• Better ratings lure issuers to whole biz ABS market

    Whole business ABS, which saw a crowded pipeline the first half of the year, is set to continue a strong run as franchises shift from corporate bonds to securitization for better ratings and a broader buyer base.

    26 Jul 2017

  • Multifamily lending to hit record volumes in 2017, says Freddie

    Government sponsored enterprise Freddie Mac said it expected multifamily loan originations to hit new highs in 2017, as CMBS market sources eye a bigger portion of the multifamily pie going to agency lenders instead of conduit deals.

    26 Jul 2017

  • CFTC extends no-action relief on transaction requirements

    The Commodity Futures Trading Commission has this week issued a letter extending no-action relief for non-US dealers still working to comply with transaction-level swap requirements.

    26 Jul 2017

  • BlackRock mortgage vehicle launches second RMBS deal

    A BlackRock UK mortgage securitization vehicle, London Wall Capital Investments, mandated leads for its second RMBS deal on Tuesday, as several asset managers shift away from traditional buy-side roles and into securitization-funded direct mortgage lending.

    26 Jul 2017

  • Santander's €7bn rights issue gets 'fabulous' eight times coverage

    Santander’s €7bn rights issue finished 8.2 times covered, according to a filing with the CNMV, the Spanish regulator.

    26 Jul 2017

  • EUROPEAN CORPORATE BOND PIPELINE

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

    26 Jul 2017

  • Jane Street makes market debut for $600m

    Jane Street Group, the electronic trading firm, held a bank meeting in New York on Wednesday with another scheduled in London on Thursday for its debut syndicated loan, a $600m-equivalent term loan split between euros and dollars.

    26 Jul 2017

  • European SSA returns to Swiss market amid basis swap move

    Nederlandse Waterschapsbank has become the first European SSA to print in the Swiss market since 2015, citing a favourable move in the euro/Swiss franc basis swap as a reason for the return.

    26 Jul 2017

  • NRW.Bank picks banks for green return

    NRW.Bank announced on Wednesday that it will go on the road at the end of August to market its fifth green bond.

    26 Jul 2017

  • Insurer groups split on EIOPA harmonisation plan

    British, German and European-wide insurer groups are in diagreement about whether it would beneficial to have a harmonised approach to recovery and resolution, after the European Insurance and Occupational Pensions Authority (EIOPA) published a proposal for a new European framework.

    26 Jul 2017

  • Trio of investors sell 16.9% of AIM's Taptica

    Shares in Taptica International, the London-listed Israeli digital marketing solutions company, closed 5.4% lower on Wednesday after three investors sold a 16.9% stake for £39.5m, through an accelerated bookbuild on Tuesday night.

    26 Jul 2017

  • Nitrogénmuvek tries to plant mini-bond deal in ‘right window’

    Hungarian fertiliser group Nitrogénmuvek launched the smallest high yield bond offering of the year so far on Wednesday. But guidance suggested the borrower seeks to pocket large savings as it refinances its old 2020s.

    26 Jul 2017

  • Russian assets shrug off US sanctions vote

    Markets reacted with apathy to the news that the US House of Representatives had voted on Tuesday to expand sanctions against Russia.

    26 Jul 2017

  • Silent Wednesday but at least three more to come

    The corporate bond deals priced so far this week show a robust market. A US Federal Reserve meeting and a thinning pipeline may have resulted in a maiden over of a Wednesday, but hopes are high of primary business picking up before the end of the week.

    26 Jul 2017

  • Türk Eximbank takes further $200m from CDB

    State-owned Türk Eximbank has signed a $200m three year loan facility with the China Development Bank.

    26 Jul 2017

  • Three abandon bonds as power shifts to Asian investors

    Single-B rated bond issuers in Asia got a major setback this week, with three debut credits pulling their planned dollar offerings. There were plenty of reasons for their failures, but bankers say the cancellations reflect a debt market transitioning from one dancing to the tune of borrowers to one being dictated by investors.

    26 Jul 2017

  • PSB prices ‘semi-private’ AT1 debut at 8.75%

    Promsvyazbank priced an inaugural additional tier one dollar deal at 8.75% on Wednesday morning after attracting more than $1.1bn of orders.

    26 Jul 2017

  • Covered bond yield curve steepening on the way

    Rates volatility is expected to continue and, with the long end being disproportionately affected, DZ analysts are urging investors to shorten duration.

    26 Jul 2017

  • Spanish non-preferred take-off tipped for September

    Spanish banks will return from their blackout periods this week but market participants believe it is unlikely that the country’s issuers will jump into issuing non-preferred senior debt in August.

    26 Jul 2017

  • China's State Council pushes SOE reforms

    China’s cabinet has given its central state-owned enterprises (SOEs) until the end of the year to be restructured as corporations, in line with the government’s push for market reform.

    26 Jul 2017

  • 'No upside' for Novo Banco bondholders after LME

    Bondholders have been left between a rock and a hard place, according to one investor, after Novo Banco published the terms of its liability management exercise (LME) this week.

    26 Jul 2017

  • Investors snap up rare CDB Leasing dollar bonds

    It has been a rough week for Asia’s high yield issuers. But China Development Bank Financial Leasing Co showed that investment grade names can still get plenty of demand, raising $1bn from a dual-tranche that appeared to price in line with fair value.

    26 Jul 2017

  • Hot conditions, few clouds augur well for summer deals

    Unilever, Eversholt Rail and Grand City Properties have all defied the season this week to bring corporate bond issues, and been rewarded with strong demand.

    26 Jul 2017

  • Hungary seals Rmb1bn panda near tight end

    Hungary priced its debut Panda bond just before 5pm on Wednesday, completing the second onshore renminbi bond deal by a European sovereign.

    26 Jul 2017

  • Turkish and Russian sub deals defy summer slowdown

    Supply continued to seep into CEEMEA bond markets at the start of the week despite the looming summer slowdown and Wednesday’s US Federal Open Markets Committee meeting.

    26 Jul 2017

  • Greece bonds ‘rates not credit’, says hedge fund

    A hedge fund manager who bought some of Greece’s comeback €3bn five year bonds on Tuesday believes that the paper will trade “like a rates instrument” rather than credit, despite the bonds being marketed at an absolute yield level more akin to the high yield corporate market.

    26 Jul 2017

  • Metro Bank, Biffa break blocks drought with good trades

    After a lull last week when many companies were in closed periods ahead of results, the equity block trades market is more vibrant this week, with several significant trades so far, including a successful capital increase for Metro Bank.

    26 Jul 2017

  • Sri Lanka rakes in $1bn on strong Indian demand

    Sri Lanka has reached its target of $1bn from a three year syndicated loan that was launched at $450m, after demand poured in from Indian lenders.

    26 Jul 2017

  • Beijing Enterprises plans HK$1.3bn open offer

    Beijing Enterprises Clean Energy Group is preparing a HK$1.33bn ($170.3m) open offer to fund development projects and acquisitions of clean energy-related companies.

    26 Jul 2017

  • Neepco, MSTC IPOs: third time’s the charm

    India is once again hiring banks for the IPOs of North Eastern Electric Power Corp (Neepco) and MSTC, after the first two requests for proposals ended up nowhere.

    26 Jul 2017

  • StanChart adds to Asia DCM syndicate team

    Standard Chartered has hired a former Barclays banker as an executive director in the Asia DCM syndicate team.

    26 Jul 2017

  • Codelco comes tight on bond return

    Investors dug deep for Chilean copper giant Codelco’s first bond issue in 22 months on Tuesday as bankers at the leads claimed a negative new issue premium on the issuer’s 10 year tranche.

    26 Jul 2017

  • Senior bonds in focus for US new issue CLOs

    PGIM and Octagon have been active in the US CLO market on Monday and Tuesday this week, as new CLO formation is said to be building momentum despite the difficulty of attracting equity investors given the squeeze on returns at the bottom of the structure.

    25 Jul 2017

  • US investors polish Diamond bond terms before sale

    Bain Capital’s Diamond, the cleaning chemical business, had to remove a controversial restricted payment clause before printing the triple-C rated bonds of its new financial structure on Tuesday.

    25 Jul 2017

  • Nelnet prices SLABS as FFELP spreads grind tighter

    Student loan servicer Nelnet priced a Federal Family Education Loan Program (FFELP) securitization to new tights on Tuesday, reflecting strong demand for the bonds despite headwinds in the sector.

    25 Jul 2017

  • Price talk floated for rare Dutch mixed MBS offering

    Joint lead bookrunners HSBC and ABN Amro released price guidance on Tuesday for a rare Dutch MBS offering backed by buy-to-let and owner occupied residential mortgages, as well as loans on mixed use commercial properties.

    25 Jul 2017

  • Metro Bank raises £278m as it heads for first annual profit

    On Tuesday evening, Metro Bank, the UK challenger bank, completed a 9.9% capital increase, after announcing its fourth consecutive quarterly profit.

    25 Jul 2017

  • LedgerX brings Bitcoin further into fold with CFTC approval

    The Commodity Futures Trading Commission (CFTC) on Monday granted LedgerX, a digital currency exchange and clearing platform, a derivatives clearing organisation license.

    25 Jul 2017

  • Arena Events closes up 4.5% after £60m AIM IPO

    Shares in Arena Events Group, the UK supplier of temporary structures to festivals and sporting events such as Wimbledon and Glastonbury, closed 4.5% above their IPO price on Tuesday after the company made its debut on London’s Alternative Investment Market (AIM).

    25 Jul 2017

  • Greek comeback passes muster, bankers await stats

    Greece’s return to bond issuance on Tuesday drew praise from bankers across the SSA sector, who are now eagerly waiting to see whether the book — much smaller than its previous comeback bond in April 2014 — trumps that older deal for quality.

    25 Jul 2017

  • Greece’s debt comeback shouldn’t mask relief needs

    Although there may be questions over whether Greece should have waited until after the summer before bringing its second comeback bond in three years, the issuer and the banks should be applauded for a job well done. But now the focus must turn to debt relief.

    25 Jul 2017

  • OCC 'support' for fintech is great, but now what?

    Acting Comptroller of the Currency Keith Noreika’s support of granting national bank charters to fintech companies is positive for the industry, but until the OCC actually provides clear and specific guidelines, the banking charter for fintech firms is a pipe dream.

    25 Jul 2017

  • Early mover advantage for peripheral covered bond issuers

    Covered bond issuers in Europe’s periphery should wake up to the fact that current spread levels are artificially tight and unsustainable. The first bank that recognises and takes advantage of this will have a distinct advantage over its competitors.

    25 Jul 2017

  • Hannam adds two veteran resources analysts

    Hannam & Partners, the investment banking boutique founded by Ian Hannam, has hired two experienced equity analysts, to cover mining and oil and gas.

    25 Jul 2017

  • MOEX expands membership with EDB admission

    Eurasian Development Bank (EDB) has become the first international financial institution to gain admission to the Moscow Exchange (MOEX) derivatives market.

    25 Jul 2017

  • Leverage is in the eye of the beholder

    Everyone wants to dilute the leverage ratio, but in different ways. That undermines the use of it as a backstop to risk-based capital, and undermines regulatory consistency.

    25 Jul 2017

  • Michael Kors bags £1.1bn loan for Jimmy Choo buy

    Michael Kors, the US luxury fashion company, has signed a £1.115bn bridge facility for its £896m acquisition of UK competitor Jimmy Choo from majority shareholder JAB Luxury, the retail holding company of the billionaire Reimann family.

    25 Jul 2017

  • Schuldschein lenders will stay faithful as ECB tapers

    The ECB stimulus has likely contributed to a flow of borrowers and buyers entering the Schuldschein market, as downward pressure on spreads has forced lenders to look further for yield. But with talk of ECB tapering, some fear that the international investors who drove up volumes will return to more traditional stomping grounds. But these investors will be more faithful than it might seem.

    25 Jul 2017

  • FMS-W comes flat to dollar curve with 2bp hop

    FMS Wertmanagement nipped into a quiet dollar market on Tuesday, pricing a five year global benchmark flat to its curve after taking the unusual step of jumping 2bp from opening guidance in one step.

    25 Jul 2017

  • Grand City tenders and extends while Sodexo taps

    After Monday’s British flavour to corporate bond issuance, German property company, Grand City Properties, and French food services company, Sodexo, brought deals to the market on Tuesday. Grand City printed a €600m nine year new issue and Sodexo tapped its €600m 0.75% April 2027 deal for €200m.

    25 Jul 2017

  • LedgerX has done well, but Bitcoin is still young

    When one thinks of volatility, few asset classes stand out as much as cryptocurrencies. But the fledgling nature of these decentralised digital currencies has meant that interested derivatives users have had to navigate equally volatile attitudes from global regulators.

    25 Jul 2017

  • US banks relish easier regs as international rules come unstuck

    Following the US Treasury report on regulating the financial system, published last month, the chief executives and financial officers of the big US banks lined up to praise the reforms' potential — though they could be the last nail in the coffin of international regulatory co-operation.

    25 Jul 2017

  • IFC launches first social bond private placement

    The International Finance Corporation (IFC) has extended its newly minted social bond programme into the private placement market. MTN bankers believe the social format could prove more popular in the private market than green bonds.

    25 Jul 2017

  • HY pipeline builds but unpredictable September ahead

    Bankers speaking to GlobalCapital seemed unable to make up their minds about how the second half of the year will play out in the European high yield market. But they agreed that deals in the works for September will bring little challenge for investors.

    25 Jul 2017

  • Refresco bottles Cott business for $1.25bn, lines up €2bn debt

    Rotterdam-headquartered drinks bottle maker Refresco is set to issue over €2bn-equivalent of loans following its $1.25bn acquisition of US drinks firm Cott’s bottling business.

    25 Jul 2017

  • Universe of Italian covered bond issuers expands with Desio

    Although Obbligazioni Bancarie Garantite (OBG) supply has been limited this year, the universe of borrowers is set to expand as Fitch assigned a rating to Banco di Desio e della Brianza’s (Desio) programme in the expectation of a €500m deal.

    25 Jul 2017

  • Lack of competition helps Odeabank bag $600m demand for tier two debut

    Odeabank took advantage of limited supply in emerging market bonds to price a well-received Eurobond debut on Monday.

    25 Jul 2017

  • Novo Banco targets cost savings with crucial LME

    Novo Banco has published the terms of a long-awaited liability management exercise, unexpectedly shifting its emphasis away from generating immediate capital gains.

    25 Jul 2017

  • Strix Group heads for £190m IPO on AIM

    Strix Group, the Isle of Man-based designer and maker of kettle safety controls, plans to raise £190m through an IPO on London’s Alternative Investment Market (AIM).

    25 Jul 2017

  • PSB picks Russian trio for inaugural AT1 dollars

    Promsvyazbank (PSB) was on track on Tuesday morning to become the third Russian lender to issue additional tier one (AT1) dollar debt this year after releasing price guidance for an inaugural deal in the format.

    25 Jul 2017

  • Funding on blockchain: a new bubble

    Initial Coin Offerings (ICOs) are the hot new way to raise capital — $1.2bn has been raised in 57 launches this year (according to a report by Autonomous) — and the appeal for start-ups is obvious. But, with investors piling in with no regard for long-term value, it’s a bubble waiting to burst.

    25 Jul 2017

  • MOL closes debut Schuldschein

    Oil and gas company MOL became the first Hungarian issuer to raise funds in the Schuldschein market, in a sign that more lenders, given the right credit, are prepared to be tempted eastwards.

    25 Jul 2017

  • Cochin Shipyard seeks $228m from India debut

    Indian government-owned Cochin Shipyard is set to start bookbuilding next week for its Rp14.7bn ($228.2m) IPO.

    25 Jul 2017

  • Chengtong, China Logistics Property plot dollar bonds

    First-time issuers China Chengtong Holdings Group and China Logistics Property Holdings Co are preparing for their dollar fundraisings, tapping banks to lead their respective offerings.

    25 Jul 2017

  • Paiton Energy eyes dollar bond foray

    Indonesia’s Paiton Energy has mandated banks for a debut public dollar bond. It will kick off a roadshow this week.

    25 Jul 2017

  • Serbia’s credit risk is lower than the rating agencies suggest

    The economy is on the mend and it is high time the raters take notice.

    25 Jul 2017

  • Cairn India's $651m loan nets commitments from five

    Cairn India Holdings has signed new lenders into a $651m loan that had been in general syndication since late May.

    25 Jul 2017

  • India’s free float flexibility is fraught with danger

    The Indian government has given itself another year to meet free float requirements on listed state-owned firms, despite having had since 2014 to wind down its positions. The move illustrates a lax attitude in both the public and private sectors around liquidity and public shareholding levels — an issue that must be remedied.

    25 Jul 2017

  • First Biffa block trade clears at 4.8% discount

    On Monday night, Avenue Group, Bain Capital and Barings brought the first block sale of shares in Biffa, the UK waste disposal company, since its troubled IPO in October 2016.

    25 Jul 2017

  • Continuum Energy to print offshore dollar debut

    Continuum Wind Energy’s subsidiary Continuum Energy Levanter is selling a senior 144A/Reg S bond on Tuesday, adding variety to a busy primary debt market.

    25 Jul 2017

  • CR Land seals biggest Panda deal of the year

    China Resources Land returned to the Panda market with the biggest deal this year, raising Rmb5bn ($740.9m) from a dual-tranche bond on Monday. CR Land sealed the deal just four days after rival Longfor Properties’ debut and faced similar pressure from investors to prioritise its shorter term notes.

    25 Jul 2017

  • Halkbank joins Turkish covered bond ranks

    Türkiye Halk Bankasi (Halkbank), the Turkish state-owned lender, has confirmed that it plans to issue mortgage-backed covered bonds. It joins seven Turkish lenders that have rated covered bond programmes in place.

    25 Jul 2017

  • Sunac bags HK$4bn from opportunistic placement

    Sunac China Holdings has raised HK$4.03bn ($516.2m) from a top-up placement, taking advantage of its recent media focus and skyrocketing share value to bag a deal, according to a source close to the situation.

    25 Jul 2017

  • IBK keeps debut AT1 small despite investor enthusiasm

    Industrial Bank of Korea (IBK) raised $300m from its first trip to the additional tier one market on Monday. Investors embraced the structure, pushing the books to eight times covered.

    25 Jul 2017

  • BNY Mellon names Giglio to head Apac DR

    Francis Giglio has been promoted to Asia Pacific head of depositary receipts at BNY Mellon, replacing Neil Atkinson who will transfer to London.

    25 Jul 2017

  • CLSA, BOCI reshuffle top ECM syndicate ranks

    Citic CLSA Securities has brought in Steve Lam to helm its equity syndicate team, while also naming Nathan McMurtray to lead its charge into the equity-linked market.

    25 Jul 2017

  • CDB Leasing, Lionbridge out for bonds as Greenland prices tap

    China Development Bank Financial Leasing Co is back with its second dollar bond, following its international debut in November 2014. Financial leasing firm Lionbridge Capital Co is also looking to price its debut deal on Tuesday.

    25 Jul 2017

  • Bank Tabungan back for $155m one year refi

    Indonesia’s Bank Tabungan Pensiunan Nasional (BTPN) is back in the loan market with a $155m 360-day deal to refinance debt and for general working capital.

    25 Jul 2017

  • Indonesia’s ABM drills for dollar debut

    Indonesia’s ABM Investama began marketing its inaugural dollar bond on Tuesday morning, opting for a 144A deal to reach US investors as well.

    25 Jul 2017

  • Irico Group preps $296m H-share private placement

    The board of directors of Irico Group New Energy Corp has approved an H-share placement of up to Rmb2bn ($296.3m) to help fund some photovoltaic glass projects.

    25 Jul 2017

  • Everbright Water makes a splash in Panda market

    Everbright Water wrapped up its first Panda bond on July 21, raising Rmb1bn ($148m) from a five year deal in the exchange market. The company had originally planned a longer tenor deal, but backed down after considering the cost.

    25 Jul 2017

  • Panama metro line to tunnel for more debt

    Panama’s proposed second metro line is planning to sell $619m of senior secured debt boasting an effective sovereign guarantee, via an issuance vehicle known as SPARC EM SPC.

    25 Jul 2017

  • Xiaomi hikes loan to $1bn with 20 on board

    Chinese mobile phone maker Xiaomi has allotted its bigger $1bn loan, fully exercising a $250m greenshoe option on the back of strong demand.

    25 Jul 2017

  • Azteca to broadcast new seven year

    TV Azteca, the second largest Spanish language television producer in the world, is looking to raise new dollar debt just a few days after it said it would use pesos to prepay dollar notes due 2018.

    25 Jul 2017

  • CMBS market eyes more engineered retention solutions

    The US CMBS market is exploring different ways of complying with risk retention beyond the structures used to date, with new methods of dealing with the rule being seen among non-banks and in the single borrower market.

    24 Jul 2017

  • CMBS loses ground to portfolio lenders as US CRE debt grows

    In a mid-year outlook of the global structured finance markets, analysts from S&P Global Ratings pointed out the rise of private portfolio lenders in commercial real estate, at the expense of a struggling CMBS market.

    24 Jul 2017

  • Trading spikes in non-agency RMBS as market digests trustee case

    Trading in non-agency US RMBS was busy last week, with sellers outweighing buyers as the market grapples with the fallout from trustee Wells Fargo’s decision to hold on to investor cash in a handful of crisis-era deals last month.

    24 Jul 2017

  • NYC readies tax lien ABS

    The City Of New York is marketing a rare $68m tax lien transaction, as part of its annual run to the securitization market.

    24 Jul 2017

  • DRB marketing refi SLABS

    Darien Rowayton Bank (DRB) is in the market with a new student loan refinancing offering, Laurel Road Prime Student Loan Trust 2017-B.

    24 Jul 2017

  • TP ICAP chooses Bloomberg Entity Exchange for MiFID II

    TP ICAP has chosen Bloomberg Entity Exchange as its outreach platform in preparation for the Markets in Financial Instruments Directive II (MiFID II), the interdealer broker announced on Monday.

    24 Jul 2017

  • Uralkali to mandate banks for Russia’s fifth PXF this year

    Russian potash company Uralkali is due to mandate banks for a $750m pre-export finance facility this week, according to a banker close to the deal.

    24 Jul 2017

  • Tikehau Capital bags €702m to grow AUM

    Tikehau Capital, the French alternative asset manager, has raised €702m to accelerate its development, after its rights issue attracted substantial oversubscription by new and existing shareholders.

    24 Jul 2017

  • Permira ducks out of Cortefiel as remaining owners refi debt

    Permira is selling its 33% Cortefiel stake to the other two owners of the Spanish retailer, CVC and PAI Partners. The deal includes a debt restructuring and ends rumours of a stock sale.

    24 Jul 2017

  • Rare CMBS, credit card collateral surface in European ABS market

    Activity is dwindling in the European ABS market as the summer draws on, but investors still have opportunities to buy off the run deals with a rare Swiss franc denominated Austrian CMBS deal and a Spanish credit card deal being marketed this week.

    24 Jul 2017

  • Banks threatened by downgrade after S&P methodology update

    Ratings for several financial institutions have been placed under criteria observation (UCO) by Standard & Poor’s after the ratings agency updated its risk-adjusted capital framework criteria for credit risk for the first time since 2010.

    24 Jul 2017

  • Natixis seeks SSA dollar syndicate banker

    Natixis is looking to hire an SSA syndicate banker with dollar market skills, GlobalCapital understands.

    24 Jul 2017

  • Investors happy with 175bp after six year wait for Eversholt

    Eversholt Rail, the UK railway carriage leasing company, returned to the bond market after a six year gap today, to borrow £400m of 25 year amortising debt.

    24 Jul 2017

  • Spain inches towards single-A status despite looming referendum

    Fitch has revised its outlook on Spain’s credit rating to positive despite the sovereign facing a potentially destabilising referendum in October.

    24 Jul 2017

  • Greece mobilises second comeback

    Greece is set to make its much rumoured return to the debt markets this week, bringing a new five year bond alongside a switch and tender offer for its original comeback issue, an April 2019 sold three years ago. Bankers away from the trade expect the trade to go well, despite coming just as the summer slowdown is set to start.

    24 Jul 2017

  • Spreads super-tight as Unilever raises €1.9bn

    Forecasts that Europe's corporate bond market would be all but closed for the summer this week were belied by Unilever on Monday: it launched its biggest ever euro bond and got some of the tightest corporate pricing this year.

    24 Jul 2017

  • Adnoc seeks $5bn loan at tight pricing

    Abu Dhabi National Oil Co (Adnoc) is in talks with international and Middle Eastern banks about a syndicated loan of up to $5bn, which is understood to be very tightly priced.

    24 Jul 2017

  • Green buyers stir for EIB Kanga launch

    European Investment Bank launched a lengthy climate awareness bond in Kangaroo format on Monday, as appetite grows for green issuance in the Australian dollar bond market.

    24 Jul 2017

  • Blackstone claims £600m Clarion, immediately after £3bn Paysafe offer

    Blackstone has agreed to buy exhibitions organiser Clarion Events from Providence Equity Partners, only days after it announced a £2.86bn public-to-private bid for UK fintech firm Paysafe alongside CVC.

