• IL&FS invites banks for $100m offshore loan

    Infrastructure Leasing & Financial Services (IL&FS), which successfully tapped the fledgling Masala loan market for a Rp3.4bn ($53m) deal last year, has returned to the offshore market but for a dollar borrowing this time around.

    18 Aug 2017

  • JPM names new vice-chair for China

    JP Morgan has appointed a vice-chairwoman of global investment banking (GIB) for China as it continues to grow in the market.

    18 Aug 2017

  • IndusInd Bank winds up $300m borrowing

    Indian lender IndusInd Bank has closed syndication for a $300m three year loan, with allocations likely to be out early next week.

    18 Aug 2017

  • Barclays hires three in China, Japan push

    Barclays is rebuilding its franchise in Asia Pacific with three senior hires focusing on the China and Japan markets, according to a memo seen by GlobalCapital Asia.

    18 Aug 2017

  • Bank of Jinzhou joins Chinese AT1 parade

    The pipeline for additional tier one issuance from Chinese banks is building up unabated, with Bank of Jinzhou receiving approval from the China Banking Regulatory Commission to raise up to Rmb10bn ($1.5bn).

    18 Aug 2017

  • Cairn India gets two more for $651m loan

    Cairn India Holdings, which signed up new lenders for a $651m borrowing in late July, has received commitments from two more banks.

    18 Aug 2017

  • RMB round-up: China adds perks to lure foreign investors, advisor says PBoC won’t follow Fed hike, MofCom hits back at Trump’s IP investigation

    The State Council publishes a series of policies to attract foreign investment, a People’s Bank of China (PBoC) advisor said China will unlikely follow the Federal Reserve in hiking rates this year, and the Ministry of Commerce (MofCom) criticises an US investigation into intellectual property rights in China.

    18 Aug 2017

  • Clearstream readies Bond Connect offering, but foreign investors still cautious

    Deutsche Borse is preparing to launch a Bond Connect offering later this year to further facilitate China access, but data from across the market shows global investors are still weighing up the China fixed income opportunity.

    18 Aug 2017

  • Jamaica jumps after double bond bolt-on

    Jamaica underlined the issuer-friendly conditions on offer in EM bond markets this week after an oversubscribed tap of two bonds that left some investors with allocations of zero amid a simultaneous buy-back.

    17 Aug 2017

  • Aircraft ABS opportunities lacking as issuers eye other sources of funds

    Investors looking to wade deeper into aircraft ABS have bemoaned insufficient deal flow, while the pipeline slows to a trickle as issuers begin to look beyond securitization for funding.

    17 Aug 2017

  • Fitch puts bonds from retail heavy CMBS deal on watch for downgrade

    Fitch Ratings put two classes of a 2012 CMBS deal from Deutsche Bank on rating watch negative on Thursday, citing heavy concentration of retail property loans and increased loss expectations for some of the largest loans in the deal.

    17 Aug 2017

  • The Pained Trader: Big fish

    The Pained Trader debunks an urban legend

    17 Aug 2017

  • Argentine primaries promise more Macri to euphoric markets

    Mauricio Macri’s ability to persuade Argentines of the long term benefits of his reforms amid a tough economic environment brought rewards to bond investors this week and left market analysts pleasantly surprised.

    17 Aug 2017

  • Trump needs to hurry up and pick last CFTC commissioners

    This week Brian Quintenz was sworn in as a commissioner at the Commodity Futures Trading Commission (CFTC), after he was confirmed alongside chairman Christopher Giancarlo and Rostin Behnam by the Senate two weeks ago.

    17 Aug 2017

  • People Moves in Brief

    Salvoni heads to HSBC - Barclays hires Dainton to run equities - MUFG beefs up credit

    17 Aug 2017

  • US reg shift could boost underpowered foreign banks

    Deregulation proposals from the US Treasury Department could be a blessing for foreign banks, which are struggling with trapped capital and costly restructurings in their US units — and falling further behind their thriving US competitors. But reform could be further away than ever, as the Trump White House staggers into self-inflicted crisis.

    17 Aug 2017

  • True sale confusion could put brakes on CMBS

    A clash over the accounting treatment of risk retention notes has thrown the US CMBS market into flux, with uncertainty over the issue throwing into question the capital treatment and profitability of certain CMBS deals issued since the rule went into effect last year. David Bell reports.

    17 Aug 2017

  • Bond market shrugs off Brazil S&P rating relief

    Standard & Poor’s has removed the immediate threat of a sovereign downgrade for Brazil after saying that the political landscape is “somewhat more settled” than it was in May, but markets hardly reacted.

    17 Aug 2017

  • ECB minutes confident on inflation

    The minutes of the European Central Bank's (ECB) July meeting revealed a new and optimistic tone on inflation, but caution on relaxing its accommodative measures.

    17 Aug 2017

  • Volatility dies down but hawkish policy could roil

    Volatility took a familiar dip down this week as geopolitical uncertainty again failed to provoke lasting disruption in markets, but scepticism is growing about the lasting power of such conditions.

    17 Aug 2017

  • Race for first European blockchain bond nears finish line

    A new platform expects to host the first European bonds to be issued on a blockchain in September.

    17 Aug 2017

  • Market itches to restart for autumn, but dearth of supply could loom

    Financial institution bond issuers and investors are gearing up for a busy September, but overall issuance for what remains of 2017 may be subdued amid limited funding needs.

    17 Aug 2017

  • Banks draw up plans for new forms of stress capital

    Over the past five years, banks, regulators and creditors have come to agree on the characteristics of a set of debt capital instruments that, at least in theory, work well for all of them. But recently investment bankers have started to wonder whether or not different structures could do more for the industry. Bank capital could well be on the cusp of yet another shake-up, writes Tyler Davies.

    17 Aug 2017

  • Fed rate path unclear but SSAs still finding dollar audience

    Disagreement among members of the US Federal Open Market Committee over where inflation could be headed is leading to an uncertain picture over the future of the Federal Reserve’s target rate. Despite that uncertainty, public sector issuers in the dollar market once again enjoyed another strong week of issuance.

    17 Aug 2017

  • Russian PBs face up to funding test after depositor exodus

    The state of Russia's banking system is making investors nervous and causing bond prices to drop. But that does not necessarily mean funding troubles for some firms in the sector.

    17 Aug 2017

  • National Bank of Greece hires HSBC’s Karamouzis as head of CIB

    National Bank of Greece has hired former HSBC banker Vassilis Karamouzis as head of corporate and investment banking.

    17 Aug 2017

  • Copersucar settles with CFTC over wash trades

    The Commodity Futures Trading Commission (CFTC) this week settled with Aruba-based Copersucar Trading over wash trade allegations involving sugar futures traded on Intercontinental Exchange US.

    17 Aug 2017

  • SSAs broaden horizons with niche MTNs

    Public sector borrowers are adding new flavours to the flurry of emerging market paper that has dominated flows in the medium-term note market throughout the summer, printing trades in currencies they only rarely access.

    17 Aug 2017

  • Eurobank nears landmark Greek NPL sale

    Final bids are due by the end of the month for a landmark €2.8bn transaction in the resurgent Greek non-performing loans market, as banks from the country rush to meet European targets to clean up their balance sheets.

    17 Aug 2017

  • Macquarie brings home Chief Economist

    Macquarie has hired Ric Deverell as chief economist and head of macro research.

    17 Aug 2017

  • Personal loans scarier than autos, say investors

    Over the course of the summer the Bank of England and much of the media has been anxious about the growth of the UK auto lending sector, but ABS market participants say the worries are focused on the wrong sort of consumer finance.

    17 Aug 2017

  • Shock Etihad withdrawal leaves bondholders hanging

    Investors missed a strategic warning from Etihad earlier this year when the company removed the CEO in charge of its $4bn expansion strategy, and were blindsided this week when its partner airline Air Berlin filed for bankruptcy, write Virginia Furness and Aidan Gregory.

    17 Aug 2017

  • Stada buyout proving difficult pill to swallow

    With the deadline for Bain Capital and Cinven’s second attempt for German pharmaceuticals manufacturer Stada coming, and going, on Wednesday at midnight the 63% approval threshold looks poised to again sunder the deal, unless a late surge in tenders is announced on Friday.

    17 Aug 2017

  • Look gift horses in the mouth

    “I was confused before I went in, and even more confused when I came out,” was how one EM investor described meeting Etihad and its partners to discuss its now infamous structured notes.

    17 Aug 2017

  • ECB minutes strike confident note on inflation

    The minutes of the European Central Bank's (ECB) July meeting revealed a new and optimistic tone on inflation, but caution on relaxing its accommodative measures.

    17 Aug 2017

  • Widening loan spreads drive hope for new euro CLOs

    Fresh supply of European leveraged loans has led to softening prices, creating opportunities for CLO managers to form new deals and bringing new investors, including Japanese buyers, into the market.

    17 Aug 2017

  • NWB tap happy in dollars

    Nederlandse Waterschapsbank on Thursday became the latest issuer to tap into a hot summer market for dollars, increasing a tap from its initial size while printing flat to its curve.

    17 Aug 2017

  • Wilmcote, Oxford Immunotec finish UK primary transactions

    Two UK corporates completed successful equity capital markets transactions in the midst of the summer lull this week, providing investors with a small amount of supply.

    17 Aug 2017

  • Pimco warns on Libor as borrower and lender concern builds

    Pimco this week gave warning on the danger of an insufficiently scheduled transition away from Libor as a reference rate, adding to the increasing volume of concern about the benchmark’s 2021 end date.

    17 Aug 2017

  • Wilmcote Holdings trades up after AIM IPO

    Shares in Wilmcote Holdings, the UK specialty chemicals investment company, closed 10.4% higher on Thursday after they began trading on London’s Alternative Investment Market.

    17 Aug 2017

  • Valiant plans Swiss structured covered bond

    Switzerland’s Valiant Bank is reportedly close to issuing its debut covered bond, with a Swiss franc-denominated issue expected first, possibly followed by a euro benchmark. But the restrictive Swiss covered bond law means the deal will be contractually structured.

    17 Aug 2017

  • How wrong can a rating agency be?

    You are looking to buy an item on Amazon. The first two reviews could not be more contrasting. One is a glowing five star rating. The other is a one star hatchet job. Which do you believe? This was akin to the situation facing investors considering Amazon’s new bond on Tuesday, with Moody’s opinion of the company four notches lower than that of S&P.

    17 Aug 2017

  • 'Prolific' demand stacks up behind Italian non-preferred

    Investors are eagerly awaiting the first senior non-preferred (SNP) bond from an Italian bank, but UniCredit is not thought to be considering issuing the instrument before national lawmakers have legislated for it.

    17 Aug 2017

  • Goldman's ‘clever timing’ generates volume in Swiss market

    Goldman Sachs opened the Swiss market in the middle of the summer holidays on Thursday, selling the largest US financial Swiss franc bond in the last two years — a consequence, bankers said, of clever timing from a respected name.

    17 Aug 2017

  • Deutsche promotes Patrick to US head

    Deutsche Bank said on Tuesday that Tom Patrick, head of equities and co-head of CIB Americas, would become head of Americas.

    17 Aug 2017

  • Neuberger Berman calls for global HY funds to incorporate euro levloans

    A growing number of European high yield borrowers are replacing their bonds with leveraged loan debt. This week, investment management company Neuberger Berman decided to add leveraged loans into its bond strategy, and said more investors should follow suit to avoid missing new speculative grade issuance.

    17 Aug 2017

  • Commerz hits covereds for second trade

    Commerzbank attracted as much demand and paid an identical new issue premium for its €750m 10 year covered bond issued on Thursday as Münchener Hypothekenbank (MuHyp) did for its €750m nine year launched a day before. The two transactions show that the summer lull is over and the covered bond market is back in business.

    17 Aug 2017

  • S&P takes Brazil off the naughty step

    Standard & Poor’s has removed the immediate threat of a sovereign downgrade for Brazil after saying that the political landscape is “somewhat more settled” than it was in May.

    17 Aug 2017

  • Uralkali gets $850m despite new US sanctions

    Russian potash company Uralkali signed a $850m pre-export finance facility with 11 banks on Wednesday, showing that investor appetite for the country remains strong despite the US enforcing more sanctions.

    17 Aug 2017

  • US corporate market strong to the end of the season

    Amazon dominated US corporate bond issuance this week, but aside from the online retailer’s $16bn jumbo deal, there was over $8bn of paper from five other issuers. However, bankers believe this will be the last week of material supply before the annual two week break in the US market.

    17 Aug 2017

  • Banks jostle to secure corporate finance talent for M&A upturn

    Some banks will emerge from summer with a pressing need to secure new staff, but coverage gaps are taking longer to fill, writes David Rothnie.

    17 Aug 2017

  • Chinese firms eye US for equity raisings as YY seals $403m

    Chinese live streaming platform YY tapped the US market this week with a block sale of American Depositary Shares (ADS), capitalising on a surging stock price. Bankers are preparing for a raft of similar block sales — as well as a growing list of US IPOs from Chinese companies. Jonathan Breen and John Loh report.

    17 Aug 2017

  • India ECM: Bajaj Finance hunts down $703m

    Bajaj Finance has set its sights on a Rp45bn ($703m) capital increase as in-demand Indian FIG issuers line up to tap equity investors.

    17 Aug 2017

  • Relentless rally helps AT1 extension risk hit lows

    European banks are expected to call the first generation of Basel III compliant additional tier one (AT1) instruments, as a prolonged rally in the asset class has made refinancing conditions very attractive for issuers.

    17 Aug 2017

  • Leaving on a jet plane

    Ask bankers about what most irks them in the industry today and it won't be long before they utter the word "compliance". Whenever I hear such complaints I like to trot out the following story from a very different time.

    17 Aug 2017

  • Changjiang Sec, Shandong Intl Trust gear up for listings

    Shenzhen-listed Changjiang Securities Co is planning to list its offshore arm in Hong Kong, having gained China Securities Regulatory Commission approval.

    17 Aug 2017

  • Intas Pharma to command lower pricing for M&A loan

    Indian company Intas Pharmaceuticals is lining up banks to help it fund an acquisition in Europe and the US, turning back to lenders who helped the company pull off a successful takeover earlier this year. But this time around, it has more bargaining power. Shruti Chaturvedi reports.

    17 Aug 2017

  • Amazon jumbo to mark zenith of M&A prints

    Amazon priced the third jumbo M&A financing bond issue in a month in the US corporate bond market on Tuesday. The $16bn seven tranche package was the fourth-largest new issue of 2017, but the summer of 2017 could signal the high point of M&A related issuance for some time, writes Nigel Owen.

    17 Aug 2017

  • Peugeot Citroën readies second ABS outing

    Peugeot Citroën’s joint venture in China is set to return to the China ABS market after a year away. The auto maker will offer investors only one tranche, down from the two tranches in its 2016 debut, but the deal size will triple to Rmb3bn ($449.8m).

    17 Aug 2017

  • Lat Am specialist leaves Gramercy

    Emerging markets specialist investment manager Gramercy's head of sovereign research left the firm earlier this month, GlobalCapital understands.

    17 Aug 2017

  • ‘Fire and fury’ rhetoric does not hold back Korean issuers

    US President Donald Trump’s unexpected threat against North Korean leader Kim Jong-un last week alarmed investors, pushing down South Korean offshore bonds. But Korean issuers this week shrugged off concerns of a long-term problem and are already making plans to return to the market. Morgan Davis reports.

    17 Aug 2017

  • CK Infrastructure finds lukewarm demand for perp

    Cheung Kong Infrastructure Holdings sold a fixed-for-life hybrid bond denominated in dollars on Wednesday. The deal did not draw an overwhelming response, but market participants said overall demand for the structure is muted.

    17 Aug 2017

  • Unmet demand fuels Medco Energi’s $100m tap

    Indonesia’s Medco Energi Internasional has added $100m to its outstanding five non call three bonds from last week, bagging a total of $400m as Chinese investors continue to prove a receptive audience.

    17 Aug 2017

  • People news in brief, August 10, 2017

    John Wade resurfaces at Mizuho — MUFG names new co-head of Asia corporate banking — GS loses ECM banker — Credit Suisse Apac head of equity-linked retires

    17 Aug 2017

  • Lotte Shopping preps accounts for international bond

    The offshore bond market is set to welcome Lotte Group’s retail unit Lotte Shopping Co, which will sell dollar-denominated notes guaranteed by the Export-Import Bank of Korea (Kexim).

    17 Aug 2017

  • VPBank floats for D52tr value, PV Power rejigs IPO plan

    There was a buzz in Vietnam’s equity capital market this week as Vietnam Prosperity Joint Stock Commercial Bank (VPBank) listed its shares on the Ho Chi Minh Stock Exchange (HOSE), and PV Power revised its privatisation plans to boost the IPO portion.

