai leads with dollar deal, follows with euros

    Industrial and Commercial Bank of China (ICBC) Dubai sold a dual tranche $700m floating rate deal on Monday, followed by a €500m floater on Wednesday.

    18 May 2017

  • AIG marks calendar for second euro bond sale

    AIG picked banks for the sale of a long dated senior bond on Thursday, as US financial institutions eyed favourable funding costs in the European market.

    18 May 2017

  • BOC Aviation lands $500m from tight bond

    BOC Aviation priced its latest five year bond well inside theoretical fair value, helped by its strong financial position, a healthy book and a clear existing curve. But its secondary performance was affected on Thursday by the political turmoil in the US that has caused volatility.

    18 May 2017

  • Oman on track for public market sukuk debut

    Oman could launch its first public market sukuk as early as next week following the announcement of plans for an investor call to be held on Monday.

    18 May 2017

  • China Citic Bank plans Panda debut

    China Citic Bank International is coming to the Panda bond market for the first time. The Hong Kong-based lender is hoping to raise Rmb3bn ($437m) with a three year bond, which will be the first Panda issued by a financial institution this year, according to GlobalRMB data.

    18 May 2017

  • Petrobras suffers as market malaise hits Lat Am

    Latin America bonds did not emerge unscathed from the carnage in broader markets on Wednesday as several weeks of strong appetite for EM bonds were interrupted by the biggest US stock sell-off in eight months.

    18 May 2017

  • ANZ appoints head of south, SEA DCM

    ANZ has tapped one of its own as the new debt capital markets head for south and southeast Asia, effective immediately.

    18 May 2017

  • The lowdown: Bond Connect

    After two years of chatter and rumour, People’s Bank of China (PBoC) and Hong Kong Monetary Authority (HKMA) made the widely anticipated announcement on May 16 to confirm the launch of Bond Connect. Here's is GlobalRMB's guide to the new initiative.

    18 May 2017

  • MRCB eyes $660m from rights transaction

    Malaysian Resources Corp is looking to raise some MR2.9bn ($660.3m) from a rights offering to repay debt and fund its property development activities.

    18 May 2017

  • HSBC picks Wong to lead mid-market levfin buildout

    HSBC has promoted Sheldon Wong to head its Middle Market Financial Sponsors (MMFS) team in Asia Pacific, a segment tipped to grow alongside the region’s increasing M&A volumes.

    18 May 2017

  • China's Nan Hai rolls out SBLC backed bond

    Nan Hai Corp is marketing a three year bond with a standby letter of credit from China Citic Bank Corp’s Shenzhen branch, giving the notes an investment grade rating. Meanwhile, China Molybdenum Co is seeking up to $1bn equivalent in overseas debt.

    18 May 2017

  • Pair of student loan refi ABS enter pipeline

    Online lenders Earnest and SoFi are each marketing student loan refinancing transactions this week, as rumors of Earnest putting itself up for sale percolate in the market.

    17 May 2017

  • Hotel heavy single borrower deal hits hot CMBS market

    A $754m CMBS deal backed by a single loan secured by a portfolio of hotel assets hit the primary market this week, with demand for the highly leveraged deal reflective of the widespread bullishness in the wider fixed income markets, say sources.

    17 May 2017

  • Trilogue breakdown drags out STS talks

    Disagreements between the European Parliament, Council and Commission over the final look of its 'simple, transparent and standardised' (STS) securitization framework halted talks this week, dragging out discussions until the end of the month when EU legislators will have to meet again to try and hammer out a deal.

    17 May 2017

  • CFTC grants no-action relief to SHCH

    The Commodity Futures Trading Commission has again extended no-action relief for the Shanghai Clearing House (SHCH), advocating against enforcement action for failing to register as a Derivatives Clearing Organisation (DCO).

    17 May 2017

  • HY newcomer K+S squeezes tap in stuffed IG mart

    German mining firm K+S issued in the bond market for the second time in the past six weeks on Wednesday, in investment grade style despite its October downgrade into high yield ratings.

    17 May 2017

  • PAI Partners launches clean-up Kaufman & Broad block

    The momentum in the equity block trade market this week continued on Wednesday night, despite US markets faltering due to the FBI controversy embroiling Donald Trump, with the sale of 16.5% of French home builder Kaufman & Broad by PAI Partners.

    17 May 2017

  • Huge demand drives BMW auto ABS to post-crisis tight levels

    BMW Bank priced Bavarian Sky 6 this week, its first auto ABS transaction of the year, with surging investor demand driving pricing for European auto ABS to the tightest levels since the crisis.

    17 May 2017

  • EFSF surprises with jumbo trade

    The European Financial Stability Facility confounded the expectations of syndicate bankers by opting to print €6bn of 16 year paper, despite having completed its second quarter funding programme.

    17 May 2017

  • Unibail follows in GE’s 20 year footsteps

    France’s Unibail-Rodamco was set to become the second corporate to sell 20 year debt this year on Wednesday afternoon, as investors say that the long part of the curve is wide open for top rated names.

    17 May 2017

  • EIB brings dollar 10s back in sight with debut dual trancher

    The European Investment Bank on Wednesday brought the first 10 year dollar benchmark from a triple-A SSA since the first week of the year, and despite tricky conditions found sufficient demand to increase the trade from its initial $1bn target. Adding a touch of novelty, the deal was part of what Dealogic data shows was EIB’s first ever dual tranche dollar benchmark.

    17 May 2017

  • Manitoba impresses in sterling debut

    The Province of Manitoba raised £350m with its first ever sterling benchmark on Wednesday, becoming the fourth Canadian province to print in the currency this year.

    17 May 2017

  • EEX charges up Austrian power futures

    The European Energy Exchange will next month introduce financially settled Austrian power futures in response to the planned split of the German-Austrian electricity price zone.

    17 May 2017

  • Citi's head of leverage credit sales leaves

    The head of leveraged credit sales for EMEA at Citi has left the bank, a source confirmed on Wednesday.

    17 May 2017

  • Corporates attract big books but costs rising

    New corporate bonds found plenty of demand again on Wednesday with Apple’s dual tranche transaction attracting more than €5bn of orders, but signs of strain are beginning to show as new issue premiums look to be creeping up across the market.

    17 May 2017

  • BBVA completes trio of Spanish AT1s with ‘all-time low’ coupon

    Spain’s BBVA priced €500m of additional tier one paper with the lowest coupon of any southern European issuer this week, following its compatriots Banco de Sabadell and Santander in taking advantage of healthy appetite for the product.

    17 May 2017

  • Obvion markets second Green Storm deal

    Dutch mortgage lender Obvion is marketing its second ever green RMBS transaction, Green Storm 2017, on the back of heavy investor demand for its debut green deal last year.

    17 May 2017

  • Nedbank seals $450m loan from Asian lenders

    South Africa’s Nedbank signed a $450m syndicated loan in an oversubscribed deal on Tuesday, adding to the rising trend of emerging markets borrowers turning to Asian banks for capital.

    17 May 2017

  • Bank of Queensland CPT shows market evolution

    The Bank of Queensland’s (BoQ) conditional pass through (CPT) covered bond works differently from Dutch CPTs as there is a higher likelihood of prepayment.

    17 May 2017

  • More supply from Russia as STLC mandates for Irish subsidiary

    State-owned Russian transport leasing firm State Transport Leasing Company (STLC) will meet investors for its second dollar bond from Friday.

    17 May 2017

  • Senegal proves African sovereign star with blowout

    Senegal was fully rewarded for embarking on an extensive roadshow with a blowout trade on May 16, which not only repriced its own curve, but helped to reduce the borrowing costs of its peers.

    17 May 2017

  • GIC, Bain, CVC light up equity blocks market

    There has been an explosion of equity block trades in Europe this week, led by a sovereign wealth fund, plus several new capital deals. The IPO market is also busy, with several new deals launched.

    17 May 2017

  • The Pained Trader: network down

    The Pained Trader presses the flesh

    17 May 2017

  • Credit rally helps Turkish tier two come of age

    Garanti Bank on Tuesday raised $750m with the tightest priced Turkish tier two on record which was testament to the level of comfort investors now have with the product, according to bankers leading the transaction who conceded that the global credit rally had also helped.

    17 May 2017

  • SSAs power ahead in buoyant market

    The SSA market has played host to a series of strong deals this week and shows no signs of fatigue, as investors flock to make the most of the glut of supply.

    17 May 2017

  • Markets experience consolidation as Commerzbank, KBC hit senior

    Commerzbank and KBC were looking to sell new senior unsecured bonds in a less enthusiastic primary market on Wednesday, after banks credit spreads started widening following the recent mass of supply.

    17 May 2017

  • Investors flock to Sun Hung Kai's fixed for life note

    Sun Hung Kai Properties’ Tuesday deal proved investors are still buying fixed for life notes, despite more rate rises expected this year.

    17 May 2017

  • Apple joins riot of issuers in corporate bond market

    The European corporate bond market is again packed to bursting on Wednesday, with six new issues, among which Apple is likely to be one of the most sought after names. This week is building up to a huge total, as LVMH has already raised €4.5bn and Anheuser-Busch InBev £2.25bn.

    17 May 2017

  • Investors ride with Toyota on rare China ABS offering

    Toyota Motor Finance (China) Co priced the senior notes of its Rmb3bn ($434.5m) Glory 2017 Phase I Auto Loan Credit Asset-backed Securities on Tuesday. The deal had some rarity value as it is only the second auto ABS offered by the originator in China in three years.

    17 May 2017

  • K-water whets investor appetite for Korean corporates

    Korea Water Resources Corp raised $350m on Tuesday, becoming the first corporate in the offshore market after South Korea’s presidential election, issuing just two days after North Korea tested a new missile.

    17 May 2017

  • Room for all in exuberant EM

    Emerging markets bond bankers can think of nothing to derail the ongoing bull-run and while this might point to hubris, this week’s trades have given no indication of fatigue.

    17 May 2017

  • Capital trades lead FIG supply boom

    Bank treasury departments have spied a golden opportunity to make headway on the riskiest parts of their funding strategies this week, but bankers are keeping their eyes peeled for sign that the mountain of supply is pushing bond spreads wider in secondary.

    17 May 2017

  • Foxconn unit plots IPO comeback in HK

    FIT Hon Teng has refiled for an IPO in Hong Kong after shelving the deal last year due to poor investor demand, returning with the same three sponsors.

    17 May 2017

  • JP Morgan Australia CEO steps down

    JP Morgan’s Rob Priestley is bowing out as CEO for Australia after a 15 year stint, according to a source familiar with the matter.

    17 May 2017

  • Logan Property goes low with tightly priced bond

    Logan Property raised a $450m bond on Tuesday, achieving its lowest yield in the international debt market. The lack of high yield paper from Chinese real estate developers and the company’s strong profitability helped drum up demand.

    17 May 2017

  • Fosun Pharma reels in $298m from placement

    Shanghai Fosun Pharmaceutical (Group) Co has raised HK$2.3bn ($298.4m) from an overnight bookbuild after selling the entire increase option, in a trade embraced by long-only investors.

    17 May 2017

  • Firms ready pitches for India divestment mandates

    India’s divestment body has revealed the pitch schedules for a series of government sell-downs, each of which is set to include a mix of foreign and domestic firms vying for lead roles.

    17 May 2017

  • Strong start for India Grid $351m InvIT

    India Grid Trust has launched the country’s second infrastructure investment trust (InvIT) IPO that is worth Rp22.5bn ($351m), with anchor investors taking up 45% of the trade.

    17 May 2017

  • Total Derivatives: Deleveraging to steepen CNY curve

    Mid-sector CNY swaps have been well offered today but Société Générale says deleveraging efforts will back more steepening across the 2s/5s NDIRS slope, writes Deirdre Yeung of Total Derivatives.

    17 May 2017

  • BOC Aviation, ICBC Dubai take bids from investors

    BOC Aviation is out with a five year bond while Industrial and Commercial Bank of China Dubai branch is making a swift return to the market with a euro offering following a dollar outing on Monday. More deals are also in the pipeline.

    17 May 2017

  • VPBank Finance hikes to $150m with 10

    VPBank Finance, the consumer finance arm of state-owned Vietnam Prosperity Bank, has raised the size of its syndicated loan to $150m. The deal was initially signed at $100m late last year, with the amount now increased after more banks came in.

    17 May 2017

  • Bright Scholar $150m IPO covered across range

    Bright Scholar Education Holdings, which is set to price its $150m US float at the end of Wednesday, has received a big thumbs up from investors.

    17 May 2017

  • Buenos Aires opts for local law peso floater

    The Province of Buenos Aires will look to sell around Ap7.5bn ($481m) of peso-denominated five year bonds in the coming days but has surprised some market participants by opting for a domestic law bond with a floating interest rate.

    17 May 2017

  • Bond Connect set to launch in July, shut to CIBM Direct investors

    People’s Bank of China has given the green light to the Bond Connect scheme, which banks expect will launch in early July. However, investors using the CIBM Direct scheme will be shut out from the new link to China’s $9.4tr bond market, GlobalRMB has learned.

    17 May 2017

  • JP Morgan appoints new Apac DCM, ECM heads

    JP Morgan has named new heads of equity and debt capital markets for Asia Pacific, as well as co-heads of M&A for the region, according to an internal memo seen by GlobalCapital Asia.

    17 May 2017

  • Evolving structures, new collateral mark new era for aircraft ABS — panel

    Aircraft ABS transactions have benefited from changes in deal structures and new collateral since the market restarted in 2013, said panelists at the Annual North America Airfinance Conference on Tuesday. However, speakers also warned that broader market events like the bankruptcy of Italian airline Alitalia could be problematic for outstanding transactions.

    16 May 2017

  • Investors back Euronav’s escape from tanker dive

    Euronav, the unrated Belgian oil tanker group, made its debut in the bond market on Tuesday after a second consecutive year of profits in a declining industry.

    16 May 2017

  • As portfolios shrink, CMBS servicers turn to GSEs

    The four largest commercial mortgage servicers in the US are successfully battling a decline in the volume of outstanding CMBS loans by ramping up their involvement in deals from the government sponsored enterprises, said Morningstar Credit Ratings on Monday.

    16 May 2017

  • CVC brings first Ahlsell ABB at chunky size of €470m

    CVC has launched the first ever block trade in Ahlsell, the Swedish wholesaler of plumbing and electrical installation products that floated in Stockholm in October 2016.

    16 May 2017

  • GIC back for another block: Sfr292m of Straumann

    After selling Sfr1.5bn of UBS shares on Monday night, GIC, the Singaporean sovereign wealth fund, returned with another equity block trade on Tuesday – this time to sell a stake in Straumann Holding, the Swiss maker of dental implants.

    16 May 2017

  • Torstone Technology makes European push

    Torstone Technology, the provider of post-trade securities and derivatives processing platforms, has hired Paul Phillips as head of European sales, and Paul Mundy as product manager, as the company plans a European expansion.

    16 May 2017

  • Green ESNs can leapfrog green covered bonds

    Green covered bonds have been slow to take off, but the greater flexibility offered by European Secured Notes (ESNs) should have broader appeal for borrowers and investors alike.

    16 May 2017

  • Barclays’ Halperin returns to US

    Steven Halperin, co-head of EMEA equity capital markets at Barclays Capital, is leaving that job and will return to the US, to a different role at Barclays. He is already spending more of his time in the US.

    16 May 2017

  • Tradeweb draws banks into APA service

    Tradeweb Markets, the provider of OTC derivatives trading platforms, has signed up a number of big banks to its Approved Publication Arrangement service, it said on Monday.

    16 May 2017

  • Hot potato with Italian NPLs doesn't help

    There is no easy answer to the non-performing loan problem that continues to weigh on Italian banks, but rather than a lasting solution it's touted to be, the Atlante fund is nothing more than a short term fix.

    16 May 2017

  • EIB offers conventional/CAB dollar mix amid swap spread wobbles

    The European Investment Bank is set to take a novel approach to green bond issuance, after mandating for a dual tranche dollar deal — of which only one leg is a Climate Awareness Bond. Like Kommuninvest, which printed a four year dollar green bond on Tuesday, the supranational may have to contend with volatile dollar swap spreads.

    16 May 2017

  • Investors should slow down and think about acceleration rights

    Senior bank debt investors in Europe are losing their right to accelerate payments of interest or principal. The process has been gradual, low key and at times even overlooked, but it is one of the most fundamental developments in the recent history of the senior bond market.

    16 May 2017

  • UK breaks book record as investors hunt 40 year paper

    The UK drew its largest ever book as it printed its biggest syndication in nominal terms in nearly three years on Tuesday — taking care of nearly a quarter of its overall syndication programme for the 2017-18 financial year in the process. Bankers away from the trade suggested some of the rampant demand may be due to investor hunger for 40 year paper.

    16 May 2017

  • Storm of corporate trades batter away at premiums

    Corporate bond issuers surged into the primary market again on Tuesday, with investors begrudgingly accepting that premiums look likely get even smaller before growing again.

    16 May 2017

  • Barclays lays out capital markets leadership, Brown to leave syndicate

    Following the new structure announced in Barclays banking and markets business last week, JF Astier, who now heads capital markets, has laid out the senior leadership of the business, and Jonathan Brown, co-head of IG syndicate, has moved to a new job.

    16 May 2017

  • EFSF in euro wings as France goes big

    The European Financial Stability Facility is lining up a 16 year euro benchmark for Wednesday, following a blow-out €7bn 30 year OAT.

    16 May 2017

  • Manitoba to debut as Quebec goes tight in sterling

    The Province of Quebec on Tuesday added the third strong Canadian sub-sovereign deal in sterling this year, tightening 2bp from guidance and pricing through its domestic curve with its first trade in the currency in over 20 years. The Province of Manitoba is attempting to copy the success of its peers in sterling, after mandating for a debut deal.

    16 May 2017

  • Nordic Investment Bank taps Kangaroo belly

    The Nordic Investment Bank is raising funds in the middle of the Kangaroo curve, as a scarcity of mid-curve issuance allowed the leads to circulate tight pricing guidance.

    16 May 2017

  • More loans for Oman as Chinese banks advance

    Oman's loan borrowing splurge has ramped up a notch with the country's ministry of finance seeking a large loan, with Chinese banks as central participants.

    16 May 2017

  • GIC cuts losses on UBS investment to redeploy cash

    GIC, one of Singapore’s two sovereign wealth funds, has sold a chunk of the stake in UBS it acquired before the financial crisis, through a mandated block trade led by UBS’s own investment bank.