    24 Jul 2017

  • FMS-W wakes early birds with five year dollar global

    FMS Wertmanagement came shooting out the blocks on Monday with an early mandate for a global benchmark. The issuer has opted for a five year, with banks on the trade citing strong investor appetite for dollar paper at that point of the curve.

    24 Jul 2017

  • Allfunds to issue €575m of senior notes to fund its acquisition

    Allfunds Bank has mandated banks to arrange the sale of a seven year non-call three senior secured bond following the firm's sale to Hellman & Friedman and GIC.

    24 Jul 2017

  • Tissue Regenix raises £40m at 16.6% discount

    Tissue Regenix Group, the UK regenerative medical technology company owned by IP Group, has issued £40m of shares to finance its acquisition of CellRight Technologies in the US.

    24 Jul 2017

  • Scope for Carige covered bond performance is limited by liquidity

    Government support for Banca Carige is becoming more probable, boding well for its covered bonds, which are the cheapest available in Europe. But limited liquidity in these and other eurozone bonds makes it difficult to execute trades, in stark contrast to non-eurozone bonds.

    24 Jul 2017

  • CVC to refi acquisition financing for Poland rail biz

    CVC Capital Partners is speaking to international banks about a new loan to refinance a deal used to acquire Poland’s state railway company’s energy unit PKP Energetyka in 2015.

    24 Jul 2017

  • Diamond on display as HY eyes summer recess

    Just one borrower occupied European high yield bond pipeline at the start of this week giving the impression the market is about to slow for summer. Bain Capital’s hygiene product supplier Diamond, is out on a roadshow.

    24 Jul 2017

  • ADGM opens up business to DGCX

    The Dubai Gold and Commodities Exchange (DGCX) and its connected clearing service were granted “remote recognition status” by Abu Dhabi Global Market (ADGM) regulators on Sunday.

    24 Jul 2017

  • Odeabank offers tier two as Halkbank plots return

    Turkey's Odeabank revised guidance to 7.75% area for its Basel III-compliant 10 year non-call five tier two bonds on Monday, as investors got to grips with a new credit, and anticipated return of compatriot and peer, Halkbank.

    24 Jul 2017

  • Sterling supply volumes soar as banks pile into UK

    Financial institutions have already eclipsed last year’s total supply volumes in the sterling bond market, as international borrowers have piled into the currency to take advantage of impressive issuance conditions.

    24 Jul 2017

  • P&M Notebook: Citi and BAML’s M&A plan pays off

    The US bank numbers are in, and in a reversal of usual form, it’s the universal banks on top, while Goldman is struggling to explain its poor form.

    24 Jul 2017

  • Mizuho plans securities sub in Frankfurt

    Mizuho Securities said on Monday that it plans to establish a new subsidiary in Frankfurt to carry on EU securities business following the UK's departure from the bloc.

    24 Jul 2017

  • HK regulator rejects AMTD Strategic Capital’s IPO plan

    Hong Kong’s market regulator has turned down AMTD Strategic Capital Group’s application to list on the city’s stock exchange.

    24 Jul 2017

  • Zhongnan Construction, Weichai Power to venture offshore

    Jiangxu Zhongnan Construction Group Co and Weichai Power Co are eyeing the international market for foreign currency bonds, with the former planning a debut $300m three year and the latter €650m-equivalent.

    24 Jul 2017

  • DC Holdings tees up HK$1.45bn rights issue

    Digital China Holdings is preparing to raise up to HK$1.45bn ($185.8m) from a rights issue to help fund investment in big data analysis in the healthcare industry.

    24 Jul 2017

  • SIS aims for $121m in debut share sale

    Securities and Intelligence Services plans to raise Rp7.8bn ($121m) from its IPO in India, with bookbuilding expected to kick off next Monday.

    24 Jul 2017

  • Chong Hing wraps up exchange of legacy notes

    Chong Hing Bank wrapped up the exchange portion of its legacy tier two bonds last Friday, soon after raising $360m from a 7.5x covered new money transaction that was buoyed by its rarity value.

    24 Jul 2017

  • IBK launches first Korean policy bank AT1

    Industrial Bank of Korea (IBK) began marketing a subordinated perpetual bond on Monday morning, the first dollar additional tier one note from a South Korean policy bank.

    24 Jul 2017

  • China Shengmu sends invitations for $100m facility

    China Shengmu Organic Milk opened syndication for a Rabobank-led $100m three year financing last week, returning to the loan market after an absence of about one and a half years.

    24 Jul 2017

  • Short and sweet: Longfor makes Panda debut

    Longfor Properties completed its dual tranche Panda bond debut on July 20, pricing three and five year tranches in the middle of guidance. But the issuer had to make a last minute tweak to its plans as investors gave clear priority to the shorter term notes.

    24 Jul 2017

  • Chinalco's Peru unit seeks $200m in syndication

    Aluminum Corporation of China (Chinalco) has approached lenders for a $200m two year loan through its Peruvian arm, according to bankers.

    24 Jul 2017

  • The week in renminbi: US-China dialogue stutters, China bond volumes jump, RMB fix strengthens

    The US-China dialogue on trade had a muted ending last week, but there was good news in the bond market – domestic issuance picked up in June, and issuers continue to flock to Panda bonds.

    24 Jul 2017

  • Duo join Lat Am pipe

    Latin American business services company Atento and Panamanian lender Banco General will begin fixed income investor meetings on Monday ahead of planned dollar bond issuance.

    24 Jul 2017

  • Honduran Atlántida notches international debut

    Inversiones Atlántida, the 87% owners of Honduras’ largest lender Banco Atlántida, sold $150m of five year non-call three notes on Friday well inside where a better rated Lat Am financial name had sold bonds the day before.

    24 Jul 2017

  • MOEX committee decides on index changes

    The Moscow Exchange Index Committee this week agreed on changes to the calculation method for the indices that it hosts.

    21 Jul 2017

  • Landis & Gyr sneaks over issue price after largest Swiss IPO since 2015

    Shares in Landis & Gyr, the Swiss maker of energy meters, closed 0.5% higher on their debut Friday, after a dip in morning trading, after the company priced its IPO at Sfr78, above the middle of the Sfr70-Sfr82 initial range.

    21 Jul 2017

  • Metalloinvest exits Norilsk Nickel via $400m block

    An otherwise quiet week for block trades was interrupted on Thursday night with a large selldown of shares in Norilsk Nickel, the Russian nickel and palladium mining company, by Metalloinvest, the steel maker and miner.

    21 Jul 2017

  • Dovish Draghi helps improve covered bond value, but woes remain

    The slightly dovish policy statement that followed Thursday’s European Central Bank policy meeting has caused the Bund-swap spread to widen, restoring a little value in covered bonds. But the spread is still a long way from the widest levels of last month and if the spread tightening resumes, covered bond sellers could come out in force just as post-summer supply hits the screens.

    21 Jul 2017

  • Corporate bond week ahead: Draghi ensures suitcases remain unpacked

    European Central Bank president Mario Draghi may have signed off for the summer by dampening debate around tapering of the ECB’s bond purchasing, but investors are still at their desks with money to spend.

    21 Jul 2017

  • Thom Europe cuts leverage following lukewarm reception

    French jewellery retailer Thom Europe has widened pricing on its bond-to-loan refinancing by 75bp to 450bp, reducing the offering by €60m to €610m in the process.

    21 Jul 2017

  • Secondary pricing update: featuring EFSF's 2056 tap

    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.

    21 Jul 2017

  • Oceanwide pays up for $400m bond return

    China’s Oceanwide Holdings Co scored $400m from a new three year offering on Thursday, sealing a bigger deal than expected but paying up in the process.

    21 Jul 2017

  • China Life Overseas gets huge bid after capping bond

    China Life Insurance (Overseas) Company’s $250m bond generated huge demand on Thursday, with final books hitting $3.9bn. Market participants reckon the issuer priced through theoretical fair value.

    21 Jul 2017

  • CJE rides on rarity value to establish dollar curve

    China Jinjiang Environment Holding Company (CJE) made its debut in the international bond market, raising $200m from a three year on Thursday. The deal won investors over — but finding close comparables proved a challenge.

    21 Jul 2017

  • Greenland Holdings mulls hiking loan to $300m

    Chinese property developer Greenland Holdings is planning to increase the size of its loan, launched in late April, to $300m from $250m.

    21 Jul 2017

  • Maybank stresses Belt and Road with Panda debut

    Malaysian lender Maybank priced its first onshore renminbi bond on July 21, with the Rmb1bn ($148m) three year deal closing books early in the afternoon.

    21 Jul 2017

  • US fund sues ZTO, banks for alleged IPO failings

    A US pension fund has filed a class action lawsuit against ZTO Express and the banks which underwrote its $1.4bn IPO on the New York Stock Exchange last year.

    21 Jul 2017

  • Updated: Hungary reveals guidance for Panda debut

    The Eastern European sovereign announced the price guidance for its three year debut Panda bond on July 25, after agreeing on a Rmb3bn ($445m) Panda programme with onshore authorities last week.

    21 Jul 2017

  • Shandong Gold wins board approval for $1bn HK IPO

    Shanghai-listed Shandong Gold Mining has got the green light from its board of directors to float on the Hong Kong Stock Exchange.

    21 Jul 2017

  • Parkway Pantai's bonds check out for investors

    Investors flocked to Parkway Pantai’s senior perpetual offering on Thursday, intrigued by a rare bond from a debut healthcare issuer despite the deal's lack of rating.

    21 Jul 2017

  • Chelsea Logistics fetches $115m from Philippine float

    Chelsea Logistics Corp raised Ps5.8bn ($115.1m) from its Philippine IPO on Thursday after the shares were priced almost 30% below the upper limit.

    21 Jul 2017

  • Godrej Agrovet seeks approval for October listing

    Animal feed and agribusiness firm Godrej Agrovet has filed a draft prospectus with India’s market regulator for its IPO, which is expected in the fourth quarter of 2017, according to a banker close to the deal.

    21 Jul 2017

  • One more bank joins Belle's HK$28bn take-private loan

    A short and limited syndication of a HK$28bn ($3.6bn) financing to support the take-private of Hong Kong-listed footwear company Belle International Holdings has wrapped up with one more bank jumping in.

    21 Jul 2017

  • RMB round-up: MRF sales near Rmb1tr, NB boosts A-shares capabilities, Sberbank joins SGE

    In this round-up, net sales under the mutual recognition of funds (MRF) are approaching a combined volume of Rmb1tr, Neuberger Berman (NB) adds China equity capabilities, and Russian lender Sberbank joins the international board of the Shanghai Gold Exchange.

    21 Jul 2017

  • Lat Am shows discipline as HY issuer fortunes vary

    Colombian payroll lender Credivalores had to widen pricing on its new bond on Thursday as bankers said that, despite the strength of the market, investors were not willing to buy anything and everything.

    20 Jul 2017

  • Hipo joins Arg pipe after YPF’s tight return

    Argentine mortgage lender Banco Hipotecario said on Thursday that it had approved another $400m bond issuance, just after YPF clinched a long awaited return to dollar markets that impressed bankers.

    20 Jul 2017

  • Willis preps rare aircraft engine lease ABS

    Willis Lease Finance Corp. is returning to the ABS market with a transaction backed by aircraft engine operating leases, the first securitization from the company in five years.

    20 Jul 2017

  • Peru says goodbye to GDNs after clinching Euroclearable debut

    South American sovereign Peru said it is unlikely to return to global depositary notes (GDNs) as a way of attracting international buyers into its local curve after selling its first ever Euroclearable Nuevo sol-denominated bond on Monday.

    20 Jul 2017

  • The Pained Trader: Everyday failure or every day, failure?

    One week in and already I’m fighting for my broking life. My licence came through from the FCA — the bastards — last Wednesday as soon as I returned from my tour of Europe’s best luce rossa districts and the heat came on, strong and immediate.

    20 Jul 2017

  • GC BondMarker: MuniFin's short dollars get the edge on KfW

    The vote are in and the scores have been counted. The GC BondMarker voters have delivered their verdict on two benchmarks from the week commencing July 10: a €1bn 15 year from KfW and a three year dollar note from Municipality Finance.

    20 Jul 2017

  • Vodafone EUR500m 1.5% July 2027, EUR150m 1.6% July 2031 Tap

    20 Jul 2017

  • Federal judge dismisses lawsuits against Renovate America

    A federal judge dismissed a trio of lawsuits this week accusing Property Assessed Clean Energy (PACE) lender Renovate America and its government bond-issuing partners of violating the Truth in Lending Act (TILA) and Home Ownership and Equity Protection Act (HOEPA).

    20 Jul 2017

  • DS Smith EUR750m 1.375% July 2024, GBP250m 2.875% July 2029

    20 Jul 2017

  • Thermo Fisher Scientific EUR500m 3mE+23 July 2019, EUR700m 1.4% Jan 2029, EUR700m 1.95% July 2029, EUR700m 2.875% July 2037

    20 Jul 2017

  • EEX fires up new power derivative products

    The European Energy Exchange (EEX) will launch new German, Austrian and Eastern European power derivatives and will offer inter product spreads for Central and East European power futures.

    20 Jul 2017

  • MTN Leak: Summer days are here at last

    The summer holidays have arrived and jubilation abounds among school children. For the parents in the MTN market, there is perhaps a little trepidation mixed with the glee.

    20 Jul 2017

  • US private label mortgage market stages comeback

    A decade after the shutdown of the US RMBS market, private label issuance is picking up steam again, with a growing number of both prime and non-prime lenders tapping hot capital markets for funding away from the government sponsored enterprises (GSEs).

    20 Jul 2017

  • Kroger, Couche-Tard lead dollar trolley dash

    Kroger and Alimentation Couche-Tard led a flurry of issuance by dollar borrowers to exploit red hot demand for high grade paper. With the bulk of corporate America in earnings blackout, the retailers demonstrated the strength of investor sentiment.

    20 Jul 2017

  • Sweden USD2.75bn 1.5% Jul 19

    20 Jul 2017

  • DS Smith wraps up tidy dual-currency package

    DS Smith was warmly welcomed back to the European corporate bond markets by investors, nearly two years after its inaugural deal. The UK packaging company received a strong orderbook for its euro tranche, but an even stronger book for its debut sterling tranche.

    20 Jul 2017

  • Alberta USD1.5bn 2.2% Jul 22

    20 Jul 2017

  • EFSF EUR3bn 0.875% Jul 27, EFSF EUR1.5bn 2% Feb 56 tap

    20 Jul 2017

  • Land NRW USD1.5bn 1.625% Jul 19

    20 Jul 2017

  • Premiums ‘thing of the past’ for dollar SSAs

    Public sector issuers are enjoying a rare time in dollars, with a lack of supply and strong demand allowing tightly priced short end deals — leading one syndicate official to respond to a question on pricing concessions with: “New issue what?” But hopes of longer end issuance appear dashed as US yields fall as quickly as expectations that US president Donald Trump will deliver on his pro-growth policies.

    20 Jul 2017

  • BMO set to launch risk transfer securitization

    Bank of Montreal is set to launch a synthetic ABS deal this week, shifting the risk on a $1.5bn portfolio of US and Canadian large corporate loans, with several European banks also understood to be working on risk transfer deals over the summer.

    20 Jul 2017

  • People Moves in Brief

    Nomura creates new CEEMEA role - HSBC bulks up levfin with DB hire - RBC hires KPMG's Agnew for broking push

    20 Jul 2017

  • Terna keeps the triple-B demand turned on

    Italian electricity network operator Terna brought its first new issue of 2017 on Wednesday and benefitted from strong demand for triple-B rated bonds. The €1bn 10 year deal had an orderbook of €1.6bn and printed with a new issue premium of 8bp-10bp.

    20 Jul 2017

  • No commitment to taper from dovish ECB

    The European Central Bank’s Thursday meeting marked a return to traditionally dovish form, putting off any discussion of tapering or adjustment to monetary policy, writes Lewis McLellan.

    20 Jul 2017

  • PREPA credit event throws up municipal considerations

    ISDA’s Americas Credit Determinations Committee has turned away from its usual diet of corporate events to pass judgement on Puerto Rico Electric Power Authority (PREPA) municipal bonds.

    20 Jul 2017

  • Thermo Fisher raises over half of Patheon consideration in four tranches

    Thermo Fisher Scientific announced in May that it was to acquire Patheon for $7.2bn, including $2bn of net debt. Thermo Fisher expected to finance the deal with $5.2bn of debt and $2bn of equity. On Tuesday it put a big dent in the debt figure with a €2.6bn four tranche corporate bond offer.

    20 Jul 2017

  • Eurofins is able supporting act on science double bill

    Eurofins Scientific and Thermo Fisher Scientific both held investor update calls on Monday — and both announced deals on Tuesday. The science double bill proved no horror story, though, with investors clamouring for unrated Eurofins as well as Thermo Fisher’s jumbo multi-tranche deal.

    20 Jul 2017

  • Successful ADO debut drains the pipeline further

    ADO Properties made its debut in the corporate bond market on Thursday, following a roadshow earlier in the week. The €400m seven year deal provided further supply for investors keen to buy higher yielding triple-B rated credits, but the supply line is fading into the summer sun faster than the demand.

    20 Jul 2017

  • Empiric Student Housing gets £110m of £150m target

    Empiric Student Housing, the UK real estate investment trust, raised £110m in its sixth equity issue since its £85m IPO in June 2014. The deal fell short of its £150m target, amid a busy calendar of Reit and closed-end fund equity raisings.

    20 Jul 2017

  • Steinhoff makes itself comfortable in euros

    Steinhoff Europe made its debut in senior euro corporate bond markets on Monday and was the only issuer to offer investors a transaction on the day. The €750m 7.5 year deal followed a European roadshow last week.

    20 Jul 2017

  • Citi and BAML score M&A success in Q2

    Bank of America Merrill Lynch (BAML) and Citi’s M&A and advisory businesses shone this quarter, thanks to sustained investments in moving up the investment banking table, and to a series of chunky deals where both firms have been prominent. Goldman and Morgan Stanley, still the top two banks in the market, saw advisory revenues flatline in the second quarter.

    20 Jul 2017

  • Social housing Reit brings IPO despite worries on state support

    In the UK’s lively market for real estate investment trust (Reit) and other fund listings, yet another deal was launched on Thursday. Triple Point Social Housing Reit hopes to raise up to £200m, joining the niche of social housing Reits, which has been growing fast — even though experts are worried government budget cuts could hit the sector’s finances.

    20 Jul 2017

  • You don't always want what you want

    Investors complain often and vocally about so many aspects of new issue execution. Often their complaints fall on deaf ears, sometimes they are acknowledged, and occasionally they are acted upon. This week an issuer considered complaints that had rung in their ears for over a year, only to find investors did not want what they said after all.

    20 Jul 2017

  • BOAD offers rare IG African 10 year to good reception

    Investors jumped at the chance to buy rare longer dated investment grade African risk on Thursday enabling Banque Ouest Africaine de Développement (BOAD) to raise $850m with a 10 year benchmark on Thursday.

    20 Jul 2017

  • Greencoat ups Irish wind IPO to €270m

    Greencoat Renewables, the newly created Irish wind farm operator managed by Greencoat Capital, has managed to increase the size of its IPO on the Dublin and London bourses by €20m, after it won demand from around 80 investors.

    20 Jul 2017

  • Blitz by US banks but only Wells comes to Europe

    Wall Street’s big guns blasted the dollar market this week as they came out of earnings blackout and nailed down their funding plans ahead of the summer.

    20 Jul 2017

  • Reckitt Benckiser cuts mustard with $4bn sale after $18bn Mead Johnson purchase

    US spices maker McCormick is initially funding the acquisition of Reckitt Benckiser’s US food business with a bridge loan, as Reckitt aims to cut debt after its purchase of Mead Johnson Nutrition.

    20 Jul 2017

  • Think before EU speak

    “What were they thinking?” cried the European ABS market this week as the full impact of what originally seemed like an innocuous ban on an already illegal mortgage product became clear.

    20 Jul 2017

  • EU escapes US MMF reform fate

    The European Union’s rules to improve the resilience of money market funds came into force on Thursday. Investors expecting similar consequences to those which followed the US reform can breathe a sigh of relief.

    20 Jul 2017

  • EPIF brings first Czech corporate deal to market this year

    Energy utility company EP Infrastructure (EPIF), part of the Energetický a průmyslový (EP) holding group, has refinanced a €1.75bn loan from last year with a €1.95bn facility with 15 banks making it the first Czech Republic corporate loan of 2017.

    20 Jul 2017

  • IMF crutch under scrutiny as Ghana sells-off

    Investors dumped Ghana's Eurobonds this week after the future of its relationship with the International Monetary Fund was thrown into doubt. The confusion has been unhelpful to a country which has historically had difficult relationships with international markets, though it did point to the over-reliance of some investors on an IMF anchor, writes Virginia Furness.

    20 Jul 2017

  • Late EU rule on MBS threatens NPL solution and legacy market

    European authorities' last minute change to regulatory proposals for European securitizations has the potential to cripple the supply of MBS backed by legacy mortgages by banning any European transaction that contains what regulators classify as self-certified loans. Sam Kerr reports.

    20 Jul 2017

  • Loans news in brief — July 20 2017

    Turkish banks — GoDaddy

    20 Jul 2017

  • ECB and holdco inclusion bode well for banks

    European Central Bank president Mario Draghi seems to have kept low volatility alive for the summer at least, with financials also set to benefit from index changes, writes Gavan Nolan.

    20 Jul 2017

  • Mergermarket, Sky Bet push leverage

    Of the near 20 borrowers in the leveraged loan market six are due to close this week, including business information provider Mergermarket’s £450m of sterling and dollar loans.

    20 Jul 2017

  • Swiss may only fancy Chile for its double-As

    After S&P Global Ratings dumped two Chilean banks’ double-A ratings, fears have emerged that Swiss investors’ blossoming relationship with Chilean FIG debt will be stalled.

    20 Jul 2017

  • Garanti preps for euro covereds after green success

    After selling a green mortgage-backed covered bond to the International Financial Corporation and the European Bank for Reconstruction and Development (EBRD), Garanti Bank expects to sell its first publicly syndicated euro benchmark.

    20 Jul 2017

  • ESMA eases to more supervision of Indian CCPs

    The European Securities and Markets Authority (ESMA) on Thursday announced a new cooperation agreement with the Securities and Exchange Board of India (SEBI), that will secure it information on the ongoing compliance of Indian central counterparties (CCPs) with European Union regulation.

    20 Jul 2017

  • Vodafone answers investors’ call but is left hanging

    For months investors have been complaining about how far pricing moves from initial price thoughts to guidance and again in final pricing in the corporate bond market. On Wednesday, Vodafone responded with a new approach to marketing. The response, however, was not what those involved expected, writes Nigel Owen.

    20 Jul 2017

  • Charter Court prices prime UK RMBS deal

    UK mortgage lender Charter Court Financial Services has priced its latest RMBS deal to strong investor demand and tight spreads.

    20 Jul 2017

  • Early bird NAB takes advantage of short three year tenor

    National Australia Bank (NAB) came to the sterling market early on Thursday with a £500m ($648.75m) June 2020 senior bond.

    20 Jul 2017

  • Tereos fail warns HY hybrids better wait

    European high yield market participants took caution from Tereos’ decision to postpone a perpetual hybrid bond issue on Tuesday, suggesting that the structure still confuses investors.

    20 Jul 2017

  • Landis IPO five times oversubscribed, Jost Werke trades up

    The Sfr2.3bn IPO of Landis & Gyr, the Swiss maker of energy meters, has been priced above the middle of its initial range at Sfr78, valuing the business at 10 times its 2018 forecast Ebitda.

    20 Jul 2017

  • Dovish Draghi keeps mum on tapering

    The European Central Bank stayed true to its course at a governing council meeting on Thursday, producing no changes to its policy statement and striking a dovish tone in the subsequent press conference.

    20 Jul 2017

  • ADB taps ultra-long end of Kanga curve

    Asian Development Bank added a A$60m ($47.7m) clip to its 15 year Australian dollar bond on Wednesday, as demand grows for Kangaroo paper beyond 10 years.

    20 Jul 2017

  • Alberta plots more dollar visits, outlines CP plans

    The Province of Alberta is planning another two dollar benchmarks during this calendar year, as it attempts to make up lost time after a surprise rating action by S&P earlier in the year. The sub-sovereign also revealed to GlobalCapital its issuance expectations for its new US commercial paper programme.

    20 Jul 2017

  • GC BondMarker dollar focus: Contrasting fortunes at the short end

    A pair of three year prints in dollars provoked very different reactions from GC BondMarker voters in the second quarter. Read on to find out more in this week’s BondMarker round-up, which looks at the most notable dollar deals of the last quarter.

    20 Jul 2017

  • Demand for corporate bonds asks questions of summer shutdown

    Deep into July, the European corporate bond market is in full voice. €23bn of orders for €7bn of bonds from seven borrowers printing everything from two year FRNS to 20 year bonds was the tale of the tapes this week. But still many market participants harp on about a summer shutdown as inevitable, despite all evidence to the contrary.