    17 Aug 2017

  • Credit Suisse's Apac head of equity-linked retires

    Credit Suisse’s head of equity-linked origination for Asia Pacific is retiring from the industry after 17 years with the bank, sources said.

    17 Aug 2017

  • Zhongtai International to make offshore bond debut

    Hong Kong-based Zhongtai Financial International has turned to offshore investors with an inaugural dollar bond backed by a keepwell deed from Chinese brokerage Zhongtai Securities.

    17 Aug 2017

  • Fed split on wind down, flags multifamily risk

    Members of the Federal Open Market Committee (FOMC) in July were divided on when to start winding down the Federal Reserve’s balance sheet, according to meeting minutes, with some members also warning on price appreciation in the multifamily real estate market.

    16 Aug 2017

  • Lev loan market prepares for more retail asset stripping

    The number of highly leveraged retailers including clauses in loans that allow them to strip out valuable collateral into separate subsidiaries, out of reach of secured lenders, has reached “extreme” levels, according to loan market sources.

    16 Aug 2017

  • PayPal expands biz lending, eyes third-party financing

    PayPal broadened its small business lending effort this month with the acquisition of online small business lender Swift Capital, while a spokesperson for the company told GlobalCapital that it could pursue “third-party financing structures in the future”.

    16 Aug 2017

  • Quintenz joins CFTC as commissioner

    Former investment firm head Brian Quintenz was sworn in as a commissioner at the Commodity Futures Trading Commission (CFTC) on Tuesday, providing a much needed boost to the organisation's senior staff.

    16 Aug 2017

  • Saudi Electricity Co taps loan market for $1.75bn

    Saudi Electricity Co (SEC), the largest utility company in the Middle East and North Africa, signed its largest international syndicated loan of $1.75bn on Wednesday with eight banks.

    16 Aug 2017

  • FMS-W launches third summer trade, joined by German state

    FMS Wertmanagement has printed its third deal of the summer, scooping up €1bn of short dated euro paper with an opportunistic trade.

    16 Aug 2017

  • CB investors on the hook after Air Berlin files for bankruptcy

    Air Berlin, the second biggest airline in Germany, is at risk of defaulting on more than €600m equivalent of bonds, including €130m of convertible bonds, after the carrier filed for insolvency.

    16 Aug 2017

  • Irish reforms provide road map for Italian NPL problems

    Italy and its mountain of bad debt are firmly in focus for the European banking system, with observers hoping the country can look to other European nations, particularly Ireland, for a solution to its non-performing loan dilemma.

    16 Aug 2017

  • Akbank scores another $1.2bn with new Asian lenders

    Akbank, one of Turkey’s largest banks, has secured another $1.2bn facility for this year with the same number of banks as its facility in March but with new Asian lenders on board and tighter pricing.

    16 Aug 2017

  • Pfandbrief banks scramble to supply long end

    Münchener Hypothekenbank issued a tightly priced nine year Pfandbrief on Wednesday, just as Commerzbank mandated leads for a 10 year. The deals are likely to be followed by others from core Europe and especially from borrowers looking to fund at the long end, where execution risks may rise in the run up to the European Central Bank’s meeting on September 7.

    16 Aug 2017

  • Etihad deals drop 12 cash points as Air Berlin files for insolvency

    Air Berlin’s move to file for insolvency has caused a 12 cash point sell off in two structured bonds issued by Etihad called EA Partners I and II, but backed by airline partners including both Alitalia and Air Berlin.

    16 Aug 2017

  • Otkritie hires industry vet to kick-start capital markets offering

    Otkritie, the Russian privately-owned bank, has hired a capital markets veteran as it looks to build a capital markets franchise.

    16 Aug 2017

  • Trinseo bags savings with new financial structure in dollars

    US plastics manufacturer Trinseo priced its new dollar refinancing bond deal with coupons more than 100bp tighter than the old notes. It is also marketing new term loans.

    16 Aug 2017

  • EM fund flows still strong but primary quiet

    Flows into emerging market bond funds remain strong, and with a heavy pipeline building for September, investors will have plenty of opportunities to put their money to work. But with no new issues this week, investors were combing through Q2 results looking for opportunities to switch up portfolios.

    16 Aug 2017

  • US banks set for huge supply year in race to TLAC finish line

    Global systemically important banks (G-SIBs) in the US will still have to issue billions of dollars of new bonds in 2017 to meet their regulatory requirements for long-term and loss-absorbing debt, potentially leading to a busy four months for primary market activity.

    16 Aug 2017

  • China-CEE Fund to pony up for acquisition of Invitel with €130m loan

    Hungary’s second largest corporate communications provider Invitel is due to sign a €130m syndicated loan facility at the end of the month to fund its change in ownership from Mid Europa Partners to China-CEE Investment Cooperation Fund.

    16 Aug 2017

  • Jamaica notches bond blow-out but low tender take-up

    Jamaica found plenty of demand for its annual bond issue on Tuesday, notching new issue concessions more usually achieved by higher rated credits.

    16 Aug 2017

  • Post-election rally continues in Argentina

    Argentine credits tightened throughout the start of the week as bond markets basked in better than expected results for the ruling party at Sunday’s primary elections.

    16 Aug 2017

  • Elan wraps auction for Dutch prime RMBS

    Elan Woninghypotheken has sold its latest Dutch RMBS deal using a modified auction process for all tranches except the senior notes, making it the third ABS issuer to go this route this year.

    16 Aug 2017

  • Standard Bank of South Africa plans first international bond in a decade

    Standard Bank of South Africa is looking to raise funding in what will be its first international markets deal for 10 years, according to sources.

    16 Aug 2017

  • Amazon sale gives investors last hurrah before Jackson Hole

    Amazon’s seven tranche $16bn new issue on Tuesday gave US investors one final jumbo transaction before an anticipated two week summer break starts next week.

    16 Aug 2017

  • Amazon’s $16bn prime deal seen as good value

    Amazon provided something for all investors with a seven tranche $16bn new issue on Tuesday. Tenors ranged from three years to 40 years and new issue premiums were judged to be attractive.

    16 Aug 2017

  • Zhuhai Holdings, China Lesso tie up Hong Kong dollar loans

    Transport and tourism services provider Zhuhai Holdings Investment has sealed a successful return to the loan market through an increased HK$2bn ($255.7m) financing. The company, which tapped offshore liquidity after two years away, launched the deal at HK$1.5bn.

    16 Aug 2017

  • Investors raise bets on December Fed hike

    Investors in the US futures market are for the first time in weeks betting on a more than 50% chance of one more rate rise by the Federal Reserve this year, after stronger than expected US retail sales figures.

    16 Aug 2017

  • Axactor, Oxford Immunotec provide limited supply to comatose market

    Just two share sales stood this week in EMEA in an otherwise barren summer market.

    16 Aug 2017

  • Peugeot Citroën’s JV starts engine for second ABS outing

    Peugeot Citroën’s joint venture in China is coming back to the ABS market on August 22 after a year-long absence. The automaker will approach investors with only one tranche, trimming from the two tranches offered on its debut. But that will not impact the size — the originator plans to triple its fund-raising with a Rmb3bn ($449.8m) offer.

    16 Aug 2017

  • Buyers await covered bond supply surge ahead of ECB

    Investors expect more core covered bond borrowers to follow Muenchener Hypothekenbank and price deals ahead of the next European Central Bank meeting on September 7.

    16 Aug 2017

  • Salvoni set for HSBC

    Andrew Salvoni, head of SSA syndicate at Morgan Stanley, is moving to HSBC as a director, GlobalCapital understands.

    16 Aug 2017

  • Rude health: China Medical loan draws two dozen banks

    A $300m three year fundraising for pharmaceutical company China Medical System Holdings has generated a strong response, with 24 banks forming the syndicate.

    16 Aug 2017

  • YY nets $403m through ADS share sale

    Chinese live streaming platform YY has raised $402.5m after taking advantage of a surging stock price to sell a block of its American Depositary Shares (ADS).

    16 Aug 2017

  • No stage fright for developer Cifi’s debut perp

    Chinese real estate company Cifi Holdings printed its first perpetual bond on Tuesday, raising $300m. But although the company hit its target, it opted for an aggressive pricing strategy and orders plummeted from over $4bn to $1.1bn.

    16 Aug 2017

  • Wing Tai Properties rides sister's coattails for success

    Wing Tai Properties grabbed an open window in the Singapore dollar market this week to raise S$160m ($117.5m), leveraging its sister company’s credentials to woo investors.

    16 Aug 2017

  • Total Derivatives: CNY curve steeper after PBoC tweaks

    Short-dated CNY swaps have been lightly offered and the 2s/5s NDIRS curve slope has steepened slightly. Meanwhile, the People’s Bank of China is considering expanding its reverse repo operations and its Macro Prudential Assessment reporting requirements have been tweaked, writes Deirdre Yeung of Total Derivatives.

    16 Aug 2017

  • MUFG names new co-head of Asia corporate banking

    Bank of Tokyo-Mitsubishi UFJ has appointed industry veteran Sanjiv Vohra as co-head of corporate banking for Asia and Oceania, luring him from Deutsche Bank.

    16 Aug 2017

  • CK Infrastructure builds fixed-for-life offering

    Cheung Kong Infrastructure Holdings hit the market on Wednesday morning local time, marketing a new subordinated perpetual non call five fixed-for-life dollar transaction.

    16 Aug 2017

  • Orient Securities plots offshore debt sale

    Orient Securities Company, listed and operating in Hong Kong as DFZQ, is looking to issue offshore debt, according to a filing with the Hong Kong Stock Exchange.

    16 Aug 2017

  • China's Zai Lab files for $115m Nasdaq listing

    Chinese biopharmaceutical firm Zai Lab has made its plans for a $115m IPO of American Depositary Shares (ADSs) public, filing a draft prospectus with the US regulator on Tuesday.

    16 Aug 2017

  • Carnival Group goes to shareholders for $260m

    Hong Kong-listed Carnival Group International Holdings is to make a cash call of up to $260m to fund expansion plans.

    16 Aug 2017

  • China Hongqiao strikes $1bn equity deal with Citic

    China Hongqiao Group, which has been accused of alleged fraud and suspended from trading for almost five months, has struck a $1bn equity financing agreement with Citic Group Corp.

    16 Aug 2017

  • The lowdown: China ABS market report

    China Central Depository and Clearing (CCDC) published its biannual report on China’s asset backed securitization (ABS) market on August 8. It recommended regulators loosen up liquidity, provide incentives to attract more participants, and test the waters by opening an offshore ABS market. Here’s a quick guide to what CCDC said.

    16 Aug 2017

  • China lags on capital account liberalisation, says IMF

    A raft of measures approved over the past two decades has opened the door to China’s onshore capital markets. But the Mainland still fares poorly against other countries in its pace of opening up, the International Monetary Fund (IMF) said in its latest China country report.

    16 Aug 2017

  • Sky prices inaugural aircraft ABS transaction

    Sky Aviation Leasing International priced its first ever ABS offering this week, issuing a transaction backed by newer aircraft collateral, bucking the trend of previous deals backed by mid to older life aircraft.

    15 Aug 2017

  • Allen & Overy boosts US securitization team with Ashurst hires

    The New York office of Allen & Overy has hired a CLO-focused partner as well as four associates from Ashurst, building on recent hires in the high yield and leveraged finance practices.

    15 Aug 2017

  • Greystone adds two in originations push

    US private label and agency CMBS lender Greystone has hired two managing directors in its loan origination business, as the company eyes a pickup in activity in the CMBS market.

    15 Aug 2017

  • Moody’s dampens fears of US retail woes

    Moody’s said on Tuesday that the struggling US retail sector would have only a limited impact on structured finance asset classes, with only narrow areas of the market likely to face distress.

    15 Aug 2017

  • Insurance player adds margin tool for regulation

    Chilean life insurance company Confuturo this week announced its adoption of Bloomberg’s multi-asset risk system (MARS) collateral management tools, in an effort to manage the demands of new global margin rules.

    15 Aug 2017

  • Abu Dhabi boycott scenario leaves no one crying

    The spat between Qatar and its GCC neighbours has reared its ugly head in the capital markets, with the possibility of Abu Dhabi informally boycotting Qatari-owned banks on the table. But neither side is likely to really feel the pinch.

    15 Aug 2017

  • UK risks severe harm to City in Brexit services silence

    Despite making up 80% of the UK's GDP, services are being left out of the loop in the confusion surrounding the country’s potential exit from the European Union and the recent focus on the Customs Union.

    15 Aug 2017

  • CVC’s AR ups leverage at no extra cost

    AR Packaging, the Swedish maker of packaging for food, increased its LBO loans with a dividend recapitalisation deal on Tuesday. The move follows a trend of loan borrowers taking on more leverage ahead of new European Central Bank guidance on leverage limits.

    15 Aug 2017

  • EU MMF reform 'to lower SSA funding costs'

    The reform of European money market funds (MMFs) should cause short end public sector yields to fall as funds scramble to build up liquidity, according to a research note from Bank of America Merrill Lynch.

    15 Aug 2017

  • MuHyp Pfandbrief to break summer slumber

    Muenchener Hypothekenbank (MuHyp) managed to pull its Munich-based lead managers away from their beer gardens and swimming pools on Tuesday to announce a Pfandbrief mandate, though somewhat late in the day.

    15 Aug 2017

  • FMS-W readies summer hat-trick

    FMS Wertmanagement is set to dip into the market for the third time this summer, as it seeks to meet an increased funding target for the year.

    15 Aug 2017

  • Oxford Immunotec brings $40m share sale to raise working capital

    Oxford Immunotec, the UK diagnostics company focused on developing tests for underserved immune-regulated conditions, has priced a $40m capital increase to finance its ongoing product development programmes.

    15 Aug 2017

  • North Korea fears prompt euro CLO trading spike

    The prospect of nuclear conflict between the US and North Korea led to increased trading of CLO mezzanine debt in the secondary market, but the market recovered quickly this week as fears receded.

    15 Aug 2017

  • EU self-cert ban 'a solution looking for a problem'

    The European Union's ban on securitizing self-certified residential loans has been widely criticised by the market since being introduced last month, with DBRS adding to the outcry this week, describing the rule as a “solution looking for a problem”.

    15 Aug 2017

  • Nine curious artefacts from the world of cryptocurrency

    The cryptocurrency market is sensationally hot. The pace at which new money is flooding into the market is staggering. Some of the hype might turn out to be justified, but there are plenty of ridiculous ideas getting swept up in the palaver. Here are nine of the best.

    15 Aug 2017

  • IMF tells it like it is on China’s liberalisation delays

    Chinese authorities are once again voicing their desire to get back on track with the reform agenda. But Bond Connect aside, there is not much evidence the powers that be are delivering on that promise — as the International Monetary Fund (IMF) rightly makes clear in its China country report.

    15 Aug 2017

  • Germany’s PSPP challenge: of secondary importance

    Germany’s constitutional court has referred several questions to the European Court of Justice over whether the Public Sector Purchase Programme (PSPP) is compatible with European Union rules prohibiting monetary financing by central banks. As was proved with Germany’s challenge of the European Central Bank’s Outright Monetary Transactions (OMT), there is again likely to be little effect from the move — and in any case, Germany’s judiciary should learn that at times of crisis, central banks should be left to wave their magic wands.

    15 Aug 2017

  • Europe’s levfin should use ‘Merkron’ card to win US PE over

    US private equity firms keep an eye on European deals, but their doubts over the eurozone’s future become a deterrent at times. Now that Germany and France are signalling a zealous commitment to the European project, the chance is ripe to regain their trust.

    15 Aug 2017

  • Bank capital mandates pile up for September

    Financial institutions bond bankers have reported growing interest in the the primary market this week, with a number of banks pencilling in next month as an attractive window for debt capital offerings.

    15 Aug 2017

  • Akbank scores $1.2bn for second time this year

    Akbank, one of Turkey’s largest banks, has secured another $1.2bn facility for this year in its second round of refinancing, proving the credit is still an attractive prospect for the market.

    15 Aug 2017

  • Taqa targets October Eurobond return

    Abu Dhabi’s national energy company Taqa is looking to issue a new bond to refinance $500m of debt due in October.

    15 Aug 2017

  • Amazon ready to deliver $13.7bn

    Amazon will dominate US corporate bond issuance on Tuesday when it announces a multi-tranche transaction to refinance the $13.7bn financing package put in place for its acquisition of Whole Foods.