    16 May 2017

  • ECB publishes final leveraged lending guidelines

    The European Central Bank published its final guidelines on leveraged lending on Tuesday, clarifying issues that arose during the consultation period beginning in September. The guidelines are set to be implemented later this year.

    16 May 2017

  • Banca Sistema hits primary with rare Italian ABS

    Banca Sistema is hitting the road this week with a consumer ABS deal backing loans tied to employees' pensions and salaries, known as Cessione del Quinto (CDQ) and Delegazione di Pagamento loans (DP) loans.

    16 May 2017

  • Soc Gen heads to yen in French non-preferred world tour

    Société Générale started marketing its a non-preferred senior transaction in yen on Tuesday, as French banks flood back to calmer markets following Emmanuel Macron’s victory in the country’s presidential election.

    16 May 2017

  • Books of $7.7bn propel Senegal to $1.1bn

    Senegal has launched its 2033 amortising note to raise $1.1bn after books reached $7.7bn at 8:30am New York time on Tuesday.

    16 May 2017

  • Berlin Hyp set for Green covered return

    After adding more green loans to its cover pool, Berlin Hyp (BHH) is now ready to return to the Pfandbrief market and on Tuesday mandated leads for a roadshow ahead of its second green mortgage-backed deal.

    16 May 2017

  • Bpifrance exits Eiffage in €428m block, down 1.1%

    Bpifrance, the French state-owned investment bank, has exited Eiffage, the construction and engineering group, after selling its remaining stake in a €428m block trade that was covered inside half an hour.

    16 May 2017

  • Investors expecting a 'bun fight' as books hit $4bn for Senegal

    Books had reached $4bn on Tuesday before the US market opened for Senegal’s latest dollar outing, an amortising note maturing in 2033. Bankers and investors away from the mandate said they did not envy those dealing with the allocation process.

    16 May 2017

  • The next 30 years of the capital markets

    Since May 15 1987, when EuroWeek started publishing, the global capital markets have been through several revolutions, but there’s lots in 2017 that would be recognisable to someone working in fixed income in 1987. What, if anything, will the capital markets of 2047 look like?

    16 May 2017

  • Bank funding costs hit lows as BFCM and Wells Fargo hit euros

    Banque Fédérative du Crédit Mutuel (BFCM) and Wells Fargo both dipped their toes into the euro market on Tuesday, as the banks spied a golden opportunity to walk away with longer dated senior funding at very attractive costs.

    16 May 2017

  • Garanti crushes yield as Erdogan and Trump go head to head

    Orders of over $2.2bn had enabled Turkey’s Garanti bank to crush the yield on its debut tier two as it looks on course to print with the lowest ever coupon for a new style Turkish tier two bond.

    16 May 2017

  • Sparkasse Hamburg prices through Pfandbrief curve

    Sparkasse Hamburg extended its curve and priced a Pfandbrief inside fair value with good demand this week. At the same time Hypo Tirol paid a relatively small concession for its sub-benchmark Pfandbrief, suggesting any lingering concern over Austrian covered bonds following the Heta saga has been put to rest.

    16 May 2017

  • Quality or quantity ask QIB and Al Baraka in sukuk

    Gulf banks brought much needed variety to the sukuk market this week with single-A rated Qatar Islamic and double-B rated Albaraka Banking Group offering debt at both ends of the rating and capital spectra.

    16 May 2017

  • Burford to boost retail bond market with 5% deal

    Litigation finance house Burford Capital is set to become this year’s second issuer on the London Stock Exchange’s Order book for Retail Bonds (Orb).

    16 May 2017

  • Verizon considers debut Swiss franc benchmark

    Verizon Communications will meet Swiss investors on Tuesday afternoon to discuss an inaugural Swiss franc bond.

    16 May 2017

  • Petrobras pushes on price as bond market rewards results

    Bond investors in Latin America appear happier to be stretched by tight pricing than hairy credit quality after Brazilian state oil giant Petrobras pulled off an exceptionally tight bond return on Monday.

    16 May 2017

  • Lucky number 13 for Star Energy loan

    Star Energy Geothermal has wrapped up its $660m dual tranche loan with 13 banks, following a three month syndication. The money was partly for the company’s purchase of a stake in Chevron’s Indonesian assets.

    16 May 2017

  • Flat Glass beams $150m best efforts loan into syndication

    Hong Kong-listed Flat Glass Group has approached the loan market for a $150m fresh money borrowing with one bank at the helm.

    16 May 2017

  • Secondary loan market: No more playing second fiddle

    Slower primary issuance in Asia’s syndicated loan market has spurred retail lenders to look for opportunities in secondary — a challenge considering the market is severely underdeveloped. But this is all the more reason for bankers to cultivate a deeper and more expansive market for secondary trading as the move would provide plenty of benefits.

    16 May 2017

  • Kenya holds back DFI loan syndication

    Kenya’s $500m loan from development financial institutions (DFIs) will be syndicated six months from its signing date, to avoid clashing with the country's commercial loan of $1bn from international banks, according to one of the bankers on the deal.

    16 May 2017

  • SAIC-GMAC makes rapid return with Rmb4bn auto ABS

    Less than two months since its last ABS outing, SAIC-GMAC Automotive Finance has already set its sights on its second China auto ABS of the year. The four-portion Rmb4bn ($580m) Rongteng 2017-2 Retail Auto Mortgage Loan Securitization is set to open next Monday.

    16 May 2017

  • ICBC Dubai sells dollar deal, turns attention to euros

    Industrial and Commercial Bank of China Dubai sold a dual tranche $700m deal on Monday, and is looking to quickly follow it up with a planned euro-denominated bond.

    16 May 2017

  • MBK pares down Coway holding with $330m block

    MBK Partners has shed part of its stake in South Korea’s Coway Co, netting W370.5bn ($329.8m) with the shares pricing at the bottom of guidance.

    16 May 2017

  • Melco, Hong Yang, Soechi to roadshow for $ bonds

    Melco Resorts Finance is set to go on a global roadshow for an eight year bond to redeem its outstanding 2021s, as China’s Hong Yang Group Company and Indonesia’s Soechi Lines also prepare investors for new deals.

    16 May 2017

  • Bumi Resources preps $2.6bn equity raise

    Indonesian coal miner Bumi Resources has set the shareholder entitlement for its Rph35.1tr ($2.6bn) fundraising plans, which include a rights offer and the sale of mandatory convertible bonds.

    16 May 2017

  • WuXi BioLogics sets stage for $500m HK float

    WuXi BioLogics will kick off pre-deal investor education for its Hong Kong IPO on Wednesday as it looks to raise $400m-$500m.

    16 May 2017

  • CS hires senior Japan banker for advisory role

    Credit Suisse has named Tsunehiro Watabe as senior adviser in Japan to drive the Swiss firm’s focus on entrepreneurs and its integrated wealth-plus-investment banking product.

    16 May 2017

  • Triple whammy: Three dollar deals hit Asian market

    Korea Water Resources Corp as well as developers Sun Hung Kai Properties and Logan Property Holdings launched new dollar deals on Tuesday morning.

    16 May 2017

  • Investing China: CGB futures and the Bond Connect - webinar

    GlobalRMB moderated a webinar on China's bond market on May 15 with speakers from Euroclear Bank, HKEX, and Standard Chartered.

    16 May 2017

  • VW prints Rmb4.5bn Driver China six auto ABS

    Volkswagen (VW) priced the senior class A and class B portions of its Rmb4.5bn ($652.66m) Driver China Six Trust on May 12. The originator opted for a pure static asset pool for its first 2017 ABS outing, having gone down the revolving route in its last transaction.

    16 May 2017

  • Special round-up: the Belt and Road Forum for International Cooperation

    The One Belt One Road (OBOR) forum dominated global headlines on Sunday, when the summit kicked off in Beijing. While there was no shortage of grandiose statements, analysts remain divided over what OBOR will mean for China and its renminbi internationalisation (RMBi) strategy. In this round-up, GlobalRMB summarises the market views on the forum’s outcomes.

    16 May 2017

  • ING Asia veteran banker to retire

    ING Bank’s Manuel Salak, clients coverage and corporate finance head for Asia, is retiring after 23 years at the firm, according to a Monday press release.

    16 May 2017

  • Prosper makes ABS return

    Online consumer lender Prosper has returned to the securitization market with PMIT 2017-1, following an agreement made in February by a consortium of institutions to purchase up to $5bn worth of Prosper loans over the next 24 months.

    15 May 2017

  • $1.5bn of office, hospitality single asset CMBS priced

    Three single asset single borrower deals totalling nearly $1.5bn were placed in the US CMBS market last week, while another single borrower deal and a new conduit from Goldman Sachs have been added to a busy second quarter pipeline.

    15 May 2017

  • INE moves closer to trading oil futures

    The Shanghai International Energy Exchange (INE), a subsidiary of the Shanghai Futures Exchange, has issued articles of association, general rules and contract specifications that take it closer to introducing crude oil futures.

    15 May 2017

  • SEB’s Hagerman swaps syndicate for DCM

    Carl Hagerman is due to leave his role as bond syndicate manager at SEB’s Stockholm office and take up the position of senior originator and team leader on its corporate debt capital markets desk in Germany.

    15 May 2017

  • WannaCry no match for Monday market

    Corporate bond issuers in Europe made a busy start with multi-tranche deals from energy company E.On and brewer AB InBev, as primary markets shrugged off the biggest ever cyber-attack on businesses around the world at the weekend.

    15 May 2017

  • Isbank signs $1.3bn syndicated loan

    Turkey’s largest private sector bank, Turkiye Is Bankasi (Isbank), signed a $1.3bn syndicated loan on Monday, bringing the first round of Turkish bank loan refinancings this year to an end.

    15 May 2017

  • France to go long in another busy week

    The public sector debt market is in for another hectic week of borrowing as issuers flock to take advantage of the superb conditions left in the wake of Emmanuel Macron’s victory in the French election.

    15 May 2017

  • DTCC commits to cloud technology

    The Depository Trust & Clearing Corporation (DTCC) on Monday committed to expanding its use of cloud technology “across a much greater range of its services and applications” over the next three to five years.

    15 May 2017

  • Investors look at lower ratings as BPER mandates for T2

    Italy’s BPER Banca has picked five banks to arrange the sale of a new tier two capital issue, as the financial institution bond market looks to open its doors to lower rated banks.

    15 May 2017

  • Quebec back in sterling after 20 year absence

    The Province of Quebec will print in sterling for the first time in over 20 years after hiring banks on Monday for a five year deal, joining other Canadian provinces in returning or debuting in the currency in 2017. The trade will come in the same week as the UK sovereign sells the first syndication of its 2017-18 financial year.

    15 May 2017

  • Atlantica Yield leaves Abengoa past with rating upgrade

    Abengoa’s yieldco spinoff, Atlantica Yield, took a step further from its troubled Spanish major shareholder on Monday, having received its first double-B rating from Standard & Poor’s.

    15 May 2017

  • Political risk should be the number-one concern for investors

    Euromoney’s country risk survey shows political risk rising in 64 countries this year. The march of populism is a key factor investors must consider before chasing tempting returns, but there are many others to guard against.

    15 May 2017

  • Moody's buys €3bn Bureau van Dijk from EQT

    Moody’s has bought Bureau van Dijk, the Dutch business intelligence firm, from EQT for €3bn, and is set to finance the deal with offshore cash and new debt.

    15 May 2017

  • Principality markets first UK prime RMBS of 2017

    Principality Building Society is hitting the market with the first UK prime RMBS deal of 2017 as investors cry out for supply, which has been crippled by the Bank of England’s Term Funding Scheme.

    15 May 2017

  • Ontario juices Aussie long end

    The Province of Ontario on Monday tapped its longest dated Australian dollar bond for the sixth time this calendar year. Strong market conditions have opened more windows for the Canadian province to enter the Kangaroo market.

    15 May 2017

  • KfW latest investor to sharpen focus on SRI in portfolio

    KfW has raised the threshold of sustainability it requires as an investor, the latest in a growing trend for bond buyers to focus on the impact of their investments.

    15 May 2017

  • Kommunalkredit announces tender result

    Kommunalkredit Austria AG said on Monday that it had accepted all validly tendered bonds following its offer published May 4.

    15 May 2017

  • Verallia returns with loan price cut request, five months after last one

    Verallia, the French bottle maker, requested a repricing of its €1.375bn term loan ‘B’ this week, having repriced it only in December.

    15 May 2017

  • Hamburger Sparkasse prepares for second Pfandbrief

    Hamburger Sparkasse has mandated joint leads for its second publicly syndicated Pfandbrief which is expected to be launched on Tuesday.

    15 May 2017

  • More Norwegian debut covered bond

    The list of Norwegian covered bond issuers entering the euro market continues to grow with Møre Boligkreditt (Morebo) mandating joint leads to roadshow its deal in the single currency.

    15 May 2017

  • FIG market ‘all about capital’ as UniCredit, HSBC hit AT1

    UniCredit and HSBC opened books on new additional tier one (AT1) bonds on Monday, as banks took advantage of extremely supportive primary market conditions to bolster their stocks of debt capital.

    15 May 2017

  • Barclays attracts record demand for sterling covered bond

    Barclays has priced the tightest sterling covered bond since January 2015 and attracted more demand than for any sterling covered bond ever issued.

    15 May 2017

  • Swedbank breaches 100bp with tight tier two

    Swedbank fixed a final spread below 100bp on a new €650m 10.5 year non-call 5.5 on Monday, as issuers in the asset class benefit from supportive market conditions and strong supply dynamics.

    15 May 2017

  • CNH brings first euro deal since Macron win

    The European subsidiary of CNH, the US agricultural machinery company formerly called Case New Holland, launched a benchmark euro high yield bond on Monday, as yields in the market hit new all-time lows.

    15 May 2017

  • Premium Credit marketing insurance finance ABS

    Premium Credit is hitting the road this week with a new consumer ABS deal backed primarily by financing for insurance premiums.

    15 May 2017

  • Slovenia starts privatisation of Nova Ljubljanska at last

    Slovenian Sovereign Holdings (SSH), which manages Slovenian state assets, has begun the privatisation of Nova Ljubljanska Banka, the country’s largest bank, having published an intention to float document on Monday morning.

    15 May 2017

  • PBA, Mendoza to serve up peso-linked bonds

    The provinces of Buenos Aires and Mendoza are planning to join the list of Argentine issuers opting to sell peso-linked debt after recent deals by YPF and Banco Macro.

    15 May 2017

  • P&M Notebook: Barclays and its markets mystery

    Barclays is a bank in a hurry. Though its most turbulent years are well past, it has not slowed down the pace of change.

    15 May 2017

  • Secondary pricing update: featuring EIB's €3bn April 2033

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

    15 May 2017

  • Senior equity-linked banker heads to SHK Financial

    A seasoned equity-linked banker formerly with several bulge bracket firms in Hong Kong has moved to a local brokerage.

    15 May 2017

  • Pakistan exchange awaits public feedback on OFS

    The Pakistan Stock Exchange is planning to sell 20% of its share capital to the public and is seeking comments on its draft offer document, according to a filing.

    15 May 2017

  • Grand Baoxin Auto signs three year loan at $763.4m

    Grand Baoxin Auto Group has sealed its latest fundraising from the syndicated loan market at $763.4m, higher than the $590m-equivalent launch size.

    15 May 2017

  • How low can Garanti go, ask EM bankers

    Turkey’s Garanti Bank is expected to capitalise on the strong rally in emerging market credit to print its debut Basel III-compliant tier two capital bond this week, and bankers are wondering how much of the recent market tightening will be seen in the price.

    15 May 2017

  • Dubai Airports signs $3bn loan

    Dubai Airports has signed a $3bn syndicated loan to finance the expansion of its Dubai International Airport and Dubai World Central Airport, also known as Al Maktoum International Airport, in Jebel Ali, in preparation for the World Expo 2020.

    15 May 2017

  • UBS appoints new Apac DCM syndicate head

    UBS has appointed a new head of Asia Pacific DCM syndicate, filling a gap left after Paul Au’s departure last year.

    15 May 2017

  • Haitong Intl names new executive director

    Haitong International Securities Group has appointed Sun Jianfeng as an executive director, succeeding Wilson Hui who is retiring from the firm.

    15 May 2017

  • SBI Life picks eight firms for $900m IPO

    State Bank of India has roped in eight firms to manage the up to $900m IPO of its insurance arm, according to bankers.

    15 May 2017

  • India’s Piramal, Federal Bank moot $1.2bn in deals

    Piramal Enterprises’ board has approved an up to Rp50bn ($780m) equity raise, with the firm now looking to get the nod from shareholders.

    15 May 2017

  • BoCom International seals $231m HK IPO

    Bank of Communications’ investment banking arm has scooped up HK$1.8bn ($231.2m) from its IPO, pricing near the bottom of guidance to ensure a quality book.

    15 May 2017

  • ICBC Dubai markets two-tranche FRN, ESR holds NDR

    Industrial and Commercial Bank of China’s Dubai branch is out on Monday with a dual-tranche floating rate transaction, while logistics group ESR is meeting fixed income accounts in Hong Kong and Singapore this week.

    15 May 2017

  • Oishii! Nissin Foods seeks HK listing

    Nissin Foods Company, part of the Japanese instant noodle giant, has filed a listing application with the Hong Kong Stock Exchange.

    15 May 2017

  • GS Caltex plots dollar return after three year haitus

    South Korean oil company GS Caltex Corp has mandated banks for a dollar deal, with a global roadshow starting next week.

    15 May 2017

  • This week in renminbi: May 15, 2017

    China pledges fresh cash for One Belt One Road (OBOR), KraneShares plans to launch Chinese bond fund, and CFOs are becoming more positive on China’s outlook.

    15 May 2017

  • Turkey’s Global Ports floats in London with retail help

    Global Ports Holding, the Turkish company that owns 15 ports in the Mediterranean and further afield, has priced its London IPO just above the bottom of the range, achieving a £465m market capitalisation. The shares are trading up about 1.75%.

    12 May 2017

  • Hail of blocks after Macron win, with Bravida, Spie, Ladbrokes

    The victory of Emmanuel Macron in France’s presidential election has helped unleash a wave of equity block trades this week, even though the real boost to investor sentiment came after the first round of the election on April 23.

    12 May 2017

  • FRNs set for duration boost as Soc Gen hits seven years

    Société Générale sold €1bn of seven year non-preferred senior floating rate notes on Friday, in a trade that could spark a trend for longer dated FRN issuance.