    20 Jul 2017

  • Fewer fallen angels as high yield universe shrinks to squeeze pricing

    Fallen angels — corporate borrowers that lose their investment grade ratings — have become a key source of supply in global high yield bonds markets over the years. But there are signs that, particularly in Europe, such supply is ebbing away as corporate balance sheets improve. This is driving HY investors elsewhere to seek new credits.

    20 Jul 2017

  • Goldman blasted again for fixed income trading failure

    Goldman Sachs took flack from the market for its fixed income results on Tuesday, the second quarter running that the once-dominant firm has missed market expectations. Fixed income client execution was down 40% from last year to €1.16bn, following a first quarter when fixed income was up just 1% against a miserable 2016 number.

    20 Jul 2017

  • Successful ADO debut drains the corp bond pipeline further

    ADO Properties made its debut in the corporate bond market on Thursday, following a roadshow earlier in the week. The €400m seven year deal provided further supply for investors keen to buy higher yielding triple-B rated credits, but the supply is drying up in the summer heat faster than the demand.

    20 Jul 2017

  • Despite bond rush, Zhejiang Energy opts for loan refi

    Zhejiang Provincial Energy Group is making its loan debut, seeking $300m to repay its dollar bond. As heightened regulatory scrutiny crimps liquidity onshore, Chinese borrowers are slowly looking to take the loan route — reigniting the age-old debate of loans versus bonds, writes Shruti Chaturvedi.

    20 Jul 2017

  • Singapore takes slice of green financing as DBS pioneers

    DBS Group Holdings made a triumphant debut in the green bond market this week, earning bragging rights for the deal’s heavy placement with bona fide green investors. But there is still a long road ahead before Singaporean issuers flock to the market en masse. Addison Gong reports.

    20 Jul 2017

  • Topaz Marine HY offering shines through in murky sector

    Dominance in one of its operational markets enabled Topaz Marine to raise $375m of five year money on Wednesday despite coming from what the leads acknowledge to be a ‘tough sector.’

    20 Jul 2017

  • Shandong Energy navigates HY turmoil for $300m

    Chinese state-owned Shandong Energy Group Co sealed a popular $300m three year debut on Wednesday off the back of a $3.2bn book, thanks to its strong government support and the attractive yield on offer.

    20 Jul 2017

  • Germany wants to ease regs for small banks

    Germany is headed for a clash with other EU member states, as it pushes to ease banking regulations for small institutions – a move obviously intended to favour its co-operative and savings banks.

    20 Jul 2017

  • Garanti set to issue more green covered bonds

    After selling $150m of green residential mortgage-backed covered bonds to the International Financial Corporation, Garanti Bank expects to sell another deal to the European Bank for Reconstruction and Development.

    20 Jul 2017

  • BOAD offers rare IG African 10 year

    Banque Ouest Africaine de Developpement (BOAD) offered investors a rare chance to buy longer dated investment grade African risk with a new 10 year benchmark on Thursday.

    20 Jul 2017

  • Diversey enjoys US reception as leverage levels spike across market

    US cleaning products maker Diversey has accelerated commitments on its €1.6bn-equivalent of loans, backing Bain Capital’s $3.2bn carve-out of the business from Sealed Air, despite one investor in London expressing concern over the deal’s leverage.

    20 Jul 2017

  • Indian insurers ride FIG wave with $3bn IPOs

    A swathe of Indian insurers are readying IPOs that could raise some $3bn between them in the next several months, riding a resurgent FIG wave in the country. Expectations are running high that more transactions will hit screens in the second half of the year. John Loh reports.

    20 Jul 2017

  • SSAs join red chips in Panda bonanza

    After a dire first half of the year, the Panda bonds market had a busy week with five issuers either pricing their deals or revealing their intention to come to the market. While red chip real estate names still make up most of the pipeline, sovereign and local government issuers are starting to get a piece of the action, with Hungary and the Province of British Columbia (BC) leading the way.

    20 Jul 2017

  • Malaysian insurers poised for IPOs after BNM move

    Malaysia’s insurance sector looks poised for consolidation following a recent central bank directive that could kick off a flurry of IPOs.

    20 Jul 2017

  • Sinochem International crosses the finish line with ease

    Chinese state-owned Sinochem International Corp raised $300m from a five year bond on Tuesday, ending with a robust book of $2.6bn after wooing investors to its investment grade credentials.

    20 Jul 2017

  • Asia people and markets news in brief, July 20, 2017

    China's State Council grants PBoC more power — Citic CLSA loses ECM syndicate head — UBS beefs up Asia DCM — StanChart hires two for loans — BAML debt banker makes exit — SGX brings back lunchtime break

    20 Jul 2017

  • Khazanah nets $133m from CIMB share sale

    Malaysian sovereign wealth fund Khazanah Nasional has pocketed MR571.2m ($133.3m) after selling a small piece of CIMB Group. A competitive bidding process for the mandate meant wall-crossing investors beforehand was impossible, leading to a slow but steady bookbuild.

    20 Jul 2017

  • Halcyon days: diary of an angry liver

    The week started as they all do, with promises to exercise, to live healthily, to consume at least one vegetable that isn’t deep-fried. But although I awoke Monday with the will of Apollo, I soon found myself overwhelmed by Bacchus.

    20 Jul 2017

  • CIBC returns to dollar covered bonds

    Canadian Imperial Bank of Commerce issued a $1.75bn five year dollar covered bond on Thursday, its first since 2015 and the third of the same size and tenor from a Canadian bank this year.

    20 Jul 2017

  • ABN’s European ambitions present M&A challenge

    The bank wants to grow its franchise, but may have to take its M&A joint venture with Case a step further to achieve its goals, writes David Rothnie.

    20 Jul 2017

  • Doosan pulls $300m three year inside curve

    South Korea’s Doosan Infracore secured $300m from the sale of a three year note on Wednesday, pricing inside its curve with the help of a guarantee from the Korea Development Bank.

    20 Jul 2017

  • Panda-monium: volatile issuance divides opinion

    Panda bonds are finally coming back to life after a dire first half. But although all the conditions are in place for an issuance boom, there is reason to doubt quite how high volumes will go.

    20 Jul 2017

  • China Life Overseas seeks up to $250m from 10NC5

    China Life Insurance (Overseas) Company is marketing a 10 non call five subordinated bond on Thursday, capping the deal size at $250m.

    20 Jul 2017

  • Parkway Pantai courts investors for debut

    Healthcare company Parkway Pantai opened books for its inaugural dollar bond on Thursday morning local time, collecting bids for a perpetual non call five year.

    20 Jul 2017

  • Waste treatment company CJE unveils maiden deal

    Waste-to-energy firm China Jinjiang Environment Holding Company (CJE) kicked off its debut dollar offering on Thursday morning.

    20 Jul 2017

  • Corrected: Terms emerge for Trafigura's $1.5bn financing

    Terms are out for a $1.5bn three part loan for commodities trader Trafigura, which invited banks for a roadshow earlier this week.

    20 Jul 2017

  • Oceanwide back for second dollar deal in two weeks

    Oceanwide Holdings Co returned to the offshore market on Thursday with a new three year dollar offering, just a week after selling a $200m 363-day bond.

    20 Jul 2017

  • Credivalores set to price debut on Thursday

    Bankers close to Colombian non-bank lender Credivalores said that the book on its proposed $300m debut international bond was “building very nicely”, with the issuer likely to print on Thursday, Colombian Independence Day.

    20 Jul 2017

  • Atlántida adds 144A to bond plans as S&P upgrades Honduras

    Honduras financial holding company Inversiones Atlántida is on the road for the second time in a year, with a potential rating improvement on the way after S&P upgraded the Central American sovereign.

    20 Jul 2017

  • National Collegiate legal fiasco spells trouble for ABS

    Beyond recent headlines around missing paperwork on $5bn worth of delinquent private student loans, ongoing legal tussles between several National Collegiate Student Loan Trust (NCSLT) transaction parties do not bode well for at least 15 outstanding ABS.

    19 Jul 2017

  • Bumper Blackstone hotel deal checks into CMBS market

    A $1.4bn single borrower CMBS deal hit the market on Wednesday, as the pipeline for single asset/single borrower deal bulges with floating rate borrowers keen to refinance deals ahead of further rate hikes.

    19 Jul 2017

  • Barclays makes PACE debut as ABS underwriter

    Barclays is hopping on the Property Assessed Clean Energy (PACE) bandwagon, acting as an underwriter for Renovate America’s latest residential PACE deal.

    19 Jul 2017

  • GS alumni’s Supermarket Reit raises £100m

    Supermarket Income Reit has completed a £100m IPO on the London Stock Exchange on Wednesday, though it raised less money than it had hoped. The promoters believe they are offering access to an undervalued part of the UK property market that can provide a strong yield.

    19 Jul 2017

  • Power derivs activity fizzles at EEX

    Power derivatives activity in the first half of 2017 at the European Energy Exchange (EEX) declined as a result of uncertainty created by the split of the German-Austrian price zone.

    19 Jul 2017

  • Ivanhoé Cambridge offloads most of its Gecina rights via tail swallow block trade

    Ivanhoé Cambridge, the Canadian real estate company that is the largest shareholder in Gecina, has sold 87% of its allocation of rights in the French property group's €1bn rights issue, through a block trade on Tuesday night.

    19 Jul 2017

  • CME clears its first rupee and won swaps

    The Chicago Mercantile Exchange (CME) this week cleared its first Korean won and Indian rupee OTC currency swaps, taking its clearing offering for interest rate swaps to 21 currencies.

    19 Jul 2017

  • Terna keeps triple-B buyers turned on

    Italian electricity network operator, Terna, brought its first new issue of 2017 on Wednesday, and benefitted from the current strong demand for triple-B rated bonds. The €1bn 10-year deal had an orderbook of €1.6bn and printed with a new issue premium of 10bp.

    19 Jul 2017

  • Vodafone tops up existing deal and signs up for new one with unusual pricing path

    Vodafone was the star issuer of last summer, printing jumbo deals which served to kick-start the sterling corporate bond market, which is still going strong. On Wednesday however, they opted for more conservative volumes, printing before the summer shutdown begins. The UK telecoms company also adopted a novel approach to pricing.

    19 Jul 2017

  • KfW lands €1bn ahead of ECB meeting

    KfW printed a €1bn tap of a July 2022 line on Wednesday, sneaking in a deal ahead of the European Central Bank meeting on Thursday.

    19 Jul 2017

  • Alberta scores ‘good outcome’ with first outing since double downgrade

    The Province of Alberta on Wednesday passed its first bond market test since suffering a double downgrade from S&P in May. Bankers away from the trade said it was a “good outcome”, despite having to pay a bit of concession — unlike most other dollar deals over the last few weeks.

    19 Jul 2017

  • Bain to tempt CCC buyers with Diamond

    Bain Capital is calling on the recent demand for lower rated high yield bonds in Europe to fund the acquisition of US cleaning products supplier Diversey Care.

    19 Jul 2017

  • GoDaddy sells €400m PlusServer to BC Partners

    BC Partners has agreed to buy German cloud technology firm PlusServer from US internet group GoDaddy, mandating Société Générale with an all senior loan package due in early September.

    19 Jul 2017

  • Private SME CLOs offered to European investors

    CLO market sources say direct lending to European SMEs is growing quickly, with some lenders now approaching investors to gauge their interest in investing in private SME CLOs.

    19 Jul 2017

  • Covered bond purchases slacken as market awaits ECB and spread signals

    Market participants await this Thursday’s European Central Bank meeting for clues on a tapering of asset purchases, which has in fact already begun in covered bonds. But for now, spreads remain tight.

    19 Jul 2017

  • Dutch consumer ABS marketing

    A Dutch consumer ABS deal is being marketed to investors this week, expanding the range of Dutch collateral on offer this year following the sale of several mortgage and auto deals.

    19 Jul 2017

  • Bank of America beats consensus but fixed income trading suffers

    Bank of America posted higher earnings than expected for the second quarter, offsetting a 14% drop of revenue from its fixed income trading business.

    19 Jul 2017

  • BNP Paribas adds to credit trading team

    BNP Paribas has hired a senior EM credit trader to join its emerging markets trading desk.

    19 Jul 2017

  • Topaz markets at 9% but no test of demand for GCC credit

    Topaz Marine was marketing the first Gulf Co-operation Council-domiciled (GCC) credit since May on Wednesday morning, but the credit is no barometer for appetite Gulf names in the wake of the Qatar crisis, said investors.

    19 Jul 2017

  • Holland & Barrett launches £900m of buyout loans

    UK health retailer Holland & Barrett has launched £900m-equivalent of loans backing its £1.77bn buyout by L1 Retail, the consumer focused arm of holding company LetterOne, founded by Russian billionaire Mikhail Fridman.

    19 Jul 2017

  • Turkish banks come back for refi round two

    Three more Turkish banks have come to the market to refinance loans from 2016, marking the second wave of refi deals to come out of the region this year.

    19 Jul 2017

  • DBS sets new benchmark for Singapore green bonds

    DBS Group Holdings sold Singapore’s inaugural international green bond on Tuesday in style. The strength of its credit, coupled with the green label and a conducive market backdrop, helped the bank print inside the curves of its global peers.

    19 Jul 2017

  • ECB quantitative tightening ‘could be the spark’ for FIG spreads to widen

    Questions over what the US Treasury plans to do with its balance sheet and how the European Central Bank (ECB) will approach quantitative tightening are focusing opinion in the FIG market, according to one investor.

    19 Jul 2017

  • PKO offers up perfect play for IG investors

    Poland’s PKO Bank offered IG investors a healthy pick-up to the Polish sovereign curve with its new four year note on Tuesday.

    19 Jul 2017

  • Appetite for EM risk dwindles

    With a few weeks to go before asset managers begin their annual pilgrimage to the globe's beachfronts, the last few borrowers are slipping into the primary market before liquidity evaporates in the summer heat. Nostrum’s trade this week provided evidence of the slowdown in demand for risker credits.

    19 Jul 2017

  • CDB Leasing readies investors for dollar offering

    China Development Bank Financial Leasing Co (CDBL) has named banks to run its proposed dollar transaction, with investor meetings beginning this week.

    19 Jul 2017

  • Investors snapping up benchmarks but eyeing central banks

    Investors have rarely been so supportive of public sector borrowing this side of Bastille Day. Issuers are churning out well-received benchmarks, but with a European Central Bank meeting approaching, market participants face a shortened week.

    19 Jul 2017

  • Demand soars for Chinese SOE bonds

    Chinese state-owned Sinochem International Corp and China Railway Group raised a combined $800m on Tuesday, with demand for high quality investment grade names reflected in the book sizes of the bonds.

    19 Jul 2017

  • IndiGo seeks $762m equity raise for free float

    InterGlobe Aviation is planning to hit screens with a Rp49bn ($762m) fundraising as the Indian low cost airline looks to meet public shareholding requirements.

    19 Jul 2017

  • Castle Peak goes green with dollar bond debut

    Castle Peak Power Company added to Asia's growing green bond supply this week, raising $500m from its debut in the international debt market.

    19 Jul 2017

  • Huge demand for triple-Bs as corp market nears shutdown

    In what bankers expect to be the last big week for corporate bond issuance in Europe before the summer, demand for deals — especially triple-B paper — is rampant.

    19 Jul 2017

  • Korea Hydro goes for price over size with $300m bullet

    Korea Hydro & Nuclear Power grabbed a modest $300m from its 10 year bullet in a busy primary market on Tuesday, tempering its expectations to seal a smaller size at a decent price.

    19 Jul 2017

  • Bahrain’s Bank ABC names Asia head

    Bahrain-based Bank ABC has hired veteran banker Patrick Tan to lead its Asia business in Singapore, according to an announcement on Wednesday.

    19 Jul 2017

  • Gecina's €1bn rights issue stands out from summer slowdown

    Equity capital markets in Europe are beginning to wind down for the summer break, with just a handful of live deals left.

    19 Jul 2017

  • Trafigura hits the road as loan nears maturity

    Commodities trader Trafigura has sent banks a preliminary invitation for an upcoming financing, which market participants reckon will replace a $1.185bn one year loan sealed last October.

    19 Jul 2017

  • Sumitomo Mitsui clears Reliance Capital stake

    Sumitomo Mitsui Trust Bank exited its stake in India’s Reliance Capital on Tuesday through a Rp4.6bn ($71m) overnight share sale, more than two years after the pair inked a strategic partnership.

    19 Jul 2017

  • China’s emerging super-regulator: a bold, dangerous step

    China made a clear step towards creating a financial super-regulator last week, when it created a new oversight commission within the central bank. The mega-merger of China’s many competing regulators is a good idea – but it is also fraught with risks.

    19 Jul 2017

  • CR Land returns with dual-tranche Panda

    Hong Kong-listed China Resources Land is returning to the Panda market on July 21 after a year-long absence. The company, which is hoping to raise Rmb5bn ($741m), will be the second red chip real estate issuer in two days to price a dual-tranche Panda deal.

    19 Jul 2017

  • Chinese crowd flock to dollar bonds

    Any debt bankers hoping for an early summer lull were left sorely disappointed on Tuesday, as a slew of Chinese issuers ensured a breakneck pace of issuance.

    19 Jul 2017

  • BFI Finance’s $100m borrowing enters general

    Indonesian consumer finance lender BFI Finance is seeking up to $150m from a three year syndicated loan, and is shaving the margin on the facility by 67bp.

    19 Jul 2017

  • Letter from the editor

    19 Jul 2017

  • Sebi gives green light to Shalby, Matrimony.com IPOs

    Indian IPO hopefuls Shalby Hospitals and Matrimony.com have won approval to list from the country’s market regulator.

    19 Jul 2017

  • SGX brings back lunch break for traders

    Singapore Exchange (SGX) is bringing back the lunchtime trading break following a rejig of its equities market structure.

    19 Jul 2017

  • StanChart appoints two loan syndications bankers in HK

    Standard Chartered has beefed up its loan syndications team in Hong Kong, hiring two bankers, according to sources.

    19 Jul 2017

  • The Merlion roars again

    Something quite extraordinary has just been happening in Singapore. For the first time in several years, investors in the city-state have been able to punt on a local, multi-billion-dollar IPO, writes Philippe Espinasse in the latest Clawback.

    19 Jul 2017

  • Shandong Energy, Gemdale collect bids for dollar bonds

    Chinese state-owned Shandong Energy Group Co is taking orders for its inaugural international bond, while property developer Gemdale Corp is also in the market for a new debt outing.

    19 Jul 2017

  • Peru Euroclearables trade tighter

    Peru’s first ever Euroclearable nuevo sol-denominated bond was bid tighter on Tuesday as the country’s director of financial markets management said he hoped the deal opened doors for the private sector to carry out similar trades.

    19 Jul 2017

  • Colombian Credivalores to offer pick-up to Mexican peers

    Colombian non-bank lender Credivalores will wrap up investor meetings on Wednesday ahead of a planned five year bond that could come with a 9% handle, said investors.

    19 Jul 2017

  • YPF returns to dollars as Argentina does Total tap

    Lat Am bond market participants agreed that Argentine state-owned oil company YPF had achieved a tight return to dollar markets on Tuesday as it printed $750m of July 2027 bonds.

    19 Jul 2017

  • Brazilian logistics firm shifts $325m on debut

    JSL, the Brazilian logistics company that has been able to improve its cash flow generation despite Brazil’s worst ever recession, raised $325m of bonds due 2024 on Wednesday on its international bond debut.

    19 Jul 2017

  • Legacy CMBS investors suffer heavy losses

    Pre-crisis CMBS loans were in the spotlight this week, after a raft of property liquidations in three deals wiped out $410m of bonds, while Fitch reported that delinquencies jumped in June by the highest amount for six years.

    18 Jul 2017

  • CPS gets strong pricing for subprime auto ABS

    Consumer Portfolio Services (CPS) achieved a new tight for the pricing of its third subprime auto ABS deal of the year, reflecting continued strong demand for the bonds despite headline risks in the sector.

    18 Jul 2017

  • Don’t let FCA weaken London listing rules

    The Saudi Aramco flotation will be one of the big ethical battles of next year in financial markets. Skirmishes have already begun, with the UK regulator’s bid to ease listing rules to attract Aramco and its like. UK investors should take a stand.

    18 Jul 2017

  • Capitalab gets first combined compression

    Capitalab, a BGC Partners division, has extended the compression service it operates to include a combined cycle for swaps and option positions.

    18 Jul 2017

  • Green mortgages and special pleading

    It’s hard to attack green finance, because its aims are so noble. But when institutions use environmental aims to argue they deserve special subsidies, it tarnishes the whole market. Prudential regulation should stick to being prudential.

    18 Jul 2017

  • CDSClear offers high yield index clearing

    CDSClear, a clearing subsidiary of LCH, has extended its offering to cover the Markit CDX North American high yield index.

    18 Jul 2017

  • Bumpy road for the first successful BRRD resolution

    When Popular was sold to Santander on June 7, in the first resolution under the new bank resolution and recovery directive (BRRD), the outcome was regarded as a success — but potential problems have arisen.

    18 Jul 2017

  • Sweden goes tight in dollars as Alberta lines up

    Sweden on Tuesday printed a dollar benchmark at one of the tightest spreads to mid-swaps from a public sector issuer this year, as a Canadian province prepared to bring a deal in the currency further out the curve.

    18 Jul 2017

  • Buzzi Unicem launches debut Schuldschein

    Italian cement and concrete group Buzzi Unicem launched a debut €250m triple tranche Schuldschein, with half of the intended volume directed at its German subsidiary, Dyckerhoff.

    18 Jul 2017

  • DBRS expands to public sector covered bonds

    DBRS on Tuesday announced a methodology for rating transactions backed by public sector loans, a move that may help Portuguese issuers access cheaper repo funding.

    18 Jul 2017

  • ECB needs to signal end of ABSPP

    The ECB should take a bold step this week to signal the end of the ABSPP, something which many in the market would welcome.

    18 Jul 2017

  • EFSF brings 'hugely impressive' long end tap

    The European Financial Stability Facility (EFSF) sold its fifth dual tranche of the year on Tuesday, gaining plaudits as it added €1.5bn to a line that bankers said came under secondary market pressure when launched in February.

    18 Jul 2017

  • Andbank issues inaugural Andorran covered bond

    Andorra Banc Agricol Reig SA (Andbank) successfully priced its first covered bond and the first ever from the principality of Andorra this week. The transaction’s small size and novel structure ensured a wide spread that enabled the borrower to increase the deal size.

    18 Jul 2017

  • AIIB wins third triple-A rating, plans next steps to debut

    The Asian Infrastructure Investment Bank (AIIB) on Tuesday completed a clean sweep of triple-A scores from the big three rating agencies, as S&P Global Ratings awarded the supranational its top score. AIIB will now focus on the next steps it must complete before entering the bond markets.

    18 Jul 2017

  • Summer pipeline stays active for European CLOs

    The European CLO primary market is going strong as the market heads into late summer, with a slew of deals sold over the last week and buyers eyeing more to come.

    18 Jul 2017

  • Thermo Fisher raises over half of Patheon consideration in four tranches

    Thermo Fisher Scientific put a big dent in the debt it needs to raise to buy Patheon on Tuesday with a €2.6bn four tranche corporate bond offer.

    18 Jul 2017

  • Eurofins proves able supporting act in science double bill

    Eurofins Scientific and Thermo Fisher Scientific both held investor update calls on Monday, and both announced deals on Tuesday. The science double bill proved no horror story though, with investors clamouring for unrated Eurofins, even as the four tranche Thermo Fisher deal took more of the limelight.

    18 Jul 2017

  • RNHB markets mixed MBS transaction

    A Dutch buy-to-let RMBS offering from RNHB, which is expected to be priced next week, is piquing the interest of investors with commercial real estate exposure on top of the residential collateral pooled in the deal.

    18 Jul 2017

  • Wells Fargo first US bank to come to sterling after blackout

    Wells Fargo issued a five year benchmark senior bond on Tuesday, in the first Yankee post-results issuance in Europe.

    18 Jul 2017

  • Gecina shares resilient after it unveils €1bn rights issue to buy rival Eurosic

    Gecina, the French real estate investment trust focused on residential, office and healthcare properties, will raise €1bn through a fully underwritten rights issue to partly refinance its acquisition of Eurosic.

    18 Jul 2017

  • Nationwide takes advantage of ‘limited’ tier two supply

    Nationwide Building Society dipped into euros with a benchmark tier two deal on Tuesday, in an otherwise calm market.

    18 Jul 2017

  • Mozambique misses next coupon payment

    Mozambique will not make the interest payment on its $726.5m 2023 notes due on Tuesday, the country’s ministry of economy and finance said.

    18 Jul 2017

  • Nostrum squeezes over the line after issuer produces ‘large carrot’

    Kazakhstan’s independent oil and gas company Nostrum navigated a tricky price discovery process to print five year bonds at 8% on Monday after what has been a difficult few months for the company.