    15 Aug 2017

  • Jamaica set to price twin taps

    Jamaica has announced initial price thoughts on taps of its existing 6.75% 2028s and 7.875% 2045s as it looks to raise new cash to buy back existing bonds.

    15 Aug 2017

  • NDRC gives Chinese trio nods to venture offshore

    Harbin Bank, China Orient Asset Management and Baota Petrochemical Group are one step closer to raising funds in the international capital markets, having received regulatory approvals for foreign currency bonds.

    15 Aug 2017

  • Barbeque-Nation files for IPO as Quess falls short

    Barbeque-Nation Hospitality has submitted a listing application to the regulator in India for a $100m-plus IPO through four bookrunners.

    15 Aug 2017

  • Third senior banker leaves Goldman for HSBC

    A third equity banker has left the senior ranks of Goldman Sachs in Hong Kong to join HSBC, following Chito Jeyarajah’s recent exit from the US bulge bracket firm.

    15 Aug 2017

  • Wing Tai seeks Sing dollars in market return

    Hong Kong’s Wing Tai Properties is looking for a Singapore dollar denominated bond, its first debt transaction in three years.

    15 Aug 2017

  • Melco seeks US spin-off of Studio City gaming resort

    Melco International Development is planning to spin off and list its Macau gambling and entertainment resort Studio City in the US, according to a Hong Kong Stock Exchange filing on Monday.

    15 Aug 2017

  • Medco Malaka eyes $360m from RBL facility

    Medco Energi Internasional, which issued a dollar bond last week, has returned to the debt market for a reserve based lending (RBL) facility for subsidiary Medco E&P Malaka.

    15 Aug 2017

  • Credit Suisse hires from Maybank for Malaysia head

    Credit Suisse has hired a senior banker from Maybank to head up its Malaysian investment banking coverage, sources said.

    15 Aug 2017

  • Cifi Holdings takes bids for senior perp

    China’s Cifi Holdings is taking orders for a perpetual non call five year bond on Tuesday, returning to the public dollar debt market after more than two years.

    15 Aug 2017

  • VPBank, PV Power edge closer to listings

    Vietnam’s equity capital market is set for some action, with Vietnam Prosperity Joint Stock Commercial Bank (VPBank) looking to list its shares on the Ho Chi Minh Stock Exchange this week, and PV Power planning an IPO.

    15 Aug 2017

  • YY builds book for $463m ADS offering

    Nasdaq-listed YY launched a share sale on Monday that could raise around $463m based on its latest price.

    15 Aug 2017

  • ANZ posts profit rise for Q3

    ANZ’s cash profit rose 5.3% to A$1.79bn ($1.4bn) for the third quarter ending June 30, as the Australian lender continues to reshape its institutional banking business.

    15 Aug 2017

  • IRFC poised for Masala debut, awaits regulatory nod

    Indian Railway Finance Corp (IRFC) is ready to sell its debut offshore rupee bond as soon as it is given the regulatory go-ahead, a source at the issuer has told GlobalCapital Asia.

    15 Aug 2017

  • Triton rushes back to ABS market

    Triton Container Finance is back in the ABS market, hot on the heals of a deal it priced in June, as sentiment stays upbeat for global trade and the shipping container industry.

    14 Aug 2017

  • Heavy demand, ease of risk retention open US CLO floodgates

    A wave of new US CLOs have been priced in the last week, with a slew of managers, some of whom have been long absent from the primary market, taking advantage of easy risk retention financing and heavy demand from debt investors to push deals through the pipeline.

    14 Aug 2017

  • Headwinds for UK used car prices cause for ABS concern

    Analysts at Bank of America Merrill Lynch have highlighted the growing risks in the UK auto ABS sector, due to high exposure to residual used car values and the regulatory pressures weighing on used car prices.

    14 Aug 2017

  • HKEX set to extend after-hours trading

    Hong Kong Exchanges and Clearing (HKEX) is pressing ahead with plans to extend after-hours trading for equity index futures contracts and will eventually extend the 'T+1 session' to 3am.

    14 Aug 2017

  • World Bank and IFC look further afield with MTNs

    A pair of supranationals have launched MTNs in two emerging market currencies, adding new flavours to the flurry of emerging market paper from supranational borrowers.

    14 Aug 2017

  • SSA mart moves away from haven play, but only core comes

    Public sector bond supply this week is so far thin on the ground, despite conditions calming after fears of a conflict between the US and North Korea fell. The only supply on Monday came from a German issuer, despite some analysts pointing to a “mild risk-on tone” in eurozone debt markets.

    14 Aug 2017

  • Trinseo opens the hotline for refi dollar deal in Europe

    Trinseo, a US manufacturer of plastics, latex binders and synthetic rubber, opened investor calls on Monday for a new unsecured bond, as it plans to repay all of its bonds due in 2022.

    14 Aug 2017

  • Chile’s risk score is higher than its ratings suggest

    The rating agencies seem overzealous downgrading Chile, as commodity prices have rebounded from their lows and its financing problems are a temporary blip.

    14 Aug 2017

  • Stada buyout proving difficult pill to swallow

    Bain Capital and Cinven’s second attempt for German pharmaceuticals manufacturer Stada could meet the same fate as their last one later this week with shareholders tendering around a third of the firm’s shares, leaving only until midnight on Wednesday for the 63% threshold to be reached.

    14 Aug 2017

  • Nordic debt manager Axactor raises $75m to finance new fund

    Axactor, the Nordic debt management company, has raised Nkr598m ($75.3m) to part finance the creation of a new jointly-owned investment portfolio with John Fredriksen, the Norwegian-born oil tanker and shipping magnate.

    14 Aug 2017

  • Pan-Baltic covered bond law in the works

    The finance ministries of Lithuania, Latvia and Estonia are joining forces under the auspices of the European Commission (EC) to develop pan-Baltic covered bond and securitization legal frameworks.

    14 Aug 2017

  • ISDA slams proposals to expand BRRD moratorium powers

    The International Swaps and Derivatives Association (ISDA) has urged European lawmakers not to give resolution authorities greater powers to limit cash outflows from struggling banks, weighing into a heated debate about planned changes to the Bank Recovery and Resolution Directive (BRRD).

    14 Aug 2017

  • FIG spreads rebound, as correction could set up September splurge

    Bank bond spreads tightened on Monday morning after a sell-off last week, with hopes that any gremlins will disappear in time for the primary market’s reopening in the coming weeks.

    14 Aug 2017

  • Places for People A$ debut builds solid foundation

    Places for People priced its debut Australian dollar transaction on August 10. The $150m five year deal was also the first by a social housing provider in Australia.

    14 Aug 2017

  • Exotix Capital hires for Kenya coverage

    Exotix Capital is adding three new analysts to its Nairobi office.

    14 Aug 2017

  • All eyes on the US as Amazon sale set to dominate

    The US market is expected to dominate corporate bond issuance this week. The final new deals before Wall Street all but shuts down for its annual two week break could feature one large deal, while pricing may be affected by the ongoing war of words between the US and North Korea.

    14 Aug 2017

  • P&M Notebook: the summer of syndicate shuffles

    Despite the general torpor in deep summer markets, there’s a plentiful bid for debt bankers.

    14 Aug 2017

  • Zai Lab mandates amid flood of US-bound Chinese IPOs

    Chinese biopharmaceutical company Zai Lab has appointed a pair of firms to lead its US listing, as a host of other Mainland companies also prepare to float across the Pacific.

    14 Aug 2017

  • MUFG adds two to London credit team

    MUFG has strengthened its London-based credit team, moving one trader over from New York, and picking up another at Commerzbank.

    14 Aug 2017

  • Cash-strapped Angola prepares ground for Eurobond return

    Angola’s ministry of finance has been given approval to issue up to $2bn of Eurobonds this year though concerns about the country’s rising debt servicing costs led S&P to downgrade it to B- on Friday.

    14 Aug 2017

  • Shandong International refiles for Hong Kong IPO

    Shandong International Trust Co has returned for a second attempt at a Hong Kong listing, refiling a draft prospectus six months after cancelling its $300m IPO.

    14 Aug 2017

  • Bajaj Finance taps banks for $703m follow-on

    Bajaj Finance has mandated Goldman Sachs, JM Financial and Kotak Mahindra Capital for a Rp45bn ($703m) primary capital raise, a banker on the deal said.

    14 Aug 2017

  • Ex-Natixis banker resurfaces at Mizuho

    John Wade has joined Mizuho Securities as head of debt capital markets for Asia Pacific, based in Hong Kong.

    14 Aug 2017

  • Direct lending open for sterling UK business in August

    Private equity firms have deployed their direct lending arms in three UK mid-sized deals in the past week, just as public market bankers begin to fret about the effects of Brexit on the sterling market.

    14 Aug 2017

  • Cambodia’s ABA Bank wraps up $50m loan with six

    Cambodia's Advanced Bank of Asia (ABA Bank) has tied up a $50m borrowing with Taiwanese lenders, taking double the amount raised in its international loan debut last year.

    14 Aug 2017

  • CMB gears up for $1bn-plus offshore AT1

    China Merchants Bank Co has received the blessing from the China Banking Regulatory Commission to raise Rmb35bn ($5.25bn) in additional tier one capital from the domestic and foreign markets.

    14 Aug 2017

  • Quess seeks $184m from institutional placement

    India’s Quess Corp is eyeing up to Rp11.8bn ($184.4m) from an equity raise targeting institutional investors, taking advantage of a share price that has almost tripled since its IPO last year.

    14 Aug 2017

  • This week in renminbi: PBoC prioritises preventing systemic risk, China’s ODI falls, Trump readies probe of Chinese IP

    The People’s Bank of China puts preventing systemic risk as a priority in its quarterly policy report, China’s non-financial outbound direct investment (ODI) falls in the first half, and US president Donald Trump wants to start an investigation into potential Chinese violation of US intellectual property policy.

    14 Aug 2017

  • VIX volumes explode

    Volatility derivatives trading on the CBOE reached record volume this week after rising tension between the US and North Korea caused equity markets to fall from all-time highs.

    11 Aug 2017

  • Barclays hires Dainton as global head of equities

    Barclays has hired former Credit Suisse executive Stephen Dainton as global head of equities.

    11 Aug 2017

  • Corporate bond week ahead: US Market still open

    British American Tobacco’s $21bn-equivalent raid on corporate bond markets either side of the Atlantic took all the headlines this week, but while it was the only story in Europe, the US market saw plenty of other deals.

    11 Aug 2017

  • ‘Fire and fury’ comments improve Pfandbriefe value

    Covered bond spreads were marginally cheaper to Bunds across the board on Friday after a flight to safety caused German government bonds to rally. The move should bode well for the many issuers that will need to refinance maturing Pfandbriefe in the next few weeks.

    11 Aug 2017

  • Updated: Ford China hits the road for bigger auto ABS

    Ford Automotive Finance (China) is gearing up for its second auto loan ABS transaction of the year in China, with bookbuilding slated for August 17. The carmaker is hoping to take home Rmb4bn ($600.2m) from the deal — a larger size than its last trade.

    11 Aug 2017

  • China Forestry plants HK$2bn loan in general

    Invitations are out for a HK$2bn ($256m) three year loan for a unit of China Forestry Group Corp.

    11 Aug 2017

  • China’s BeiGene raises $175m from follow-on

    Nasdaq-listed Chinese biopharmaceutical firm BeiGene has bagged $175m from a follow-on public offering of American Depositary Shares (ADSs).

    11 Aug 2017

  • China Isotope targets late September for bookbuilding

    China Isotope, which filed a listing application for its Hong Kong IPO in June, is aiming to launch the transaction by late September.

    11 Aug 2017

  • 21Vianet, Huiyuan, Greenland net $850m combined

    21Vianet Group, China Huiyuan Juice Group and Greenland Holding Group managed to steer their dollar outings in the right direction on Thursday, defying any concerns among investors to get their deals past the finish line.

    11 Aug 2017

  • Indonesia's Medco navigates choppy market

    Indonesia’s Medco Energi Internasional braved a rocky market to grab $300m on Thursday, deciding to go ahead with its issuance on expectations of worse conditions further ahead.

    11 Aug 2017

  • Vedanta plots loan hat-trick with $300m

    India's Vedanta Resources is talking to banks about a $300m borrowing for its mining operations in South Africa, setting the wheels in motion for its third international loan of the year.

    11 Aug 2017

  • RMB round-up: China’s FX reserves up for six straight months, first FTSE Russell China ETF lists in Shanghai, StanChart’s RGI marks seven-month long decline

    China’s FX reserves grow again in July, Harvest Fund Management lists the first ETF tracking FTSE Russell’s China index on the Shanghai Stock Exchange, and Standard Chartered’s Renminbi Globalisation Index (RGI) falls in June.

    11 Aug 2017

  • FSDC unlikely to foreshadow mega-merger, say experts

    China’s new Financial Stability and Development Commission (FSDC), set up in July and integrated into the country’s central bank, reflects the authorities’ desire to change the regulatory set-up. But it is unlikely to lead to an outright merger of regulators.

    11 Aug 2017

  • Chin returns to UBS to head Apac investment bank

    UBS has brought one of its most seasoned executives in Asia out of retirement to take up a senior position in the investment banking unit.

    11 Aug 2017

  • New India Assurance readies $1.2bn IPO

    State-owned insurer New India Assurance Co (NIA) has submitted a draft prospectus for its IPO, which could be worth up to Rp75bn ($1.2bn), according to a banker working on the deal.

    11 Aug 2017

  • Summer is now a deal window

    British American Tobacco showed this week that it is time to stop claiming bond markets shut for summer.

    10 Aug 2017

  • BAT EUR1.1bn 3mE+50 Aug 2021, EUR750m 1.125% Nov 2023, GBP450m 2.125% Aug 2025, EUR1.25bn 2.25% Jan 2030

    10 Aug 2017

  • Blackstone and Starwood set to merge single family rental portfolios

    The Blackstone Group’s Invitation Homes will merge its single family rental portfolio with Starwood Waypoint Homes, in a deal that will create the largest SFR portfolio in the US.

    10 Aug 2017

  • Cell C winds up restructuring with bond swap

    South African mobile operator Cell C completed the restructuring of its debt this week, following a R16.4bn ($1.2bn) recapitalisation by new and existing shareholders.

    10 Aug 2017

  • Prospects for Popular legal challenges are ‘pretty poor’

    Those who took losses when the Single Resolution Board (SRB) put Banco Popular into resolution and approved its sale to Santander are lining up to dispute the decision — but lawyers are sceptical over whether the claims can succeed.

    10 Aug 2017

  • UBS racks up $7bn demand for second '23 note

    UBS has issued $3.25bn of senior debt maturing just three months after pre-existing bonds that came onto the market in March.

    10 Aug 2017

  • Fire and fury rhetoric singes credit markets

    The flashpoint for volatility has shifted to Asia this week but credit markets are still taking geopolitical risk in their stride, writes IHS Markit’s Gavan Nolan.

    10 Aug 2017

  • MTN Leak: Disaster recovery practice

    One of the MTN market's best-known faces appears to have been practising for the looming nuclear apocalypse.

    10 Aug 2017

  • ESMA and SEBI agree to exchange information on 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) under EU regulation.

    10 Aug 2017

  • Trump policy delays feed into US corporates’ hedging activity

    Uncertainty around the policy programme of US president Donald Trump is rippling out to corporate America’s hedging activity of FX and rates exposure.

    10 Aug 2017

  • ECB short of room to manoeuvre, say investors

    September is fast approaching, bringing with it one of the most hotly anticipated European Central Bank (ECB) meetings ever, but the central bank will do its utmost to avoid causing drama, say investors.

    10 Aug 2017

  • Fannie Mae sells first green CMBS after rapid loan growth

    "Exponential" growth in energy efficient commercial mortgage lending has prompted a debut green CMBS deal from government sponsored enterprise Fannie Mae, as it looks to expand its green multifamily financing programme further into solar and other energy efficient assets.

    10 Aug 2017

  • People Moves in Brief

    Deutsche raids Créd Ag for FIG - HSBC SSA banker heads to RBC - Loans head leaves First Abu Dhabi

    10 Aug 2017

  • Derivatives exchange launches in Vietnam with equity futures

    The Hanoi Stock Exchange began trading derivatives on the VN-30 index this week, with 487 futures contracts changing hands on its first dealing day.

    10 Aug 2017

  • HY rally may face trying times after September, say participants

    The European high yield bond market will enter the second half of the year in extraordinary shape, with average coupons at all-time lows and a surge of issuance. Can it get any better? Bankers and investors think not.