    12 May 2017

  • İş Bank to round up Turkish refi season on Monday

    Turkey’s largest private sector bank, Türkiye İş Bankası, is due to sign a syndicated loan on Monday, which rounds up the last of Turkey’s larger financial institutions’ refinancings this spring, according to a banker on the deal.

    12 May 2017

  • Covered activity likely to remain brisk

    The primary covered bond market is expected to be active next week with four or five deals potenitially surfacing, in addition to the five being actively marketed. But non-eurozone bonds are being better offered, and the global interest rate outlook is becoming less accommodative.

    12 May 2017

  • Kotak snaps up $902m from 2nd largest India QIP

    Kotak Mahindra Bank closed a bumper equity raise on Friday that fetched Rp58bn ($902m), in what bankers hailed as another flagship Indian qualified institutional placement.

    12 May 2017

  • Hudco seals 80x subscribed Rp12bn IPO

    Indian state-owned Housing and Urban Development Corp has wrapped up a Rp12bn ($186.6m) IPO nearly 80x covered, following a deluge of investor demand on the final day of bookbuilding.

    12 May 2017

  • NHAI whips up Rp30bn from debut Masala

    National Highways Authority of India grabbed a Rp30bn ($465.88m) five year Masala bond on Thursday, despite the offshore rupee market not getting the enthusiasm that issuers want.

    12 May 2017

  • Asia IG fixed-for-life reopens with CKP $1.5bn trade

    Cheung Kong Property Holdings (CKP) wrapped up Asia’s largest fixed-for-life perpetual on Thursday with a 4.6x covered $1.5bn bond. The group’s credentials and the rarity value of high grade corporate perps added to the deal’s success, helped also by the fact that the instrument has its own following, said bankers.

    12 May 2017

  • Changes at the top for BAML Apac M&A team

    Bank of America Merrill Lynch’s head of Asia Pacific M&A Stephen Gore is leaving the firm, according to sources.

    12 May 2017

  • Bond choice to determine Connect success, says Barings

    Details of the Bond Connect are set to be revealed soon, but Sean Chang, head of Asian debt management at Baring Asset Management, told GlobalRMB that access to a desirable supply of onshore bonds will be key for investment flows to materialise.

    12 May 2017

  • RGI continues to fall amid currency worries

    Standard Chartered’s Renminbi Globalisation Index (RGI) fell by 0.9% to 1,770 in March. The bank attributed the fall to weak corporate confidence in renminbi’s recent stability and worries over China’s tight grip on capital flows.

    12 May 2017

  • CS poaches from Nomura for China healthcare

    The head of Greater China healthcare in the investment banking division of Nomura has left the firm for Credit Suisse, said sources.

    12 May 2017

  • Guan tipped for top north Asia M&A role at Deutsche

    Veteran banker Michael Guan is understood to be relocating to Hong Kong from London to join Deutsche Bank’s Asia M&A team in a senior position.

    12 May 2017

  • RMB round-up: China opens door to foreign rating agencies, OBOR summit kicks off, HK RMB clearing falls to two-year low

    In this round-up, China will allow foreign credit rating agencies to operate in the country following an agreement with the US, the Belt and Road Forum for International Cooperation begins on May 14, and Hong Kong RMB clearing volumes fell again in April 2017.

    12 May 2017

  • BEA AT1 met with investor enthusiasm

    Bank of East Asia wrapped up a new Basel III additional tier one deal on Thursday, applying the lessons it learnt from its previous subordinated note outing.

    12 May 2017

  • Sri Lanka seeks up to $1bn in general

    An up to $1bn facility for the Sri Lankan sovereign has hit general syndication, about three months after the borrower mandated six banks for the deal.

    12 May 2017

  • Yongda Auto bags lucky HK$888m from top-up

    China Yongda Automobiles Services Holdings has raised HK$888.3m ($114.6m) overnight from a top-up placement, pricing the shares off the bottom of the marketed range.

    12 May 2017

  • BOC Aviation mandates for first 2017 bond outing

    One of Asia’s most frequent borrowers BOC Aviation has mandated six firms for a dollar-denominated Reg S outing, with roadshow set to take place early next week.

    12 May 2017

  • US still deciding RMB's short-term fate, say experts

    The RMB has remained stable in the currency markets so far this year, but the rest of 2017 may turn out to be more rocky depending on policy developments in the US, according to financial industry experts.

    12 May 2017

  • SE Asia IPOs: HRnet begins IE, Eagle Cement prices

    Singapore’s HRnetGroup will be pre-marketing a S$150m ($107m) Reg S only IPO until the end of May, according to sources close to the float.

    12 May 2017

  • Capex capabilities reassure Lat Am market

    A blow-out deal from Argentine energy company Capex reassured Latin American bond bankers that the market had shrugged off a handful of deals that did not run as smoothly as hoped.

    11 May 2017

  • More Mexicans could follow after Unifin success

    Mexico City-based DCM bankers say that the mood among the country’s financial community has drastically improved since the start of the year, as Unifin on Wednesday became just the fourth Mexican credit to issue dollar debt in 2017.

    11 May 2017

  • Volatility could be just round the corner

    Volatility indexes may be showing their lowest levels in years and Emmanuel Macron may be safely ensconced in the Élysée Palace, but it would be a brave person to say that the political risks are behind us this year.

    11 May 2017

  • Five Guys, Church's Chicken serve up whole business ABS feast

    Burger chain Five Guys and fried chicken franchise Church’s Chicken are in the market with ABS transactions this week, hoping investors have room for more after a particularly filling start to 2017 for whole business securitizations.

    11 May 2017

  • Brazilian Cemig to try again later with bond plans

    Brazilian electricity company Cemig will return to bond markets towards the end of the month. It had failed to garner sufficient investor interest before its earnings numbers went stale.

    11 May 2017

  • US banks keep the callable pumps primed

    Citigroup, State Street and Bank of New York tapped the market as the callable bandwagon rolled on and banks continued to boost their regulatory capital buffers.

    11 May 2017

  • Cablevision, Petroperu get bond approvals

    Latin American bankers see a calmer period ahead for corporate new issues and some companies are already plotting deals for later in the quarter.

    11 May 2017

  • EDC USD1.25bn 2% May 22

    11 May 2017

  • Finnvera EUR750m 1.125% May 32

    11 May 2017

  • SEK USD1.5bn 1.75% May 20

    11 May 2017

  • Bpifrance EUR1.5bn 1% May 27

    11 May 2017

  • EIB EUR3bn 1.125% Apr 33

    11 May 2017

  • SSAs eye long shots in hot euro market

    Emmanuel Macron’s election as French president last weekend was the catalyst for a flood of revved up euro deals this week, with issuers and investors aiming at the long end of the curve as the biggest known political risk in Europe this year passed with a market-friendly outcome. Craig McGlashan reports.

    11 May 2017

  • NRW.Bank EUR1bn 0.25% May 24

    11 May 2017

  • AFL EUR500m 0.5% Jun 24

    11 May 2017

  • CEB USD1bn 1.5% May 19

    11 May 2017

  • KfW EUR2bn 0.25% Jun 25 green bond

    11 May 2017

  • UniCredit trumpets NPL moves and profit boost

    UniCredit reported a profit jump of 40% in the first quarter, up to €907m. But the bank’s investors will have taken most heart from the firm’s 28% cut in its non-performing exposures from last year, reflecting chief executive Jean-Pierre Mustier’s swift start on restructuring the bank.

    11 May 2017

  • Political risk eases but Italian danger remains

    This was widely touted to be the year of volatility. The UK government began the fraught process of leaving the European Union while the Dutch and French elections were scheduled with populist far-right parties riding high in the polls, writes Gavan Nolan.

    11 May 2017

  • Digi’s Romanian IPO a blowout despite bribery investigation

    Digi Communications, the fast-growing Romanian telecoms and media group, has successfully completed a €190m IPO, the first from the country this year, despite being hit during the bookbuild by news that some of its senior executives were being investigated for bribery and money laundering, and the fact that voting rights remain controlled by the founder.

    11 May 2017

  • Double leverage poised for new role under Solvency II

    Dutch insurance firm Vivat will use the proceeds from its new €650m senior bond to pump restricted tier one capital into one of its subsidiaries. Investors demanded a premium for the intra-firm financing. But the structure could curry favour with regulators under Solvency II, and may open opportunities for other insurers looking to optimise their capital structures.

    11 May 2017

  • Lonza raises Sfr2.25bn in successful Capsugel rights issue

    Lonza, the Swiss pharmaceuticals group, has completed its Sfr2.25bn rights issue, to part-finance its takeover of Capsugel, the US maker of medicine capsules, from KKR.

    11 May 2017

  • Dollar delight as swap spread moves and volatility brushed off

    Volatility late in the week failed to dampen a scorching few days of public sector dollar issuance, auguring well for more expected supply in the currency next week. Four issuers — some of which came this week to avoid other trades pencilled in for next week — were able to price deals at tight levels, with some coming through their curves.

    11 May 2017

  • Banking head Dean to retire, Barclays revamps investment bank

    Sam Dean, head of corporate finance for Europe at Barclays, is to retire from the bank and the industry, amid a sweeping reorganisation of Barclays' investment bank as its new head Tim Throsby makes his first major overhaul of management.

    11 May 2017

  • A return to principal trading? CFTC to revive liquidity

    Christopher Giancarlo, the acting chairman of the US Commodity Futures Trading Commission, this week opened the path for a return to bank dealer market making as he targeted improved swap market liquidity.

    11 May 2017

  • European Union debuts in Schuldschein market

    The European Union has issued its first-ever Schuldschein, and may issue further such deals.

    11 May 2017

  • RBS returns to covereds as banks shape up for life without CB safety nets

    Royal Bank of Scotland this week gave capital markets the clearest view yet of how banks are set to re-engage with the covered bond market as a staple source of financing, as the sector comes under pressure to wean itself off the special fundings schemes set up by the Bank of England and the European Central Bank.

    11 May 2017

  • SRI pipe swells as KfW sets tone

    The SRI bond pipeline for public sector borrowers looks fit to burst, with a string of issuers planning deals and KfW setting a marker with a thumping trade this week.

    11 May 2017

  • Tritax Big Box bags £350m in ninth cap raise

    Tritax Big Box Reit, the real estate investment trust that owns large UK logistics warehouses, raised £350m on Thursday as it closed its latest equity capital raising oversubscribed, at an increased size.

    11 May 2017

  • Much Madoux about funding: Cades vet retires

    There was strong praise this week from senior SSA bankers for Patrice Ract Madoux, the long-serving chairman of Caisse d’Amortissement de la Dette Sociale, who is retiring from the position.

    11 May 2017

  • Regulators stake out positions on euro clearing tug of war

    The politically charged debate over euro clearing rumbled on this week as leading regulators set out their positions on where such activity should be located.

    11 May 2017

  • US corps load up ahead of June rate rise

    Amgen and Intel led the scramble into the US dollar bond market this week with big trades as corporates looked to lock in funding ahead of an expected interest rate rise by the Federal Reserve next month.

    11 May 2017

  • MTN Leak: it’s always sunny in Madrid

    MTNers were jet-setting around the world on business this week but some still had time for pleasure, leaving others feeling the frustration of being left behind.

    11 May 2017

  • People Moves in Brief

    Stan Chart hires for UK DCM — Nomura raids Citi to run markets — Corporates head Francis leaves Lloyds

    11 May 2017

  • Fannie and Freddie to lure international cash with new vehicles

    Fannie Mae and Freddie Mac, the US's government sponsored mortgage giants, plan to ramp up their credit risk transfer programmes by roping in Reit and international investors. Both institutions face their capital buffers being reduced to zero next year, raising the prospect of additional taxpayer burdens, writes David Bell.

    11 May 2017

  • ISDA delegates enjoy sunshine and Giancarlo in Lisbon

    Another year, another ISDA conference. But this wasn’t just any other year. With variation margin requirements in the rearview mirror, MiFID II looming in 2018 and the question of London euro clearing troubling many, the trade body had a lot of questions to tackle in just two packed days of panels and speeches.

    11 May 2017

  • Agrokor tots up its debts after downgrade to SD

    Agrokor, the troubled Croatian food conglomerate, has posted a breakdown of its debt, three days after Standard & Poor's downgraded it from CC to selective default.

    11 May 2017

  • VolkerWessels’ €575m IPO completed as investors warm to Europe and yield

    Shares in Koninklijke VolkerWessels, the Dutch construction and engineering company, had risen 3.8% by lunchtime when they began trading in Amsterdam on Friday, after the company's €575m IPO had been priced at €23 a share.

    11 May 2017

  • CFPB shines a light on small biz lending

    The Consumer Financial Protection Bureau (CFPB) is looking to better understand changes underway in the small business lending sector, issuing a request for information on how borrowers are faring and how the market is shifting toward alternative sources of financing.

    11 May 2017

  • Rabobank and BOQ prep for covered debuts, BCP returns

    Rabobank plans to roadshow its debut covered bond next week, while Banco Comercial Portugues will begin marketing a deal after an eight year absence. And after publishing an offering circular this week, Bank Queensland (BOQ) is expected to announce its first deal soon.

    11 May 2017

  • QNB ownership puts squeeze on Turkey's Finansbank yield

    Turkey’s QNB Finansbank set final terms on a $750m five year bond on Thursday, leaning on the ownership of Aa3/A+/AA- rated Qatar National Bank to print inside where analysts saw fair value — despite some investors objecting.

    11 May 2017

  • Qiagen squeezes into Schuldschein market

    Dutch biotechnology firm Qiagen has launched a tightly priced €150m dual currency Schuldschein, with investors treating the Germany-headquartered firm as a domestic issuer.

    11 May 2017

  • ANZ's Fletcher joins boutique Chalkhill

    Felix Fletcher, a UK DCM banker, has joined boutique investment bank Chalkhill Partners to work on debt origination.

    11 May 2017

  • KBN opens dormant Kauri market

    Kommunalbanken on Tuesday became the first issuer to tap the Kauri market since February. The Nordic agency responded to reverse enquiries, tapping an eight year bond at an after-swap pricing level that was a little over its dollar curve.

    11 May 2017

  • Hotelbeds seeks add-on amid refinancings deluge

    Hotelbeds held a lender call on Tuesday for a €325m term loan add-on, backing its carve-out of GTA from Kuoni Travel, amid market conditions ever propitious for refinancings.

    11 May 2017

  • SSAs love won direction thanks to new Moon

    Moon Jae-in’s victory in South Korea’s general election on Tuesday has some SSA issuers relishing the chance to finally print deals in won. Sharon Kimathi reports.

    11 May 2017

  • KKR unit wins Greece NPE licence

    KKR’s Pillarstone platform has been granted a licence by the Bank of Greece to manage non-performing exposures for Greek banks.

    11 May 2017

  • SSAs go long in euros but not all make it over line

    Public sector borrowers in the euro market on Thursday focused their attentions on the long end of the curve, but not every trade made it to full subscription.

    11 May 2017

  • US Bancorp readies debut as US banks hit euros

    JP Morgan and Goldman Sachs headed to Europe for new deals this week, and US Bancorp made plans to follow them, with funding costs in euros very attractive for US borrowers on an absolute coupon basis.

    11 May 2017

  • Banks launch bond bonanza as spreads feel the squeeze

    European banks piled back into the bond market this week following Emmanuel Macron’s victory in the French election and as reporting season passed its busiest point. Borrowers were looking to issue capital amid attractive funding conditions for senior paper eligible for total loss-absorbing capacity (TLAC).

    11 May 2017

  • JP Morgan EUR2bn 1.638% May 28

    11 May 2017

  • Carlyle seeks cov-lite amendment

    Carlyle is attempting to get an amendment on a 2015 CLO, Carlyle Global Market Strategies Euro 2015-3, to raise the covenant-lite limits in the deal to 90% from 80%.

    11 May 2017

  • Deutsche Bank EUR1.25bn May 22 FRN

    11 May 2017

  • MEP Paul Tang talks STS, Brexit and future of EU ABS

    Member of the European Parliament Paul Tang speaks with GlobalCapital about STS, Brexit and the role of securitization in Europe.

    11 May 2017

  • Goldman Sachs EUR2bn 1.375% May 24

    11 May 2017

  • BNP Paribas EUR1.25bn 1.5% Nov 25

    11 May 2017

  • EU aims to approve 'Juncker plan' extension before summer

    The European Parliament is set to approve the extension of the European Fund for Strategic Investment until 2020, opening the way for negotiations with the 28 member states of the EU, which is the last step before final approval.

    11 May 2017

  • Ontario brushes off volatility with tight dollar deal

    The Province of Ontario on Thursday rounded off a stellar week for dollar issuance with a trade that, like those a day earlier, was priced with minimal to no concession and with a well oversubscribed book. Ontario’s deal was perhaps more remarkable though, given a more volatile backdrop on Thursday trading.

    11 May 2017

  • Intesa Sanpaolo EUR750m 6.25% PNC24 AT1

    11 May 2017

  • VIVAT EUR650m 2.375% May 24

    11 May 2017

  • European Union debuts in Schuldschein market

    The European Union has issued its first ever Schuldschein, and may issue further such deals.

    11 May 2017

  • Agrokor tots up its debts after downgrade to SD

    Agrokor, the debt-ridden Croatian food conglomerate, has posted a breakdown of its debt, three days after Standard & Poor's downgraded it from CC to Selective Default.

    11 May 2017

  • NEX creates Yen margin ratios and benchmark

    The Financial Futures Association of Japan has mandated NEX Data to create foreign exchange margin ratios for 170 currency pairs on a daily basis.

    11 May 2017

  • Goldman’s shake-up brings forward the next generation

    The raft of promotions in the upper echelons of the Goldman Sachs investment banking department has been called "the most dramatic overhaul in a decade". In a way this is true – Goldman has lost some of its most senior bankers over the last 12 months and last week's reshuffle was an emphatic move to promote the next generation of bankers, writes David Rothnie.

    11 May 2017

  • SPIMEX to accept oil futures spread orders

    The Saint Petersburg International Mercantile Exchange will start allowing futures spread orders on its Urals crude oil contracts.

    11 May 2017

  • The Pained Trader: Sour grapes for the Master of Whine

    The Pained Trader acquires new skills.

    11 May 2017

  • Westpac enjoys ‘astonishing’ covered result

    Westpac enjoyed a strong covered comeback for a two part euro offering on Thursday and, despite concerns about the performance outlook for non-eurozone bonds, the transactions were priced with barely any concession.