    18 Jul 2017

  • PKO on track with four year

    Books were over €1.6bn for PKO Bank’s for year senior note on Tuesday. The deal is the first senior trade from the issuer since 2014.

    18 Jul 2017

  • Azure Power shines light on green deal

    Indian solar company Azure Power Energy is readying investors for a dollar green bond, starting a roadshow this week.

    18 Jul 2017

  • Goldman poaches Barclays levfin MD

    A managing director in Barclays’ leveraged finance team has left for Goldman Sachs, joining the bank’s London office.

    18 Jul 2017

  • Fears Swiss only fancy Chile for its double-As

    Questions have arisen, after S&P dumped Chile’s banks’ double-A ratings, as to whether this marks the end of the affair with the country for Swiss investors too. With two banks slashed to single-A, Swiss Bond Index rules could stunt the blossoming relationship between Swiss investors and Chilean FIG debt.

    18 Jul 2017

  • Senior distressed debt banker exits BAML

    A senior banker involved in distressed debt trading at Bank of America Merrill Lynch has left.

    18 Jul 2017

  • No premium needed for Chong Hing’s Basel III tier two

    Chong Hing Bank raised $360m on Monday from Asia’s first Basel III compliant tier two dollar bond of the year, benefiting from the rarity of the structure in the region’s dollar market.

    18 Jul 2017

  • ENN breaks 3yr absence with $600m outing

    China’s ENN Energy Holdings grabbed a $600m bond on Monday, as investors ate up the credit given its three year hiatus from the international debt market.

    18 Jul 2017

  • Kyobo Life throws open market for Korean lifers

    Investors gave Kyobo Life Insurance Co a warm welcome as it debuted in the market on Monday with the first dollar bond from a South Korean life insurance company.

    18 Jul 2017

  • RBC hires Agnew for corporate broking

    RBC Capital Markets has hired James Agnew, a veteran UK corporate broking executive, to be chairman of corporate broking for its business in Europe.

    18 Jul 2017

  • British Columbia, Hungary line up Pandas

    British Columbia has hired Bank of China (BOC) for its second Panda deal, GlobalRMB has learned. Meanwhile, Hungary has chosen BOC and HSBC for a long-awaited Panda debut with a prospectus expected on Friday.

    18 Jul 2017

  • Greenko moves India’s green financing forward

    Indian renewable energy firm Greenko Energy Holdings returned to the green debt market this week, printing a $1bn dual-tranche trade — Asia's largest dollar corporate green bond to date.

    18 Jul 2017

  • IMEE makes HKEX debut after sealing IPO at the bottom

    Shares of Inner Mongolia Energy Engineering swung rather wildly on its debut on the Hong Kong Stock Exchange on Tuesday, following the company’s HK$1.2bn ($153.8m) IPO last week.

    18 Jul 2017

  • Good work: Asian SRI making steps forward

    Socially conscious investing in Asia has so far concentrated on green bonds and little else. But SRI financing is not just limited to green bonds. By taking a broader approach, Asian borrowers — including sovereigns — can reap serious benefits.

    18 Jul 2017

  • Great Wall Motors revs up $350m financing

    Great Wall Motors, the largest sports utility vehicle and pick-up manufacturer in China by units sold, has approached the overseas loan market with a $350m fresh money fundraising.

    18 Jul 2017

  • HDFC Life revives IPO after merger plans scuppered

    India’s HDFC Standard Life Insurance Co has revived plans for an IPO, putting a proposed merger and backdoor listing with Max Life Insurance Co on the backburner, according to an exchange filing.

    18 Jul 2017

  • DBS, Castle Peak join green bonds onslaught

    Asian green bonds are front and centre this week. Greenko Energy Holdings took the lead with its dollar bond on Monday, with Singapore’s DBS Group Holdings and Hong Kong’s Castle Peak Power Company rolling out their transactions on Tuesday.

    18 Jul 2017

  • Zhejiang Provincial Energy seeks loan to repay bond

    Electric power generation company Zhejiang Provincial Energy Group is tapping the loan market to repay its debut dollar bond from 2014.

    18 Jul 2017

  • No stopping Asian bonds as borrowers storm market

    A relatively stable credit backdrop has encouraged a swathe of Asian issuers to tap the bond market this week, ensuring a blistering pace of issuance.

    18 Jul 2017

  • Peru basks in sunny reception for local Euroclearable debut

    Peru’s efforts to make its domestic bond curve Euroclearable appeared to pay dividends on Monday after 70% of demand for its first deal in the format came from non-Latin American investors.

    18 Jul 2017

  • Citic CLSA loses equity syndicate head

    Kelvin Leung has left Citic CLSA Securities as head of syndicate for equity capital markets after a year on the job.

    18 Jul 2017

  • CMBS needs another reboot to stop risks piling up

    The US CMBS market is becoming more concentrated, with a smaller number of lenders structuring more deals exposed to the same properties. Lenders will have to make the CMBS experience a better one for borrowers if they want to pump life back into the market.

    17 Jul 2017

  • Navient prices fourth 2017 FFELP SLABS deal

    Navient is back in the student loan ABS market this week, pricing its fourth Federal Family Education Loan Program (FFELP) deal on Tuesday.

    17 Jul 2017

  • Trinity on track with first rail car ABS deal of 2017

    Trinity Industries is bringing a rare rail car lease offering from its TRIP shelf after a three year break from the ABS market.

    17 Jul 2017

  • Insurance companies swoop on junior CLO debt as fast money holds off

    Long term investors such as insurance companies and pension funds are buying more mezzanine and junior CLO debt as spreads compress. Meanwhile, asset managers and hedge funds appear to be taking more defensive positions in what they say has become a rich market.

    17 Jul 2017

  • Infopro prints refi as HY flow peaks

    The recent boom in high yield bond issuance has left traces of investor indigestion, but French data manager Infopro Digital enjoyed a warm reception for its rare loan-to-bond refinancing deal.

    17 Jul 2017

  • LME strikes gold with new futures

    New gold and silver futures contracts launched by the London Metal Exchange (LME) on Monday of last week have had a “promising start”, according to its precious metals head.

    17 Jul 2017

  • Lower volatility trims Citi’s second quarter trading revenue

    This year's lower volatility environment took a toll on Citi’s trading profit in the second quarter, with the bank also bracing itself for higher loss expectations in retail services.

    17 Jul 2017

  • HSBC hires levfin banker from Deutsche

    Paul Cahalan has moved from Deutsche Bank’s leveraged finance desk to head HSBC’s EMEA leveraged finance and acquisition team.

    17 Jul 2017

  • ASIC reveals plans for benchmarks

    The Australian Securities and Investments Commission (ASIC) has laid out the foundations for its licensing of new index benchmarks, with five already in line to be classified as “significant”.

    17 Jul 2017

  • Sweden and Land NRW bring dollar supply to hungry investors

    A pair of public sector issuers look set to benefit from supply-starved dollar investors, after mandating on Monday for deals at the very short end of the curve.

    17 Jul 2017

  • GetBack finishes above issue price on day one

    Shares in GetBack, the Polish debt collection company, closed just above their IPO price on Monday after the firm made its debut on the Warsaw Stock Exchange.

    17 Jul 2017

  • Permira to fund TBS buyout via levloan market in rude health

    Pantheon Healthcare, the pharmaceutical developer owned by Permira, is marketing a €300m loan to finance the acquisition of Telematic and Biomedical Services with bankers saying demand for leveraged loans shows no signs of abating.

    17 Jul 2017

  • Nordic and UK issuers eye sterling covered bonds

    More borrowers will likely want to emulate the successes of last week’s sterling covered bonds issued by two Canadian banks. After rumours that a UK bank was looking to tap the market soon, Nordea Eiendomskreditt has updated its covered bond programme.

    17 Jul 2017

  • Five ticket levels on Standard Bank $750m loan

    Standard Bank has offered banks five different participation levels on its $750m syndicated loan, which it expects to grow to $1.25bn once commitments come in.

    17 Jul 2017

  • Major covered bond banks push energy efficient mortgage initiative forward

    The Energy efficient mortgage Action Plan (EeMAP) launched its initiative on Monday, with a new website to promote the delivery of energy efficient mortgages — which could then collateralize green covered bonds or RMBS.

    17 Jul 2017

  • EFSF doubles up again in euros

    The European Financial Stability Facility will on Tuesday fill a gap in the 10 year area of its curve and pour some liquidity into the ultra-long end, after hiring banks on Monday for a dual tranche deal. The supranational will also likely be hoping for a repeat of its last dual tranche trade, which took a hefty €6bn chunk out its €14.5bn funding target for the third quarter.

    17 Jul 2017

  • Steinhoff makes itself comfortable in euros

    Steinhoff Europe, the furniture maker, made its debut in senior euro corporate bond markets on Monday, and was the only issuer to offer investors a transaction on the day. The €800m 7.5 year deal followed a European roadshow last week.

    17 Jul 2017

  • Odeabank to follow Fibabanka with Turkish tier two

    Turkey’s Odeabank will meet investors from Wednesday ahead of a possible sale of tier two notes. If the deal goes ahead, it would be the second such deal from a second tier Turkish bank this year, after Fibabanka's debut in May.

    17 Jul 2017

  • Co-op nears necessary support for bond swap, restructuring

    Owners of 75% of each of the Co-operative bank’s two tier two bonds must support the restructuring plan, a figure it has not yet reached for the 2023 note.

    17 Jul 2017

  • Poland’s PKO picks banks for senior deal

    Poland’s PKO Bank has named leads for its first senior unsecured trade since 2014 after having focussed its funding efforts on the covered bond market for the last few years.

    17 Jul 2017

  • Morgan Stanley hires from Barclays for FIG advisory

    Morgan Stanley has hired a banker from Barclays to work in its FIG advisory team.

    17 Jul 2017

  • UniCredit’s sub debt bounces after NPL sale agreement

    UniCredit said on Monday that it had signed transfer agreements for the sale of its flagship non-performing loan (NPL) securitisation, supporting valuations on its subordinated debt instruments.

    17 Jul 2017

  • Nostrum whips out the 'big carrot' with new five year

    Nostrum Oil & Gas hit the screens on Monday with a five year non-call two dollar note having completed its roadshow last week. But though the 8% handle on price guidance hascaught the attention of rival bankers.

    17 Jul 2017

  • 30 Years in Timelines

    GlobalCapital explores 30 years of covering the global capital markets

    17 Jul 2017

  • P&M Notebook: what’s a bank to do?

    If you ran RBS, how would you go about getting the bank on track?

    17 Jul 2017

  • SBI Life paves way for debut in India

    SBI Life Insurance Co has filed a preliminary prospectus for its $900m IPO, which will see its two biggest shareholders sell down their stakes.

    17 Jul 2017

  • Board approval nudges JSW Energy to capital markets

    Indian power company JSW Energy received board approval last week to raise up to Rp210bn ($3.27bn) from the debt and equity markets.

    17 Jul 2017

  • Celltrion Healthcare seals $886m IPO at top end

    Celltrion Healthcare has bagged W1tr ($886.3m) after pricing its IPO at the top of the initial marketing range, according to a banker familiar with the matter.

    17 Jul 2017

  • Gemdale kicks off roadshow for first outing in five years

    Gemdale Corp has tapped two banks as leads on a dollar bond, after recently receiving the go-ahead for the issuance from its board and China’s National Development and Reform Commission.

    17 Jul 2017

  • China Shengmu preps borrowing as Huishan shadow looms

    Hong Kong-listed China Shengmu Organic Milk is set to make a comeback to the loans market about a year and a half after its last visit, as lenders remain wary about the company’s industry.

    17 Jul 2017

  • Kyobo raises the curtains for first dollar bond

    South Korea’s Kyobo Life Insurance Co opened books on its debut dollar bond on Monday — a subordinated 30 year rolling-in perpetuity non call five note.

    17 Jul 2017

  • Longfor set for dual-tranche Panda debut

    Hong Kong-listed Longfor is planning its Panda bond debut with a Rmb2bn ($296m) dual-trancher. The property company filed the deal two months after winning regulatory approval — and just four days after a local rival sold its second Panda of the year.

    17 Jul 2017

  • India IPOs: UTI Mutual Fund, FSS on the cards

    Shareholders of India’s UTI Mutual Fund are weighing an IPO for the asset management firm nearly a decade after its attempt to list.

    17 Jul 2017

  • Nan Hai, ENN take orders while CJE gauges interest

    Nan Hai Corp is selling a bond backed by a standby letter of credit (SBLC) while ENN Energy is returning to the market after a three year hiatus. Meanwhile, waste-to-energy firm China Jinjiang Environment Holding Company (CJE) has mandated a lead for its deal.

    17 Jul 2017

  • DBS to go green with debut dollar trade

    DBS Group Holdings is readying Singapore’s first international green bond, mandating firms for its debut in the asset class.

    17 Jul 2017

  • ICICI Lombard plans India’s first non-life insurer IPO

    ICICI Lombard General Insurance Co is looking to go public with an up to $900m deal, submitting a draft prospectus for what could be India’s first IPO from a non-life insurer, according to a banker familiar with the matter.

    17 Jul 2017

  • Tier two deals spring to life with Chong Hing open for bids

    Chong Hing Bank is selling Asia's first Basel-III compliant tier two dollar bond of the year, part of an exchange plus new money offering.

    17 Jul 2017

  • Only one A in Chile, decides S&P

    Latin America’s best-rated sovereign, Chile, has slipped a notch with Standard & Poor’s as the rating agency said the country’s vulnerability to external shocks had increased.

    17 Jul 2017

  • UBS adds to Asia DCM syndicate team

    UBS has added a banker to its debt syndicate unit in Asia, with a director expected to start in August. The hire comes after the recent departure of associate director Anson Ko.

    17 Jul 2017

  • CMB Financial Leasing units sail in for $150m

    Three entities associated with CMB Financial Leasing have approached the loans market for an up to $150m financing related to a shipping sale and leaseback.

    17 Jul 2017

  • This week in renminbi: 17 July, 2017

    The State Council grants PBoC greater powers with new commission, China reports 6.9% year-on-year GDP growth in the second quarter, and Spain plans its first Panda bond.

    17 Jul 2017

  • Updated: Maybank reveals guidance for Rmb1bn Panda bond

    Malaysian lender Maybank announced price guidance for its debut Panda issue on Wednesday, a day before it was scheduled to finish a roadshow for the deal.

    17 Jul 2017

  • EIB sets up green bond 'Rosetta Stone'

    The European Investment Bank (EIB) and other market actors are working on a system to match investors’ views on what is a ‘green’ bond with suitable deals in the market.

    14 Jul 2017

  • Secondary pricing update: featuring the UK's linker tap

    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.

    14 Jul 2017

  • Funding scorecard: Nordic agencies

    This week's funding scorecard looks at the progress Nordic agencies have made in their funding through the first half of 2017.

    14 Jul 2017

  • Covered bond awards 2017: Poll now open, shortlists and nominations

    The Cover and GlobalCapital’s covered bond awards are now open. The following lists show the number of shortlist nominations and those that were actually shortlisted.

    14 Jul 2017

  • Corporate bond week ahead: investor demand ensures roadshow calendar refills

    Corporate bond issuance volume in Europe this week was lighter than previous weeks. However, there were still seven issuers that priced deals. The main difference this week was the size of deals. Nestlé’s €850m eight year transaction was the largest one to print, but most order books were still at least twice oversubscribed as investors showed little sign of slowing down for the summer.

    14 Jul 2017

  • ANZ New Zealand adds to dollar frenzy

    ANZ added to the torrent of supply by Yankee issuers exploiting US earnings blackout with a $1bn two-part offering.

    14 Jul 2017

  • China education duo eye $550m from HK, US listings

    China’s Four Seasons Education and Sichuan Hope Education Industry Group are planning to raise as much as $550m between them through IPOs in Hong Kong and the US in 2017, according to a source familiar with the matter.

    14 Jul 2017

  • Malaysia central bank's move to spur insurer IPOs

    A recent directive from Malaysia’s central bank could spark off a round of consolidation or IPOs among the country’s insurers, according to ECM bankers.

    14 Jul 2017

  • Malaysia EPF wraps up £130m financing

    One more bank has signed a facility agreement with the Employees Provident Fund of Malaysia for a £130m ($168m) financing. That takes the strength of the syndicate for the loan to three banks.

    14 Jul 2017

  • Nomura hires EM veteran as head of CEEMEA DCM

    Nomura has appointed a new head of CEEMEA DCM, a newly created role, as it looks to expand its offering in emerging markets.

    14 Jul 2017

  • NatWest Markets hires Marriott for FIG DCM

    NatWest Markets has hired UBS's James Marriott to run financial institutions origination, including securitizations, covered bonds, and bank capital.

    14 Jul 2017

  • Celltrion Healthcare targets top end for $882m IPO

    Celltrion Healthcare is on track to raise W1tr ($882.4m) as it eyes the top of guidance for its IPO, taking advantage of strong demand from international long-only funds, according to a source close to the deal.

    14 Jul 2017

  • PBoC band widening proposal muddies the waters, say analysts

    The People's Bank of China signalled it was not done tinkering with its FX policy framework on July 12, when it made a proposal to expand the RMB daily trading band. Analysts agree the move is a step forward, but add that it contradicts the PBoC's recent push for increased control of the currency.

    14 Jul 2017

  • Dollar investors set to welcome SEA supply boom

    First-time southeast Asian issuers Parkway Pantai and ABM Investama will meet investors next week ahead of US dollar bond sales. Yinson Holdings, meanwhile, is eyeing a $500m perpetual securities issue.

    14 Jul 2017

  • China Aircraft Leasing lands for $175m

    China Aircraft Leasing Group Holdings (CALC), which made its offshore loan market debut last year, is back for a $175m aircraft pre-delivery financing.

    14 Jul 2017

  • KoGas rides Yellen wave, prices bonds inside curve

    Korea Gas Corp took advantage of an improvement in market sentiment after US Federal Reserve chair Janet Yellen spoke to Congress, sealing an $800m dual tranche deal on Thursday.

    14 Jul 2017

  • RMB round-up: Record volumes, a new gold product, and a win for UBS

    Singapore Exchange set a new record for its offshore RMB futures contract, a new RMB-denominated gold future kicks off trading in Hong Kong, and UBS Asset Management receives a fund management licence onshore.

    14 Jul 2017

  • Chinese trio announce offshore bond plans

    Tianjin Tianhai Investment Co, Gemdale Corporation and CCS Supply Chain Management Co are gearing up to go offshore for funding.

    14 Jul 2017

  • Cencosud blow-out keeps corps ticking in LatAm

    Chilean retailer Cencosud’s new 10 year bond drifted wider in secondary markets on Thursday after bankers placed its new issue premium in the single digits.

    13 Jul 2017

  • Lat Am to follow the sol as Peru plots local currency

    Bond investors expect Peru to be able to successfully issue in nuevo soles next week as it wraps up investor meetings ahead of a planned Euroclearable local currency deal.

    13 Jul 2017

  • Pemex flies in secondary after wait to issue

    Mexican state-owned oil company Pemex on Tuesday sold $5bn of bonds that left investors very happy. The curve had widened significantly in the run-up to the deal, but the new bonds popped as much as two points in the aftermarket.

    13 Jul 2017

  • Province of BA tightens on euro return

    Argentina’s largest province raised €500m of euro-denominated bonds on Thursday after hefty tightening from initial price thoughts.

    13 Jul 2017

  • GlobalCapital Global Derivatives Awards 2017: the nominees

    GlobalCapital is pleased to announce the nominees for its Global Derivatives Awards 2017. The shortlist has been built from market soundings and research. Winners will be unveiled at a gala dinner in London in September. Nominees are now invited to pitch for each award over the coming weeks. A GlobalCapital editorial panel will decide the winners. These awards honour the companies, platforms, services and products that have grown, innovated and strengthened the global derivatives market during the last 12 months. Each category will be decided by considering innovative products and services, commitments to new markets, improvements in efficiency, liquidity and market stability, as well as client guidance.

    13 Jul 2017

  • EU panel calls for European green bond standard, duty of sustainability

    A European green bond standard and a classification system for sustainable assets were two of the suggestions issued on Thursday by a group of experts advising the European Union on how to make the financial system sustainable — one of the commitments in the Paris Agreement, writes Jon Hay.

    13 Jul 2017

  • The Pained Trader: Business travel in style

    "Nobody does it better. Nobody does it quite the way you do. Baby, you're the best." Yes, even if I say so myself, there is no one out there who does a business trip like The Pained Trader.

    13 Jul 2017

  • Low yields spark esoteric ABS buying frenzy

    Prolonged low interest rates and more mature whole business and container industries have drawn investors to play in the growing world of ‘non-traditional’ ABS, with demand for esoteric asset classes expected to stay strong in the second half of the year.

    13 Jul 2017

  • GC BondMarker results: BNG and EFSF go head to head

    The votes have been counted and two of last week's deals go under the GC BondMarker microscope in this week's results: a three year floater from Bank Nederlandse Gemeenten (BNG) and a jumbo dual tranche from the European Financial Stability Facility (EFSF).

    13 Jul 2017

  • Valeant sheds $500m of debt to clear path through 2019

    Valeant Pharmaceuticals, the largest single company exposure in the US CLO market, announced a $500m debt redemption on Thursday with one investor saying debt holders would struggle to find similar returns in the current loan market.

    13 Jul 2017

  • UK GBP2.5bn 0.125% Nov 56 linker tap

    13 Jul 2017

  • MTN Leak: wish you were here

    Société Générale invited the great and the good of London’s financial press to a viewing of the Victoria and Albert Museum’s new Pink Floyd exhibition this week. But for the hapless Leak team, it was The Doors that were of interest.

    13 Jul 2017

  • Credit Suisse EUR1.5bn 1.25% Jun 24

    13 Jul 2017

  • SNCF Réseau EUR750m 2.3% Dec 47 green bond

    13 Jul 2017

  • CAF USD1.25bn 2.2% Jul 20

    13 Jul 2017

  • KfW EUR1bn 1.125% Sep 32

    13 Jul 2017

  • MuniFin USD1bn 1.875% Sep 20

    13 Jul 2017

  • EFSF to enter hot euro market, Greece too?

    The European Financial Stability Facility is set to enjoy enviable conditions when it comes to the euro market next week — during which the Greek sovereign could also make an appearance. Demand at the long end has been particularly strong due to a yield spike last week, which KfW and SCNF Réseau have since taken advantage of.

    13 Jul 2017

  • JBIC feeds hungry dollar investors four tranche feast

    The Japan Bank for International Co-operation (JBIC) found traction with a stellar four tranche offering on Thursday, gratifying investors feeling the pinch from a year that has been somewhat light on dollar supply.

    13 Jul 2017

  • Euro clearing debate rages on as ESMA and lobbyists speak up

    The clearing of euro denominated derivatives after the UK leaves the EU re-entered the limelight this week, as regulators and industry advocates issued statements about the issue.

    13 Jul 2017

  • UK breaks records again with super smooth linker

    The UK Debt Management Office broke yet another record on Tuesday, building its largest ever book in cash terms for an inflation-linked syndication. The demand was such that the bond then tightened in secondary to move past the fair value level at the book open, said one of the leads.

    13 Jul 2017

  • Credit Suisse nabs Jefferies broking MD amid UK push

    Credit Suisse has hired one of the most senior corporate brokers from US investment bank Jefferies as it beefs up its UK team.

    13 Jul 2017

  • Liquidity glut fuels exceptional demand for sterling covereds

    A surfeit of sterling liquidity drove demand for covered bonds to new heights this week with exceptional deal executions seen in two Canadian bank transactions, raising the likelihood that a UK bank will soon follow.

    13 Jul 2017

  • PPs providing long euros and FRNs

    The private placement market is proving its worth at the long end in euros and with dollar floaters, helping issuers make the most of excellent conditions.

    13 Jul 2017

  • Aeroflot futures take off, adding to Moscow Exchange's offering

    Aeroflot futures started to trade at the derivatives market of Moscow Exchange (MOEX) on Thursday, with 933 contracts active by mid-afternoon.

    13 Jul 2017

  • With US names away, European banks come out to play in dollars

    Santander, Deutsche Bank, Intesa Sanpaolo and Banque Fédérative Crédit Mutuel (BFCM) sold a combined $8.49bn of notes this week, filling the gap created by the US banks’ blackout periods.

    13 Jul 2017

  • Oneok breaks two-year investment grade silence

    Midstream energy company Oneok made a convincing return to the dollar market on Thursday with its first investment grade deal in two years.

    13 Jul 2017

  • Lawsuit threat looms for US ABS

    The Consumer Financial Protection Bureau (CFPB) has passed a rule on Monday to eliminate arbitration clauses, which stop consumers bringing class action lawsuits, in a move which could hurt the US securitization market and cause more legal trouble for the big banks. But Republicans have dug in and vowed to fight the rule.