    10 Aug 2017

  • Failed loans could hit harder under new accounting rules

    New accounting rules could hit the loan syndications market, potentially adding to earnings volatility and changing how banks book their underwriting fees. But the rules could clash with the EU’s leveraged lending guidance.

    10 Aug 2017

  • ‘Mispriced’ senior to stay super tight after wobbly week

    Credit spreads flicked wider this week but bankers are confident the weakness will be short lived as demand for new bank bonds is expected to continue to outstrip supply in the second half of the year.

    10 Aug 2017

  • KDB debuts in Swedish krona with MTN

    Korea Development Bank (KDB) has made its debut in the Swedish krona market, becoming the second Korean public sector entity to do so this year.

    10 Aug 2017

  • Cerro del Aguila draws crowd for dollars

    Peruvian power generator Cerro del Aguila attracted more than $3bn of orders for its inaugural Eurobond on Wednesday.

    10 Aug 2017

  • FMS-W ups 2017 target as SSA banks prepare for mandate fight

    FMS Wertmanagement has upped its funding requirement for 2017 by more than 50%, a move that is likely to gladden SSA bankers who are expecting a bunfight for mandates come late summer.

    10 Aug 2017

  • Holland & Barrett still at till with LBO financing

    All eyes in the leveraged loan market this week were trained on UK health food retailer Holland & Barrett.

    10 Aug 2017

  • Jordan takes soundings for debt duo as Bahrain adds to post summer pipe

    Jordan has sent out a request for proposals for conventional and Islamic financing, adding to a building pipeline of Middle Eastern sovereigns.

    10 Aug 2017

  • Gabon sneaks in with $200m tap in busy week for Africa politics

    Gabon on Monday raised $200m with a reopening of its bonds maturing 2025 in a week that has also kept investors in African Eurobonds on their toes with a no-confidence vote in South Africa and presidential elections in Kenya.

    10 Aug 2017

  • Variety is the spice of dollars as deals deals keep on coming

    The US investment grade corporate bond enjoyed a huge week of issuance as nine borrowers printed deals on Monday before British American Tobacco delivered $17.25bn on its own on Tuesday and plenty more came on Wednesday and Thursday. Bankers predict another heavy week to follow before supply slows for the traditional summer break.

    10 Aug 2017

  • Loans news in brief — August 10, 2017

    EuroChem — Coface — Open Grid Europe — Rakbank

    10 Aug 2017

  • Booming cryptocurrency capital market goes legit with first SEC-compliant deal

    Filecoin, one of the first cryptocurrencies to function in explicit compliance with SEC securities regulation, is set to launch on Thursday on a platform called Coinlist, a fund-raising platform to help start-ups run their own "initial coin offerings". The offering is a test of whether the controversial capital raisings can function in accordance with rules designed for shares and bonds.

    10 Aug 2017

  • BAT totals $21bn with transatlantic debty dozen

    British American Tobacco set fire to any notion that markets close in August this week with a $20.8bn bond bonanza. It brought a $17.25bn eight tranche deal on Tuesday — the second largest bond transaction of the year in the US — and followed that with a €3.6bn-equivalent four tranche dual currency deal in Europe on Wednesday. Nigel Owen reports.

    10 Aug 2017

  • Investors circle Greek servicers as NPL momentum builds

    Private equity firms and loan investors are taking a keen interest in Greece, prompting a rush to establish servicing platforms to take advantage of the attractive fees associated with the resolution of non-performing loans. Owen Sanderson and Sam Kerr report.

    10 Aug 2017

  • Glazer family vehicle offloads a 2% stake in Manchester United for $74m

    Red Football, an investment vehicle for the billionaire Glazer family, came to market on Wednesday evening to launch the sale of a 2% stake in Manchester United, the New York-listed English football club that they have owned since 2005.

    10 Aug 2017

  • Only nuclear winter can stop hot summer for dollars

    The public sector dollar market looks set to enjoy healthy flows for the rest of the summer, with some small deals lined up and geopolitical tensions failing to cause any large disturbances to rates.

    10 Aug 2017

  • The crisis 10 years on: liquidity still the problem

    We are now a decade on from the start of the global financial crisis, the event that has defined public perception towards finance and the rules and regulations which govern it. It is still misunderstood.

    10 Aug 2017

  • Tesla drives off with covenants on $1.5bn bond debut

    US electric car firm Tesla was roadshowing a $1.5bn eight year debut bond offering this week. The company can do no wrong in many observers’ eyes, although stripped back documentation is likely to deter at least some investors from the deal.

    10 Aug 2017

  • BNP Paribas hires for FIG syndicate

    Matthew Duff has left Lloyds to join the FIG syndicate team at BNP Paribas, replacing Jennie White.

    10 Aug 2017

  • EuroChem to sign loan to refi $325m of bond

    Russian fertiliser company EuroChem is due to sign a loan in three weeks’ time to refinance $325m of a $500m bond it launched in June as well as previous loan facilities.

    10 Aug 2017

  • NBG among banks plotting Greek covered bond return

    National Bank of Greece (NBG) and another Greek issuer have confirmed they are looking at issuing the first Greek covered bonds since the sovereign debt crisis, reports Bill Thornhill.

    10 Aug 2017

  • UBS USD2bn 2.859% Aug 23 / USD1.25bn Aug 23 FRN

    10 Aug 2017

  • SSA syndicate head to leave Morgan Stanley

    Morgan Stanley’s head of SSA syndicate Andrew Salvoni is set to leave the bank, GlobalCapital understands.

    10 Aug 2017

  • Aegon to issue senior bonds to pre-fund €1bn capital injection

    Aegon, the insurance firm, said on Thursday that it would raise senior debt in the third quarter of 2017 to pre-fund a €1bn capital injection into its Dutch unit.

    10 Aug 2017

  • Jamaica launches cash buy-back ahead of potential dollar return

    Jamaica could return to the dollar market as early as next week following the launch of a cash tender offer for four of the borrower’s outstanding bonds.

    10 Aug 2017

  • RBC hires HSBC public sector DCM banker

    Andrea Jelic, public sector DCM at HSBC, is set to move banks, GlobalCapital understands.

    10 Aug 2017

  • Peru’s Cerro del Aguila draws crowd for dollar debut

    Peruvian power generator Cerro del Aguila attracted more than $3bn of orders for its inaugural Eurobond on Wednesday.

    10 Aug 2017

  • Indian borrowers get strategic with long loans

    Indian borrowers are increasingly raising offshore loans with tenors of five to seven years, in a bid to smooth out their maturity profiles and avoid a massive debt overhang. The shift comes at the right time, as international lenders slowly warm up to longer-dated deals, writes Shruti Chaturvedi.

    10 Aug 2017

  • Jordan takes soundings for debt duo

    Jordan has sent out a request for proposals for conventional and Islamic financing, according to sources.

    10 Aug 2017

  • Focus shifts to EBs in quiet year for equity-linked

    Amid a slow year for equity-linked issuance in Asia, bankers are pinning their hopes on exchangeable bonds to make up for the shortfall. A template has emerged on the back of Postal Savings Bank of China’s $1bn EB, as cornerstone investors in Hong Kong IPOs look to monetise their stakes at a premium. John Loh reports.

    10 Aug 2017

  • Formosa bonds win over issuers with clear pricing advantages

    Export-Import Bank of India priced a rare dollar Formosa bond from the country this week, bagging $400m. Cash-swamped dollar investors in Taiwan are desperate for diversification amid falling loan volumes, so the stage is set for borrowers to push for tighter pricing. Addison Gong reports.

    10 Aug 2017

  • Indian insurers GIC Re, NIA file for mammoth listings

    India saw a burst of IPO filings this week, with state-owned insurers New India Assurance Co (NIA) and General Insurance Corp of India (GIC Re) lining up potential billion-dollar listings.

    10 Aug 2017

  • Allocation out for SPi Global’s $235m acquisition loan

    Allocations for a $235m three-tranche financing for private equity firm Partners Group’s acquisition of Philippine business process outsourcing company SPi Global were firmed up on Tuesday.

    10 Aug 2017

  • Getting them while they’re young

    I’m often surprised at the lengths to which banks will go these days to hire newbies.

    10 Aug 2017

  • People news in brief, August 10, 2017

    Equity-linked banker exits Goldman — BAML hires in DCM syndicate — ANZ loses debt director — SMBC adds to loans team — Ex-UBS banker heads to Citic CLSA

    10 Aug 2017

  • Grünenthal, Oiltanking enjoy blossoming Schuldschein market

    Two further Schuldschein deals at least doubled in size this week after Lonza's bumper earlier deal, as the market eclipsed its issuance level for the whole of 2016.

    10 Aug 2017

  • Syndicate director leaves Crédit Agricole for Deutsche, completes FIG merry-go-round

    A former FIG syndicate director at Crédit Agricole is understood to have joined Deutsche Bank, following a string of FIG syndicate moves in previous months.

    10 Aug 2017

  • The Pained Trader: rhinestone broker

    The Pained Trader muses on the revenge that a more influential markets commentator might wreak on companies that wrong their customers.

    10 Aug 2017

  • HSBC makes changes to MENAT banking team

    HSBC has restructured its global banking Middle East, North Africa and Turkey arm under Matthew Wallace, head of global banking MENAT, according to an internal memo seen by GlobalCapital.

    10 Aug 2017

  • Updated: NDB lays out 2017 RMB funding plans

    The Brics New Development Bank (NDB) is seeking further renminbi financing, preparing a return to the bond market for up to Rmb5bn ($746m) before the year-end, according to KV Kamath, president of NDB.

    10 Aug 2017

  • First AD Bank’s head of loan distribution leaves

    First Abu Dhabi Bank’s head of loan distribution Steve Perry has left the bank, five months after he joined the capital markets team as part of First Gulf Bank and National Abu Dhabi Bank’s merger.

    10 Aug 2017

  • BAML adds new blood to DCM team

    Bank of America Merrill Lynch has added a banker to its debt capital markets division in Hong Kong, hiring her from a Chinese securities house.

    10 Aug 2017

  • CoGard grabs $100m to meet fundraising quota

    Country Garden Holdings Co hit the market on Wednesday to add $100m to its existing $600m 4.75% notes sold in July, through a quick deal buoyed by reverse enquiry.

    10 Aug 2017

  • Medco Energi pumps out new transaction

    Indonesia’s Medco Energi Internasional, which counts state-owned electricity generator Perusahaan Listrik Negara as one of its clients, is marketing a new dollar bond.

    10 Aug 2017

  • Chinese trio compete for dollar investors

    Three Chinese high yield credits opened books for fresh dollar deals on Thursday, wooing investors in the quiet summer market. Greenland Holding Group Company is making a return, while China Huiyuan Juice Group and 21Vianet Group are ready for their debuts.

    10 Aug 2017

  • Commercial real estate CLOs heat up

    A new CLO backed by commercial real estate loans has been priced this week, with spreads grinding tighter as investors snap up floating rate real estate debt.

    09 Aug 2017

  • CAN Capital online loan ABS hit with downgrades

    The subordinate notes from online small business lender CAN Capital’s sole securitization, which was priced in 2014, were downgraded on Tuesday by DBRS amid fears over its ability to absorb expected losses.

    09 Aug 2017

  • Lazard still on top but rivals are gaining momentum

    The doyen of independent advisers needs to refresh its ranks in Europe if it wants to stay ahead of the pack, writes David Rothnie.

    09 Aug 2017

  • Environmental risk management: a must for banks, says PBOC expert

    One of the most promising vehicles for moving the financial system on to a greener path — risk management — is gathering momentum.

    09 Aug 2017

  • EQT’s Vetcare adds to loan as sentiment sours over UK

    Independent Vetcare, a veterinary group based in the UK, is back in the market with an add-on to the sterling loans that funded its leveraged buyout in April.

    09 Aug 2017

  • HSBC appoints new head of MENA DCM

    HSBC has named a new head of DCM in Dubai, GlobalCapital understands.

    09 Aug 2017

  • SC Lowy seeks European bank acquisition and Brexit hedge

    Boutique investment bank SC Lowy is seeking to acquire a small European banking business in what would mark the firm’s second acquisition of a bank since it was launched in 2009.

    09 Aug 2017

  • AIIB swipes IFC’s Hartwick

    Asian Infrastructure Investment Bank (AIIB) will add a new member to its rapidly growing treasury team, hiring a mainstay of the International Finance Corporation (IFC).

    09 Aug 2017

  • CME Group readies for European closures

    CME Group took more formal steps in the shut down of its European exchange and clearing businesses this week as the Commodity Futures Trading Commission (CFTC) dropped its derivatives clearing organisation registration for the latter division.

    09 Aug 2017

  • Gecina’s €1bn rights issue finishes nearly three times covered

    Gecina, the French real estate investment trust, has raised €1bn after its M&A-driven rights issue was nearly three times covered.

    09 Aug 2017

  • 'Fire and fury' threat fails to hit rates as FMS-W prints

    Inflammatory rhetoric between the US president and North Korea failed to disturb rates markets on Wednesday. FMS Wertmanagement on Wednesday brought a tightly priced deal that drew heavy central bank demand — although it fell “just a touch” under full subscription.

    09 Aug 2017

  • UK ABS investors lay low in August, but prep September comeback

    The UK ABS market has slowed with the rest of Europe in August, with fewer investors participating in recent deals. But sources said September is primed for a strong comeback.

    09 Aug 2017

  • CORPORATE BOND PRICED DEALS TABLE 2017

    GlobalCapital's list of European corporate bond issues in euros and sterling, with links to stories about the deals.

    09 Aug 2017

  • SIX Swiss and Nasdaq form DLT link

    Chain, a Nasdaq technology partner, has agreed to supply SIX Swiss Exchange with distributed ledger technology to support OTC structured products.

    09 Aug 2017

  • Vantiv taps $1.6bn for Worldpay merger

    US payments processor Vantiv has signed a $1.6bn term loan with a trio of banks for its £9.3bn merger with UK peer Worldpay.

    09 Aug 2017

  • A decade after BNP Paribas fund freeze, liquidity still haunts ABS

    BNP Paribas froze three hedge funds that had invested in subprime mortgages on August 9, 2007. Widely regarded as one of the opening events of the global financial crisis, it stands as a grim reminder and a warning to the market of what can happen when liquidity collapses.

    09 Aug 2017

  • BAT shows August doesn’t mean the shop is closed

    After bringing the second largest bond transaction of the year in the US on Tuesday, British American Tobacco topped up its borrowing with a €3.6bn-equivalent four tranche dual currency deal on Wednesday.

    09 Aug 2017

  • New Look reveals HY cracks over UK retail

    UK fashion retailer New Look saw its bonds trade down after poor quarterly results this week just as fears mount of a downturn for the sector. That has left high yield investors divided about the implications for issuance from New Look's peers.

    09 Aug 2017

  • Ukraine’s Kernel in talks with banks about new loan

    Grain and sunflower oil producer Kernel is in talks with international banks about coming to the market this year with a new syndicated loan.

    09 Aug 2017

  • QE driving Italian investors away from govvies

    The European Central Bank’s asset purchase programme is forcing down the yield on Italian debt, prompting Italian bank investors to reduce exposure to their sovereign’s paper.

    09 Aug 2017

  • North Korea-US stand-off concerns FIG market

    Financial indices widened on Wednesday morning as investors saw bellicose rhetoric between North Korea and the United States as heightening risk.

    09 Aug 2017

  • Investors to survive on cigs and health food for summer

    Most corporate issuers have deserted the markets for the summer. Not BAT however, which has inhaled $17.25bn already this week and is now back for more.

    09 Aug 2017

  • ABN Amro keeps eyes trained on elusive Basel IV deal

    ABN Amro said this week in its latest results statement that it was running high capital buffers because it still fears that the Basel Committee’s proposed changes to the calculation of risk-weighted assets could have a ‘significant impact’ on its capital buffers.

    09 Aug 2017

  • Single-B rated LVGEM finds success with debut

    LVGEM (China) Real Estate Investment Co grabbed $225m on Tuesday from its debut deal, taking measures to mitigate any fears of failure by securely anchoring the deal.

    09 Aug 2017

  • Gecina bags €1bn to refinance Eurosic takeover

    Despite the summer lull, large deals are still going through in EMEA equity capital markets, including one of the year’s larger European acquisition financings, which reached a successful conclusion on Wednesday.

    09 Aug 2017

  • Africa in focus as Turkish corp pipe builds

    African politics had the focus of EM bond investors on Wednesday morning with South Africa’s president Zuma surviving a no-confidence vote, and Kenya’s presidential vote looking like a victory for the incumbent, Uhuru Kenyatta. Africa has also provided this week’s only new issue, a $200m tap from the Gabon.