    11 May 2017

  • Premiums vanish as IG deals stack up

    Corporate bond issuers kept their foot firmly on the pedal on Thursday, with bankers confident that the shrinking premiums and bulging order books will continue in the coming weeks

    11 May 2017

  • Rickmers risks sinking while shipping mends

    A recent improvement in the prices that shipping companies command may have come too late for bondholders of Rickmers, the 183 year-old Hamburg shipping company. They are set to endure losses as the borrower attempts to make it to 184.

    11 May 2017

  • Rabobank set to market debut covered bonds

    Rabobank has mandated leads to take its debut covered bond on the road. Covered bonds will improve Rabobank’s net interest margin and help diversify its investor base, the bank’s global head of long term funding, Sjaak-Jan Baars, told GlobalCapital.

    11 May 2017

  • SEC charges ex-employee with fraud in derivatives trading

    David Humphrey, who worked at the Securities and Exchange Commission for 16 years, has pleaded guilty to falsifying statements to hide prohibited trading in options and other securities.

    11 May 2017

  • The good, the bad and the regulatory

    Regulation does not just exist on a continuum between good and bad. There’s lots of ugly, as well.

    11 May 2017

  • Bank of Queensland debut covered bond nears

    The Bank of Queensland (BOQ) has published an offering circular for its newly established covered bond programme rated triple-A with Fitch and Moody’s, suggesting a roadshow could soon be announced for the first Australian conditional pass-through covered bond.

    11 May 2017

  • Primary loan slowdown shifts focus to secondary

    Primary loan syndication activity dropped sharply in April, with many loans desks in Asia not receiving a single invitation for weeks on end. In the absence of flow in primary, many participating banks are increasingly looking at the secondary market to cope with the slowdown, writes Shruti Chaturvedi.

    11 May 2017

  • Mediobanca lands inside Intesa as pipeline builds

    Mediobanca was able to print a €1bn five year floater inside Intesa Sanpaolo’s trading levels on Thursday, as extremely supportive new issuance conditions helped the FIG market glow red hot.

    11 May 2017

  • JP Morgan, Santander join bond bonanza after RBS Yankee blowout

    JP Morgan and Santander jumped on strong funding conditions in the euro market to add to their stock of bail-inable senior bonds on Thursday, after Royal Bank of Scotland was met with a blowout reception for a Yankee offering.

    11 May 2017

  • Investors treated to chunky block as Packer exits Macau JV

    Australian billionaire James Packer unwound the last of his position in a Macau joint venture with Hong Kong scion Lawrence Ho this week. Packer raked in $1.2bn from an unusually structured deal that included a $337m block trade, capturing the attention of Asian and US investors. Jonathan Breen reports.

    11 May 2017

  • Stan Chart hires for UK DCM

    Standard Chartered has hired a banker for a new job covering UK corporate DCM within its European debt capital markets operation.

    11 May 2017

  • Nomura hires Citi's Jallot as EMEA markets head

    Nomura has hired Frederic Jallot from Citi as head of global markets for EMEA.

    11 May 2017

  • South Korea credit welcomed back to Swiss market

    Korea Expressway Corp broke South Korean issuers’ silence in the Swiss market on Wednesday. As rates stabilise for Swiss investors, and basis swaps improve for foreign issuers, Zurich bankers hope this deal reignites more bonds from the Asian country.

    11 May 2017

  • CK Hutch’s 4x subscribed hybrid takes centre stage

    CK Hutchison sold a hybrid bond featuring a dual-step structure this week, designed to qualify for partial equity treatment from ratings agencies. While demand was strong for the $1bn deal, priced off the back of a $4.25bn book, some handholding was needed to make investors comfortable. Addison Gong reports.

    11 May 2017

  • Bright Scholar covers $150m NYSE listing

    Bright Scholar Education Holdings had covered its $150m US IPO as of Monday, according to bankers arranging the deal.

    11 May 2017

  • Banking and good karma

    It is not uncommon to see bank bosses show their nasty side if their subordinates suddenly decide to leave.

    11 May 2017

  • WuXi Bio seeks green light for $300m Hong Kong listing

    WuXi BioLogics, which is planning a $200m-$300m IPO in Hong Kong, is set to begin investor education next week if the stock exchange grants it approval at a listing hearing on May 15, said a banker close to the deal.

    11 May 2017

  • Investors dive head-first into debut $727m Indian InvIT

    It was a slam dunk for India’s first infrastructure investment trust, which raised Rp46.5bn ($727.4m) after IRB InvIT Fund priced its IPO comfortably at the top of expectations.

    11 May 2017

  • Korea’s Woori finds window for third AT1

    South Korea’s Woori Bank sealed its third Basel III additional tier one deal on Monday, raising $500m just before the country held its long-awaited presidential election.

    11 May 2017

  • Toyota, Beijing Hyundai set for annual auto ABS rides

    Toyota Motor Finance (China) Co is back with its Rmb3bn ($434.5m) Glory 2017 Phase I Auto Loan Credit Asset-backed Securities, while Beijing Hyundai Motor Group is looking to launch its first auto ABS transaction of the year. Both deals are set to open next week.

    11 May 2017

  • People moves in brief, May 11, 2017

    HSBC levfin banker moves to BAML — Axis Bank promotes HK credit head — UBS banking moves — Apac corporate finance head at FAB — AmBank hires from RHB — Citic CLSA names global M&A head — Sim to runhelm CMS equities — Asifma head of equities exits

    11 May 2017

  • SBI hiring six banks to lead $2bn equity fundraise

    State Bank of India is looking for up to six firms to lead a qualified institutional placement or follow-on public offer, issuing a request for proposals on Tuesday.

    11 May 2017

  • It’s raining blocks: HK deals vie for attention

    If ever there was competition in the overnight block market in Hong Kong, then Wednesday was it: four deals were priced to raise a combined $630m.

    11 May 2017

  • NAB to sell HK and Singapore private wealth to OCBC

    National Australia Bank is selling its private wealth business in Singapore and Hong Kong, as it looks to simplify its structure and focus on corporate and institutional banking.

    11 May 2017

  • StanChart bolsters credit units with hires

    Standard Chartered is strengthening its credit teams in Singapore, Hong Kong, London and New York, the bank said this week.

    11 May 2017

  • Investors mull over Finansbank's QNB ownership

    Turkey’s QNB Finansbank has released initial price thoughts for a five year dollar trade, as investors grappled with how to price in Aa3-rated Qatar National Bank's ownership of the Turkish borrower.

    11 May 2017

  • Pemberton hires another RBS levfin veteran for private debt

    Pemberton has hired a veteran leveraged finance banker as a new partner in its origination team, as it further builds out its private debt platform in Europe.

    11 May 2017

  • HSBC levfin banker jumps ship to BAML

    A Hong Kong-based banker in the Asia Pacific leveraged finance team of HSBC has resigned, and is understood to be heading to Bank of America Merrill Lynch, according to sources.

    11 May 2017

  • CK Property, Huachen Energy plunge into debt market

    Hong Kong developer Cheung Kong Property Holdings (CKP) and Chinese company Huachen Energy Co both opened books for new dollar deals on Thursday.

    11 May 2017

  • Capex leads day of LatAm blow-outs

    Argentine energy company Capex and Mexican financial Unifin showed that conditions were as strong as ever in Latin American bond market as both high yield names notches blow-out new issues.

    11 May 2017

  • Unifin shows Mexico’s open with tight seven year

    Mexican financing and leasing company Unifin Financiera raised $450m of seven year bonds on Wednesday as bankers’ hailed the company’s improving reputation in the market.

    11 May 2017

  • NHAI serves up new Masala bond to investors

    National Highways Authority of India served up its debut Masala deal on Thursday morning, offering investors a second offshore rupee option in under a month.

    11 May 2017

  • UBS Hong Kong loses senior IB trio

    Three Hong Kong-based managing directors at UBS, Wang Cheng, Ding Xiaowen and Frank Sun, have left the firm, according to sources familiar with the matter.

    11 May 2017

  • Hong Kong's BEA ushers out new AT1

    Hong Kong’s Bank of East Asia launched a new Basel III additional tier one dollar deal on Thursday morning, following a roadshow earlier in the week.

    11 May 2017

  • RMBi rightly taking a backseat to reform agenda

    China has not given up its renminbi internationalisation (RMBi) plans, but the constraints of an under-developed financial system will put the brakes on that process until further reforms are implemented, Yin-Wong Cheung, chair professor of international economics at City University of Hong Kong, told GlobalRMB.

    11 May 2017

  • SoFi looks to deepen buyer base with S&P stamp on latest ABS

    A $530m consumer loan offering from online lender SoFi is expected to garner interest from a bigger group of investors than previous deals, with S&P Global Ratings tapped to rate an offering from the issuer's consumer loan shelf for the first time.

    10 May 2017

  • Smaller players losing out in CMBS conduit market

    US risk retention rules have created a more concentrated CMBS conduit market in the six months since the regulation was implemented, as mortgage brokers and investors favour larger lenders at the expense of smaller non-bank originators.

    10 May 2017

  • Slowing Semed drags on overall EBRD growth pick-up

    The EBRD has revised up its overall growth outlook from 2016’s weak 1.8% to 2.4% in 2017 and 2.8% in 2018 but the headline numbers mask a wider range of outturns within the different regions it monitors

    10 May 2017

  • Calling EM banks: could a green bond help you?

    Emerging market banks make up a tiny share of green bond issuance but this is likely to change in regions such as the CEE as EM banks could end up being the group for which the product makes most sense

    10 May 2017

  • Croatian governor insists Agrokor will survive but issues warning

    Crisis-hit Croatian conglomerate Agrokor will not go bust, the country’s central bank governor insisted in an interview with GlobalMarkets as he said the debacle highlighted the risks of firms building up bad balance sheets

    10 May 2017

  • Chakrabarti hails Cyprus as blueprint for rescue model

    The EBRD has used its annual meetings in Nicosia to highlight the success of its work in helping turn the host country round from near-collapse to economic revival, but concedes unemployment and NPLs remain concerns

    10 May 2017

  • Economies sound alarm on Trump threat to EBRD trade

    Donald Trump may have softened his stance on protectionism but the EBRD and individual countries in its region are concerned that any worsening in trade relations will damage their prospects for growth

    10 May 2017

  • Final frontier — will EBRD boldly go into war-torn Syria?

    The inclusion of Tunisia, Morocco, Egypt, and Jordan as countries of operation six years ago shifted the gravity of the EBRD south and has now raised the notion that the bank may take on the once unthinkable challenge of rebuilding Syria once the devastating war there ends

    10 May 2017

  • EBRD pushes western Balkan bloc but Kosovo warns of history repeating

    A proposed common market for the western Balkans would create a zone with a combined GDP of $88bn but the idea has encountered scepticism with one putative member, Kosovo, taking to Facebook to voice concerns

    10 May 2017

  • CEE in the clear after QE but fears grow for EU weaklings Italy and Greece

    Central and Eastern European economies appear well set to withstand any fall-out caused by the end of European Central Bank’s quantitative easing programme and US Fed rate rises, economists and a central bank governor have told GlobalMarkets.

    10 May 2017

  • Russia sweet-talks AIIB as Oreshkin vents fury at EBRD loan ban

    Although EBRD’s decision not lift its ban on new loans to Russia was expected, the country’s reaction was not: its economy minister attacked the bank as a tool of foreign policy and claimed that it finances did not deserve a triple-A rating

    10 May 2017

  • SSAs dictate terms in dollars

    Public sector issuers “can do whatever they want” in a rampant dollar market, with investors ploughing into books despite deals pricing close to or flat to their curves.

    10 May 2017

  • HPS prices debut European CLO

    HPS Investment Partners has priced its first-ever European CLO, the first new issue deal to be priced in May and the 13th of 2017.

    10 May 2017

  • ‘Crazily hot’ SSA mart enjoys tight pricing and long dated opportunities

    The European Financial Stability Facility has sent requests for proposals for a trade next week, as a pair of rare issuers on Wednesday placed deals flat to or through fair value in a euro market buoyed by Emmanuel Macron’s election as French president last weekend. Longer dated trades — of which the EFSF has sold several this year — also look to be back on the table for borrowers.

    10 May 2017

  • Italy’s Atlante fund buys first securitization

    Atlante II, the Italian rescue fund designed to take bad loans of the balance sheets of distressed Italian banks, has financed its first securitization.

    10 May 2017

  • Canada's PSP to expand European private debt and PE business

    PSP Investments, the Canadian pension investment manager, has expanded its operations with the launch of a European hub, and wants to invest increasingly in private debt and real estate.

    10 May 2017

  • GE energises corp market as pipeline nears bursting

    General Electric brought the first 20 year corporate bond of the year as part of an €8bn multi-tranche blow-out this week, in a trade that bankers say is the clearest sign yet that the market is capable of absorbing the slew of deals headed its way.

    10 May 2017

  • BMW steers through busy week in congested sterling

    Car maker BMW kept the week’s vibrant sterling market going on Wednesday by bringing a £250m 4.5 year trade, following a day behind a £300m transaction for construction company LafargeHolcim.

    10 May 2017

  • Afreximbank’s second loan of the year going swimmingly

    Afreximbank’s second syndicated loan this year is expected to grow from the initial asking amount of $700m as banks pile in to join, according to bankers on the deal.

    10 May 2017

  • Croatia predicts troubled Agrokor will survive

    Crisis-hit Croatian conglomerate Agrokor will not go bust, the country’s central bank governor insisted in an interview with GlobalMarkets as he said the debacle highlighted the risks of firms building up bad balance sheets.

    10 May 2017

  • Aroundtown issues €426m of shares to finance CB tender

    Aroundtown Property Holdings, the Germany-focused property company, raised €426m on Tuesday evening to finance a tender offer for convertible bonds due in 2020, via a popular block trade that was covered in 45 minutes.

    10 May 2017

  • Markets nervous ahead of Ukraine CB governor appointment

    Tensions are mounting over the replacement of Valeria Gontareva as Ukraine’s central bank governor with foreign investors and donors favouring Raiffeisen Bank Aval chairman Volodymyr Lavrenchuk

    10 May 2017

  • Moldova banking sector clean-up on schedule, says governor

    Moldova’s central bank governor Sergiu Cioclea tells GlobalMarkets that he is preparing to sell stakes in up to three banks by the end of this year, as part of country’s efforts to relaunch its financial sector after 2014’s scandal.

    10 May 2017

  • BCP to issue first covered bond in eight years

    After Banco Santander Totta broke the two year Portuguese covered bond hiatus with a well performing seven year in April, Banco Comercial Portugues has mandated leads for its first covered bond since 2009.

    10 May 2017

  • FINAL WORD: Liviu Voinea

    Romania determined to maintain economic stability

    10 May 2017

  • Lloyds global corporates head Francis to leave

    Clare Francis, head of global corporates at Lloyds, is to leave the UK firm.

    10 May 2017

  • Vorhyp and Volksbank get contrasting covered results

    Vorarlberger Landes-und Hypothekenbank (Vorhyp) pulled in a lot more demand for its seven year covered bond on Wednesday than De Volksbank was able to muster for a lower-rated 10 year.

    10 May 2017

  • Reverse Yankee HY pipeline thins with cosier US mart

    Eurobond offerings from US high yield borrowers may be harder to find in the second quarter of the year as pricing terms improve for US borrowers.

    10 May 2017

  • Vivat opens books on unusual RT1-linked senior bond

    Dutch insurance firm Vivat was looking to sell a new seven year senior transaction to investors on Wednesday, in an unusually structured deal that could open up opportunities for other insurers looking to optimise their capital costs.

    10 May 2017

  • Giancarlo bigs up global clearing, sets sights on liquidity

    Christopher Giancarlo, the acting chairman of the US Commodity Futures Trading Commission, on Wednesday stressed the importance of international derivatives clearing as he set out his regulatory agenda.

    10 May 2017

  • Pricing moves tight as banks crowd market

    BNP Paribas and Goldman Sachs capitalised on attracting funding conditions for total loss-absorbing capacity (TLAC) eligible senior trades on Wednesday, following a recent fall in the level of new issue premiums.

    10 May 2017

  • NWB to hit road for affordable housing bond

    Nederlandse Waterschapsbank will add a new item to SRI investors’ menu, after mandating banks on Wednesday to run a roadshow for a debut affordable housing bond.

    10 May 2017

  • QNB Finansbank heads out for dollars

    Turkey's QNB Finansbank hit the road for a one day marketing exercise on Wednesday to sell a new senior dollar benchmark sized bond, for which leads are likely to open books on Thursday.

    10 May 2017

  • OETC timing pays off with negative premium

    Oman Electricity Transmission Company seems to have timed it right for a $500m 10 year trade just days before a likely sovereign downgrade, with the issuer managing to price its deal well inside where analysts spotted fair value.

    10 May 2017

  • Premiums evaporate as FIG issuance booms

    Banks dived into the primary market on Wednesday, following Emmanuel Macron's victory in the French election and as reporting season passed its busiest point. Borrowers are looking to follow a recent string of new deals that have been priced with close to no new issue premium.

    10 May 2017

  • Corporate bond feeding frenzy gets going

    Europe’s corporate bond market lit up with new issues this week, signalling the beginning of what is expected to be a hectic period until June. General Electric, BMW and Repsol with the first green bond from a major oil company are among the host of deals and mandates filling screens.

    10 May 2017

  • Old Money: Plungers and terrorists

    Short sellers and their schemes have a murky past. From the Dutch East India Company to Borussia Dortmund.

    10 May 2017

  • Back with a bang: CK Hutchison seals $1bn hybrid

    CK Hutchison priced a $1bn hybrid bond at 4% on Tuesday, with the deal featuring a dual step-up to qualify for partial equity treatment from ratings agencies. And while investor appetite was strong, some handholding was needed behind the scenes.

    10 May 2017

  • Pre-summer IPO window wide open after Macron relief

    The victory of Emmanuel Macron in France's presidential election opens wide the window between now and the UK general election for IPOs to be done. The block trades market is also strong, with several large deals completed so far this week.

    10 May 2017

  • Finansbank the latest to hit buoyant EM

    The emerging market bond pipeline remained strong this week with Turkish lender Finansbank the latest CEEMEA name to join the fray, after the borrower announced a one day roadshow for Wednesday. Meanwhile, Latin American borrowers are beginning to encounter some investor push-back.

    10 May 2017

  • Axis Bank promotes Hong Kong credit head

    The head of credit for Axis Bank in Hong Kong has been promoted, with the scope of his role widening following the bump up.

    10 May 2017

  • SSAs in funding wonderland

    Public sector borrowers are smashing records harder than Emmanuel Macron hammered Marine Le Pen in the weekend’s French presidential election, as the market gets back into full swing after the big political risk of the year passed with the best possible outcome.