    13 Jul 2017

  • FCA’s easier rules for Aramco raise hackles

    The Financial Conduct Authority’s plan to create a new premium listing category in the UK for companies controlled by sovereign states is already dividing market opinion. The move, put out for consultation on Thursday, looks like a bid to lure to the IPO of Saudi Aramco, which could be the biggest flotation ever, to the London Stock Exchange.

    13 Jul 2017

  • ‘Brexodus’ and the death of suitcase banking

    Banks face a coverage dilemma, as Brexit means the UK’s pre-eminence as a global coverage hub is in question, writes David Rothnie.

    13 Jul 2017

  • Norwegian debt questioned amid BRRD proposal

    Moody’s downgraded its outlook for five Norwegian banks from stable to negative on Monday, amid uncertainty over what type of MREL senior debt will be introduced in the country, according to one analyst.

    13 Jul 2017

  • Bright Food Singapore Holdings, EUR800m 1.125% July 20

    13 Jul 2017

  • Digital Stout Holding, GBP250m 2.75% July 2024

    13 Jul 2017

  • Nestlé Holdings, EUR850m 0.875% July 2025

    13 Jul 2017

  • Equiniti brings £122m rights issue to buy Wells Fargo share registrar unit

    Equiniti, the UK provider of payment and administration services, has launched a fully underwritten rights issue to partly finance its takeover of Wells Fargo’s share registrar unit.

    13 Jul 2017

  • People Moves in Brief

    SG overhauls DCM - Barclays hires in ABS trading - SG equity derivs head to leave

    13 Jul 2017

  • Blow to Schuldschein exuberance as Carillion staggers

    In just three days this week, Carillion, the UK construction and support services group, lost 70% of its value, prompting fears of a debt-to-equity swap. This anguish comes only five months after Carillion raised €112m in the Schuldschein market, which is unused to defaults, write Silas Brown and Jon Hay.

    13 Jul 2017

  • South Africa to make 2017 debut with $2bn bond after summer

    South Africa’s National Treasury is meeting with its nine primary banks on Friday to discuss its 2017 Eurobond issuance, according to its senior analyst Alilali Nelufule.

    13 Jul 2017

  • Polish, UK and US funds back Play in biggest Warsaw IPO for years

    The Warsaw IPO of Play Communications, the Polish mobile telephone network operator, has been priced at Z36, above the bottom of the initial Z34 to Z44 range, and broadly in line with the valuation multiple of its listed peer, Polsat.

    13 Jul 2017

  • Single asset CMBS picks up with retail properties in focus

    More commercial real estate properties are flowing into the single asset, single borrower CMBS market as large loans come up for refinancing, with four deals out in the market this week in addition to a new conduit deal.

    13 Jul 2017

  • London & Quadrant brings second sterling dual tranche

    On Thursday London & Quadrant Housing Trust became the latest issuer to tap the strong demand from sterling investors with a £500m 12 year and 40 year dual tranche structure. This was the second dual tranche sterling deal following Digital Stout’s £600m seven year and 12 year combination the day before.

    13 Jul 2017

  • Market sees no easy NPL fix despite Commission's plan

    The European Commission laid out a plan this week to shrink Europe’s mountain of toxic debt, but sources with an eye on the non-performing loans market say that a solution will be harder to come by than the Commission’s proposal suggests.

    13 Jul 2017

  • AIIB tipped for third quarter debut after Fitch award

    The Asian Infrastructure Investment Bank (AIIB) could bring its debut bond issue as soon as the end of the third quarter this year, said public sector bankers, after the supranational on Thursday received its second triple-A credit rating.

    13 Jul 2017

  • JBIC drags in spreads on multi-tranche dollar fest

    The Japan Bank for International Cooperation (JBIC) hit the whole dollar curve on Thursday, launching a quadruple tranche dollar benchmark and managing to pull in spreads by 4bp-6bp on all four tranches.

    13 Jul 2017

  • Pipeline builds in fired-up EM as rate woes disperse

    ‘Business as usual’ was the tone this week in emerging markets, after last week’s losses were reversed and mandates began trickling through from across CEEMEA.

    13 Jul 2017

  • Barclays adds two in European ABS trading push

    Barclays has hired two vice presidents in London as part of an effort to refresh its European ABS sales and trading group.

    13 Jul 2017

  • Bright Food cracking European conundrum for Chinese corporates

    On Tuesday Bright Food became the latest Chinese corporate to launch a euro bond in Asia. This has become a regular occurrence in recent months. However, this deal saw a higher than usual level of demand out of Europe, prompting some European bankers to speculate on what had changed the demand dynamics for this deal.

    13 Jul 2017

  • Telekom Austria redials investors for €250m tap

    Telekom Austria took advantage of a lack of competing supply on Monday to tap its December 2026 issue. Investors liked the €250m no-grow deal enough for it to command a single-digit new issue premium.

    13 Jul 2017

  • Aroundtown becomes latest developer to build out curve

    On Wednesday Aroundtown became the seventh property company in the last month to sell bonds in Europe. It followed the trend of its peers by extending the maturity profile of its debt with a €500m 8.5 year transaction.

    13 Jul 2017

  • Nestlé prints first deal since share buy-back announcement

    On Tuesday Nestlé issued its first bond since announcing a Sfr20bn (€18bn) share buy-back programme last month. Three rating agencies cut the Swiss foods group’s rating after the announcement, but there was no discernible drop in demand for this transaction.

    13 Jul 2017

  • Digital Realty uses sterling strength to fund DuPont merger

    Digital Realty used its Digital Stout Holding entity to sell a dual tranche sterling bond offering on Tuesday. The data solutions provider was overwhelmed with interest for its £600m deal, and will use the proceeds to rid DuPont Fabros Technology (DFT) of existing debt.

    13 Jul 2017

  • Barclays names non-ring fenced board

    Barclays has named the board members for its non-ring fenced unit Barclays International, which houses the investment bank and international credit cards.

    13 Jul 2017

  • Demand for UK covered bonds unlikely to be affected by higher capital charges

    At current spreads UK covered bonds still offer good value even though a rise in the UK counter-cyclical capital buffer (CCyB) means international investors will incur a higher capital charge in buying the deal, said analysts at Citi.

    13 Jul 2017

  • Hopes high for final run of IPOs despite rates, sector scares

    Just a handful of this season’s IPOs are still live with the summer break fast approaching. With market jitters about rising interest rates, and investor trepidation towards certain asset classes, ECM bankers are praying the remaining deals go well after a couple of stinkers stripped the gloss off the market picture that some of the better sales had slapped on, writes Aidan Gregory.

    13 Jul 2017

  • GC BondMarker: supra tops Q2 chart

    A European issuer scored the highest marks on GC BondMarker in the second quarter, with a snappily timed euro benchmark that came days after the French presidential election results were announced.

    13 Jul 2017

  • European Parliament moves forward on non-preferred senior debt

    Members of the European Parliament decided last week to accelerate their work on the creation of a new pan-European loss-absorbing debt class for banks, as proposed by the European Commission in November 2016.

    13 Jul 2017

  • BMW Swiss auto ABS features rare currency swap

    BMW’s latest auto lease deal featured a unique currency swap mechanism to allow the issuer to issue a euro denominated ABS deal backed by leases in Swiss francs.

    13 Jul 2017

  • South Africa to launch $2bn Eurobond after summer

    South Africa’s National Treasury is meeting with its nine primary banks on Friday to discuss its 2017 Eurobond issuance, according to its senior analyst Alilali Nelufule.

    13 Jul 2017

  • United we stand, divided we fail

    When it comes to Banking Union, national priorities always trump European ones.

    13 Jul 2017

  • Gazprom lengthens curve as Swiss ‘get comfortable’ with Russian credit

    Gazprom printed a further Swiss franc bonds on Thursday. The deal was less reliant on Russian lenders to reach the Sfr500m ($517.9m) capped size than its previous two Swiss bonds, as Gazprom has developed a strong reputation among Swiss, and wider European, retail lenders.

    13 Jul 2017

  • Moody’s sees low cost of debt driving M&A, but investors may push for other uses

    The pharmaceutical and consumer products sectors are well set to take advantage of the low cost of debt for M&A activity in the next 12-18 months, according to a report published on Thursday by credit rating agency Moody’s. But the actions of some companies suggest a different approach.

    13 Jul 2017

  • Savvy Indonesia grabs $3bn, keeps global investors keen

    The Republic of Indonesia sold one of its classic blockbuster deals this week, raising more than $3bn from a three-tranche bond in euros and dollars. The transaction was a mix of self-promotion and opportunism — and further cements the country’s reputation as one of the savviest issuers in the region, writes Morgan Davis.

    13 Jul 2017

  • RBS settles RMBS claim for $5.5bn

    RBS has settled with the Federal Housing Finance Agency over its underwriting of US RMBS, paying $5.5bn for the agency to withdraw its litigation, though it will receive $754m back under an indemnity. Much of the charge was already provisioned, meaning the bank will record an extra charge of only $196m in its second-quarter numbers.

    13 Jul 2017

  • Indian lenders make beeline for foreign loans

    Indian banks are muscling into offshore loan syndications they previously rejected out of hand, driven by a desperate need to lend amid a slowdown in domestic borrowing. Shruti Chaturvedi reports.

    13 Jul 2017

  • CJ CheilJedang scores with $314m Samsung Life block

    CJ CheilJedang Corp sold all of its stake in Samsung Life Insurance Co through an overnight block this week, raising W357.7bn ($314.2m) after the bookrunners managed to move investors up to the middle of the price range.

    13 Jul 2017

  • China’s Greentown joins senior perp party

    Greentown China Holdings made a rare visit to the debt market, selling a senior perpetual bond on Tuesday. The transaction saw blow-out demand of about $6bn for the $450m deal, allowing the leads to slice pricing by 37.5bp from initial guidance.

    13 Jul 2017

  • Furious Republic of Congo slams S&P for downgrade

    Not one to mince its words, Republic of Congo has said it "vigorously contests" S&P's decision to downgrade its foreign currency issuer rating to CCC on Friday.

    13 Jul 2017

  • People news in brief, July 13, 2017

    StanChart loses loans ED — UBS rejigs China equities team — Credit Suisse names Philippines country manager — BNPP appoints new China chief executive

    13 Jul 2017

  • Singha Estate sells $230m CB, block combo

    Thai property developer Singha Estate raised $229m on Wednesday from its first visit to the equity capital market, tapping international and domestic investors with a convertible bond and share placement combo.

    13 Jul 2017

  • PTTEP provides variety with rare Thai perpetual deal

    Thailand’s PTT Exploration and Production (PTTEP) raised $500m from its new perpetual non-call five bond on Wednesday, while simultaneously conducting a buyback of its existing notes.

    13 Jul 2017

  • Two IG African borrowers line up belly trades

    Banque Ouest Africaine de Developpement (BOAD), the West African regional development bank, has made plans for a follow-up trade to its dollar debut last year and South Africa’s Steinhoff has prepared a 7.5 year euro denominated note.

    13 Jul 2017

  • Asia ECM ends first half on bullish note

    Equity issuance in Asia is up nearly 20% this year, buoyed by a surge in block trades and rising share prices. As 2017 passes the halfway mark with what some believe to be the best conditions for the primary equity market in years — as well as a crowded pipeline — bankers are looking to make the most of the second half. John Loh reports.

    13 Jul 2017

  • Moroccan covered bond legislation finally on the way

    Seven years after first being mooted, draft Moroccan covered bond legislation is expected to emerge in the first half of next year, when it could be followed by supply. Fitch Ratings believes covered bonds will spur retail mortgage lending and will have a positive credit impact on banks.

    13 Jul 2017

  • ChemChina's triple-trancher wins on size and price

    China National Chemical Corp has priced a Reg S-only $3bn triple-tranche deal, hitting its targeted size while paying minimum new issue premium. Peak demand was $15.5bn across the board, thanks to an attractive initial price guidance and the company’s strong credentials.

    13 Jul 2017

  • 3SBio moves on Europe expansion plan with €300m CB

    Chinese biopharmaceutical firm 3SBio has taken a step towards boosting its presence in Europe by printing its debut convertible bond, raising €300m in a rare appearance in the currency from an Asian issuer.

    13 Jul 2017

  • BFI Finance gears up for $100m three year borrowing

    Indonesian consumer lender BFI Finance is preparing to launch a loan of about $100m into general syndication, after mandating three banks as leads.

    13 Jul 2017

  • PGN unit Saka Energi picks six for $300m return

    Saka Energi Indonesia, the upstream oil and gas arm of state-owned Perusahaan Gas Negara, is back in the loan market for a $200m-$300m deal with a bigger top group when compared with its previous borrowing.

    13 Jul 2017

  • When work becomes play

    As the mythical summer lull approaches the Asian market, bankers are naturally planning their getaways. But for a lucky few, workdays can often look like holidays in all but name.

    13 Jul 2017

  • Chile’s Cencosud raises $1bn for LM

    South American retail giant Cencosud tightened its new $1bn 10 year bond by 40bp from initial price thoughts on Wednesday as it completed a liability management exercise.

    13 Jul 2017

  • mBank set to expand Polish covered bonds

    The Polish subsidiary of Commerzbank, mBank, has published the base prospectus for its €3bn covered bond programme, suggesting it could be ready to start a marketing drive leading to its first euro-denominated publicly syndicated deal.

    13 Jul 2017

  • The agony of RBS

    On Wednesday, RBS announced it was settling one of its subprime RMBS lawsuits, for a chunky $5.5bn. The shares plunged to the depths of last Monday on the news, and the market mostly yawned — RBS had provisioned nearly everything, leaving only a £151m earnings charge for Q2.

    13 Jul 2017

  • Province of Buenos Aires set to price euro trade

    Argentina’s largest province has announced initial price thoughts of 6% for a 5.5 year €500m no-grow trade in euros.

    13 Jul 2017

  • BBVA loses EM syndicate analyst

    A junior member of BBVA’s EM debt syndicate team in New York has left the bank to pursue an opportunity away from debt capital markets, GlobalCapital understands.

    13 Jul 2017

  • SRB chair warns against assuming senior is not bail-inable

    Elke König, chair of the European Single Resolution Board (SRB), said this week that it would be "very wrong" to suggest that senior unsecured bonds would not be bailed-in if a bank starts to fail, after the asset class escaped unscathed from three rescues this month.

    13 Jul 2017

  • Powerlong navigates busy market to build $200m bond

    Powerlong Real Estate Holdings managed to price a $200m bond on Wednesday, the same day that China National Chemical Corp and Japan’s Softbank Group snapped up a combined $7.5bn from the debt market.

    13 Jul 2017

  • BNS hits hot sterling as Canadian banks ‘make hay’

    Bank of Nova Scotia (BNS) has become the third Canadian bank to take advantage of strong conditions in the sterling market this week, tapping one of its existing deals for £150m ($194.07m).

    13 Jul 2017

  • KoGas, IBK, Doosan Infracore hunt for bonds

    Korea Gas Corp opened books for a dual tranche dollar deal on Thursday, more than a month after wrapping up a roadshow in Europe. Industrial Bank of Korea and Doosan Infracore, meanwhile, have mandated banks for new dollar transactions.

    13 Jul 2017

  • Chong Hing sets sights on exchange plus new money offering

    Chong Hing Bank plans to replace its legacy tier two notes with new Basel III compliant additional tier two bonds. Roadshow for the new money portion will be held this week, with the exchange offer set to expire next Friday.

    13 Jul 2017

  • SoFi preps new deal, aims for 12 in 2017

    Online lender SoFi is on track to sell its eighth ABS of the year this month.

    12 Jul 2017

  • Wells under fire over legacy RMBS trust issues

    Legal wrangling over crisis-era US RMBS took another turn this week, following trustee Wells Fargo’s decision to hold on to $94m of investor proceeds from $540m of called bonds to fund legal costs relating to RMBS lawsuits. The move has shocked the market and prompted Fitch Ratings to put $2.2bn of similar bonds on rating watch negative, writes David Bell.

    12 Jul 2017

  • Stada’s €5bn LBO to heat up post-summer pipeline

    The European leveraged finance markets are licking their lips in anticipation of a new €2.5bn deal backing Bain and Cinven’s takeover of Stada Arzneimittel, the German generic drug manufacturer.

    12 Jul 2017

  • ANZ becomes first Aussie to join OTC Clear

    Australia and New Zealand Banking Group on Monday became a clearing member of OTC Clearing Hong Kong (OTC Clear), the OTC derivatives clearing house of Hong Kong Exchanges and Clearing Limited (HKEX).

    12 Jul 2017

  • Landis & Gyr covers its Sfr2.3bn IPO on day one

    Landis & Gyr, the Swiss maker of energy meters, began bookbuilding on Wednesday for its IPO on the SIX Swiss Exchange, which could reach Sfr2.4bn if it is priced at the top of its range, making it the largest in Switzerland for two years.

    12 Jul 2017

  • SocGen equity derivs head to depart

    The head of Société Générale’s equity and derivatives trading business in the UK, Dan Cohen, has decided to leave the company, GlobalCapital can confirm.

    12 Jul 2017

  • Play heads for $2.1bn valuation despite Eastern European jitters

    Play Communications, the Polish mobile network operator, has narrowed the price range on its Z3.5bn ($1bn) IPO to Z36 to Z38, in the bottom half of the initial Z34 to Z44 range.

    12 Jul 2017

  • Sun Hung Kai Financial seeks HK$1bn three year

    Wealth management and brokerage company Sun Hung Kai Financial is tapping the loan market for a HK$1bn ($128m) borrowing.

    12 Jul 2017

  • Indonesia goes for $3bn-plus with dollar/euro combo

    The Republic of Indonesia sealed a $3bn-plus triple tranche deal on Tuesday, in a transaction that proved both opportunistic and strategic for the southeast Asian country.

    12 Jul 2017

  • Shandong Energy digs for inaugural bond

    Shandong Energy Group Co is set to engage investors for its first offshore bond, with roadshows taking place from Thursday in Asia and Europe.

    12 Jul 2017

  • QSR delays launch of $466m Malaysia IPO

    QSR Brands is not expected to launch its MR2bn ($466m) Malaysia IPO until the end of the year due to operational issues, according to bankers.

    12 Jul 2017

  • Greentown, Central China build huge books for new bonds

    Greentown China Holdings snapped up $450m from a hugely popular senior perpetual transaction on Tuesday, while Central China Real Estate became the latest issuer to sell bonds with a tenor less than one year.

    12 Jul 2017

  • Aroundtown becomes latest property company to build out curve

    On Wednesday Aroundtown became the seventh property company in the last month to sell bonds in Europe. It followed the trend of its peers by extending the maturity profile of its debt with a €500m 8.5 year transaction.

    12 Jul 2017

  • EBRD launches floater as JBIC readies multi-tranche in wings

    The European Bank for Reconstruction and Development (EBRD) printed a $500m floating rate note on Wednesday, coming just ahead of the Japan Bank for International Cooperation (JBIC), which is preparing several tranches of dollar paper for Wednesday.

    12 Jul 2017

  • Digital Realty uses sterling double to help fund DuPont merger

    Digital Realty used its Digital Stout Holding entity to sell a dual tranche sterling bond offering on Tuesday. The £600m raised from the two tranches will be used to rid DuPont Fabros Technology (DFT) of existing debt.

    12 Jul 2017

  • Asturias drops PPs, more to come says Moody’s

    Spain’s Principality of Asturias sold a pair of bonds on Wednesday, coming to market for only the fourth time since its debut six months ago, according to Dealogic. A Moody’s report published on Wednesday indicated that more Spanish regions are set to come to market.

    12 Jul 2017

  • Swiss auto deal prices tight

    BMW sold the latest European auto ABS transaction on Wednesday, with demand driving pricing tighter than initial talk.

    12 Jul 2017

  • Topaz looks to bring sparkle back to Gulf bonds

    Topaz Marine, an oil field support services provider based in Dubai, is meeting investors for what will be the first bond from a Gulf Co-operation Council domiciled issuer since the beginning of the Qatar crisis.

    12 Jul 2017

  • Bonds back on for EM as investors hold out for spread

    Fears over the direction of interest rates had emerging markets bond bankers scrambling to reassure investors and borrowers alike that the EM bull run is far from over. To back them up, they had three deals from high yield borrowers to offer, although one investor is hoping for a bit more widening first.

    12 Jul 2017

  • Investors upbeat on direction of travel for Europe’s banks

    European regulators got stuck into working on resolving a number of banking's problems this week, as investors appeared positive about the work that has already been done.

    12 Jul 2017

  • Central bank concerns send corp bond investors on yield hunt

    The direction of central bank policy is increasingly coming to govern Investment grade and high yield bond investors' hunt for yield, with many of the latter now looking to triple-C rated paper to better hedge against the risk of rate hikes.

    12 Jul 2017

  • HSBC, ABN Amro win Dutch RMBS mandate

    RNHB Hypotheekbank has mandated HSBC and ABN Amro to arrange its first RMBS offering of the year.

    12 Jul 2017

  • IPOs in good shape as season edges towards its close

    Most of Europe’s pre-summer IPOs have now been completed, and, fingers crossed, the season looks like reaching its end with only a few mishaps on its record. Two major deals end this week, including the largest Swiss IPO for several years — and one new deal has even been launched.

    12 Jul 2017

  • SSAs steaming through summer

    The public sector bond market is racing to finish for the summer break it seems, churning out six deals on Tuesday with at least two more expected this week.

    12 Jul 2017

  • DoBank IPO tempts investors into Italian NPL ‘sweet spot’

    The IPO of DoBank, the Italian non-performing loan manager, has been priced at €9 a share, a third of the way up the original €8.35 to €10.25 initial range, making the deal worth €312m, including the increase option, which was exercised in full.

    12 Jul 2017

  • South African banks thirst for more deals as Asian lenders pile in

    Loan bankers in South Africa are pining for more deals, to curb the compression of margins as the ranks of lenders to the region are swelled by money from the Middle East and Asia.

    12 Jul 2017

  • Jackson National Life hits Swiss market after 10 year absence

    Jackson National Life (JNL), the US insurance company, was drawn to the Swiss market on the strength of an attractive basis swap, which allowed the eight year bond to be priced some 10bp-15bp within the firm's dollar funding curve.

    12 Jul 2017

  • CJ CheilJedang unloads Samsung Life stake for $312m

    CJ CheilJedang Corp has raised W357.7bn ($312.2m) after selling its entire position in Samsung Life Insurance Co through an overnight block, with the bookrunners managing to move up investors to the middle of the price range.

    12 Jul 2017

  • Zhongyuan Bank nets $1bn from HK float

    Zhongyuan Bank priced its Hong Kong IPO near the bottom of guidance on Wednesday, raising HK$8.1bn ($1.0bn).

    12 Jul 2017

  • Total Derivatives: Scope for more curve flattening

    Renminbi non-deliverable interest rate swaps (NDIRS) have been well offered on easier liquidity conditions and a long-end outperformance has driven some curve flattening momentum on Wednesday. Despite this, sources see scope for the curve to flatten further. Offshore interest in CNY bonds is said to be growing, writes Deirdre Yeung of Total Derivatives.

    12 Jul 2017

  • PTTEP amps up liability management with new bond

    Thailand’s PTT Exploration and Production (PTTEP) began marketing a perpetual non call five on Wednesday as part of a liability management exercise.

    12 Jul 2017

  • CAF cuts supra figure on dollar return

    Latin American development bank Corporación Andina de Fomento (CAF) raised $1.25bn of three year bonds on Tuesday, with more than half of the orders coming from central banks and official institutions.

    12 Jul 2017

  • Powerlong, ChemChina seek funds as Sinochem mandates

    New issue momentum in Asia’s debt market continues to be strong with Powerlong Real Estate Holdings and China National Chemical Corp (ChemChina) collecting bids on Wednesday, as Sinochem International Corp prepares to hit the road.

    12 Jul 2017

  • Pemex drills for $5bn of further refinancing

    Mexican state-owned oil company Pemex continued its mammoth issuance programme with a $5bn tap of outstanding 10 and 30 year bonds that it will use to buy back old notes maturing between 2018 and 2019.

    12 Jul 2017

  • Morgan Stanley revamps top Apac IB leadership

    Morgan Stanley has rejigged the top brass of its Asia Pacific investment banking division, promoting some of the firm’s veteran bankers.

    12 Jul 2017

  • RMBi critics are using the wrong metrics

    China’s renminbi internationalisation (RMBi) strategy has seen a clear shift from pushing for the currency’s usage abroad to bringing investors into the onshore market. It is time to take a more nuanced view of renminbi internationalisation.

    12 Jul 2017

  • US CLO curve flattens as investors creep down capital stack

    The US new issue CLO market sparked back into life this week, with four new deals sold in addition to refinancing and reset activity. Investors have shifted down the capital structure and driven the US CLO credit curve to its flattest level in three years.

    11 Jul 2017

  • Prosper gearing up for second ABS of 2017

    Online consumer lender Prosper is preparing to issue its second multi-seller securitization from its PMIT shelf this summer, following its return to the ABS market earlier this year.