    09 Aug 2017

  • Asia equity-linked banker exits Goldman

    Dave Sandor is no longer with Goldman Sachs, where he oversaw equity-linked origination, structuring and execution across Asia Pacific and onshore China.

    09 Aug 2017

  • Tupras adds to Turkish Eurobond pipe

    Turkish oil refiner Tupras has received approval from the Turkish Capital Markets Board to issue up to $1bn of external debt as the non-financial corporate pipeline builds in Turkey.

    09 Aug 2017

  • Canadian covered bonds and the new resolution framework

    GlobalCapital speaks to Wojtek Niebrzydowski, vice president, treasury, at Canadian Imperial Bank of Commerce about the implications for Canadian covered bonds under the country’s newly proposed resolution regime and ask what SEC Reg AB rule revisions mean for SEC-registered covered bond programmes.

    09 Aug 2017

  • Wharf to spin off and list i-Cable stock

    Hong Kong-listed Wharf Holdings is set to spin off and float its entire holding in i-Cable Communications by way of introduction, according to an exchange filing on Wednesday.

    09 Aug 2017

  • There are lessons to be learnt from failed PFC loan

    National Thermal Power Corp (NTPC) has become the second Indian company to seek long-term funding under the latest Reserve Bank of India guidelines — about five months after Power Finance Corp's similar, albeit unsuccessful, attempt. Given that precedent, NTPC will do well to keep its hopes in check.

    09 Aug 2017

  • ANZ syndicate director in Hong Kong leaves

    Andy Siow, a director in ANZ's Asia bond syndicate team, has left the bank about eight months after he joined.

    09 Aug 2017

  • BMW China seals second ABS of 2017

    BMW Automotive Finance (China) Co has tapped China’s auto loan asset-backed securities (ABS) market for the second time this year. The German carmaker bagged Rmb4bn ($595.4m) on August 8, less than a week after another foreign automaker, Nissan’s China joint venture, hit the market.

    09 Aug 2017

  • Yangzijiang unit docks for $200m three year financing

    Singapore-listed Yangzijiang Shipbuilding (Holdings) is seeking a $200m three year borrowing, underpinned by a guarantee from its parent and a Chinese state-owned insurer.

    09 Aug 2017

  • EUROPEAN CORPORATE BOND PIPELINE

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

    09 Aug 2017

  • HKEX gives up on T-bond futures as Bond Connect heats up

    The Hong Kong Exchange (HKEX) will suspend its offering of China ministry of finance treasury bond futures after the end of the year, while no official trading data was disclosed for the Bond Connect scheme in the bourse’s 2017 interim results report.

    09 Aug 2017

  • CoGard, Jiangsu Bicon hit dollar investors’ screens

    Country Garden Holdings Co is back in the market with a tap of its 2022 notes sold less than a month ago. Meanwhile, Jiangsu Bicon Pharmaceutical Listed Company is plotting a $300m fundraise from a three year bond.

    09 Aug 2017

  • Cochin Shipyard rides on strong demand to bag $231m

    India’s Cochin Shipyard, one of the few proxies to the defense sector, priced its Rp14.7bn ($230.6m) IPO at the top of expectations after demand trumped supply by an impressive 76.2 times.

    09 Aug 2017

  • Ally markets as subprime auto issuance slows

    Ally Financial is marketing its fourth subprime auto securitization of the year, against a backdrop of shrinking originations and increasing annual net losses in the subprime auto sector.

    08 Aug 2017

  • JP Morgan lines up new prime jumbo RMBS deal

    Attractive arbitrage is encouraging more prime jumbo RMBS issuance, with JP Morgan set to launch a new $1bn deal this week.

    08 Aug 2017

  • Qatar banks set to suffer from diplomatic row but funding still possible

    The continued severance of diplomatic ties between Qatar and its neighbours is a growing risk to the country’s banks’ capital raising efforts, which have the heaviest reliance on overseas funding in the Gulf.

    08 Aug 2017

  • ABS allocations show UK already stands apart from Europe

    Despite UK assets offering juicier spreads than their European counterparts, distribution stats show little European investor participation in UK deals. That might be disappointing for UK issuers, but at least it means little to fear from a hard Brexit.

    08 Aug 2017

  • A capital model manifesto

    Regulators bemoan the lack of comparability in capital standards — the main point of the leverage ratio, and Basel IV, is allegedly to make the capital ratios of different banks more comparable — but the easiest fix to the problem is disclosure, not output floors. Here are GlobalCapital’s suggestions:

    08 Aug 2017

  • BTMU admits spoofing in US case

    The US Commodity Futures Trading Commission (CFTC) has reached a settlement with Bank of Tokyo-Mitsubishi UFJ (BTMU) after the bank admitted that one of its traders was spoofing the US Treasury and Eurodollar futures market.

    08 Aug 2017

  • Euronext and LCH cement clearing agreement

    LCH has agreed a 10 year contract for the continued provision of derivative and commodity clearing services to Euronext. Under the terms of the arrangement, Euronext swaps its 2.3% stake in LCH Group for an 11.1% holding in LCH SA, the French clearing house. The agreement should also lead to reduced clearing fees for derivatives trading.

    08 Aug 2017

  • NRW.Bank enjoys sizzling summer dollar conditions as FMS-W steps up

    NRW.Bank racked up another tightly priced deal for the dollar SSA market on Tuesday, as FMS Wertmanagement prepared a trade that bankers expect to attract a similar central bank audience. Issuers are enjoying strong summer dollar conditions, with swap spreads stable and US Treasury spreads attractive for the buy-side.

    08 Aug 2017

  • Eurazeo adds Spanish flavour with Iberchem

    Eurazeo, the private equity firm, is offering a loan to fund the leveraged buyout of Spain’s Iberchem, a fragrance and flavour maker, from Magnum Capital.

    08 Aug 2017

  • Eurex factor index derivs open for US

    The doors have opened for US derivatives market participants to trade futures linked to iStoxx European equity factor indices on Eurex after regulators signed off on the process.

    08 Aug 2017

  • Barclays hires distressed debt veteran as head of sourcing

    Barclays has hired Paolo Minerva from Bank of America Merrill Lynch as head of sourcing for its European distressed debt business.

    08 Aug 2017

  • Rakbank to rake in $250m for loan debut

    The National Bank of Ras Al-Khaimah (Rakbank) launched its first syndicated loan on Tuesday for $250m with a three year tenor.

    08 Aug 2017

  • Carlyle readies CLO refi in sleepy August

    The CLO sector has quieted down with the rest of the securitization market in August, with a refinancing of a 2015 deal from Carlyle Group among the only offerings on the horizon for the month.

    08 Aug 2017

  • Public sector bond dealers prepare for post-summer bunfight

    Public sector DCM bankers are readying for what one has dubbed a “super hotly contested” post-summer funding session thanks to well-funded issuers and strong conditions.

    08 Aug 2017

  • Mémora expects calm success for LBO loan

    Conditional books are already oversubscribed for the €240m term loan that funds the Ontario Teachers' Pension Plan's acquisition of Mémora, an Iberian funeral services provider.

    08 Aug 2017

  • Switzerland’s Forbo raises Sfr91m from accelerated treasury share sale via CS

    Forbo Holding, a Swiss maker of floor coverings and construction adhesives, sold some of its own treasury shares via an accelerated bookbuild on Monday evening in the first block of the stock for seven years.

    08 Aug 2017

  • Codelco buy-back nearly maxed out by early bird deadline

    Investor interest in the second leg of Chilean copper miner Codelco’s tender offer has been strong, with almost $1bn of bonds tendered by the early bird deadline.

    08 Aug 2017

  • US market blazes as Europe waits for BAT to spark up

    European corporate bond markets remain focused on British American Tobacco’s multi-tranche deal expected later this week. However, nine different investment grade issuers printed new issues in the US on Monday, making it the most varied day of 2017 so far.

    08 Aug 2017

  • Fresenius poised to issue more debt for NxStage buy

    German dialysis services provider Fresenius will issue debt backing its $2bn acquisition of US peer NxStage “in due course”, a source close to the situation told GlobalCapital on Tuesday.

    08 Aug 2017

  • Issuers cool on pre-funding despite rising spreads to come

    The European Banking Authority (EBA) expects to see a rise in covered bond supply and most market participants anticipate a spread widening, but bankers do not expect issuers to produce a wave of covered bond pre-funding.

    08 Aug 2017

  • BNP Paribas adds another to EM credit trading

    BNP Paribas has added a second trader to its emerging market credit team in less than a month, though headcount has only increased by one.

    08 Aug 2017

  • Gabon in favour as books reach $600m

    Gabon on Monday placed a $200m reopening of its 2025s with no new issue premium in what bankers described as good trade all round.

    08 Aug 2017

  • UBS sheds NIP after timing dollar trade for worldwide appeal

    UBS attracted around $7bn of demand for Monday’s dollar deal after announcing it at the start of the London market.

    08 Aug 2017

  • Reliance Nippon adds three to IPO bookrunning team

    Reliance Nippon Life Asset Management has added three bookrunners to the line-up of banks that will manage its IPO in India this year, boosting the syndicate to six.

    08 Aug 2017

  • Aegon targets sales ahead of ‘comprehensive’ capital plan

    Aegon has agreed to sell the independent financial advisory group Unirobe Meeùs Groep (UMG), boosting its Solvency II ratio by six percentage points ahead of announcing a “comprehensive plan” for its capital position in the Netherlands this week.

    08 Aug 2017

  • Samson Paper mandates three for HK$570m financing

    Hong Kong-listed company Samson Paper is back in the loan market, after a two and a half year absence, for a HK$570m ($73m) refinancing.

    08 Aug 2017

  • India Exim snaps up $400m from inaugural Formosa

    Export-Import Bank of India took advantage of reverse enquiry from Taiwanese investors to sell its debut dollar Formosa bond, marking only the second Formosa from the south Asian country and the first from an Indian bank.

    08 Aug 2017

  • Bharti Airtel nets $403m from Infratel block

    Indian telecommunications group Bharti Airtel has raised Rp25.7bn ($403.2m) after offloading a stake in its tower unit Bharti Infratel, selling the shares near the bottom of guidance.

    08 Aug 2017

  • Agile goes tight with $200m bond comeback

    Agile Group Holdings has sold a $200m deal off a robust $2.5bn book, with yield-hungry investors allowing the company to price the notes flat to recent double-B rated real estate bonds.

    08 Aug 2017

  • Chandra Asri seals $378m rights-and-block trade

    Indonesia’s Chandra Asri Petrochemical completed the placement portion of its Rph5tr ($378m) rights-plus-block combo on Monday, in a deal that benefited from the issuer’s focus on transparency.

    08 Aug 2017

  • PGN unit Saka Energi fires up $250m loan

    Saka Energi Indonesia, the upstream oil and gas arm of state-owned Perusahaan Gas Negara, has opened its $250m loan to retail participants through a group of six banks.

    08 Aug 2017

  • Indian reinsurance giant GIC Re files for $1.3bn listing

    State-owned reinsurance company General Insurance Corp of India (GIC Re) has submitted a draft IPO prospectus for a deal that could raise around Rp85bn ($1.3bn), said a banker on the mandate.

    08 Aug 2017

  • NTPC sets out for $300m 10 year money

    Indian company National Thermal Power Corp (NTPC) has approached banks with a request for proposals for a $150m facility with an average life of 10 years.

    08 Aug 2017

  • LVGEM sets sights on debut dollar bond

    LVGEM (China) Real Estate Investment Company and HNA Group company Tianjin Tianhai Investment Co are wooing buy-side accounts. The former opened books for its debut on Tuesday and the latter is understood to be holding investor meetings.

    08 Aug 2017

  • SMBC hires in Singapore for Asia loan origination

    A former Standard Chartered loans banker has resurfaced at Sumitomo Mitsui Banking Corp in a senior origination-related position, said a source.

    08 Aug 2017

  • Environmental risk management: a must for banks, says PBOC expert

    One of the most promising vehicles for moving the financial system on to a greener path – risk management – is gathering momentum.

    08 Aug 2017

  • Sky makes ABS debut

    Sky Aviation Leasing International is marketing a debut aircraft securitization, as deal volume for the sector this year inches closer to topping 2016 issuance levels.

    07 Aug 2017

  • CIFC hires new COO, eyes global expansion

    US private debt manager CIFC Asset Management has hired John DiRocco as chief operating officer, as the firm plans to expand its investment product offerings in the US and overseas.

    07 Aug 2017

  • CMBS pipeline full as lending surges despite non-bank appetite

    The US CMBS market is showing no signs of a summer slowdown, with two more conduit deals emerging on Monday and data showing that CMBS loan origination is up 168% year on year despite increasing challenges from non-bank capital.

    07 Aug 2017

  • CME harvests new wheat derivative products

    Australian wheat futures have begun to trade on the Chicago Mercantile Exchange (CME) after a July roll out, the exchange announced on Sunday.

    07 Aug 2017

  • Deriv exchanges throw up mixed volumes

    July volumes for the major US and European derivatives exchanges have been a mixed bag, with some products showing year-on-year gains.

    07 Aug 2017

  • KfW scoops up €1bn at long end

    KfW raised €1bn with a tap of a September 2032 line on Monday, hitting screens early on Monday morning and taking advantage of a good window with a one day execution.

    07 Aug 2017

  • NRW.Bank picks banks for dollars

    NRW.Bank has announced a three year dollar benchmark, picking banks for what looks to be this week’s only supply, according to one head of SSA syndicate away from the trade.

    07 Aug 2017

  • Lonza almost triples Schuldschein to €870m-equivalent

    Lonza, the Swiss pharmaceutical ingredients and dosing methods supplier, has closed an €870m-equivalent dual tranche Schuldschein loan, refinancing debt backing its acquisition of US drug capsules maker Capsugel.

    07 Aug 2017

  • Reverse Yankee go home, say HY investors

    US borrowers have ramped up issuance in the euro high yield bond market so far this year, but investors described it as a "bad thing" in a recent credit investor survey by Bank of America Merrill Lynch.

    07 Aug 2017

  • EU ABS slows for summer as pipeline empties

    The European ABS market is entering into its seasonal summer quiet period, with the pipeline slowing to a trickle after a number of new transactions were priced last week.

    07 Aug 2017

  • Coface borrows €700m as part of capital reorganisation

    Coface, the French trade credit insurer, has signed a €700m syndicated loan facility with a group of six banks.

    07 Aug 2017

  • Germany’s risk spike is not just election related

    There are numerous risks for the government to address as the country prepares to elect a new parliament in September.

    07 Aug 2017

  • OQIC may end long Omani IPO drought

    Oman Qatar Insurance Co, the Omani subsidiary of the Qatar Insurance Co, is set to reopen the country’s sleepy IPO market with the first flotation on the Muscat Securities Market for more than two years.

    07 Aug 2017

  • Gabon swoops with sole-led tap

    Gabon reopened its 2025s on Monday morning to take advantage of a recent five cash point rally in its debt.

    07 Aug 2017

  • UBS feeling ’22 as Europeans set sights on dollars

    UBS came to the market on Monday again selling bonds with a first call date in 2022, amid predictions of further dollar issuance from European banks over the coming weeks.

    07 Aug 2017

  • Market cheers end of Term Funding Scheme in 2018

    UK ABS market participants cheered last week’s confirmation from the Bank of England that its Term Funding Scheme (TFS) will wrap up in February 2018, but opinion in the market is that the programme should not have gone on that long to begin with.

    07 Aug 2017

  • Bridgepoint, Permira in for Cruise's German buy

    Cruise.co.uk, a UK online travel agent, is buying German peer Kreuzfahrtberater in a deal that brings together the direct lending arms of private equity firms Bridgepoint and Permira.

    07 Aug 2017

  • Open Grid Europe owner pipes in €600m

    German gas network operator Vier Gas has signed a new €600m five year revolving credit facility, marking the end of an over three year absence from the credit markets.

    07 Aug 2017

  • Teva bonds drop further

    Israeli pharma company Teva’s bonds plunged further on Monday after “one acquisition too far” saw ratings downgrades combined with concerns that the company will breach its debt covenants, prompting investors to dump holdings.

    07 Aug 2017

  • All eyes on BAT smoke signals

    British American Tobacco is expected to bring the week-long run without any new corporate bond issuance to an end later this week. The UK based tobacco company could issue in dollars, euros and sterling.

    07 Aug 2017

  • Markets ‘appreciate’ RBS’s transparency on legacy T1 treatment

    Trading levels have stabilised around Royal Bank of Scotland’s legacy tier one instruments, after the bank said that it intended to call nine of its outstanding securities and extend the life of two others.