    10 May 2017

  • Xiaomi sounds out banks for 2014 loan refi

    Chinese mobile phone maker Xiaomi is sounding out lenders to refinance a $1bn dual tranche borrowing raised three years ago.

    10 May 2017

  • BoCom International covers $266m HK float

    BoCom International Holdings Co has covered its HK$2.1bn ($265.6m) IPO after opening books last Friday with a strong cornerstone base, according to a banker on the deal.

    10 May 2017

  • BSD, ICBC Sydney rustle up new notes

    Bumi Serpong Damai and ICBC Sydney jumped into the debt market on Tuesday, capitalising on the positive market sentiment following the French presidential election.

    10 May 2017

  • Kotak gets green light for $887m share sale

    Shareholders of India’s Kotak Mahindra Bank have given it the nod to raise equity, in a deal that could fetch Rp57.3bn ($887m) based on its market price.

    10 May 2017

  • Former UBS syndicate banker moves to CMBI

    Former UBS banker Paul Au has resurfaced as the new head of fixed income at CMB International.

    10 May 2017

  • Details emerge on tranches for Vedanta $651m syndication

    A $651m facility for Vedanta Group will be split into two tranches, one for overseas lenders and the other helmed by Indian banks, according to a banker close to the deal.

    10 May 2017

  • Total Derivatives: Firm CPI backs early CNY paying

    In China today CPI and PPI reports gave mixed signals that backed some early paying in swaps. Meanwhile, consolidation in the currency market gave way to a corrective dip in short swap rates, writes Deirdre Yeung of Total Derivatives.

    10 May 2017

  • Cemig postpones, Enjoy offers 10% handle in racy Lat Am

    Recent developments in Latin American new issue markets may have shown just how risk-tolerant the market has become, but there are signs that investors may be fighting back.

    10 May 2017

  • Matrimony.com back for IPO with new bookrunning group

    India’s most popular matchmaking website Matrimony.com has refiled for an IPO with a new syndicate team and a smaller fundraising target.

    10 May 2017

  • Nomura appoints new Lat Am sales head

    Nomura has hired a veteran of Latin American bond markets as a managing director as it looks to build its business in the region.

    10 May 2017

  • MPL industry rights itself after year of turmoil, but cyclical concerns persist - panel

    The marketplace lending industry is back on course after a year of damaging headwinds, said panelists at a PeerIQ event on Tuesday, but there are divided views over crisis contingency plans.

    09 May 2017

  • Commerz beats but shipping still weighs heavy

    Commerzbank has beaten profit expectations in the first quarter, thanks to strong results in its capital markets and securities, but it remains dogged by its poor quality shipping portfolio, and restructuring efforts.

    09 May 2017

  • GSEs unveil proposals to boost credit to underserved housing sectors

    Government sponsored enterprises Fannie Mae and Freddie Mac have submitted proposals to extend their activities into under-served areas of the housing market, including mobile homes, rural housing and preserving affordable housing.

    09 May 2017

  • Bond markets offer key to bridge $5tr CEE infrastructure gap

    The EBRD has used techniques such as enhanced liquidity features and political risk insurance to help raise the rating of infrastructure projects and attract capital to help bridge an estimated $1tr shortfall across its region.

    09 May 2017

  • CEE urges EU to seize on Macron victory to kickstart reforms

    The CEE greeted the defeat of Marine Le Pen by Emmanuel Macron with relief and as an opportunity for policymakers to seize the opportunity to resolve the structural economic problems that have bedevilled both Old and New Europe

    09 May 2017

  • OBOR Serbian cash puts China on collision course with EU

    An investigation by the European Commission into a Chinese-funded rail link between Serbia and Hungary is a sign of concern over China’s focus on the western Balkans as a key link its $900bn One Belt, One Road route for bringing Chinese goods to Europe.

    09 May 2017

  • Turkey’s new SWF raises wealth of worries among international investors

    Turkey’s decision to use key state-owned assets to finance a new sovereign wealth fund has raised concerns among foreign investors that it will weaken management of those entities and be used as a political rather than financial tool.

    09 May 2017

  • Private sector remedies essential to help refugees, says EBRD

    The EBRD is using a fund of almost €1bn to support its trademark private sector-based initiatives to bring both immediate relief and longer term business opportunities for some of the 3.4m Syrian refugees in its Middle Eastern countries of operation.

    09 May 2017

  • ESMA gives guidance on Brexit strategy

    Chair of the European Securities and Markets Authority (ESMA) Steven Maijoor on Tuesday revealed detail on how his institution will approach the City of London’s extraction from the European Union.

    09 May 2017

  • Out of the frying pan, but Europe’s fire isn’t over

    Emmanuel Macron’s two-stage victory in the French presidential election rightly brought relief to the eurozone bond markets — as well as to all those who believe in the European project as a force for good. But talk of a Macron presidency opening the way for further European integration in the form of jointly issued eurozone bonds is far too early.

    09 May 2017

  • Portugal considers renminbi entrance after China trip

    Mário Centeno, the Portuguese finance minister, has said that Portugal is considering issuing renminbi denominated bonds, according to Portuguese news agency Lusa.

    09 May 2017

  • KfW scores triple whammy with bumper green bond

    KfW has sold the largest ever new green bond issue from a supranational or European agency, printing flat to its curve with a green deal for the first time and drawing a remarkably high level of Asian investor interest for a euro trade. More SRI issuance is on the way, after Dutch agency FMO announced a sustainability bond roadshow.

    09 May 2017

  • SSAs storm back into dollars

    Public sector borrowers are rushing back into dollars after a quiet few weeks for the currency, with a trio of issuers taking indications of interest for Wednesday business.

    09 May 2017

  • ‘Window dressing’ should scare us

    The quarter-end and year-end problems in the repo market are scary enough, with collateral more important than ever before in financial markets. But what else is it concealing?

    09 May 2017

  • Lindorff-Intrum merger to produce €5bn high yield deal

    The largest European high yield bond issue for a year is being prepared as Intrum Justitia and Lindorff, two Nordic debt collectors, ready to complete a merger.

    09 May 2017

  • KBN pays up for Kauri tap

    Kommunalbanken responded to reverse enquiry on Tuesday, tapping an eight year Kauri bond at an after-swap pricing level that was a little over its dollar curve.

    09 May 2017

  • Borrowers spring into receptive corporate bond market

    Corporate bond issuers piled into the primary market on Tuesday with deals totalling around €2.76bn-equivalent, though demand showed little sign of strain with hefty books and deep price cuts abound.

    09 May 2017

  • Repsol oils way for green bond first

    Spain’s Repsol brought the first ever green bond from an oil major to the market on Tuesday, leaving green investors to pick through the morals of financing a sector that environmentally responsible finance was created to help mitigate.

    09 May 2017

  • Cades picks new chairman as bankers hail retiring Madoux

    Caisse d’Amortissement de la Dette Sociale has appointed a veteran of the French social security sector to succeed its long-serving chairman Patrice Ract Madoux, who is retiring.

    09 May 2017

  • Qiagen squeezes into Schuldschein market

    Dutch biotechnology firm Qiagen has launched a tightly priced €150m dual currency Schuldschein, as investors treat it as a German issuer.

    09 May 2017

  • Time for a rush back to Russia

    It's time for a Russia comeback. The sanctions remain as firmly in place as ever, and banks and investors have been clamouring for deals. But now, at last, compliance has caught up - and that means a bonanza for borrowers awaits.

    09 May 2017

  • Trio of issuers join covered bond pipe

    Two Austrian banks and a Dutch bank have mandated leads for covered bond deals taking the number of banks in the covered bond pipeline to six.

    09 May 2017

  • Bpifrance leads French comeback charge as euro market blooms

    Bpifrance Financement broke its size record on Tuesday, nipping back into capital markets ahead of several of its compatriots, according to a funding official at the issuer. The European Investment Bank (EIB) and NRW.Bank also made the most of the stable conditions, printing their own benchmarks.

    09 May 2017

  • Goldman appoints two co-heads of IBD

    Goldman Sachs has appointed two new co-heads of its investment banking division, with Richard Gnodde making way to focus on his role as CEO of the bank’s European operations.

    09 May 2017

  • RBS gets outstanding covered result in sterling and euros

    After a five year absence, Royal Bank of Scotland returned to the covered bond market on Tuesday selling larger than expected and well oversubscribed sterling and euro benchmarks that were priced tight to fair value.

    09 May 2017

  • EBRD cash for Tajik banks hangs on sector reform

    The government’s recapitalisation of Tajikistan’s two largest banks pulled the sector back from the brink but the EBRD will only invest once it can see evidence of the wholesale reform that the banking industry urgently needs.

    09 May 2017

  • No sign of Macron backlash against sterling as Saga debuts tightly

    Saga, the UK insurance company, priced its £250m bond almost almost 40bp inside initial price thoughts on Tuesday, in the European high yield market's first new issue since the French election, despite fears that a Macron win could be read as negative for the Brexiting UK.

    09 May 2017

  • Intesa goes tight for AT1 in ‘wildly better’ sub market

    Intesa Sanpaolo cranked pricing in on a new additional tier one (AT1) on Tuesday, striking quickly to take advantage of stellar conditions in the market for bank subordinated debt.

    09 May 2017

  • CFF prices euro covered through its curve

    Compagnie de Financement Foncier attracted the largest order book in over two years for a deal of its size when it issued a €1.5bn 5.5 year Obligations Foncières on Tuesday. The deal was priced through fair value causing CFF's older bonds to reprice.

    09 May 2017

  • JP Morgan levfin director leaves for credit fund

    Another director in JP Morgan’s leveraged finance team for EMEA has left the bank, a source confirmed on Tuesday, joining a credit fund in London.

    09 May 2017

  • Investors doubt Kazakh commitment to state sell-offs

    Since unveiling a privatisation programme two years ago Kazakhstan has sold off 120 mainly small firms but investors are worried plans to dispose of big ticket items such as Air Astana face long delays — or even cancellation.

    09 May 2017

  • Mongolia back from the brink after u-turn on ‘catastrophic’ bank law

    A law in Mongolia forcing all large projects to run sales revenues through local banks that was passed in April had threatened to pull the plug on investment by Rio Tinto and an IMF bail-out until the government performed a u-turn just 20 days later

    09 May 2017

  • Russian economic revival masks long-term problems

    The Russian economy is expected to see growth accelerate to 2% next year but private sector economists are warning that the upturn only conceals structural weaknesses such as poor demographics, a shrinking labour force, and low productivity levels

    09 May 2017

  • Eurotunnel moves ahead on debt refinancing

    Eurotunnel, the operator of the Channel Tunnel, is hitting the road again to refinance the notes in its whole business securitization, Channel Link Enterprises Finance plc.

    09 May 2017

  • Climate control group Munters opens IPO

    Munters, the Swedish maker of air conditioning systems, has set the terms for its IPO on the Nasdaq Stockholm, which, if completed, will value it at Skr10.1bn (€1.05bn).

    09 May 2017

  • Deutsche jumps into red hot FRN market

    Deutsche Bank attracted strong demand for a five year floating rate note on Monday, allowing it raise €1.25bn without a new issue premium.

    09 May 2017

  • OETC ducks in before Oman ratings review takes hold

    Oman Electricity Transmission Company timed it right for a $500m 10 year trade on Tuesday just days before a likely sovereign downgrade, with the issuer managing to price its deal well inside where analysts spotted fair value.

    09 May 2017

  • SBI issues RFP as India Grid sets price range

    State Bank of India will pick up to six firms for a proposed qualified institutional placement or follow-on public offer, according to a request for proposals sent on Tuesday.

    09 May 2017

  • FINAL WORD: Jean Pierre Mustier

    CEE: maturing economies need mature policies

    09 May 2017

  • AMTD insurance arm files for HK float

    AMTD Strategic Capital Group, the insurance brokerage arm of AMTD Group, is planning to list in Hong Kong, according to a filing with the stock exchange on Monday.

    09 May 2017

  • EBRD chief squashes talk of further expansion

    EBRD president Suma Chakrabarti tells GlobalMarkets the Bank has an “enormous” job to do across a region that now stretches from the Baltic Sea to North Africa and Mongolia, not least to deal with the Syrian refugee crisis

    09 May 2017

  • Citi return to Swiss francs as post-French election 'stars align'

    Citigroup returned to the Swiss franc bond market after a 10 year absence, navigating through a "perfect storm", after Emmanuel Macron’s election as president of France, to price a bond in line with its dollar funding curve.

    09 May 2017

  • IEX plans listing as IRB prices first InvIT IPO

    Indian Energy Exchange has hired two local banks for an expected Rp7bn ($108m) IPO slated for the current financial year ending March 2018, said sources close to the matter.

    09 May 2017

  • Indonesia's BSD to add on to $200m bond

    Indonesian property developer Bumi Serpong Damai (BSD) is tapping its outstanding 2023s on Tuesday, launching the deal at the market open.

    09 May 2017

  • BOC gives Huishan Dairy a week to repay $50m loan

    Bank of China Macau has given China Huishan Dairy Holdings until next Tuesday, May 16, to repay a $50m loan raised in 2014 that matured in April.

    09 May 2017

  • India InvITs should spread their wings and fly

    IRB InvIT Fund brought India’s first infrastructure investment trust to market last week, making history with its Rp46.5bn ($727.4m) IPO. Books closed with demand for nearly 9x the shares available, in a huge boon for the asset class. But while the trade sets a high bar, future issuers need not follow its template.

    09 May 2017

  • Investors flock to PLN’s $2bn blowout

    Indonesian state-owned electricity distributor Perusahaan Listrik Negara (PLN) raised $2bn from a dual-trancher on Monday. It achieved both size and price, while bankers said it also helped boost supply from the country’s quasi-sovereigns.

    09 May 2017

  • Packer exits Melco Crown via $337m block

    Australian billionaire James Packer has cashed in his remaining stake in his Macau joint venture with Hong Kong gaming tycoon Lawrence Ho, netting $1.2bn in the process.

    09 May 2017

  • BoCom returns with $1bn dual-tranche floater

    Bank of Communications Hong Kong sealed a $1bn deal across two floating rate tranches on Monday, continuing issuers’ trend of favouring the structure.

    09 May 2017

  • Leoch International recharges with bigger $200m facility

    Leoch International Technology has wrapped up its syndicated fundraising at a larger size of $200m.

    09 May 2017

  • Woori jumps on key window to score third AT1

    South Korea’s Woori Bank sneaked into the debt market on Monday with a $500m Basel III additional tier one, timing its deal for the day before the country held its presidential election.

    09 May 2017

  • StanChart boosts credit units with new appointments

    Standard Chartered is giving a shot in the arm to its credit business, with new hires in Singapore, Hong Kong, London and New York, according to a Tuesday press release.

    09 May 2017

  • SMFG, Bank of Taiwan seal MOU for collaboration

    Sumitomo Mitsui Financial Group and Bank of Taiwan have inked a memorandum of understanding to collaborate on asset finance, and to provide support to Taiwanese companies operating in ASEAN.

    09 May 2017

  • Banks meet over MAXpower $222m loan problems

    A default event has been declared on a $222m loan for Indonesian gas-to-power specialist MAXpower Group. The company first flagged up its financial problems over a year ago and had been speaking with lenders to rejig terms on the five year syndication sealed in 2015.

    09 May 2017

  • CK Hutchison rolls out inaugural hybrid post restructuring

    CK Hutchison Holdings is making a rapid return to the dollar market, collecting bids for a subordinated perpetual bond on Tuesday, its first hybrid outing after a 2015 restructuring.

    09 May 2017

  • Enjoy enjoys feedback on renewed bond terms

    Chile’s leading casino operator Enjoy SA spent Monday receiving feedback from investors about certain modified terms on its offering memorandum after potential bond buyers decided that the original terms were too risky a bet.

    09 May 2017

  • Rare movement in container pipeline with Textainer deal

    The container ABS sector is seeing some activity return with a container lease ABS from Textainer Marine Containers, as market players shrug off last year’s Hanjin woes.

    08 May 2017

  • Agrokor creditors given deadline as government crumbles

    Creditors of Agrokor have until June 9 to submit claims for repayment to the government-appointed bankruptcy commissioner Ante Ramljak, the company said on Monday.

    08 May 2017

  • Hellenic Bank: Technological transformation

    Hellenic Bank is the second largest commercial bank in Cyprus, with market shares of 13% and 7% in deposits and loans respectively. Recapitalised following the crisis, it is now introducing innovative measures to restructure its loan portfolio, rebuild its loan portfolio and enhance operating efficiencies. In this interview with GlobalMarkets, Hellenic Bank’s chairwoman, Irena Georgiadou, outlines the progress that the bank has made since its re-capitalisation and looks forward to the opportunities that are being generated by the economic recovery in Cyprus. Click the link to the right to find out more.

    08 May 2017

  • Turkish banks close to finishing successful loan refi round

    Turkey’s Garanti Bank this week signed a $1.35bn loan from 38 banks, in what could be one of the last financial institution deals to come from the region in the spring funding round.

    08 May 2017

  • Cooperative Central Bank: Preparing for a stock exhange listing

    The Co-operative Central Bank (CCB) of Cyprus was originally founded in 1937 as the central governing body of Cyprus’s 18 affiliated Co-operative Credit Institutions (CCIs), giving the bank unrivalled access to retail customers on the island. Click the link to the right to find out more.

    08 May 2017

  • Bank of Cyprus: Shrinking to strenghten

    Bank of Cyprus is comfortably the largest lender in Cyprus, with market shares of 39.7% in loans and 30.8% in deposits as of January 2017. It is also the only Cypriot bank listed on the London Stock Exchange (LSE), making it a natural proxy for the economy. In this interview, Bank of Cyprus’s CEO, John Hourican, shares his views with GlobalMarkets on the recent performance of the bank and on the outlook for the Cypriot financial services industry and economy. Click the link to right to find out more.

    08 May 2017

  • Georgia's Macroeconomic Outlook

    Georgia’s diligent work in the past on developing its economy has not been in vain. The real economy has grown at about 5% on average annually since the global financial crisis; that in a period characterised by a major slowdown in growth rates throughout the world. IMF’s longer-term forecasts of Georgia’s future real output growth also stand at about 5%, one of the highest in the region. Click the link to the right to find out more.

    08 May 2017

  • Halkbank a leader in SME banking in Turkey

    Net income was up 10.5% in 2016, with equity prof-itability reaching 12.6%. Which factors played defining roles in this strong performance? Was Halkbank able to report similar figures at the start of 2017? Click the link to the right to find out more.