    11 Jul 2017

  • Triple-C issues and the end of ECB intervention

    The European Central Bank's loose monetary policy was supposed to ease financing terms for smaller and riskier companies. The high yield bond market's appetite for such issues has been limited — but it is hotting up, just as the ECB signals tightening.

    11 Jul 2017

  • Direct Energie raises €130m in block trade for M&A taking it into renewables

    Direct Energie, the French gas power stations group, raised €130m of new capital on Tuesday evening in a block trade, to finance its acquisition of renewable energy group Quadran for an initial €303m.

    11 Jul 2017

  • DGCX and ADX to create unified UAE CCP

    The Dubai Gold and Commodities Exchange (DGCX) and the Abu Dhabi Securities Exchange (ADX) have announced their aim to work towards a unified clearing house in the United Arab Emirates.

    11 Jul 2017

  • Giancarlo appoints new CFTC innovation head

    Acting chairman of the Commodity Futures Trading Commission (CFTC) Christopher Giancarlo on Monday appointed Daniel Gorfine to serve as director of LabCFTC and as chief innovation officer of the regulatory authority.

    11 Jul 2017

  • SSAs keep it short in dollars

    Public sector borrowers are staying conservative in the dollar market this week, opting for short dated trades or floating rate notes. The trend is likely down to issuers having one eye on expected Federal Reserve rate increases in the US, said bankers.

    11 Jul 2017

  • UK breaks linker record, market comes back for more

    The UK Debt Management Office broke yet another record on Tuesday, building its largest ever book in cash terms for an inflation linked syndication. The demand was such that the bond then tightened in secondary to move past the fair value level at the book open, said one of the leads.

    11 Jul 2017

  • SNCF Réseau and KfW snap up big bid at euro long end

    SNCF Réseau launched its first 30 year green bond on Tuesday, following the example set by European Investment Bank at the end of June. KfW was also out in euros with a long 15 year — and more borrowers might be tempted to bring euro deals at the long end, said bankers.

    11 Jul 2017

  • Mozambique – can someone take responsibility?

    Mozambique’s debt crisis is the latest financial market hot potato to be passed around by its stakeholders with a series of statements that would not look out of place in an election campaign. But with the IMF in the country and Mozambique’s future ability to pay looking ever more likely, it is time to reach an agreement, restructure and move on.

    11 Jul 2017

  • Hard red wheat drives record open interest

    Minneapolis Grain Exchange (MGEX), the agricultural product cash and derivatives exchange, achieved record open interest on the back of wheat price rises this week.

    11 Jul 2017

  • Bright Food piques European investors' interest with €800m three year

    Bright Food launched a three year euro bond in Asia on Tuesday, setting initial guidance at 140bp over mid-swaps. The Chinese food and drink producer had roadshowed for a three or five year issue in Asia and Europe last week.

    11 Jul 2017

  • Expectations of ECB tapering spark demand for triple-Cs

    Corporate issuers of triple-C rated bonds have finally found a reason to enter the primary market, as investor expectation over the chances of the European Central Bank raising rates has opened a window for them in July.

    11 Jul 2017

  • Nestlé cooks up tasty €850m eight year in first deal since share buy-back announcement

    On Tuesday Nestlé issued its first bond since announcing a Sfr20bn (€18bn) share buy-back programme last month. Three rating agencies cut the Swiss foods group's rating after the announcement, but there was no discernible drop in demand for this transaction.

    11 Jul 2017

  • Qatari banks busy with loan deals despite GCC spat

    Qatari banks have been involved in several syndicated loans in the past month, despite the stand-off between the nation and six other Middle Eastern states.

    11 Jul 2017

  • BMO smashes through sterling covered bond records

    On Tuesday, Bank of Montreal (BMO) issued the largest sterling covered bond from an overseas bank in almost three years at the tightest spread of any sterling covered bond in over two years. The level BMO achieved was far cheaper than would have been possible in euros or dollars.

    11 Jul 2017

  • ‘Warning shot’ for Schuldschein market as Carillion heads for rights issue

    Carillion’s share price fell roughly 40% after bleak profit warnings on Monday, and another 33% on Tuesday. The UK outsourcing and construction company's tumble comes only five months after it successfully issued a €112m — confirming for some that the market has become too open to unsuitable borrowers.

    11 Jul 2017

  • Swissport 'migrates' capital structure after cov default

    Swissport Group announced on Tuesday a technical capital restructuring following its breach on certain debt covenants. The restructuring includes a new €460m term loan ‘B’ and the repayment of its existing €660m term loan ‘B’.

    11 Jul 2017

  • Loss of London will make Europe less attractive

    The loss of London as a cohesive financial centre would probably lead to a splintered European financial market, which would be a blow to the continent’s attractiveness for global financial firms.

    11 Jul 2017

  • HSH prices tight Pfandbrief despite sea of troubles

    HSH Nordbank issued a tightly priced €500m three year Pfandbrief on Tuesday. The transaction illustrates confidence in the safety of the Pfandbrief market, though little about conditions at the issuer.

    11 Jul 2017

  • Bank ABC gains new chief credit and risk officer from QNB

    Grant Lowen has moved from being chief risk officer for Qatar National Bank to take up the position of chief credit and risk officer at Bank ABC’s head office in Bahrain.

    11 Jul 2017

  • Biggest floating rate note among €3bn HY deal spree

    Five new high yield offerings, including the biggest floating rate note seen in Europe so far this year, entered the market this week. The FRN is a sign that frontiers are becoming blurred between different leveraged finance markets for debt buyers, said bankers.

    11 Jul 2017

  • KMG consent fails and investors 'could not be happier'

    KazmunayGas has failed to persuade its investors to remove covenants from its debt, with buyside analysts blaming the small fee offered and the lack of a coherent strategy.

    11 Jul 2017

  • DoBank revises IPO range to just below mid-terms

    DoBank, the Italian non-performing loan manager, has trimmed the price range on its €260m IPO, and will close the book today (Tuesday June 11).

    11 Jul 2017

  • BFCM joins Intesa with dive into dollars

    France's Banque Fédérative du Crédit Mutuel (BFCM) was looking to add to a recent flurry in the dollar market on Tuesday, opening books on two tranches of senior debt.

    11 Jul 2017

  • Northview markets new RMBS shortly after RMS 30 pricing

    Northview Group is looking to sell its second RMBS deal of the month, coming to market soon after its non-conforming RMS 30 offering was sold last week.

    11 Jul 2017

  • Yankee banks jump into ‘wide open’ US market

    Santander and Deutsche Bank yanked in the pricing for new senior trades from their US shelves this week, filling the gap created by US banks' blackout periods.

    11 Jul 2017

  • Polish debt collector back to... collect debt

    GetBack, the Polish debt collection company, plans to follow up its Warsaw IPO with a euro denominated senior bond.

    11 Jul 2017

  • BNP Paribas hires equity blocks rainmaker

    BNP Paribas’s drive to strengthen its EMEA equity capital markets business under Andreas Bernstorff, who took over as its head in January, has taken another step with what should be two important hires, while two managing directors are leaving the team.

    11 Jul 2017

  • Jinmao completes Rmb2.5bn Panda return

    Property company Jinmao has sealed its second Panda bond of the year, raising Rmb2.5bn ($367.7m) from a three year note on Monday. The deal priced towards the tight end of the coupon range, a source told GlobalRMB.

    11 Jul 2017

  • Acquisition finance firm turns to securitization in rare deal

    A rare acquisition finance securitization was marketed to select European investors this month, a departure for a type of transaction usually financed by banks or dedicated funds.

    11 Jul 2017

  • LGFV Yinchuan Tonglian to debut in offshore DCM

    Yinchuan Tonglian Capital Investment Operation Co has mandated two banks for its first international dollar bond, with roadshows to kick off on Wednesday.

    11 Jul 2017

  • Allocations emerge for MTF's $200m facility

    Allocations are out for a $200m borrowing for Indonesian automobile finance company Mandiri Tunas Finance (MTF).

    11 Jul 2017

  • Oceanwide, MCC grab investors ahead of busy week

    Oceanwide Holdings International and Metallurgical Corporation of China (MCC) snagged investors on Monday for their new bonds, with the former going for a 363-day deal despite having regulatory quota for a longer transaction, while the latter capitalised on strong demand for its recent trade to bag $500m from a tap.

    11 Jul 2017

  • BFI Finance gears up for $100m borrowing

    Indonesian vehicle financier BFI Finance is returning to the loan market after a two year break, mandating three banks for its borrowing.

    11 Jul 2017

  • Nonghyup Bank nets $500m from global investor base

    South Korea’s Nonghyup Bank reeled in investors for its $500m five year bond at the start of the week, pricing the notes flat to its existing curve.

    11 Jul 2017

  • CJ CheilJedang offloading $314m Samsung Life stake

    South Korean food company CJ CheilJedang Corp has hit the equities market to clean up its position in Samsung Life Insurance Co with a view to raise up to W361.4bn ($313.8m).

    11 Jul 2017

  • JQ Pictures eyes September launch for IPO

    JQ Pictures Holdings has completed a non-deal roadshow for its $100m IPO in Hong Kong and is preparing to open books in September.

    11 Jul 2017

  • SBI to sell 80m shares in insurance arm's $900m IPO

    State Bank of India is set to sell 80m shares in SBI Life Insurance Co’s IPO, which recently got the go-ahead from the industry regulator, according to an exchange filing.

    11 Jul 2017

  • Arena Events brings £60m IPO to reduce its leverage

    Arena Events, the UK supplier of temporary structures to festivals and sporting events such as Wimbledon and Glastonbury, is preparing to go public on London’s Alternative Investment Market (AIM).

    11 Jul 2017

  • Flat Glass rakes in $150m from best efforts loan

    Syndication of a $150m loan for Hong Kong-listed Flat Glass Group has wrapped up with 16 banks coming in.

    11 Jul 2017

  • Indonesia doles out dual currency options

    The Republic of Indonesia launched a dual tranche dollar deal on Tuesday morning in Asia, and began marketing a seven year euro portion when London opened.

    11 Jul 2017

  • Bright Food, Greentown, Central China woo investors

    Tuesday is yet another busy day for China DCM, with Bright Food (Group) Co, Greentown China Holdings and Central China Real Estate in the market for bonds, while China Railway Group is set to meet accounts for its return to the international debt market.

    11 Jul 2017

  • Natixis names new Apac loan syndication head

    Natixis has promoted from within for the newly created position of head of loan syndication for Asia Pacific, naming Daniel Klinger to the top job.

    11 Jul 2017

  • Stable CAF mandates for dollars

    South American development bank Corporación Andina de Fomento (CAF) is set to price a dollar-denominated benchmark bond on Tuesday less than two weeks after losing its only negative outlook.

    11 Jul 2017

  • StanChart loses executive director in loans team

    An executive director in the loan syndicate and distribution team at Standard Chartered has left the bank, according to two sources.

    11 Jul 2017

  • CFPB blocks arbitration clauses for consumer finance products

    The Consumer Financial Protection Bureau (CFPB) handed down a rule on Monday eliminating arbitration clauses that bar consumers from bringing class action lawsuits, a move that could spell trouble for some ABS asset classes.

    10 Jul 2017

  • US CMBS volumes surge as lenders up their game

    US CMBS volumes have raced past last year’s figures, with CMBS lenders competing harder on pricing with other forms of commercial real estate financing, despite lingering concerns over the retail sector and credit fundamentals.

    10 Jul 2017

  • European Commission seeks NPL fix

    The European Commission on Monday announced that will consult with industry participants for a solution to the eurozone's non-performing loan issue, with an eye to developing a more efficient secondary market to move the paper off bank balance sheets.

    10 Jul 2017

  • Castlelake bond buyers shrug off Qatar crisis headwinds

    The trade and transport volatility caused by the diplomatic crisis in Qatar did not stop investors from purchasing Castlelake LP’s latest aircraft securitization, which analysts say could be impacted by the situation.

    10 Jul 2017

  • TUI exits Hapag-Lloyd for €250m

    TUI, the German travel and tourism company, has sold the last of its shares in Hapag-Lloyd, the shipping company that was floated on the Frankfurt Stock Exchange in November 2015, through an accelerated bookbuild priced flat to the closing price.

    10 Jul 2017

  • UK infra debt fund GCP seeks its next £50m to grow

    Shares in GCP Infrastructure Investments fell as much as 2.3% in London on Monday after the company launched its 12th follow-on capital raising since its £40m IPO in 2010.

    10 Jul 2017

  • ESMA welcomes EC proposal on euro clearing

    The European Securities and Markets Authority (ESMA) on Monday reacted positively to last month’s European Commission proposal on third country central counterparties (CCPs), which offered the regulatory body more powers to supervise foreign clearing houses.

    10 Jul 2017

  • CMA stands firm on ICE Trayport sale

    The Intercontinental Exchange (ICE) has lost the fight for its Trayport energy trading business and will have to sell the platform, the UK competition and markets authority (CMA) has ruled.

    10 Jul 2017

  • IFC looks for floater at five as MuniFin and CAF line up for threes

    The International Finance Corporation (IFC) announced on Monday that it will launch a five year floater on Tuesday, becoming the latest borrower to tap into the demand from investors looking for protection from rising rates. It will share the market with three year benchmarks from Municipality Finance and Corporacíon Andina de Fomento (CAF).

    10 Jul 2017

  • ALD records personal bests with solo effort

    Only one new issue was announced on Monday in the European corporate bond markets. While Telekom Austria brought a tap of a recent deal, the French fleet management and car leasing company, ALD, came to market with its largest transaction to date, offering a longer tenor than any of its previous deals.

    10 Jul 2017

  • CVC adds sterling tech deal into LBO portfolio

    Private equity firm CVC has taken to the leveraged loan market to fund the acquisition of IT systems company QA Group, encouraged by the lower borrowing costs on loans than high yield bonds.

    10 Jul 2017

  • ADB brings two taps to Kangaroo market

    Asian Development Bank opened proceedings on two Kangaroo taps on Monday.

    10 Jul 2017

  • SSAs go long as euro govvie storm calms

    Respite from a two week old rout in eurozone government bond yields allowed two public sector borrowers on Monday to venture out with mandates for long dated euro deals. But analysts warned that the sovereign bond sell-off could have more room left to run.

    10 Jul 2017

  • Telekom Austria redials investors for tap

    Telekom Austria took advantage of little competing supply on Monday to tap its December 2026 issue. Investors liked the €250m no-grow deal enough for it to command a single digit new issue premium.

    10 Jul 2017

  • CIBC issues largest and longest covered bond of the year

    The Canadian Imperial Bank of Commerce (CIBC) issued the largest and longest sterling Canadian covered bond seen this year on Monday and saved itself almost 10bp compared to where it could have funded in dollars and euros.

    10 Jul 2017

  • Swiss market lures Créd Ag after ‘taper tantrum’

    Crédit Agricole acted opportunistically on Monday on the back of last week’s bond sell-off to issue the first non-Swiss covered bond in Swiss francs since January 2016.

    10 Jul 2017

  • Credit Suisse raids euros on its return to senior

    Credit Suisse was able to raise €1.5bn of callable senior debt in a very strong new issue environment on Monday, as bankers weighed the chances for a busy summer period in the financial institutions bond market.

    10 Jul 2017

  • EC gives Lone Star the go-ahead for Novo Banco acquisition

    The European Commission said on Monday that private equity firm Lone Star Fund’s planned acquisition of Novo Banco, the Portuguese financial institution, was in line with the European Union’s merger regulations.

    10 Jul 2017

  • Adnoc mulls IPOs of services units

    Abu Dhabi National Oil Co (Adnoc), the upstream, midstream and downstream oil company owned by the government of the United Arab Emirates, is considering floating minority stakes in some of its services businesses.

    10 Jul 2017

  • United Group looks to rope idle EM buyers into HY triple

    With a dearth of emerging market bond supply defining the start of the week, it was left to high yield issuers to provide something for EM investors to get their teeth into as United Group, a cable operator in Eastern Europe, became one of five HY mandate announcements announcements on Monday.

    10 Jul 2017

  • Lietuvos Energija defies tough market to increase green bond

    Lietuvos Energija group exceeded expectations to print a larger than expected €300m 10 year green bond on Friday. The deal is the first international green bond from a CEE corporate borrower.

    10 Jul 2017

  • Alba closes first tranche in $700m export credit facility

    Aluminium Bahrain (Alba) has closed the first tranche of its $700m export credit agency (ECA) covered facility taken out in April to finance its Line 6 expansion project.

    10 Jul 2017

  • CSRC cuts red tape on H-share fundraisings

    The China Securities Regulatory Commission is cutting red tape on sales of H-shares by Hong Kong and dual listed firms, making it easier for them to raise equity offshore.

    10 Jul 2017

  • NetLink bags $1.7bn in Singapore IPO

    NetLink Trust has priced Singapore’s largest listing in five years, raising S$2.3bn ($1.7bn) from a well covered book after global yield-focused investors piled in.

    10 Jul 2017

  • Road King to bring back $294m HK listing

    Road King Infrastructure is hoping to revive the spin-off and IPO of its toll road subsidiary in the fourth quarter of this year.

    10 Jul 2017

  • Credit Suisse names Philippines country manager

    Credit Suisse has appointed Michael De Guzman, who joined the firm in May, as its country manager for the Philippines.

    10 Jul 2017

  • BIDV allocates $100m dual trancher

    Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has allocated its $100m loan among nine lenders, with three Indian banks collectively taking half the deal.

    10 Jul 2017

  • Greenko, Castle Peak power up for new bonds

    A special purpose vehicle under India’s Greenko Energy Holdings is ready to market a dollar green bond, while Hong Kong’s Castle Peak Power Company is looking to sell what it is calling an energy transition bond.

    10 Jul 2017

  • Nonghyup Bank makes annual return to dollars

    South Korean agricultural lender Nonghyup Bank began marketing a five year dollar transaction on Monday morning, returning to the debt market after about nine months.

    10 Jul 2017

  • Adira Dinamika parks $200m loan in syndication

    Four lenders launched a $200m loan for Indonesian company Adira Dinamika Multi Finance into general syndication at the end of last week, according to a banker.

    10 Jul 2017

  • Pimco applauds Bond Connect, but cautious on renminbi

    Asset manager Pimco said the launch of Bond Connect addressed important concerns by foreign investors, but added that the outlook for the RMB remained somewhat bearish.

    10 Jul 2017

  • RGI falls again despite Bond Connect launch

    Standard Chartered’s Renminbi Globalisation Index fell to a 39-month low in May as the offshore renminbi (CNH) liquidity pool shrinks. But the bank said the index figures do not yet reflect China’s recent efforts to internationalise the renminbi, such the launch of Bond Connect.

    10 Jul 2017

  • China's MCC rides on bond rally for tap

    Chinese iron and steel company Metallurgical Corporation of China (MCC) is looking to add to its dollar bond sold just over a month ago, opening a tap on Monday following investor meetings in Hong Kong, Singapore and London.

    10 Jul 2017

  • Nexus Capital nets HK$2.1bn from China Vanke sell down

    An institutional investor bagged HK$2.1bn ($268.8m) after offloading a chunk of its shares in property firm China Vanke last Friday, taking advantage of a jump in the company’s share price.

    10 Jul 2017

  • Fully charged: B. Grimm gets $306m from Thai IPO

    B. Grimm Power raised Bt10.4bn ($305.9m) last Friday after pricing its Thailand IPO near the top of expectations, amid a recovery for stocks in the utility sector.

    10 Jul 2017

  • Short-term bonds still active as Oceanwide collects bids

    Oceanwide Holdings International is joining the rush of issuers selling bonds with tenors of less than one year, marketing a 363-day Reg S transaction to refinance debt.

    10 Jul 2017

  • MTF doubles debut syndication to $200m

    Indonesian automobile finance company Mandiri Tunas Finance (MTF) has received a strong response for its debut offshore syndication, and is doubling the loan size to $200m.

    10 Jul 2017

  • Greentown, ENN Energy mandate banks for bonds

    Greentown China Holdings and ENN Energy Holdings are courting investors for new dollar deals this week.

    10 Jul 2017

  • This week in renminbi: July 10, 2017

    China’s State Administration of Foreign Exchange (Safe) says the country will not devalue the renminbi, Hong Kong’s renminbi deposits fall in May, and China welcomes Japan to participate in One Belt One Road (OBOR).

    10 Jul 2017

  • Peru to sound out on sol notes

    Peru will begin meeting fixed income investors on Tuesday in preparation for a benchmark-sized Peruvian sol-denominated bond of “intermediate to long maturity”, according to a note sent to investors.

    10 Jul 2017

  • HKEX debuts renminbi gold futures

    Hong Kong Exchange (HKEX)’s chief executive Charles Li opened trading for the first RMB denominated gold futures contract on the exchange.

    10 Jul 2017

  • NewStar Financial snaps up Fifth Street CLO biz

    NewStar Financial has added around $726m of assets under management after buying Fifth Street Asset Management’s middle market CLO business, which had two outstanding deals.

    07 Jul 2017

  • Secondary pricing update: featuring IADB's dollar 10 year

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

    07 Jul 2017

  • DoBank IPO covered, books to close early

    The up to €292m IPO of DoBank, the Italian non-performing loan manager, will close a day earlier than initially planned, according to a regulatory filing on Friday morning.

    07 Jul 2017

  • Derivative volumes throw up a mixed picture for June

    Volumes from the major derivative exchanges have been posted for June, with large variations emerging between institutions.

    07 Jul 2017

  • Carrefour’s Carmila property arm gets €503m for development

    Carmila, the retail property owner and manager owned by Carrefour, has bagged €503m in a capital increase, after acquiring a listing earlier in June by merging with Cardety, a smaller French property company.

    07 Jul 2017

  • CaixaBank ups 15yr covered private placement, prices very tightly

    CaixaBank quietly priced a Cédulas Hipotecarias issue on Friday, only 3bp wider than where Nationwide recently issued. At 1.5%, the yield will have attracted big German insurers and at 33bp over mid-swaps the 15 year duration offered great funding for the borrower, especially in the context of a potential end to the European Central Bank's Covered Bond Purchase Programme.

    07 Jul 2017

  • SocGen makes string of DCM appointments

    Société Générale has reshuffled its debt capital markets business, making a series of internal appointments within its investment bank.

    07 Jul 2017

  • Residential Secure Income Fund gets £180m for UK social housing investments

    Residential Secure Income Fund, the closed end investment company, has raised £180m to invest in UK social housing, less than the £300m it sought, after pricing its IPO on the London Stock Exchange.

    07 Jul 2017

  • Congested HY market up for McLaren sterling

    The engines of sterling high yield issuance sound louder every week, with luxury carmaker McLaren and RAC Insurance adding supply to the already burgeoning sterling high yield bond market.

    07 Jul 2017

  • ABN sparks pricing debate after rare sterling outing

    Bankers were at loggerheads deciding fair value for a short-dated print from ABN Amro on Friday, after the Dutch bank made a rare entry into the sterling market.

    07 Jul 2017

  • Funding scorecard: supranationals

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

    07 Jul 2017

  • Hapag-Lloyd ships in €300m as triple-C refi spree attracts US love

    Hapag-Lloyd, the German container shipping group, on Tuesday led a fleet of new high yield bond deals carrying lower ratings than have been typical this year.

    07 Jul 2017

  • Deutz dives 13% after AB Volvo sells its stake

    AB Volvo, the Swedish maker of trucks and buses, has sold its entire stake in Deutz, the German maker of diesel engines, for €196m, through an accelerated bookbuild on Thursday night.

    07 Jul 2017

  • Muratori finds hard demand for naughty Italian cooperatives

    Cooperativa Muratori & Cementisti (CMC), the construction firm, proved there are pockets of demand for the industry, despite the recent troubles of another Italian cooperative, Manutencoop.

    07 Jul 2017

  • Sumitomo, CBA break FIG silence with $4.5bn

    Sumitomo Mitsui Financial Group and Commonwealth Bank of Australia lit up the dollar market with the first trade of the month after supply lay dormant following the July 4 holiday weekend.

    07 Jul 2017

  • Issuers price UK, Dutch securitizations

    A UK auto ABS transaction and a Dutch prime RMBS deal were both priced this week as the European ABS market gets rolling in the second half.

    07 Jul 2017

  • Cov-lite refis live on with Socotec’s new €425m term loan

    Leveraged loan investors have recently started to win victories on deal terms, but on Thursday French engineering firm Socotec brought confirmation that market conditions are still in favour of borrowers. However, another of this week’s deals underlined the fact that investors can sometimes succeed in getting better terms.

    07 Jul 2017

  • Belle HK$28bn take-private deal in limited syndication

    More banks now have the opportunity to join a HK$28bn ($3.6bn) financing to support the take-private of Hong Kong-listed footwear company Belle International Holdings, following a senior phase that attracted nine lenders.

    07 Jul 2017

  • KB Financial, China Jinmao break lull in Asia blocks

    Two shareholders pared down their stakes through separate block trades on Thursday as the stocks hit one-year highs, punctuating a relatively quiet week for overnight bookbuilds in Asia.

    07 Jul 2017

  • BNPP picks new China chief executive

    The head of BNP Paribas' renminbi competence centre is stepping in after the retirement of China head Peter Kwok.