    07 Aug 2017

  • SEC Canadian covered bonds fall foul of Reg AB

    Canadian SEC-registered covered bond borrowers are expected to switch back to issuing under 144A/Reg S documentation after amendments to an existing regulation made SEC registration more onerous.

    07 Aug 2017

  • Energy company could join Argentine pipeline

    Argentine company MSU Energy is considering approaching international bond markets for the first time, credit analysts in Buenos Aires say.

    07 Aug 2017

  • Lights, camera, action: CGV Vietnam plans Korea listing

    The Vietnamese unit of South Korean cinema chain CJ CGV is looking to float on Korea’s main board, according to a source familiar with the matter.

    07 Aug 2017

  • Mahindra Logistics readies $150m India listing

    The logistics arm of Indian multinational automobile conglomerate Mahindra & Mahindra has filed for approval for an IPO that could raise up to $150m, according to a source close to the deal.

    07 Aug 2017

  • Sebi tightens scrutiny on bank loan defaults

    India’s market regulator has asked listed companies to disclose any default on bank loans within one working day from the date of the missed payment, in a move to tackle the country’s bad loan problems.

    07 Aug 2017

  • Quam gets tepid response to $656m rights issue

    Quam’s rights issue to raise HK$5.1bn ($656.2m) was under-subscribed, forcing its underwriters to cover the HK$1.2bn shortfall.

    07 Aug 2017

  • Postal Savings Bank closes in on $7bn-plus AT1

    China’s banking regulator has given Postal Savings Bank of China Co the go-ahead to raise additional tier one capital offshore, adding to the hefty issuance pipeline from the country’s commercial banks.

    07 Aug 2017

  • India Exim rolls out inaugural dollar Formosa

    Export-Import Bank of India is poised to make its debut in the dollar Formosa market, becoming only the second borrower from the south Asian country to sell a bond in Taiwan.

    07 Aug 2017

  • Chinese developer Agile builds demand for refi

    Agile Group Holdings is marketing a five non call three year dollar bond to refinance part of its outstanding $500m notes from 2014.

    07 Aug 2017

  • This week in renminbi: Ex-IMF economist calls for central bank independence, PBoC mulls RMB trading band change, China-Africa trade surges

    In this round-up, an ex-IMF economist says China needs an independent central bank, the People’s Bank of China considers changing the RMB trading band, and trade between China and Africa surges in the first half of the year.

    07 Aug 2017

  • P&M Notebook: Japan’s big break?

    Last week saw the climax of the European bank reporting season, and it was a mixed bag. Some results were good, others less so, but taking a longer term perspective, it might be the rise of the Japanese megabanks that stands out most sharply.

    06 Aug 2017

  • Real estate dominates China HY but regulation hurdles loom

    Chinese real estate firms have been the source of many of Asia’s high yield deals in the past few years. The landscape is changing, however, due to a complex mix of Chinese regulatory efforts to make domestic capital markets more accessible for issuers, prolonged renminbi volatility that has lowered the appeal of dollar funding, and increasingly stringent rules set by China’s National Development and Reform Commission that control offshore issuance by domestic firms. The NDRC recently went as far as naming and shaming issuers circumventing such procedures.

    04 Aug 2017

  • Giancarlo gets the nod, gains two colleagues

    The US Senate on Thursday unanimously voted to confirm Christopher Giancarlo as chairman of the US Commodity and Futures Trading Commission (CFTC), a role he has held in an acting capacity since June.

    04 Aug 2017

  • Triple Point Social Housing Reit finishes £200m London IPO

    Shares in Triple Point Social Housing, the real estate investment trust focused on UK social housing assets, closed 2% higher on Tuesday after the company finished its £200m IPO on the London Stock Exchange.

    04 Aug 2017

  • World Bank and Mexico team up on catastrophe bonds

    The World Bank has issued $360m of catastrophe bonds that provide insurance protection for Mexico in the event of three natural disasters.

    04 Aug 2017

  • Corporate bond week ahead: Sterling holds highest hopes for Europe

    Anglian Water’s £250m eight year green bond was the only corporate new issue that priced this week. If there is to be any issuance next week, it is expected to be in sterling.

    04 Aug 2017

  • Verizon prints largest Kangaroo of 2017 on debut

    Verizon Communications launched its first Australian dollar bond on Thursday. The four tranche deal is the largest corporate bond in the currency this year, raising A$2.2bn ($1.75bn) when it was priced on Friday.

    04 Aug 2017

  • DCM view: Covered bonds and bank capital braced for dovish taper

    Rates could be hiked before the end of quantitative easing, it is reasonable to expect some Spanish covered bonds to trade in line with some in France, and although additional tier one is expensive to equities there is a sound structural reason for this. Derry Hubbard, global co-head of debt capital markets at Danske Bank, speaks to GlobalCapital about these topics and more.

    04 Aug 2017

  • FIG summer lull beckons after July record

    The dollar FIG market took a breather after recording the busiest July on record amid red-hot market conditions.

    04 Aug 2017

  • eHi wins over investors with dollar bond

    eHi Car Services snapped up $400m from the only dollar bond from China on Thursday, managing to tighten pricing by 37.5bp.

    04 Aug 2017

  • Vedanta pushes out maturity with $1bn outing

    India's Vedanta Resources extended its maturity profile further this week with its second tender plus new money deal of the year. The issuer opted for size over price, leaving a little something on the table for investors.

    04 Aug 2017

  • Gajah Tunggal addresses refi risk with new $250m bond

    The once-distressed Gajah Tunggal raised $250m from a new five non-call three deal on Thursday, helping the company prepare to refinance a looming maturity – and potentially earn a ratings upgrade.

    04 Aug 2017

  • Retail bond market reverses down trend

    LendInvest, a UK short term property loan platform, issued a £50m five year bond this week, taking new listings on London Stock Exchange’s Order book for Retail Bonds (ORB) to more than 2016s total — its first year-on-year growth since 2012.

    04 Aug 2017

  • RBS turnaround continues as it makes a second quarter profit

    The ongoing recovery of Royal Bank of Scotland, the UK banking group, took a step closer to completion on Friday when unveiled a profit in the first half of the year, aided by a sharp increase in profit from its investment banking division NatWest Markets.

    04 Aug 2017

  • SIS India prices IPO high to land Rp7.8bn

    Securities and Intelligence Services India has raised Rp7.8bn ($122.5m) after sealing its IPO at the top of guidance, according to a banker on the deal.

    04 Aug 2017

  • Ozner eyes $150m from general syndication

    Deutsche Bank is arranging an up to $150m syndication for water purification company Ozner Water International Holding, said bankers.

    04 Aug 2017

  • Crédit Agricole names new Korea markets head

    Crédit Agricole has appointed former Barclays banker Silvia Kim as local head of global markets for its South Korean branch, according to an announcement on Friday.

    04 Aug 2017

  • Investors power up Paiton Energy’s $2bn bond

    Indonesian power producer Paiton Energy added a hefty $2bn to its coffers on Thursday, selling a dual-tranche bond that won over investors because of its diversity benefits and secured structure.

    04 Aug 2017

  • Canara follows Axis success with $400m bond

    Canara Bank priced a $400m five year senior bond on Thursday, marking the second dollar deal from an Indian bank in a week.

    04 Aug 2017

  • Chandra Asri $378m equity raise on track

    Chandra Asri Petrochemical’s rights-plus-block combo to raise Rph5tr ($378m) is going smoothly. The leads sent out a 'covered' message on Friday morning.

    04 Aug 2017

  • Mahindra & Mahindra seeks IPO of logistics arm

    Indian multinational automobile conglomerate Mahindra & Mahindra is planning to sell a chunk of its logistics subsidiary in an IPO, according to a filing on Thursday.

    04 Aug 2017

  • RMB round-up: Two state banks hire new chairmen, BOCHK AM receives first QFII quotas, China restricts SOE overseas investment

    Bank of China and China Construction Bank have picked new chairmen, BOC’s asset management arm received its first batch of qualified foreign institutional investor (QFII) quotas, and the Ministry of Finance published new guidelines to restrict foreign investments by state-owned enterprises.

    04 Aug 2017

  • Huiyuan lays groundwork for debut dollar outing

    China Huiyuan Juice Group is preparing for its debut in the dollar debt market, after hiring BOC International as the sole lead for the transaction.

    04 Aug 2017

  • Vincom Retail poised for $600m Vietnam IPO

    Vincom Retail is gearing up for an IPO of about $600m in Vietnam as early as September, with three international banks leading the trade.

    04 Aug 2017

  • Metro, General jump on Panama demand

    Two Panamanian companies sold rare bonds from the country on Tuesday, taking advantage of pricing off one of the tighter sovereign curves in Latin America.

    03 Aug 2017

  • Turkish loan pricing falls as political noise quietens down

    Pricing on Turkey’s major banks’ one year loan refinancings has dipped by 10bp as political turmoil in Turkey appears to have died down since president Recep Erdoğan won a referendum to consolidate power in April.

    03 Aug 2017

  • Azteca puts on a show with increased bond return

    Mexican broadcaster TV Azteca achieved impressive size and pricing and a strong secondary market performance when it sold its first bond in four years this week, brushing off investor concerns about its history and potential low liquidity.

    03 Aug 2017

  • Smaller Turkish banks come into loan market at higher pricing

    Three of Turkey’s smaller financial institutions — Yapi Kredi Finansal Kiralama, the leasing arm of Yapi Kredi, Alternatif Bank (Abank) and Şekerbank — have come to the loan market with higher pricing than their bigger bank counterparts.

    03 Aug 2017

  • Colombia edges tighter in idyllic Lat Am with summer break close

    The Republic of Colombia found conditions too good to resist this week, raising $1.4bn of 10 year bonds on Wednesday to complete its international funding for the year and prefund some $900m of next year’s needs.

    03 Aug 2017

  • Barclays aims to funnel cash back to trading

    Barclays said in its second-quarter results that it would redeploy capital from parts of the corporate bank into markets, reversing the course many banks have taken since the crisis, and affirming the bank’s ambitions as a top-tier fixed income trading house.

    03 Aug 2017

  • BondMarker: Greece's triumphant return

    The scores are in. The BondMarker voters have delivered their verdict on Greece's long-awaited return to capital markets and on FMS Wertmanagement's five year dollar benchmark.

    03 Aug 2017

  • CMBS revival spurs CRE lending surge

    Commercial real estate services firm CBRE said on Wednesday that a spark of CMBS issuance in the second quarter of 2017 had accelerated lending growth in the market.

    03 Aug 2017

  • Barclays pumps out £1.25bn of AT1 notes as rally marches on

    Barclays claimed the lowest-ever additional tier one (AT1) sterling coupon on Thursday, raising questions about how much tighter banks can go.

    03 Aug 2017

  • Revamped UniCredit delights diluted shareholders

    UniCredit’s turnaround plan, which featured a €13bn rights issue and a €17bn NPL sale, seemed well on track on Thursday, as the bank smashed profit expectations for the second quarter with €945m, sending the shares soaring more than 7%. The bank itself prefers to cite a €1.3bn profit figure, stripping out currency translation effects from the sale of its Polish bank Pekao.

    03 Aug 2017

  • Prosper prints tighter despite riskier loans

    Less pristine collateral backing online consumer lender Prosper’s second multi-seller securitization did not dent demand for the bonds, which the lender priced tighter than its last deal sold in May.

    03 Aug 2017

  • ISDA and Linklaters working on smart contracts

    The International Swaps and Derivatives Association (ISDA) has taken the next step towards a blockchain-enabled derivatives market, publishing a white paper with Linklaters on derivatives documentation that will be compatible with smart contracts and distributed ledger technology.

    03 Aug 2017

  • MTN Leak: The summer paradox

    Leak is facing the summer paradox. The otherwise hardworking MTN bankers of London have more free time to come and hobnob with Leak but instead choose to go on holiday.

    03 Aug 2017

  • EM loan spate brings relief to parched banks

    Loan bankers are impressed how busy this August is shaping up to be for deals in EMEA emerging markets.

    03 Aug 2017

  • Republic of Iraq USD1bn 6.75% Mar 23

    03 Aug 2017

  • Verizon, Comcast get August off to a flyer

    The dollar market got off to a busy start in August with US telecoms heavyweights Verizon and Comcast taking home a combined $5.5bn on the back of strong demand.

    03 Aug 2017

  • Commerzbank takes restructuring pain in Q2

    Commerzbank booked all of the €807m restructuring costs associated with its 'Commerzbank 4.0' programme in the second quarter, pushing the bank to an overall loss of €406m. But the bank’s management are optimistic about the second half of the year, and argue that some of its businesses have turned a corner.

    03 Aug 2017

  • General Atlantic exits Axel Springer with last €120m ABB

    On Thursday night, in an otherwise barren week for equity block trades, General Atlantic, the US growth equity investment firm, launched the sale of a 2.1% stake in Axel Springer, the German publisher.

    03 Aug 2017

  • Incoming ECB rules drive one last hurrah for hairy lev loans

    Deals in the leveraged finance market have grown increasingly aggressive in recent weeks, as a strong run of buyouts has seen leverage levels ramp up. Some in the market have identified the European Central Bank’s leveraged lending guidelines, due to come into effect in November, as fuelling the fire. Max Bower reports.

    03 Aug 2017

  • Issuer-paid equity researchers sense opportunity in MiFID 2

    The shake-up of equity research provision expected to be caused by MiFID 2 could open up more space for new business models — including research paid for by the issuers, writes Jon Hay.

    03 Aug 2017

  • Congo default likely to drag on putting bond plans in jeopardy

    Republic of Congo is in technical default after a $21m interest and principal payment on its Eurobond maturing 2029 did not reach investors during the 30 day grace period. The government announced plans to issue a Eurobond in its budget for the second year running, but international market access is likely to be closed until the problem is resolved, according to analysts.

    03 Aug 2017

  • Sanctions, CBR changes no bar to Russia Eurobond supply

    Supply of Russian Eurobonds is expected to remain healthy through to year end, with debt bankers this week mainly dismissing concerns that enhanced US sanctions and changes to local repo eligibility criteria could curb demand after the summer break.

    03 Aug 2017

  • People Moves in Brief

    Deutsche commits to new London HQ - Cheyne hires levfin veterans - Stubbs steps up at the EIB

    03 Aug 2017

  • Flagstar hires Fannie Mae veteran to lead mortgage biz

    A former senior vice president at government mortgage agency Fannie Mae has joined Flagstar Bank to lead its mortgage business.

    03 Aug 2017

  • Meggle joins green buds in Schuldschein

    Dairy producer Meggle has joined the ranks of green Schuldschein borrowers, launching a €50m triple tranche deal partly funded through green borrowing.

    03 Aug 2017

  • Gilt yields drop ahead of Sept syndication as BoE holds steady

    Gilt yields dropped on Thursday after the Bank of England’s Monetary Policy Committee voted 6-2 to hold the Bank Rate at 0.25% — a higher majority than the 5-3 in favour of holding at its last meeting in June. The more dovish result came after weeks of hawkish noises emanating from the central bank. Meanwhile, the Province of Alberta returned to the sterling market to tap its debut issue from earlier this year.

    03 Aug 2017

  • From Mosul to markets: Iraq ends wilderness era with sub-7% print

    Iraq roared back to bond markets this week with its first standalone bond deal in 11 years. The deal marked the end of a comeback after investors told the country "no" on a 2015 roadshow and capitalises on its recent military success in Mosul and a rebounding oil price, writes Virginia Furness.

    03 Aug 2017

  • ‘Astonishing’ coupon for EQT’s Lima Corp as it replaces LBO loan

    Lima Corporate, the Italian maker of orthopaedic implants, kept the euro high yield new issue market in motion with a floating rate bond deal, which, unusually, will be used to refinance the loans that funded its buyout by EQT from Ardian.

    03 Aug 2017

  • Investors must wait till 2018 for Siemens’ IPO of Healthineers

    Siemens, the German machinery group, on Thursday broke its long silence on the timing of the IPO of its high margin healthcare technology business, which makes around 40% of its profits.

    03 Aug 2017

  • Hunt Mortgage Group makes CRE hire

    Hunt Mortgage Group has hired the former head of CMBS underwriting at JP Morgan as chief credit officer for commercial real estate.

    03 Aug 2017

  • Funding surge in sight as TFS ends

    With the Bank of England’s Term Funding Scheme (TFS) coming to an end, UK financial institutions could look to increase their presence in the sterling bond market.

    03 Aug 2017

  • ABS market frets over UK economy as BoE holds

    The UK ABS market is keeping a close eye on the domestic economy as the Bank of England held rates firm at 25bp on Thursday and warned of a sluggish outlook for country. Sam Kerr reports.