    08 May 2017

  • Issuers line up as French election fears evaporate

    The French election came and went on Sunday offering up no surprises, leaving the corporate bond market wide open for new issuance this week.

    08 May 2017

  • Freddie Mac mulls STACR switch to target REIT investors

    Freddie Mac is considering changing the structure of its structured agency credit risk (STACR) transactions, to open up the market to much bigger participation from real estate investment trust (REIT) investors.

    08 May 2017

  • Hotspot builds up FX forwards platform

    Hotspot, a CBOE company, has conducted the first outright deliverable forward FX deal over its network and is also about to allow non-deliverable forwards for listing on its swap execution facility.

    08 May 2017

  • Building a new platform for co-operation between China and CEE

    In a Q&A with GlobalMarkets, Jiang Jianqing, head of the Sino-CEEF Holding Company and chairman of ICBC, sets out the institution’s aims, its likely investors, and its potential relationship with the EBRD.

    08 May 2017

  • Goldman Sachs sells Dong, Hastings shares after Macron win

    Equity block trading began smartly on Monday evening after Emmanuel Macron generated relief across markets by winning the French presidency on Sunday. Goldman Sachs brought two trades for its own private equity arm.

    08 May 2017

  • LafargeHolcim meets investors in wake of terror funding claims

    Swiss-French building company LafargeHolcim is marketing its first bond since it was engulfed in a scandal over its operations in Syria, which has already seen the company’s CEO step down in the last month.

    08 May 2017

  • ISDA conference kicks off with regulation top of the agenda

    Derivatives market participants today descended on the city of Lisbon to discuss the future of the industry at the 2017 International Swaps and Derivatives Association (ISDA) annual general meeting.

    08 May 2017

  • KfW back in green euros

    KfW is set to bring its first green bond in euros in nearly a year, with the deal coming amid a flurry of conventional trades in the currency. KommuneKredit is also in the SRI pipeline, after running a roadshow to introduce its green bond framework.

    08 May 2017

  • Macro backdrop lends mixed outlook to US CLO rally, say analysts

    Technical factors have driven US CLO spreads to record tight levels, and analysts have said there could be further room for the rally to run — though concerns around a falling oil price and reflation rate mean mezzanine tranches may have more limited potential for further tightening.

    08 May 2017

  • Ameos, Diaverum tee up bank meetings

    Hospital operator Ameos has scheduled a bank meeting for Wednesday morning for a €510m loan refinancing, as banks scramble for deals.

    08 May 2017

  • Simpson-Orlebar joins Metzgen’s team at Marlborough

    Aubrey Simpson-Orlebar has joined Tim Metzgen’s corporate debt advisory team at Marlborough Partners as a senior advisor.

    08 May 2017

  • Investors still guessing after tight Turkey referendum

    Turkey’s story is an unstable one. Though the referendum was supposed to signal clearly its direction of travel, it is too early to tell what Turkey’s identity will be — whether open to business and a secular progressive society, or one which turns its back on Europe, on open society and on making the big changes Turkey needs to realise its full growth potential

    08 May 2017

  • CEE pings loudly on China’s economic radar

    Chinese cash may never quite come to dominate the CEE region. But it is here to stay

    08 May 2017

  • Rebalancing act: Cyprus aims higher with economic diversity

    Knowledge-based franchises such as accountancy, law and financial services are all sectors that are helping Cyprus to rebalance its economy towards high value-added drivers of growth

    08 May 2017

  • SSA trio line up across euro curve

    Three public sector borrowers hit screens on Monday, mandating in a euro market buoyed by the defeat of National Front candidate Marine Le Pen in the final round of the French presidential election on Sunday.

    08 May 2017

  • Global DCM teams hunt for gold among CEE corporates

    Five years ago, banks had every reason to pile into the booming primary bond market for central and eastern European (CEE) corporate issuers. But then volumes bombed as market conditions changed and sanctions were imposed on Russia — the country that provided the lion’s share of supply. Yet still banks compete in what appears to be a dwindling new issue market dominated by just two global firms. Why do they bother and how?

    08 May 2017

  • Austria, Czech Republic and Lithuania take covered bond legal steps

    Legislators in the Czech Republic and Austria are in the process of updating their covered bond laws and Lithuania has set out its intention to introduce a framework.

    08 May 2017

  • Alfa Financial Software in rare London tech IPO

    Alfa Financial Software Holdings, the UK financial software company, has announced its intention to float on the London Stock Exchange.

    08 May 2017

  • Cyprus out to prove recovery has momentum

    Cyprus’s impressive economic recovery after the financial crisis is down to a mixture of luck and judgement. But with NPLs remaining extremely high, keeping the turnaround going will be tough.

    08 May 2017

  • Flughafen offers long haul destination as Swiss market breathes sigh of relief

    Flughafen Zurich, the company responsible for operating Zurich airport, offered Swiss franc bond investors a 12 year note on Monday as the market soared on Emmanuel Macron’s ascendance to the French presidency.

    08 May 2017

  • Greening the CEE economy: do those who would benefit see the point?

    Central and eastern Europe is inefficient at using energy and has not done much to clean its power system. Both areas offer huge wins for countries and companies that invest wisely in greener technology. But policy is central. Badly structured incentives can lead to backlashes. More seriously still, too many powerful people in CEE, for good reasons and bad, think green development is not a priority.

    08 May 2017

  • EIF backs Spanish SMEs as part of funding initiative

    The European Investment Fund has agreed to guarantee 50% of a portfolio of Spanish SME credit originated by nine banks.

    08 May 2017

  • French banks refresh levfin trading desks

    BNP Paribas and Crédit Agricole have hired new head traders for their high yield bond business, according to sources on Monday.

    08 May 2017

  • KBN turns to Kauri for eight year funding

    Kommnunalbanken is bookbuilding in the Kauri market, with the deal expected to close on Tuesday.

    08 May 2017

  • Unifin, Capex could light up Lat Am HY this week

    Two high yield companies from Latin America will wrap up investor meetings on Tuesday ahead of planned dollar-denominated bond issues.

    08 May 2017

  • CFF preps covered as Macron heads for the Élysée

    Compagnie de Financment Foncier (CFF) has mandated leads for a five year covered bond, taking advantage of positive sentiment that has followed French presidential elections.

    08 May 2017

  • Petroperu gets go-ahead for $2bn bond

    Peru’s ministry of economy and finance has authorised state-owned oil company Petroperu to proceed with a long awaited debut bond issue.

    08 May 2017

  • Stabilising oil provides platform for African sovs

    The price of oil provided a point of focus for emerging markets this week after a barrage of other macro events came and went without too much concern. Easing sales of Brent crude created a decent window for Senegal to bring its first dollar trade in almost three years.

    08 May 2017

  • Data silence raises EM deal flow hopes

    A glut of emerging market issuers is thought to be considering the market in the coming days as a quiet week for data has created a solid issuance opportunity, according to bankers.

    08 May 2017

  • Secondary pricing update: featuring EFSF's €6bn May 2027

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

    08 May 2017

  • ‘Macron euphoria’ round the euro HY corner

    The pipeline for new deals in the euro high yield bond market appeared all but empty this week, but bankers said Sunday’s French presidential election win for Emmanuel Macron would stoke a surge of offerings.

    08 May 2017

  • BMW Bank marketing latest German auto ABS

    BMW is marketing its latest German auto ABS, Bavarian Sky Germany 6.

    08 May 2017

  • US Bancorp lines up euro senior debut in attractive conditions

    US Bancorp picked Barclays to arrange a roadshow for its first euro-denominated senior trade on Monday, as attractive pricing levels attract US issuers to the currency.

    08 May 2017

  • SG's credit head Gazzolo leaves

    Olivier Gazzolo, head of FIC credit at Société Générale, has left the bank, GlobalCapital understands.

    08 May 2017

  • Euro house prices accelerating but UK growth slows

    House prices across Europe increased in 2016, but in the UK, while prices are still going up, the rate of growth has begun to to slow.

    08 May 2017

  • UBS’s electronic bond trading pioneer quits

    UBS’s electronic bond trading head Mark Russell, who ran the firm’s Bond Port platform, has left after 19 years, GlobalCapital understands, and is said to be joining Tradeweb, an electronic trading platform.

    08 May 2017

  • P&M Notebook: how to be a third country

    While markets are toasting Emmanuel Macron’s victory in the French presidential election, Europe still has plenty to do, and Brexit still hangs heavy over the finance industry.

    08 May 2017

  • BoE data show MREL requirements are ‘comfortably manageable’

    The Bank of England has published data on the minimum requirement for own funds and eligible liabilities (MREL), and analysts said that UK firms will have little difficulty complying with the rules by 2022.

    08 May 2017

  • Dongfeng Nissan steers Rmb4bn VINZ 2017-1 ABS

    Dongfeng Nissan Auto Finance priced its Rmb4bn ($580.59m) VINZ 2017-1 Retail Auto Loan Securitization on Thursday last week — the originator’s fifth in China.

    08 May 2017

  • MTF sets out for $100m debut syndication

    Indonesian automobile finance company Mandiri Tunas Finance (MTF) has hit the offshore syndicated loan market for a $100m borrowing.

    08 May 2017

  • Project finance bonds to pick up pace as refis loom

    Infrastructure financing in Asia, which is typically funded by bank loans, is set to see bond issuance playing a bigger role as projects reach operational, or brownfield, level and loans come up for refinancing, according to market watchers.

    08 May 2017

  • Pandas to flourish as foreign firms eye Mainland

    The Panda bond market is set for a surge as more global companies look to boost their presence in China, according to a senior capital markets banker working with the asset class.

    08 May 2017

  • Bright Scholar launches IPO as Wuxi seeks hearing

    Books for Bright Scholar Education Holdings’ $150m IPO in the US were covered as of Monday, according to bankers arranging the deal.

    08 May 2017

  • LBBW joins European peers in S$ with tier two

    Landesbank Baden-Württemberg (LBBW) has become the latest bank from Europe to sell a Singapore dollar-denominated bank capital deal. Its Basel III tier two was 5.5x covered, and like its peers, the issuer managed to save on funding costs compared to its home currency, reckon bankers.

    08 May 2017

  • Bangur to helm FAB's Apac corporate finance team

    Anand Bangur has been named head of the Asia Pacific corporate finance division at First Abu Dhabi Bank (FAB), the entity born from the merger of First Gulf Bank and National Bank of Abu Dhabi.

    08 May 2017

  • Canada’s TMX plans China bond link by Q4

    Canadian investors may gain a direct route into China’s interbank bond market thanks to a collaboration between TMX Group and Shanghai Clearing House (SHCH) that is set to kick off by the last quarter of the year, TMX's Brian Gelfand told GlobalRMB.

    08 May 2017

  • This week in renminbi: May 8, 2017

    China’s FX reserves grow for a third consecutive month in April, the head of the State Administration of Foreign Exchange (Safe) says China will not devalue renminbi, and HKEX plans to launch CNH and USD gold futures.

    08 May 2017

  • Indonesia’s PLN lights up market with dual trancher

    Investors have a chance to buy bonds from Indonesian government-owned electricity distributor Perusahaan Listrik Negara (PLN), which is back in the international market for the first time in over four years. Meanwhile, Singaporean property developer Oxley Holdings is tapping its $200m notes.

    08 May 2017

  • Asian FIGs jump on French election momentum

    The Asian G3 debt market opened on Monday with two deals from financial names and a mandate, in addition to two launches from corporates, following the positive sentiment overnight from the French presidential election.

    08 May 2017

  • IRB InvIT closes hugely popular $727m IPO

    India’s first infrastructure investment trust bounded to a solid finish with IRB InvIT Fund’s Rp46.5bn ($727.4m) IPO closing 8.6x covered.

    08 May 2017

  • EEX to introduce CEE power futures

    The European Energy Exchange (EEX) is set to offer power futures for Central and Eastern European markets in cooperation with Power Exchange Central Europe (PXE).

    05 May 2017

  • Eurex starts factor index derivatives

    Eurex, the derivatives exchange of Deutsche Börse, this week began trading futures linked to the iStoxx European equity factor indices.

    05 May 2017

  • EMMI decides not to transition to Euribor plus

    After conducting ‘pre-live verification’ testing on Euribor plus, the European Money Markets Institute (EMMI) and the European Securities and Markets Authority (ESMA) have decided not to transition to the new benchmark process.

    05 May 2017

  • Agrokor’s Russian lenders prepare for haircut

    Agrokor’s largest creditors, VTB Bank and Sberbank, have made provisions for losses on the loans they have provided to the struggling Croatian food company.

    05 May 2017

  • Notice

    On May 4, we published two articles regarding the setting up of Global Bank (The Bank for International Development and Reconstruction, BRID) and its Infrastructure Project Preparation Facility, promoted by Ron Nechemia. After concerns were raised by GlobalMarkets contacts we have taken these articles down from our website.

    05 May 2017

  • Turkey’s Yapı Kredi secures $1.36bn, pays 60bp more like Akbank

    Turkey’s bank loan refinancings are still in full swing, with Yapı Kredi having signed a deal for $1.36bn and Garanti Bankası mandating 19 banks.

    05 May 2017

  • Inmobiliaria Colonial raises €253m for new assets at 2.9% discount

    Inmobiliaria Colonial, the Spanish property company, successfully raised €253m on Thursday night in a 10% capital increase to finance new investments, capping a busy week for block trades.

    05 May 2017

  • Barclays set to return to covered bonds

    Barclays has mandated itself for a roadshow and plans to issue its first sterling covered bond in more than two years.

    05 May 2017

  • Danske’s consent request may delay covered return

    Danske Bank is restructuring its Finnish subsidiary in a move similar to Nordea’s last year and has requested investors’ consent to change terms, which will not have a rating impact, in return for a 10bp fee. The change could prevent the issuer from returning to the market soon.

    05 May 2017

  • Cobham hopes to turn a corner as rights issue wins 98% take-up

    Cobham, the UK aerospace and marine technology company, has finished its second rights issue in 12 months, after the leads completed a small rump placement.

    05 May 2017

  • KA Finanz’s run-off may lead to covered bond spread widening

    KA Finanz’s plans to convert into a wind down institution will strengthen its link to the Austrian state, but uncertainty over the regulatory and credit rating status of its covered bonds could cause its spreads to widen, said analysts this week.

    05 May 2017

  • Norican assembles €340m B2 bond for acquisition

    Norican, the Danish metal parts enhancement firm, priced a €340m six year senior secured bond to finance an acquisition on Friday.

    05 May 2017

  • Funding scorecard: Nordic agencies

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

    05 May 2017

  • Russian industrial firms play accordions as banks thirst for deals

    Metalloinvest, the Russian steel manufacturer, and Acron, the fertiliser producer, have both signed syndicated loans. They are soon to be followed by another Russian deal, for aluminium company Rusal, according to a banker looking at the deals.

    05 May 2017

  • Conflict risk is cracking South Korea’s appeal

    A stronger yen-won exchange rate underlines Japan’s perception of safety with Seoul now plunged into a crisis, awaiting elections and wary of tensions escalating on the Korean Peninsula.

    05 May 2017

  • UK DMO picks team for 2017-18 opener

    The UK Debt Management Office has picked the lead managers for the first syndication of its 2017-18 financial year, which it has scheduled for the week beginning May 15.

    05 May 2017

  • Sabadell tightens pricing 50bp on debut AT1

    Banco de Sabadell’s was more than six times oversubscribed for its first additional tier one (AT1) deal on Friday, allowing the Spanish bank to price the deal 50bp tighter than initial price talk.

    05 May 2017

  • Belle laces up for HK$28bn take private loan

    A HK$28bn ($3.6bn) financing to support the take private of Hong Kong-listed footwear company Belle International Holdings is open for participation at the sub-underwriter level.

    05 May 2017

  • Local currency key to filling Asia infra financing deficit

    Asia is overloaded with infrastructure projects hungry for financing, even though there is money to fund them. How to bring the two together is the question raised by panellists at the Asian Development Bank’s annual meeting in Japan — and for some local currency lending is the way forward.

    05 May 2017

  • Edra moots IPO as IWH-1MDB saga grips Malaysia

    Edra Global Energy, the Malaysian power producer owned by China General Nuclear Power Corp, is understood to be seeking banks for a potential IPO – though in an intriguing fashion.

    05 May 2017

  • China’s Huachen Energy mandates banks for debut

    Huachen Energy Co is prepping investors for its inaugural appearance in the international bond market, meeting fixed income accounts next week.

    05 May 2017

  • Standard Chartered loans team loses one

    A member of the loan syndications team at Standard Chartered in Hong Kong has left the bank for personal reasons.

    05 May 2017

  • BOC Singapore joins Belt and Road force

    Bank of China’s Singapore branch raised $600m from a three year floating rate bond on Thursday, marking the lender’s second issuance this year supporting the Chinese government’s Belt and Road initiative.

    05 May 2017

  • GRCB to kick off pre-marketing for $1bn IPO

    Guangzhou Rural Commercial Bank Co will drum up interest for its $1bn Hong Kong IPO next week, said bankers on the trade.

    05 May 2017

  • Sri Lanka wakes up investors with $1.5bn deal

    The Democratic Socialist Republic of Sri Lanka wowed investors with its new 10 year outing, securing a massive $11bn order book for a $1.5bn deal.

    05 May 2017

  • RMB round-up: Fidelity’s WFOE launches first fund, only two foreign firms receive China investment quotas in April, dim sum stays cold in Q1

    In this week’s round-up, Fidelity’s Shanghai-based wholly foreign-owned enterprise (WFOE) launches its first private fund, only two foreign investors were given qualified foreign institutional investor and RMB QFII quotas in April, and the dim sum bond market continued its decline in the first quarter.

    05 May 2017

  • Belt & Braces for Belt & Road issuers

    In the latest Clawback, columnist Philippe Espinasse turns his focus to the listing of infrastructure project companies in Hong Kong, saying that IPOs of Belt and Road issuers could be a big challenge.

    05 May 2017

  • BoCom launches $266m IPO via 14 at the helm

    BoCom International Holdings Co has opened books for its HK$2.1bn ($265.6m) IPO in Hong Kong via a 14 member syndicate, with nearly a third of the shares snapped up by cornerstone investors.

    05 May 2017

  • Ant Financial unit Alipay to hike $3bn acquisition loan

    Ant Financial subsidiary Alipay (Hong Kong) Holding will increase the size of its $3bn loan, taken to partly support its bid to acquire Dallas-based MoneyGram, according to bankers. The news comes about a fortnight after Alipay raised its offer for MoneyGram by around $300m.