    07 Jul 2017

  • Investors race to Longfor's debut IG deal

    Longfor Properties Co's debut in the investment grade debt market tested the leads’ abilities to find appropriate pricing for the deal. But the result was a thumbs-up in primary and secondary, as investors flocked to the $450m bond.

    07 Jul 2017

  • FIT Hon Teng nets $342m from Hong Kong IPO

    FIT Hon Teng has raised HK$2.67bn ($341.8m) after pricing its IPO near the midpoint of guidance following a flood of global demand, according to a banker close to the deal.

    07 Jul 2017

  • Ireda seeks four leads for India float

    Indian Renewable Energy Development Agency (Ireda), the chief financier of the country’s renewable energy projects, will hire as many as four banks for its IPO.

    07 Jul 2017

  • RMB round-up: China’s FX reserves gain in June, UK’s RMB deposits up in Q1, China and Russia start joint investment fund

    China’s FX reserves gained $3bn in June, the UK’s renminbi deposits grew in the first quarter of 2017, and China and Russia agreed to establish a joint investment fund for Belt and Road infrastructure projects.

    07 Jul 2017

  • Geo Energy, Lionbridge, Jiuding to bring bond feast

    Fixed income dollar accounts will soon have the opportunity to buy new names from China’s financial sector and southeast Asia's coal mining industry, with three debut issuers set to roadshow in Asia, Europe and the US next week.

    07 Jul 2017

  • Deutsche Singapore dips into loan market for $150m

    Deutsche Bank Singapore is tapping the syndicated loan market for a $100m-$150m fundraising, and recently sent out a draft term sheet to potential lenders, said bankers.

    07 Jul 2017

  • CIPS gets boost from Bond Connect as CCDC, SHCH join platform

    The Chinese authorities have given their cross-border interbank payment system (CIPS) an even more central role in the global renminbi infrastructure, announcing that two domestic clearing houses have become direct participants of the platform to help settle Bond Connect trades.

    07 Jul 2017

  • StanChart hires from Deutsche for financial markets sales

    Standard Chartered has appointed a former Deutsche Bank banker as its new global head of financial markets sales, effective next Monday.

    07 Jul 2017

  • Derivatives choices in spotlight after Bond Connect, MSCI

    The launch of Bond Connect and MSCI’s A-share inclusion are prompting global investors to rebalance their portfolios towards renminbi bonds and equities. But although investors enjoy a handful of hedging tools in fixed income, they are hoping for more equity derivatives before adding A-share exposure.

    07 Jul 2017

  • Credit Suisse hires Greater China loans VP

    Credit Suisse has hired a banker for its Asia Pacific loan syndications team in Hong Kong.

    07 Jul 2017

  • Mexican Findep mandates for roadshow

    Mexican microfinance lender Financiera Independencia (Findep) began fixed income investor meetings on Thursday as it looks to sell up to $250m of dollar-denominated bonds.

    06 Jul 2017

  • PBA plots euros to underline Argentina’s Lat Am dominance

    In a deathly quiet week for Latin America’s bond markets, the Province of Buenos Aires announced plans for its first euro-denominated bond issue for more than 15 years, as Argentina continued to provide the bulk of the region’s supply.

    06 Jul 2017

  • Ico prices tight with third social bond

    Instituto de Crédito Oficial (Ico) sold its third social bond on Monday, printing €500m of four year paper with what bankers on the trade said was a skinny new issue premium.

    06 Jul 2017

  • CAN Capital resumes lending after six month pause

    Online small business lender CAN Capital, is resuming its loan origination program following a recapitalization by asset manager Varadero Capital.

    06 Jul 2017

  • Falcon closes debut US trade finance securitization

    Boutique trade finance firm Falcon Group closed a debut dollar-denominated trade finance securitization on July 5, as part of the company’s funding diversification strategy.

    06 Jul 2017

  • BNG USD1.5bn FRN Jul 20

    06 Jul 2017

  • Dexia GBP1bn 1.125% Jun 22

    06 Jul 2017

  • EFSF EUR2.5bn 0.5% Jul 25, EFSF EUR3.5bn 1.8% Jul 48

    06 Jul 2017

  • Ico EUR500m 0.1% Jul 21 social bond

    06 Jul 2017

  • Warsaw IPO drama: Raiffeisen pulls, Play quick, GetBack done

    In one of the liveliest weeks for Polish IPOs for years, Raiffeisen Polska’s flotation was pulled, debt collector GetBack priced its listing at the bottom of the range, and Play Communications, the mobile phone company, achieved a covered book on the market’s biggest IPO for five years.

    06 Jul 2017

  • Slower US growth and buybacks cast spectre over vol

    Equity volatility in the US and Europe has been limited in the past month as geopolitical risk from European elections has faded, but US corporates could be heading to trouble.

    06 Jul 2017

  • EFSF shows it’s all about timing

    If ever there was an example of how much timing matters in the bond market, it was the European Financial Stability Facility’s dual tranche trade this week.

    06 Jul 2017

  • MTN Leak: Wimbledon season

    All across the City and the Wharf, eyes are roving from left to right, right to left, trained on a single monitor. These eyes are not comparing curves, nor checking swap prices. If you sneak around them quickly enough, before the reflexive twitch to Alt+Tab brings up a spreadsheet, you might catch a glimpse of green and white.

    06 Jul 2017

  • US corp bonds becalmed as traders eye Fed warily

    US corporate bond issuers remained on the sidelines this week, as the second half of the year began on a subdued note after the July 4 holiday weekend.

    06 Jul 2017

  • Soaring govvie yields aid EFSF in long end, but France stutters

    Spiralling core eurozone government yields helped the European Financial Stability Facility pull off a cracking dual tranche trade this week, picking up a hefty €3.5bn at the long end. That led to speculation that other issuers could look to grab some long end funding before the summer — but with rates still rising and a weak French sovereign bond auction on Thursday, the window may have passed.

    06 Jul 2017

  • GC BondMarker: IADB and Spain excel but KfW lags

    Benchmarks from the Inter-American Development Bank, KfW and Spain have now been scored in GC BondMarker. While two of the deals met with a warm reception from voters, one deal was not so popular.

    06 Jul 2017

  • Annington Funding, GBP625m 2.646% July 25, GBP600m 3.184% July 29, GBP625m 3.685% July 34, GBP625m 3.935% July 47, EUR600m 1.65% July 24

    06 Jul 2017

  • AA Bond Co, GBP250m 2.75% July 23

    06 Jul 2017

  • National Grid North America EUR500m 1.00% July 24

    06 Jul 2017

  • Bank equity deals in vogue as Santander sets €7bn rights issue

    Predictions that financial institutions would ebb as the mainstay of equity capital markets business after the major post-crisis wave of recapitalisations had been completed have proved premature.

    06 Jul 2017

  • Dexia brings first £1bn SSA trade since surprise UK election result

    Dexia Crédit Local this week brought the first £1bn-plus sterling deal from an SSA issuer since a shock UK general election result in early June, with what one SSA syndicate head away from the trade called a “phenomenal” result. The deal came as speculation mounted that the Bank of England could next month raise its base rate for the first time in more than a decade.

    06 Jul 2017

  • BNG threads floater through narrow window

    Bank Nederlandse Gemeenten (BNG) launched a three year dollar floater on Thursday, pricing at what one of the leads said was flat to the issuer’s curve, deftly navigating a tricky week for dollar borrowing.

    06 Jul 2017

  • Rare National Grid entity electrifies euro investors

    After two days of no euro denominated corporate bond issuance, National Grid North America came with a rare corporate bond transaction on Wednesday. Pricing for the seven year deal moved in 25bp from the wide end of initial price thoughts (IPTs) in a trade that bankers away from the deal praised.

    06 Jul 2017

  • Investors beg for let-up in Schuldschein pace

    The busiest first half to a year in the Schuldschein market’s history is over. Nearly 70 issuers — originating from Russia to the US — have managed to launch transactions so far. But, some traditional German lenders are begging for a return to the market’s more usual sedate pace, to allow more time for vital credit work. Silas Brown reports.

    06 Jul 2017

  • SSAs fund in Kangas before market quiets down

    The Inter-American Development Bank (IADB) raised A$100m ($76.1m) on Tuesday by tapping its June 2026 Australian dollar bonds. It was joined later in the week by Nederlandse Waterschapsbank (NWB), the International Finance Corporation (IFC) and the European Investment Bank, which launched a tap that is expected to be priced on Friday.

    06 Jul 2017

  • Authorities ‘promote consolidation’ through resolution and liquidation

    European regulators have helped consolidate the banking sector in Spain and Italy in the past few weeks, in the resolution of Banco Popular and the liquidation of Banca Popolare di Vicenza and Veneto Banca, said analysts.

    06 Jul 2017

  • Natixis, Ivanhoe bring debut US green CMBS deal

    Natixis and Ivanhoé Cambridge have teamed up to sell the first green CMBS deal in the US, backed by an energy efficient Manhattan office building, in a move that could encourage other real estate lenders to follow as interest builds in using securitization as a tool for green financing.

    06 Jul 2017

  • Agrokor attracts over 20 lenders to new loan

    Agrokor, the troubled Croatian food company, has announced that over 20 lenders have agreed to provide €320m of new funds by the end of this week.

    06 Jul 2017

  • Moves In Brief — July 7, 2017

    Cades and AFT staff to merge — Senior Morgan Stanley banker leaves for to Barclays — Cadwalader boosts US ABS practice with new hire — BlueBay adds to EM research team

    06 Jul 2017

  • EM bull run falters as Liquid Telecom misses size, price targets

    Bankers were calling the end of the dream run in emerging market bonds on Friday after Liquid Telecom was unable to tighten pricing or meet the $600m size target for its debut note on Thursday.

    06 Jul 2017

  • CaixaBank EUR1bn 2.75% July 28 tier two

    06 Jul 2017

  • AFD to bring more MTNs thanks to new licence

    Agence Française de Développement’s change to its banking licence will lead to it sell more private placements, according to Bokar Cherif, the head of the agency’s treasury.

    06 Jul 2017

  • Bankia EUR750 6% PNC5 AT1

    06 Jul 2017

  • Regulators sign off on new NEX SEF

    NEX Group rolled out its new swap execution facility (SEF) this week after news after winning approval from the Commodity Futures Trading Commission (CFTC) in April.

    06 Jul 2017

  • AB Volvo picks Deutsche Bank to lead €225m clean-up block trade in Deutz

    On Thursday evening, AB Volvo, the Swedish maker of trucks and buses, launched the sale of its whole stake in Deutz, the German independent manufacturer of diesel engines, through an accelerated bookbuild.

    06 Jul 2017

  • The Pained Trader: silent prayers

    Dotted all over the City are ancient, obscure and often tiny churches, named after half-forgotten saints and usually with a little garden appended or perhaps just a bench under the shade of a yew tree outside. Despite being a licentious antiChrist, I spend a lot of time in the Square Mile’s houses of worship. I shall explain why.

    06 Jul 2017

  • Italian banks survive op but full recovery a way off

    Italy has been on a mission to pump public money into its creaking banking system and rid lenders of their non-performing loans. With three bank rescues completed this year, confidence is returning. But Italian banks will need more than domestic support in the long road to fulfilling regulatory debt capital requirements, writes Tyler Davies.

    06 Jul 2017

  • Volkswagen keeps sterling supply ticking over

    Volkswagen priced the third sterling corporate bond deal in as many days on Thursday, taking total supply over £3bn this week. Aggregate order books for the week are now approaching £10bn.

    06 Jul 2017

  • Zur Rose leaps 14% on debut after Swiss, German long-onlies pile in

    Shares in Zur Rose, the Swiss online pharmacy, finished 14% above their offer price after their debut on the SIX Swiss Exhange on Thursday, after the Sfr224m IPO attracted bids from more than 275 investors.

    06 Jul 2017

  • Atlantia solo journey starts to build Abertis war chest

    Italian toll road operator, Atlantia, was the only issuer in the euro corporate bond market on Thursday. The €1bn 10 year deal could be used to finance Atlantia’s proposed acquisition of its Spanish rival Abertis.

    06 Jul 2017

  • Banks and corps re-correlate after euro crisis split

    The fate of corporates and the banks that serve them is intertwined, that much is clear from the past decade. But though the correlation is close, it’s certainly not one-to-one, writes IHS Markit's Gavan Nolan.

    06 Jul 2017

  • Italy: a long road to the inevitable

    The process to save the world's oldest bank, Monte dei Paschi di Siena, has dragged on long enough to feel like it may have been, appropriately perhaps, the world's longest winded bank rescue. For such an investment of time and manpower, the fact that the final resolution is a large bill for the Italian taxpayer is disappointing.

    06 Jul 2017

  • Play Communications covers €1bn IPO in three days

    The IPO of Play Communications, Poland’s second largest mobile network operator, is covered at its base size, three working days into the bookbuild.

    06 Jul 2017

  • Cades and AFT staff to merge

    Caisse d’Amortissement de la Dette Sociale (Cades), the French social security debt agency, is set to form a much closer working arrangement with Agence France Trésor, the French sovereign debt office, in an effort to reduce operational risk.

    06 Jul 2017

  • Investors shrug off Popular to buy up Spanish AT1 and T2

    CaixaBank and Bankia both issued tightly priced deals this week, in the first subordinated debt to hit the market since the resolution of Banco Popular in June.

    06 Jul 2017

  • Annington defies naysayers to build sterling landmark

    Annington Homes, the Terra Firma-owned group that owns the UK Ministry of Defence’s estate for accommodating service families, dazzled the corporate bond market with the second largest sterling issue by a company ever on Wednesday, despite the complexity of its financing story. Nigel Owen reports.

    06 Jul 2017

  • Midclear builds up CCP plumbing with GMEX platform

    Midclear, the custodian and clearing centre of financial instruments for Lebanon and the Middle East, has selected GMEX Technologies to provide the core system for Lebanon's first derivatives central counterparty (CCP).

    06 Jul 2017

  • European ABS pricing divorces from grim macro reality

    The ABS market in Europe is booming, with deals across asset classes pricing at the tightest levels since the crisis. Rampant demand and record tight spreads, however, do not reflect the wider macroeconomic picture in Europe, and investors and issuers say they are growing concerned that ABS pricing has become detached from reality, writes Sam Kerr.

    06 Jul 2017

  • Relief as Waberer’s up on debut after tough IPO

    Shares in Waberer's International, the Hungarian haulage firm, closed 0.5% above their offer price when they began trading in Budapest on Thursday, after the company restructured its IPO during bookbuild due to weakened investor sentiment towards east European issuers.

    06 Jul 2017

  • Cadwalader boosts US ABS practice with new hire

    Cadwalader Wickersham & Taft has hired a former associate general counsel at Goldman Sachs for its securitization practice in Washington, DC.

    06 Jul 2017

  • Ecofin council set to adopt NPL action plan

    EU finance ministers are expected to agree at an Economic and Financial Affairs Council (Ecofin) meeting next Tuesday on an action plan to tackle the eurozone's €1tr of non-performing loans (NPLs) and to prevent the emergence of more in the future.

    06 Jul 2017

  • Turkish bank refis back in season with ING and TSKB

    The Turkish bank refinancing season ramped up once again this week after a lull in activity, with ING’s Turkish branch signing a $536m refi on Tuesday with 22 banks a day after Turkiye Sinai Kalkinma Bankasi (TSKB) signed a $297m refi with 18 banks.

    06 Jul 2017

  • BNG hits dollar threes for floater

    Bank Nederlandse Gemeenten launched a three year dollar floater on Thursday, pricing at what one of the leads said was flat to the issuer's curve.

    06 Jul 2017

  • Lotte Chemical back from the brink to seal $884m IPO

    Lotte Chemical Titan sealed the largest Malaysian IPO in nearly five years this week, raising MR3.8bn ($884.0m). But the deal was anything but pretty. After a bungled first attempt at building a book, the issuer was forced to return with a smaller offering and lower price range. Jonathan Breen and John Loh report.

    06 Jul 2017

  • Demand aplenty for Au Small Finance IPO

    Au Small Finance Bank’s IPO in India raised Rp19.1bn ($294.5m) for the selling shareholders after it was priced at the top of the range.

    06 Jul 2017

  • Bain, HSBC make rare pair on Adler & Allan unitranche

    Environmental service firm Adler & Allan is refinancing all of its debt with a sub-£100m ($130m) unitranche loan from HSBC and alternative investor Bain Capital Credit. The product can pose competition to high yield at bigger sizes, said sources.

    06 Jul 2017

  • China firms ‘amaze’ rivals with bond market sweep

    Chinese investment banks and brokerages had a dazzling performance in Asian DCM during the first half, remaining the preferred choice for the country’s offshore issuers while also making big leaps in boosting their international client base. With their rise have also come increasing concerns around best market practices – but even these may soon be a thing of the past. Addison Gong reports.

    06 Jul 2017

  • It’s here! Bond Connect opens up China debt

    Chinese regulators opened the door to foreign bond investors this week, launching a Bond Connect scheme that offers unfettered access to onshore renminbi bonds. The scheme promises to be a game-changer for global investors — as long as China does not rest on its laurels. Paolo Danese and Morgan Davis report.

    06 Jul 2017

  • Posco eyes W444bn from KB Financial block

    Posco has launched a block sale of KB Financial Group's shares, and is looking to raise up to W443.5bn ($383.0m), according to a term sheet for the deal.

    06 Jul 2017

  • Deutsche’s client focus underpins culture shock

    The bank’s rejigged corporate and investment bank is its most determined effort yet to crack its global coverage effort, writes David Rothnie.

    06 Jul 2017

  • Nervous banks eye China risks, demand boost in loan margins

    Fears over debt and governance problems at Chinese companies are prompting banks to rethink their willingness to lend. The pull-back is leading to a push for more transparency — and looks set to send margins on many deals higher, bankers said this week.

    06 Jul 2017

  • Beijing Enterprises Clean Energy rolls out HK$1.2bn deal

    DBS launched syndication for a HK$1.2bn ($153.7m) borrowing by photovoltaic power plant developer Beijing Enterprises Clean Energy last week.

    06 Jul 2017

  • Banca Carige issues NPL deal

    Italy’s Banca Carige has hit the market with a non-performing loan securitization utilising the Italian government's GACS guarantee scheme, and will place the mezzanine and junior notes with investors.

    06 Jul 2017

  • Covered investors face supply drought but better opportunities at hand

    Investors are sitting on plenty of cash but have little opportunity to do anything with it in the covered bond market as supply prospects look set to worsen. But with Bund yields breaking up from a long held range on Thursday and the possibility of the European Central Bank scaling back covered bond purchases, there are likely to be better buying opportunities at hand.

    06 Jul 2017

  • BlueBay adds to EM research team

    BlueBay asset management has hired a senior sovereign strategist to focus on China, adding to its emerging markets research offering.

    06 Jul 2017

  • Investors call ABN Amro back to dollar Formosa market

    ABN Amro Bank returned to the dollar Formosa market on Wednesday at the prompting of Taiwanese investors, raising $450m from its deal.

    06 Jul 2017

  • Liquid hopes for strong connection with buy-side

    Debut issuer Liquid Telecom had the sole focus of the CEEMEA primary bond market this week with bankers on the deal hoping that the combination of high yield and low duration will tick the right boxes for investors as rates continue to tick up.

    06 Jul 2017

  • HSBC and BEA approved for mainland China JVs

    HSBC and Bank of East Asia have won approvals from the China Securities Regulatory Commission to set up joint venture securities companies in the mainland.

    06 Jul 2017

  • Zhongyuan Bank covers $1.1bn HK float

    Zhongyuan Bank’s HK$8.34bn ($1.1bn) IPO in Hong Kong was well covered as of Thursday morning, according to a banker at one of the leads.

    06 Jul 2017

  • People news in brief: July 6, 2017

    StanChart’s north Asia capital markets head bows out — Hsu joins StanChart levfin team — Mizuho loses Thailand, Korea-focused banker

    06 Jul 2017

  • HPCL swarmed by investors on dollar bond debut

    Hindustan Petroleum Corp (HPCL) on Wednesday sealed its inaugural international bond, a $500m 10 year deal. The company capitalised on a strong bid for Indian paper, and managed to price flat to its oil and gas peers with a similar government backing.

    06 Jul 2017

  • China new economy names tap HK for IPOs

    Two firms from China’s new economy sector, which are backed by technology companies Alibaba and Tencent, plan to tap equity investors for over $2bn in their Hong Kong IPOs.

    06 Jul 2017

  • BOC, SPDB ride FRN wave to clinch $1.8bn

    Two Chinese banks sold dual tranche floating rate dollar bonds this week, taking advantage of the market’s enthusiasm to raise a combined $1.8bn. But the eagerness for the format appears to be waning.

    06 Jul 2017

  • Hebei Construction, Razer gear up for HK debuts

    China-based Hebei Construction Group is looking to raise between $200m and $300m through a Hong Kong IPO in the second half of the year, said a banker on the trade.

    06 Jul 2017

  • Bankia squeezes pricing on debut AT1

    Bankia paid a very slim new issue premium for its debut additional tier one deal on Thursday, as investors showed they were willing to support two tightly priced trades from riskier Spanish banks in two days.

    06 Jul 2017

  • A game of hide and seek in the office

    There is no better time than the summer to take a trip down memory lane and revisit old haunts in London, especially as it provides the perfect backdrop for catching up with friends over a few drinks.

    06 Jul 2017

  • Be the first to see the new GC BondMarker Web App

    Didn’t think the global capital markets could get any more exciting this year? Well brace yourself.

    06 Jul 2017

  • Jinmao opens second Panda as markets calm

    Property company Jinmao is returning to the Panda market just three months after its debut in the asset class. Sources said the issuer, which is hoping to raise Rmb2.5bn ($367.9m) with a three year note on July 7, is seeking a snap deal to exploit relatively stable onshore yields.

    06 Jul 2017

  • PBA to test European demand for provincial play

    Argentina’s largest province will begin investor meetings on Friday ahead of a planned euro-denominated bond sale, according to DCM bankers close to the deal.

    06 Jul 2017

  • Longfor's IG rating on show with new dollar bond

    Chinese developer Longfor Properties Co began marketing its first investment grade dollar bond on Thursday morning in Asia.

    06 Jul 2017

  • GoldenTree, GTIS partner up on new real estate debt fund

    GoldenTree Asset Management and real estate investment firm GTIS Partners have teamed up on a joint venture focusing on financing real estate debt across a host of property types.

    05 Jul 2017

  • US CLO watchers eye downside with spreads at record tights

    Some market observers are growing wary of downside risk in the US CLO market, with a raft of deals being priced at levels at or close to post-crisis tights.

    05 Jul 2017

  • Senator floats bill to cap federal student loan rates

    Senator Bill Nelson (D-Florida) has proposed legislation to cap undergraduate federal student loan interest rates at 4%, following a slew of federal student loan rate hikes that kicked in last week.

    05 Jul 2017

  • GetBack's book comes together late, but well

    GetBack, the Polish debt collection company, has priced its Warsaw IPO at the bottom of the range, in a further sign of the variety of outcomes in the present flotation season.

    05 Jul 2017

  • Droit signs up five for MiFID II platform

    Droit Financial Technologies has signed up five banks to Adept — its Market in Financial Instruments Directive II (MiFID II) trade compliance platform.

    05 Jul 2017

  • CVC feeds Pasubio LBO to early birds as margins tighten

    Pasubio, the Italian maker of speciality car upholstery, is funding its buyout by CVC with a leveraged loan and revolver launched on Wednesday in an issuer-friendly market.

    05 Jul 2017

  • BNG takes slim dollar window to roll over floater

    Bank Nederlandse Gemeenten will nip into the briefest of windows in the dollar market this week to roll over a floating rate note maturing next week.

    05 Jul 2017

  • Annington finds perfect home among sterling investors

    Annington Homes, the Terra Firma-owned group that owns the UK Ministry of Defence married quarters housing estate, dazzled the corporate bond market with the second largest sterling issuer by a company ever on Wednesday, despite the complexity of its story. The deal augurs well for British American Tobacco's bond plans, said some corporate bond experts.

    05 Jul 2017

  • National Grid hacks at pricing

    National Grid North America came with a rare transaction on Wednesday, dragging pricing in 25bp from the wide end of initial price thoughts in a trade that bankers away from the deal praised.

    05 Jul 2017

  • AFD’s new licence to mean more MTNs

    Agence Française de Développement’s plans to change its banking license will lead to it selling more private placements, according to Bokar Cherif, the agency's head of treasury.

    05 Jul 2017

  • Zur Rose’s Sfr224m IPO closes early, prices at top end

    The IPO of Zur Rose, the Swiss online pharmacy, is due to be priced at the top of its range, to raise Sfr224m, after the bookbuild finished a day early due to the strength of the demand.

    05 Jul 2017

  • Non-ECB eligible deals test market as central bank considers ABS review

    ABS deals not eligible for purchase by the European Central Bank will test the ability of the market to function without central bank participation, a potentially significant development given recent comments from ECB officials.