    03 Aug 2017

  • Clearing houses simulate major default event

    A group of clearing houses this week announced the results of risk management process tests that simulated the default of a major derivatives clearing member.

    03 Aug 2017

  • Discovery readies bridge for Scripps takeover

    Discovery Communications has agreed a $9.6bn bridge loan for its $14.6bn cash and stock acquisition of fellow US media corporation, Scripps Networks Interactive, as recent mergers and acquisition deals push US loan volumes up.

    03 Aug 2017

  • Axel Springer, United Internet to float merged marketing unit

    German publishing company Axel Springer’s shares jumped 4.3% on Wednesday this week after it announced a plan with United Internet to merge their affiliate marketing divisions and float the combined entity.

    03 Aug 2017

  • Barclays GBP1.25bn 5.875% PNC7 AT1

    03 Aug 2017

  • Italian bank CDS: Progress on long road to redemption

    The eurozone has many structural flaws, inherent design failings that have been painfully exposed over the past decade. Some of these have been rectified and good progress has been made on a banking union, in particular. But the work is not complete and if there was an Achilles heel that threatened to scupper efforts to strengthen the currency bloc, it was the Italian banking system, writes Gavan Nolan.

    03 Aug 2017

  • Loans news in brief — August 3

    Mémora — Miller Homes

    03 Aug 2017

  • Verizon debuts in Kanga market

    Verizon Communications launched its first Australian dollar bond on Thursday. As with its Swiss franc issuance in March, the US firm is aiming to further diversify its lending base.

    03 Aug 2017

  • Supras print EM currency flurry

    The summer MTN market has been dominated by niche currency issuance from supranationals.

    03 Aug 2017

  • Gilt yields fall as BoE holds steady

    Gilt yields dropped on Thursday after the Bank of England’s Monetary Policy Committee voted 6-2 to hold the Bank Rate at 0.25% — a higher majority than the 5-3 in favour of holding at its last meeting in June. The more dovish result came after weeks of hawkish noises emanating from the central bank.

    03 Aug 2017

  • US student loans — a ball and chain, not a time bomb

    The US student loan market is in bubble territory. At $1.3tr, it is the country's second largest consumer debt segment after residential mortgages. Yet, even though 44m Americans are saddled with student debt, at an average of around $37,000 per borrower, student loans are more a drag on economic growth than a disaster waiting to happen.

    03 Aug 2017

  • Şekerbank prices €77.5m in line with compatriot minnows

    Another one of Turkey’s smaller banks, Şekerbank, has signed a €77.5m loan with margins in line with its peers.

    03 Aug 2017

  • Barclays and chill

    If you’re a bank chief executive under pressure from shareholders this is the playbook: first, lower expectations and provision everything; second, raise some capital and set out a path to future success. Only then do you try to make some actual money.

    03 Aug 2017

  • 10 Years of Green Bond Issuance at EIB

    Developing a Lingua Franca for Green Bonds

    03 Aug 2017

  • ESMA ends trading obligation consultation but concerns are still open

    The European Security and Market Authority (ESMA) closed the consultation period on trading obligations for derivatives this Monday — but with implementation due in January, many of those affected are still concerned.

    03 Aug 2017

  • Scandlines surfs to IG after €860m refi deal

    Danish ferry operator Scandlines has refinanced all its debt with BBB rated bank loans and notes in the European and US private placement markets.

    03 Aug 2017

  • Hopes rise of fix for EU's securitization mistake

    The last minute decision on the part of European Union regulators to introduce a potentially devastating rule to EU securitzation regulation was greeted with disbelief by market pros last month. But sources say that there are still a number of ways the mistake can be fixed.

    03 Aug 2017

  • MUFG aims beyond balance sheet to investment banking top tier

    The Japanese lender is adopting an originate-to-distribute model as it looks to capture a larger share of the investment banking fee wallet in EMEA and beyond, writes David Rothnie.

    03 Aug 2017

  • EBA: rise in asset encumbrance is not a concern

    The European Banking Authority said this week that it is not overly concerned by an increase in banks' asset encumbrance last year and a rise in covered bond encumbrance for the third successive year.

    03 Aug 2017

  • Summer funding set to last in hot SSA dollar market

    Public sector issuers are taking advantage of strong summer conditions in the dollar market to bring green and arbitrage-style deals, with more issuance expected next week.

    03 Aug 2017

  • Anglian creates chance for flood of UK water green bonds

    Anglian Water priced the first green corporate bond in sterling since 2015 on Monday. The company’s green bond debut could herald a surge of deals from its peers, writes Nigel Owen.

    03 Aug 2017

  • The Pained Trader: Scaramucci! Scaramucci! Will you do the fandango?

    The Pained Trader examines the rapid rise and fall of a Wall Street type that's all too familiar

    03 Aug 2017

  • Chengtong bond prices tight despite questions

    China Chengtong Holdings Group priced its inaugural $500m bond on Tuesday, hitting the market as it transitions under a pilot programme for state-owned enterprises. Investors debated fair value for an unrated credit that is somewhere between a corporate and a financial, reports Morgan Davis.

    03 Aug 2017

  • China auto ABS picks up the pace

    Chinese investors have become increasingly focused on short-dated bonds this year. That is proving to be a boon for the country’s auto ABS originators, who are in the middle of a breakneck expansion of volumes — with plenty more still on the cards. Noah Sin reports.

    03 Aug 2017

  • Order book smashes through £3.75bn for Barclays AT1

    Sterling investors piled into a new additional tier one (AT1) deal from Barclays, as the UK bank reopened the market after returning from earnings blackout.

    03 Aug 2017

  • Holland & Barrett pricing in focus as concerns mount over leverage

    With the deadline looming on Holland & Barrett’s £825m-equivalent of loans, several investors have raised concerns over both leverage and terms on the deal, in a market otherwise winding down for summer.

    03 Aug 2017

  • LVGEM preps accounts for debut offshore bond

    LVGEM (China) Real Estate Investment Company is preparing its first international bond, mandating eight banks to work on the transaction.

    03 Aug 2017

  • Generali names new research head

    Generali Investments has hired a new head of research from Société Générale.

    03 Aug 2017

  • Sunac beats negative headlines to raise $1bn

    Sunac China Holdings raised $1bn on Wednesday from a dual-tranche bond, despite a lot of market talk about the company this year. Bankers said the deal's success showed investors’ confidence in the company, but analysts argued the issuer left enough on the table to get demand.

    03 Aug 2017

  • Iraq swoops for sub-7% sale

    Iraq made an impressive return to the capital markets on Wednesday with a perfectly timed trade that enabled the issuer to leverage off its recent military success in Mosul, support from the IMF and higher oil prices to borrow five year money below 7%.

    03 Aug 2017

  • ‘No conviction’ in RBS legacy T1s ahead of first call dates

    Investors have been reducing some of their positions in two of Royal Bank of Scotland’s legacy tier one instruments, unable to determine whether or not the bank will call them in September.

    03 Aug 2017

  • Dubai’s Enoc scores $500m RCF as Adnoc seeks $5bn

    Dubai’s state-owned energy group Emirates National Oil Co (Enoc) has secured a $500m revolving credit facility from a club of seven banks to fund its growth plans for Dubai's coming Expo 2020.

    03 Aug 2017

  • HNA Reit looking for new banks after BAML retreats

    HNA Commercial Reit is on the lookout for arrangers for its Singapore IPO, after Bank of America Merrill Lynch walked away from the deal. But the real estate investment trust’s search will not be easy. Bulge bracket firms are under scrutiny for any ties to parent HNA Group, which is feeling the heat from Chinese regulators. Jonathan Breen reports.

    03 Aug 2017

  • Old Money: hard-wired for FX

    There’s plenty of arguing about Brexit, but in finance, euro clearing stands out as a particularly bitter regulatory fight. At issue is London’s place as the host of euro trading — and it’s going to go down to the wire.

    03 Aug 2017

  • Investors rush into latest Indian floats as rally continues

    A pair of Indian IPOs that launched earlier this week showed investor appetite for new share sales is far from waning.

    03 Aug 2017

  • Gajah Tunggal gets four for $250m dollar-rupiah combo

    Gajah Tunggal, an Indonesian tyre maker, has tapped the syndicated loan market for a dual-currency $250m facility.

    03 Aug 2017

  • An unplanned pregnancy is sobering

    It’s just too bad that not everyone has the social smarts and wherewithal of a well-educated person like me. Because, as I heard on my latest visit to Captain’s Bar, one unfortunate friend recently suffered a social flub which left her speechless.

    03 Aug 2017

  • People news in brief, August 3, 2017

    Goldman boosts China focus — Mizuho loses syndicate banker — ANZ names Laos CEO — Levfin departure at BAML — HSBC’s REF head resigns — StanChart hires from Citi India

    03 Aug 2017

  • Investors spoil China Gas’s Panda return party

    Investors poured cold water on China Gas’s first outing in the Panda bond market since last October, forcing the energy issuer to pull the longer-term tranche of its Rmb1.5bn ($221.4m) deal on Thursday.

    03 Aug 2017

  • Singapore’s Novena Global plans $150m Taiwan IPO

    Singapore-based Novena Global Lifecare Group is teeing up a $150m IPO in Taiwan as it looks for capital to fund expansion in north Asia.

    03 Aug 2017

  • MUFG combines bond and loan businesses

    Mitsubishi UFJ Financial Group has combined its bond and loans teams as part of a push to grow its integrated corporate and investment banking offering in Europe, the Middle East and Africa.

    03 Aug 2017

  • Loan supply easing sparks CLO splurge

    One of the biggest challenges for CLO managers is easing up as the volume of new leveraged loans starts to increase, putting the brakes on a long rally in loan prices and sparking a flurry of deals.

    03 Aug 2017

  • Philippines mandates banks for Panda bond

    The Philippines' ministry of finance has mandated Bank of China and Standard Chartered for its upcoming Panda bond, two sources have told GlobalCapital Asia's sister publication GlobalRMB.

    03 Aug 2017

  • Canara quickly follows Axis for new senior issuance

    Canara Bank is offering investors starved of paper from India’s FIG sector something to feast on, marketing a senior five year bond on Thursday.

    03 Aug 2017

  • China’s eHi aims to push out maturity with 5NC3

    eHi Car Services, a Chinese auto rental provider, is selling its second international bond on Thursday, opting for a five non call three year.

    03 Aug 2017

  • Indonesian, Indian issuers storm dollar market

    Indonesian and Indian corporates rushed to the debt market on Thursday, with Gajah Tunggal, Paiton Energy and Vedanta Resources all launching dollar transactions.

    03 Aug 2017

  • Citi India loan syndications head moving to StanChart

    A veteran loan syndications banker at Citi in India is understood to have quit to take up a bigger role in Standard Chartered.

    03 Aug 2017

  • Colombia comes early with second dollar deal

    Exceedingly good conditions enticed Colombia to the bond markets on Wednesday for an earlier than usual second dollar issue of the year that came with a single digit new issue premium.

    03 Aug 2017

  • CBOE joins bitcoin derivatives race with Gemini agreement

    CBOE has signed a licence with Gemini, the digital currency exchange, with the aim of launching bitcoin derivatives as soon as possible.

    02 Aug 2017

  • IoD disses new FCA rules to lure Aramco

    On Wednesday, the UK’s Institute of Directors, the organisation that represents company directors and business leaders, became the latest lobby group to voice its concern at the Financial Conduct Authority’s proposal to create a new premium listing category for sovereign-owned companies.

    02 Aug 2017

  • NIB grabs short dollars

    The Nordic Investment Bank launched a two year dollar global on Wednesday, providing what looks like the week’s final issuance. The leads opted to forego price guidance, choosing a level as the deal hit screens on Tuesday.

    02 Aug 2017

  • Bank of England to boost August sterling issuance again?

    Friday will mark the first anniversary of the Bank of England’s announcement it would be commencing its Corporate Bond Purchase Scheme. This prompted one of the busiest Augusts on record in the sterling corporate bond market. Bankers and investors are hoping the passing of this week’s Bank of England Monetary Policy Committee meeting on Thursday will provide another catalyst for summer issuance.

    02 Aug 2017

  • Swedish DMO gets new chief

    Göran Robertsson took over management of the debt management department of the Riksgälden, Sweden’s national debt office, on Tuesday.

    02 Aug 2017

  • Stubb steps up as EIB VP

    Alexander Stubb, a former prime minister of Finland, has been appointed vice president of the European Investment Bank.

    02 Aug 2017

  • Deutsche Boerse pumps up reporting hub

    Deutsche Boerse has signed a partnership with risk and trade technology firm Risk Focus that will help with OTC trade reporting systems required under MiFID II.

    02 Aug 2017

  • DLA Piper loses esoteric ABS guru

    Ronald Borod, Boston-based senior counsel at DLA Piper, is leaving the firm this month to pursue impact investing and securitization advisory services.

    02 Aug 2017

  • Lima on course to refi loans with FRN under 400bp

    Italian maker of orthopaedic implants, Limacorporate, cancelled its bond roadshow in continental Europe on Wednesday, as investor demand from its London meetings accelerated the pricing of a deal to refinance a loan with floating rate notes.

    02 Aug 2017

  • Barclays set to jump into scorching AT1 market

    Barclays mandated its own investment bank to sell new additional tier one (AT1) notes in the sterling market this week, amid tightening subordinated spreads and little competition from other issuers.

    02 Aug 2017

  • Vakifbank follows tighter trend for Turkey FIs

    Vakifbank has launched its second round of refinancing with its pricing 10bp lower than its $967m facility in April, mirroring Akbank’s new loan margins.

    02 Aug 2017

  • Improved cost of risk not enough to bring cheer to SocGen results

    Société Générale was keen to highlight improvements in cost and risk control when reporting its earnings for the second quarter on Wednesday, but growing litigation costs and falling trading revenues cast a shadow over the group’s results announcement.

    02 Aug 2017

  • Summer lull no obstacle for European CLO managers

    European CLO managers are paying no heed to the typical summer slowdown, churning out new offerings as well as CLO resets to kick off the month of August.

    02 Aug 2017

  • Akbank issues debut green covered bond to EIB

    Akbank has sold its first mortgage-backed covered bond. The deal, which will fund green projects, was privately placed with the European Investment Bank.

    02 Aug 2017

  • Czech covered law update to spur supply

    The Czech Republic has proposed several legal amendments that will bring its existing covered bond regime into line with the European Banking Authority’s best practice guidelines and which, along with similar moves in Slovakia, will help catalyse new covered bond supply from the region.

    02 Aug 2017

  • Türk Eximbank’s second loan more than doubles in size

    Türk Eximbank’s second entry into the syndicated loan market this year has been a success, with 23 banks signing for $640m on Tuesday — more than double the initial size when the deal was launched in June.

    02 Aug 2017

  • From Mosul to markets, Iraq on track for next success

    Iraq had revised pricing to 7% area for its long awaited dollar bond on Wednesday after the low-7% starting point prompted debate among deal watchers.

    02 Aug 2017

  • CB Russia changes could spark rise in bank bond spreads

    Changes to the list of collateral eligible for repo with the Russian central bank could cause a spike in spreads on local currency bank bonds and push more lenders towards the international markets, analysts said this week.

    02 Aug 2017

  • Peruvian utility joins Lat Am bond pipe

    Cerro del Aguila, the Peruvian power generator, began investor meetings on Wednesday ahead of a planned international bond debut that will conclude with the merger of the borrower and existing bond issuer Kallpa Generación.

    02 Aug 2017

  • TV Azteca preps for Wednesday bond broadcast

    Leads on Mexican broadcaster TV Azteca’s planned $350m seven year non-call four bond told investors on Tuesday evening that orders had reached $800m, as it looks to price the bond on Wednesday.

    02 Aug 2017

  • UK High Court waves through Frigoglass restructuring

    Drinks refrigerator maker Frigoglass, of Greece, has received approval from the UK High Court for the proposed restructuring of its €250m of senior notes due in 2018.

    02 Aug 2017

  • Tapering prospect no deterrent

    Although highly sensitive to monetary policy developments, investors are still supporting the meagre offerings that public sector borrowers are providing to the primary bond market.

    02 Aug 2017

  • Single-B bid to help Iraq sale

    With a dearth of supply in emerging market bonds this week, investors have been keenly awaiting the arrival of Iraq's first public bond for more than a decade.

    02 Aug 2017

  • India eyes Rp4.8bn from Hindustan Copper sell down

    The Indian government is set to raise Rp4.8bn ($75.2m) through an offer for sale of Hindustan Copper's shares this week, according to an exchange filing.