    05 May 2017

  • LBBW heats up S$ bond market with tier two

    Landesbank Baden-Württemberg (LBBW) is marketing its first Singapore dollar-denominated transaction, a Basel III tier two subordinated bond, joining a slew of European lenders that have sold deals in the currency.

    05 May 2017

  • AmBank poaches senior ECM banker from RHB

    A senior ECM banker in Malaysia has left RHB Investment Bank to join AmInvestment Bank, taking on a broader role encompassing ECM as well as the entire equities franchise.

    05 May 2017

  • Linklaters hires two for China team

    Law firm Linklaters is boosting its China presence, hiring two new partners within its corporate and project practices for the Mainland.

    05 May 2017

  • Chilean Celeo transmits market tranquillity on debut

    Chilean power transmission company Celeo Redes showed the bond market’s willingness to support first-time Latin American borrowers with a 30 year amortiser that bankers saw as coming tight to expectations.

    04 May 2017

  • Panama finds investors keen for long end

    One of the best-performing sovereigns in Latin America showed that investors had no fears when it came to buying duration as it raised $1bn of long bonds alongside a $150m tap of its 10 year on Thursday.

    04 May 2017

  • BNDES lays green grass for Brazilian issuers

    Brazilian government-owned development bank BNDES sold a long-awaited green bond on Tuesday, with a combination of scarcity value and SRI investor support ensuring tight pricing.

    04 May 2017

  • Local currency bonds lift Argentina appetite to new heights

    A strong market backdrop and bond investors’ continued love affair with Argentina allowed state oil company YPF and private sector lender Banco Macro to sell fixed rate peso-denominated bonds to international buyers — trades that would have been unthinkable just months ago.

    04 May 2017

  • Don’t re-engineer risk retention

    Rules are made to be broken — even the ABS risk retention rules it seems. But structured finance officials should think long and hard hard about whether they want to return to a world where credit quality is an afterthought.

    04 May 2017

  • EC hardens stance on pension fund clearing exemption

    The European Commission hardened its stance on a clearing exemption for pension funds on Thursday as the final version of a proposed piece of legislation reduced the potential scope of the grace period to five years.

    04 May 2017

  • Green must stay in the eye of the beholder

    News that Volvofinans Bank, the finance arm of Volvo Cars, is planning a green bond backed by its loans on hybrid and other non-fossil fuel cars is a welcome sign of the green awareness spreading across the corporate world.

    04 May 2017

  • Hedge funds lever up CLO equity as yields slip

    Investor thirst for leverage has been intensifying in the US CLO market over the last six months. But while demand is hottest for levered bets on rated debt tranches, GlobalCapital understands that two banks have offered hedge funds leverage on equity tranches, one of the riskiest things an investor can do in structured finance. David Bell reports.

    04 May 2017

  • FIG deals rain on Spain as banks enter ‘new ZIP code’

    Spanish banks have taken just over four months to shoot past the supply totals they managed in the whole of last year, after yet another impressive deal was priced this week. With the creation of a new senior asset class potentially just around the corner in Spain, 2017 could turn out to be a bumper year for the nation’s financial institutions.

    04 May 2017

  • Belgium sells 2.5% of BNP Paribas as banks reach for plucky block trade

    The Belgian government sold the first chunk of its stake in BNP Paribas for €2bn through a structured trade that began on Wednesday night. The four bookrunners priced the trade aggressively and were left long of some stock, but luck has been with them so far, write Jon Hay and Aidan Gregory. They will be praying their fortune holds and Emmanuel Macron wins the second round of the French presidential election on Sunday.

    04 May 2017

  • Fed holds fire, helps May get off to a flyer

    May got off to a sizzling start in the US bond market this week as 15 companies including Apple and Unilever printed nearly $30bn of bonds as the earnings shackles came off and the US Federal Reserve kept policy rates on hold.

    04 May 2017

  • GC BondMarker: featuring EFSF's dual tranche

    The votes have been counted and the GC BondMarker verdict has been reached for last week's trades. See how they stacked up.

    04 May 2017

  • MTN Leak: from Russia to Chile with love

    This bank holiday weekend was filled with adventures for some MTNers. One Russia-based banker gloated about his enjoyable break and taunted Leak with tales of yet another long weekend ahead.

    04 May 2017

  • Euro pipeline thronged; Macron win priced in

    An enormous pipeline of euro paper has built up over the past few weeks as borrowers and investors wait, hoping that the result of Sunday’s presidential election in France will signal a return to business.

    04 May 2017

  • Market participants begin to question low vol levels

    Political risk is fast sliding down investors’ lists of concerns this week with volatility indices falling to levels that some are calling unnaturally low.

    04 May 2017

  • Public sector cure for repo market collapse won’t fix the problem

    Attempts by the German debt management office to prevent another collapse in the European repo market are not enough, according to market participants — though they may have benefited German taxpayers.

    04 May 2017

  • ACWA Power USD$814m 5.95% Dec 39 amortiser

    04 May 2017

  • DTCC hires for product development

    The Depository Trust & Clearing Corporation (DTCC) has appointed Valentino Wotton as the managing director for its repository and asset servicing subsidiary.

    04 May 2017

  • Hiag wakes dormant Swiss franc bond market

    Hiag Immobilien, the Swiss property developer, reopened the Swiss franc bond market on Wednesday after three weeks without a new issue. Low levels of issuance have allowed Swiss property firms an easy ride in bond markets in 2017.

    04 May 2017

  • EEX Group closes Nodal Exchange buy

    EEX Group, the energy and commodity trading subsidiary of Deutsche Börse Group, has completed its acquisition of US based Nodal Exchange.

    04 May 2017

  • Fibabanka USD300m 7.75% November 2027 Tier II

    04 May 2017

  • Investors pile into CIBC credit card deal

    Bookrunners doubled the size of a credit card securitization from CIBC on Thursday to meet demand from US investors hungry for Canadian ABS.

    04 May 2017

  • Coinstar mints first whole business ABS

    Sole lead Guggenheim on Thursday priced a $900m whole business deal from Coinstar Inc., a debut securitization from the owner and operator of self-service coin counting machines.

    04 May 2017

  • Turkey cashes in on strong rally to take $1.75bn with 30 year

    The Republic of Turkey has launched its largest 30 year bond since 2010, as investors shrugged off the recent constitutional referendum and dived in to catch the sharp rally in the country's spreads.

    04 May 2017

  • Banc of California eyes commercial PACE market

    Banc of California is eyeing a move into the Property Assessed Clean Energy (Pace) market, looking to provide funding for the growing commercial Pace sector.

    04 May 2017

  • People Moves in Brief

    Egan to chair ICMA - Natixis moves loan chief - RenCap tools up

    04 May 2017

  • BNG and KBN double up with Kangaroo 10s

    Kommunalbanken increased an Australian dollar bond tap on Thursday, as the reopened 4.25% July 2025 line enticed Asian central banks, while Bank Nederlandse Gemeenten tapped a 10 year Australian dollar bond twice in a week, raising A$155m ($116.7m) from Asian investors.

    04 May 2017

  • Glencore closes one year loan refi, while keeping debt pledge

    Anglo-Swiss commodity trading and mining company Glencore closed a $7.3bn one year revolving credit line on Wednesday.

    04 May 2017

  • Criteria Caixa EUR750m 1.5% May 23

    04 May 2017

  • Senegal adds to Africa pipe as GCC offer builds with Seco, Oman Trans

    New deals from the Middle East and Africa are beginning to flow as EM’s hot run gathers momentum. In the Gulf Cooperation Council, Saudi Electricity Co (Seco) and Oman Electricity Transmission are exploring dollar opportunities as Abu Dhabi Commercial Bank plots a comeback. Further south and west, Senegal has picked leads for a dollar comeback as the market awaits the results of Ivory Coast’s RFP.

    04 May 2017

  • VolkerWessels IPO gets covered after two days

    The IPO of VolkerWessels, the Dutch construction and property development company owned by the Wessels family, achieved coverage on its full deal size by Wednesday morning, two working days into the bookbuild.

    04 May 2017

  • Hard work pays off for Saudi’s ACWA Power

    Saudi Arabia’s ACWA Power priced its long awaited debut bond on Wednesday, raising $814m with the secured note. Months of work spent structuring the deal and educating investors were rewarded, with the borrower achieving a combination of size and price it would not have managed with a plain vanilla bond, said a lead banker.

    04 May 2017

  • Corps trust French polls, line up bond deals

    Next week should be a busy one for corporate bond issuance in Europe, providing the expected happens in France’s second round presidential election on Sunday.

    04 May 2017

  • Oman loan splurge to test appetite and pricing

    Oman Oil is set to bring a raft of financings to the syndicated loan market, and has begun by seeking to refinance the $1bn tranche from a $1.85bn loan it took out in 2014.

    04 May 2017

  • Market doubts potential for Italian NPL cure-all

    The success of recent Irish and Spanish non-performing loan securitizations has been a boon for beleaguered banks but anyone hoping for the same model to work for Italy will be sorely disappointed, said market participants.

    04 May 2017

  • MTNs tipped to rise after a low first quarter

    The MTN market is expecting a pick up in issuance in the second half of 2017, after a sluggish start to the year, as many public sector issuers race through their programmes via the public markets in the first few months.

    04 May 2017

  • Levloans wrap several repricings as primary slows

    Several leveraged loan deals were wrapped up this week in an otherwise quiet window for primary issuance.

    04 May 2017

  • Kommunalkredit tenders Swiss franc covered bonds

    Kommunalkredit has invited noteholders to tender a trio of Swiss franc covered bonds.

    04 May 2017

  • Dollars to vie with euros for supply

    The public sector dollar market is set to put a series of obstacles behind it to resume full pace next week — but issuers may opt to instead take advantage of sumptuous conditions in euros.

    04 May 2017

  • Sparebanken Sor Boligkreditt adds to covered pipeline

    Sparebanken Sør Boligkreditt has mandated joint leads for a roadshow to market its second euro covered bond.

    04 May 2017

  • Volvofinans hopes to tempt investors with ‘light green’ bond

    Volvofinans Bank is preparing to issue Europe’s second green bond from the automotive sector. While the deal is already attracting interest from investors, its use to finance hybrid and electric cars may not tick the green box for all investors.

    04 May 2017

  • Deriv exchange volumes rise on news flow

    Volume figures released by major derivative exchanges for the month of April showed increased activity, with interest rate products continuing to drive trading activity.

    04 May 2017

  • ESNs set for regulatory lift

    The idea of a new European Secured Note (ESN) asset class has struggled to get off the ground, but with a regulatory push and normalising monetary policy, it could at last be set for take off.

    04 May 2017

  • Ontario returns to sterling, printing well-received floater

    Three public sector borrowers hit screens in sterling this week, including a rare floating rate note from the Province of Ontario, which made use of the currency for the first time in six years.

    04 May 2017

  • KBN adds another A$75m to Kanga tap

    Kommunalbanken increased an Australian dollar bond tap on Thursday, as the reopened 4.25% July 2025 line enticed Asian central banks.

    04 May 2017

  • FMS-W prices through mid-swaps with compact trade

    FMS Wertmanagement nipped into a quiet dollar market to print a three year Reg S only syndication, the issuer’s first dollar deal at that point of the curve to come through mid-swaps this year.

    04 May 2017

  • The Pained Trader: No model business

    The Pained Trader ponders the plausibility of a retreat to one of the less salubrious cities of Europe.

    04 May 2017

  • Bank ABC’s liquidity rush prompts early loan repayment

    Bahrain’s Arab Banking Corporation decided to repay its $750m loan ahead of its maturity due to an increase in its liquidity, allowing it to avoid further interest payments.

    04 May 2017

  • HSBC lowers forecasts for MREL issuance, interest costs

    HSBC said on Thursday that it expected to issue close to $60bn of new bonds for the minimum requirement for own funds and eligible liabilities (MREL) over the next few years, having scaled down its previous estimates.

    04 May 2017

  • Saga readies debut sterling high yield bond

    UK specialist insurance and travel provider Saga is set to price its first bond next week, a benchmark deal that is part of a refinancing of its financial structure.

    04 May 2017

  • Senegal set to hit the road for dollar return

    Senegal will meet investors next week ahead of a potential return to the dollar market for the first time in nearly three years.

    04 May 2017

  • Hard work pays off for ACWA Power

    Saudi’s ACWA Power priced its long awaited debut bond on Wednesday, raising $814m with the secured note. Months of work spent structuring the deal and educating investors were rewarded, with the borrower achieving a combination of size and price it would not have managed with a plain vanilla bond, according to a lead banker.

    04 May 2017

  • SG struck by Libya but FICC thrives

    Société Générale missed consensus for its first quarter earnings on Thursday, following a €963m legal settlement with the Libyan sovereign wealth fund. But the French bank’s results were otherwise robust, with a particularly strong performance in trading fixed income currencies and commodities.

    04 May 2017

  • Fibabanka demonstrates depth of demand for Turkish T2

    An inaugural deal from second tier Turkish lender Fibabanka on Wednesday offered further proof that concerns over the country’s political direction have failed to dampen investor confidence in its banks.

    04 May 2017

  • Softer Trump talk fails to diffuse Asian trade conflict fears

    Donald Trump may have dialled down his anti-free trade rhetoric in recent weeks, but Asian business experts warn that even the threat of a trade war with the world’s largest economy would deliver a blow to growth and jobs

    04 May 2017

  • Panamá eyes tap after biding time

    The Republic of Panamá is likely to tap its 11 year bonds and set a new long benchmark on Thursday after announcing initial price thoughts first thing Thursday.

    04 May 2017

  • FINAL WORD: Amando M. Tetangco, Jr.

    Anchoring the Philippine economy amid rough seas

    04 May 2017

  • China's embrace of green bonds clouded by regulation concerns

    China’s issuance of $33bn of green bonds in 2016 made it world leader with 42% of sales but has raised concerns that the projects it is funding in areas such as coal would not be seen as environmentally friendly by Western-based watchdogs

    04 May 2017

  • Turkey hits right note with 30 year

    The Republic of Turkey is out with guidance for a new 30 year note, in a move that rival bankers have said is “perfectly timed". The sovereign is on track to complete all of its planned funding for the year in the first five months.

    04 May 2017

  • Swissport in technical breach as owner pledges shares elsewhere

    Swissport has announced a technical default on several of its senior debt facilities, after “becoming aware” that its owner, HNA, the Chinese private equity group, had pledged shares in it as collateral for another loan.

    04 May 2017

  • North Korea-US war would detonate Asia 'ecosystem'

    The president of the Asian Development Bank has used a GlobalMarkets interview to urge the US and North Korea to diffuse the tensions between the two countries that investors warn may have a devastating impact on the entire Asian economic ecosystem

    04 May 2017

  • Carry trade entices investors into landmark Macro peso deal

    The bond market’s love for Argentina reached new heights on Wednesday as Banco Macro became the first issuer to sell fixed rate peso debt in international markets since the country returned from financial market wilderness 13 months ago.

    04 May 2017

  • Macron raises stakes in battle for French mandates

    France’s investment bankers will be keen to prove their top level political connections following Emmanuel Macron's election as president, writes David Rothnie.

    04 May 2017

  • Asia crisis anniversary marked by fresh debt warning

    Twenty years after Southeast Asia was plunged into a devastating financial crisis, senior policymakers at the ADB meetings have voiced concerns over the build-up of dollar-denominated corporate debt

    04 May 2017

  • OBOR 2.0: China prepares for May summit with global ambitions

    The One Belt, One Road summit in mid-May will see 28 global leaders converge on Beijing and learn that the Chinese government now sees OBOR as a manifestation of its international ambitions — and of its long-term hopes of redrawing global trade flows and rules in its own image

    04 May 2017

  • Neepco and MSTC bid deadlines extended

    India’s government divestment agency has extended the deadline for firms to bid for roles in the Iistings of North Eastern Electric Power Corp (Neepco) and MSTC.

    04 May 2017

  • VW kicks off 2017 with Rmb4.5bn Driver China transaction

    Volkswagen Finance (China) is returning to the ABS market with its Rmb4.5bn ($652.66m) Driver China six, having sold three auto ABS in the Mainland last year.

    04 May 2017

  • Indonesia’s PLN powers up bond comeback

    Investors are set to welcome Indonesian government-owned Perusahaan Listrik Negara (PLN) back to the dollar bond market, with the company mandating two firms to work on its issuance.

    04 May 2017

  • Martin Egan picked to chair ICMA

    Martin Egan has been elected chair of the International Capital Market Association at the trade body's annual general meeting in Luxembourg, replacing Spencer Lake.

    04 May 2017

  • HKEX’s T-bond futures make quiet debut

    The Hong Kong Exchange’s China Ministry of Finance Treasury bond (T-bond) futures were given a lukewarm reception by investors in the first two weeks of trading. But experts say demand will pick up as China’s onshore bond market opens up further later this year.

    04 May 2017

  • headline

    standfirst

    04 May 2017

  • IRB off to slow start on first India InvIT IPO

    Bookbuilding for IRB InvIT Fund’s Rp46.5bn ($727.4m) IPO is having a slow start despite the hype surrounding India’s first infrastructure investment trust.

    04 May 2017

  • HSBC secures Asia business growth

    HSBC has reported a drop in overall profits for the first quarter of 2017, but strong growth in its Asian businesses as it continues to focus on the region.

    04 May 2017

  • Orix Corp signs up 17 for $400m revolver

    Tokyo-headquartered Orix Corp, which provides financial and investment services, has tied up a $400m two year financing with a group of banks.

    04 May 2017

  • Crystal on track for $800m Hong Kong listing

    Crystal International Group has filed a listing application with the Hong Kong Stock Exchange for a $600m-$800m IPO.

    04 May 2017

  • ANZ posts strong profits for first half

    ANZ’s cash profit jumped 23% in the six months ending March 31, buoyed by the lender’s moves to restructure its business and hive off some of its retail and wealth units.

    04 May 2017

  • Pakistan spurs IPO market with new framework launched

    The Securities and Exchange Commission of Pakistan is giving a fillip to its IPO market, rejigging rules to make the equity-raising process more efficient and less time consuming.

    04 May 2017

  • Sinochem International seeks $300m five year bond

    Sinochem Group subsidiary Sinochem International Corp is looking to raise $300m from a five year bond, according to a filing with the Shanghai Stock Exchange.

    04 May 2017

  • Sri Lanka serves up new dollar notes

    The Democratic Socialist Republic of Sri Lanka opened books for a new dollar offering on Thursday, braving a quiet week in Asia's debt capital markets.