    05 Jul 2017

  • ABN swipes €1.25bn of 20 year covered funding as rates rise

    ABN Amro hit the covered bond market on Wednesday for an opportunistic tap of its 20 year, and despite being announced at short notice, the offering drew robust demand.

    05 Jul 2017

  • EM looks to final burst of issuance

    CEEMEA primary issuance will be clustered around the last few days of the week as Liquid Telecom is yet to announce price guidance on its $600m five non-call three year trade.

    05 Jul 2017

  • Caixa scoops up cheap T2 as Spanish sub returns

    CaixaBank paid ‘close to zero, if not zero’ premium for a new tier two on Wednesday in the first Spanish subordinated bond issuance since the resolution of Banco Popular.

    05 Jul 2017

  • MPS targets 10.7% RoE after precautionary recap

    Italy's Banca Monte dei Paschi di Siena (MPS) has spelt out its plans to return to stability and profitability, after a long running brush with resolution ended with a ‘precautionary recapitalisation’ by the Italian state this week.

    05 Jul 2017

  • ING’s Turkish branch signs $536m refi

    Turkish bank refinancing season ramped up once again after a lull in activity, with ING’s Turkish branch signing a $536m refi on Tuesday — a day after Turkiye Sinai Kalkinma Bankasi signed a $297m refi.

    05 Jul 2017

  • Crunch time for Qatar as ministers meet

    Foreign ministers from across the Gulf meet in Cairo on Wednesday to discuss the continued tensions with Qatar, as bank analysts predicted the Saudi Arabia-led coalition against Qatar will reject the country’s response to its demands.

    05 Jul 2017

  • Atlante buys MPS NPLs at fraction of book value

    The Italian Atlante fund has released the details of its investment in a book of non-performing loans (NPLs) from Banca Monte dei Paschi di Siena (MPS), revealing that the struggling bank sold the notes at a fraction of face value.

    05 Jul 2017

  • S&P takes axe to KazAgro’s rating

    KazAgro has seen a two notch cut in its rating from Standard & Poor’s, as the rating agency says that there is a declining state wilingness in Kazakhstan to provide funds for government related entities.

    05 Jul 2017

  • Markit reviews iBoxx index criteria, adds callables

    IHS Markit has announced that callable senior bonds issued by banks and tier three bonds issued by insurance companies will be included within its iBoxx indices, following the introduction of new index layers that account for bail-inable senior bank debt.

    05 Jul 2017

  • Banks dominate ECM as Carige joins Santander

    Banks may be expected to wane as a source of equity capital markets business - but not yet. Santander's €7bn rights issue is under way, and Banca Carige, long on Italy's sick list, has announced a €500m capital increase.

    05 Jul 2017

  • Investors not in holiday mode yet, luckily for £2.5bn Annington

    The cloudburst of corporate bond issues investors had been expecting during the dry first two business days of July arrived on Wednesday, with a five tranche salvo by Annington Funding, in euros and sterling, plus deals from Kedrion and National Grid.

    05 Jul 2017

  • Gazprom returns to hungry Swiss market

    Gazprom will return to Switzerland next week for roadshows in Geneva and Zurich. And, as retail taste for sub-investment grade credit grows, the bookrunners are confident the Russian gas firm will attract demand.

    05 Jul 2017

  • Italy back in focus after MPS recap

    The European Commission approved Banca Monte dei Paschi di Siena’s (MPS) request for a ‘precautionary recapitalisation’ this week, throwing the Italian banking sector back into the limelight in an otherwise quiet week for the financial institutions bond market.

    05 Jul 2017

  • Long end euro recovery boosts EFSF

    The long end of euro government bond curves appear to have regained their health once more after a wobble last week when comments from European Central Bank president Mario Draghi were thought to signal that quantitative easing would end sooner than expected.

    05 Jul 2017

  • Formosa Chemical seeks loan for capex

    Formosa Chemical Industries Ningbo Co has mandated a Taiwanese lender to syndicate a $155m-equivalent renminbi loan.

    05 Jul 2017

  • Khadim, CMS Info pave way for Indian IPOs

    Footwear maker Khadim India has filed for a listing in the country via two bookrunners, with books expected to open as early as September.

    05 Jul 2017

  • Total Derivatives: PBoC guidance awaited as swap curve remains steep

    There has been rising demand for short-dated non-deliverable interest rate swaps (NDIRS) in the renminbi market after the People’s Bank of China adjusted the fixing lower and market participants braced themselves for a key resistance level, writes Deirdre Yeung of Total Derivatives.

    05 Jul 2017

  • Qinghai Investment returns with $300m bond

    Qinghai Provincial Investment Group made a quick return to the bond market this week, giving investors an opportunity to top up their exposure five months after making its debut.

    05 Jul 2017

  • Senior Morgan Stanley banker defects to Barclays

    Barclays has poached a senior fixed income capital markets banker from Morgan Stanley as it reinvests funds into its corporate and investment bank.

    05 Jul 2017

  • Nine get NDRC approval to go offshore

    A group of nine Chinese companies have received approval from the National Development and Reform Commission (NDRC) to sell international bonds.

    05 Jul 2017

  • SPDB unveils new dual tranche floater

    Shanghai Pudong Development Bank Co is back in the market with a dual tranche floating rate dollar deal, which it is selling through its Hong Kong branch.

    05 Jul 2017

  • China opens ratings market after Bond Connect launch

    Foreign credit rating agencies are finally welcome to operate in China without a local partner, the People's Bank of China confirmed this week. But although the change is likely to improve the transparency of the country's corporate bond market, experts have warned that it could pose risks to the wider economy.

    05 Jul 2017

  • HPCL steps into spotlight with dollar debut

    Hindustan Petroleum Corp (HPCL) opened books for its debut dollar transaction on Wednesday morning, and is looking for a 10 year bullet.

    05 Jul 2017

  • Argentine Transener charges up long-waited bond return

    Argentine electricity utility Transener (Compañía de Transporte de Energía Eléctrica en Alta Tensión) has approved a bond of up to $500m, according to a regulatory filing on Tuesday.

    05 Jul 2017

  • HK-based A-shares funds to get boost from RQFII injection

    The People’s Bank of China nearly doubled Hong Kong’s renminbi qualified foreign institutional investor (RQFII) quotas on June 5. Market participants say the move will meet growing demand for RMB assets following MSCI’s inclusion of A-shares.

    05 Jul 2017

  • AA stands alone on Independence Day

    While the US enjoyed its Independence Day holiday on Tuesday, European corporate bond markets were jump started by AA Bond Co. The UK motoring organisation announced a £250m ($324.33m) no-grow six year deal as part of plans to reduce overall borrowings and associated interest costs.

    04 Jul 2017

  • Empiric seeks £150m to buy student halls

    Empiric Student Property, the London-listed real estate investment trust that owns UK student accommodation, is seeking to raise £150m, in its sixth equity issue since its £85m IPO in June 2014. The deal will also be its largest so far, and its highest priced.

    04 Jul 2017

  • Santander’s rights comes at slim discount, rewards host of banks

    Banco Santander has launched its €7.07bn fully underwritten rights issue to support its acquisition of the failed Banco Popular Español, saying it expects to make a return on investment on the deal of 13% to 14% by 2020.

    04 Jul 2017

  • BCBS reports on Basel III progress, warns G20 on CCP rules

    The Basel Committee on Banking Supervision commended international efforts to build “larger” and “better quality” capital and liquidity buffers on Tuesday. But it warned G20 countries that regulatory adoption of rules on the measurement of counterparty credit risk and capital requirements for clearing house exposure has been delayed.

    04 Jul 2017

  • Bye-bye Basel

    The Basel Committee was a wonderful idea when was first convened. But with bank liquidity measures becoming more difficult to codify and different jurisdictions going their own way on a number of issues, the idea behind a united global banking standard might soon become irrelevant.

    04 Jul 2017

  • EFSF grabs real money bid for jumbo long end tranche

    The European Financial Stability Facility on Tuesday enjoyed the rare treat of bringing a dual tranche trade that garnered more interest for the longer than the shorter leg. That result surprised bankers away from the deal — but one of the leads said it may have been due to real money investors taking a punt that the end of eurozone quantitative easing is further off than some of their peers think.

    04 Jul 2017

  • European Parliament ratifies way to covered harmony

    The European Parliament has approved a report that favours a principles-based approach to harmonising features of the European covered bond market.

    04 Jul 2017

  • G20 leaders’ historic chance to advance climate risk management

    What will happen to share prices and bond returns if the climate warms by 1.5°C, 2°C, 3°C? You don’t know, and neither does anyone else. But these scenarios are probable. It’s time we worked it out — and a decision before the G20 next weekend could make a huge difference.

    04 Jul 2017

  • IADB, NWB tap Kangaroo long end

    The Inter-American Development Bank raised A$100m ($76.1m) on Tuesday by tapping its June 2026 Australian dollar bonds, despite the remaining maturity falling short of where most long end Kangaroo demand resides. Meanwhile, Nederlandse Waterschapsbank responded to reverse enquiry, tapping its 3.5% July 2027 bonds for A$15m.

    04 Jul 2017

  • KA scores solid sustainable covered success

    Kommunalkredit Austria (KA) found strong demand for its high yielding Pfandbrief this week. It was the bank’s first deal since its was sold by the Austrian state, and the first Austrian covered bond that promotes financing with a social cause.

    04 Jul 2017

  • IDEM extends index future hours, tweaks settlement price

    The Borsa Italiana derivatives market (IDEM) has this week extended its daily trading hours for futures and mini-futures on the FTSE MIB index.

    04 Jul 2017

  • EU commission approves MPS plan

    The European Commission has approved the precautionary recapitalisation of Banca Monte dei Paschi di Siena (MPS), and the disposal of its non-performing loans.

    04 Jul 2017

  • Stakeholders join forces to promote green finance

    A wide range of institutions have joined forces under the auspices of the European Green Securities Steering Committee (EGSSC) to promote green financing in Europe.

    04 Jul 2017

  • Two debut Schuldschein issuers close with heavy oversubscriptions

    The appetite of Schuldschein investors seems insatiable. Coming off the largest and busiest second quarter in the Schuldschein market's history, two non-German inaugural borrowers nearly doubled their funding targets on Tuesday.

    04 Jul 2017

  • Securitization to follow next UKAR asset sale

    UK RMBS market participants expect a securitization will follow the next loan sale from UK Asset Resolution (UKAR), continuing a string of transactions from the government-owned asset manager.

    04 Jul 2017

  • Dexia banks £1bn with ‘phenomenal’ trade

    Dexia Crédit Local has brought the first £1bn-plus sterling deal from an SSA issuer since a shock UK general election result in early June, with what one SSA syndicate head away from the trade called a “phenomenal” result.

    04 Jul 2017

  • MuHyp pays close to no NIP in rare market foray

    Münchener Hypothekenbank made a rare entry into the public market for senior debt on Tuesday, pricing a ‘tight’ deal in a quiet week disrupted by US Independence Day.

    04 Jul 2017

  • Busiest June on record in EM makes last five years look tame

    Emerging market issuers recorded their busiest June on record with $44bn printed across all regions, a feat made more eye popping because issuance in June between 2011 and 2016 averaged less than half of that amount, according to analysts.

    04 Jul 2017

  • TSKB proves resilience of Turkish market with $297m refi

    Turkey’s first privately owned development and investment bank Turkiye Sinai Kalkinma Bankasi (TSKB) has refinanced a loan which matured last Wednesday with a $297m facility from a syndicate of 18 banks.

    04 Jul 2017

  • Ukraine’s IMF payment delay slams breaks on bond hopes

    Investors responded to the news that the International Monetary Fund will likely delay a $1.9bn tranche of its bailout for Ukraine by saying the country has no chance of issuing a bond until the payment clears.

    04 Jul 2017

  • FIT Hon Teng closes IPO early, to price at midpoint

    Leads on FIT Hon Teng’s HK$2.8bn ($358.6m) IPO have wrapped up bookbuilding a day early in Asia and Europe after a strong showing from institutional investors, and are set to price the deal around the midpoint of the initial range.

    04 Jul 2017

  • Santander predicts 24% profit surge before Popular purchase

    Santander said on Tuesday that it expected its net profit for the first half of 2017 would be up 24% compared with last year, before considering its recent purchase of Banco Popular.

    04 Jul 2017

  • Bond Connect: Be careful what you wish for

    China’s move to open up its domestic bond market to more foreign investment is being rightly applauded. But investors should be wary of the risks in a market that still has serious problems with governance and disclosure.

    04 Jul 2017

  • India's Syndicate Bank ropes in Rego as CEO

    India’s Syndicate Bank has appointed Melwyn Rego as the chief executive officer effective July 1, succeeding Arun Shrivastava who retired at the end of June.

    04 Jul 2017

  • MCC, ChemChina, PTTEP prep dollar investors

    Metallurgical Corporation of China (MCC), China National Chemical Corporation and Thailand’s PTT Exploration and Production are out in the market, gauging appetite for their respective bonds.

    04 Jul 2017

  • Lotte Chemical hits floor price on shrunken IPO

    Malaysia-based Lotte Chemical Titan Holding has sealed its MR3.8bn ($884.0m) IPO at the bottom of guidance after reopening the deal on Monday at a lower price range and smaller size.

    04 Jul 2017

  • Hengjian Investment snags tight pricing for $500m bond

    Guangdong Hengjian Investment Holding raised $500m from its debut bond on Monday on the back of nearly six times demand. The issuer priced the notes inside its comparables, a feat possible thanks to its status as a provincial-level state-owned enterprise and a quiet primary market.

    04 Jul 2017

  • BOC's latest double floater grabs $1.05bn

    Bank of China Hong Kong became the latest bank to join a rush of floating rate issuance on Monday, closing a dual-tranche deal.

    04 Jul 2017

  • Huarong Investment boosts loan to HK$3.6bn

    Huarong Investment Stock Corp has increased the size of its dual-currency syndicated loan to HK$3.6bn ($462m) from HK$3bn.

    04 Jul 2017

  • Hebei Construction, China Literature, Wah Sun file for IPOs

    Mainland firm Hebei Construction Group is vying for approval to list in Hong Kong, filing a draft prospectus with the city’s exchange.

    04 Jul 2017

  • Bond Connect to speed up China entry in global bond indices

    The further liberalisation of access to the China's bond market as a result of Bond Connect makes inclusion of onshore renminbi bonds in the world’s major bond indices more likely, with potential inflows in the billions of dollars, according to market analysts.

    04 Jul 2017

  • Cablevision, Telecom Argentina merger could bring bond supply

    One of Argentina’s strongest corporate bond issuers, Cablevision, signed a preliminary agreement to merge with rival Telecom Argentina over the weekend, and one analyst said it could lead to issuance in the cross-border bond markets.

    04 Jul 2017

  • Qinghai Investment makes bond comeback

    State-owned enterprise Qinghai Provincial Investment Group Co is making a rapid return to the international debt market, launching a new dollar bond on Tuesday about four months after its debut.

    04 Jul 2017

  • Au Small Finance eyes top price for $295m IPO

    India’s Au Small Finance Bank is on track to price its IPO at the top of guidance, raising the lender Rp19.1bn ($294.5m) after the deal was subscribed more than 50 times.

    04 Jul 2017

  • Cadila gets go-ahead for debut international bonds

    India’s Cadila Healthcare has received board approval to sell foreign currency bonds, a first for the company.

    04 Jul 2017

  • UBI Banca rights issue, Unicaja IPO show funds open to south Europe banks

    UBI Banca, the Italian bank, completed its €400m rights issue on Friday June 30, when the tiny rump of 6.7m rights, not subscribed for during the subscription period, were all sold on the stockmarket in the first few minutes they were offered.

    03 Jul 2017

  • Landis & Gyr touts Swiss precision in 100% IPO which could top Sfr2.5bn

    A new Zurich IPO began investor education on Monday, of electric meter maker Landis & Gyr, based in Switzerland. “It’s big,” said a banker on the deal, which may come at about $2.25bn to $2.75bn.

    03 Jul 2017

  • Derichebourg family sells 2% stake at top

    On Monday night, the first equity block trade of the week in Europe came in the form of a sale of a 2% stake in Derichebourg, the French rubbish collection, recycling and outsourcing group that has a €1.2bn market cap, by the controlling family.

    03 Jul 2017

  • US securitization volume ends first half up 40%

    Issuers churned out $243bn of primary market ABS in the first half of 2017, up 40% year over year, as demand swells across securitized asset classes.

    03 Jul 2017

  • NMCE and ICEX agree to merge

    National Multi Commodity Exchange (NMCE) and Indian Commodity Exchange (ICEX) have agreed to merge, with both parties expecting to complete the move by December.

    03 Jul 2017

  • Old Money: Banking’s era of fines

    Banks are in the grip of an era of regulatory fines. Boston Consulting Group (BCG) estimates that since the 2008 financial crisis banks globally have paid $321bn in fines, an average of $40bn a year. Most have been levied by US banking agencies, with the EU claiming that it has levied 800% more in bank penalties than its 28 member states have added together. The record fine to date is the $13bn paid by JP Morgan in 2013 in settlement of mortgage backed securities (MBS) violations.

    03 Jul 2017

  • DGCX rakes it in from macro concerns

    Investor hedging for turbulent Brexit negotiations and US president Donald Trump’s legislative agenda has aided the growth of gold and currency derivatives contracts at the Dubai Gold and Commodities Exchange (DGCX), its CEO said on Sunday.

    03 Jul 2017

  • SGX signals intro for its Asian DLC

    The Singapore Exchange (SGX) has announced that it will list daily leveraged certificates (DLC) from July 17, the first derivative structured products with a constant leverage factor to be offered in Asia.

    03 Jul 2017

  • EFSF dual tranche ‘to benefit from rates move’

    A sell-off in rates over the last few trading days should support the European Financial Stability Facility’s first trade of the third quarter, said bankers. The supranational mandated banks on Monday for a dual tranche trade in the belly and long end of the euro curve.

    03 Jul 2017

  • Ico raises €500m with social bond

    Instituto de Crédito Oficial sold its third social bond on Monday, printing €500m of four year paper with what bankers on the trade said was a skinny new issue premium.

    03 Jul 2017

  • Euro ABS tightens further as summer demand swells

    European ABS spreads are grinding ever tighter across asset classes as issuers ride a wave of demand into the summer.

    03 Jul 2017

  • Basel Committee hits EU on HQLA deviation

    The Basel Committee on Banking Supervision has criticised the European Union’s recognition of non-RMBS securitizations as being eligible for treatment as high quality liquid assets (HQLA), as a deviation from the Basel framework.

    03 Jul 2017

  • Covered bonds make LCR portfolios ‘non-compliant'

    Some European bank liquidity portfolios are ‘materially non-compliant’ with the recommendations of the Basel Committee on Banking Supervision, because of the inclusion of covered bonds as high quality liquid assets, the BCBS said on Monday.

    03 Jul 2017

  • IADB set to tap Kangaroo 2026s

    The Inter-American Development Bank is looking to tap its 4.25% June 2026 Australian dollar bonds, despite the remaining maturity falling short of where most long end Kangaroo demand resides.

    03 Jul 2017

  • Corporate bond market to build to issuance crescendo

    After a blank day to end June, European corporate bond markets also saw no issuance on the first business day of July. However, market participants do expect the market to be busier in the second half of this week.

    03 Jul 2017

  • High yield treated to €1.5bn shopping spree

    The European high yield bond market welcomed a bursting deal pipeline this week, leaving behind last week’s sabre rattling between investors and issuers.

    03 Jul 2017

  • Créd Ag swoops in for long covered funding

    Crédit Agricole took advantage of last week’s sharp rise in swap rates and concerns that covered bond supply may dry up to issue a tightly priced €500m 10 year on Monday.

    03 Jul 2017

  • Central bank policy to drive summer primary plans in FIG

    Financial institutions could be tempted to bring forward 'even 2018' funding plans this summer, as central banks look to bring an end to their accommodative stances on monetary policy.

    03 Jul 2017

  • Ratings cut for Nestle ahead of buy-back as bankers anticipate new debt

    On Friday, the credit rating agency, DBRS, became the third ratings company to downgrade Nestlé following its announcement of a Sfr20bn ($20.8bn) share buy-back program earlier in the week. It could herald fresh bond issuance, said corporate bond bankers.

    03 Jul 2017

  • Thom bids high yield bonds adieu with €670m loan

    The leveraged loan market is set to take in one more issuer from the high yield bond market as French jewellery retailer Thom Europe looks for new term loans to redeem all of its bonds.

    03 Jul 2017

  • GarantiBank fully draws oversubscribed loan

    GarantiBank International (GBI), a Dutch subsidiary of Turkiye Garanti Bankasi, fully drew a $250m one year loan, in order to finance the firm’s global trade activities.

    03 Jul 2017

  • SMFG follows Nomura with Frankfurt plans

    Nearly a week after a similar announcement from Nomura, Sumitomo Mitsui Financial Group (SMFG) has confirmed that it is preparing to set up a new German subsidiary in response to the UK’s decision to leave the European Union.

    03 Jul 2017

  • African debt in favour as Liquid Telecom preps bond sale

    Pan-African fibre cable company Liquid Telecom is expected to come to the market with a $600m five non-call three year trade this week, bolstered by sharply improving sentiment towards sub-Saharan Africa credit.

    03 Jul 2017

  • CEEMEA bond flurry expected at finish

    Activity in the CEEMEA primary market is likely to be loaded towards the back end of this week, according to bankers, as roadshows end and issuers dodge around macroeconomic events and holidays in the US.

    03 Jul 2017

  • Tajikistan eyes bond debut to fund hydropower project

    The Republic of Tajikistan is one step closer to selling its first dollar bond after gaining parliamentary approvals recently.

    03 Jul 2017

  • Lotte Chemical slashes IPO size with relaunch

    Malaysian petrochemical firm Lotte Chemical Titan Holding has relaunched its up to MR5.9bn ($1.4bn) IPO and is taking orders for a day, slashing the price range and offering size to secure additional long-only investors.

    03 Jul 2017

  • China Medical's $300m loan opens with bigger top group

    A $300m three year fundraising for pharmaceutical company China Medical System Holdings has entered general syndication with three banks at the helm.

    03 Jul 2017

  • Mu Sigma $400m heads into general syndication

    A loan of around $400m for Indian data analytics firm Mu Sigma is open for retail participation after a successful senior phase when seven lenders joined the deal.

    03 Jul 2017

  • ZhongAn, Tencent e-book arm plan IPOs as RKE pulls deal

    China’s ZhongAn Online Property and Casualty Insurance Co has taken a formal step towards listing in Hong Kong, filing a draft prospectus for an IPO that could raise at least $1bn, according to bankers familiar with the matter.

    03 Jul 2017

  • StanChart’s north Asia capital markets head retires

    Standard Chartered’s head of capital markets for Greater China and north Asia has retired from the bank, according to multiple sources.

    03 Jul 2017

  • Hengjian Investment, BOC HK kick off dollar deals

    Guangdong Hengjian Investment Holding is marketing its debut dollar bond while Bank of China's Hong Kong branch is taking bids for a dual tranche floating rate transaction.

    03 Jul 2017

  • Bond Connect won’t shun CIBM Direct investors, says PBoC’s Pan

    Investors accessing China’s interbank bond market (CIBM) using CIBM Direct will not be barred from using Bond Connect, the deputy governor of People’s Bank of China (PBoC), Pan Gongsheng, said at the Bond Connect launch ceremony on July 3.

    03 Jul 2017

  • Banks kick off Bond Connect trading

    International banks were up and running on the new Bond Connect scheme minutes after it opened for business at 9am on Monday. But analysts think it is unlikely the bond link will start with a bang.

    03 Jul 2017

  • BEA sets up China JV with Qianhai Financial

    The Bank of East Asia has received approval from the China Securities Regulatory Commission to establish a joint venture securities company in Shenzhen.

    03 Jul 2017

  • Banorte bops in secondary as Findep preps bond

    Bond investors showed they had no trouble taking on Mexican risk last week, and microfinance lender Financiera Independencia (Findep) could be the next borrower from the country to take advantage of friendly funding conditions.

    02 Jul 2017

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Jul 2017
1 Citi 253,106.92 930 8.89%
2 JPMorgan 230,914.50 1036 8.11%
3 Bank of America Merrill Lynch 221,389.46 762 7.78%
4 Goldman Sachs 171,499.26 554 6.03%
5 Barclays 169,046.60 646 5.94%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Jul 2017
1 HSBC 27,039.93 106 7.36%
2 Deutsche Bank 25,125.19 81 6.84%
3 Bank of America Merrill Lynch 23,128.33 61 6.29%
4 BNP Paribas 19,315.94 110 5.26%
5 Credit Agricole CIB 18,706.93 106 5.09%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 13,488.13 59 8.47%
2 Citi 11,496.21 73 7.22%
3 UBS 11,302.86 45 7.09%
4 Morgan Stanley 10,864.95 59 6.82%
5 Goldman Sachs 10,434.21 54 6.55%