    02 Aug 2017

  • Flurry of US CLOs price in busy start to August

    A slew of new issue CLOs were priced on Monday and Tuesday this week, with broadly syndicated, middle market and commercial real estate deals all vying for investor attention.

    02 Aug 2017

  • Tug of war turns the other way in August

    If the tension in the European corporate bond market is often about how much paper can issuers persuade investors to take, this August the pull is the other way. Investors are thirsty, and issuers are withholding.

    02 Aug 2017

  • US investors help push Axis notes inside curve

    Axis Bank became the first Indian financial institution to offer a bond to US investors this year, sealing $500m on Tuesday and leveraging its rarity value to price inside its existing curve.

    02 Aug 2017

  • Punjab National Bank seeks $470m in fresh capital

    Punjab National Bank has added its name to the list of Indian FIG names seeking new equity, approving a Rp30bn ($470m) fundraising plan.

    02 Aug 2017

  • Future Land, CNLP build new bonds

    High yield issuers Future Land Holdings Co and China Logistics Property raised a combined $300m from their bonds on Tuesday. But the borrowers saw different outcomes. While investors continued to be attracted to property names, making Future Land’s deal 10x covered, they were less responsive to debutant CNLP.

    02 Aug 2017

  • Bank debt investors keep dancing as spreads swing tighter

    Senior and subordinated bank debt spreads have been grinding relentlessly tighter again this week but, with a summer of scant supply ahead, investors can see no clear reason to shed their positions yet.

    02 Aug 2017

  • Foschini drip feeds investors in summer ECM drought

    A solitary capital increase from Monday was the stand out trade of a meagre bunch in equity capital markets this week, with the IPO market on pause until September.

    02 Aug 2017

  • SPi Global's acquisition loan bags five commitments

    A $235m three-tranche financing for private equity firm Partners Group’s acquisition of Philippine business process outsourcing company SPi Global has gathered commitments from five lenders.

    02 Aug 2017

  • China's Chengtong squeezes tight pricing from debut

    China Chengtong Holdings Group debuted in the debt market on Tuesday, sealing a tight $500m deal as the state-owned operating company transitions to a new entity. But its foray wasn’t without questions, as bankers and investors debated the unrated credit’s status as a corporate or a financial.

    02 Aug 2017

  • Don’t rush: Asia’s high yield need patience

    Asian issuers are racing against the clock to push out new bonds, taking advantage of abundant liquidity and historically low yields. But with summer fast approaching, issuers — particularly high yield debut names — should go back to basics.

    02 Aug 2017

  • BJ Properties builds $200m loan in syndication

    Hong Kong-listed Beijing Properties (Holdings) has approached banks for a $200m fresh money syndicated loan.

    02 Aug 2017

  • A walk through the IPO sponsor minefield

    In the latest Clawback, columnist Philippe Espinasse dissects the IPO approval and rejection process in Hong Kong, as the city’s licensed bankers play musical chairs.

    02 Aug 2017

  • HKEX eyes blockchain-based funding platform

    The Hong Kong Stock Exchange (HKEX) is planning to launch a platform for pre-IPO funding of early stage companies using blockchain technology next year, its chief executive said this week.

    02 Aug 2017

  • Sunac to raise funds from dual-trancher for refi

    Hong Kong-listed Sunac China Holdings has set its sights on the debt market for a dual tranche dollar bond, one week after sealing a HK$4.03bn ($516.2m) top-up placement.

    02 Aug 2017

  • HNA Reit hunts for leads to run delayed IPO

    HNA Commercial Reit is searching for arrangers for its Singapore IPO after Bank of America Merrill Lynch pulled out from the deal. But the real estate investment trust’s listing may have to wait until its troubled parent can rebuild confidence in its name, said a source close to the transaction.

    02 Aug 2017

  • New ECB repo rules increase covered bond extension risk

    The European Central Bank’s decision to curtail wind down entities' access to repo liquidity materially increases the risk of a covered bond maturity extension or default, and is not consistent with its mission as lender of last resort or its previously benign approach to the asset class.

    01 Aug 2017

  • Despite convertible loan, crypto isn't ready for capital markets

    Cryptocurrencies are making inroads into traditional capital markets territory, and there is certainly money to be made, but, as Tuesday’s hard fork in Bitcoin shows, the market has a long way to go before it is sufficiently stable to be anything more than a curiosity.

    01 Aug 2017

  • China derivatives player becomes SGX member

    The Singapore Exchange has admitted its 59th derivatives trading member, I-Access Investors, which is based in Hong Kong.

    01 Aug 2017

  • Muffle the MREL alarm bells

    The European Banking Authority (EBA) is probably worrying too much when it says that banks could struggle to find buyers for their loss-absorbing debt.

    01 Aug 2017

  • Akbank’s refi loan pricing falls as political noise quietens down

    Pricing on Akbank’s one year loan refinancing dipped by 10bp as political turmoil in Turkey appears to have died down since president Recep Erdoğan won a referendum to consolidate power in April.

    01 Aug 2017

  • CFTC tells Nadex to improve monitoring

    The North American Derivatives Exchange, owned by IG Group, has some deficiencies in the way it monitors trading violations, according to the US Commodity Futures Trading Commission.

    01 Aug 2017

  • Bumpy ride ahead for subprime auto sector

    Annualised net losses (ANL) on subprime auto loans hit 7.42% in the second quarter of 2017, with the potential to reach 10% by the end of the year, as the market share of issuers shifting towards deep subprime players increases, according to Fitch.

    01 Aug 2017

  • ICE follows LME with its silver futures

    A London daily silver futures contract will trade on the Intercontinental Exchange Futures US platform from September 5.

    01 Aug 2017

  • Bridgepoint's £650m Miller Homes buy 'imminent'

    Bridgepoint is close to a deal for UK housebuilder Miller Homes from Blackstone, for around five times its projected Ebitda for 2017.

    01 Aug 2017

  • SocGen appoints new head of financial rating advisory

    Société Générale has named new head of financial rating advisory to replace a departure.

    01 Aug 2017

  • Dollars drive through summer

    The dollar market is grinding on throughout the summer, with public sector borrowers pushing out deals at the short end, although none have been in benchmark size this week. Two issuers launched transactions on Tuesday with a third slated to follow on Wednesday.

    01 Aug 2017

  • ADB double dips for green funds

    The Asian Development Bank has picked up $1.25bn of green funding across two tranches, including its first 10 year dollar paper since January.

    01 Aug 2017

  • Alberta makes second ever visit to sterling

    The Province of Alberta has returned to the sterling market, following its debut in the currency in February.

    01 Aug 2017

  • BoE must shrink the UK’s debt bubbles

    The Bank of England is right to warn of increasingly lax consumer lending standards, but until it sets the UK on a path to interest rate normalization, borrowing will remain too attractive an option for consumers to ignore.

    01 Aug 2017

  • Euskaltel grows RCF for Telecable’s LBO

    Basque telecoms firm Euskaltel gained access to a third market in northern Spain after the acquisition of Telecable from Zegona Communications, which it is funding with loans and equity.

    01 Aug 2017

  • Meggle joins pocket of green buds in Schuldschein market

    Dairy producer Meggle has joined the ranks of green Schuldschein borrowers, launching a €50m triple tranche deal partly funded through green borrowing.

    01 Aug 2017

  • Investors rush to buy Aurorus Dutch consumer deal

    The latest Dutch consumer deal from Qander Consumer Finance drew a crowd on Tuesday, with the €330m deal oversubscribed throughout the capital stack.

    01 Aug 2017

  • August starts and the market hopes for opportunistic issuance

    Corporate bond investors had only one roadshow yet to result in a new issue to contend with on Tuesday as their market appeared to grind to a halt for a summer break.

    01 Aug 2017

  • Why is sterling not so green?

    Anglian Water, priced a £250m eight year green bond on Monday. The size and tenor are unremarkable, and in a generation of sustainability and responsibility, a green bond should cause similarly few ripples. However, this was the first sterling-denominated green bond issued by a corporate borrower since 2015.

    01 Aug 2017

  • Leverage ratios climb in US middle market CLOs as issuance picks up

    A flood of investor cash into US middle market lending is pushing more aggressive underwriting, as lenders compete for investment opportunities and debt investors chase yield in CLO structures.

    01 Aug 2017

  • Investec joins sterling summer boom with £100m tap

    Investec took advantage of an open market and limited competition this week to tap its sterling May 2022 senior bond.

    01 Aug 2017

  • Carige gears up for NPL portfolio sale

    Italy’s Banca Carige has said that it has identified the investors that it will pitch to for its sale of €1.2bn of non-performing loans held on its balance sheet.

    01 Aug 2017

  • Westpac mimics CIBC with outstanding sterling covered bond, more to follow

    Westpac this week followed Canadian Imperial Bank of Commerce in taking advantage of a glut of sterling covered bond liquidity. It issued a sizeable five year sterling covered bond which is expected to provide cheaper funding than the euro or dollar equivalent, boding well for additional supply.

    01 Aug 2017

  • Country risk: Agrokor’s failings should not overshadow Croatia’s strong credentials

    The sovereign borrower’s investment grade should be handed back, even allowing for the enforced restructuring of the food producer and retailer.

    01 Aug 2017

  • ETFs no match for HY market, says Alliance Bernstein research

    Returns data shows passive funds are lagging their active counterparts in the European high yield bond market, investment firm Alliance Bernstein said in a report on Tuesday. But active fund managers expect passive money to grow.

    01 Aug 2017

  • Bunfight expected as Iraq wraps roadshow

    Not only is Iraq expected to have the sole attention of the market when it opens books for its new bond on Wednesday, but it will offer investors a rare chance to lock in government debt at a decent yield in a market more barren than the Atacama Desert. In short, bankers are expecting a blowout.

    01 Aug 2017

  • Deutsche signs 25 year lease on new City office

    Deutsche Bank and Land Securities confirmed on Tuesday that Deutsche had agreed a 25 year pre-lease at 21 Moorfields, a new building going up over the Crossrail station at Moorgate in London.

    01 Aug 2017

  • EBA warns on ‘absorbability’ of MREL

    The European Banking Authority (EBA) has questioned whether banks will be able to place large quantities of new debt into the capital markets for the minimum requirement for own funds and eligible liabilities (MREL), with issuance volumes set rise in 2018 and 2019.

    01 Aug 2017

  • BMW's China arm races toward ABS return

    BMW Automotive Finance (China) Co is planning its second outing in China’s auto loan asset-backed securities market this year, with book building for the Rmb4bn ($595.7m) Bavarian Sky China 2017-2 set to start next week.

    01 Aug 2017

  • Panamanian duo offer slight sovereign pick-up

    The rarity of corporate new issues from Panama allowed both lender Banco General and the capital city’s metro operator to price bonds tight to the sovereign curve on Monday.

    01 Aug 2017

  • Cheyne Capital picks two levfin veterans for new fund

    Cheyne Capital has hired two veterans of the leveraged finance market to head its newly announced sub-investment grade credit business, as it looks to capitalise on what it perceives as increasing dislocations in the market.

    01 Aug 2017

  • Exclusive: CR Land plans ABS debut by year-end

    China Resources Land plans to issue its first mortgage or management fee-backed securities by the end of 2017, chief financial officer James Yu has told GlobalCapital Asia's sister publication GlobalRMB.

    01 Aug 2017

  • Dana Gas shelves exchange offer as sukuk case continues

    Dana Gas on Monday shelved an exchange offer to investors in favour of litigation, which the company warns could take 10 years to resolve, after members of an ad hoc committee of bondholders repeatedly refused to engage with the issuer.

    01 Aug 2017

  • Chile’s Codelco to buy back $1.4bn

    Codelco, the Chilean copper miner that raised $2.75bn of debt last week to fund a tender offer of several bonds, will buy back just over half of its 2019s, 2020s and 2021s after wrapping up the so-called “any and all” leg of the tender offer.

    01 Aug 2017

  • Crunch time for United Biscuits as it refinances acquisition loan

    United Biscuits, the maker of McVitie’s biscuits and Jacob's crackers, is to sign a £725m syndicated loan facility in the coming weeks to refinance a loan taken out in 2015 to fund its acquisition by Turkey’s Yıldız Holding.

    01 Aug 2017

  • Discovery readies bridge for Scripps takeover

    Discovery Communications has received a $9.6bn bridge loan for its $14.6bn cash and stock acquisition of fellow US media corporation, Scripps Networks Interactive.

    01 Aug 2017

  • Deutsche Bank loses head of RMB solutions

    Deutsche Bank has lost its Hong Kong-based head of RMB solutions, part of a broader move by international banks away from offshore-specific RMB roles.

    01 Aug 2017

  • KT Corp meets pricing target with $400m bond

    South Korea’s KT Corp grabbed $400m from its bullet bond on Monday through a smooth transaction in an otherwise quiet day for primary issuance.

    01 Aug 2017

  • Coca-Cola to quench thirst for Turkish corporate debt

    Turkey’s Coca-Cola İçecek (CCI) is set to offer investors a rare chance to buy Turkish corporate debt, and has announced its intention to raise up to $1bn from the bond markets within the next year.

    01 Aug 2017

  • Open sesame: Myanmar’s stock market makes strides

    Foreign investors look set to be allowed into Myanmar's capital markets soon, with new laws close to approval. The news is very welcome as growth has stalled in the country's markets since the first shares started trading on the Yangon exchange last year. However, any celebrations must be tempered by the experiences of Myanmar's neighbouring countries and it must take care to avoid similar pitfalls.

    01 Aug 2017

  • Foschini’s fast capital increase swells as funds back M&A

    Foschini Group, the South African fashion retailer, raised R2.5bn ($190m) of equity capital on Monday night, in an accelerated capital increase that was increased from R2bn.

    01 Aug 2017

  • HSBC picks UBS executive for private banking role

    HSBC has hired a senior banker from UBS to oversee credit and lending products in its private banking unit in Asia.

    01 Aug 2017

  • DLA Piper names Chang as Beijing corporate partner

    DLA Piper has named James Chang as a corporate partner in Beijing, the law firm said on Tuesday.

    01 Aug 2017

  • Handelsbanken hires former HSBC banker Colldahl

    Handelsbanken has hired Nils Colldahl for its DCM team, as part of the bank's expansion of euro-denominated bond origination.

    01 Aug 2017

  • Chengtong unveils debut as five year hits market

    China Chengtong Holdings Group, a pilot state-owned operating company, is offering investors a taste of its inaugural deal, launching a five year bullet on Tuesday.

    01 Aug 2017

  • CNPL, Future Land keep China’s high yield momentum going

    Maiden dollar issuers China Logistics Property (CNLP) and Future Land Holdings Co are attracting bids for new bonds, adding to the high yield issuance from the Mainland.

    01 Aug 2017

  • ANZ taps Pinto as new Laos CEO

    ANZ has appointed Rufus Pinto as the chief executive officer of Laos, according to a Tuesday statement from the Australian lender.

    01 Aug 2017

  • Axis Bank returns for senior dollar offering

    India’s Axis Bank is in the market with a five year dollar bullet through its Dubai International Finance Centre branch, wooing the buy-side a year after its debut green bond.

    01 Aug 2017

  • Cochin Shipyard opens books for Rp14.7bn IPO

    Indian government-owned Cochin Shipyard has started taking orders for an IPO that could add Rp14.7bn ($229m) to the state’s coffers.

    01 Aug 2017

  • Vedanta mining for new syndicated loan

    Mining company Vedanta Resources is making a rapid return to loans, mandating five banks for a deal of around $500m while simultaneously wooing investors for a dollar bond.

    01 Aug 2017

  • Back for more: SBI opens $750m loan into syndication

    State Bank of India’s new $750m five year financing has been launched into syndication after a 10-strong bookrunner group funded the transaction.

    01 Aug 2017

  • Goldman boosts China focus with senior hire

    Bill Chu has joined Goldman Sachs as a managing director in its China investment banking services team.

    01 Aug 2017

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 279,845.20 1030 8.97%
2 JPMorgan 255,857.46 1164 8.20%
3 Bank of America Merrill Lynch 248,695.42 859 7.97%
4 Goldman Sachs 191,872.02 614 6.15%
5 Barclays 183,357.93 702 5.88%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 28,458.91 116 7.05%
2 Deutsche Bank 26,902.99 90 6.67%
3 Bank of America Merrill Lynch 24,997.04 70 6.19%
4 BNP Paribas 21,217.62 120 5.26%
5 Credit Agricole CIB 19,454.23 112 4.82%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 13,671.74 61 7.87%
2 Citi 12,076.06 76 6.95%
3 Morgan Stanley 11,899.85 66 6.85%
4 UBS 11,800.30 47 6.80%
5 Goldman Sachs 11,111.93 58 6.40%