    04 May 2017

  • Lipstick Building, 75 Broad Street prepped for CMBS

    Loans on a pair of New York office buildings will back two separate single asset CMBS offerings in coming weeks, with more conduit volume also expected, as analysts predict deal volume to surge past 2016 levels following a slow start to the year.

    03 May 2017

  • Trump's $1tr infra plans no problem for Asia investment, says ADB's Nakao

    ADB president tells Global Markets that, despite a vast financing needed for infrastructure development, Asia should not fear US spending plans or rising US rates.

    03 May 2017

  • Infrastructure IPO first step to rebuilding India

    Banks are optimistic that a debut domestic IPO by an India infrastructure investment fund will encourage others to raise money to help fill an estimated $1.5tr shortfall

    03 May 2017

  • Asia fears US retreat will leave trade world leaderless

    Markets fear that failure of either the United States or China to take on the role of leader on global trade has left export-oriented Asian economies worried about the impact of a lack of leadership on global commerce

    03 May 2017

  • Telia reduces its stake in Turkcell by 7% via TL1.77bn block trade

    Telia, the Nordic telecoms group, came to market on Wednesday night with a large block trade in Turkcell, the Turkish firm in which it owned 38% directly and indirectly.

    03 May 2017

  • General Motors roars into FRNs for €1bn

    General Motors Financial Co made its first journey of the year to the euro bond market on Wednesday, issuing a €1bn four year floating rate note.

    03 May 2017

  • Brisa gets its largest book yet for €300m 10 year

    Brisa Concessão Rodoviária printed a €300m 10 year bond on Wednesday, extending its maturity curve to 2027.

    03 May 2017

  • Belgium sells 2.5% of BNP Paribas in €2bn block trade

    On Wednesday night, the Belgian state conducted one of the largest equity block trades of the year so far – a 2.5% stake in BNP Paribas.

    03 May 2017

  • Eurex appoints innovation chief

    European derivatives exchange Eurex yesterday appointed Romanos Daniel as its chief innovation officer, filling a new position that was recently added to its executive board.

    03 May 2017

  • Oman Oil seeks $1bn refi, more group loans to come

    Oman Oil wants to refinance the $1bn tranche from a $1.85bn loan it took out in 2014, adding to the company’s much wider financing plan, according to a banker on the deal.

    03 May 2017

  • Longer reinvestment periods produce mixed results for EU CLOs

    Extending reinvestment periods for European CLOs will benefit managers and equity investors but could have negative implications for credit overall, said S&P Global Ratings in its first quarter CLO performance report.

    03 May 2017

  • Indonesia’s borrowers ready to reap rewards of deeper debt markets

    As one of the fastest growing economies of all the G20 countries, Indonesia is on the up. Having taken some difficult decisions after coming to power in 2015, Joko Widowo’s administration is reaping the rewards with growth accelerating, a budget deficit below 3%, and inflation tamed. The benign economic background has helped the Indonesian government become one of the most sophisticated sovereign borrowers in the interna-tional market. At GlobalCapital ’s roundtable in Jakarta in early April, hosted by Standard Chartered, leading bankers and issuers gathered together to look at the impact of reforms to state-owned enterprises, potential US interest rate rises, and changes to tax laws on the potential to make a deeper, more effective debt market.

    03 May 2017

  • ANNA holds second consultation on cost of deriv ISINs

    The Association of National Numbering Agencies (ANNA) has issued a second consultation paper on the fees payable for its Derivatives Service Bureau after it introduced ISIN numbers for over-the-counter derivatives.

    03 May 2017

  • Hiag wakes dormant Swiss franc bond market, in property mini-boom

    Hiag Immobilien, the Swiss property developer, reopened the Swiss franc bond market on Wednesday after three weeks without a new issue. The market's drought has allowed Swiss property firms an easy ride in bond markets in 2017.

    03 May 2017

  • KBN prints tap and FMS-W lines up ahead of Fed meeting

    A pair of European borrowers have ventured into the otherwise deserted dollar market, ahead of a Federal Reserve rates decision tonight.

    03 May 2017

  • Ontario lands with sterling floater

    The Province of Ontario came to market for a rare sterling floater on Wednesday, sharing the UK currency market with a European Investment Bank deal.

    03 May 2017

  • Danske snaps up old boy to work on syndicate desk

    Morten Skaaning has returned to Danske Bank’s debt capital markets syndication desk after spending nearly three years at Arbejdernes Landsbank.

    03 May 2017

  • Ipreo hires L&G trading head

    New issue tech firm Ipreo has hired Stephen Grady, former head of trading at L&G Investment Management, as head of market structure and strategy.

    03 May 2017

  • Trump’s bellicosity fires up Latin America's love-in with China

    For those who believe in symbolism, China’s reaction to last year’s US presidential election could not have been more auspicious. Within days of Donald Trump’s surprise victory on November 8, Xi Jinping was on a flight to Latin America.

    03 May 2017

  • Building on relationships: AIIB’s mission to help solve global ills

    The president and chairman of the Asian Infrastructure Investment Bank Jin Liqun tells GlobalMarkets he is eager to learn lessons from others as well as to pass on the lessons of China’s own economic development

    03 May 2017

  • Bearing the load: finding the $23tr to fill Asia's infrastructure gap

    The ADB has just doubled its estimate of the money needed for infrastructure investment from $750m a year to $1.5bn. But as ministers meet in Yokohama it is unclear where the cash will come from — and on what terms

    03 May 2017

  • Kuwait Energy brings largest European oil and gas IPO since 2014

    Kuwait Energy, the independent Kuwaiti oil and gas company, is to test investor appetite towards the recovering energy sector, having announced the launch of its long awaited IPO on the London Stock Exchange on Wednesday morning.

    03 May 2017

  • Myanmar’s macroeconomic outlook

    Myanmar, which has a population of 51 million people, is located at the tri-junction of South Asia, South-East Asia and East Asia. It shares borders with the world’s second biggest economic power, China, and the fastest growing regional economies, India and Thailand. Myanmar’s extensive coastline stretches 1,739 miles (2,800 km) and its access to the sea gives it the potential to become a vital trading hub between South Asia, East Asia and Southeast Asia.

    03 May 2017

  • Amigo taps debut bond in optimistic sterling HY

    Amigo Loans, the UK consumer lender, launched a £50m tap of its debut high yield bond on Wednesday, and bankers said there is more to come from the sterling market after what has already been a busy start to the year.

    03 May 2017

  • Beechbrook opens Manchester office for direct lending

    Beechbrook Capital, the direct lending firm, has opened an office in Manchester after hiring a new investment director last month.

    03 May 2017

  • Ex-Deutsche country head joins Kepler Cheuvreux for corporate finance

    Maroan Maizar, the former country head for Deutsche’s capital markets businesses in Switzerland, has joined Kepler Cheuvreux to work on Swiss corporate finance.

    03 May 2017

  • Fixed income booms at BNPP

    BNP Paribas reported a big upturn in fixed income revenues in the first quarter of 2017, thanks in part to the terrible quarter that kicked off last year, and to the benign backdrop across almost all markets.

    03 May 2017

  • RenCap strengthens EEMEA and frontier markets offering

    Russia’s RenCap has bolstered its senior management team with a new sales head as it reorganises its markets business.

    03 May 2017

  • Sistema bonds drop as Rosneft files law suit

    Sistema bonds fell three and a half cash points on Wednesday morning after Rosneft filed a Rb106bn ($1.87bn) lawsuit against the Russian holding company.

    03 May 2017

  • Caffil gets superb covered execution for two trancher

    Caffil enjoyed very strong demand for a two tranche covered bond offering on Wednesday and showed just how much the squeezed technical backdrop is forcing investors' hands.

    03 May 2017

  • Barclays T2 rallies as market await Yankee rush

    Investors were rewarded handsomely if they bought into Barclays’ $2bn tier two on Tuesday, after the deal performed very well in the secondary market.

    03 May 2017

  • Fibabanka starts pricing at 8% for debut tier two

    Fibabanka emerged with pricing on Wednesday for the first Turkish tier two bond since last month’s constitutional reform referendum.

    03 May 2017

  • Corporate borrowers get ready for post-Macron deal rush

    Corporate bond investors have only snacks to feed on in the new issue market this week, but if Emmanuel Macron wins France’s presidential election on Sunday, next week is set to bring more solid fare.

    03 May 2017

  • FIG pipeline fills up as spreads feel squeeze

    Banks are lining up new deals as they exit their blackout periods, hoping to take advantage of super-tight bond spreads and strong investor demand.

    03 May 2017

  • CEEMEA-lite after full fat April

    The bond pipeline in CEEMEA is light with only well flagged borrowers opening books in a week that is peppered with data points and political risk events.

    03 May 2017

  • Ultra-long Treasury talk steepens curve

    An announcement that the US Treasury is contemplating extending its curve to 50, or even 100 years has pushed up long end yields.

    03 May 2017

  • ACWA tightens pricing after 'complex' deal sparks investor rush

    Orders of over $1.5bn enabled Saudi Arabia’s ACWA Power to squeeze down guidance for its amortising note on Wednesday.

    03 May 2017

  • Criteria Caixa rides strong Spanish bid on senior return

    Criteria Caixa was well received on its return to the euro senior unsecured bond market on Wednesday, as Spanish financial institutions capitalise on investors’ confidence in the country’s economic recovery.

    03 May 2017

  • Pre-summer IPO pipeline grows with Kuwait Energy, Medicover

    Despite a public holiday on Monday and the second round of the French presidential election due this Sunday, the IPO market is vibrant, with two more names joining the pre-summer pipeline so far this week.

    03 May 2017

  • Ireland’s passport to success in a post-Brexit world

    Although Ireland will not escape entirely the disruption caused by Brexit, the potential for the country to benefit is significant as banks and other financial services companies consider moving away from London.

    03 May 2017

  • BNDES slakes thirst for Brazilian assets with debut green bond

    Brazilian government-owned development bank BNDES sold a long-awaited green bond on Tuesday, achieving tight pricing that bankers put down more to a lack of supply from Brazil’s quasi-sovereign issuers than the green aspect of the deal.

    03 May 2017

  • Japanese buyers widen manager lists as CLO bid heats up

    Japanese CLO buyers are widening their investment mandates to include a broader range of managers and, for the first time, are looking at refinancing transactions.

    02 May 2017

  • Volvofinansbank prepares green bond debut for electric cars

    Volvofinansbank today announced it would meet investors in Stockholm on Monday May 8 to present a framework for its inaugural green bond. The deal will be one of the few green bonds from the automotive sector.

    02 May 2017

  • Nestlé returns to Eurodollars, cuts a third from spread

    Nestlé made its second visit of 2017 to the Eurodollar bond market on Tuesday, issuing a $300m five year that it managed to price 19bp tighter than a similar deal in January.

    02 May 2017

  • Bank of England should reassess TFS

    As Brexit appears to be a damp squib, at least for now, the Bank of England should consider ending its Term Funding Scheme to bring UK mortgage funding back to normal levels.

    02 May 2017

  • TriOptima offers margin valuation service

    TriOptima has added a margin valuation adjustment (MVA) analytics service to its triCalculate platform.

    02 May 2017

  • ICE completes Atrium acquisition from TMX

    The Intercontinental Exchange (ICE) has completed its acquisition of Atrium from TMX Group, the company announced on Monday.

    02 May 2017

  • For regulation, Europe needs further action on no-action

    European regulators are finally on the road to creating suspension mechanisms similar to those used in the US, an evolution that should not stop at clearing.

    02 May 2017

  • EC tees up clearing suspension mechanism in leaked doc

    The European Commission aims to introduce a mechanism that will allow it to “temporarily suspend” clearing obligations for certain OTC derivatives products or counterparties if requested to by the European Securities and Markets Authority (ESMA).

    02 May 2017

  • Global Ports opens the books for London float

    Global Ports Holding, the independent cruise port operator, has set the price range for its IPO on the London Stock Exchange.

    02 May 2017

  • When back office wins the business

    The traditional reasons that issuers pay investment banks are being eroded by regulation. But the staggeringly costly compliance and back office infrastructure is increasingly valuable.

    02 May 2017

  • The devil in the detail of Greece’s planned comeback

    The Greek government wants to return to the bond markets this year as soon as its latest round of bail-out negotiations ends — something that moved a step forward this week after the country agreed a deal with its creditors on a range of fiscal and structural reforms. But one look at where its outstanding debt is trading should make the government think twice before rushing back to the capital markets.

    02 May 2017

  • NWB taps long euros

    Nederlandse Waterschapsbank tapped a 24 year line for €250m on Tuesday.

    02 May 2017

  • Frigoglass seeks bondholder consent to restructure debt

    Frigoglass, the Greek maker of chiller cabinets, has launched a consent solicitation to holders of its €250m senior bond as it tries to restructure its debt through a UK scheme of arrangement.

    02 May 2017

  • Agrokor’s subsidiaries' shares suspended until new audit

    The Croatian financial services supervisory agency, Hanfa, has suspended trading in the shares of eight of Agrokor’s subsidiaries until it appoints a new auditor to look over its 2016 accounts.

    02 May 2017

  • BNG doubles up with Kangaroo 10s

    Bank Nederlandse Gemeenten has tapped a 10 year Australian dollar bond twice in a week, raising A$155m ($116.7m) from central Asian and Japanese investors.

    02 May 2017

  • Taking GCC debt capital markets to the next level

    Middle Eastern governments and companies rose to the financing challenge set by falling oil prices in 2016, rethinking their operations, cutting costs and turning to the international bond markets in committed fashion to plug funding gaps. Issuers in the Gulf Cooperation Council countries raised $66bn last year, and this year’s first quarter total of nearly $25bn suggests issuance will be similarly high in 2017.

    02 May 2017

  • Commerzbank CLO priced, as HPS preps EU debut

    The primary European CLO market is getting crowded, with Commerzbank pricing a new issue deal at the end of last week and HPS Investment Partners readying a debut European transaction.

    02 May 2017

  • Medicover plans Skr2bn diagnostic services IPO

    Medicover, the Swedish diagnostic services provider, on Tuesday joined the growing number of European companies seeking to go public before the summer, announcing its intention to float on Nasdaq Stockholm.

    02 May 2017

  • Criteria Caixa resurfaces with new senior mandate

    Spain’s Criteria Caixa picked banks to arrange the sale of new senior unsecured bond on Tuesday, having discussed a new debt offering with investors at the end of last year.

    02 May 2017

  • Westpac hits road with senior or covered

    Westpac has mandated leads for a roadshow to look at issuing a senior unsecured or covered bond in euros. The tight spread between the two asset classes could restrict covered bond supply.

    02 May 2017

  • Natixis appoints loans head to new high yield trading role

    Natixis has given its head of loan syndicate a new role, making him global head of high yield corporate distribution and trading.

    02 May 2017

  • MuHyp offers rare covered concession

    Münchener Hypothekenbank issued a comfortably oversubscribed €500m 10 year Pfandbrief on Tuesday, and priced the deal with a small concession and a decent amount of central bank support.

    02 May 2017

  • BAML hires for EM DCM

    Bank of America Merrill Lynch has hired a former Credit Suisse banker for its emerging markets DCM team.

    02 May 2017

  • Saudi Electricity, Oman Transmission line up as ACWA opens books

    New deals from the Middle East are beginning to flow. Saudi Arabia's International Company for Water and Power Projects (ACWA Power) opened books on a conventional amortising note on Tuesday, as Saudi Electricity Co (Seco) and Oman Electricity Transmission line up sukuk trades.

    02 May 2017

  • FMSB firms up new issue rules

    The FICC Markets Standards Board (FMSB) published the final version of its guidelines on best efforts primary market syndications for fixed income in Europe on Tuesday, as it now looks to move on to tackling secondary market impacts of the new issue process.

    02 May 2017

  • Cyprus focuses on new FDI push

    While the recent performance of the Cypriot economy has been impressive, local economists say that the prospects for longer-term growth and job creation would be enhanced if the island can address the problem of its notoriously low productivity.

    02 May 2017

  • S Chand wraps up $114m IPO 60x subscribed

    Indian textbook publisher S Chand and Co has sealed its Rp7.3bn ($113.7m) IPO 59.5 times subscribed after a burst of demand on the last day of bookbuilding.

    02 May 2017

  • Quam Financial Services eyes HK$5bn rights issue

    Quam Financial Services Group, an arm of Mainland conglomerate China Oceanwide Holdings, is seeking shareholder approval for a HK$5.1bn ($659.8m) rights issue.

    02 May 2017

  • Avic Leasing launches $150m three year bullet

    Chinese company Avic Leasing has hit the loan market for a $150m fresh money loan with one bank at the helm.

    02 May 2017

  • Citic CLSA names new global M&A head

    Citic CLSA Securities has appointed Andrew Low as global head of M&A, as Nathan McMurtray joins the firm from Deutsche Bank, according to sources familiar with the matter.

    02 May 2017

  • This week in renminbi: May 2, 2017

    In this round-up of news you may have missed over the long weekend, forex transactions amount to Rmb14.18tr ($2.06tr) in March, China’s manufacturing PMI disappoints analysts, and renminbi deposits in Hong Kong continue to fall in March.

    02 May 2017

  • YPF to join Macro in testing fixed-rate peso demand

    Argentine state oil company YPF is set to provide arguably the biggest test yet of investor demand for Argentine peso-denominated paper.

    02 May 2017

  • Votorantim Metais recovers in secondary after strike strikes pricing

    Bond investors revelled in the extra eighth of a point in yield they earned on Friday after the threat of a workers’ strike at one of Votorantim Metais’ smelters led the company to delay pricing its debut bond and hike pricing.

    02 May 2017

  • CS to lead CleanFund's debut commercial PACE ABS

    Credit Suisse has been tapped to lead the first ever commercial Property Assessed Clean Energy (PACE) ABS transaction, a $40m-$75m offering from CleanFund Commercial Capital.

    01 May 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
  • 16 May 2017
1 Deutsche Bank 19,381.65 47 8.82%
2 Bank of America Merrill Lynch 18,968.25 36 8.63%
3 HSBC 18,103.95 50 8.24%
4 BNP Paribas 8,911.57 55 4.05%
5 SG Corporate & Investment Banking 8,885.00 54 4.04%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 May 2017
1 JPMorgan 8,714.26 35 8.36%
2 UBS 8,283.47 33 7.95%
3 Goldman Sachs 7,736.57 37 7.42%
4 Citi 6,897.11 46 6.62%
5 Bank of America Merrill Lynch 6,215.31 24 5.96%